NVIT

American

Funds

Asset

Allocation

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

100.1%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

263,9

09,738

7,297,104,259

Total

Investment

Company

(cost

$4,909,093,247)

7,297,104,259

Total

Investments

(cost

$4,909,093,247)

—

100.1%

7,297,104,259

Liabilities

in

excess

of

other

assets

—

(0.1)%

(4,018,675)

NET

ASSETS

—

100.0%

$

7,293,085,584

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

American

Funds

Asset

Allocation

Fund

NVIT

American

Funds

Asset

Allocation

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds

Asset

Allocation

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2022,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

100.1%

Shares

Value

($)

Fixed

Income

Fund

100.1%

American

Funds

Bond

Fund,

Class

1(a)

358,596,831

3,811,884,313

Total

Investment

Company

(cost

$3,949,109,181)

3,811,884,313

Total

Investments

(cost

$3,949,109,181)

—

100.1%

3,811,884,313

Liabilities

in

excess

of

other

assets

—

(0.1)%

(2,126,892)

NET

ASSETS

—

100.0%

$

3,809,757,421

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Bond

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Bond

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2022,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Global

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

13,653,000

536,835,943

Total

Investment

Company

(cost

$374,151,322)

536,835,943

Total

Investments

(cost

$374,151,322)

—

100.1%

536,835,943

Liabilities

in

excess

of

other

assets

—

(0.1)%

(334,051)

NET

ASSETS

—

100.0%

$

536,501,892

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Global

Growth

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Global

Growth

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2022,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1

(a)

12,583,833

1,463,625,597

Total

Investment

Company

(cost

$1,045,956,059)

1,463,625,597

Total

Investments

(cost

$1,045,956,059)

—

100.1%

1,463,625,597

Liabilities

in

excess

of

other

assets

—

(0.1)%

(780,068)

NET

ASSETS

—

100.0%

$

1,462,845,529

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth

Fund (“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Growth

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2022,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Growth-Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1

(a)

65,564,087

4,177,088,008

Total

Investment

Company

(cost

$2,853,667,372)

4,177,088,008

Total

Investments

(cost

$2,853,667,372)

—

100.1%

4,177,088,008

Liabilities

in

excess

of

other

assets

—

(0.1)%

(2,252,316)

NET

ASSETS

—

100.0%

$

4,174,835,692

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

American

Funds

Growth-Income

Fund

NVIT

American

Funds

Growth-Income

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Growth-Income

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2022,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Aggressive

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

92.4%

Shares

Value

($)

Equity

Funds

85.5%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

12,902,580

164,378,873

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,989,496

24,291,748

NVIT

International

Index

Fund,

Class

Y(a)

8,319,978

87,026,968

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,446,906

38,125,961

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

320,948

3,052,218

Total

Equity

Funds

(cost

$323,675,756)

316,875,768

Fixed

Income

Funds

6.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

1,357,151

13,300,075

NVIT

Bond

Index

Fund,

Class

Y(a)

1,242,038

12,519,742

Total

Fixed

Income

Funds

(cost

$27,109,877)

25,819,817

Total

Investment

Companies

(cost

$350,785,633)

342,695,585

Exchange

Traded

Funds

6.7%

Equity

Funds

5.8%

iShares

Core

MSCI

Emerging

Markets

ETF

61,671

3,425,824

iShares

Core

S&P

Small-Cap

ETF(b)

18,240

1,967,731

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

314,034

11,877,331

Nationwide

Risk-Based

International

Equity

ETF(a)

161,210

4,135,681

Total

Equity

Funds

(cost

$17,436,704)

21,406,567

Fixed

Income

Fund

0.9%

iShares

7-10

Year

Treasury

Bond

ETF(b)

30,174

3,242,800

Total

Fixed

Income

Funds

(cost  $3,565,197)

3,242,800

Total

Exchange

Traded

Funds

(cost

$21,001,901)

24,649,367

Investment

Contract

1.0%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

3,617,825

3,617,825

Total

Investment

Contract

(cost

$3,617,825)

3,617,825

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$508,698,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$518,867.(d)

508,694

508,694

Total

Repurchase

Agreement

(cost

$508,694)

508,694

Total

Investments

(cost

$375,914,053)

—

100.2%

371,471,471

Liabilities

in

excess

of

other

assets

—

(0.2)%

(709,461)

NET

ASSETS

—

100.0%

$

370,762,010

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$497,168,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$508,694.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$508,694.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

24,649,367

$

–

$

–

$

24,649,367

Investment

Companies

342,695,585

–

–

342,695,585

Investment

Contract

–

–

3,617,825

3,617,825

Repurchase

Agreement

–

508,694

–

508,694

Total

$

367,344,952

$

508,694

$

3,617,825

$

371,471,471

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Aggressive

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

3,598,901

$

3,598,901

Purchases

*

18,924

18,924

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2022

$

3,617,825

$

3,617,825

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

Investment

Companies

83.2%

Shares

Value

($)

Equity

Funds

47.1%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

31,771,523

404,769,202

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,857,056

47,094,653

NVIT

International

Index

Fund,

Class

Y(a)

19,723,684

206,309,735

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,005,953

26,506,857

Total

Equity

Funds

(cost

$716,611,622)

684,680,447

Fixed

Income

Funds

36.1%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

12,031,244

117,906,196

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

587,745

6,171,323

NVIT

Bond

Index

Fund,

Class

Y(a)

33,946,444

342,180,156

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

5,988,553

59,586,098

Total

Fixed

Income

Funds

(cost

$554,395,578)

525,843,773

Total

Investment

Companies

(cost

$1,271,007,200)

1,210,524,220

Exchange

Traded

Funds

6.2%

Equity

Funds

2.9%

iShares

Core

S&P

Small-Cap

ETF(b)

147,917

15,957,286

Nationwide

Risk-Based

International

Equity

ETF(a)

422,945

10,850,231

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

395,734

15,640,872

Total

Equity

Funds

(cost

$36,955,735)

42,448,389

Fixed

Income

Funds

3.3%

iShares

20+

Year

Treasury

Bond

ETF(b)

43,695

5,771,236

iShares

7-10

Year

Treasury

Bond

ETF(b)

390,169

41,931,462

Total

Fixed

Income

Funds

(cost

$52,833,461)

47,702,698

Total

Exchange

Traded

Funds

(cost

$89,789,196)

90,151,087

Investment

Contract

10.6%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

154,003,803

154,003,803

Total

Investment

Contract

(cost

$154,003,803)

154,003,803

Repurchase

Agreements

1.7%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,000,017,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$2,040,000.(d)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,716,479,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$5,830,761.(d)

5,716,433

5,716,433

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,026,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$3,061,251.(d)

3,000,000

3,000,000

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$4,000,234,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$4,080,069.(d)

4,000,000

4,000,000

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$10,000,092,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$10,200,000.(d)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$24,716,433)

24,716,433

Total

Investments

(cost

$1,539,516,632)

—

101.7%

1,479,395,543

Liabilities

in

excess

of

other

assets

—

(1.7)%

(25,442,259)

NET

ASSETS

—

100.0%

$

1,453,953,284

NVIT

Investor

Destinations

Balanced

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$30,507,384,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$24,716,433

and

by

$6,524,095

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

8/4/2022

–

5/15/2051,

a

total

value

of

$31,240,528.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$24,716,433.

ETF

Exchange

Traded

Fund

6

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

90,151,087

$

–

$

–

$

90,151,087

Investment

Companies

1,210,524,220

–

–

1,210,524,220

Investment

Contract

–

–

154,003,803

154,003,803

Repurchase

Agreements

–

24,716,433

–

24,716,433

Total

$

1,300,675,307

$

24,716,433

$

154,003,803

$

1,479,395,543

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Balanced

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

166,248,172

$

166,248,172

Purchases

*

838,696

838,696

Sales

(13,083,065)

(13,083,065)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2022

$

154,003,803

$

154,003,803

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Investment

Companies

87

.4

%

Shares

Value

($)

Equity

Funds

64.8%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

42,413,390

540,346,593

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,691,698

57,285,627

NVIT

International

Index

Fund,

Class

Y(a)

22,752,448

237,990,608

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,431,210

37,712,381

Total

Equity

Funds

(cost

$894,144,016)

873,335,209

Fixed

Income

Funds

22.6%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,796,923

66,609,848

NVIT

Bond

Index

Fund,

Class

Y(a)

20,856,453

210,233,049

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

2,755,628

27,418,496

Total

Fixed

Income

Funds

(cost

$320,021,394)

304,261,393

Total

Investment

Companies

(cost

$1,214,165,410)

1,177,596,602

Exchange

Traded

Funds

9

.2

%

Equity

Funds

5.8%

iShares

Core

S&P

Small-Cap

ETF(b)

181,077

19,534,587

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

1,281,999

48,487,510

Nationwide

Risk-Based

International

Equity

ETF(a)

400,179

10,266,192

Total

Equity

Funds

(cost

$62,516,950)

78,288,289

Fixed

Income

Funds

3.4%

iShares

20+

Year

Treasury

Bond

ETF(b)

193,785

25,595,123

iShares

7-10

Year

Treasury

Bond

ETF(b)

180,913

19,442,720

Total

Fixed

Income

Funds

(cost

$51,454,580)

45,037,843

Total

Exchange

Traded

Funds

(cost

$113,971,530)

123,326,132

Investment

Contract

3

.5

%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

47,045,781

47,045,781

Total

Investment

Contract

(cost

$47,045,781)

47,045,781

Repurchase

Agreements

2

.2

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.26%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,000,029,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

4/30/2022

-

11/15/2051;

total

market

value

$4,080,001.(d)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$916,010,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$934,322.(d)

916,002

916,002

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$15,000,130,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$15,306,254.(d)

15,000,000

15,000,000

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$10,000,584,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$10,200,174.(d)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$29,916,002)

29,916,002

Total

Investments

(cost

$1,405,098,723)

—

102.3%

1,377,884,517

Liabilities

in

excess

of

other

assets

—

(2.3)%

(

30,590,111

)

NET

ASSETS

—

100.0%

$

1,347,294,406

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$43,252,972,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$29,916,002

and

by

$14,438,261

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

8/4/2022

–

5/15/2051,

a

total

value

of

$44,354,263.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$29,916,002.

ETF

Exchange

Traded

Fund

10

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

123,326,132

$

–

$

–

$

123,326,132

Investment

Companies

1,177,596,602

–

–

1,177,596,602

Investment

Contract

–

–

47,045,781

47,045,781

Repurchase

Agreements

–

29,916,002

–

29,916,002

Total

$

1,300,922,734

$

29,916,002

$

47,045,781

$

1,377,884,517

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

52,648,917

$

52,648,917

Purchases

*

262,895

262,895

Sales

(5,866,031)

(5,866,031)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2022

$

47,045,781

$

47,045,781

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

Investment

Companies

73.4%

Shares

Value

($)

Equity

Funds

18.0%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

5,280,345

67,271,599

NVIT

Emerging

Markets

Fund,

Class

Y(a)

759,600

9,274,720

NVIT

International

Index

Fund,

Class

Y(a)

3,598,643

37,641,805

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

37,438

986,500

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

111,130

1,056,841

Total

Equity

Funds

(cost

$118,737,045)

116,231,465

Fixed

Income

Funds

55.4%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

7,224,322

70,798,360

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

3,083,574

32,377,532

NVIT

Bond

Index

Fund,

Class

Y(a)

19,539,037

196,953,491

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

5,897,500

58,680,126

Total

Fixed

Income

Funds

(cost

$371,774,820)

358,809,509

Total

Investment

Companies

(cost

$490,511,865)

475,040,974

Exchange

Traded

Funds

8.6%

Equity

Funds

2.4%

iShares

Core

MSCI

Emerging

Markets

ETF

23,230

1,290,426

iShares

Core

S&P

Small-Cap

ETF

17,504

1,888,331

Nationwide

Risk-Based

International

Equity

ETF(a)

200,087

5,133,032

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

181,670

7,180,271

Total

Equity

Funds

(cost

$12,587,717)

15,492,060

Fixed

Income

Funds

6.2%

iShares

20+

Year

Treasury

Bond

ETF(b)

96,959

12,806,345

iShares

7-10

Year

Treasury

Bond

ETF(b)

256,532

27,569,494

Total

Fixed

Income

Funds

(cost

$45,664,427)

40,375,839

Total

Exchange

Traded

Funds

(cost

$58,252,144)

55,867,899

Investment

Contract

18.1%

Principal

Amount

($)

Value

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

116,853,718

116,853,718

Total

Investment

Contract

(cost

$116,853,718)

116,853,718

Repurchase

Agreements

6.2%

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

BofA

Securities,

Inc.,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

7/20/2050

-

2/20/2052;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$9,821,190,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

7/15/2022

-

7/20/2071;

total

market

value

$10,017,533.(d)

9,821,111

9,821,111

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$15,000,130,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$15,306,254.(d)

15,000,000

15,000,000

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$5,000,292,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$5,100,087.(d)

5,000,000

5,000,000

NVIT

Investor

Destinations

Conservative

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$8,000,074,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$8,160,000.(d)

8,000,000

8,000,000

Total

Repurchase

Agreements

(cost

$39,821,111)

39,821,111

Total

Investments

(cost

$705,438,838)

—

106.3%

687,583,702

Liabilities

in

excess

of

other

assets

—

(6.3)%

(40,449,813)

NET

ASSETS

—

100.0%

$

647,133,889

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$39,094,952,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$39,821,111.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$39,821,111.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

55,867,899

$

–

$

–

$

55,867,899

Investment

Companies

475,040,974

–

–

475,040,974

Investment

Contract

–

–

116,853,718

116,853,718

Repurchase

Agreements

–

39,821,111

–

39,821,111

Total

$

530,908,873

$

39,821,111

$

116,853,718

$

687,583,702

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Conservative

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

125,854,973

$

125,854,973

Purchases

*

639,406

639,406

Sales

(9,640,661)

(9,640,661)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2022

$

116,853,718

$

116,853,718

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

16

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

Investment

Companies

86.6%

Shares

Value

($)

Equity

Funds

59.7%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

63,850,041

813,449,519

NVIT

Emerging

Markets

Fund,

Class

Y(a)

7,114,210

86,864,502

NVIT

International

Index

Fund,

Class

Y(a)

37,155,630

388,647,893

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,160,415

56,926,935

Total

Equity

Funds

(cost

$1,384,337,644)

1,345,888,849

Fixed

Income

Funds

26.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

14,963,628

146,643,556

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

800,174

8,401,831

NVIT

Bond

Index

Fund,

Class

Y(a)

40,406,296

407,295,468

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

4,490,477

44,680,244

Total

Fixed

Income

Funds

(cost

$639,655,135)

607,021,099

Total

Investment

Companies

(cost

$2,023,992,779)

1,952,909,948

Exchange

Traded

Funds

6.0%

Equity

Funds

3.0%

iShares

Core

S&P

Small-Cap

ETF(b)

240,265

25,919,788

Nationwide

Risk-Based

International

Equity

ETF(a)

620,215

15,910,996

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

674,932

26,675,810

Total

Equity

Funds

(cost

$59,081,395)

68,506,594

Fixed

Income

Funds

3.0%

iShares

20+

Year

Treasury

Bond

ETF(b)

188,177

24,854,418

iShares

7-10

Year

Treasury

Bond

ETF(b)

405,468

43,575,646

Total

Fixed

Income

Funds

(cost

$77,441,097)

68,430,064

Total

Exchange

Traded

Funds

(cost

$136,522,492)

136,936,658

Investment

Contract

7.4%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

166,060,811

166,060,811

Total

Investment

Contract

(cost

$166,060,811)

166,060,811

Repurchase

Agreements

2.1%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,042,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$5,100,000.(d)

5,000,000

5,000,000

BofA

Securities,

Inc.,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

7/20/2050

-

2/20/2052;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$487,394,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$497,138.(d)

487,390

487,390

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$15,000,130,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$15,306,254.(d)

15,000,000

15,000,000

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$15,000,875,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$15,300,260.(d)

15,000,000

15,000,000

NVIT

Investor

Destinations

Moderate

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$10,000,092,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$10,200,000.(d)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$46,487,390)

46,487,390

Total

Investments

(cost

$2,373,063,472)

—

102.1%

2,302,394,807

Liabilities

in

excess

of

other

assets

—

(2.1)%

(47,651,523)

NET

ASSETS

—

100.0%

$

2,254,743,284

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$45,637,896,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$46,487,390.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$46,487,390.

ETF

Exchange

Traded

Fund

18

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

136,936,658

$

–

$

–

$

136,936,658

Investment

Companies

1,952,909,948

–

–

1,952,909,948

Investment

Contract

–

–

166,060,811

166,060,811

Repurchase

Agreements

–

46,487,390

–

46,487,390

Total

$

2,089,846,606

$

46,487,390

$

166,060,811

$

2,302,394,807

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Moderate

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

6

ko

chalegi

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

165,192,185

$

165,192,185

Purchases

*

868,626

868,626

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2022

$

166,060,811

$

166,060,811

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

Investment

Companies

89.6%

Shares

Value

($)

Equity

Funds

74.8%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

37,909,565

482,967,860

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,099,242

50,051,740

NVIT

International

Index

Fund,

Class

Y(a)

20,558,116

215,037,895

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,938,321

77,424,756

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

191,002

1,816,428

Total

Equity

Funds

(cost

$834,848,148)

827,298,679

Fixed

Income

Funds

14.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

4,991,952

48,921,127

NVIT

Bond

Index

Fund,

Class

Y(a)

11,442,708

115,342,499

Total

Fixed

Income

Funds

(cost

$173,236,922)

164,263,626

Total

Investment

Companies

(cost

$1,008,085,070)

991,562,305

Exchange

Traded

Funds

8.6%

Equity

Funds

7.3%

iShares

Core

MSCI

Emerging

Markets

ETF

218,654

12,146,230

iShares

Core

S&P

Small-Cap

ETF

135,040

14,568,115

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

1,057,356

39,991,107

Nationwide

Risk-Based

International

Equity

ETF(a)

559,587

14,355,645

Total

Equity

Funds

(cost

$67,375,349)

81,061,097

Fixed

Income

Fund

1.3%

iShares

7-10

Year

Treasury

Bond

ETF(b)

127,548

13,707,584

Total

Fixed

Income

Funds

(cost  $15,070,938)

13,707,584

Total

Exchange

Traded

Funds

(cost

$82,446,287)

94,768,681

Investment

Contract

1.8%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

20,204,206

20,204,206

Total

Investment

Contract

(cost

$20,204,206)

20,204,206

Repurchase

Agreements

0.7%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,292,938,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$2,338,777.(d)

2,292,919

2,292,919

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,044,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$5,102,085.(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$7,292,919)

7,292,919

Total

Investments

(cost

$1,118,028,482)

—

100.7%

1,113,828,111

Liabilities

in

excess

of

other

assets

—

(0.7)%

(7,865,872)

NET

ASSETS

—

100.0%

$

1,105,962,239

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$7,157,717,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,292,919.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$7,292,919.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

94,768,681

$

–

$

–

$

94,768,681

Investment

Companies

991,562,305

–

–

991,562,305

Investment

Contract

–

–

20,204,206

20,204,206

Repurchase

Agreements

–

7,292,919

–

7,292,919

Total

$

1,086,330,986

$

7,292,919

$

20,204,206

$

1,113,828,111

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

22

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

20,098,523

$

20,098,523

Purchases

*

105,683

105,683

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2022

$

20,204,206

$

20,204,206

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Investment

Companies

79

.2

%

Shares

Value

($)

Equity

Funds

37.7%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

12,446,840

158,572,739

NVIT

Emerging

Markets

Fund,

Class

Y(a)

779,838

9,521,817

NVIT

International

Index

Fund,

Class

Y(a)

7,656,360

80,085,524

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

539,332

14,211,411

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

485,136

4,613,645

Total

Equity

Funds

(cost

$271,593,796)

267,005,136

Fixed

Income

Funds

41.5%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,261,960

61,367,210

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,116,068

22,218,711

NVIT

Bond

Index

Fund,

Class

Y(a)

16,934,591

170,700,680

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

3,960,232

39,404,312

Total

Fixed

Income

Funds

(cost

$306,705,635)

293,690,913

Total

Investment

Companies

(cost

$578,299,431)

560,696,049

Exchange

Traded

Funds

8

.7

%

Equity

Funds

4.6%

iShares

Core

MSCI

Emerging

Markets

ETF

236,195

13,120,632

iShares

Core

S&P

Small-Cap

ETF

47,548

5,129,478

Nationwide

Risk-Based

International

Equity

ETF(a)

208,101

5,338,623

Nationwide

Risk-Based

U.S.

Equity

ETF(a)(b)

223,150

8,819,714

Total

Equity

Funds

(cost

$28,718,131)

32,408,447

Fixed

Income

Funds

4.1%

iShares

20+

Year

Treasury

Bond

ETF(b)

83,350

11,008,868

iShares

7-10

Year

Treasury

Bond

ETF(b)

172,079

18,493,330

Total

Fixed

Income

Funds

(cost

$33,482,729)

29,502,198

Total

Exchange

Traded

Funds

(cost

$62,200,860)

61,910,645

Investment

Contract

12

.2

%

Principal

Amount

($)

Value

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

86,257,038

86,257,038

Total

Investment

Contract

(cost

$86,257,038)

86,257,038

Repurchase

Agreements

3

.7

%

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,025,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$3,060,000.(d)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

0.26%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$10,000,073,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

4/30/2022

-

11/15/2051;

total

market

value

$10,200,001.

(d)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,485,253,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$1,514,945.(d)

1,485,241

1,485,241

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,044,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$5,102,085.(d)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$5,000,292,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$5,100,087.(d)

5,000,000

5,000,000

24

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,000,019,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$2,040,000.(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$26,485,241)

26,485,241

Total

Investments

(cost

$753,242,570)

—

103.8%

735,348,973

Liabilities

in

excess

of

other

assets

—

(3.8)%

(

26,863,810

)

NET

ASSETS

—

100.0%

$

708,485,163

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$25,954,908,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$26,485,241.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$26,485,241.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

61,910,645

$

–

$

–

$

61,910,645

Investment

Companies

560,696,049

–

–

560,696,049

Investment

Contract

–

–

86,257,038

86,257,038

Repurchase

Agreements

–

26,485,241

–

26,485,241

Total

$

622,606,694

$

26,485,241

$

86,257,038

$

735,348,973

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

26

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

90,347,667

$

90,347,667

Purchases

*

468,586

468,586

Sales

(4,559,215)

(4,559,215)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2022

$

86,257,038

$

86,257,038

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Managed

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Investment

Companies

82.3%

Shares

Value

($)

Equity

Funds

54.0%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

30,215,678

384,947,742

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,718,942

45,408,281

NVIT

International

Index

Fund,

Class

Y(a)

17,820,605

186,403,533

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

814,867

21,471,745

Total

Equity

Funds

(cost

$670,400,957)

638,231,301

Fixed

Income

Funds

28.3%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

8,155,013

79,919,126

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

441,398

4,634,678

NVIT

Bond

Index

Fund,

Class

Y(a)

22,531,288

227,115,386

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

2,343,930

23,322,103

Total

Fixed

Income

Funds

(cost

$351,728,979)

334,991,293

Total

Investment

Companies

(cost

$1,022,129,936)

973,222,594

Exchange

Traded

Funds

6.2%

Equity

Funds

2.7%

iShares

Core

S&P

Small-Cap

ETF(b)

104,233

11,244,656

Nationwide

Risk-Based

International

Equity

ETF(a)

325,498

8,350,326

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

303,968

12,013,940

Total

Equity

Funds

(cost

$27,402,007)

31,608,922

Fixed

Income

Funds

3.5%

iShares

20+

Year

Treasury

Bond

ETF(b)

100,694

13,299,664

iShares

7-10

Year

Treasury

Bond

ETF(b)

257,962

27,723,176

Total

Fixed

Income

Funds

(cost

$46,018,746)

41,022,840

Total

Exchange

Traded

Funds

(cost

$73,420,753)

72,631,762

Investment

Contract

7.2%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

85,064,482

85,064,482

Total

Investment

Contract

(cost

$85,064,482)

85,064,482

Repurchase

Agreements

1.9%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,025,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$3,060,000.(d)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,509,288,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$1,539,461.(d)

1,509,275

1,509,275

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,026,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$3,061,251.(d)

3,000,000

3,000,000

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$10,000,584,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$10,200,174.(d)

10,000,000

10,000,000

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,046,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$5,100,000.(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$22,509,275)

22,509,275

Total

Investments

(cost

$1,203,124,446)

—

97.6%

1,153,428,113

Other

assets

in

excess

of

liabilities

—

2.4%

28,846,223

NET

ASSETS

—

100.0%

$

1,182,274,336

28

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$22,051,294,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$22,509,275.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$22,509,275.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(1,197)

6/2022

USD

(128,342,340)

(8,010,371)

Russell

2000

E-Mini

Index

(219)

6/2022

USD

(22,627,080)

(728,833)

S&P

500

E-Mini

Index

(568)

6/2022

USD

(128,673,300)

(8,200,033)

S&P

Midcap

400

E-Mini

Index

(156)

6/2022

USD

(41,951,520)

(1,680,605)

Net

contracts

(18,619,842)

As

of

March

31,

2022,

the

Fund

had

$16,666,821

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Investor

Destinations

Managed

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

30

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

72,631,762

$

–

$

–

$

72,631,762

Investment

Companies

973,222,594

–

–

973,222,594

Investment

Contract

–

–

85,064,482

85,064,482

Repurchase

Agreements

–

22,509,275

–

22,509,275

Total

Assets

$

1,045,854,356

$

22,509,275

$

85,064,482

$

1,153,428,113

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(18,619,842)

$

–

$

–

$

(18,619,842)

Total

Liabilities

$

(18,619,842)

$

–

$

–

$

(18,619,842)

Total

$

1,027,234,514

$

22,509,275

$

85,064,482

$

1,134,808,271

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

85,932,915

$

85,932,915

Purchases

*

663,020

663,020

Sales

(1,531,453)

(1,531,453)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2022

$

85,064,482

$

85,064,482

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

NVIT

Investor

Destinations

Managed

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Futures

Contracts

Financial

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.

The

Fund

is

subject

to

equity

risk

in

the

normal

course

of

pursuing its

objective(s)

in

two

respects.

First,

the

Fund

has

set

a

baseline

target

equity

exposure

of

60%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

80%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(18,619,842)

Total

$

(18,619,842)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

32

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Investment

Companies

79.6%

Shares

Value

($)

Equity

Funds

44.5%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

9,738,271

124,065,567

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,149,406

14,034,250

NVIT

International

Index

Fund,

Class

Y(a)

6,026,379

63,035,922

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

298,219

7,858,067

Total

Equity

Funds

(cost

$218,558,552)

208,993,806

Fixed

Income

Funds

35.1%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

3,705,979

36,318,594

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

175,518

1,842,938

NVIT

Bond

Index

Fund,

Class

Y(a)

10,705,863

107,915,099

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

1,864,164

18,548,427

Total

Fixed

Income

Funds

(cost

$172,731,779)

164,625,058

Total

Investment

Companies

(cost

$391,290,331)

373,618,864

Exchange

Traded

Funds

5.9%

Equity

Funds

2.8%

iShares

Core

S&P

Small-Cap

ETF(b)

45,823

4,943,385

Nationwide

Risk-Based

International

Equity

ETF(a)

129,822

3,330,454

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

120,816

4,775,095

Total

Equity

Funds

(cost

$11,388,912)

13,048,934

Fixed

Income

Funds

3.1%

iShares

20+

Year

Treasury

Bond

ETF(b)

13,384

1,767,759

iShares

7-10

Year

Treasury

Bond

ETF(b)

119,958

12,891,886

Total

Fixed

Income

Funds

(cost

$16,228,108)

14,659,645

Total

Exchange

Traded

Funds

(cost

$27,617,020)

27,708,579

Investment

Contract

10.8%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

50,745,362

50,745,362

Total

Investment

Contract

(cost

$50,745,362)

50,745,362

Repurchase

Agreements

1.5%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,809,423,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$1,845,596.(d)

1,809,408

1,809,408

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$4,000,234,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$4,080,069.(d)

4,0

00,000

4,000,000

Total

Repurchase

Agreements

(cost

$6,809,408)

6,809,408

Total

Investments

(cost

$476,462,121)

—

97.8%

458,882,213

Other

assets

in

excess

of

liabilities

—

2.2%

10,301,698

NET

ASSETS

—

100.0%

$

469,183,911

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$6,686,045,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,809,408

and

by

$57,949

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

8/4/2022

–

5/15/2051,

a

total

value

of

$6,867,357.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$6,809,408.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(241)

6/2022

USD

(25,840,020)

(1,597,168)

Russell

2000

E-Mini

Index

(48)

6/2022

USD

(4,959,360)

(172,643)

S&P

500

E-Mini

Index

(98)

6/2022

USD

(22,200,675)

(1,448,146)

S&P

Midcap

400

E-Mini

Index

(32)

6/2022

USD

(8,605,440)

(355,005)

Net

contracts

(3,572,962)

As

of

March

31,

2022,

the

Fund

had

$3,174,272

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

34

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

27,708,579

$

–

$

–

$

27,708,579

Investment

Companies

373,618,864

–

–

373,618,864

Investment

Contract

–

–

50,745,362

50,745,362

Repurchase

Agreements

–

6,809,408

–

6,809,408

Total

Assets

$

401,327,443

$

6,809,408

$

50,745,362

$

458,882,213

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(3,572,962)

$

–

$

–

$

(3,572,962)

Total

Liabilities

$

(3,572,962)

$

–

$

–

$

(

3,572,962)

Total

$

397,754,481

$

6,809,408

$

50,745,362

$

455,309,251

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

value

at

the

time

it

was

closed.

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

51,613,238

$

51,613,238

Purchases

*

367,939

367,939

Sales

(1,235,815)

(1,235,815)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2022

$

50,745,362

$

50,745,362

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

36

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(3,572,962)

Total

$

(3,572,962)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Aggressive

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

90.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,175,030

11,773,800

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,138,192

13,476,199

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,360,819

25,662,107

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

4,529,082

66,396,341

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

635,281

8,417,473

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

1,786,694

30,802,603

Total

Equity

Funds

(cost

$122,459,831)

156,528,523

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

9.4%

Nationwide

Bond

Fund,

Class

R6(a)

152,057

1,395,887

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

764,237

8,299,609

NVIT

Core

Bond

Fund,

Class

Y(a)

648,469

6,556,018

Total

Fixed

Income

Funds

(cost

$17,122,626)

16,251,514

Total

Investment

Companies

(cost

$139,582,457)

172,780,037

Total

Investments

(cost

$139,582,457)

—

100.0%

172,780,037

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

75,168

)

NET

ASSETS

—

100.0%

$

172,704,869

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

2

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

172,780,037

$

–

$

–

$

172,780,037

Total

$

172,780,037

$

–

$

–

$

172,780,037

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

83.3%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,421,424

24,262,666

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,368,427

28,042,172

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,292,347

57,527,808

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

11,446,528

167,806,100

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,507,245

19,970,996

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

4,515,900

77,854,119

Total

Equity

Funds

(cost

$282,708,426)

375,463,861

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

16.7%

Nationwide

Bond

Fund,

Class

R6(a)

763,046

7,004,765

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

3,562,537

38,689,148

NVIT

Core

Bond

Fund,

Class

Y(a)

2,926,996

29,591,925

Total

Fixed

Income

Funds

(cost

$79,755,959)

75,285,838

Total

Investment

Companies

(cost

$362,464,385)

450,749,699

Total

Investments

(cost

$362,464,385)

—

100.0%

450,749,699

Liabilities

in

excess

of

other

assets

—

0.0%

†

(159,541)

NET

ASSETS

—

100.0%

$

450,590,158

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

4

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

450,749,699

$

–

$

–

$

450,749,699

Total

$

450,749,699

$

–

$

–

$

450,749,699

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderate

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

64.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

6,487,191

65,001,651

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

10,468,358

123,945,359

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

22,867,764

248,572,591

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

44,221,118

648,281,589

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,491,681

59,514,775

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

18,471,804

318,453,899

Total

Equity

Funds

(cost

$1,080,964,119)

1,463,769,864

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

35.4%

Nationwide

Bond

Fund,

Class

R6(a)

5,450,568

50,036,216

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

27,729,890

301,146,604

NVIT

Core

Bond

Fund,

Class

Y(a)

23,679,792

239,402,697

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

3,222,620

30,324,857

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

18,342,111

182,504,008

Total

Fixed

Income

Funds

(cost

$853,453,776)

803,414,382

Total

Investment

Companies

(cost

$1,934,417,895)

2,267,184,246

Total

Investments

(cost

$1,934,417,895)

—

100.0%

2,267,184,246

Liabilities

in

excess

of

other

assets

—

0.0%

†

(752,370)

NET

ASSETS

—

100.0%

$

2,266,431,876

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

6

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,267,184,246

$

–

$

–

$

2,267,184,246

Total

$

2,267,184,246

$

–

$

–

$

2,267,184,246

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Conservative

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

44.2%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

975,114

9,770,645

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,805,541

21,377,611

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,919,028

53,469,838

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

8,945,501

131,141,045

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

808,665

10,714,808

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

3,753,493

64,710,226

Total

Equity

Funds

(cost

$213,884,573)

291,184,173

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

55.8%

Nationwide

Bond

Fund,

Class

R6(a)

2,639,489

24,230,507

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,242,726

13,048,619

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

10,175,641

110,507,464

NVIT

Core

Bond

Fund,

Class

Y(a)

8,969,363

90,680,260

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,296,414

12,199,260

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

11,816,566

117,574,833

Total

Fixed

Income

Funds

(cost

$388,892,868)

368,240,943

Total

Investment

Companies

(cost

$602,777,441)

659,425,116

Total

Investments

(cost

$602,777,441)

—

100.0%

659,425,116

Liabilities

in

excess

of

other

assets

—

0.0%

†

(241,685)

NET

ASSETS

—

100.0%

$

659,183,431

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

8

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

659,425,116

$

–

$

–

$

659,425,116

Total

$

659,425,116

$

–

$

–

$

659,425,116

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Conservative

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

20.4%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

979,860

11,601,543

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,510,539

27,289,563

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

4,478,252

65,651,169

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

284,684

3,772,062

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

1,621,620

27,956,721

Total

Equity

Funds

(cost

$97,081,447)

136,271,058

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

79.6%

Nationwide

Bond

Fund,

Class

R6(a)

3,940,203

36,171,062

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,526,991

26,533,401

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

13,483,008

146,425,463

NVIT

Core

Bond

Fund,

Class

Y(a)

11,143,585

112,661,643

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,732,595

16,303,723

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

19,382,292

192,853,803

Total

Fixed

Income

Funds

(cost

$558,526,849)

530,949,095

Total

Investment

Companies

(cost

$655,608,296)

667,220,153

Total

Investments

(cost

$655,608,296)

—

100.0%

667,220,153

Liabilities

in

excess

of

other

assets

—

0.0%

†

(245,488)

NET

ASSETS

—

100.0%

$

666,974,665

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

10

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

667,220,153

$

–

$

–

$

667,220,153

Total

$

667,220,153

$

–

$

–

$

667,220,153

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Balanced

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

53.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,786,385

47,959,578

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

6,906,246

81,769,951

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

19,966,968

217,040,947

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

28,869,466

423,226,365

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,173,436

42,048,030

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

11,793,356

203,317,450

Total

Equity

Funds

(cost

$760,986,695)

1,015,362,321

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

47.0%

Nationwide

Bond

Fund,

Class

R6(a)

6,844,355

62,831,180

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

28,114,788

305,326,595

NVIT

Core

Bond

Fund,

Class

Y(a)

24,751,581

250,238,485

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,881,978

27,119,408

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

25,593,256

254,652,901

Total

Fixed

Income

Funds

(cost

$955,040,044)

900,168,569

Total

Investment

Companies

(cost

$1,716,026,739)

1,915,530,890

Total

Investments

(cost

$1,716,026,739)

—

100.0%

1,915,530,890

Liabilities

in

excess

of

other

assets

—

0.0%

†

(648,891)

NET

ASSETS

—

100.0%

$

1,914,881,999

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

12

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Balanced

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,915,530,890

$

–

$

–

$

1,915,530,890

Total

$

1,915,530,890

$

–

$

–

$

1,915,530,890

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

73.2%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

10,184,778

102,051,475

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

12,396,758

146,777,614

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

27,274,591

296,474,809

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

51,819,714

759,677,011

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

6,568,309

87,030,099

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

17,447,810

300,800,237

Total

Equity

Funds

(cost

$1,274,423,023)

1,692,811,245

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

26.8%

Nationwide

Bond

Fund,

Class

R6(a)

4,489,744

41,215,854

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

22,902,774

248,724,128

NVIT

Core

Bond

Fund,

Class

Y(a)

20,295,188

205,184,354

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,205,510

20,753,850

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

10,491,804

104,393,446

Total

Fixed

Income

Funds

(cost

$659,194,772)

620,271,632

Total

Investment

Companies

(cost

$1,933,617,795)

2,313,082,877

Total

Investments

(cost

$1,933,617,795)

—

100.0%

2,313,082,877

Liabilities

in

excess

of

other

assets

—

0.0%

†

(758,830)

NET

ASSETS

—

100.0%

$

2,312,324,047

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

14

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Capital

Appreciation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,313,082,877

$

–

$

–

$

2,313,082,877

Total

$

2,313,082,877

$

–

$

–

$

2,313,082,877

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

95.6%

Shares

Value

($)

Equity

Funds

52.4%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,305,999

13,086,109

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,885,034

22,318,797

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,527,580

60,084,799

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

8,507,659

124,722,288

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

866,772

11,484,736

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

3,728,499

64,279,330

Total

Equity

Funds

(cost

$220,162,382)

295,976,059

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

43.2%

Nationwide

Bond

Fund,

Class

R6(a)

1,859,580

17,070,949

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

7,611,845

82,664,640

NVIT

Core

Bond

Fund,

Class

Y(a)

6,721,604

67,955,417

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

782,405

7,362,433

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

6,950,593

69,158,400

Total

Fixed

Income

Funds

(cost

$258,170,512)

244,211,839

Total

Investment

Companies

(cost

$478,332,894)

540,187,898

Total

Investments

(cost

$478,332,894)

—

95.6%

540,187,898

Other

assets

in

excess

of

liabilities

—

4.4%

25,143,645

NET

ASSETS

—

100.0%

$

565,331,543

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(228)

6/2022

USD

(24,446,160)

(1,514,218)

Russell

2000

E-Mini

Index

(25)

6/2022

USD

(2,583,000)

(87,624)

S&P

500

E-Mini

Index

(121)

6/2022

USD

(27,411,038)

(1,771,329)

S&P

Midcap

400

E-Mini

Index

(38)

6/2022

USD

(10,218,960)

(410,771)

Net

contracts

(3,783,942)

As

of

March

31,

2022,

the

Fund

had

$3,356,448

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

540,187,898

$

–

$

–

$

540,187,898

Total

Assets

$

540,187,898

$

–

$

–

$

540,187,898

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(3,783,942)

$

–

$

–

$

(3,783,942)

Total

Liabilities

$

(3,783,942)

$

–

$

–

$

(3,783,942)

Total

$

536,403,956

$

–

$

–

$

536,403,956

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

Financial

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.

The

Fund

is

subject

to

equity

risk

in

the

normal

course

of

pursuing

its

objective(s)

in

two

respects.

First,

the

Fund

has

set

a

baseline

target

equity

exposure

of

50%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

65%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(3,783,942)

Total

$

(3,783,942)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

95.5%

Shares

Value

($)

Equity

Funds

62.2%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,563,549

35,706,760

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

5,764,605

68,252,925

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

12,569,361

136,628,959

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

24,968,501

366,038,217

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,468,667

32,709,837

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

10,870,323

187,404,369

Total

Equity

Funds

(cost

$610,651,178)

826,741,067

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

33.3%

Nationwide

Bond

Fund,

Class

R6(a)

3,012,902

27,658,444

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

15,256,576

165,686,410

NVIT

Core

Bond

Fund,

Class

Y(a)

13,083,069

132,269,828

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,780,446

16,753,996

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

10,140,546

100,898,432

Total

Fixed

Income

Funds

(cost

$470,280,140)

443,267,110

Total

Investment

Companies

(cost

$1,080,931,318)

1,270,008,177

Total

Investments

(cost

$1,080,931,318)

—

95.5%

1,270,008,177

Other

assets

in

excess

of

liabilities

—

4.5%

59,582,866

NET

ASSETS

—

100.0%

$

1,329,591,043

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(785)

6/2022

USD

(84,167,700)

(5,261,133)

Russell

2000

E-Mini

Index

(94)

6/2022

USD

(9,712,080)

(316,360)

S&P

500

E-Mini

Index

(469)

6/2022

USD

(106,246,088)

(6,780,877)

S&P

Midcap

400

E-Mini

Index

(152)

6/2022

USD

(40,875,840)

(1,638,498)

Net

contracts

(13,996,868)

As

of

March

31,

2022,

the

Fund

had

$12,614,489

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,270,008,177

$

–

$

–

$

1,270,008,177

Total

Assets

$

1,270,008,177

$

–

$

–

$

1,270,008,177

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(13,996,868)

$

–

$

–

$

(13,996,868)

Total

Liabilities

$

(13,996,868)

$

–

$

–

$

(13,996,868)

Total

$

1,256,011,309

$

–

$

–

$

1,256,011,309

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

20

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

Financial

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.

The

Fund

is

subject

to

equity

risk

in

the

normal

course

of

pursuing

its

objective(s)

in

two

respects.

First,

the

Fund

has

set

a

baseline

target

equity

exposure

of

60%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

80%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivat

ives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(13,996,868)

Total

$

(13,996,868)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Exchange

Traded

Funds

100.1%

Shares

Value

($)

Fixed

Income

Funds

100.1%

iShares

Core

10+

Year

USD

Bond

ETF(a)

67,348

4,312,057

iShares

Core

1-5

Year

USD

Bond

ETF(a)

139,378

6,754,258

iShares

Core

Total

USD

Bond

Market

ETF(a)

89,629

4,448,287

iShares

Core

U.S.

Aggregate

Bond

ETF

207,726

22,247,455

iShares

MBS

ETF

44,167

4,499,292

iShares

U.S.

Treasury

Bond

ETF(a)

88,985

2,216,616

Total

Exchange

Traded

Funds

(cost

$47,704,468)

44,477,965

Repurchase

Agreements

16.0%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,111,785,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$2,154,003.(b)

2,111,768

2,111,768

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,046,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$7,111,768)

7,111,768

Total

Investments

(cost

$54,816,236)

—

116.1%

51,589,733

Liabilities

in

excess

of

other

assets

—

(16.1)%

(7,141,946)

NET

ASSETS

—

100.0%

$

44,447,787

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$8,062,096,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreemen

ts

with

a

total

value

of

$7,111,768

and

by

$1,132,334

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

8/4/2022

–

5/15/2051,

a

total

value

of

$8,244,102.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$7,111,768.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

44,477,965

$

–

$

–

$

44,477,965

Repurchase

Agreements

–

7,111,768

–

7,111,768

Total

$

44,477,965

$

7,111,768

$

–

$

51,589,733

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

95.5%

Shares

Value

($)

Alternative

Assets

95.5%

BlackRock

Global

Allocation

VI

Fund,

Class

I

21,481,590

356,164,755

Total

Alternative

Assets

(cost

$356,462,497)

356,164,755

Total

Investment

Company

(cost

$356,462,497)

356,164,755

Total

Investments

(cost

$356,462,497)

—

95.5%

356,164,755

Other

assets

in

excess

of

liabilities

—

4.5%

16,675,136

NET

ASSETS

—

100.0%

$

372,839,891

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(133)

6/2022

USD

(14,260,260)

(777,271)

Russell

2000

E-Mini

Index

(4)

6/2022

USD

(413,280)

(8,830)

S&P

500

E-Mini

Index

(111)

6/2022

USD

(25,145,663)

(1,336,421)

S&P

Midcap

400

E-Mini

Index

(4)

6/2022

USD

(1,075,680)

(35,042)

(2,157,564)

As

of

March

31,

2022,

the

Fund

had

$2,151,802

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

4

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BlackRock

Managed

Global

Allocation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Company

$

356,164,755

$

–

$

–

$

356,164,755

Total

Assets

$

356,164,755

$

–

$

–

$

356,164,755

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(2,157,564)

$

–

$

–

$

(2,157,564)

Total

Liabilities

$

(2,157,564)

$

–

$

–

$

(2,157,564)

Total

$

354,007,191

$

–

$

–

$

354,007,191

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(2,157,564)

Total

$

(2,157,564)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

6

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Exchange

Traded

Funds

100.0%

Shares

Value

($)

Equity

Funds

100.0%

iShares

Core

MSCI

EAFE

ETF

82,717

5,749,659

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

106,404

6,770,486

iShares

Core

S&P

500

ETF

8,182

3,712,092

iShares

Core

S&P

Mid-Cap

ETF(a)

34,192

9,175,081

iShares

Core

S&P

Small-Cap

ETF

14,430

1,556,708

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF(a)

140,656

14,197,817

iShares

MSCI

USA

Momentum

Factor

ETF(a)

5,751

967,721

iShares

MSCI

USA

Multifactor

ETF

104,351

4,641,532

iShares

MSCI

USA

Quality

Factor

ETF

7,504

1,010,263

iShares

MSCI

USA

Size

Factor

ETF(a)

7,787

1,014,880

iShares

MSCI

USA

Small-Cap

Multifactor

ETF(a)

18,861

1,029,245

iShares

MSCI

USA

Value

Factor

ETF(a)

9,672

1,011,401

Total

Exchange

Traded

Funds

(cost

$46,313,557)

50,836,885

Repurchase

Agreements

7.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,607,727,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$2,659,859.(b)

2,607,705

2,607,705

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,010,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$3,607,705)

3,607,705

Total

Investments

(cost

$49,921,262)

—

107.1%

54,444,590

Liabilities

in

excess

of

other

assets

—

(7.1)%

(3,595,415)

NET

ASSETS

—

100.0%

$

50,849,175

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$3,578,293,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,607,705

and

by

$106,351

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

8/4/2022

–

5/15/2051,

a

total

value

of

$3,714,056.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$3,607,705.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

50,836,885

$

–

$

–

$

50,836,885

Repurchase

Agreements

–

3,607,705

–

3,607,705

Total

$

50,836,885

$

3,607,705

$

–

$

54,444,590

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Investment

Companies

95.5%

Shares

Value

($)

Balanced

Fund

28.3%

American

Balanced

Fund,

Class

R6

26,856,593

860,216,676

Total

Balanced

Fund

(cost

$913,118,700)

860,216,676

Equity

Funds

48.7%

American

Funds

Growth

Fund,

Class

1

7,730,520

899,136,748

American

Funds

Washington

Mutual

Investors

Fund,

Class

1

32,609,755

578,170,958

Total

Equity

Funds

(cost

$1,590,319,750)

1,477,307,706

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

18.5%

American

Funds

U.S.

Government

Securities

Fund,

Class

1

12,439,792

140,072,062

Bond

Fund

of

America

(The),

Class

R6

33,523,358

422,394,311

Total

Fixed

Income

Funds

(cost

$600,345,556)

562,466,373

Total

Investment

Companies

(cost

$3,103,784,006)

2,899,990,755

Total

Investments

(cost

$3,103,784,006)

—

95.5%

2,899,990,755

Other

assets

in

excess

of

liabilities

—

4.5%

136,270,347

NET

ASSETS

—

100.0%

$

3,036,261,102

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(316)

6/2022

USD

(33,881,520)

(2,061,667)

Russell

2000

E-Mini

Index

(71)

6/2022

USD

(7,335,720)

(201,581)

S&P

500

E-Mini

Index

(2,147)

6/2022

USD

(486,376,013)

(30,208,729)

S&P

Midcap

400

E-Mini

Index

(95)

6/2022

USD

(25,547,400)

(950,632)

(33,422,609)

As

of

March

31,

2022,

the

Fund

had

$31,647,220

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,899,990,755

$

–

$

–

$

2,899,990,755

Total

Assets

$

2,899,990,755

$

–

$

–

$

2,899,990,755

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(33,422,609)

$

–

$

–

$

(33,422,609)

Total

Liabilities

$

(33,422,609)

$

–

$

–

$

(33,422,609)

Total

$

2,866,568,146

$

–

$

–

$

2,866,568,146

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

10

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(33,422,609)

Total

$

(33,422,609)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Managed

American

Funds

Growth-Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Company

96.0%

Shares

Value

($)

Equity

Fund

96.0%

American

Funds

Growth-Income

Fund,

Class

1

10,439,823

665,121,105

Total

Investment

Company

(cost

$492,057,868)

665,121,105

Total

Investments

(cost

$492,057,868)

—

96.0%

665,121,105

Other

assets

in

excess

of

liabilities

—

4.0%

27,866,851

NET

ASSETS

—

100.0%

$

692,987,956

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(75)

6/2022

USD

(8,041,500)

(481,216)

Russell

2000

E-Mini

Index

(10)

6/2022

USD

(1,033,200)

(29,775)

S&P

500

E-Mini

Index

(441)

6/2022

USD

(99,903,038)

(6,060,890)

S&P

Midcap

400

E-Mini

Index

(29)

6/2022

USD

(7,798,680)

(296,206)

(6,868,087)

As

of

March

31,

2022,

the

Fund

had

$6,656,649

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Company

$

665,121,105

$

–

$

–

$

665,121,105

Total

Assets

$

665,121,105

$

–

$

–

$

665,121,105

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(6,868,087)

$

–

$

–

$

(6,868,087)

Total

Liabilities

$

(6,868,087)

$

–

$

–

$

(6,868,087)

Total

$

658,253,018

$

–

$

–

$

658,253,018

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Managed

American

Funds

Growth-Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(6,868,087)

Total

$

(6,868,087)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

-

March

31,

2022

(Unaudited)

-

Consolidated

Statement

of

Investments

-

1

Corporate

Bonds

13.2%

Principal

Amount

($)

Value

($)

AUSTRIA

3.9%

Banks

3.9%

Oesterreichische

Kontrollbank

AG,

1.63%,

9/17/2022

1,400,000

1,402,733

CANADA

3.3%

Capital

Markets

3.3%

CPPIB

Capital,

Inc.,

Reg.

S,

0.75%,

4/8/2022

1,200,000

1,199,892

GERMANY

3.7%

Banks

3.7%

Kreditanstalt

fuer

Wiederaufbau

,

2.00%,

10/4/2022

1,350,000

1,355,184

NETHERLANDS

2.3%

Banks

2.3%

Nederlandse

Waterschapsbank

NV,

Reg.

S,

1.88%,

4/14/2022

850,000

850,326

Total

Corporate

Bonds

(cost

$4,814,634)

4,808,135

Foreign

Government

Securities

7.2%

FINLAND

3.9%

Kuntarahoitus

OYJ,

Reg.

S,

1.38%,

9/12/2022

1,400,000

1,401,225

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

JAPAN

3.3%

Japan

Bank

for

International

Cooperation,

2.50%,

6/1/2022

1,200,000

1,202,723

Total

Foreign

Government

Securities

(cost

$2,607,972)

2,603,948

Supranational

9.4%

European

Investment

Bank,

2.00%,

12/15/2022

1,350,000

1,354,617

International

Bank

for

Reconstruction

&

Development,

2.13%,

7/1/2022

1,350,000

1,353,814

European

Stability

Mechanism,

Reg.

S,

2.13%,

11/3/2022

700,000

702,683

Total

Supranational

(cost

$3,427,501)

3,411,114

Total

Investments

(cost

$10,850,107)

—

29.8%

10,823,197

Other

assets

in

excess

of

liabilities

—

70.2%

25,539,632

NET

ASSETS

—

100.0%

$

36,362,829

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

2

-

Consolidated

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Natural

Gas

13

4/2022

USD

733,460

192,082

NY

Harbor

ULSD

1

4/2022

USD

141,158

28,986

RBOB

Gasoline

1

4/2022

USD

132,338

16,382

Copper

9

5/2022

USD

1,068,975

38,164

LME

Aluminum

Base

Metal

10

5/2022

USD

871,778

58,372

LME

Nickel

Base

Metal

4

5/2022

USD

770,280

214,644

LME

Zinc

Base

Metal

6

5/2022

USD

630,375

83,869

Low

Sulphur

Gasoil

2

5/2022

USD

201,600

45,749

Silver

8

5/2022

USD

1,005,320

(14,696)

E-Mini

Crude

Oil

23

6/2022

USD

1,114,120

(36,528)

Euro-Bund

72

6/2022

EUR

12,637,268

(654,736)

FTSE

100

Index

45

6/2022

GBP

4,425,293

207,840

Micro

Gold

161

6/2022

USD

3,145,940

(4,625)

NASDAQ

100

Micro

E-Mini

Index

101

6/2022

USD

3,003,488

314,944

S&P

500

Micro

E-Mini

Index

185

6/2022

USD

4,190,944

310,228

TOPIX

Index

23

6/2022

JPY

3,677,468

180,156

U.S.

Treasury

Long

Bond

47

6/2022

USD

7,052,937

(213,351)

767,480

As

of

March

31,

2022,

the

Fund

had

$1,461,342

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

-

March

31,

2022

(Unaudited)

-

Consolidated

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

4,808,135

$

–

$

4,808,135

Foreign

Government

Securities

–

2,603,948

–

2,603,948

Futures

Contracts

1,691,416

–

–

1,691,416

Supranational

–

3,411,114

–

3,411,114

Total

Assets

$

1,691,416

$

10,823,197

$

–

$

12,514,613

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(923,936)

$

–

$

–

$

(923,936)

Total

Liabilities

$

(923,936)

$

–

$

–

$

(923,936)

Total

$

767,480

$

10,823,197

$

–

$

11,590,677

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

4

-

Consolidated

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Assets:

Fair

Value

Futures

Contracts

Commodity

risk

Unrealized

appreciation

from

futures

contracts

$

678,248

Equity

risk

Unrealized

appreciation

from

futures

contracts

1,013,168

Total

$

1,691,416

Liabilities:

Futures

Contracts

Commodity

risk

Unrealized

depreciation

from

futures

contracts

$

(55,849)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(868,087)

Total

$

(923,936)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

97.1%

Shares

Value

($)

BRAZIL

6.4%

Aerospace

&

Defense

0.1%

Embraer

SA,

ADR

*(a)

36,225

456,797

Banks

1.2%

Banco

Bradesco

SA

342,540

1,314,459

Banco

do

Brasil

SA

152,900

1,114,382

Banco

Santander

Brasil

SA,

ADR

(a)

56,250

433,125

Itau

Unibanco

Holding

SA

*

178,000

882,326

Itau

Unibanco

Holding

SA

(Preference)

*

414,100

2,390,118

6,134,410

Beverages

0.5%

Ambev

SA,

ADR

721,800

2,331,414

Capital

Markets

0.1%

Banco

BTG

Pactual

SA

*

109,000

596,163

Chemicals

0.2%

Braskem

SA

(Preference)

,

Class

A

7,200

66,994

Unipar

Carbocloro

SA

(Preference)

,

Class

B

37,260

814,295

881,289

Electric

Utilities

1.5%

Cia

de

Transmissao

de

Energia

Eletrica

Paulista

(Preference)

17,200

95,518

Cia

Energetica

de

Minas

Gerais

,

ADR

(a)

1,626,200

5,236,364

Cia

Energetica

de

Minas

Gerais

117,200

500,452

CPFL

Energia

SA

119,100

807,250

Energisa

SA

29,000

297,306

Transmissora

Alianca

de

Energia

Eletrica

SA

90,100

835,323

7,772,213

Electrical

Equipment

0.1%

WEG

SA

79,800

584,456

Food

Products

0.3%

Marfrig

Global

Foods

SA

48,400

217,549

Sao

Martinho

SA

118,884

1,107,674

1,325,223

Insurance

0.2%

Porto

Seguro

SA

255,600

1,133,304

Metals

&

Mining

1.6%

Bradespar

SA

(Preference)

87,200

605,870

Vale

SA,

ADR

(a)

397,200

7,940,028

8,545,898

Oil,

Gas

&

Consumable

Fuels

0.3%

Enauta

Participacoes

SA

256,700

1,118,232

Petro

Rio

SA

*

129,900

649,630

1,767,862

Textiles,

Apparel

&

Luxury

Goods

0.1%

Grendene

SA

234,900

492,885

Wireless

Telecommunication

Services

0.2%

TIM

SA

*

375,800

1,088,475

33,110,389

Common

Stocks

Shares

Value

($)

CHILE

1.0%

Banks

0.4%

Banco

Santander

Chile,

ADR

74,120

1,674,371

Food

&

Staples

Retailing

0.2%

Cencosud

SA

622,710

1,226,742

Marine

0.2%

Cia

Sud

Americana

de

Vapores

SA

10,291,537

1,111,559

Multiline

Retail

0.2%

Falabella

SA

316,213

1,010,732

5,023,404

CHINA

32.4%

Aerospace

&

Defense

0.0%

†

AECC

Aviation

Power

Co.

Ltd.

,

Class

A

24,900

175,643

Air

Freight

&

Logistics

0.0%

†

ZTO

Express

Cayman,

Inc.,

ADR

8,300

207,500

Automobiles

1.3%

BYD

Co.

Ltd.

,

Class

H

57,500

1,633,402

Dongfeng

Motor

Group

Co.

Ltd.

,

Class

H

258,000

193,271

Geely

Automobile

Holdings

Ltd.

394,000

618,267

Great

Wall

Motor

Co.

Ltd.

,

Class

H

1,095,000

1,745,454

Li

Auto,

Inc.,

ADR

*

71,900

1,855,738

XPeng

,

Inc.,

ADR

*

26,800

739,412

6,785,544

Banks

6.1%

Agricultural

Bank

of

China

Ltd.

,

Class

H

17,465,000

6,698,532

Bank

of

China

Ltd.

,

Class

H

21,611,000

8,677,538

Bank

of

Communications

Co.

Ltd.

,

Class

A

1,854,800

1,492,155

Bank

of

Communications

Co.

Ltd.

,

Class

H

3,238,000

2,324,132

China

CITIC

Bank

Corp.

Ltd.

,

Class

H

1,155,000

583,957

China

Construction

Bank

Corp.

,

Class

H

11,092,000

8,332,268

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

5,135,000

3,147,680

31,256,262

Beverages

1.2%

Chongqing

Brewery

Co.

Ltd.

,

Class

A

*

10,400

175,253

Jiangsu

Yanghe

Brewery

Joint-Stock

Co.

Ltd.

,

Class

A

52,000

1,104,213

Kweichow

Moutai

Co.

Ltd.

,

Class

A

4,865

1,312,405

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.

,

Class

A

6,400

256,272

Sichuan

Swellfun

Co.

Ltd.

,

Class

A

199,068

2,580,482

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

(a)

80,000

633,289

2

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Beverages

Wuliangye

Yibin

Co.

Ltd.

,

Class

A

3,800

92,328

6,154,242

Capital

Markets

0.0%

†

GF

Securities

Co.

Ltd.

,

Class

H

80,800

113,908

Chemicals

0.1%

China

BlueChemical

Ltd.

,

Class

H

822,000

280,695

Dongyue

Group

Ltd.

(a)

252,000

342,155

Hubei

Xingfa

Chemicals

Group

Co.

Ltd.

,

Class

A

27,200

141,911

764,761

Diversified

Consumer

Services

0.1%

China

Education

Group

Holdings

Ltd.

Reg.

S

778,000

671,959

Electronic

Equipment,

Instruments

&

Components

0.7%

Kingboard

Holdings

Ltd.

577,500

2,795,276

Sunny

Optical

Technology

Group

Co.

Ltd.

29,700

475,701

Xiamen

Faratronic

Co.

Ltd.

,

Class

A

11,600

365,311

3,636,288

Entertainment

1.4%

NetEase

,

Inc.,

ADR

81,400

7,300,766

Tencent

Music

Entertainment

Group,

ADR

*

24,000

116,880

7,417,646

Food

Products

0.1%

Uni

-President

China

Holdings

Ltd.

375,000

326,244

Gas

Utilities

0.8%

ENN

Energy

Holdings

Ltd.

51,000

760,050

Kunlun

Energy

Co.

Ltd.

3,994,000

3,457,296

4,217,346

Health

Care

Equipment

&

Supplies

0.0%

†

Lifetech

Scientific

Corp.

*(a)

352,000

116,954

Shenzhen

Mindray

Bio-

Medical

Electronics

Co.

Ltd.

,

Class

A

1,500

72,419

189,373

Health

Care

Providers

&

Services

0.1%

Sinopharm

Group

Co.

Ltd.

,

Class

H

196,400

446,691

Hotels,

Restaurants

&

Leisure

0.6%

Huazhu

Group

Ltd.,

ADR

34,000

1,121,660

Tongcheng

Travel

Holdings

Ltd.

Reg.

S

*

236,000

418,538

Trip.com

Group

Ltd.,

ADR

*

55,800

1,290,096

Yum

China

Holdings,

Inc.

6,300

261,702

3,091,996

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

CGN

Power

Co.

Ltd.

,

Class

H

Reg.

S

(b)

520,000

135,690

Industrial

Conglomerates

0.4%

CITIC

Ltd.

2,060,000

2,282,964

Common

Stocks

Shares

Value

($)

CHINA

Insurance

1.0%

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

H

496,400

1,205,516

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

3,698,000

3,773,331

4,978,847

Interactive

Media

&

Services

3.7%

Baidu,

Inc.,

ADR

*

13,100

1,733,130

JOYY,

Inc.,

ADR

13,900

510,547

Tencent

Holdings

Ltd.

344,800

16,266,074

18,509,751

Internet

&

Direct

Marketing

Retail

4.7%

Alibaba

Group

Holding

Ltd.,

ADR

*(a)

109,300

11,891,840

JD.com,

Inc.,

ADR

*(a)

64,200

3,715,254

JD.com,

Inc.

,

Class

A

*

16,095

471,388

Meituan

,

Class

B

Reg.

S

*(b)

255,600

5,036,756

Pinduoduo

,

Inc.,

ADR

*

69,100

2,771,601

23,886,839

Life

Sciences

Tools

&

Services

0.5%

Pharmaron

Beijing

Co.

Ltd.

,

Class

H

Reg.

S

(b)

113,600

1,372,807

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

158,000

1,281,731

2,654,538

Machinery

0.4%

China

International

Marine

Containers

Group

Co.

Ltd.

,

Class

H

(a)

484,000

788,980

Haitian

International

Holdings

Ltd.

564,000

1,459,330

2,248,310

Marine

0.5%

COSCO

SHIPPING

Holdings

Co.

Ltd.

,

Class

A

*

70,590

170,729

SITC

International

Holdings

Co.

Ltd.

724,000

2,555,717

2,726,446

Media

0.3%

Focus

Media

Information

Technology

Co.

Ltd.

,

Class

A

1,841,700

1,761,481

Metals

&

Mining

0.5%

Angang

Steel

Co.

Ltd.

,

Class

H

254,000

116,518

Shanxi

Meijin

Energy

Co.

Ltd.

,

Class

A

*

743,500

1,490,986

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.

,

Class

A

1,090,800

1,151,774

YongXing

Special

Materials

Technology

Co.

Ltd.

,

Class

A

4,400

81,750

2,841,028

Oil,

Gas

&

Consumable

Fuels

3.0%

China

Petroleum

&

Chemical

Corp.

,

Class

H

10,438,000

5,219,183

China

Shenhua

Energy

Co.

Ltd.

,

Class

H

1,188,500

3,790,965

PetroChina

Co.

Ltd.

,

Class

H

11,516,000

5,897,346

14,907,494

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

CHINA

Pharmaceuticals

2.0%

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.

,

Class

A

43,600

311,040

CSPC

Pharmaceutical

Group

Ltd.

3,284,000

3,765,838

Dong-E-E-Jiao

Co.

Ltd.

,

Class

A

198,500

1,058,329

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.

,

Class

A

196,900

969,998

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.

,

Class

H

320,000

844,901

Yunnan

Baiyao

Group

Co.

Ltd.

,

Class

A

96,300

1,239,942

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.

,

Class

A

31,300

1,555,489

Zhejiang

NHU

Co.

Ltd.

,

Class

A

168,160

837,493

10,583,030

Real

Estate

Management

&

Development

0.4%

China

Jinmao

Holdings

Group

Ltd.

432,000

127,375

China

Resources

Land

Ltd.

26,000

120,517

Country

Garden

Services

Holdings

Co.

Ltd.

198,000

841,352

Longfor

Group

Holdings

Ltd.

Reg.

S

(b)

145,000

739,943

1,829,187

Semiconductors

&

Semiconductor

Equipment

0.4%

Ingenic

Semiconductor

Co.

Ltd.

,

Class

A

24,000

343,372

SG

Micro

Corp.

,

Class

A

2,800

143,047

Silergy

Corp.

14,000

1,649,019

2,135,438

Specialty

Retail

0.5%

China

Meidong

Auto

Holdings

Ltd.

66,000

250,524

China

Yongda

Automobiles

Services

Holdings

Ltd.

1,480,000

1,609,530

Zhongsheng

Group

Holdings

Ltd.

83,500

587,933

2,447,987

Technology

Hardware,

Storage

&

Peripherals

0.3%

Lenovo

Group

Ltd.

1,626,000

1,763,498

Textiles,

Apparel

&

Luxury

Goods

0.9%

Bosideng

International

Holdings

Ltd.

(a)

3,708,000

1,723,826

JNBY

Design

Ltd.

Reg.

S

320,000

380,036

Li

Ning

Co.

Ltd.

300,500

2,575,579

4,679,441

Transportation

Infrastructure

0.4%

China

Merchants

Port

Holdings

Co.

Ltd.

114,087

206,008

Common

Stocks

Shares

Value

($)

CHINA

Transportation

Infrastructure

Shanghai

International

Port

Group

Co.

Ltd.

,

Class

A

1,918,476

1,647,254

1,853,262

167,680,634

GREECE

0.6%

Diversified

Telecommunication

Services

0.2%

Hellenic

Telecommunications

Organization

SA

62,595

1,132,476

Marine

0.4%

Diana

Shipping,

Inc.

34,000

183,600

Star

Bulk

Carriers

Corp.

(a)

64,300

1,909,067

2,092,667

3,225,143

HONG

KONG

0.3%

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Truly

International

Holdings

Ltd.

622,000

176,143

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Concord

New

Energy

Group

Ltd.

2,190,000

202,718

Pharmaceuticals

0.3%

Sino

Biopharmaceutical

Ltd.

1,802,000

1,117,827

1,496,688

HUNGARY

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

MOL

Hungarian

Oil

&

Gas

plc

36,279

320,173

INDIA

12.5%

Aerospace

&

Defense

1.3%

Bharat

Electronics

Ltd.

1,652,894

4,561,084

Hindustan

Aeronautics

Ltd.

Reg.

S

102,997

2,007,799

6,568,883

Automobiles

0.2%

Mahindra

&

Mahindra

Ltd.

115,997

1,227,106

Banks

1.4%

ICICI

Bank

Ltd.,

ADR

332,920

6,305,505

State

Bank

of

India

179,697

1,161,715

7,467,220

Capital

Markets

0.1%

Edelweiss

Financial

Services

Ltd.

338,118

260,416

ICICI

Securities

Ltd.

Reg.

S

(b)

41,037

334,863

Indian

Energy

Exchange

Ltd.

Reg.

S

(b)

24,618

72,361

Tata

Investment

Corp.

Ltd.

4,844

86,324

753,964

Chemicals

0.7%

Chambal

Fertilisers

and

Chemicals

Ltd.

220,129

1,218,475

Deepak

Fertilisers

&

Petrochemicals

Corp.

Ltd.

59,617

438,617

Finolex

Industries

Ltd.

74,493

150,885

4

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

INDIA

Chemicals

Gujarat

Narmada

Valley

Fertilizers

&

Chemicals

Ltd.

74,852

828,930

Gujarat

State

Fertilizers

&

Chemicals

Ltd.

277,588

588,428

SRF

Ltd.

4,190

147,156

3,372,491

Construction

&

Engineering

0.3%

Larsen

&

Toubro

Ltd.

72,079

1,671,137

Diversified

Financial

Services

0.7%

Power

Finance

Corp.

Ltd.

715,967

1,057,426

REC

Ltd.

1,441,661

2,332,347

3,389,773

Diversified

Telecommunication

Services

0.1%

Tata

Communications

Ltd.

23,389

377,222

Electric

Utilities

0.1%

Power

Grid

Corp.

of

India

Ltd.

101,030

288,197

Electrical

Equipment

0.1%

ABB

India

Ltd.

25,554

724,120

Electronic

Equipment,

Instruments

&

Components

0.2%

Redington

India

Ltd.

523,061

995,359

Equity

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Embassy

Office

Parks

REIT

33,972

166,054

Food

Products

0.0%

†

CCL

Products

India

Ltd.

16,346

86,420

Gas

Utilities

0.5%

Adani

Total

Gas

Ltd.

9,060

256,002

GAIL

India

Ltd.

1,054,144

2,157,062

2,413,064

Health

Care

Providers

&

Services

0.3%

Apollo

Hospitals

Enterprise

Ltd.

27,304

1,617,057

Hotels,

Restaurants

&

Leisure

0.1%

Indian

Hotels

Co.

Ltd.

202,592

632,485

Independent

Power

and

Renewable

Electricity

Producers

0.1%

JSW

Energy

Ltd.

101,208

402,023

NHPC

Ltd.

670,697

245,599

647,622

IT

Services

3.2%

Coforge

Ltd.

13,970

814,286

Infosys

Ltd.,

ADR

437,405

10,887,010

Larsen

&

Toubro

Infotech

Ltd.

Reg.

S

(b)

5,325

430,099

Mindtree

Ltd.

28,456

1,602,573

NIIT

Ltd.

44,284

361,421

Persistent

Systems

Ltd.

14,326

896,423

Sonata

Software

Ltd.

13,669

132,848

Tata

Consultancy

Services

Ltd.

15,737

773,942

Tech

Mahindra

Ltd.

28,100

553,837

16,452,439

Machinery

0.0%

†

Cummins

India

Ltd.

6,864

100,906

Metals

&

Mining

0.9%

Hindalco

Industries

Ltd.

48,501

361,510

Common

Stocks

Shares

Value

($)

INDIA

Metals

&

Mining

Hindustan

Zinc

Ltd.

140,287

572,469

JSW

Steel

Ltd.

80,282

773,142

MOIL

Ltd.

73,731

178,923

National

Aluminium

Co.

Ltd.

332,673

529,583

NMDC

Ltd.

799,920

1,704,443

Vedanta

Ltd.

71,616

379,308

4,499,378

Oil,

Gas

&

Consumable

Fuels

0.9%

Oil

&

Natural

Gas

Corp.

Ltd.

1,510,220

3,252,177

Oil

India

Ltd.

200,874

629,921

Reliance

Industries

Ltd.

16,664

576,776

4,458,874

Pharmaceuticals

0.2%

Pfizer

Ltd.

4,397

251,113

Sun

Pharmaceutical

Industries

Ltd.

66,197

797,074

1,048,187

Software

0.3%

Tata

Elxsi

Ltd.

14,918

1,728,665

Textiles,

Apparel

&

Luxury

Goods

0.1%

Arvind

Ltd.

*

104,167

156,341

KPR

Mill

Ltd.

23,296

190,542

346,883

Tobacco

0.7%

ITC

Ltd.

1,101,128

3,629,136

64,662,642

INDONESIA

1.2%

Banks

0.3%

Bank

Mandiri

Persero

Tbk

.

PT

2,381,400

1,306,687

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk

.

PT

5,949,700

327,362

1,634,049

Diversified

Telecommunication

Services

0.7%

Telkom

Indonesia

Persero

Tbk

.

PT

12,632,500

4,028,512

Metals

&

Mining

0.1%

Vale

Indonesia

Tbk

.

PT

585,400

272,869

Multiline

Retail

0.1%

Matahari

Department

Store

Tbk

.

PT

1,085,500

468,809

6,404,239

MEXICO

1.5%

Banks

0.1%

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

(a)

77,100

579,704

Beverages

0.3%

Coca-Cola

Femsa

SAB

de

CV,

ADR

10,826

594,889

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

11,841

981,027

1,575,916

Industrial

Conglomerates

0.1%

Alfa

SAB

de

CV

,

Class

A

(a)

792,401

601,970

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

MEXICO

Multiline

Retail

0.1%

El

Puerto

de

Liverpool

SAB

de

CV

,

Class

C1

(a)

119,600

610,086

Transportation

Infrastructure

0.4%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

118,051

883,334

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

Class

B

*

31,000

502,811

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

3,183

705,353

2,091,498

Wireless

Telecommunication

Services

0.5%

America

Movil

SAB

de

CV

,

Class

L

,

ADR

114,770

2,427,385

7,886,559

MONACO

0.0%

†

Marine

0.0%

†

Costamare

,

Inc.

4,600

78,430

PERU

0.5%

Metals

&

Mining

0.5%

Southern

Copper

Corp.

32,200

2,443,980

PHILIPPINES

0.8%

Banks

0.1%

Metropolitan

Bank

&

Trust

Co.

428,720

471,765

Electric

Utilities

0.0%

†

Manila

Electric

Co.

22,290

160,793

Industrial

Conglomerates

0.0%

†

DMCI

Holdings,

Inc.

761,200

132,735

Transportation

Infrastructure

0.6%

International

Container

Terminal

Services,

Inc.

682,020

2,952,191

Wireless

Telecommunication

Services

0.1%

PLDT,

Inc.,

ADR

(a)

10,364

364,191

4,081,675

POLAND

0.7%

Banks

0.5%

Bank

Polska

Kasa

Opieki

SA

38,147

1,017,004

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

*

144,912

1,362,499

2,379,503

Consumer

Finance

0.1%

KRUK

SA

10,300

761,923

Oil,

Gas

&

Consumable

Fuels

0.1%

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

424,748

625,735

3,767,161

QATAR

0.3%

Industrial

Conglomerates

0.3%

Industries

Qatar

QSC

299,198

1,557,332

Common

Stocks

Shares

Value

($)

QATAR

Metals

&

Mining

0.0%

†

Qatar

Aluminum

Manufacturing

Co.

333,582

233,112

1,790,444

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

^∞

819,980

0

VTB

Bank

PJSC,

GDR

Reg.

S

^∞

274,372

0

0

Chemicals

0.0%

†

PhosAgro

PJSC,

GDR

Reg.

S

^∞

7,549

0

Metals

&

Mining

0.0%

†

Novolipetsk

Steel

PJSC,

GDR

Reg.

S

^∞

78,727

0

Severstal

PAO,

GDR

Reg.

S

^∞

179,420

0

0

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Novatek

PJSC,

GDR

Reg.

S

^∞

11,088

0

0

SAUDI

ARABIA

4.4%

Banks

2.2%

Al

Rajhi

Bank

135,733

5,787,576

Alinma

Bank

126,910

1,308,289

Banque

Saudi

Fransi

77,239

1,104,878

Riyad

Bank

247,655

2,477,470

10,678,213

Chemicals

1.3%

SABIC

Agri

-Nutrients

Co.

38,949

1,885,590

Sahara

International

Petrochemical

Co.

39,923

568,633

Saudi

Basic

Industries

Corp.

130,078

4,529,591

6,983,814

Metals

&

Mining

0.3%

Saudi

Arabian

Mining

Co.

*

45,422

1,617,278

Oil,

Gas

&

Consumable

Fuels

0.6%

Saudi

Arabian

Oil

Co.

Reg.

S

(b)

283,812

3,257,733

22,537,038

SOUTH

AFRICA

3.3%

Banks

0.8%

Absa

Group

Ltd.

120,394

1,563,259

Standard

Bank

Group

Ltd.

216,807

2,697,428

4,260,687

Diversified

Financial

Services

1.7%

FirstRand

Ltd.

1,593,375

8,413,636

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Vukile

Property

Fund

Ltd.

409,916

393,975

Insurance

0.0%

†

Momentum

Metropolitan

Holdings

122,887

144,877

Metals

&

Mining

0.6%

African

Rainbow

Minerals

Ltd.

12,905

252,440

6

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

SOUTH

AFRICA

Metals

&

Mining

Anglo

American

Platinum

Ltd.

13,212

1,814,280

Northam

Platinum

Holdings

Ltd.

*

57,601

860,370

Sibanye

Stillwater

Ltd.

86,791

352,533

3,279,623

Trading

Companies

&

Distributors

0.1%

Barloworld

Ltd.

52,542

416,990

16,909,788

SOUTH

KOREA

14.5%

Aerospace

&

Defense

0.4%

Hanwha

Aerospace

Co.

Ltd.

40,218

1,725,688

LIG

Nex1

Co.

Ltd.

5,001

296,097

2,021,785

Automobiles

1.2%

Kia

Corp.

99,764

6,058,845

Banks

3.4%

BNK

Financial

Group,

Inc.

150,041

981,136

DGB

Financial

Group,

Inc.

256,059

1,965,177

Hana

Financial

Group,

Inc.

173,094

6,910,163

JB

Financial

Group

Co.

Ltd.

89,891

624,808

KB

Financial

Group,

Inc.

141,440

7,110,531

17,591,815

Capital

Markets

0.5%

Daishin

Securities

Co.

Ltd.

8,957

130,849

Korea

Investment

Holdings

Co.

Ltd.

7,521

484,359

KTB

Investment

&

Securities

Co.

Ltd.

109,868

474,293

Mirae

Asset

Securities

Co.

Ltd.

234,913

1,652,125

2,741,626

Chemicals

0.2%

Hyosung

TNC

Corp.

982

374,289

LOTTE

Fine

Chemical

Co.

Ltd.

10,268

667,802

1,042,091

Communications

Equipment

0.0%

†

KAON

Media

Co.

Ltd.

182

1,953

Diversified

Financial

Services

0.0%

†

Meritz

Financial

Group,

Inc.

2,074

69,371

Electronic

Equipment,

Instruments

&

Components

0.6%

Daeduck

Electronics

Co.

Ltd.

8,918

207,426

Samsung

SDI

Co.

Ltd.

5,785

2,822,759

STIC

Investments,

Inc.

13,170

111,321

3,141,506

Health

Care

Equipment

&

Supplies

0.2%

Dentium

Co.

Ltd.

8,276

487,534

SD

Biosensor,

Inc.

7,420

342,145

829,679

Industrial

Conglomerates

0.3%

Hanwha

Corp.

5,823

150,353

LG

Corp.

18,651

1,170,911

1,321,264

Insurance

0.2%

DB

Insurance

Co.

Ltd.

13,169

757,218

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Insurance

Tongyang

Life

Insurance

Co.

Ltd.

49,061

267,260

1,024,478

IT

Services

0.0%

†

Kakaopay

Corp.

*

1,547

188,521

Leisure

Products

0.2%

GOLFZON

Co.

Ltd.

8,374

1,075,107

Marine

0.3%

HMM

Co.

Ltd.

37,707

901,489

Pan

Ocean

Co.

Ltd.

94,936

544,670

1,446,159

Media

0.0%

†

Cheil

Worldwide,

Inc.

6,534

126,587

Metals

&

Mining

0.1%

Korea

Zinc

Co.

Ltd.

1,202

578,751

Multiline

Retail

0.1%

Shinsegae

,

Inc.

1,825

382,964

Pharmaceuticals

0.2%

Daewoong

Pharmaceutical

Co.

Ltd.

4,609

621,288

Hanmi

Science

Co.

Ltd.

11,140

408,465

1,029,753

Real

Estate

Management

&

Development

0.0%

†

Korea

Real

Estate

Investment

&

Trust

Co.

Ltd.

76,100

147,248

Semiconductors

&

Semiconductor

Equipment

1.2%

Hana

Materials,

Inc.

6,713

306,229

Jusung

Engineering

Co.

Ltd.

10,378

219,740

LEENO

Industrial,

Inc.

2,982

451,976

MK

Electron

Co.

Ltd.

11,481

163,018

SK

Hynix,

Inc.

51,563

4,935,769

6,076,732

Technology

Hardware,

Storage

&

Peripherals

4.6%

Samsung

Electronics

Co.

Ltd.

365,871

20,901,347

Samsung

Electronics

Co.

Ltd.

(Preference)

61,638

3,188,153

24,089,500

Textiles,

Apparel

&

Luxury

Goods

0.5%

DI

Dong

Il

Corp.

6,418

1,381,474

F&F

Co.

Ltd.

298

181,388

Handsome

Co.

Ltd.

6,885

202,000

LF

Corp.

55,582

808,924

TK

Chemical

Corp.

*

31,759

141,910

2,715,696

Tobacco

0.3%

KT&G

Corp.

22,805

1,517,735

75,219,166

TAIWAN

13.4%

Automobiles

0.1%

China

Motor

Corp.

172,000

362,674

Banks

0.1%

Taishin

Financial

Holding

Co.

Ltd.

878,000

626,885

Capital

Markets

0.0%

†

President

Securities

Corp.

106,000

84,869

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

TAIWAN

Chemicals

0.3%

Nan

Ya

Plastics

Corp.

424,000

1,374,124

Taiwan

Fertilizer

Co.

Ltd.

163,000

415,768

1,789,892

Construction

&

Engineering

0.0%

†

CTCI

Corp.

139,000

224,450

Diversified

Financial

Services

0.3%

Chailease

Holding

Co.

Ltd.

124,000

1,091,164

Yuanta

Financial

Holding

Co.

Ltd.

574,000

527,688

1,618,852

Electronic

Equipment,

Instruments

&

Components

1.2%

Compeq

Manufacturing

Co.

Ltd.

408,000

683,115

E

Ink

Holdings,

Inc.

102,000

647,188

Nan

Ya

Printed

Circuit

Board

Corp.

64,000

1,156,419

Unimicron

Technology

Corp.

435,000

3,734,255

6,220,977

Entertainment

0.1%

International

Games

System

Co.

Ltd.

10,000

266,453

Insurance

1.2%

Cathay

Financial

Holding

Co.

Ltd.

1,231,000

2,760,625

Fubon

Financial

Holding

Co.

Ltd.

1,208,000

3,213,046

5,973,671

Marine

1.0%

Evergreen

Marine

Corp.

Taiwan

Ltd.

20,000

93,531

U-Ming

Marine

Transport

Corp.

123,000

252,374

Wan

Hai

Lines

Ltd.

601,400

3,299,365

Wisdom

Marine

Lines

Co.

Ltd.

428,000

1,282,537

4,927,807

Semiconductors

&

Semiconductor

Equipment

8.5%

Amazing

Microelectronic

Corp.

13,000

80,996

Ardentec

Corp.

463,000

804,784

Elite

Semiconductor

Microelectronics

Technology,

Inc.

119,000

660,625

eMemory

Technology,

Inc.

10,000

636,488

Greatek

Electronics,

Inc.

401,000

1,035,564

Kinsus

Interconnect

Technology

Corp.

294,000

1,971,022

MediaTek

,

Inc.

62,000

1,933,091

Sitronix

Technology

Corp.

50,000

502,556

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,600,000

33,079,094

United

Microelectronics

Corp.

1,701,000

3,141,316

Winbond

Electronics

Corp.

360,000

387,528

44,233,064

Technology

Hardware,

Storage

&

Peripherals

0.5%

Lite-On

Technology

Corp.

1,001,000

2,371,567

Common

Stocks

Shares

Value

($)

TAIWAN

Trading

Companies

&

Distributors

0.1%

Brighton-Best

International

Taiwan,

Inc.

306,000

408,647

69,109,808

THAILAND

2.5%

Banks

0.7%

Siam

Commercial

Bank

PCL

(The)

993,400

3,376,067

Chemicals

0.4%

PTT

Global

Chemical

PCL

1,376,200

2,089,761

Health

Care

Providers

&

Services

0.4%

Bangkok

Chain

Hospital

PCL

1,313,600

813,021

Bumrungrad

Hospital

PCL

55,900

110,959

Chularat

Hospital

PCL

,

Class

F

3,598,400

417,396

Vibhavadi

Medical

Center

PCL

6,855,700

506,489

1,847,865

Hotels,

Restaurants

&

Leisure

0.1%

Minor

International

PCL

*

286,300

286,222

Industrial

Conglomerates

0.1%

Thoresen

Thai

Agencies

PCL

2,232,600

630,816

Marine

0.3%

Precious

Shipping

PCL

1,587,000

809,472

Regional

Container

Lines

PCL

727,400

946,631

1,756,103

Multiline

Retail

0.0%

†

Central

Retail

Corp.

PCL

160,700

191,148

Oil,

Gas

&

Consumable

Fuels

0.4%

PTT

Exploration

&

Production

PCL

522,700

2,260,624

Real

Estate

Management

&

Development

0.1%

Supalai

PCL

800,800

521,744

12,960,350

TURKEY

0.2%

Beverages

0.1%

Coca-Cola

Icecek

A/S

42,046

335,646

Metals

&

Mining

0.1%

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S

,

Class

D

*

617,840

643,660

Koza

Anadolu

Metal

Madencilik

Isletmeleri

A/S

*

115,947

203,957

847,617

1,183,263

UNITED

ARAB

EMIRATES

0.0%

†

Banks

0.0%

†

Abu

Dhabi

Islamic

Bank

PJSC

33,998

80,757

UNITED

STATES

0.5%

Food

Products

0.3%

JBS

SA

231,200

1,807,916

8

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

0.2%

Parade

Technologies

Ltd.

15,000

937,597

2,745,513

Total

Common

Stocks

(cost

$504,439,552)

502,717,244

Repurchase

Agreements

1.5%

Principal

Amount

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$6,543,565,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$6,674,383.(c)

6,543,512

6,543,512

Total

Repurchase

Agreements

(cost

$7,543,512)

7,543,512

Total

Investments

(cost

$511,983,064)

  —

98.6%

510,260,756

Other

assets

in

excess

of

liabilities

—

1.4%

7,301,963

NET

ASSETS

—

100.0%

$

517,562,719

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$25,192,824,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,543,512

and

by

$19,279,395

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/15/2022

–

11/15/2051,

a

total

value

of

$26,822,907.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$12,661,983

which

represents

2.45%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$7,543,512.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

PAO

Public

Stock

Company

PH

Philippines

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

86

6/2022

USD

4,839,650

363,089

Net

contracts

363,089

As

of

March

31,

2022,

the

Fund

had

$347,537

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

10

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

456,797

$

8,766,311

$

–

$

9,223,108

Air

Freight

&

Logistics

207,500

–

–

207,500

Automobiles

2,595,150

11,839,019

–

14,434,169

Banks

18,070,057

70,141,651

–

88,211,708

Beverages

3,907,330

6,489,888

–

10,397,218

Capital

Markets

596,163

3,694,367

–

4,290,530

Chemicals

881,289

16,042,810

–

16,924,099

Communications

Equipment

–

1,953

–

1,953

Construction

&

Engineering

–

1,895,587

–

1,895,587

Consumer

Finance

–

761,923

–

761,923

Diversified

Consumer

Services

–

671,959

–

671,959

Diversified

Financial

Services

–

13,491,632

–

13,491,632

Diversified

Telecommunication

Services

–

5,538,210

–

5,538,210

Electric

Utilities

7,772,213

448,990

–

8,221,203

Electrical

Equipment

584,456

724,120

–

1,308,576

Electronic

Equipment,

Instruments

&

Components

–

14,170,273

–

14,170,273

Entertainment

7,417,646

266,453

–

7,684,099

Equity

Real

Estate

Investment

Trusts

(REITs)

–

560,029

–

560,029

Food

&

Staples

Retailing

1,226,742

–

–

1,226,742

Food

Products

3,133,139

412,664

–

3,545,803

Gas

Utilities

–

6,630,410

–

6,630,410

Health

Care

Equipment

&

Supplies

–

1,019,052

–

1,019,052

Health

Care

Providers

&

Services

110,959

3,800,654

–

3,911,613

Hotels,

Restaurants

&

Leisure

2,673,458

1,337,245

–

4,010,703

Independent

Power

and

Renewable

Electricity

Producers

–

986,030

–

986,030

Industrial

Conglomerates

601,970

5,925,111

–

6,527,081

Insurance

1,133,304

12,121,873

–

13,255,177

Interactive

Media

&

Services

2,243,677

16,266,074

–

18,509,751

Internet

&

Direct

Marketing

Retail

18,378,695

5,508,144

–

23,886,839

IT

Services

10,887,010

5,753,950

–

16,640,960

Leisure

Products

–

1,075,107

–

1,075,107

Life

Sciences

Tools

&

Services

–

2,654,538

–

2,654,538

Machinery

–

2,349,216

–

2,349,216

Marine

3,282,656

10,856,515

–

14,139,171

Media

–

1,888,068

–

1,888,068

Metals

&

Mining

10,989,878

14,169,656

–

25,159,534

Multiline

Retail

1,620,818

1,042,921

–

2,663,739

Oil,

Gas

&

Consumable

Fuels

1,767,862

25,830,633

–

27,598,495

Pharmaceuticals

–

13,778,797

–

13,778,797

Real

Estate

Management

&

Development

–

2,498,179

–

2,498,179

Semiconductors

&

Semiconductor

Equipment

–

53,382,831

–

53,382,831

Software

–

1,728,665

–

1,728,665

Specialty

Retail

–

2,447,987

–

2,447,987

Technology

Hardware,

Storage

&

Peripherals

–

28,224,565

–

28,224,565

Textiles,

Apparel

&

Luxury

Goods

492,885

7,742,020

–

8,234,905

Tobacco

–

5,146,871

–

5,146,871

Trading

Companies

&

Distributors

–

825,637

–

825,637

Transportation

Infrastructure

2,091,498

4,805,453

–

6,896,951

Wireless

Telecommunication

Services

3,880,051

–

–

3,880,051

Total

Common

Stocks

$

107,003,203

$

395,714,041

$

–

$

502,717,244

Futures

Contracts

363,089

–

–

363,089

Repurchase

Agreements

–

7,543,512

–

7,543,512

Total

$

107,366,292

$

403,257,553

$

–

$

510,623,845

12

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2022,

the

Fund

held

six

common

stock

investments

that

were

categorized

as

a

Level

3

investments

which

were

valued

at

$0.

Common

Stocks

Total

Balance

as

of

12/31/2021

$

—

$—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

936,814

936,814

Purchases

*

3,914,652

3,914,652

Sales

(5,311,476)

(5,311,476)

Change

in

Unrealized

Appreciation/Depreciation

(13,520,314)

(13,520,314)

Transfers

into

Level

3

13,980,324

13,980,324

Transfers

out

of

Level

3

—

—

Balance

as

of

3/31/2022

$

—

$—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

3/31/2022

$

(

13

,

520

,

314

)

$(13,520,314)

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

363,089

Total

$

363,089

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

14

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

98.0%

Shares

Value

($)

AUSTRALIA

9.4%

Banks

2.5%

Australia

&

New

Zealand

Banking

Group

Ltd.

(a)

495,805

10,160,203

Commonwealth

Bank

of

Australia

(a)

213,574

16,770,399

Westpac

Banking

Corp.

33,838

609,353

27,539,955

Beverages

0.7%

Treasury

Wine

Estates

Ltd.

930,086

7,966,884

Biotechnology

0.2%

CSL

Ltd.

(a)

13,594

2,699,726

Capital

Markets

0.4%

ASX

Ltd.

(a)

13,967

847,795

Macquarie

Group

Ltd.

24,697

3,715,134

4,562,929

Diversified

Telecommunication

Services

0.7%

Telstra

Corp.

Ltd.

2,602,803

7,675,936

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Charter

Hall

Group

77,869

945,436

Goodman

Group

92,689

1,574,300

2,519,736

Food

&

Staples

Retailing

0.2%

Woolworths

Group

Ltd.

88,904

2,469,319

Hotels,

Restaurants

&

Leisure

0.6%

Aristocrat

Leisure

Ltd.

256,816

6,962,625

Insurance

0.2%

Suncorp

Group

Ltd.

278,170

2,300,159

IT

Services

0.4%

Computershare

Ltd.

227,977

4,170,848

Metals

&

Mining

2.6%

BHP

Group

Ltd.

293,634

11,257,953

Glencore

plc

*

668,956

4,347,392

Rio

Tinto

plc,

ADR

(a)

164,193

13,201,118

Sandfire

Resources

Ltd.

83,441

352,318

29,158,781

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Beach

Energy

Ltd.

364,438

421,625

Road

&

Rail

0.5%

Aurizon

Holdings

Ltd.

2,190,588

6,015,140

Specialty

Retail

0.1%

Premier

Investments

Ltd.

32,122

652,848

Transportation

Infrastructure

0.1%

Qube

Holdings

Ltd.

398,547

926,032

106,042,543

AUSTRIA

0.1%

Banks

0.1%

BAWAG

Group

AG

Reg.

S

*(b)

26,248

1,324,175

BELGIUM

0.3%

Distributors

0.1%

D'ieteren

Group

8,749

1,464,838

Common

Stocks

Shares

Value

($)

BELGIUM

Insurance

0.2%

Ageas

SA/NV

34,487

1,735,577

3,200,415

BRAZIL

0.2%

Chemicals

0.2%

Yara

International

ASA

35,381

1,764,352

CANADA

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

International

Petroleum

Corp.

*

190,451

1,795,677

CHINA

0.3%

Marine

0.3%

SITC

International

Holdings

Co.

Ltd.

874,000

3,085,216

Specialty

Retail

0.0%

†

Chow

Tai

Fook

Jewellery

Group

Ltd.

*

168,400

305,004

3,390,220

DENMARK

2.9%

Beverages

0.0%

†

Royal

Unibrew

A/S

4,785

444,769

Marine

1.0%

AP

Moller

-

Maersk

A/S,

Class

A

1,628

4,810,973

AP

Moller

-

Maersk

A/S,

Class

B

1,768

5,329,015

D/S

Norden

A/S

18,336

640,495

Dfds

A/S

20,889

890,329

11,670,812

Pharmaceuticals

1.5%

Novo

Nordisk

A/S,

Class

B

144,357

15,987,057

Textiles,

Apparel

&

Luxury

Goods

0.4%

Pandora

A/S

49,723

4,704,285

32,806,923

FINLAND

2.1%

Banks

0.6%

Nordea

Bank

Abp

685,085

7,054,816

Communications

Equipment

0.3%

Nokia

OYJ

*

551,898

3,038,138

Food

&

Staples

Retailing

0.6%

Kesko

OYJ,

Class

B

240,510

6,638,322

Insurance

0.6%

Sampo

OYJ,

Class

A

135,033

6,591,224

23,322,500

FRANCE

10.8%

Aerospace

&

Defense

0.8%

Dassault

Aviation

SA

5,681

903,180

Safran

SA

73,097

8,591,106

9,494,286

Automobiles

0.0%

†

Trigano

SA

1,099

159,209

Banks

0.4%

Societe

Generale

SA

(a)

165,017

4,414,486

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

FRANCE

Beverages

0.9%

Pernod

Ricard

SA

44,888

9,844,930

Building

Products

0.7%

Cie

de

Saint-Gobain

135,689

8,074,865

Chemicals

0.3%

Arkema

SA

25,104

2,994,974

Construction

&

Engineering

0.2%

Eiffage

SA

13,530

1,386,793

Vinci

SA

11,320

1,157,330

2,544,123

Electric

Utilities

0.0%

†

Electricite

de

France

SA

(a)

41,169

387,867

Electrical

Equipment

0.8%

Legrand

SA

89,295

8,489,007

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Covivio

22,150

1,757,371

Gecina

SA

21,069

2,650,992

4,408,363

Insurance

0.6%

AXA

SA

194,946

5,693,187

Coface

SA

34,644

415,177

SCOR

SE

19,532

627,779

6,736,143

Life

Sciences

Tools

&

Services

0.3%

Sartorius

Stedim

Biotech

8,467

3,470,179

Media

0.7%

Publicis

Groupe

SA

130,826

7,947,221

Pharmaceuticals

1.1%

Ipsen

SA

21,076

2,632,782

Sanofi

92,403

9,423,653

12,056,435

Software

0.8%

Dassault

Systemes

SE

191,191

9,420,933

Textiles,

Apparel

&

Luxury

Goods

2.4%

Hermes

International

1,523

2,160,196

Kering

SA

14,751

9,318,178

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(a)

21,641

15,409,899

26,888,273

Trading

Companies

&

Distributors

0.4%

Rexel

SA

*

188,935

4,024,880

121,356,174

GERMANY

9.5%

Aerospace

&

Defense

0.2%

Rheinmetall

AG

8,946

1,898,905

Air

Freight

&

Logistics

1.0%

Deutsche

Post

AG

(Registered)

229,540

11,022,176

Automobiles

0.8%

Bayerische

Motoren

Werke

AG

(Preference)

10,214

791,482

Volkswagen

AG

(Preference)

48,667

8,415,321

9,206,803

Common

Stocks

Shares

Value

($)

GERMANY

Capital

Markets

0.0%

†

DWS

Group

GmbH

&

Co.

KGaA

Reg.

S

(b)

12,957

475,688

Chemicals

1.0%

BASF

SE

53,672

3,060,635

Covestro

AG

Reg.

S

(b)

32,397

1,636,962

K+S

AG

(Registered)

*

221,935

6,731,572

11,429,169

Diversified

Telecommunication

Services

0.7%

Deutsche

Telekom

AG

(Registered)

415,742

7,764,870

Health

Care

Equipment

&

Supplies

0.0%

†

Siemens

Healthineers

AG

Reg.

S

(b)

6,430

398,716

Household

Products

0.4%

Henkel

AG

&

Co.

KGaA

(Preference)

65,569

4,391,290

Insurance

0.4%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

15,559

4,167,732

Marine

0.2%

Hapag-Lloyd

AG

Reg.

S

(a)

(b)

6,832

2,378,816

Metals

&

Mining

0.0%

†

Aurubis

AG

4,530

541,458

Multi-Utilities

1.3%

E.ON

SE

759,057

8,827,597

RWE

AG

138,386

6,036,167

14,863,764

Pharmaceuticals

2.1%

Bayer

AG

(Registered)

159,048

10,881,622

Merck

KGaA

53,018

11,103,501

21,985,123

Software

0.7%

SAP

SE

74,529

8,316,194

Trading

Companies

&

Distributors

0.7%

Brenntag

SE

85,493

6,912,882

Kloeckner

&

Co.

SE

*

35,877

484,473

7,397,355

106,238,059

HONG

KONG

1.3%

Insurance

0.4%

AIA

Group

Ltd.

446,600

4,675,649

Marine

0.2%

Orient

Overseas

International

Ltd.

95,500

2,538,102

Real

Estate

Management

&

Development

0.7%

CK

Asset

Holdings

Ltd.

100,500

686,889

Sun

Hung

Kai

Properties

Ltd.

539,000

6,420,655

7,107,544

16

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

HONG

KONG

Specialty

Retail

0.0%

†

Luk

Fook

Holdings

International

Ltd.

92,000

223,775

14,545,070

INDONESIA

0.1%

Food

Products

0.1%

First

Resources

Ltd.

468,400

706,181

ISRAEL

0.2%

Diversified

Financial

Services

0.2%

Plus500

Ltd.

132,817

2,460,019

ITALY

2.2%

Aerospace

&

Defense

0.4%

Leonardo

SpA

*

387,389

3,860,395

Automobiles

0.3%

Ferrari

NV

14,932

3,265,380

Beverages

0.2%

Davide

Campari-Milano

NV

212,380

2,470,385

Capital

Markets

0.2%

Azimut

Holding

SpA

110,977

2,575,658

Diversified

Financial

Services

0.0%

†

BFF

Bank

SpA

Reg.

S

(b)

46,085

342,030

Electric

Utilities

0.9%

Enel

SpA

1,286,492

8,591,253

Insurance

0.0%

†

Unipol

Gruppo

SpA

64,281

351,803

IT

Services

0.1%

Reply

SpA

9,925

1,633,833

Multi-Utilities

0.1%

A2A

SpA

706,044

1,209,801

Transportation

Infrastructure

0.0%

†

Atlantia

SpA

*

25,685

534,138

24,834,676

JAPAN

25.3%

Automobiles

0.6%

Nissan

Motor

Co.

Ltd.

*

1,187,600

5,286,749

Toyota

Motor

Corp.

(a)

74,100

1,327,391

6,614,140

Beverages

0.1%

Asahi

Group

Holdings

Ltd.

28,300

1,027,392

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

30,600

360,876

1,388,268

Capital

Markets

0.5%

Daiwa

Securities

Group,

Inc.

(a)

531,100

3,007,213

Nomura

Holdings,

Inc.

(a)

534,300

2,238,975

5,246,188

Chemicals

1.3%

Mitsubishi

Gas

Chemical

Co.,

Inc.

(a)

105,800

1,796,301

Shin-Etsu

Chemical

Co.

Ltd.

28,700

4,373,458

Showa

Denko

KK

116,300

2,297,834

Tosoh

Corp.

447,300

6,614,800

15,082,393

Common

Stocks

Shares

Value

($)

JAPAN

Commercial

Services

&

Supplies

0.3%

Dai

Nippon

Printing

Co.

Ltd.

17,700

415,723

Toppan,

Inc.

(a)

153,000

2,702,971

3,118,694

Construction

&

Engineering

0.0%

†

Kajima

Corp.

28,200

343,434

Consumer

Finance

0.1%

Acom

Co.

Ltd.

(a)

378,800

987,461

Diversified

Financial

Services

1.3%

Mitsubishi

HC

Capital,

Inc.

(a)

1,418,900

6,604,049

ORIX

Corp.

421,500

8,412,713

15,016,762

Diversified

Telecommunication

Services

0.5%

Nippon

Telegraph

&

Telephone

Corp.

194,100

5,639,936

Electric

Utilities

0.1%

Kansai

Electric

Power

Co.,

Inc.

(The)

(a)

65,600

618,922

Electronic

Equipment,

Instruments

&

Components

0.6%

Citizen

Watch

Co.

Ltd.

(a)

40,800

173,831

Kyocera

Corp.

(a)

108,600

6,104,266

6,278,097

Entertainment

0.7%

Konami

Holdings

Corp.

(a)

123,100

7,780,836

Equity

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Nomura

Real

Estate

Master

Fund,

Inc.

231

305,424

Food

Products

0.1%

Nisshin

Oillio

Group

Ltd.

(The)

36,400

850,818

Gas

Utilities

1.1%

Osaka

Gas

Co.

Ltd.

(a)

233,600

4,010,455

Toho

Gas

Co.

Ltd.

(a)

40,400

900,431

Tokyo

Gas

Co.

Ltd.

(a)

424,600

7,777,980

12,688,866

Health

Care

Equipment

&

Supplies

0.3%

Hoya

Corp.

(a)

24,400

2,784,325

PHC

Holdings

Corp.

(a)

21,100

311,172

3,095,497

Health

Care

Providers

&

Services

0.1%

Medipal

Holdings

Corp.

63,700

1,049,758

Hotels,

Restaurants

&

Leisure

0.1%

Tokyotokeiba

Co.

Ltd.

39,400

1,401,047

Household

Durables

1.2%

Haseko

Corp.

(a)

41,800

479,996

Iida

Group

Holdings

Co.

Ltd.

(a)

46,100

797,983

Sekisui

House

Ltd.

334,300

6,481,922

Sumitomo

Forestry

Co.

Ltd.

316,500

5,587,579

13,347,480

Industrial

Conglomerates

0.2%

Hitachi

Ltd.

50,300

2,520,456

Insurance

0.8%

Japan

Post

Holdings

Co.

Ltd.

8,300

60,967

Sompo

Holdings,

Inc.

149,100

6,558,488

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

JAPAN

Insurance

Tokio

Marine

Holdings,

Inc.

32,500

1,890,271

8,509,726

IT

Services

1.3%

NEC

Corp.

141,600

5,940,335

NTT

Data

Corp.

453,400

8,892,827

14,833,162

Machinery

1.3%

Amada

Co.

Ltd.

703,800

6,202,563

Mitsubishi

Heavy

Industries

Ltd.

61,100

2,012,200

NGK

Insulators

Ltd.

(a)

481,100

6,868,630

15,083,393

Marine

1.1%

Mitsui

OSK

Lines

Ltd.

(a)

183,600

5,096,857

Nippon

Yusen

KK

(a)

85,300

7,454,589

12,551,446

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.

*

93,000

1,556,064

Nippon

Steel

Corp.

16,900

299,597

1,855,661

Multiline

Retail

0.2%

J

Front

Retailing

Co.

Ltd.

224,500

1,825,644

Paper

&

Forest

Products

0.1%

Oji

Holdings

Corp.

(a)

230,800

1,147,424

Personal

Products

0.5%

Kao

Corp.

133,200

5,468,092

Pharmaceuticals

1.5%

Eisai

Co.

Ltd.

14,300

662,705

Hisamitsu

Pharmaceutical

Co.,

Inc.

25,500

760,630

Santen

Pharmaceutical

Co.

Ltd.

460,700

4,611,834

Sumitomo

Pharma

Co.

Ltd.

(a)

352,200

3,478,041

Takeda

Pharmaceutical

Co.

Ltd.

(a)

239,600

6,857,313

16,370,523

Real

Estate

Management

&

Development

2.1%

Daito

Trust

Construction

Co.

Ltd.

3,700

392,568

Daiwa

House

Industry

Co.

Ltd.

284,300

7,427,551

Mitsubishi

Estate

Co.

Ltd.

385,900

5,739,297

Mitsui

Fudosan

Co.

Ltd.

371,700

7,952,517

Nomura

Real

Estate

Holdings,

Inc.

48,100

1,151,904

22,663,837

Road

&

Rail

1.6%

Central

Japan

Railway

Co.

13,800

1,798,662

East

Japan

Railway

Co.

137,200

7,963,089

Hankyu

Hanshin

Holdings,

Inc.

32,700

945,856

Nippon

Express

Holdings,

Inc.

99,100

6,811,897

Sankyu,

Inc.

6,100

199,105

Seino

Holdings

Co.

Ltd.

73,200

666,330

18,384,939

Common

Stocks

Shares

Value

($)

JAPAN

Semiconductors

&

Semiconductor

Equipment

1.1%

Rohm

Co.

Ltd.

32,500

2,525,955

SCREEN

Holdings

Co.

Ltd.

(a)

27,000

2,695,670

SUMCO

Corp.

85,900

1,409,422

Tokyo

Seimitsu

Co.

Ltd.

(a)

156,700

6,222,254

12,853,301

Technology

Hardware,

Storage

&

Peripherals

0.6%

Ricoh

Co.

Ltd.

(a)

826,700

7,172,306

Tobacco

0.7%

Japan

Tobacco,

Inc.

456,100

7,807,589

Trading

Companies

&

Distributors

2.3%

Mitsubishi

Corp.

75,400

2,840,928

Mitsui

&

Co.

Ltd.

137,700

3,750,908

Sumitomo

Corp.

(a)

613,900

10,645,280

Toyota

Tsusho

Corp.

(a)

188,000

7,735,585

24,972,701

Wireless

Telecommunication

Services

0.7%

KDDI

Corp.

(a)

18,800

617,510

SoftBank

Group

Corp.

159,200

7,160,358

7,777,868

282,652,089

LUXEMBOURG

0.7%

Life

Sciences

Tools

&

Services

0.7%

Eurofins

Scientific

SE

78,501

7,782,025

Metals

&

Mining

0.0%

†

APERAM

SA

10,131

447,158

8,229,183

NETHERLANDS

6.3%

Banks

0.1%

ING

Groep

NV

110,417

1,153,943

Beverages

0.2%

Heineken

Holding

NV

14,846

1,161,948

Heineken

NV

(a)

9,739

928,506

2,090,454

Chemicals

0.1%

OCI

NV

*

17,583

619,062

Electrical

Equipment

0.2%

Signify

NV

Reg.

S

(b)

50,419

2,350,957

Food

&

Staples

Retailing

0.9%

Koninklijke

Ahold

Delhaize

NV

309,043

9,934,571

Health

Care

Equipment

&

Supplies

0.8%

Koninklijke

Philips

NV

294,998

9,024,873

Machinery

0.1%

Aalberts

NV

12,515

646,816

Oil,

Gas

&

Consumable

Fuels

1.3%

Shell

plc

548,716

15,114,391

Semiconductors

&

Semiconductor

Equipment

2.6%

ASM

International

NV

6,027

2,184,788

ASML

Holding

NV

41,997

28,011,980

30,196,768

71,131,835

18

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

NEW

ZEALAND

0.1%

Diversified

Telecommunication

Services

0.1%

Spark

New

Zealand

Ltd.

304,683

965,328

NORWAY

1.8%

Aerospace

&

Defense

0.0%

†

Kongsberg

Gruppen

ASA

10,944

434,633

Energy

Equipment

&

Services

0.0%

†

Odfjell

Drilling

Ltd.

*

121,365

332,007

Marine

0.6%

Golden

Ocean

Group

Ltd.

238,762

2,935,915

MPC

Container

Ships

ASA

1,187,402

3,966,013

6,901,928

Metals

&

Mining

0.4%

Norsk

Hydro

ASA

444,424

4,330,554

Oil,

Gas

&

Consumable

Fuels

0.8%

Aker

BP

ASA

(a)

210,587

7,846,728

19,845,850

PORTUGAL

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Galp

Energia

SGPS

SA

(a)

270,775

3,426,632

SINGAPORE

0.0%

†

Banks

0.0%

†

Oversea-Chinese

Banking

Corp.

Ltd.

12,600

114,522

SOUTH

AFRICA

1.0%

Metals

&

Mining

1.0%

Anglo

American

plc

223,894

11,547,665

SPAIN

0.8%

Banks

0.8%

Banco

Santander

SA

1,676,604

5,688,660

Bankinter

SA

391,044

2,280,337

7,968,997

Biotechnology

0.0%

†

Grifols

SA

(a)

25,287

457,429

8,426,426

SWEDEN

5.2%

Banks

0.5%

Swedbank

AB,

Class

A

(a)

411,193

6,136,580

Communications

Equipment

0.5%

Telefonaktiebolaget

LM

Ericsson,

Class

B

(a)

634,134

5,802,314

Diversified

Financial

Services

1.0%

Industrivarden

AB,

Class

A

(a)

56,690

1,611,200

Investor

AB,

Class

A

(a)

107,838

2,505,362

Investor

AB,

Class

B

312,156

6,778,786

10,895,348

Health

Care

Equipment

&

Supplies

0.1%

Getinge

AB,

Class

B

39,450

1,570,308

Machinery

0.4%

Epiroc

AB,

Class

B

51,177

921,209

Volvo

AB,

Class

B

183,698

3,426,245

4,347,454

Metals

&

Mining

1.2%

Boliden

AB

123,277

6,251,477

SSAB

AB,

Class

A

*(a)

204,767

1,424,481

Common

Stocks

Shares

Value

($)

SWEDEN

Metals

&

Mining

SSAB

AB,

Class

B

*(a)

843,780

5,630,222

13,306,180

Oil,

Gas

&

Consumable

Fuels

0.8%

Lundin

Energy

AB

(a)

209,930

8,899,885

Tobacco

0.7%

Swedish

Match

AB

987,211

7,425,845

58,383,914

SWITZERLAND

7.6%

Banks

0.0%

†

Valiant

Holding

AG

(Registered)

3,776

390,189

Capital

Markets

1.0%

Julius

Baer

Group

Ltd.

15,028

871,725

UBS

Group

AG

(Registered)

595,336

11,631,082

12,502,807

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)

83,933

2,715,531

Huber

+

Suhner

AG

(Registered)

2,789

260,594

2,976,125

Food

Products

1.1%

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

13

1,570,323

Nestle

SA

(Registered)

82,877

10,759,160

12,329,483

Health

Care

Equipment

&

Supplies

0.1%

Sonova

Holding

AG

(Registered)

1,452

605,630

Health

Care

Providers

&

Services

0.3%

Galenica

AG

Reg.

S

(b)

43,916

3,373,471

Insurance

0.4%

Baloise

Holding

AG

(Registered)

21,158

3,770,236

Helvetia

Holding

AG

(Registered)

4,156

541,031

4,311,267

Life

Sciences

Tools

&

Services

1.4%

Lonza

Group

AG

(Registered)

16,079

11,648,967

Tecan

Group

AG

(Registered)

12,727

5,015,856

16,664,823

Marine

0.8%

Kuehne

+

Nagel

International

AG

(Registered)

30,599

8,670,102

Pharmaceuticals

1.1%

Roche

Holding

AG

30,736

12,155,329

Professional

Services

0.2%

DKSH

Holding

AG

21,251

1,783,964

Real

Estate

Management

&

Development

0.3%

PSP

Swiss

Property

AG

(Registered)

22,895

3,004,715

Textiles,

Apparel

&

Luxury

Goods

0.6%

Cie

Financiere

Richemont

SA

(Registered)

55,168

6,997,978

85,765,883

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

7.6%

Aerospace

&

Defense

0.2%

Babcock

International

Group

plc

*

69,429

294,790

BAE

Systems

plc

161,458

1,521,978

1,816,768

Banks

0.5%

Lloyds

Banking

Group

plc

6,055,578

3,707,214

Natwest

Group

plc

821,350

2,311,130

6,018,344

Beverages

0.5%

Diageo

plc

110,744

5,597,357

Capital

Markets

0.2%

Man

Group

plc

617,423

1,881,953

Distributors

0.2%

Inchcape

plc

236,888

2,067,896

Diversified

Financial

Services

0.1%

M&G

plc

566,718

1,641,527

Electric

Utilities

0.8%

SSE

plc

390,476

8,940,882

Equity

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

UK

Commercial

Property

REIT

Ltd.

327,357

379,009

Hotels,

Restaurants

&

Leisure

0.4%

InterContinental

Hotels

Group

plc

48,860

3,308,649

Whitbread

plc

*

27,696

1,030,652

4,339,301

Household

Durables

0.1%

Persimmon

plc

33,617

945,521

Taylor

Wimpey

plc

277,394

473,344

1,418,865

Household

Products

0.1%

Reckitt

Benckiser

Group

plc

8,089

618,299

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Drax

Group

plc

33,301

342,799

Industrial

Conglomerates

0.2%

DCC

plc

13,626

1,056,082

Melrose

Industries

plc

1,039,840

1,683,189

2,739,271

Insurance

1.0%

Aviva

plc

1,577,373

9,311,107

Prudential

plc

115,661

1,708,519

11,019,626

Media

0.1%

ITV

plc

*

1,146,057

1,226,661

Multiline

Retail

0.6%

Next

plc

89,616

7,066,717

Multi-Utilities

0.1%

Centrica

plc

*

972,385

1,017,846

Pharmaceuticals

0.2%

AstraZeneca

plc,

ADR

(a)

31,494

2,089,312

Tobacco

2.1%

British

American

Tobacco

plc

(a)

355,569

14,872,173

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Tobacco

Imperial

Brands

plc

390,311

8,218,409

23,090,582

Wireless

Telecommunication

Services

0.2%

Vodafone

Group

plc,

ADR

(a)

139,729

2,322,296

85,635,311

UNITED

STATES

1.7%

Automobiles

0.8%

Stellantis

NV

524,570

8,506,682

Hotels,

Restaurants

&

Leisure

0.0%

†

Carnival

plc,

ADR

*(a)

15,651

285,944

Pharmaceuticals

0.9%

GlaxoSmithKline

plc,

ADR

(a)

248,008

10,803,229

19,595,855

Total

Common

Stocks

(cost

$1,043,961,897)

1,099,507,477

Repurchase

Agreements

8.4%

Principal

Amount

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$20,000,167,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$20,400,000.(c)

20,000,000

20,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$9,356,627,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$9,543,683.(c)

9,356,552

9,356,552

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$15,000,130,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$15,306,254.(c)

15,000,000

15,000,000

20

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$20,001,167,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$20,400,347.(c)

20,000,000

20,000,000

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$30,000,275,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$30,600,000.(c)

30,000,000

30,000,000

Total

Repurchase

Agreements

(cost

$94,356,552)

94,356,552

Total

Investments

(cost

$1,138,318,449)

  —

106.4%

1,193,864,029

Liabilities

in

excess

of

other

assets

—

(6.4)%

(71,577,783)

NET

ASSETS

—

100.0%

$

1,122,286,246

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$130,655,291,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$94,356,552

and

by

$51,202,307

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/12/2022

–

11/15/2051,

a

total

value

of

$145,558,859.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$12,280,815

which

represents

1.09%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$94,356,552.

ADR

American

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

22

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

17,504,987

$

–

$

17,504,987

Air

Freight

&

Logistics

–

11,022,176

–

11,022,176

Automobiles

–

27,752,214

–

27,752,214

Banks

–

62,116,007

–

62,116,007

Beverages

–

29,803,047

–

29,803,047

Biotechnology

–

3,157,155

–

3,157,155

Building

Products

–

8,074,865

–

8,074,865

Capital

Markets

–

27,245,223

–

27,245,223

Chemicals

–

31,889,950

–

31,889,950

Commercial

Services

&

Supplies

–

3,118,694

–

3,118,694

Communications

Equipment

–

8,840,452

–

8,840,452

Construction

&

Engineering

–

2,887,557

–

2,887,557

Consumer

Finance

–

987,461

–

987,461

Distributors

–

3,532,734

–

3,532,734

Diversified

Financial

Services

–

30,355,686

–

30,355,686

Diversified

Telecommunication

Services

–

22,046,070

–

22,046,070

Electric

Utilities

–

18,538,924

–

18,538,924

Electrical

Equipment

–

13,816,089

–

13,816,089

Electronic

Equipment,

Instruments

&

Components

–

6,278,097

–

6,278,097

Energy

Equipment

&

Services

–

332,007

–

332,007

Entertainment

–

7,780,836

–

7,780,836

Equity

Real

Estate

Investment

Trusts

(REITs)

–

7,612,532

–

7,612,532

Food

&

Staples

Retailing

–

19,042,212

–

19,042,212

Food

Products

–

13,886,482

–

13,886,482

Gas

Utilities

–

12,688,866

–

12,688,866

Health

Care

Equipment

&

Supplies

–

14,695,024

–

14,695,024

Health

Care

Providers

&

Services

–

4,423,229

–

4,423,229

Hotels,

Restaurants

&

Leisure

285,944

12,702,973

–

12,988,917

Household

Durables

–

14,766,345

–

14,766,345

Household

Products

–

5,009,589

–

5,009,589

Independent

Power

and

Renewable

Electricity

Producers

–

342,799

–

342,799

Industrial

Conglomerates

–

5,259,727

–

5,259,727

Insurance

–

50,398,906

–

50,398,906

IT

Services

–

20,637,843

–

20,637,843

Life

Sciences

Tools

&

Services

–

27,917,027

–

27,917,027

Machinery

–

20,077,663

–

20,077,663

Marine

–

47,796,422

–

47,796,422

Media

–

9,173,882

–

9,173,882

Metals

&

Mining

13,201,118

47,986,339

–

61,187,457

Multiline

Retail

–

8,892,361

–

8,892,361

Multi-Utilities

–

17,091,411

–

17,091,411

Oil,

Gas

&

Consumable

Fuels

–

37,504,938

–

37,504,938

Paper

&

Forest

Products

–

1,147,424

–

1,147,424

Personal

Products

–

5,468,092

–

5,468,092

Pharmaceuticals

12,892,541

78,554,467

–

91,447,008

Professional

Services

–

1,783,964

–

1,783,964

Real

Estate

Management

&

Development

–

32,776,096

–

32,776,096

Road

&

Rail

–

24,400,079

–

24,400,079

Semiconductors

&

Semiconductor

Equipment

–

43,050,069

–

43,050,069

Software

–

17,737,127

–

17,737,127

Specialty

Retail

–

1,181,627

–

1,181,627

Technology

Hardware,

Storage

&

Peripherals

–

7,172,306

–

7,172,306

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Level

1

Level

2

Level

3

Total

Assets:

Textiles,

Apparel

&

Luxury

Goods

$

–

$

38,590,536

$

–

$

38,590,536

Tobacco

–

38,324,016

–

38,324,016

Trading

Companies

&

Distributors

–

36,394,936

–

36,394,936

Transportation

Infrastructure

–

1,460,170

–

1,460,170

Wireless

Telecommunication

Services

2,322,296

7,777,868

–

10,100,164

Total

Common

Stocks

$

28,701,899

$

1,070,805,578

$

–

$

1,099,507,477

Repurchase

Agreements

–

94,356,552

–

94,356,552

Total

$

28,701,899

$

1,165,162,130

$

–

$

1,193,864,029

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

24

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

Common

Stocks

99.5%

Shares

Value

($)

Aerospace

&

Defense

0.8%

General

Dynamics

Corp.

43,166

10,410,776

Howmet

Aerospace,

Inc.

230,916

8,299,121

Textron,

Inc.

36,151

2,688,911

21,398,808

Automobiles

4.0%

Ford

Motor

Co.

1,187,817

20,085,986

General

Motors

Co.*

717,093

31,365,648

Tesla,

Inc.*

53,344

57,483,494

108,935,128

Banks

0.9%

East

West

Bancorp,

Inc.

11,480

907,150

KeyCorp

658,487

14,736,939

PacWest

Bancorp

22,910

988,108

Prosperity

Bancshares,

Inc.

15,031

1,042,851

Regions

Financial

Corp.

277,506

6,177,283

Wintrust

Financial

Corp.

10,934

1,016,097

24,868,428

Beverages

1.3%

Monster

Beverage

Corp.*

117,263

9,369,314

PepsiCo,

Inc.

159,680

26,727,238

36,096,552

Biotechnology

4.1%

AbbVie,

Inc.

196,596

31,870,178

Biogen,

Inc.*

116,843

24,607,136

Gilead

Sciences,

Inc.

546,676

32,499,888

Horizon

Therapeutics

plc*

135,588

14,265,213

Moderna,

Inc.*

15,620

2,690,701

Vertex

Pharmaceuticals,

Inc.*

28,609

7,466,091

113,399,207

Building

Products

0.2%

Lennox

International,

Inc.

17,424

4,492,953

Capital

Markets

2.5%

Ameriprise

Financial,

Inc.

29,676

8,913,483

CME

Group,

Inc.

15,147

3,602,865

Intercontinental

Exchange,

Inc.

220,348

29,112,378

Invesco

Ltd.

216,113

4,983,566

Morgan

Stanley(a)

96,689

8,450,619

S&P

Global,

Inc.

32,857

13,477,284

68,540,195

Chemicals

2.8%

Air

Products

&

Chemicals,

Inc.

128,972

32,231,393

CF

Industries

Holdings,

Inc.

297,455

30,655,712

Corteva,

Inc.

20,300

1,166,844

International

Flavors

&

Fragrances,

Inc.

6,850

899,610

Linde

plc

14,099

4,503,644

Mosaic

Co.

(The)

112,958

7,511,707

76,968,910

Commercial

Services

&

Supplies

0.1%

Republic

Services,

Inc.

24,130

3,197,225

Communications

Equipment

0.4%

Cisco

Systems,

Inc.

197,868

11,033,120

Construction

&

Engineering

0.4%

AECOM

14,911

1,145,314

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

MasTec,

Inc.*

115,982

10,102,032

11,247,346

Consumer

Finance

1.9%

Capital

One

Financial

Corp.

220,334

28,927,651

Synchrony

Financial

675,250

23,505,452

52,433,103

Containers

&

Packaging

0.6%

International

Paper

Co.

292,388

13,493,706

Packaging

Corp.

of

America

21,859

3,412,409

16,906,115

Distributors

1.0%

LKQ

Corp.

611,421

27,764,628

Diversified

Financial

Services

2.8%

Berkshire

Hathaway,

Inc.,

Class

B*

171,543

60,539,240

Equitable

Holdings,

Inc.

453,728

14,024,732

Voya

Financial,

Inc.(a)

19,854

1,317,313

75,881,285

Diversified

Telecommunication

Services

1.2%

AT&T,

Inc.

1,307,062

30,885,875

Liberty

Global

plc,

Class

C*(a)

34,428

892,030

31,777,905

Electrical

Equipment

0.4%

AMETEK,

Inc.

89,764

11,954,770

Electronic

Equipment,

Instruments

&

Components

0.6%

Corning,

Inc.

275,793

10,179,520

Teledyne

Technologies,

Inc.*

13,640

6,446,673

16,626,193

Energy

Equipment

&

Services

0.2%

Halliburton

Co.

30,006

1,136,327

Schlumberger

NV

141,653

5,851,686

6,988,013

Entertainment

1.1%

Live

Nation

Entertainment,

Inc.*(a)

200,973

23,642,464

Walt

Disney

Co.

(The)*

40,116

5,502,310

29,144,774

Equity

Real

Estate

Investment

Trusts

(REITs)

4.7%

American

Homes

4

Rent,

Class

A(a)

448,661

17,959,900

Camden

Property

Trust

173,037

28,758,749

Equity

LifeStyle

Properties,

Inc.

167,976

12,846,804

First

Industrial

Realty

Trust,

Inc.

426,636

26,413,035

Host

Hotels

&

Resorts,

Inc.(a)

84,692

1,645,566

Invitation

Homes,

Inc.

179,545

7,214,118

Life

Storage,

Inc.

47,071

6,610,180

Mid-America

Apartment

Communities,

Inc.

94,350

19,761,607

Rexford

Industrial

Realty,

Inc.

103,335

7,707,758

Weyerhaeuser

Co.

22,474

851,765

129,769,482

Food

&

Staples

Retailing

0.1%

Casey's

General

Stores,

Inc.

14,838

2,940,446

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Food

Products

1.6%

Archer-Daniels-Midland

Co.

358,403

32,349,455

Bunge

Ltd.

65,262

7,231,682

Darling

Ingredients,

Inc.*

39,955

3,211,583

42,792,720

Health

Care

Equipment

&

Supplies

1.4%

Align

Technology,

Inc.*

35,036

15,275,696

Boston

Scientific

Corp.*

195,645

8,665,117

Medtronic

plc

49,210

5,459,850

Teleflex,

Inc.

22,635

8,031,577

37,432,240

Health

Care

Providers

&

Services

4.6%

Anthem,

Inc.

56,449

27,728,878

HCA

Healthcare,

Inc.

121,126

30,356,598

Molina

Healthcare,

Inc.*

87,414

29,160,436

UnitedHealth

Group,

Inc.

71,102

36,259,887

Universal

Health

Services,

Inc.,

Class

B(a)

27,725

4,018,739

127,524,538

Hotels,

Restaurants

&

Leisure

3.4%

Carnival

Corp.*

153,483

3,103,426

Choice

Hotels

International,

Inc.

14,146

2,005,337

Hilton

Worldwide

Holdings,

Inc.*

201,313

30,547,235

Hyatt

Hotels

Corp.,

Class

A*

94,552

9,024,988

Marriott

International,

Inc.,

Class

A*

173,999

30,580,324

Marriott

Vacations

Worldwide

Corp.

20,520

3,236,004

Wyndham

Hotels

&

Resorts,

Inc.

174,940

14,815,669

93,312,983

Household

Durables

0.2%

Garmin

Ltd.

22,472

2,665,404

Whirlpool

Corp.

18,561

3,206,969

5,872,373

Insurance

2.8%

American

International

Group,

Inc.

65,273

4,097,186

Arch

Capital

Group

Ltd.*

164,213

7,951,193

Globe

Life,

Inc.

160,128

16,108,877

Lincoln

National

Corp.

24,883

1,626,353

Marsh

&

McLennan

Cos.,

Inc.

177,906

30,318,740

MetLife,

Inc.

96,477

6,780,404

Reinsurance

Group

of

America,

Inc.

54,551

5,971,152

W

R

Berkley

Corp.

69,240

4,610,692

77,464,597

Interactive

Media

&

Services

6.9%

Alphabet,

Inc.,

Class

A*

46,298

128,770,942

Meta

Platforms,

Inc.,

Class

A*

273,883

60,900,624

189,671,566

Internet

&

Direct

Marketing

Retail

3.1%

Amazon.com,

Inc.*

26,202

85,417,210

IT

Services

4.9%

DXC

Technology

Co.*

158,137

5,160,010

Common

Stocks

Shares

Value

($)

IT

Services

EPAM

Systems,

Inc.*

21,050

6,243,641

Euronet

Worldwide,

Inc.*(a)

64,135

8,347,170

FleetCor

Technologies,

Inc.*

11,461

2,854,477

Gartner,

Inc.*

99,179

29,501,785

PayPal

Holdings,

Inc.*

129,504

14,977,138

VeriSign,

Inc.*

126,195

28,073,340

Visa,

Inc.,

Class

A(a)

82,568

18,311,105

Western

Union

Co.

(The)

1,130,460

21,184,820

134,653,486

Life

Sciences

Tools

&

Services

3.1%

Agilent

Technologies,

Inc.

135,585

17,941,963

Bruker

Corp.

109,446

7,037,378

IQVIA

Holdings,

Inc.*

134,286

31,048,266

Mettler-Toledo

International,

Inc.*(a)

19,524

26,810,162

Syneos

Health,

Inc.*

15,496

1,254,401

West

Pharmaceutical

Services,

Inc.

2,676

1,099,060

85,191,230

Machinery

2.2%

Caterpillar,

Inc.

139,199

31,016,321

Otis

Worldwide

Corp.

377,374

29,038,930

Parker-Hannifin

Corp.

3,137

890,155

60,945,406

Media

0.7%

News

Corp.,

Class

A

633,611

14,034,483

Nexstar

Media

Group,

Inc.,

Class

A

29,614

5,581,647

19,616,130

Metals

&

Mining

1.2%

Freeport-McMoRan,

Inc.

660,346

32,845,610

Multi-Utilities

0.8%

CMS

Energy

Corp.

325,141

22,740,362

Oil,

Gas

&

Consumable

Fuels

2.1%

ConocoPhillips

169,488

16,948,800

Hess

Corp.

58,775

6,291,276

Marathon

Oil

Corp.

854,656

21,460,412

Phillips

66

21,808

1,883,993

Targa

Resources

Corp.

152,282

11,492,723

58,077,204

Pharmaceuticals

1.8%

Elanco

Animal

Health,

Inc.*

197,234

5,145,835

Johnson

&

Johnson

17,200

3,048,356

Merck

&

Co.,

Inc.

278,800

22,875,540

Perrigo

Co.

plc

383,742

14,747,205

Pfizer,

Inc.

99,044

5,127,508

50,944,444

Professional

Services

0.0%

†

ManpowerGroup,

Inc.

10,957

1,029,081

Road

&

Rail

2.4%

CSX

Corp.

900,936

33,740,053

Norfolk

Southern

Corp.

114,963

32,789,747

66,529,800

Semiconductors

&

Semiconductor

Equipment

5.3%

Advanced

Micro

Devices,

Inc.*

75,126

8,214,277

Applied

Materials,

Inc.

64,632

8,518,497

26

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Broadcom,

Inc.

35,652

22,449,351

First

Solar,

Inc.*

122,312

10,242,407

KLA

Corp.

3,252

1,190,427

Lam

Research

Corp.

13,490

7,252,359

Micron

Technology,

Inc.

244,849

19,071,289

NVIDIA

Corp.

153,893

41,991,244

ON

Semiconductor

Corp.*(a)

137,618

8,616,263

Texas

Instruments,

Inc.

104,254

19,128,524

146,674,638

Software

10.9%

Cadence

Design

Systems,

Inc.*

25,828

4,247,673

Crowdstrike

Holdings,

Inc.,

Class

A*

50,070

11,369,896

Dolby

Laboratories,

Inc.,

Class

A

33,425

2,614,503

Fortinet,

Inc.*(a)

77,192

26,379,594

Manhattan

Associates,

Inc.*

21,833

3,028,455

Microsoft

Corp.

405,500

125,019,705

Oracle

Corp.

443,164

36,662,958

Palo

Alto

Networks,

Inc.*

25,630

15,954,931

Paycom

Software,

Inc.*

43,624

15,110,481

ServiceNow,

Inc.*

19,623

10,927,852

Synopsys,

Inc.*

54,128

18,039,239

VMware,

Inc.,

Class

A

253,072

28,817,309

Zscaler,

Inc.*

7,071

1,706,091

299,878,687

Specialty

Retail

1.5%

AutoNation,

Inc.*(a)

186,936

18,615,087

Home

Depot,

Inc.

(The)

40,849

12,227,331

O'Reilly

Automotive,

Inc.*

13,297

9,107,913

Penske

Automotive

Group,

Inc.

15,585

1,460,626

41,410,957

Technology

Hardware,

Storage

&

Peripherals

6.5%

Apple,

Inc.

855,316

149,346,727

Dell

Technologies,

Inc.,

Class

C*

488,939

24,539,848

Hewlett

Packard

Enterprise

Co.

295,088

4,930,921

178,817,496

Total

Common

Stocks

(cost

$2,320,324,830)

2,741,207,344

Repurchase

Agreements

0.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$827,210,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$843,747.(b)

827,203

827,203

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$1,020,417.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$1,827,203)

1,827,203

Total

Investments

(cost

$2,322,152,033)

—

99.6%

2,743,034,547

Other

assets

in

excess

of

liabilities

—

0.4%

9,918,809

NET

ASSETS

—

100.0%

$

2,752,953,356

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$68,576,799,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,827,203

and

by

$69,094,643

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/12/2022

–

2/15/2052,

a

total

value

of

$70,921,846.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$1,827,203.

REIT

Real

Estate

Investment

Trust

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

28

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,741,207,344

$

–

$

–

$

2,741,207,344

Repurchase

Agreements

–

1,827,203

–

1,827,203

Total

$

2,741,207,344

$

1,827,203

$

–

$

2,743,034,547

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

97.4%

Shares

Value

($)

Aerospace

&

Defense

0.4%

AAR

Corp.*

7,677

371,797

National

Presto

Industries,

Inc.

223

17,160

Triumph

Group,

Inc.*

8,046

203,403

Vectrus

,

Inc.*

16,082

576,700

1,169,060

Auto

Components

0.6%

Cooper-Standard

Holdings,

Inc.*

8,393

73,607

Fox

Factory

Holding

Corp.*

6,402

627,076

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

22,331

319,110

Patrick

Industries,

Inc.

8,174

492,892

Visteon

Corp.*

1,560

170,243

1,682,928

Automobiles

0.0%

†

Fisker

,

Inc.*(a)

4,554

58,747

Banks

7.8%

1st

Source

Corp.

9,701

448,671

American

National

Bankshares

,

Inc.

5,444

205,130

Atlantic

Union

Bankshares

Corp.

5,531

202,932

Bancorp,

Inc.

(The)*

35,868

1,016,140

BankUnited

,

Inc.

8,338

366,538

Business

First

Bancshares,

Inc.

938

22,822

Cadence

Bank

26,845

785,485

Capital

Bancorp,

Inc.

1,870

42,748

Capital

City

Bank

Group,

Inc.

8,953

236,001

Central

Pacific

Financial

Corp.

49,885

1,391,791

Columbia

Banking

System,

Inc.(a)

22,885

738,499

Community

Bank

System,

Inc.

7,004

491,331

CrossFirst

Bankshares

,

Inc.*

19,802

312,080

First

Bancorp,

Inc.

(The)

5,694

171,276

First

Bancorp/PR

137,729

1,807,004

First

Bank

9,623

136,839

First

Commonwealth

Financial

Corp.

21,853

331,291

First

Financial

Bancorp

18,195

419,395

First

Financial

Bankshares

,

Inc.

2,686

118,506

Great

Southern

Bancorp,

Inc.

1,728

101,969

Guaranty

Bancshares,

Inc.

6,691

234,185

Hancock

Whitney

Corp.

4,772

248,860

Hanmi

Financial

Corp.

33,889

834,008

HarborOne

Bancorp,

Inc.

5,255

73,675

Hilltop

Holdings,

Inc.

38,688

1,137,427

Home

BancShares

,

Inc.

17,465

394,709

HomeTrust

Bancshares,

Inc.

2,407

71,079

Hope

Bancorp,

Inc.

36,844

592,452

Independent

Bank

Corp./MI

1,145

25,190

International

Bancshares

Corp.

40,827

1,723,308

Macatawa

Bank

Corp.

10,961

98,759

Northrim

Bancorp,

Inc.

1,764

76,857

OFG

Bancorp

31,330

834,631

Origin

Bancorp,

Inc.

18,846

796,997

Common

Stocks

Shares

Value

($)

Banks

Peoples

Financial

Services

Corp.

1,578

79,657

Sandy

Spring

Bancorp,

Inc.

1,845

82,877

Sierra

Bancorp

2,566

64,099

Silvergate

Capital

Corp.,

Class

A*

1,926

289,998

Southern

First

Bancshares,

Inc.*

3,700

188,108

Texas

Capital

Bancshares,

Inc.*

12,657

725,373

Towne

Bank

37,936

1,135,804

Trustmark

Corp.

41,740

1,268,479

UMB

Financial

Corp.

2,692

261,555

United

Bankshares

,

Inc.

25,451

887,731

United

Community

Banks,

Inc.

3,485

121,278

21,593,544

Beverages

0.4%

Coca-Cola

Consolidated,

Inc.

2,240

1,112,944

Biotechnology

7.6%

ACADIA

Pharmaceuticals,

Inc.*

40,836

989,048

Affimed

NV*

14,740

64,414

Albireo

Pharma,

Inc.*

2,879

85,881

Aldeyra

Therapeutics,

Inc.*

4,611

20,496

Alector

,

Inc.*

3,441

49,034

Alkermes

plc*(a)

62,683

1,649,190

Allakos

,

Inc.*

6,506

37,084

Allogene

Therapeutics,

Inc.*

46,955

427,760

Allovir

,

Inc.*(a)

1,838

12,406

ALX

Oncology

Holdings,

Inc.*(a)

8,561

144,681

Amicus

Therapeutics,

Inc.*(a)

92,856

879,346

AnaptysBio

,

Inc.*

8,724

215,832

Anavex

Life

Sciences

Corp.*(a)

17,536

215,868

Anika

Therapeutics,

Inc.*

970

24,357

Apellis

Pharmaceuticals,

Inc.*

8,745

444,333

Arrowhead

Pharmaceuticals,

Inc.*

26,418

1,214,964

Avid

Bioservices

,

Inc.*(a)

18,611

379,106

Beam

Therapeutics,

Inc.*

783

44,866

BioCryst

Pharmaceuticals,

Inc.*(a)

26,054

423,638

Cardiff

Oncology,

Inc.*

27,052

67,089

CareDx

,

Inc.*

6,358

235,182

Caribou

Biosciences,

Inc.*

3,545

32,543

Catalyst

Pharmaceuticals,

Inc.*

54,883

454,980

ChemoCentryx

,

Inc.*(a)

4,403

110,383

Chimerix

,

Inc.*

50,722

232,307

Denali

Therapeutics,

Inc.*

16,442

528,939

Design

Therapeutics,

Inc.*(a)

6,929

111,903

Dynavax

Technologies

Corp.*(a)

71,888

779,266

Eagle

Pharmaceuticals,

Inc.*

13,222

654,357

Editas

Medicine,

Inc.*

7,653

145,560

Eiger

BioPharmaceuticals

,

Inc.*

14,515

120,474

Emergent

BioSolutions

,

Inc.*

5,005

205,505

30

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Erasca

,

Inc.*(a)

28,766

247,388

Fate

Therapeutics,

Inc.*(a)

2,809

108,905

Global

Blood

Therapeutics,

Inc.*(a)

11,946

413,809

Halozyme

Therapeutics,

Inc.*(a)

33,594

1,339,729

Heron

Therapeutics,

Inc.*(a)

58,806

336,370

Inhibrx

,

Inc.*

8,777

195,552

Insmed

,

Inc.*

13,208

310,388

Instil

Bio,

Inc.*(a)

1,883

20,242

Intellia

Therapeutics,

Inc.*

5,018

364,658

Intercept

Pharmaceuticals,

Inc.*(a)

10,809

175,862

IVERIC

bio,

Inc.*(a)

8,279

139,336

Karuna

Therapeutics,

Inc.*(a)

1,611

204,259

Kezar

Life

Sciences,

Inc.*

10,468

173,978

Kodiak

Sciences,

Inc.*

7,689

59,359

Kronos

Bio,

Inc.*

9,040

65,359

Krystal

Biotech,

Inc.*(a)

1,147

76,321

Madrigal

Pharmaceuticals,

Inc.*(a)

1,442

141,489

MannKind

Corp.*(a)

44,955

165,434

MeiraGTx

Holdings

plc*

2,923

40,484

Nkarta

,

Inc.*(a)

5,970

67,939

OPKO

Health,

Inc.*(a)

57,979

199,448

Organogenesis

Holdings,

Inc.*

55,213

420,723

Precision

BioSciences

,

Inc.*

77,834

239,729

Protagonist

Therapeutics,

Inc.*(a)

6,171

146,129

Prothena

Corp.

plc*(a)

14,342

524,487

Puma

Biotechnology,

Inc.*(a)

20,248

58,314

Radius

Health,

Inc.*

21,905

193,421

Rhythm

Pharmaceuticals,

Inc.*

3,364

38,753

Rigel

Pharmaceuticals,

Inc.*

14,909

44,578

Rubius

Therapeutics,

Inc.*(a)

8,746

48,190

Selecta

Biosciences,

Inc.*(a)

102,035

125,503

Seres

Therapeutics,

Inc.*

25,618

182,400

Sutro

Biopharma,

Inc.*(a)

16,663

136,970

Travere

Therapeutics,

Inc.*

14,499

373,639

Turning

Point

Therapeutics,

Inc.*

3,956

106,219

Twist

Bioscience

Corp.*(a)

8,574

423,384

Vanda

Pharmaceuticals,

Inc.*

89,716

1,014,688

VBI

Vaccines,

Inc.*(a)

90,898

150,891

Veracyte

,

Inc.*(a)

3,938

108,571

Vericel

Corp.*

1,207

46,132

Verve

Therapeutics,

Inc.*(a)

1,862

42,491

Vir

Biotechnology,

Inc.*

11,837

304,448

XBiotech

,

Inc.(a)

12,259

105,918

Zentalis

Pharmaceuticals,

Inc.*

5,998

276,748

20,959,427

Building

Products

0.7%

Quanex

Building

Products

Corp.

11,701

245,604

Resideo

Technologies,

Inc.*

1,918

45,706

UFP

Industries,

Inc.

19,740

1,523,138

1,814,448

Common

Stocks

Shares

Value

($)

Capital

Markets

2.0%

Associated

Capital

Group,

Inc.,

Class

A(a)

2,046

85,748

Focus

Financial

Partners,

Inc.,

Class

A*(a)

20,077

918,322

Houlihan

Lokey

,

Inc.

7,356

645,857

Moelis

&

Co.,

Class

A

31,579

1,482,634

Oppenheimer

Holdings,

Inc.,

Class

A

30,649

1,335,683

Pzena

Investment

Management,

Inc.,

Class

A(a)

14,397

115,464

Virtus

Investment

Partners,

Inc.

4,118

988,279

5,571,987

Chemicals

1.8%

AdvanSix

,

Inc.

2,599

132,783

FutureFuel

Corp.

17,813

173,321

Ingevity

Corp.*

2,634

168,760

Innospec

,

Inc.

17,084

1,581,124

Intrepid

Potash,

Inc.*

2,210

181,529

Koppers

Holdings,

Inc.

4,571

125,794

Minerals

Technologies,

Inc.

14,545

962,152

Tronox

Holdings

plc,

Class

A

76,758

1,519,041

4,844,504

Commercial

Services

&

Supplies

1.0%

ACCO

Brands

Corp.

15,810

126,480

BrightView

Holdings,

Inc.*(a)

7,956

108,281

Casella

Waste

Systems,

Inc.,

Class

A*

2,809

246,209

Cimpress

plc*

3,099

197,066

Ennis,

Inc.

33,958

627,204

Heritage-Crystal

Clean,

Inc.*

30,330

898,071

Matthews

International

Corp.,

Class

A

15,495

501,418

2,704,729

Communications

Equipment

1.0%

Cambium

Networks

Corp.*

8,290

195,976

Clearfield,

Inc.*(a)

6,235

406,647

Harmonic,

Inc.*(a)

96,418

895,723

NetScout

Systems,

Inc.*

37,490

1,202,679

2,701,025

Construction

&

Engineering

1.1%

Arcosa

,

Inc.

8,086

462,923

Argan

,

Inc.

9,149

371,358

Dycom

Industries,

Inc.*

5,380

512,499

Fluor

Corp.*(a)

18,540

531,913

Sterling

Construction

Co.,

Inc.*

23,294

624,279

WillScot

Mobile

Mini

Holdings

Corp.*

11,426

447,099

2,950,071

Construction

Materials

0.4%

Summit

Materials,

Inc.,

Class

A*

36,827

1,143,847

United

States

Lime

&

Minerals,

Inc.

563

65,330

1,209,177

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Consumer

Finance

0.7%

EZCORP,

Inc.,

Class

A*

9,262

55,943

FirstCash

Holdings,

Inc.

17,115

1,203,869

Oportun

Financial

Corp.*

1,892

27,169

Regional

Management

Corp.

11,818

574,000

World

Acceptance

Corp.*

183

35,107

1,896,088

Diversified

Consumer

Services

0.1%

Graham

Holdings

Co.,

Class

B

169

103,338

Stride,

Inc.*

8,318

302,193

405,531

Diversified

Financial

Services

0.2%

A-Mark

Precious

Metals,

Inc.

3,767

291,340

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

17,110

266,574

557,914

Diversified

Telecommunication

Services

0.4%

Cogent

Communications

Holdings,

Inc.

3,983

264,272

Globalstar

,

Inc.*(a)

94,096

138,321

Iridium

Communications,

Inc.*

16,669

672,094

1,074,687

Electrical

Equipment

1.5%

Array

Technologies,

Inc.*

3,108

35,027

Atkore

,

Inc.*

5,808

571,740

AZZ,

Inc.

8,903

429,481

Bloom

Energy

Corp.,

Class

A*(a)

22,132

534,488

Encore

Wire

Corp.(a)

14,663

1,672,608

FTC

Solar,

Inc.*

9,428

46,480

FuelCell

Energy,

Inc.*

30,906

178,019

GrafTech

International

Ltd.

22,362

215,122

Powell

Industries,

Inc.

8,654

168,061

Thermon

Group

Holdings,

Inc.*

11,752

190,382

Vicor

Corp.*

2,526

178,209

4,219,617

Electronic

Equipment,

Instruments

&

Components

2.7%

Badger

Meter,

Inc.

1,149

114,567

Belden,

Inc.

10,183

564,138

CTS

Corp.

47,419

1,675,787

ePlus

,

Inc.*

5,694

319,206

Fabrinet

*(a)

6,373

669,993

Insight

Enterprises,

Inc.*

9,161

983,159

PC

Connection,

Inc.

7,060

369,873

Sanmina

Corp.*

8,751

353,715

TTM

Technologies,

Inc.*

4,685

69,432

Vishay

Intertechnology

,

Inc.

89,683

1,757,787

Vishay

Precision

Group,

Inc.*

15,279

491,220

7,368,877

Energy

Equipment

&

Services

0.7%

ChampionX

Corp.*

7,117

174,224

Helix

Energy

Solutions

Group,

Inc.*

140,099

669,673

Liberty

Oilfield

Services,

Inc.,

Class

A*(a)

11,702

173,424

Oceaneering

International,

Inc.*

21,812

330,670

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Oil

States

International,

Inc.*

70,732

491,587

TETRA

Technologies,

Inc.*

12,900

53,019

1,892,597

Entertainment

1.7%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

49,391

1,216,994

Cinemark

Holdings,

Inc.*(a)

91,901

1,588,050

IMAX

Corp.*

54,230

1,026,574

Marcus

Corp.

(The)*(a)

43,156

763,861

4,595,479

Equity

Real

Estate

Investment

Trusts

(REITs)

6.1%

American

Assets

Trust,

Inc.

10,124

383,598

Armada

Hoffler

Properties,

Inc.

19,088

278,685

CatchMark

Timber

Trust,

Inc.,

Class

A

61,218

501,988

Chatham

Lodging

Trust*

15,002

206,878

City

Office

REIT,

Inc.

32,931

581,562

Community

Healthcare

Trust,

Inc.

1,443

60,909

DiamondRock

Hospitality

Co.*

10,302

104,050

EastGroup

Properties,

Inc.

6,048

1,229,437

Empire

State

Realty

Trust,

Inc.,

Class

A(a)

24,933

244,842

Independence

Realty

Trust,

Inc.(a)

71,773

1,897,678

Industrial

Logistics

Properties

Trust

59,829

1,356,323

Macerich

Co.

(The)

13,201

206,464

National

Storage

Affiliates

Trust

34,518

2,166,350

NexPoint

Residential

Trust,

Inc.

21,511

1,942,658

Outfront

Media,

Inc.

64,833

1,843,202

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

27,390

471,656

Retail

Opportunity

Investments

Corp.

34,039

660,016

RLJ

Lodging

Trust

17,810

250,765

RPT

Realty(a)

1,609

22,156

SITE

Centers

Corp.

62,465

1,043,790

STAG

Industrial,

Inc.

12,877

532,464

Tanger

Factory

Outlet

Centers,

Inc.(a)

2,839

48,802

Terreno

Realty

Corp.

5,837

432,230

Urstadt

Biddle

Properties,

Inc.,

Class

A

18,735

352,405

16,818,908

Food

&

Staples

Retailing

0.6%

Chefs'

Warehouse,

Inc.

(The)*

1,927

62,820

Ingles

Markets,

Inc.,

Class

A

17,663

1,572,890

1,635,710

Food

Products

0.5%

B&G

Foods,

Inc.(a)

1,367

36,882

Sanderson

Farms,

Inc.

7,917

1,484,358

1,521,240

Gas

Utilities

0.0%

†

Northwest

Natural

Holding

Co.

1,910

98,785

32

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

3.5%

AngioDynamics

,

Inc.*

14,631

315,152

Artivion

,

Inc.*

11,237

240,247

Avanos

Medical,

Inc.*

43,774

1,466,429

Axonics

,

Inc.*

1,129

70,675

Cardiovascular

Systems,

Inc.*

7,354

166,200

CryoPort

,

Inc.*(a)

3,244

113,248

Heska

Corp.*(a)

4,048

559,758

Invacare

Corp.*

45,131

63,635

iRadimed

Corp.

841

37,710

LeMaitre

Vascular,

Inc.

18,744

871,034

LivaNova

plc*

10,202

834,830

Merit

Medical

Systems,

Inc.*

13,427

893,164

Natus

Medical,

Inc.*

43,380

1,140,026

Neogen

Corp.*

33,169

1,022,932

Retractable

Technologies,

Inc.*(a)

8,121

38,575

STAAR

Surgical

Co.*

10,839

866,145

Surmodics

,

Inc.*(a)

13,880

629,180

Utah

Medical

Products,

Inc.

2,905

261,043

9,589,983

Health

Care

Providers

&

Services

4.3%

Addus

HomeCare

Corp.*

3,663

341,721

Agiliti

,

Inc.*

3,368

71,065

AMN

Healthcare

Services,

Inc.*(a)

6,993

729,580

Apollo

Medical

Holdings,

Inc.*(a)

544

26,368

Aveanna

Healthcare

Holdings,

Inc.*

41,507

141,539

Brookdale

Senior

Living,

Inc.*

189,433

1,335,503

Community

Health

Systems,

Inc.*

39,606

470,123

Covetrus

,

Inc.*

47,807

802,679

Cross

Country

Healthcare,

Inc.*

7,217

156,392

Hanger,

Inc.*

42,927

786,852

Joint

Corp.

(The)*

13,405

474,403

National

HealthCare

Corp.

5,789

406,561

National

Research

Corp.

1,838

72,877

Owens

&

Minor,

Inc.

8,219

361,800

Patterson

Cos.,

Inc.

59,799

1,935,694

Select

Medical

Holdings

Corp.

45,895

1,101,021

Sharps

Compliance

Corp.*(a)

80,825

476,867

Surgery

Partners,

Inc.*(a)

3,554

195,648

Tenet

Healthcare

Corp.*

21,926

1,884,759

US

Physical

Therapy,

Inc.

1,818

180,800

11,952,252

Health

Care

Technology

0.4%

Allscripts

Healthcare

Solutions,

Inc.*

8,665

195,136

Computer

Programs

&

Systems,

Inc.*

4,256

146,619

Convey

Health

Solutions

Holdings,

Inc.*(a)

5,468

35,761

Evolent

Health,

Inc.,

Class

A*

4,714

152,262

Inspire

Medical

Systems,

Inc.*

2,352

603,735

1,133,513

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

2.3%

Biglari

Holdings,

Inc.,

Class

B*(a)

610

88,212

BJ's

Restaurants,

Inc.*(a)

2,339

66,194

Bloomin

'

Brands,

Inc.

2,354

51,647

Chuy's

Holdings,

Inc.*

14,084

380,268

Dave

&

Buster's

Entertainment,

Inc.*

19,262

945,764

Drive

Shack,

Inc.*(a)

74,194

114,259

Monarch

Casino

&

Resort,

Inc.*

917

79,990

PlayAGS

,

Inc.*

12,795

85,343

RCI

Hospitality

Holdings,

Inc.

(a)

3,935

241,845

Red

Rock

Resorts,

Inc.,

Class

A

37,255

1,809,103

SeaWorld

Entertainment,

Inc.*

30,074

2,238,708

Shake

Shack,

Inc.,

Class

A*

1,737

117,942

6,219,275

Household

Durables

1.9%

Beazer

Homes

USA,

Inc.*

8,111

123,449

Cavco

Industries,

Inc.*

462

111,273

GoPro,

Inc.,

Class

A*

11,491

98,018

Installed

Building

Products,

Inc.

3,878

327,652

iRobot

Corp.*(a)

395

25,043

KB

Home

14,238

461,026

LGI

Homes,

Inc.*(a)

13,159

1,285,371

M/I

Homes,

Inc.*

17,867

792,402

Meritage

Homes

Corp.*

11,263

892,368

Skyline

Champion

Corp.*

544

29,855

Tri

Pointe

Homes,

Inc.*

59,588

1,196,527

5,342,984

Household

Products

0.3%

Energizer

Holdings,

Inc.

12,597

387,484

WD-40

Co.(a)

2,637

483,177

870,661

Insurance

4.5%

American

Equity

Investment

Life

Holding

Co.

49,911

1,991,948

AMERISAFE,

Inc.

13,023

646,852

Argo

Group

International

Holdings

Ltd.

33,114

1,366,946

BRP

Group,

Inc.,

Class

A*

40,844

1,095,845

Citizens,

Inc.*(a)

15,832

67,128

Crawford

&

Co.,

Class

A

7,618

57,592

Employers

Holdings,

Inc.

24,398

1,000,806

Genworth

Financial,

Inc.,

Class

A*

357,861

1,352,715

Goosehead

Insurance,

Inc.,

Class

A

15,541

1,221,056

Investors

Title

Co.

530

107,701

Kinsale

Capital

Group,

Inc.

601

137,040

National

Western

Life

Group,

Inc.,

Class

A

395

83,108

Palomar

Holdings,

Inc.*

5,929

379,397

RLI

Corp.

11,542

1,276,891

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Insurance

Stewart

Information

Services

Corp.

26,421

1,601,377

12,386,402

Interactive

Media

&

Services

0.4%

Cargurus

,

Inc.*

11,870

504,000

Eventbrite,

Inc.,

Class

A*

8,089

119,475

fuboTV

,

Inc.*(a)

32,228

211,738

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A*(a)

35,268

72,299

QuinStreet

,

Inc.*

23,517

272,797

1,180,309

Internet

&

Direct

Marketing

Retail

0.7%

1-800-Flowers.com,

Inc.,

Class

A*

9,928

126,681

aka

Brands

Holding

Corp.*(a)

48,535

214,525

CarParts.com,

Inc.*

18,523

124,104

Lands'

End,

Inc.*(a)

6,249

105,733

Liquidity

Services,

Inc.*(a)

16,092

275,495

Lulu's

Fashion

Lounge

Holdings,

Inc.*(a)

3,791

25,703

Overstock.com,

Inc.*

7,014

308,651

PetMed

Express,

Inc.(a)

7,132

184,006

Revolve

Group,

Inc.*

6,972

374,327

Xometry

,

Inc.,

Class

A*(a)

4,522

166,183

1,905,408

IT

Services

2.5%

Brightcove

,

Inc.*

18,448

143,894

Conduent

,

Inc.*

101,022

521,274

EVERTEC,

Inc.

32,191

1,317,578

Evo

Payments,

Inc.,

Class

A*

21,705

501,168

ExlService

Holdings,

Inc.*

8,249

1,181,834

Hackett

Group,

Inc.

(The)

6,787

156,508

I3

Verticals,

Inc.,

Class

A*

15,054

419,404

Perficient

,

Inc.*(a)

13,650

1,502,729

Rackspace

Technology,

Inc.*(a)

58,476

652,592

Tucows

,

Inc.,

Class

A*(a)

2,663

181,883

Unisys

Corp.*

9,198

198,769

6,777,633

Leisure

Products

0.1%

Latham

Group,

Inc.*

15,159

200,705

Vista

Outdoor,

Inc.*

1,800

64,242

264,947

Life

Sciences

Tools

&

Services

1.8%

Berkeley

Lights,

Inc.*

3,863

27,466

Codexis

,

Inc.*

58,201

1,200,105

Cytek

Biosciences,

Inc.*(a)

74,705

805,320

Inotiv

,

Inc.*(a)

4,333

113,438

MaxCyte

,

Inc.*

24,779

173,205

Medpace

Holdings,

Inc.*

11,528

1,885,865

NanoString

Technologies,

Inc.*

18,288

635,508

4,840,907

Machinery

2.1%

CIRCOR

International,

Inc.*(a)

2,269

60,401

Douglas

Dynamics,

Inc.

7,554

261,293

Enerpac

Tool

Group

Corp.(a)

11,601

253,946

Kennametal,

Inc.

50,970

1,458,252

Common

Stocks

Shares

Value

($)

Machinery

Miller

Industries,

Inc.

3,921

110,415

Mueller

Industries,

Inc.

31,633

1,713,560

Nikola

Corp.*(a)

8,760

93,819

Terex

Corp.

42,168

1,503,711

Titan

International,

Inc.*

13,221

194,745

Trinity

Industries,

Inc.

5,251

180,424

5,830,566

Marine

2.0%

Costamare

,

Inc.

76,685

1,307,479

Eagle

Bulk

Shipping,

Inc.(a)

19,489

1,327,396

Genco

Shipping

&

Trading

Ltd.

42,785

1,010,582

Matson,

Inc.

7,732

932,634

Safe

Bulkers,

Inc.

203,752

969,859

5,547,950

Media

1.1%

Clear

Channel

Outdoor

Holdings,

Inc.*

65,717

227,381

Daily

Journal

Corp.*

684

213,401

EW

Scripps

Co.

(The),

Class

A*

21,523

447,463

Gray

Television,

Inc.

43,111

951,460

iHeartMedia

,

Inc.,

Class

A*

10,462

198,046

Magnite

,

Inc.*

24,622

325,257

Sinclair

Broadcast

Group,

Inc.,

Class

A(a)

1,804

50,548

TechTarget

,

Inc.*(a)

7,123

578,957

2,992,513

Metals

&

Mining

1.1%

Arconic

Corp.*

8,134

208,393

Coeur

Mining,

Inc.*

20,047

89,209

Constellium

SE*

19,818

356,724

Haynes

International,

Inc.

4,493

191,402

Hecla

Mining

Co.

16,208

106,486

Novagold

Resources,

Inc.*

36,920

285,392

SunCoke

Energy,

Inc.

75,775

675,155

Warrior

Met

Coal,

Inc.

30,188

1,120,277

3,033,038

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.1%

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

18,256

580,358

Chimera

Investment

Corp.

76,191

917,340

Great

Ajax

Corp.

14,526

170,390

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(a)

8,922

423,170

Ladder

Capital

Corp.

24,341

288,928

TPG

RE

Finance

Trust,

Inc.

67,198

793,608

3,173,794

Multiline

Retail

0.2%

Dillard's,

Inc.,

Class

A(a)

1,045

280,468

Macy's,

Inc.(a)

7,297

177,755

458,223

Oil,

Gas

&

Consumable

Fuels

5.6%

Antero

Resources

Corp.*

62,613

1,911,575

Callon

Petroleum

Co.*

10,005

591,095

34

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Centennial

Resource

Development,

Inc.,

Class

A*(a)

73,078

589,740

Civitas

Resources,

Inc.(a)

523

31,228

Comstock

Resources,

Inc.*

5,551

72,441

Kosmos

Energy

Ltd.*

27,289

196,208

Laredo

Petroleum,

Inc.*(a)

6,375

504,518

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

40,516

958,203

Matador

Resources

Co.(a)

36,117

1,913,479

Murphy

Oil

Corp.(a)

22,299

900,657

Oasis

Petroleum,

Inc.

3,389

495,811

Ovintiv

,

Inc.

35,222

1,904,454

PBF

Energy,

Inc.,

Class

A*

2,954

71,989

PDC

Energy,

Inc.

5,606

407,444

Range

Resources

Corp.*

84,048

2,553,378

REX

American

Resources

Corp.*

1,284

127,886

SM

Energy

Co.

40,534

1,578,799

Southwestern

Energy

Co.*

11,114

79,687

Talos

Energy,

Inc.*(a)

3,743

59,102

W&T

Offshore,

Inc.*(a)

117,460

448,697

15,396,391

Personal

Products

0.1%

Medifast

,

Inc.

997

170,268

Pharmaceuticals

1.9%

Amneal

Pharmaceuticals,

Inc.*

83,882

349,788

Antares

Pharma,

Inc.*

57,635

236,304

Axsome

Therapeutics,

Inc.*(a)

1,773

73,385

Cassava

Sciences,

Inc.*(a)

698

25,924

Endo

International

plc*

88,624

204,721

Innoviva

,

Inc.*(a)

20,033

387,639

Intra-Cellular

Therapies,

Inc.*

1,579

96,619

Phibro

Animal

Health

Corp.,

Class

A

62,131

1,239,513

Prestige

Consumer

Healthcare,

Inc.*

29,829

1,579,147

Supernus

Pharmaceuticals,

Inc.*(a)

28,792

930,557

5,123,597

Professional

Services

1.0%

Barrett

Business

Services,

Inc.

1,842

142,700

CRA

International,

Inc.

1,309

110,296

Forrester

Research,

Inc.*

14,492

817,638

Franklin

Covey

Co.*

3,058

138,283

Heidrick

&

Struggles

International,

Inc.

13,234

523,802

Huron

Consulting

Group,

Inc.*

849

38,893

Kforce

,

Inc.

1,137

84,104

Korn

Ferry

9,521

618,294

ManTech

International

Corp.,

Class

A

1,663

143,334

TrueBlue

,

Inc.*

3,435

99,237

2,716,581

Real

Estate

Management

&

Development

0.1%

St

Joe

Co.

(The)(a)

7,032

416,576

Road

&

Rail

1.5%

ArcBest

Corp.

1,114

89,677

Common

Stocks

Shares

Value

($)

Road

&

Rail

Avis

Budget

Group,

Inc.*(a)

3,748

986,848

Marten

Transport

Ltd.

69,295

1,230,679

Saia,

Inc.*

7,091

1,728,928

4,036,132

Semiconductors

&

Semiconductor

Equipment

3.2%

Amkor

Technology,

Inc.(a)

22,618

491,263

Axcelis

Technologies,

Inc.*

13,044

985,213

Cohu

,

Inc.*

28,052

830,339

Credo

Technology

Group

Holding

Ltd.*

2,762

42,065

Diodes,

Inc.*

11,381

990,033

FormFactor

,

Inc.*

18,864

792,854

Kulicke

&

Soffa

Industries,

Inc.

(a)

15,027

841,813

Lattice

Semiconductor

Corp.*

19,017

1,159,086

MaxLinear

,

Inc.*

15,781

920,821

Power

Integrations,

Inc.

3,652

338,468

Semtech

Corp.*

11,665

808,851

SunPower

Corp.*(a)

6,654

142,928

Ultra

Clean

Holdings,

Inc.*

4,164

176,512

Veeco

Instruments,

Inc.*(a)

8,302

225,732

8,745,978

Software

6.1%

A10

Networks,

Inc.

51,718

721,466

ACI

Worldwide,

Inc.*

39,859

1,255,160

Alarm.com

Holdings,

Inc.*

623

41,405

Altair

Engineering,

Inc.,

Class

A*(a)

11,812

760,693

American

Software,

Inc.,

Class

A

4,726

98,490

Cerence

,

Inc.*

1,963

70,864

ChannelAdvisor

Corp.*

4,185

69,346

CommVault

Systems,

Inc.*(a)

25,987

1,724,237

Domo,

Inc.,

Class

B*

8,220

415,685

E2open

Parent

Holdings,

Inc.*(a)

71,830

632,822

Ebix

,

Inc.

1,018

33,747

Envestnet

,

Inc.*

22,962

1,709,291

Marathon

Digital

Holdings,

Inc.*(a)

4,755

132,902

MicroStrategy

,

Inc.,

Class

A*(a)

665

323,403

Mimecast

Ltd.*

13,977

1,112,010

PagerDuty

,

Inc.*(a)

19,268

658,773

Q2

Holdings,

Inc.*

5,203

320,765

Rapid7,

Inc.*(a)

8,600

956,664

Rimini

Street,

Inc.*

40,068

232,394

Riot

Blockchain

,

Inc.*

4,439

93,974

Sapiens

International

Corp.

NV(a)

23,072

585,798

Sprout

Social,

Inc.,

Class

A*

685

54,882

SPS

Commerce,

Inc.*

10,967

1,438,870

Telos

Corp.*

24,635

245,611

Tenable

Holdings,

Inc.*

13,053

754,333

Upland

Software,

Inc.*(a)

23,765

418,502

Varonis

Systems,

Inc.*

1,390

66,081

Workiva

,

Inc.*

7,924

935,032

Yext

,

Inc.*

74,878

515,909

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Software

Zuora

,

Inc.,

Class

A*

26,250

393,225

16,772,334

Specialty

Retail

2.9%

Academy

Sports

&

Outdoors,

Inc.

1,914

75,412

Arko

Corp.

4,814

43,807

Asbury

Automotive

Group,

Inc.*(a)

2,139

342,668

Bed

Bath

&

Beyond,

Inc.*

3,529

79,508

Big

5

Sporting

Goods

Corp.

2,877

49,341

Boot

Barn

Holdings,

Inc.*

6,269

594,238

Buckle,

Inc.

(The)

39,630

1,309,375

Cato

Corp.

(The),

Class

A

9,933

145,618

Chico's

FAS,

Inc.*

3,443

16,526

Designer

Brands,

Inc.,

Class

A*(a)

14,814

200,137

Group

1

Automotive,

Inc.(a)

9,230

1,549,071

Murphy

USA,

Inc.(a)

10,046

2,008,798

Party

City

Holdco,

Inc.*(a)

61,264

219,325

Rent-A-Center,

Inc.

7,040

177,338

Shoe

Carnival,

Inc.

6,494

189,365

Sonic

Automotive,

Inc.,

Class

A

8,162

346,967

Tilly's,

Inc.,

Class

A

12,796

119,771

TravelCenters

of

America,

Inc.*

13,106

563,034

8,030,299

Technology

Hardware,

Storage

&

Peripherals

0.3%

Avid

Technology,

Inc.*

7,197

250,959

Corsair

Gaming,

Inc.*(a)

7,922

167,630

Diebold

Nixdorf,

Inc.*

31,951

215,030

Eastman

Kodak

Co.*(a)

11,806

77,329

710,948

Textiles,

Apparel

&

Luxury

Goods

1.1%

Crocs,

Inc.*

9,594

732,981

Fossil

Group,

Inc.*

18,353

176,923

G-III

Apparel

Group

Ltd.*

23,413

633,322

Movado

Group,

Inc.

4,758

185,800

Oxford

Industries,

Inc.

1,806

163,443

Steven

Madden

Ltd.

27,101

1,047,183

2,939,652

Thrifts

&

Mortgage

Finance

1.1%

Bridgewater

Bancshares,

Inc.*

2,997

49,990

Capitol

Federal

Financial,

Inc.

132,864

1,445,560

Home

Bancorp,

Inc.

11,225

457,868

Merchants

Bancorp

27,550

754,319

TrustCo

Bank

Corp.

7,116

227,214

2,934,951

Tobacco

0.3%

Vector

Group

Ltd.

71,648

862,642

Trading

Companies

&

Distributors

1.7%

GMS,

Inc.*

2,737

136,221

H&E

Equipment

Services,

Inc.

24,565

1,069,069

Herc

Holdings,

Inc.

1,859

310,620

McGrath

RentCorp

15,255

1,296,370

MRC

Global,

Inc.*

104,153

1,240,462

NOW,

Inc.*

16,728

184,510

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Titan

Machinery,

Inc.*

21,343

603,153

4,840,405

Wireless

Telecommunication

Services

0.2%

Gogo

,

Inc.*(a)

32,378

617,125

Total

Common

Stocks

(cost

$260,906,936)

268,272,261

Repurchase

Agreements

4.8%

Principal

Amount

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$1,020,000.

(b)

1,000,000

1,000,000

BofA

Securities,

Inc.,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

7/20/2050

-

2/20/2052;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$9,279,566,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$9,465,081.(b)

9,279,491

9,279,491

36

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,000,018,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$2,040,834.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$13,279,491)

13,279,491

Total

Investments

(cost

$274,186,427)

—

102.2%

281,551,752

Liabilities

in

excess

of

other

assets

—

(2.2)%

(5,954,720)

NET

ASSETS

—

100.0%

$

275,597,032

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$30,900,031,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$13,279,491

and

by

$19,191,120

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/12/2022

–

2/15/2052,

a

total

value

of

$32,470,611.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$13,279,491.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

42

6/2022

USD

4,339,440

194,279

Net

contracts

194,279

As

of

March

31,

2022,

the

Fund

had

$277,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

38

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

268,272,261

$

–

$

–

$

268,272,261

Futures

Contracts

194,279

–

–

194,279

Repurchase

Agreements

–

13,279,491

–

13,279,491

Total

$

268,466,540

$

13,279,491

$

–

$

281,746,031

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

194,279

Total

$

194,279

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

98.9%

Shares

Value

($)

Aerospace

&

Defense

3.4%

Huntington

Ingalls

Industries,

Inc.

39,714

7,920,560

Lockheed

Martin

Corp.

67,046

29,594,104

Textron,

Inc.

84,930

6,317,094

43,831,758

Air

Freight

&

Logistics

1.2%

FedEx

Corp.

68,407

15,828,696

Auto

Components

0.4%

Lear

Corp.

31,176

4,445,386

Automobiles

3.1%

Ford

Motor

Co.

1,294,421

21,888,659

General

Motors

Co.*

281,776

12,324,882

Tesla,

Inc.*

4,274

4,605,663

38,819,204

Banks

2.0%

Comerica,

Inc.

97,318

8,800,467

Regions

Financial

Corp.

497,414

11,072,435

Umpqua

Holdings

Corp.

225,727

4,257,211

Western

Alliance

Bancorp

19,907

1,648,698

25,778,811

Beverages

0.5%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

3,065

1,190,661

Molson

Coors

Beverage

Co.,

Class

B

102,508

5,471,877

6,662,538

Biotechnology

3.6%

Exelixis

,

Inc.*

139,688

3,166,727

Gilead

Sciences,

Inc.

327,927

19,495,260

Incyte

Corp.*

112,950

8,970,489

Ionis

Pharmaceuticals,

Inc.*

120,546

4,465,024

United

Therapeutics

Corp.*

36,711

6,586,320

Vertex

Pharmaceuticals,

Inc.*

13,805

3,602,691

46,286,511

Capital

Markets

0.8%

Evercore

,

Inc.,

Class

A

15,016

1,671,581

Houlihan

Lokey

,

Inc.

274

24,057

Raymond

James

Financial,

Inc.

80,195

8,814,233

10,509,871

Chemicals

2.7%

Chemours

Co.

(The)

43,218

1,360,503

Corteva

,

Inc.

271,551

15,608,751

Dow,

Inc.

25,586

1,630,340

DuPont

de

Nemours,

Inc.

119,655

8,804,215

Huntsman

Corp.

198,760

7,455,488

34,859,297

Communications

Equipment

1.6%

CommScope

Holding

Co.,

Inc.*

431,562

3,400,709

Juniper

Networks,

Inc.

469,778

17,456,950

20,857,659

Consumer

Finance

0.9%

SLM

Corp.

154,620

2,838,823

Common

Stocks

Shares

Value

($)

Consumer

Finance

Synchrony

Financial

256,039

8,912,718

11,751,541

Containers

&

Packaging

0.1%

Westrock

Co.

27,949

1,314,441

Diversified

Consumer

Services

0.4%

frontdoor

,

Inc.*

32,083

957,677

Grand

Canyon

Education,

Inc.*

13,335

1,294,962

Service

Corp.

International

51,606

3,396,707

5,649,346

Diversified

Financial

Services

0.3%

Equitable

Holdings,

Inc.

118,331

3,657,611

Diversified

Telecommunication

Services

1.6%

AT&T,

Inc.

446,854

10,559,160

Frontier

Communications

Parent,

Inc.*

102,264

2,829,645

Lumen

Technologies,

Inc.

630,743

7,108,474

20,497,279

Electric

Utilities

1.8%

Edison

International

131,196

9,196,840

Eversource

Energy

24,514

2,161,890

Hawaiian

Electric

Industries,

Inc.

23,571

997,289

OGE

Energy

Corp.

66,804

2,724,267

Pinnacle

West

Capital

Corp.

103,785

8,105,608

23,185,894

Electronic

Equipment,

Instruments

&

Components

1.4%

Arrow

Electronics,

Inc.*

44,868

5,322,691

Avnet,

Inc.

140,631

5,708,212

Jabil,

Inc.

91,043

5,620,085

National

Instruments

Corp.

31,153

1,264,500

17,915,488

Entertainment

0.3%

Electronic

Arts,

Inc.

16,413

2,076,409

Madison

Square

Garden

Sports

Corp.*

9,784

1,754,858

3,831,267

Equity

Real

Estate

Investment

Trusts

(REITs)

4.0%

American

Campus

Communities,

Inc.

60,537

3,388,256

Camden

Property

Trust

73,768

12,260,242

Essex

Property

Trust,

Inc.

38,500

13,300,980

Highwoods

Properties,

Inc.

114,044

5,216,372

SBA

Communications

Corp.

49,946

17,186,419

51,352,269

Food

&

Staples

Retailing

0.4%

Albertsons

Cos.,

Inc.,

Class

A

141,597

4,708,100

Food

Products

3.2%

Archer-Daniels-Midland

Co.

278,506

25,137,951

Ingredion,

Inc.

75,219

6,555,336

Pilgrim's

Pride

Corp.*

121,334

3,045,483

Post

Holdings,

Inc.*

93,637

6,485,299

41,224,069

Health

Care

Equipment

&

Supplies

1.7%

Intuitive

Surgical,

Inc.*

70,395

21,236,764

40

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

8.4%

Anthem,

Inc.

42,590

20,921,060

Cardinal

Health,

Inc.

203,842

11,557,841

Cigna

Corp.

92,018

22,048,433

Humana,

Inc.

51,533

22,425,616

McKesson

Corp.

91,480

28,004,772

Molina

Healthcare,

Inc.*

6,775

2,260,072

107,217,794

Hotels,

Restaurants

&

Leisure

1.3%

Hilton

Worldwide

Holdings,

Inc.*

85,375

12,954,802

Six

Flags

Entertainment

Corp.*

43,442

1,889,727

Travel

+

Leisure

Co.

22,918

1,327,869

16,172,398

Household

Durables

0.6%

NVR,

Inc.*

171

763,903

PulteGroup,

Inc.

104,448

4,376,371

Toll

Brothers,

Inc.

55,355

2,602,792

7,743,066

Independent

Power

and

Renewable

Electricity

Producers

0.3%

AES

Corp.

(The)

158,188

4,070,177

Insurance

6.9%

Allstate

Corp.

(The)

157,286

21,785,684

Assurant,

Inc.

13,426

2,441,250

Everest

Re

Group

Ltd.

20,088

6,054,121

First

American

Financial

Corp.

10,313

668,489

Hanover

Insurance

Group,

Inc.

(The)

20,221

3,023,444

Kemper

Corp.

32,585

1,842,356

Lincoln

National

Corp.

90,184

5,894,426

MetLife,

Inc.

200,593

14,097,676

Prudential

Financial,

Inc.

162,497

19,202,270

Reinsurance

Group

of

America,

Inc.

70,322

7,697,446

Unum

Group

150,894

4,754,670

87,461,832

Interactive

Media

&

Services

7.4%

Alphabet,

Inc.,

Class

C*

27,962

78,097,587

Meta

Platforms,

Inc.,

Class

A*

71,384

15,872,946

93,970,533

Internet

&

Direct

Marketing

Retail

1.7%

Amazon.com,

Inc.*

6,439

20,990,818

IT

Services

2.2%

EPAM

Systems,

Inc.*

10,022

2,972,625

GoDaddy

,

Inc.,

Class

A*

108,478

9,079,609

SolarWinds

Corp.

91,981

1,224,267

VeriSign,

Inc.*

64,711

14,395,609

27,672,110

Machinery

1.4%

AGCO

Corp.

45,288

6,613,407

Allison

Transmission

Holdings,

Inc.

49,393

1,939,169

Cummins,

Inc.

35,453

7,271,765

Flowserve

Corp.

65,455

2,349,834

18,174,175

Common

Stocks

Shares

Value

($)

Multiline

Retail

0.1%

Nordstrom,

Inc.

54,478

1,476,899

Multi-Utilities

1.5%

Ameren

Corp.

141,341

13,252,132

DTE

Energy

Co.

45,327

5,992,683

19,244,815

Oil,

Gas

&

Consumable

Fuels

5.4%

APA

Corp.

453,226

18,731,831

HF

Sinclair

Corp.*

45,332

1,806,480

Marathon

Petroleum

Corp.

251,364

21,491,622

Phillips

66

68,044

5,878,321

Targa

Resources

Corp.

19,103

1,441,703

Valero

Energy

Corp.

189,479

19,239,698

68,589,655

Paper

&

Forest

Products

0.3%

Louisiana-Pacific

Corp.

62,709

3,895,483

Pharmaceuticals

0.3%

Organon

&

Co.

54,311

1,897,083

Viatris

,

Inc.

201,726

2,194,779

4,091,862

Professional

Services

0.6%

CACI

International,

Inc.,

Class

A*

13,935

4,198,058

Jacobs

Engineering

Group,

Inc.

21,742

2,996,265

Science

Applications

International

Corp.

4,785

441,034

7,635,357

Road

&

Rail

1.6%

Landstar

System,

Inc.

38,468

5,802,128

Lyft,

Inc.,

Class

A*

24,330

934,272

Old

Dominion

Freight

Line,

Inc.

24,715

7,381,876

Ryder

System,

Inc.

66,776

5,297,340

Schneider

National,

Inc.,

Class

B

27,985

713,618

20,129,234

Semiconductors

&

Semiconductor

Equipment

3.5%

Cirrus

Logic,

Inc.*

34,139

2,894,646

Intel

Corp.

362,072

17,944,288

Micron

Technology,

Inc.

299,711

23,344,490

44,183,424

Software

6.0%

Autodesk,

Inc.*

65,562

14,053,215

Dropbox,

Inc.,

Class

A*

126,776

2,947,542

Fortinet,

Inc.*

48,980

16,738,425

Microsoft

Corp.

129,919

40,055,327

Nutanix

,

Inc.,

Class

A*

71,023

1,904,837

Zscaler

,

Inc.*

4,279

1,032,437

76,731,783

Specialty

Retail

3.1%

AutoNation,

Inc.*

24,235

2,413,321

AutoZone,

Inc.*

11,757

24,038,127

Best

Buy

Co.,

Inc.

112,645

10,239,431

O'Reilly

Automotive,

Inc.*

1,967

1,347,316

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Specialty

Retail

Penske

Automotive

Group,

Inc.

9,312

872,721

38,910,916

Technology

Hardware,

Storage

&

Peripherals

9.9%

Apple,

Inc.

380,929

66,514,013

Dell

Technologies,

Inc.,

Class

C*

94,993

4,767,699

Hewlett

Packard

Enterprise

Co.

993,939

16,608,721

HP,

Inc.

454,318

16,491,743

NetApp,

Inc.

81,249

6,743,667

Western

Digital

Corp.*

225,202

11,181,279

Xerox

Holdings

Corp.

172,798

3,485,335

125,792,457

Textiles,

Apparel

&

Luxury

Goods

0.7%

Carter's,

Inc.

64,704

5,952,121

Deckers

Outdoor

Corp.*

12,003

3,286,061

9,238,182

Trading

Companies

&

Distributors

0.3%

Air

Lease

Corp.

91,188

4,071,544

Total

Investments

(cost

$1,008,263,854)

—

98.9%

1,261,668,314

Other

assets

in

excess

of

liabilities

—

1.1%

13,987,108

NET

ASSETS

—

100.0%

$

1,275,655,422

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

March

31,

2022

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Advanced

Drainage

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

59,583

478,452

478,452

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

25,997

48,614

48,614

AGCO

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

34,626

135,388

135,388

AMC

Entertainment

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.20%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

326,715

1,568,232

1,568,232

Amphenol

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

79,301

143,535

143,535

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

133,891

444,518

444,518

Ares

Management

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

100,045

87,039

87,039

42

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Assurant,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

15,431

18,517

18,517

Azenta

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

56,708

321,534

321,534

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

154,525

175,543

175,543

Berkshire

Hathaway,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

7,116

15,726

15,726

Bill.com

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

31,885

455,318

455,318

Bio-Rad

Laboratories,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

11,086

207,641

207,641

Bio-

Techne

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

17,818

231,278

231,278

Blackstone,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

52,236

252,822

252,822

Block,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

44,186

496,651

496,651

Broadridge

Financial

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

7,315

12,948

12,948

CACI

International,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

5,378

7,314

7,314

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

91,870

355,537

355,537

Cargurus

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

154,149

242,014

242,014

Carvana

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

27,789

539,107

539,107

CDK

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

38,127

16,395

16,395

Cloudflare

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

28,799

297,206

297,206

Corning,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

157,773

179,861

179,861

Danaher

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

24,263

54,834

54,834

Datto

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

114,155

3,425

3,425

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

DTE

Energy

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

55,191

100,858

100,858

Edison

International

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

53,567

57,317

57,317

Everest

Re

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

16,557

5,795

5,795

Exelixis

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

38,164

25,952

25,952

Fastly

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

23,595

25,247

25,247

Flowserve

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

106,005

91,164

91,164

Fox

Factory

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

35,652

183,608

183,608

GameStop

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

8.20%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

30,829

410,642

410,642

GoHealth

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

1,184,955

134,718

134,718

Hawaiian

Electric

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,231

714

714

Hayward

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

246,320

189,666

189,666

HF

Sinclair

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

79,770

57,434

57,434

ICU

Medical,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

29,742

57,402

57,402

II-VI,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

91,175

181,438

181,438

Intellia

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

10,534

37,501

37,501

International

Flavors

&

Fragrances,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

51,816

105,705

105,705

Intra-Cellular

Therapies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

62,686

56,417

56,417

Ionis

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

35,688

19,985

19,985

Kemper

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

1,858

1,951

1,951

44

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Leggett

&

Platt,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

67,922

104,680

104,680

Leslie's,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

338,231

443,083

443,083

Liberty

Broadband

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

39,808

224,517

224,517

Madison

Square

Garden

Sports

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

12,994

53,405

53,405

Maravai

LifeSciences

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

178,933

180,722

180,722

Match

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

71,877

173,942

173,942

nCino

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

20,917

109,187

109,187

NRG

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

169,672

35,631

35,631

Oak

Street

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

207,830

62,349

62,349

Olaplex

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

41,216

46,574

46,574

Ollie's

Bargain

Outlet

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

149,498

263,117

263,117

Opendoor

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

44,757

53,708

53,708

Peloton

Interactive,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

84,741

378,792

378,792

PerkinElmer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

36,886

214,677

214,677

Phillips

66

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

123,444

474,025

474,025

Pilgrim's

Pride

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

22,309

12,270

12,270

Pinnacle

West

Capital

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

3,032

4,215

4,215

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

44,336

46,109

46,109

Pool

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

14,996

463,805

463,805

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Post

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

16,275

13,183

13,183

QuantumScape

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

1.32%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

29,535

10,633

10,633

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

12,345

68,144

68,144

RingCentral,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

39,623

433,476

433,476

Rivian

Automotive,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

13.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

11,361

41,354

41,354

Science

Applications

International

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

60,083

20,744

20,744

Scotts

Miracle-

Gro

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

47,673

395,209

395,209

Service

Corp.

International

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

47,091

81,467

81,467

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

142,801

509,800

509,800

Skillz

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

680,709

306,319

306,319

Snap,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

183,267

344,542

344,542

SoFi

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

54,133

37,352

37,352

SolarEdge

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

19,133

40,753

40,753

Sunrun

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

159,657

546,027

546,027

Targa

Resources

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

6,853

4,317

4,317

TD

SYNNEX

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

16,486

57,536

57,536

Teladoc

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

86,398

349,048

349,048

Travelers

Cos.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

12,281

91,697

91,697

Ubiquiti,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

12,551

43,050

43,050

46

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

United

Therapeutics

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

38,490

36,566

36,566

Upstart

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.20%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

5,256

58,237

58,237

VeriSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

6,184

7,173

7,173

Viasat

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

129,972

70,185

70,185

Virgin

Galactic

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

49,339

55,753

55,753

Vroom,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

163,067

71,750

71,750

Wolfspeed

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

68,294

518,351

518,351

Total

unrealized

appreciation

16,090,437

16,090,437

–

–

Air

Lease

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

27,861

(10,448)

(10,448)

Allison

Transmission

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

173,225

(188,815)

(188,815)

Alnylam

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

9,524

(32,858)

(32,858)

Amazon.com,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

380

(48,013)

(48,013)

American

Campus

Communities,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

35,987

(50,022)

(50,022)

Arrow

Electronics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

73,361

(338,194)

(338,194)

AT&T,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

691,015

(248,765)

(248,765)

Avnet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

49,476

(80,151)

(80,151)

BorgWarner,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

84,761

(100,018)

(100,018)

Camden

Property

Trust

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

1,989

(8,334)

(8,334)

Carnival

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

378,886

(109,877)

(109,877)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Chegg

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

43,777

(6,567)

(6,567)

Chemours

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

33,333

(23,333)

(23,333)

Cirrus

Logic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

54,927

(180,161)

(180,161)

Cleveland-Cliffs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

243,949

(58,548)

(58,548)

Columbia

Sportswear

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

9,757

(39,711)

(39,711)

CommScope

Holding

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

239,240

(64,595)

(64,595)

Corteva

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

148,578

(60,917)

(60,917)

Coterra

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

323,421

(42,045)

(42,045)

Cummins,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

34,584

(201,279)

(201,279)

Deckers

Outdoor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

3,397

(51,736)

(51,736)

Dell

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

13,754

(66,569)

(66,569)

Dropbox,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

298,724

(262,877)

(262,877)

DuPont

de

Nemours,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

19,002

(77,718)

(77,718)

EMCOR

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

36,514

(106,621)

(106,621)

Evercore

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

17,626

(124,382)

(124,382)

Expeditors

International

of

Washington,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

37,586

(81,562)

(81,562)

First

American

Financial

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

122,271

(327,470)

(327,470)

Fortinet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

9,074

(52,085)

(52,085)

Freshpet

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

78,594

(84,881)

(84,881)

48

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Frontdoor

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

29,274

(11,124)

(11,124)

Frontier

Communications

Parent,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

132,559

(74,233)

(74,233)

General

Motors

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

113,474

(285,954)

(285,954)

Gilead

Sciences,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

32,353

(11,324)

(11,324)

GoDaddy

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

54,915

(85,118)

(85,118)

Grand

Canyon

Education,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

35,063

(8,415)

(8,415)

H&R

Block,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

259,222

(31,107)

(31,107)

Hanover

Insurance

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

21,777

(5,880)

(5,880)

Hewlett

Packard

Enterprise

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

86,517

(63,157)

(63,157)

Highwoods

Properties,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

71,886

(71,160)

(71,160)

Hilton

Worldwide

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

16,330

(58,298)

(58,298)

Houlihan

Lokey

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

24,501

(131,325)

(131,325)

Howard

Hughes

Corp.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

3,711

(4,787)

(4,787)

HP,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

44,973

(142,564)

(142,564)

Humana,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,038

(6,099)

(6,099)

Huntington

Ingalls

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

5,425

(8,897)

(8,897)

Huntsman

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,178

(1,236)

(1,236)

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

60,576

(17,567)

(17,567)

Ingredion,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

7,367

(6,262)

(6,262)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Intel

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

209,135

(486,239)

(486,239)

Jabil,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

39,573

(2,374)

(2,374)

Jacobs

Engineering

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

57,911

(41,117)

(41,117)

Landstar

System,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

32,811

(158,722)

(158,722)

Lear

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

29,056

(188,283)

(188,283)

ManpowerGroup

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

66,751

(404,511)

(404,511)

Meta

Platforms,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

20,672

(155,040)

(155,040)

MetLife,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

119,392

(89,544)

(89,544)

Microsoft

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

113,198

(733,523)

(733,523)

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

23,112

(227,422)

(227,422)

Molson

Coors

Beverage

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

53,548

(16,600)

(16,600)

MongoDB,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

6,231

(47,979)

(47,979)

NetApp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

25,854

(132,631)

(132,631)

New

Fortress

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

149,882

(608,521)

(608,521)

Norwegian

Cruise

Line

Holdings

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

337,731

(236,412)

(236,412)

Nutanix

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

36,190

(10,133)

(10,133)

NVR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

2,018

(568,148)

(568,148)

OneMain

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

28,068

(13,473)

(13,473)

Penske

Automotive

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

2,663

(24,446)

(24,446)

50

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Prudential

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

14,046

(20,929)

(20,929)

PulteGroup,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

22,482

(70,818)

(70,818)

R1

RCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

220,694

(46,346)

(46,346)

Raymond

James

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

51,552

(145,377)

(145,377)

Reinsurance

Group

of

America,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

27,845

(66,550)

(66,550)

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

37,547

(141,552)

(141,552)

Rocket

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.32%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

538,913

(400,400)

(400,400)

Ryder

System,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

29,432

(61,219)

(61,219)

Sarepta

Therapeutics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

44,789

(26,873)

(26,873)

Schneider

National,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

148,778

(129,931)

(129,931)

SLM

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

15,278

(2,750)

(2,750)

SolarWinds

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

39,824

(5,177)

(5,177)

Textron,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

79,811

(128,496)

(128,496)

Toll

Brothers,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

17,792

(67,254)

(67,254)

Travel

+

Leisure

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

29,092

(21,237)

(21,237)

Umpqua

Holdings

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

10,945

(13,681)

(13,681)

Unum

Group

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

199,038

(53,740)

(53,740)

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

4.82%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

941,563

(65,909)

(65,909)

Viatris

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

798,848

(166,381)

(166,381)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

W

R

Berkley

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

23,524

(3,764)

(3,764)

Western

Digital

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

28,829

(64,577)

(64,577)

Westrock

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

143,058

(137,336)

(137,336)

Xerox

Holdings

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

155,417

(62,167)

(62,167)

ZoomInfo

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

108,030

(85,344)

(85,344)

Total

unrealized

depreciation

(10,285,985)

(10,285,985)

–

–

Net

unrealized

appreciation

5,804,452

5,804,452

Financing

Costs

of

Swap

Contracts

202,053

202,053

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

6,006,505

6,006,505

As

of

March

31,

2022,

the

Fund

had

$27,080,000

segregated

as

collateral

for

swap

contracts.

OBFR

Overnight

Bank

Funding

Rate

52

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

—

The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

The

Fund

entered

into

total

return

swap

contracts

on

a

net

basis,

which

means

that

the

two

payment

streams

are

netted

out,

with

the

Fund

receiving

or

paying,

as

the

case

may

be,

only

the

net

amount

of

the

two

payments.

Payments

are

made

at

the

conclusion

of

a

total

return

swap

contract

or

periodically

during

its

term.

Total

return

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

Accordingly,

the

risk

of

loss

with

respect

to

total

return

swap

contracts

is

normally

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make.

If

the

counterparty

to

a

total

return

swap

defaults,

the

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

that

the

Fund

is

contractually

entitled

to

receive,

if

any.

Total

return

swap

contracts

are

marked-to-

market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,261,668,314

$

–

$

–

$

1,261,668,314

Total

Return

Swaps*

–

16,090,437

–

16,090,437

Total

Assets

$

1,261,668,314

$

16,090,437

$

–

$

1,277,758,751

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps*

$

–

$

(10,083,932)

$

–

$

(10,083,932)

Total

Liabilities

$

–

$

(10,083,932)

$

–

$

(10,083,932)

Total

$

1,261,668,314

$

6,006,505

$

–

$

1,267,674,819

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts(a)

Equity

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

$

16,090,437

Total

$

16,090,437

Liabilities:

Swap

Contracts(a)

Equity

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(10,083,932)

Total

$

(10,083,932)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.7%

Shares

Value

($)

Air

Freight

&

Logistics

2.5%

CH

Robinson

Worldwide,

Inc.

(a)

75,716

8,155,370

Expeditors

International

of

Washington,

Inc.

68,492

7,065,635

United

Parcel

Service,

Inc.,

Class

B

15,618

3,349,436

18,570,441

Banks

1.0%

First

Citizens

BancShares

,

Inc.,

Class

A

860

572,416

JPMorgan

Chase

&

Co.

19,886

2,710,860

Signature

Bank

817

239,781

SVB

Financial

Group*

5,878

3,288,447

Western

Alliance

Bancorp

4,937

408,882

7,220,386

Beverages

3.4%

Brown-Forman

Corp.,

Class

B

4,946

331,481

Coca-Cola

Co.

(The)

114,567

7,103,154

Monster

Beverage

Corp.*

88,768

7,092,563

PepsiCo,

Inc.

65,855

11,022,810

25,550,008

Biotechnology

4.8%

AbbVie,

Inc.

10,795

1,749,977

Amgen,

Inc.

42,944

10,384,718

Biogen,

Inc.*

8,549

1,800,419

Moderna

,

Inc.*

6,448

1,110,733

Regeneron

Pharmaceuticals,

Inc.*(a)

16,019

11,187,990

Seagen

,

Inc.*

21,144

3,045,793

United

Therapeutics

Corp.*

13,080

2,346,683

Vertex

Pharmaceuticals,

Inc.*

14,951

3,901,763

35,528,076

Building

Products

0.2%

Carrier

Global

Corp.

27,047

1,240,646

Capital

Markets

1.4%

BlackRock,

Inc.

2,648

2,023,522

CME

Group,

Inc.

19,698

4,685,366

MarketAxess

Holdings,

Inc.

2,112

718,503

T.

Rowe

Price

Group,

Inc.(a)

22,170

3,351,882

10,779,273

Chemicals

2.4%

Air

Products

&

Chemicals,

Inc.

4,353

1,087,858

CF

Industries

Holdings,

Inc.

18,817

1,939,280

Corteva

,

Inc.

41,820

2,403,814

Ecolab,

Inc.

48,904

8,634,490

Olin

Corp.

5,691

297,525

PPG

Industries,

Inc.

11,451

1,500,883

Sherwin-Williams

Co.

(The)

7,202

1,797,763

17,661,613

Commercial

Services

&

Supplies

2.7%

Copart

,

Inc.*

15,158

1,901,874

Republic

Services,

Inc.

50,941

6,749,683

Rollins,

Inc.

8,185

286,884

Waste

Management,

Inc.

68,867

10,915,420

19,853,861

Common

Stocks

Shares

Value

($)

Communications

Equipment

0.8%

Cisco

Systems,

Inc.

102,561

5,718,801

Containers

&

Packaging

0.4%

AptarGroup,

Inc.

2,115

248,512

Ball

Corp.(a)

3,635

327,150

Packaging

Corp.

of

America

14,863

2,320,263

2,895,925

Distributors

0.0%

†

Pool

Corp.

414

175,060

Diversified

Telecommunication

Services

1.4%

Verizon

Communications,

Inc.

206,019

10,494,608

Electric

Utilities

5.1%

Alliant

Energy

Corp.

5,271

329,332

American

Electric

Power

Co.,

Inc.

50,073

4,995,783

Duke

Energy

Corp.

44,721

4,993,547

Evergy

,

Inc.

38,619

2,639,223

Eversource

Energy

42,108

3,713,505

IDACORP,

Inc.(a)

11,736

1,353,865

NextEra

Energy,

Inc.

123,040

10,422,718

Pinnacle

West

Capital

Corp.

51,644

4,033,396

Xcel

Energy,

Inc.

76,481

5,519,634

38,001,003

Electrical

Equipment

0.9%

Eaton

Corp.

plc

26,238

3,981,879

Emerson

Electric

Co.

3,482

341,410

Rockwell

Automation,

Inc.

8,297

2,323,409

6,646,698

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Amphenol

Corp.,

Class

A

4,939

372,154

Entertainment

0.3%

Electronic

Arts,

Inc.

8,931

1,129,861

Take-Two

Interactive

Software,

Inc.*(a)

5,816

894,152

2,024,013

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

Life

Storage,

Inc.

7,929

1,113,469

Public

Storage

16,657

6,500,894

7,614,363

Food

&

Staples

Retailing

3.4%

Albertsons

Cos.,

Inc.,

Class

A

82,857

2,754,995

Costco

Wholesale

Corp.

20,278

11,677,086

Walmart,

Inc.

75,757

11,281,733

25,713,814

Food

Products

5.9%

Archer-Daniels-Midland

Co.

8,856

799,343

Campbell

Soup

Co.(a)

19,202

855,833

Flowers

Foods,

Inc.

112,210

2,884,919

General

Mills,

Inc.

50,887

3,446,068

Hain

Celestial

Group,

Inc.

(The)*

8,566

294,670

Hershey

Co.

(The)

58,533

12,680,004

Hormel

Foods

Corp.

195,493

10,075,709

J

M

Smucker

Co.

(The)

16,201

2,193,777

Kellogg

Co.(a)

17,824

1,149,470

McCormick

&

Co.,

Inc.

(Non-Voting)

33,254

3,318,749

2

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Food

Products

Mondelez

International,

Inc.,

Class

A

95,057

5,967,679

43,666,221

Health

Care

Equipment

&

Supplies

3.7%

Abbott

Laboratories

84,286

9,976,091

ABIOMED,

Inc.*

1,172

388,213

Align

Technology,

Inc.*

1,615

704,140

Becton

Dickinson

and

Co.

12,973

3,450,818

Edwards

Lifesciences

Corp.*

3,995

470,291

IDEXX

Laboratories,

Inc.*

5,831

3,189,907

Intuitive

Surgical,

Inc.*

7,505

2,264,109

Medtronic

plc

32,422

3,597,221

ResMed

,

Inc.

5,230

1,268,327

Stryker

Corp.

9,439

2,523,517

27,832,634

Health

Care

Providers

&

Services

3.0%

Anthem,

Inc.

9,894

4,860,131

Chemed

Corp.

8,867

4,491,579

Quest

Diagnostics,

Inc.

10,333

1,414,174

UnitedHealth

Group,

Inc.

23,225

11,844,053

22,609,937

Health

Care

Technology

0.1%

Veeva

Systems,

Inc.,

Class

A*

4,470

949,696

Household

Durables

0.3%

Garmin

Ltd.

20,795

2,466,495

Household

Products

3.7%

Church

&

Dwight

Co.,

Inc.(a)

34,129

3,391,740

Clorox

Co.

(The)

51,556

7,167,830

Colgate-Palmolive

Co.

76,648

5,812,218

Kimberly-Clark

Corp.

1,693

208,510

Procter

&

Gamble

Co.

(The)

69,635

10,640,228

27,220,526

Industrial

Conglomerates

0.7%

3M

Co.

25,461

3,790,634

Honeywell

International,

Inc.

6,562

1,276,834

5,067,468

Insurance

3.7%

Allstate

Corp.

(The)

29,593

4,098,926

Aon

plc,

Class

A

1,560

507,983

Chubb

Ltd.

15,976

3,417,266

Erie

Indemnity

Co.,

Class

A(a)

4,547

800,863

Everest

Re

Group

Ltd.

5,518

1,663,015

Marsh

&

McLennan

Cos.,

Inc.

21,592

3,679,709

Progressive

Corp.

(The)

74,876

8,535,115

Travelers

Cos.,

Inc.

(The)

25,638

4,684,832

27,387,709

Interactive

Media

&

Services

1.9%

Alphabet,

Inc.,

Class

A*

2,903

8,074,259

IAC/InterActiveCorp*(a)

3,033

304,149

Meta

Platforms,

Inc.,

Class

A*

27,559

6,128,020

14,506,428

Internet

&

Direct

Marketing

Retail

1.6%

Amazon.com,

Inc.*

2,761

9,000,722

DoorDash

,

Inc.,

Class

A*(a)

26,402

3,094,050

12,094,772

Common

Stocks

Shares

Value

($)

IT

Services

3.6%

Accenture

plc,

Class

A

14,065

4,743,140

Automatic

Data

Processing,

Inc.

13,213

3,006,486

Cloudflare

,

Inc.,

Class

A*(a)

22,185

2,655,545

Concentrix

Corp.

10,883

1,812,673

Mastercard

,

Inc.,

Class

A

8,059

2,880,125

MongoDB,

Inc.*

4,777

2,119,029

Paychex,

Inc.

2,348

320,432

Visa,

Inc.,

Class

A(a)

40,520

8,986,120

26,523,550

Life

Sciences

Tools

&

Services

5.0%

Agilent

Technologies,

Inc.

3,763

497,958

Bio-Rad

Laboratories,

Inc.,

Class

A*

5,527

3,112,972

Bio-

Techne

Corp.

1,164

504,058

Charles

River

Laboratories

International,

Inc.*

2,189

621,610

Danaher

Corp.

13,614

3,993,395

Illumina,

Inc.*

6,152

2,149,509

Mettler

-Toledo

International,

Inc.*

5,499

7,551,172

PerkinElmer,

Inc.(a)

31,658

5,523,055

QIAGEN

NV*

5,163

252,987

Thermo

Fisher

Scientific,

Inc.

18,525

10,941,791

Waters

Corp.*

4,579

1,421,276

West

Pharmaceutical

Services,

Inc.

1,191

489,155

37,058,938

Machinery

1.2%

Caterpillar,

Inc.

12,104

2,697,013

IDEX

Corp.

6,181

1,185,083

Illinois

Tool

Works,

Inc.

23,267

4,872,110

8,754,206

Media

1.0%

Charter

Communications,

Inc.,

Class

A*(a)

5,977

3,260,573

New

York

Times

Co.

(The),

Class

A

93,951

4,306,714

7,567,287

Metals

&

Mining

1.6%

Alcoa

Corp.

53,648

4,829,929

Newmont

Corp.

81,013

6,436,483

Royal

Gold,

Inc.

3,893

550,003

11,816,415

Multiline

Retail

1.3%

Dollar

General

Corp.(a)

2,901

645,849

Target

Corp.

44,076

9,353,809

9,999,658

Multi-Utilities

3.8%

Ameren

Corp.

60,196

5,643,977

Consolidated

Edison,

Inc.

37,368

3,538,002

Dominion

Energy,

Inc.

51,756

4,397,707

DTE

Energy

Co.(a)

37,547

4,964,089

Public

Service

Enterprise

Group,

Inc.

55,811

3,906,770

WEC

Energy

Group,

Inc.

59,197

5,908,453

28,358,998

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

3.4%

ConocoPhillips

27,796

2,779,600

Devon

Energy

Corp.

54,718

3,235,475

EOG

Resources,

Inc.

65,744

7,838,657

Hess

Corp.

5,279

565,064

Marathon

Oil

Corp.

279,518

7,018,697

Occidental

Petroleum

Corp.(a)

74,093

4,204,037

25,641,530

Personal

Products

0.6%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

15,182

4,134,362

Pharmaceuticals

4.8%

Eli

Lilly

&

Co.

36,500

10,452,505

Johnson

&

Johnson

64,069

11,354,949

Merck

&

Co.,

Inc.

89,891

7,375,557

Pfizer,

Inc.

72,491

3,752,859

Zoetis,

Inc.

15,841

2,987,454

35,923,324

Professional

Services

0.9%

FTI

Consulting,

Inc.*

9,406

1,478,811

Robert

Half

International,

Inc.

44,233

5,050,524

6,529,335

Road

&

Rail

3.2%

AMERCO(a)

4,562

2,723,240

JB

Hunt

Transport

Services,

Inc.

22,716

4,561,146

Landstar

System,

Inc.(a)

27,300

4,117,659

Old

Dominion

Freight

Line,

Inc.

32,159

9,605,250

Union

Pacific

Corp.

9,445

2,580,469

23,587,764

Semiconductors

&

Semiconductor

Equipment

0.9%

Broadcom,

Inc.

3,981

2,506,756

Texas

Instruments,

Inc.

22,233

4,079,311

6,586,067

Software

5.1%

Adobe,

Inc.*

16,225

7,392,435

Atlassian

Corp.

plc,

Class

A*

6,396

1,879,337

Crowdstrike

Holdings,

Inc.,

Class

A*

18,424

4,183,722

Dolby

Laboratories,

Inc.,

Class

A

3,451

269,937

Fortinet,

Inc.*

3,834

1,310,231

Intuit,

Inc.

8,202

3,943,850

Microsoft

Corp.

34,838

10,740,904

NortonLifeLock

,

Inc.

75,468

2,001,411

Oracle

Corp.

47,828

3,956,810

Tyler

Technologies,

Inc.*

802

356,802

Zoom

Video

Communications,

Inc.,

Class

A*

14,675

1,720,350

37,755,789

Specialty

Retail

2.4%

AutoZone,

Inc.*(a)

4,133

8,450,249

Best

Buy

Co.,

Inc.(a)

6,129

557,126

Home

Depot,

Inc.

(The)

25,156

7,529,946

O'Reilly

Automotive,

Inc.*

1,374

941,135

Williams-Sonoma,

Inc.(a)

2,761

400,345

17,878,801

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0.6%

Lululemon

Athletica

,

Inc.*(a)

7,086

2,588,020

NIKE,

Inc.,

Class

B

15,532

2,089,986

4,678,006

Thrifts

&

Mortgage

Finance

0.0%

†

TFS

Financial

Corp.

15,133

251,208

Tobacco

0.7%

Altria

Group,

Inc.

23,615

1,233,884

Philip

Morris

International,

Inc.

43,221

4,060,180

5,294,064

Water

Utilities

1.0%

American

Water

Works

Co.,

Inc.

45,079

7,461,927

Essential

Utilities,

Inc.

4,846

247,776

7,709,703

Wireless

Telecommunication

Services

1.3%

T-Mobile

US,

Inc.*

77,295

9,920,813

Total

Common

Stocks

(cost

$496,323,924)

735,832,447

Repurchase

Agreement

0.5%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,408,370,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$3,476,510.(b)

3,408,343

3,408,343

Total

Repurchase

Agreement

(cost

$3,408,343)

3,408,343

Total

Investments

(cost

$499,732,267)

—

99.2%

739,240,790

Other

assets

in

excess

of

liabilities

—

0.8%

5,790,657

NET

ASSETS

—

100.0%

$

745,031,447

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$63,865,664,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,408,343

and

by

$62,773,294

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/14/2022

–

2/15/2052,

a

total

value

of

$66,181,637.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$3,408,343.

4

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

12

6/2022

USD

2,718,450

169,757

Net

contracts

169,757

As

of

March

31,

2022,

the

Fund

had

$144,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

6

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

735,832,447

$

–

$

–

$

735,832,447

Futures

Contracts

169,757

–

–

169,757

Repurchase

Agreement

–

3,408,343

–

3,408,343

Total

$

736,002,204

$

3,408,343

$

–

$

739,410,547

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

169,757

Total

$

169,757

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

Common

Stocks

92

.6

%

Shares

Value

($)

Aerospace

&

Defense

2

.8

%

Airbus

SE*

21,911

2,648,461

BAE

Systems

plc

959,142

9,041,316

Huntington

Ingalls

Industries,

Inc.

18,968

3,782,978

15,472,755

Auto

Components

0

.7

%

Lear

Corp.

26,503

3,779,063

Automobiles

1

.5

%

General

Motors

Co.*

187,497

8,201,119

Banks

10

.4

%

Bank

of

America

Corp.

243,144

10,022,396

Citigroup,

Inc.

266,345

14,222,823

First

Citizens

BancShares,

Inc.,

Class

A

8,510

5,664,256

JPMorgan

Chase

&

Co.

61,460

8,378,227

M&T

Bank

Corp.

7,682

1,302,099

Wells

Fargo

&

Co.

354,629

17,185,321

56,775,122

Beverages

1

.3

%

Constellation

Brands,

Inc.,

Class

A

30,960

7,130,707

Capital

Markets

1

.9

%

Charles

Schwab

Corp.

(The)

65,155

5,493,218

Raymond

James

Financial,

Inc.

42,495

4,670,626

10,163,844

Chemicals

1

.5

%

Corteva,

Inc.

65,216

3,748,616

PPG

Industries,

Inc.

33,476

4,387,699

8,136,315

Communications

Equipment

2

.5

%

Cisco

Systems,

Inc.

242,619

13,528,436

Consumer

Finance

0

.6

%

Capital

One

Financial

Corp.

25,359

3,329,383

Containers

&

Packaging

1

.1

%

Sealed

Air

Corp.

90,406

6,053,586

Diversified

Financial

Services

1

.3

%

Apollo

Global

Management,

Inc.

53,979

3,346,158

Equitable

Holdings,

Inc.

114,352

3,534,621

6,880,779

Diversified

Telecommunication

Services

1

.6

%

Verizon

Communications,

Inc.

172,377

8,780,884

Electric

Utilities

0

.8

%

American

Electric

Power

Co.,

Inc.

45,652

4,554,700

Entertainment

0

.5

%

Activision

Blizzard,

Inc.

33,954

2,720,055

Food

Products

0

.7

%

Mondelez

International,

Inc.,

Class

A

57,354

3,600,684

Health

Care

Equipment

&

Supplies

5

.9

%

Alcon,

Inc.

27,502

2,172,469

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Becton

Dickinson

and

Co.

5,332

1,418,312

DENTSPLY

SIRONA,

Inc.

97,859

4,816,620

Koninklijke

Philips

NV

193,761

5,927,729

Medtronic

plc

98,837

10,965,965

Zimmer

Biomet

Holdings,

Inc.

54,320

6,947,528

32,248,623

Health

Care

Providers

&

Services

9

.6

%

AmerisourceBergen

Corp.

26,577

4,111,728

Anthem,

Inc.

32,634

16,030,473

Cigna

Corp.

32,043

7,677,823

CVS

Health

Corp.

33,050

3,344,991

Humana,

Inc.

23,636

10,285,678

Laboratory

Corp.

of

America

Holdings*

26,347

6,946,650

UnitedHealth

Group,

Inc.

7,802

3,978,786

52,376,129

Household

Durables

1

.5

%

Newell

Brands,

Inc.

175,264

3,752,402

Panasonic

Holdings

Corp.

483,700

4,684,217

8,436,619

Household

Products

0

.6

%

Reckitt

Benckiser

Group

plc

40,778

3,116,948

Industrial

Conglomerates

1

.7

%

General

Electric

Co.

66,181

6,055,562

Siemens

AG

(Registered)

25,339

3,511,028

9,566,590

Insurance

6

.8

%

Allstate

Corp.

(The)

15,553

2,154,246

American

International

Group,

Inc.

211,400

13,269,578

Fidelity

National

Financial,

Inc.

117,024

5,715,452

MetLife,

Inc.

102,068

7,173,339

Progressive

Corp.

(The)

18,713

2,133,095

Prudential

plc

53,247

786,553

Willis

Towers

Watson

plc

24,216

5,720,303

36,952,566

IT

Services

4

.8

%

Cognizant

Technology

Solutions

Corp.,

Class

A

107,481

9,637,821

Fidelity

National

Information

Services,

Inc.

91,239

9,162,221

Visa,

Inc.,

Class

A(a)

32,334

7,170,711

25,970,753

Machinery

1

.1

%

Komatsu

Ltd.

255,000

6,118,897

Media

2

.7

%

Comcast

Corp.,

Class

A(a)

186,003

8,708,660

Fox

Corp.,

Class

A

154,995

6,114,553

14,823,213

Multiline

Retail

1

.2

%

Dollar

General

Corp.(a)

29,690

6,609,885

Multi-Utilities

2

.2

%

CenterPoint

Energy,

Inc.

104,688

3,207,640

Public

Service

Enterprise

Group,

Inc.

41,770

2,923,900

NVIT

BlackRock

Equity

Dividend

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

Multi-Utilities

Sempra

Energy

33,504

5,632,693

11,764,233

Oil,

Gas

&

Consumable

Fuels

5

.6

%

BP

plc

2,364,101

11,553,443

ConocoPhillips

75,172

7,517,200

EQT

Corp.

187,378

6,447,677

Hess

Corp.

45,311

4,850,089

30,368,409

Personal

Products

1

.7

%

Unilever

plc,

ADR-UK(a)

201,126

9,165,312

Pharmaceuticals

6

.6

%

AstraZeneca

plc

88,837

11,780,782

Bayer

AG

(Registered)(a)

144,807

9,907,292

Novo

Nordisk

A/S,

ADR-DK

25,276

2,806,900

Sanofi

114,468

11,673,936

36,168,910

Professional

Services

1

.6

%

Leidos

Holdings,

Inc.(a)

79,902

8,631,014

Road

&

Rail

1

.2

%

Union

Pacific

Corp.

23,110

6,313,883

Semiconductors

&

Semiconductor

Equipment

0

.5

%

Analog

Devices,

Inc.

16,334

2,698,050

Software

3

.4

%

CDK

Global,

Inc.

134,001

6,523,169

Microsoft

Corp.

15,299

4,716,835

SS&C

Technologies

Holdings,

Inc.

95,480

7,162,909

18,402,913

Specialty

Retail

1

.3

%

Ross

Stores,

Inc.

80,651

7,295,690

Technology

Hardware,

Storage

&

Peripherals

0

.6

%

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S

2,384

3,367,737

Tobacco

1

.4

%

Altria

Group,

Inc.

65,142

3,403,669

British

American

Tobacco

plc

97,072

4,060,173

7,463,842

Wireless

Telecommunication

Services

1

.4

%

Rogers

Communications,

Inc.,

Class

B

134,598

7,618,409

Total

Common

Stocks

(cost

$409,444,620)

504,586,057

Master

Limited

Partnership

2

.2

%

Oil,

Gas

&

Consumable

Fuels

2

.2

%

Enterprise

Products

Partners

LP

468,863

12,101,354

Total

Master

Limited

Partnership

(cost  $10,785,260)

12,101,354

Repurchase

Agreement

0

.0

%

†

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,726,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$4,820.

(b)

4,725

4,725

Total

Repurchase

Agreement

(cost

$4,725)

4,725

Total

Investments

(cost

$420,234,605)

—

94.8%

516,692,136

Other

assets

in

excess

of

liabilities

—

5.2%

28,256,132

NET

ASSETS

—

100.0%

$

544,948,268

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$13,807,830,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,725

and

by

$14,315,890

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/14/2022

–

2/15/2052,

a

total

value

of

$14,320,615.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$4,725.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

KR

South

Korea

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

UK

United

Kingdom

10

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

BlackRock

Equity

Dividend

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

3,782,978

$

11,689,777

$

–

$

15,472,755

Auto

Components

3,779,063

–

–

3,779,063

Automobiles

8,201,119

–

–

8,201,119

Banks

56,775,122

–

–

56,775,122

Beverages

7,130,707

–

–

7,130,707

Capital

Markets

10,163,844

–

–

10,163,844

Chemicals

8,136,315

–

–

8,136,315

Communications

Equipment

13,528,436

–

–

13,528,436

Consumer

Finance

3,329,383

–

–

3,329,383

Containers

&

Packaging

6,053,586

–

–

6,053,586

Diversified

Financial

Services

6,880,779

–

–

6,880,779

Diversified

Telecommunication

Services

8,780,884

–

–

8,780,884

Electric

Utilities

4,554,700

–

–

4,554,700

Entertainment

2,720,055

–

–

2,720,055

Food

Products

3,600,684

–

–

3,600,684

Health

Care

Equipment

&

Supplies

24,148,425

8,100,198

–

32,248,623

Health

Care

Providers

&

Services

52,376,129

–

–

52,376,129

Household

Durables

3,752,402

4,684,217

–

8,436,619

Household

Products

–

3,116,948

–

3,116,948

Industrial

Conglomerates

6,055,562

3,511,028

–

9,566,590

Insurance

36,166,013

786,553

–

36,952,566

IT

Services

25,970,753

–

–

25,970,753

Machinery

–

6,118,897

–

6,118,897

Media

14,823,213

–

–

14,823,213

Multiline

Retail

6,609,885

–

–

6,609,885

Multi-Utilities

11,764,233

–

–

11,764,233

Oil,

Gas

&

Consumable

Fuels

18,814,966

11,553,443

–

30,368,409

Personal

Products

9,165,312

–

–

9,165,312

Pharmaceuticals

2,806,900

33,362,010

–

36,168,910

Professional

Services

8,631,014

–

–

8,631,014

Road

&

Rail

6,313,883

–

–

6,313,883

Semiconductors

&

Semiconductor

Equipment

2,698,050

–

–

2,698,050

Software

18,402,913

–

–

18,402,913

Specialty

Retail

7,295,690

–

–

7,295,690

Technology

Hardware,

Storage

&

Peripherals

–

3,367,737

–

3,367,737

Tobacco

3,403,669

4,060,173

–

7,463,842

Wireless

Telecommunication

Services

7,618,409

–

–

7,618,409

Total

Common

Stocks

$

414,235,076

$

90,350,981

$

–

$

504,586,057

Master

Limited

Partnership

12,101,354

–

–

12,101,354

Repurchase

Agreement

–

4,725

–

4,725

Total

$

426,336,430

$

90,355,706

$

–

$

516,692,136

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

96.2%

Shares

Value

($)

Aerospace

&

Defense

2.6%

Aerojet

Rocketdyne

Holdings,

Inc.*(a)

31,377

1,234,685

Lockheed

Martin

Corp.

13,501

5,959,341

7,194,026

Air

Freight

&

Logistics

1.3%

Expeditors

International

of

Washington,

Inc.

2,634

271,724

FedEx

Corp.

14,565

3,370,195

3,641,919

Auto

Components

0.6%

Dana,

Inc.

97,083

1,705,748

Automobiles

1.9%

Tesla,

Inc.*

4,745

5,113,212

Winnebago

Industries,

Inc.

4,579

247,404

5,360,616

Banks

0.8%

Citizens

Financial

Group,

Inc.

(a)

26,513

1,201,834

Western

Alliance

Bancorp

13,561

1,123,122

2,324,956

Beverages

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

1,913

743,143

Coca-Cola

Consolidated,

Inc.

(a)

917

455,612

1,198,755

Biotechnology

5.9%

ACADIA

Pharmaceuticals,

Inc.*

28,346

686,540

Alnylam

Pharmaceuticals,

Inc.*

16,653

2,719,268

Exelixis

,

Inc.*

66,504

1,507,646

Incyte

Corp.*

36,717

2,916,064

Ionis

Pharmaceuticals,

Inc.*

59,632

2,208,769

PTC

Therapeutics,

Inc.*

26,443

986,588

Sarepta

Therapeutics,

Inc.*

20,995

1,640,130

Vertex

Pharmaceuticals,

Inc.*

15,487

4,041,643

16,706,648

Capital

Markets

0.9%

Houlihan

Lokey

,

Inc.

9,565

839,807

Moelis

&

Co.,

Class

A

34,716

1,629,916

2,469,723

Chemicals

3.2%

Axalta

Coating

Systems

Ltd.*

16,457

404,513

Celanese

Corp.

17,296

2,471,080

Chemours

Co.

(The)(a)

64,690

2,036,441

FMC

Corp.

4,062

534,437

LyondellBasell

Industries

NV,

Class

A

9,206

946,561

Olin

Corp.

35,558

1,858,972

Westlake

Corp.(a)

7,169

884,655

9,136,659

Communications

Equipment

0.6%

CommScope

Holding

Co.,

Inc.*

225,825

1,779,501

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

0.6%

EMCOR

Group,

Inc.

14,244

1,604,302

Consumer

Finance

0.9%

Synchrony

Financial

70,535

2,455,323

Containers

&

Packaging

0.2%

O-I

Glass,

Inc.*

52,642

693,822

Diversified

Consumer

Services

0.4%

frontdoor

,

Inc.*

34,271

1,022,989

Electric

Utilities

0.9%

NRG

Energy,

Inc.

62,703

2,405,287

Electronic

Equipment,

Instruments

&

Components

2.5%

Itron

,

Inc.*

33,659

1,773,156

Jabil,

Inc.

51,009

3,148,786

Vontier

Corp.

80,737

2,049,912

6,971,854

Entertainment

0.2%

Madison

Square

Garden

Sports

Corp.*

2,404

431,182

Equity

Real

Estate

Investment

Trusts

(REITs)

1.4%

Equinix

,

Inc.

1,196

886,977

Ryman

Hospitality

Properties,

Inc.*

11,806

1,095,243

SBA

Communications

Corp.

5,311

1,827,515

3,809,735

Food

&

Staples

Retailing

0.9%

Costco

Wholesale

Corp.

4,627

2,664,458

Food

Products

1.3%

Hershey

Co.

(The)

14,272

3,091,743

Pilgrim's

Pride

Corp.*

17,529

439,978

3,531,721

Health

Care

Providers

&

Services

2.1%

Cardinal

Health,

Inc.

14,151

802,362

DaVita,

Inc.*

4,579

517,930

McKesson

Corp.

15,453

4,730,627

6,050,919

Hotels,

Restaurants

&

Leisure

3.9%

Booking

Holdings,

Inc.*

925

2,172,316

Domino's

Pizza,

Inc.

453

184,376

Hilton

Worldwide

Holdings,

Inc.*

19,076

2,894,592

Starbucks

Corp.

43,378

3,946,097

Travel

+

Leisure

Co.

31,908

1,848,749

11,046,130

Household

Durables

1.4%

NVR,

Inc.*

51

227,831

PulteGroup,

Inc.

25,529

1,069,665

Sonos

,

Inc.*(a)

43,862

1,237,786

Toll

Brothers,

Inc.

18,945

890,794

Tri

Pointe

Homes,

Inc.*

19,366

388,869

3,814,945

Insurance

2.3%

Arch

Capital

Group

Ltd.*

21,531

1,042,531

Everest

Re

Group

Ltd.

6,165

1,858,008

Lincoln

National

Corp.

24,740

1,617,006

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Insurance

RenaissanceRe

Holdings

Ltd.

13,054

2,069,190

6,586,735

Interactive

Media

&

Services

7.9%

Alphabet,

Inc.,

Class

C*

6,296

17,584,665

Meta

Platforms,

Inc.,

Class

A*

12,984

2,887,122

Yelp,

Inc.*

51,435

1,754,448

22,226,235

Internet

&

Direct

Marketing

Retail

5.0%

Amazon.com,

Inc.*

3,283

10,702,416

eBay,

Inc.

59,739

3,420,655

14,123,071

IT

Services

7.6%

Automatic

Data

Processing,

Inc.

9,469

2,154,576

CSG

Systems

International,

Inc.

29,405

1,869,276

EPAM

Systems,

Inc.*

9,800

2,906,778

Genpact

Ltd.

7,278

316,666

GoDaddy

,

Inc.,

Class

A*

30,065

2,516,441

Mastercard

,

Inc.,

Class

A

23,069

8,244,399

WEX,

Inc.*

5,496

980,761

Wix.com

Ltd.*

22,422

2,342,202

21,331,099

Machinery

1.0%

AGCO

Corp.

1,457

212,766

Allison

Transmission

Holdings,

Inc.

68,932

2,706,270

2,919,036

Paper

&

Forest

Products

0.7%

Louisiana-Pacific

Corp.(a)

32,732

2,033,312

Personal

Products

0.7%

Herbalife

Nutrition

Ltd.*(a)

42,642

1,294,611

Nu

Skin

Enterprises,

Inc.,

Class

A

14,917

714,226

2,008,837

Professional

Services

2.3%

Booz

Allen

Hamilton

Holding

Corp.

28,386

2,493,426

Insperity

,

Inc.

21,616

2,170,679

TriNet

Group,

Inc.*

18,916

1,860,578

6,524,683

Road

&

Rail

1.1%

Landstar

System,

Inc.(a)

15,283

2,305,135

Lyft,

Inc.,

Class

A*

4,732

181,709

Werner

Enterprises,

Inc.

16,973

695,893

3,182,737

Semiconductors

&

Semiconductor

Equipment

4.8%

Lam

Research

Corp.

5,940

3,193,403

Micron

Technology,

Inc.

34,277

2,669,835

NVIDIA

Corp.

8,438

2,302,393

QUALCOMM,

Inc.

36,046

5,508,550

13,674,181

Software

14.4%

Adobe,

Inc.*

7,581

3,454,055

Autodesk,

Inc.*

19,425

4,163,749

Box,

Inc.,

Class

A*(a)

61,769

1,795,007

Common

Stocks

Shares

Value

($)

Software

CommVault

Systems,

Inc.*(a)

32,587

2,162,148

Dropbox,

Inc.,

Class

A*(a)

39,311

913,981

Fortinet,

Inc.*

13,768

4,705,076

Microsoft

Corp.

66,562

20,521,730

Nutanix

,

Inc.,

Class

A*(a)

51,532

1,382,088

Zscaler

,

Inc.*

6,988

1,686,065

40,783,899

Specialty

Retail

2.6%

Asbury

Automotive

Group,

Inc.*(a)

1,595

255,519

AutoZone,

Inc.*

2,227

4,553,280

Best

Buy

Co.,

Inc.

27,184

2,471,025

7,279,824

Technology

Hardware,

Storage

&

Peripherals

10.5%

Apple,

Inc.

136,373

23,812,090

Dell

Technologies,

Inc.,

Class

C*

39,538

1,984,412

HP,

Inc.(a)

97,454

3,537,580

NetApp,

Inc.

3,284

272,572

29,606,654

Textiles,

Apparel

&

Luxury

Goods

0.2%

Columbia

Sportswear

Co.

6,578

595,506

Trading

Companies

&

Distributors

0.2%

Boise

Cascade

Co.

8,358

580,630

Total

Common

Stocks

(cost

$195,975,342)

271,477,657

Exchange

Traded

Fund

1.0%

Equity

Fund

1.0%

iShares

Russell

1000

Growth

ETF

10,500

2,915,115

Total

Exchange

Traded

Fund

(cost

$2,975,887)

2,915,115

Repurchase

Agreement

0.8%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,178,261,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$2,221,808.(b)

2,178,243

2,178,243

Total

Repurchase

Agreement

(cost

$2,178,243)

2,178,243

Total

Investments

(cost

$201,129,472)

—

98.0%

276,571,015

Other

assets

in

excess

of

liabilities

—

2.0%

5,704,815

NET

ASSETS

—

100.0%

$

282,275,830

14

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$16,538,145,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,178,243

and

by

$15,147,695

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2022

–

11/15/2051,

a

total

value

of

$17,325,938.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$2,178,243.

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

March

31,

2022

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

10X

Genomics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

4,605

5,434

5,434

3D

Systems

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

28,099

25,008

25,008

AAON,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

25,467

9,677

9,677

Advanced

Drainage

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

871

6,994

6,994

Aerojet

Rocketdyne

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

1,181

1,075

1,075

AGCO

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

19,825

77,516

77,516

Altair

Engineering,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

16,825

27,296

27,296

Amicus

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

107,513

45,693

45,693

Amphenol

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

13,204

23,899

23,899

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

22,574

74,946

74,946

Appian

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

2,780

15,957

15,957

Ares

Management

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

16,827

14,639

14,639

Arrowhead

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,280

2,394

2,394

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Automatic

Data

Processing,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

9,672

35,109

35,109

Axonics

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

2,892

463

463

Azenta

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

14,777

83,786

83,786

Bath

&

Body

Works,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

26,008

–

–

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

11,824

–

–

Bill.com

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

6,575

93,891

93,891

BioCryst

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

20,927

17,788

17,788

Bio-

Techne

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

297

3,855

3,855

Blackstone,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

7,763

37,573

37,573

Bloom

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

4,447

5,870

5,870

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

17,089

66,134

66,134

Cardlytics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

6,671

35,156

35,156

CareDx

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

1,810

5,647

5,647

Cargurus

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

30,141

47,321

47,321

Carvana

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

3,650

70,810

70,810

Celsius

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

7,275

31,574

31,574

Central

Garden

&

Pet

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

6,023

9,035

9,035

Chart

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

6,679

19,837

19,837

Cheniere

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

5,036

302

302

16

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Civitas

Resources,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

6,629

3,497

3,497

Coca-Cola

Consolidated,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

627

1,499

1,499

Corning,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

30,418

34,677

34,677

Costco

Wholesale

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

2,494

14,640

14,640

Cytokinetics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

25,540

41,119

41,119

Danaher

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

4,801

10,850

10,850

Delta

Air

Lines,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

68,419

3,421

3,421

Digital

Turbine,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

5,876

18,568

18,568

Dorman

Products,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

11,461

344

344

Entegris

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

8,105

–

–

Everest

Re

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

2,875

1,006

1,006

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

11,874

23,273

23,273

Exelixis

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

51,160

34,789

34,789

Fate

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

12,669

40,161

40,161

Fox

Factory

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

13,320

68,598

68,598

FuelCell

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

20,326

9,756

9,756

Generac

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

4,611

104,614

104,614

GoHealth

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

177,776

23,111

23,111

H&R

Block,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

54,728

8,108

8,108

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Hamilton

Lane,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

14,901

22,650

22,650

Hershey

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

1,439

4,016

4,016

II-VI,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

16,158

32,154

32,154

Installed

Building

Products,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

2,897

18,990

18,990

Intellia

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

2,308

8,216

8,216

Intra-Cellular

Therapies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

14,623

13,161

13,161

Invitae

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

43,831

38,133

38,133

Ionis

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

24,862

13,923

13,923

Lakeland

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

10,141

27,786

27,786

Lamb

Weston

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

6,354

1,779

1,779

Lantheus

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

14,727

19,587

19,587

Las

Vegas

Sands

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

13,772

15,562

15,562

LCI

Industries

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

12,780

80,252

80,252

Leslie's,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

71,223

90,397

90,397

Maravai

LifeSciences

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

28,146

28,427

28,427

Match

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

12,641

30,591

30,591

MicroStrategy

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

1,811

60,994

60,994

Middleby

Corp.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

3,148

18,605

18,605

nCino

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

7,589

39,615

39,615

18

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Neogen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

42,943

47,667

47,667

NeoGenomics

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

32,426

11,025

11,025

Newmark

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

32,697

9,482

9,482

NRG

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

6,943

1,458

1,458

Onto

Innovation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

8,154

37,916

37,916

Opendoor

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

6,667

8,000

8,000

Pacific

Biosciences

of

California,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

19,148

23,361

23,361

Peloton

Interactive,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

18,532

82,838

82,838

Petco

Health

&

Wellness

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

49,831

46,343

46,343

Pilgrim's

Pride

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

27,545

15,150

15,150

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,103

3,227

3,227

Pool

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

3,118

96,602

96,602

Power

Integrations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

15,182

–

–

Quaker

Chemical

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

8,084

132,269

132,269

QuantumScape

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

1.32%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

3,967

1,428

1,428

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

7,091

39,142

39,142

Regal

Rexnord

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

9,458

69,181

69,181

RenaissanceRe

Holdings

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,386

2,810

2,810

RingCentral,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

8,317

90,988

90,988

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Rivian

Automotive,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

13.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

1,797

6,541

6,541

Roku,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

233

2,864

2,864

SBA

Communications

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

3,727

15,094

15,094

Shake

Shack,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

10,834

23,401

23,401

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

26,062

93,041

93,041

Simpson

Manufacturing

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

2,209

13,144

13,144

Skillz

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

143,264

64,469

64,469

Take-Two

Interactive

Software,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

3,139

15,161

15,161

TechTarget

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

12,527

29,689

29,689

Thermo

Fisher

Scientific,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

2,225

4,272

4,272

Trupanion

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

8,203

72,597

72,597

Twist

Bioscience

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

14,863

25,416

25,416

Virgin

Galactic

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

4,531

5,120

5,120

Vroom,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

30,529

13,433

13,433

Wayfair,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

3,453

64,709

64,709

WD-40

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

6,989

36,832

36,832

West

Pharmaceutical

Services,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

2,538

8,655

8,655

WEX,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

1,350

1,269

1,269

Ziff

Davis,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

14,449

86,924

86,924

20

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Zscaler

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

3,715

–

–

Total

unrealized

appreciation

3,203,066

3,203,066

–

–

Allison

Transmission

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

2,353

(2,565)

(2,565)

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

12,866

(55,967)

(55,967)

Arch

Capital

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

15,171

(2,124)

(2,124)

Asbury

Automotive

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

5,002

(65,426)

(65,426)

Best

Buy

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

1,636

(14,675)

(14,675)

Boise

Cascade

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

1,697

(9,554)

(9,554)

Boston

Beer

Co.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

1,816

(14,601)

(14,601)

Box,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

1,717

(790)

(790)

Brookfield

Renewable

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

36,875

(62,319)

(62,319)

Cardinal

Health,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

35,818

(15,015)

(15,015)

Chemours

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

18,441

(12,909)

(12,909)

CommScope

Holding

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

33,739

(9,110)

(9,110)

Coterra

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

57,312

(7,451)

(7,451)

CSG

Systems

International,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

10,909

(6,164)

(6,164)

Dana,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

48,616

(37,434)

(37,434)

DaVita,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

12,970

(32,036)

(32,036)

Dropbox,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

73,847

(64,985)

(64,985)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

EPAM

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

149

(1,556)

(1,556)

Equinix

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

5,307

(94,625)

(94,625)

Expeditors

International

of

Washington,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

23,096

(50,118)

(50,118)

FedEx

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

3,178

(22,818)

(22,818)

Freshpet

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

14,552

(15,716)

(15,716)

GoDaddy

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

5,720

(8,866)

(8,866)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

28,889

(8,378)

(8,378)

–

–

Herbalife

Nutrition

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

19,974

(22,970)

(22,970)

Hilton

Worldwide

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

5,782

(20,642)

(20,642)

Houlihan

Lokey

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

2,582

(13,840)

(13,840)

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

1,816

(527)

(527)

Itron

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

14,415

(20,613)

(20,613)

JB

Hunt

Transport

Services,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

12,496

(105,341)

(105,341)

JELD-WEN

Holding,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

19,915

(54,169)

(54,169)

Lam

Research

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

3,021

(94,618)

(94,618)

Landstar

System,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

369

(1,723)

(1,723)

Lincoln

National

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

9,881

(27,469)

(27,469)

Livent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

30,786

(28,323)

(28,323)

Louisiana-Pacific

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

3,565

(20,285)

(20,285)

22

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Lyft,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

26,448

(46,548)

(46,548)

Meta

Platforms,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

35,873

(269,047)

(269,047)

Moelis

&

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

240

(365)

(365)

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

10,499

(103,310)

(103,310)

MongoDB,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

1,089

(8,385)

(8,385)

Murphy

USA,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

12,060

(32,200)

(32,200)

NetApp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

32,693

(167,715)

(167,715)

New

Fortress

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

26,709

(108,439)

(108,439)

Nu

Skin

Enterprises,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

390

(82)

(82)

Nutanix

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

19,639

(5,499)

(5,499)

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

4,706

(29,114)

(29,114)

NVR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

185

(52,085)

(52,085)

O-I

Glass,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

24,972

(9,240)

(9,240)

Olin

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

2,481

(2,600)

(2,600)

Outset

Medical,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

30,134

(41,585)

(41,585)

Pegasystems

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

20,803

(42,230)

(42,230)

PROG

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

2,891

(1,937)

(1,937)

PTC

Therapeutics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

27,384

(43,267)

(43,267)

PulteGroup,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

32,425

(107,002)

(107,002)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

QUALCOMM,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

3,063

(23,187)

(23,187)

R1

RCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

25,972

(5,454)

(5,454)

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

7,448

(28,079)

(28,079)

Robert

Half

International,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

21,784

(156,409)

(156,409)

Rocket

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.32%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

107,483

(85,462)

(85,462)

Royalty

Pharma

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

35,142

(14,408)

(14,408)

Sarepta

Therapeutics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

2,633

(1,580)

(1,580)

Sonos

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

22,386

(61,114)

(61,114)

Southwestern

Energy

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

122,830

(20,881)

(20,881)

Starbucks

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

18,624

(7,034)

(7,034)

Teradyne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

11,777

(82,792)

(82,792)

Terex

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

35,391

(86,000)

(86,000)

Tesla,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

634

(13,929)

(13,929)

Toll

Brothers,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

27,953

(105,662)

(105,662)

Travel

+

Leisure

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2023

6,074

(4,434)

(4,434)

Tri

Pointe

Homes,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/30/2022

25,343

(33,706)

(33,706)

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

4.82%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

15,423

(8,501)

(8,501)

Vertiv

Holdings

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

34,802

(12,529)

(12,529)

Werner

Enterprises,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

41,843

(67,367)

(67,367)

24

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Yelp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

966

(1,729)

(1,729)

Total

unrealized

depreciation

(2,916,629)

(2,916,629)

–

–

Net

unrealized

appreciation

286,437

286,437

Financing

Costs

of

Swap

Contracts

(37,203)

(37,203)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

249,234

249,234

As

of

March

31,

2022,

the

Fund

had

$1,639,774

segregated

as

collateral

for

swap

contracts.

OBFR

Overnight

Bank

Funding

Rate

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

26

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

—

The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

The

Fund

entered

into

total

return

swap

contracts

on

a

net

basis,

which

means

that

the

two

payment

streams

are

netted

out,

with

the

Fund

receiving

or

paying,

as

the

case

may

be,

only

the

net

amount

of

the

two

payments.

Payments

are

made

at

the

conclusion

of

a

total

return

swap

contract

or

periodically

during

its

term.

Total

return

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

Accordingly,

the

risk

of

loss

with

respect

to

total

return

swap

contracts

is

normally

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make.

If

the

counterparty

to

a

total

return

swap

defaults,

the

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

that

the

Fund

is

contractually

entitled

to

receive,

if

any.

Total

return

swap

contracts

are

marked-to-

market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

271,477,657

$

–

$

–

$

271,477,657

Exchange

Traded

Fund

2,915,115

–

–

2,915,115

Repurchase

Agreement

–

2,178,243

–

2,178,243

Total

Return

Swaps*

–

3,203,066

–

3,203,066

Total

Assets

$

274,392,772

$

5,381,309

$

–

$

279,774,081

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps*

$

–

$

(2,953,832)

$

–

$

(2,953,832)

Total

Liabilities

$

–

$

(2,953,832)

$

–

$

(2,953,832)

Total

$

274,392,772

$

2,427,477

$

–

$

276,820,249

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts(a)

Equity

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

$

3,203,066

Total

$

3,203,066

Liabilities:

Swap

Contracts(a)

Equity

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(2,953,832)

Total

$

(2,953,832)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

99.3%

Shares

Value

($)

Aerospace

&

Defense

2.8%

Raytheon

Technologies

Corp.

72,000

7,133,040

Banks

2.8%

JPMorgan

Chase

&

Co.

52,000

7,088,640

Capital

Markets

8.4%

Brookfield

Asset

Management,

Inc.,

Class

A

186,000

10,522,020

Charles

Schwab

Corp.

(The)

75,000

6,323,250

Intercontinental

Exchange,

Inc.

33,000

4,359,960

21,205,230

Chemicals

1.3%

Sherwin-Williams

Co.

(The)

13,000

3,245,060

Communications

Equipment

5.9%

Cisco

Systems,

Inc.

112,000

6,245,120

Motorola

Solutions,

Inc.

36,000

8,719,200

14,964,320

Construction

Materials

1.3%

Eagle

Materials,

Inc.

26,000

3,337,360

Containers

&

Packaging

5.5%

Ball

Corp.

91,000

8,190,000

Graphic

Packaging

Holding

Co.

285,000

5,711,400

13,901,400

Diversified

Financial

Services

7.3%

Apollo

Global

Management,

Inc.

64,000

3,967,360

Berkshire

Hathaway,

Inc.,

Class

B*

40,500

14,292,855

18,260,215

Electrical

Equipment

1.5%

Rockwell

Automation,

Inc.

13,500

3,780,405

Entertainment

1.6%

Walt

Disney

Co.

(The)*

29,000

3,977,640

Food

&

Staples

Retailing

3.5%

BJ's

Wholesale

Club

Holdings,

Inc.*

50,000

3,380,500

US

Foods

Holding

Corp.*

141,000

5,305,830

8,686,330

Food

Products

2.3%

Lamb

Weston

Holdings,

Inc.

33,000

1,977,030

Mondelez

International,

Inc.,

Class

A

61,000

3,829,580

5,806,610

Health

Care

Equipment

&

Supplies

1.2%

Becton

Dickinson

and

Co.

11,000

2,926,000

Health

Care

Providers

&

Services

3.7%

HCA

Healthcare,

Inc.

37,000

9,272,940

Hotels,

Restaurants

&

Leisure

5.5%

Aramark

155,000

5,828,000

Booking

Holdings,

Inc.*

1,200

2,818,140

McDonald's

Corp.

21,500

5,316,520

13,962,660

Household

Products

0.4%

WD-40

Co.

5,000

916,150

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0.9%

Brookfield

Renewable

Corp.

50,000

2,190,000

Insurance

2.6%

Chubb

Ltd.

30,500

6,523,950

Interactive

Media

&

Services

4.6%

Alphabet,

Inc.,

Class

C*

4,100

11,451,259

Internet

&

Direct

Marketing

Retail

3.1%

Amazon.com,

Inc.*

2,400

7,823,880

IT

Services

1.1%

PayPal

Holdings,

Inc.*

24,500

2,833,425

Leisure

Products

0.9%

Brunswick

Corp.

27,500

2,224,475

Machinery

5.6%

Deere

&

Co.

7,000

2,908,220

Nordson

Corp.

18,000

4,087,440

Stanley

Black

&

Decker,

Inc.

37,000

5,172,230

Westinghouse

Air

Brake

Technologies

Corp.

19,000

1,827,230

13,995,120

Media

2.9%

Cable

One,

Inc.

1,600

2,342,784

Comcast

Corp.,

Class

A

105,000

4,916,100

7,258,884

Pharmaceuticals

2.4%

Pfizer,

Inc.

118,000

6,108,860

Road

&

Rail

3.4%

CSX

Corp.

228,000

8,538,600

Software

4.9%

Microsoft

Corp.

40,000

12,332,400

Specialty

Retail

3.2%

Lowe's

Cos.,

Inc.

28,000

5,661,320

TJX

Cos.,

Inc.

(The)

41,000

2,483,780

8,145,100

Technology

Hardware,

Storage

&

Peripherals

4.6%

Apple,

Inc.

66,000

11,524,260

Textiles,

Apparel

&

Luxury

Goods

2.4%

Columbia

Sportswear

Co.

22,000

1,991,660

NIKE,

Inc.,

Class

B

31,000

4,171,360

6,163,020

Wireless

Telecommunication

Services

1.7%

T-Mobile

US,

Inc.*

33,000

4,235,550

Total

Investments

(cost

$129,581,814)

—

99.3%

249,812,783

Other

assets

in

excess

of

liabilities

—

0.7%

1,767,562

NET

ASSETS

—

100.0%

$

251,580,345

*

Denotes

a

non-income

producing

security.

28

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fun

d’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

249,812,783

$

–

$

–

$

249,812,783

Total

$

249,812,783

$

–

$

–

$

249,812,783

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

30

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

95.1%

Shares

Value

($)

Aerospace

&

Defense

1.4%

BAE

Systems

plc

60,380

569,170

General

Dynamics

Corp.

2,182

526,255

Huntington

Ingalls

Industries,

Inc.(a)

7,280

1,451,923

Textron,

Inc.

38,000

2,826,440

5,373,788

Airlines

1.2%

Alaska

Air

Group,

Inc.*

39,300

2,279,793

Southwest

Airlines

Co.*

51,449

2,356,364

4,636,157

Auto

Components

1.6%

Aptiv

plc*

13,522

1,618,719

BorgWarner,

Inc.

105,487

4,103,444

Bridgestone

Corp.

12,900

499,249

6,221,412

Banks

3.8%

Commerce

Bancshares,

Inc.

(a)

2,461

176,183

First

Citizens

BancShares

,

Inc.,

Class

A

3,389

2,255,719

First

Hawaiian,

Inc.

49,675

1,385,436

Huntington

Bancshares,

Inc.

125,800

1,839,196

M&T

Bank

Corp.

2,294

388,833

Prosperity

Bancshares,

Inc.(a)

46,824

3,248,649

Truist

Financial

Corp.

28,669

1,625,532

Westamerica

Bancorp

11,994

725,637

Zions

Bancorp

NA

45,500

2,982,980

14,628,165

Beverages

0.5%

Molson

Coors

Beverage

Co.,

Class

B

33,660

1,796,771

Biotechnology

0.1%

United

Therapeutics

Corp.*

2,715

487,098

Building

Products

0.6%

Cie

de

Saint-Gobain

14,003

833,320

Owens

Corning

16,400

1,500,600

2,333,920

Capital

Markets

2.7%

Ameriprise

Financial,

Inc.

2,255

677,312

Bank

of

New

York

Mellon

Corp.

(The)

91,509

4,541,591

Northern

Trust

Corp.(a)

23,295

2,712,703

State

Street

Corp.

5,833

508,171

T.

Rowe

Price

Group,

Inc.(a)

11,326

1,712,378

10,152,155

Chemicals

2.5%

Axalta

Coating

Systems

Ltd.*

38,858

955,130

Corteva

,

Inc.

32,600

1,873,848

International

Flavors

&

Fragrances,

Inc.

10,700

1,405,231

Mosaic

Co.

(The)

13,600

904,400

RPM

International,

Inc.

16,000

1,303,040

Westlake

Corp.

24,611

3,036,997

9,478,646

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

0.6%

Republic

Services,

Inc.

15,993

2,119,072

Communications

Equipment

0.7%

F5,

Inc.*(a)

5,842

1,220,686

Juniper

Networks,

Inc.(a)

8,493

315,600

Motorola

Solutions,

Inc.

5,425

1,313,935

2,850,221

Consumer

Finance

0.4%

Ally

Financial,

Inc.

39,820

1,731,374

Containers

&

Packaging

3.7%

Amcor

plc

64,411

729,777

AptarGroup,

Inc.

11,725

1,377,687

Avery

Dennison

Corp.

12,300

2,139,831

Berry

Global

Group,

Inc.*

15,120

876,355

Graphic

Packaging

Holding

Co.

79,020

1,583,561

Packaging

Corp.

of

America

28,069

4,381,852

Sealed

Air

Corp.

20,800

1,392,768

Sonoco

Products

Co.

27,908

1,745,924

14,227,755

Distributors

0.5%

LKQ

Corp.

38,455

1,746,242

Diversified

Telecommunication

Services

0.5%

Liberty

Global

plc,

Class

A*(a)

79,340

2,023,963

Electric

Utilities

3.8%

Alliant

Energy

Corp.

39,500

2,467,960

Edison

International

30,203

2,117,230

Evergy

,

Inc.

41,526

2,837,887

Eversource

Energy

6,909

609,305

OGE

Energy

Corp.

56,480

2,303,254

Pinnacle

West

Capital

Corp.

15,569

1,215,939

Xcel

Energy,

Inc.

39,437

2,846,168

14,397,743

Electrical

Equipment

1.8%

Emerson

Electric

Co.

23,447

2,298,978

Hubbell,

Inc.

15,109

2,776,581

nVent

Electric

plc

49,792

1,731,766

6,807,325

Electronic

Equipment,

Instruments

&

Components

2.3%

Amphenol

Corp.,

Class

A

23,900

1,800,865

Flex

Ltd.*

209,100

3,878,805

TE

Connectivity

Ltd.

3,810

499,034

Vontier

Corp.

109,569

2,781,957

8,960,661

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.

43,801

1,594,794

Entertainment

0.4%

Live

Nation

Entertainment,

Inc.*

12,353

1,453,207

Equity

Real

Estate

Investment

Trusts

(REITs)

6.3%

Alexandria

Real

Estate

Equities,

Inc.

11,500

2,314,375

American

Homes

4

Rent,

Class

A

48,300

1,933,449

Camden

Property

Trust

11,494

1,910,303

Duke

Realty

Corp.

13,200

766,392

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Equinix

,

Inc.

1,766

1,309,701

Equity

LifeStyle

Properties,

Inc.

25,200

1,927,296

Essex

Property

Trust,

Inc.

2,331

805,314

Gaming

and

Leisure

Properties,

Inc.

24,340

1,142,276

Healthcare

Trust

of

America,

Inc.,

Class

A

18,984

594,958

Healthpeak

Properties,

Inc.

55,481

1,904,663

JBG

SMITH

Properties

73,908

2,159,592

Lamar

Advertising

Co.,

Class

A

19,400

2,253,892

MGM

Growth

Properties

LLC,

Class

A

29,474

1,140,644

National

Retail

Properties,

Inc.

49,800

2,238,012

Regency

Centers

Corp.

19,652

1,401,974

Weyerhaeuser

Co.

11,877

450,138

24,252,979

Food

&

Staples

Retailing

1.4%

Koninklijke

Ahold

Delhaize

NV

58,158

1,869,561

Sysco

Corp.

44,188

3,607,950

5,477,511

Food

Products

4.3%

Archer-Daniels-Midland

Co.

22,500

2,030,850

Conagra

Brands,

Inc.(a)

65,445

2,196,989

General

Mills,

Inc.

11,639

788,193

Hershey

Co.

(The)

10,800

2,339,604

J

M

Smucker

Co.

(The)

5,854

792,690

Kellogg

Co.(a)

11,271

726,867

Kraft

Heinz

Co.

(The)

40,780

1,606,324

Orkla

ASA

80,337

714,464

Post

Holdings,

Inc.*

38,134

2,641,161

Tyson

Foods,

Inc.,

Class

A

27,800

2,491,714

16,328,856

Gas

Utilities

1.0%

Atmos

Energy

Corp.(a)

6,022

719,569

Spire,

Inc.(a)

12,540

899,870

UGI

Corp.

56,595

2,049,871

3,669,310

Health

Care

Equipment

&

Supplies

2.7%

Becton

Dickinson

and

Co.

4,185

1,113,210

Cooper

Cos.,

Inc.

(The)

5,450

2,275,866

DENTSPLY

SIRONA,

Inc.

10,536

518,582

Envista

Holdings

Corp.*(a)

7,488

364,740

Koninklijke

Philips

NV,

NYRS-NL

66,836

2,040,503

Zimmer

Biomet

Holdings,

Inc.

29,713

3,800,293

Zimvie

,

Inc.*(a)

2,891

66,030

10,179,224

Health

Care

Providers

&

Services

4.8%

AmerisourceBergen

Corp.

19,466

3,011,585

Cardinal

Health,

Inc.

23,004

1,304,327

Centene

Corp.*

16,080

1,353,775

Henry

Schein,

Inc.*

19,344

1,686,603

Humana,

Inc.

789

343,349

Laboratory

Corp.

of

America

Holdings*

7,219

1,903,362

McKesson

Corp.

3,028

926,962

Molina

Healthcare,

Inc.*

4,000

1,334,360

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Quest

Diagnostics,

Inc.(a)

31,397

4,296,993

Universal

Health

Services,

Inc.,

Class

B(a)

14,291

2,071,480

18,232,796

Health

Care

Technology

0.2%

Cerner

Corp.

7,397

692,063

Hotels,

Restaurants

&

Leisure

1.7%

Cracker

Barrel

Old

Country

Store,

Inc.(a)

5,207

618,227

Hilton

Worldwide

Holdings,

Inc.*

13,350

2,025,729

Sodexo

SA

13,544

1,099,543

Yum!

Brands,

Inc.

23,400

2,773,602

6,517,101

Household

Durables

0.7%

Newell

Brands,

Inc.

84,250

1,803,792

NVR,

Inc.*

240

1,072,145

2,875,937

Household

Products

0.4%

Kimberly-Clark

Corp.

12,977

1,598,247

Independent

Power

and

Renewable

Electricity

Producers

0.6%

Vistra

Corp.

101,160

2,351,970

Insurance

9.2%

Aflac,

Inc.

22,404

1,442,593

Alleghany

Corp.*

8,152

6,904,744

Allstate

Corp.

(The)

32,589

4,513,902

American

Financial

Group,

Inc.

19,800

2,883,276

Arch

Capital

Group

Ltd.*

47,840

2,316,413

Chubb

Ltd.

5,273

1,127,895

Everest

Re

Group

Ltd.

6,400

1,928,832

Fidelity

National

Financial,

Inc.

46,538

2,272,916

Loews

Corp.

21,557

1,397,325

Markel

Corp.*

1,080

1,593,259

Old

Republic

International

Corp.

79,627

2,059,950

Progressive

Corp.

(The)

18,143

2,068,121

Reinsurance

Group

of

America,

Inc.

17,667

1,933,830

W

R

Berkley

Corp.

42,300

2,816,757

35,259,813

Interactive

Media

&

Services

0.5%

IAC/InterActiveCorp*(a)

18,040

1,809,051

Internet

&

Direct

Marketing

Retail

0.2%

eBay,

Inc.

11,340

649,328

IT

Services

3.4%

Amdocs

Ltd.

12,080

993,097

DXC

Technology

Co.*

50,500

1,647,815

Euronet

Worldwide,

Inc.*(a)

2,722

354,268

FleetCor

Technologies,

Inc.*

8,240

2,052,254

Genpact

Ltd.

51,300

2,232,063

Global

Payments,

Inc.

23,700

3,243,108

MAXIMUS,

Inc.

30,750

2,304,713

12,827,318

32

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Leisure

Products

0.2%

Polaris,

Inc.

8,220

865,730

Machinery

4.4%

AGCO

Corp.

17,200

2,511,716

CNH

Industrial

NV

54,600

865,956

Cummins,

Inc.

2,494

511,545

IMI

plc

15,020

267,690

Lincoln

Electric

Holdings,

Inc.

11,200

1,543,472

Middleby

Corp.

(The)*

12,300

2,016,462

Oshkosh

Corp.(a)

27,082

2,725,803

PACCAR,

Inc.

9,270

816,409

Parker-Hannifin

Corp.

7,500

2,128,200

Stanley

Black

&

Decker,

Inc.

2,587

361,637

Toro

Co.

(The)

23,100

1,974,819

Xylem,

Inc.

11,500

980,490

16,704,199

Media

3.2%

Altice

USA,

Inc.,

Class

A*

150,220

1,874,746

Discovery,

Inc.,

Class

C*(a)

45,940

1,147,122

DISH

Network

Corp.,

Class

A*(a)

50,760

1,606,554

Fox

Corp.,

Class

A

37,340

1,473,063

Fox

Corp.,

Class

B

46,005

1,669,061

Liberty

Broadband

Corp.,

Class

C*

17,763

2,403,689

Liberty

Media

Corp-Liberty

SiriusXM

,

Class

C*

44,800

2,048,704

12,222,939

Metals

&

Mining

1.6%

Cleveland-Cliffs,

Inc.*

19,200

618,432

Reliance

Steel

&

Aluminum

Co.

12,000

2,200,200

Steel

Dynamics,

Inc.

28,700

2,394,441

United

States

Steel

Corp.

24,440

922,366

6,135,439

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.5%

Annaly

Capital

Management,

Inc.(a)

287,120

2,021,325

Multiline

Retail

1.0%

Dollar

Tree,

Inc.*

24,588

3,937,768

Multi-Utilities

1.4%

CenterPoint

Energy,

Inc.

65,680

2,012,435

NiSource,

Inc.

63,420

2,016,756

NorthWestern

Corp.(a)

23,632

1,429,500

5,458,691

Oil,

Gas

&

Consumable

Fuels

5.8%

Chesapeake

Energy

Corp.(a)

14,020

1,219,740

Coterra

Energy,

Inc.

109,000

2,939,730

Devon

Energy

Corp.

87,116

5,151,169

Diamondback

Energy,

Inc.

6,900

945,852

EQT

Corp.

32,880

1,131,401

HF

Sinclair

Corp.*

44,140

1,758,979

Kinder

Morgan,

Inc.

78,900

1,491,999

Pioneer

Natural

Resources

Co.

7,261

1,815,468

Valero

Energy

Corp.

33,375

3,388,897

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The)

69,660

2,327,341

22,170,576

Paper

&

Forest

Products

0.6%

Louisiana-Pacific

Corp.

18,700

1,161,644

Mondi

plc

65,891

1,277,377

2,439,021

Pharmaceuticals

1.2%

Organon

&

Co.

41,940

1,464,964

Perrigo

Co.

plc

46,220

1,776,235

Viatris

,

Inc.

113,500

1,234,880

4,476,079

Professional

Services

1.0%

Leidos

Holdings,

Inc.

21,900

2,365,638

ManpowerGroup

,

Inc.

15,425

1,448,716

3,814,354

Road

&

Rail

1.0%

Heartland

Express,

Inc.

46,337

651,962

JB

Hunt

Transport

Services,

Inc.

7,550

1,515,964

Landstar

System,

Inc.

10,100

1,523,383

3,691,309

Semiconductors

&

Semiconductor

Equipment

0.6%

MKS

Instruments,

Inc.

9,000

1,350,000

Teradyne,

Inc.

7,900

934,017

2,284,017

Software

1.4%

CDK

Global,

Inc.

62,012

3,018,744

Open

Text

Corp.

27,927

1,184,105

SS&C

Technologies

Holdings,

Inc.

16,716

1,254,034

5,456,883

Specialty

Retail

1.4%

Advance

Auto

Parts,

Inc.

10,817

2,238,686

Ross

Stores,

Inc.

33,965

3,072,474

5,311,160

Technology

Hardware,

Storage

&

Peripherals

1.3%

Hewlett

Packard

Enterprise

Co.

102,252

1,708,631

HP,

Inc.(a)

44,192

1,604,170

Western

Digital

Corp.*

30,780

1,528,227

4,841,028

Textiles,

Apparel

&

Luxury

Goods

0.4%

VF

Corp.

26,625

1,513,897

Thrifts

&

Mortgage

Finance

0.1%

Capitol

Federal

Financial,

Inc.

41,815

454,947

Trading

Companies

&

Distributors

1.1%

Beacon

Roofing

Supply,

Inc.*(a)

13,921

825,237

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

22,700

1,934,267

United

Rentals,

Inc.*

4,314

1,532,376

4,291,880

Total

Common

Stocks

(cost

$311,994,804)

363,833,215

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Exchange

Traded

Funds

0.9%

Shares

Value

($)

Equity

Fund

0.9%

iShares

Russell

Mid-Cap

Value

ETF(a)

29,126

3,484,635

Total

Exchange

Traded

Funds

(cost

$3,397,915)

3,484,635

Master

Limited

Partnership

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Enterprise

Products

Partners

LP

46,220

1,192,938

Total

Master

Limited

Partnership

(cost  $1,129,938)

1,192,938

Repurchase

Agreements

1.2%

Principal

Amount

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,025,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$3,060,000.

(b)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$422,847,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$431,300.(b)

422,844

422,844

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,010,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$4,422,844)

4,422,844

Total

Investments

(cost

$320,945,501)

—

97.5%

372,933,632

Other

assets

in

excess

of

liabilities

—

2.5%

9,640,803

NET

ASSETS

—

100.0%

$

382,574,435

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$17,645,959,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,422,844

and

by

$14,032,071

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/12/2022

–

2/15/2052,

a

total

value

of

$18,454,915.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$4,422,844.

ETF

Exchange

Traded

Fund

NL

Netherlands

NYRS

New

York

Registry

Shares

REIT

Real

Estate

Investment

Trust

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

2,057,599

GBP

1,553,785

Bank

of

America

NA

6/30/2022

17,034

USD

421,843

JPY

50,778,915

Bank

of

America

NA

6/30/2022

3,679

USD

609,989

NOK

5,361,852

UBS

AG

STAMFORD

BRANCH

6/30/2022

1,241

Total

unrealized

appreciation

21,954

GBP

145,063

USD

190,957

Bank

of

America

NA

6/30/2022

(449)

USD

3,756,039

EUR

3,397,608

JPMorgan

Chase

Bank

6/30/2022

(15,957)

Total

unrealized

depreciation

(16,406)

Net

unrealized

appreciation

5,548

Currency:

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

NOK

Norwegian

krone

USD

United

States

dollar

34

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

4,804,618

$

569,170

$

–

$

5,373,788

Airlines

4,636,157

–

–

4,636,157

Auto

Components

5,722,163

499,249

–

6,221,412

Banks

14,628,165

–

–

14,628,165

Beverages

1,796,771

–

–

1,796,771

Biotechnology

487,098

–

–

487,098

Building

Products

1,500,600

833,320

–

2,333,920

Capital

Markets

10,152,155

–

–

10,152,155

Chemicals

9,478,646

–

–

9,478,646

Commercial

Services

&

Supplies

2,119,072

–

–

2,119,072

Communications

Equipment

2,850,221

–

–

2,850,221

Consumer

Finance

1,731,374

–

–

1,731,374

Containers

&

Packaging

14,227,755

–

–

14,227,755

Distributors

1,746,242

–

–

1,746,242

Diversified

Telecommunication

Services

2,023,963

–

–

2,023,963

Electric

Utilities

14,397,743

–

–

14,397,743

Electrical

Equipment

6,807,325

–

–

6,807,325

Electronic

Equipment,

Instruments

&

Components

8,960,661

–

–

8,960,661

Energy

Equipment

&

Services

1,594,794

–

–

1,594,794

Entertainment

1,453,207

–

–

1,453,207

Equity

Real

Estate

Investment

Trusts

(REITs)

24,252,979

–

–

24,252,979

Food

&

Staples

Retailing

3,607,950

1,869,561

–

5,477,511

Food

Products

15,614,392

714,464

–

16,328,856

Gas

Utilities

3,669,310

–

–

3,669,310

Health

Care

Equipment

&

Supplies

10,179,224

–

–

10,179,224

Health

Care

Providers

&

Services

18,232,796

–

–

18,232,796

Health

Care

Technology

692,063

–

–

692,063

Hotels,

Restaurants

&

Leisure

5,417,558

1,099,543

–

6,517,101

Household

Durables

2,875,937

–

–

2,875,937

Household

Products

1,598,247

–

–

1,598,247

Independent

Power

and

Renewable

Electricity

Producers

2,351,970

–

–

2,351,970

Insurance

35,259,813

–

–

35,259,813

Interactive

Media

&

Services

1,809,051

–

–

1,809,051

Internet

&

Direct

Marketing

Retail

649,328

–

–

649,328

IT

Services

12,827,318

–

–

12,827,318

Leisure

Products

865,730

–

–

865,730

Machinery

16,436,509

267,690

–

16,704,199

Media

12,222,939

–

–

12,222,939

Metals

&

Mining

6,135,439

–

–

6,135,439

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,021,325

–

–

2,021,325

Multiline

Retail

3,937,768

–

–

3,937,768

Multi-Utilities

5,458,691

–

–

5,458,691

Oil,

Gas

&

Consumable

Fuels

22,170,576

–

–

22,170,576

Paper

&

Forest

Products

1,161,644

1,277,377

–

2,439,021

Pharmaceuticals

4,476,079

–

–

4,476,079

Professional

Services

3,814,354

–

–

3,814,354

Road

&

Rail

3,691,309

–

–

3,691,309

Semiconductors

&

Semiconductor

Equipment

2,284,017

–

–

2,284,017

Software

5,456,883

–

–

5,456,883

Specialty

Retail

5,311,160

–

–

5,311,160

Technology

Hardware,

Storage

&

Peripherals

4,841,028

–

–

4,841,028

Textiles,

Apparel

&

Luxury

Goods

1,513,897

–

–

1,513,897

36

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-

market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Level

1

Level

2

Level

3

Total

Assets:

Thrifts

&

Mortgage

Finance

$

454,947

$

–

$

–

$

454,947

Trading

Companies

&

Distributors

4,291,880

–

–

4,291,880

Total

Common

Stocks

$

356,702,841

$

7,130,374

$

–

$

363,833,215

Exchange

Traded

Funds

3,484,635

–

–

3,484,635

Forward

Foreign

Currency

Contracts

–

21,954

–

21,954

Master

Limited

Partnership

1,192,938

–

–

1,192,938

Repurchase

Agreements

–

4,422,844

–

4,422,844

Total

Assets

$

361,380,414

$

11,575,172

$

–

$

372,955,586

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(16,406)

$

–

$

(16,406)

Total

Liabilities

$

–

$

(16,406)

$

–

$

(16,406)

Total

$

361,380,414

$

11,558,766

$

–

$

372,939,180

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

21,954

Total

$

21,954

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(16,406)

Total

$

(16,406)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

97.3%

Shares

Value

($)

Aerospace

&

Defense

0.8%

Curtiss-Wright

Corp.(a)

7,131

1,070,791

Auto

Components

0.6%

Fox

Factory

Holding

Corp.*

5,085

498,076

Patrick

Industries,

Inc.

6,141

370,302

868,378

Automobiles

0.3%

Thor

Industries,

Inc.(a)

4,661

366,821

Banks

2.4%

Pinnacle

Financial

Partners,

Inc.

14,493

1,334,515

Synovus

Financial

Corp.

8,425

412,825

Triumph

Bancorp,

Inc.*(a)

4,885

459,288

Western

Alliance

Bancorp

3,512

290,864

Wintrust

Financial

Corp.

7,820

726,713

3,224,205

Beverages

0.2%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

551

214,047

Biotechnology

4.8%

Akero

Therapeutics,

Inc.*

11,721

166,321

ALX

Oncology

Holdings,

Inc.*

4,932

83,351

Apellis

Pharmaceuticals,

Inc.*

6,646

337,683

Arrowhead

Pharmaceuticals,

Inc.*

2,105

96,809

Avidity

Biosciences,

Inc.*

7,780

143,697

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

1,766

209,395

Blueprint

Medicines

Corp.*

4,851

309,882

CareDx,

Inc.*(a)

5,574

206,182

Celldex

Therapeutics,

Inc.*

9,938

338,488

Cytokinetics,

Inc.*(a)

9,715

357,609

Fate

Therapeutics,

Inc.*

2,248

87,155

Halozyme

Therapeutics,

Inc.*(a)

24,824

989,981

Heron

Therapeutics,

Inc.*

17,527

100,254

ImmunoGen,

Inc.*

35,125

167,195

Intellia

Therapeutics,

Inc.*

2,833

205,874

KalVista

Pharmaceuticals,

Inc.*(a)

10,290

151,675

Kymera

Therapeutics,

Inc.*

5,509

233,141

Mirati

Therapeutics,

Inc.*(a)

1,548

127,276

Morphic

Holding,

Inc.*(a)

2,500

100,375

Neurocrine

Biosciences,

Inc.*

1,712

160,500

PTC

Therapeutics,

Inc.*

8,160

304,450

REVOLUTION

Medicines,

Inc.*

7,795

198,850

Stoke

Therapeutics,

Inc.*

7,988

168,147

Syndax

Pharmaceuticals,

Inc.*

11,989

208,369

Turning

Point

Therapeutics,

Inc.*

3,772

101,278

Ultragenyx

Pharmaceutical,

Inc.*

2,500

181,550

United

Therapeutics

Corp.*

887

159,137

Veracyte,

Inc.*(a)

22,389

617,265

6,511,889

Common

Stocks

Shares

Value

($)

Building

Products

2.2%

Advanced

Drainage

Systems,

Inc.

14,128

1,678,548

Armstrong

World

Industries,

Inc.

4,025

362,290

Trex

Co.,

Inc.*

5,918

386,623

Zurn

Water

Solutions

Corp.

18,380

650,652

3,078,113

Capital

Markets

3.3%

Cohen

&

Steers,

Inc.(a)

9,189

789,243

Evercore,

Inc.,

Class

A

2,309

257,038

Hamilton

Lane,

Inc.,

Class

A

18,641

1,440,763

LPL

Financial

Holdings,

Inc.

8,610

1,572,875

Stifel

Financial

Corp.

6,201

421,048

4,480,967

Chemicals

2.3%

Axalta

Coating

Systems

Ltd.*

17,578

432,067

Element

Solutions,

Inc.

27,717

607,002

Ingevity

Corp.*

3,916

250,898

Livent

Corp.*(a)

18,725

488,161

Olin

Corp.

27,299

1,427,192

3,205,320

Commercial

Services

&

Supplies

2.8%

Casella

Waste

Systems,

Inc.,

Class

A*

25,294

2,217,019

Clean

Harbors,

Inc.*

8,485

947,266

Tetra

Tech,

Inc.

3,912

645,245

3,809,530

Communications

Equipment

0.4%

Lumentum

Holdings,

Inc.*(a)

4,943

482,437

Construction

&

Engineering

1.9%

WillScot

Mobile

Mini

Holdings

Corp.*

65,234

2,552,606

Consumer

Finance

0.3%

OneMain

Holdings,

Inc.

9,007

427,022

Containers

&

Packaging

0.5%

Ranpak

Holdings

Corp.*

30,263

618,273

Diversified

Consumer

Services

0.3%

Mister

Car

Wash,

Inc.*

24,541

362,961

Electronic

Equipment,

Instruments

&

Components

1.6%

Fabrinet*

1,300

136,669

II-VI,

Inc.*(a)

8,844

641,101

Insight

Enterprises,

Inc.*

4,640

497,965

Novanta,

Inc.*

6,769

963,161

2,238,896

Energy

Equipment

&

Services

0.2%

Cactus,

Inc.,

Class

A

5,537

314,169

Equity

Real

Estate

Investment

Trusts

(REITs)

3.4%

Essential

Properties

Realty

Trust,

Inc.

19,029

481,434

Independence

Realty

Trust,

Inc.(a)

24,702

653,121

National

Storage

Affiliates

Trust

17,205

1,079,786

Outfront

Media,

Inc.

14,614

415,476

PS

Business

Parks,

Inc.

5,746

965,788

38

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Rexford

Industrial

Realty,

Inc.

7,547

562,931

Ryman

Hospitality

Properties,

Inc.*

5,671

526,098

4,684,634

Food

&

Staples

Retailing

1.3%

BJ's

Wholesale

Club

Holdings,

Inc.*

9,436

637,968

Performance

Food

Group

Co.*

23,405

1,191,549

1,829,517

Food

Products

1.7%

Freshpet,

Inc.*(a)

12,770

1,310,713

Lancaster

Colony

Corp.

2,649

395,098

Simply

Good

Foods

Co.

(The)*

8,365

317,452

Sovos

Brands,

Inc.*

23,593

334,549

2,357,812

Health

Care

Equipment

&

Supplies

8.1%

AtriCure,

Inc.*

13,913

913,667

Axonics,

Inc.*(a)

17,812

1,115,031

CONMED

Corp.(a)

1,521

225,944

CryoPort,

Inc.*(a)

15,911

555,453

Glaukos

Corp.*

5,580

322,636

Globus

Medical,

Inc.,

Class

A*

21,475

1,584,425

Inari

Medical,

Inc.*

14,011

1,269,957

Inmode

Ltd.*

5,423

200,163

Integra

LifeSciences

Holdings

Corp.*

7,417

476,616

Nevro

Corp.*

3,187

230,516

Penumbra,

Inc.*

4,515

1,002,917

Shockwave

Medical,

Inc.*(a)

4,411

914,665

Tandem

Diabetes

Care,

Inc.*

19,758

2,297,658

11,109,648

Health

Care

Providers

&

Services

3.5%

Amedisys,

Inc.*

1,308

225,355

AMN

Healthcare

Services,

Inc.*(a)

5,467

570,372

Covetrus,

Inc.*

13,382

224,684

LHC

Group,

Inc.*

3,270

551,322

ModivCare,

Inc.*

1,884

217,395

Owens

&

Minor,

Inc.

12,116

533,346

R1

RCM,

Inc.*

34,625

926,565

Surgery

Partners,

Inc.*(a)

17,779

978,734

Tenet

Healthcare

Corp.*

5,923

509,141

4,736,914

Health

Care

Technology

2.9%

Certara,

Inc.*

7,049

151,412

Evolent

Health,

Inc.,

Class

A*

4,259

137,566

Health

Catalyst,

Inc.*(a)

18,313

478,519

Inspire

Medical

Systems,

Inc.*

7,835

2,011,166

Omnicell,

Inc.*(a)

8,783

1,137,311

3,915,974

Hotels,

Restaurants

&

Leisure

6.9%

BJ's

Restaurants,

Inc.*

11,701

331,138

Choice

Hotels

International,

Inc.

9,346

1,324,889

Churchill

Downs,

Inc.

2,323

515,195

Dutch

Bros,

Inc.,

Class

A*(a)

4,286

236,887

GAN

Ltd.*

27,408

132,106

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Papa

John's

International,

Inc.

9,777

1,029,322

Penn

National

Gaming,

Inc.*

7,454

316,199

Planet

Fitness,

Inc.,

Class

A*(a)

14,014

1,183,903

Red

Rock

Resorts,

Inc.,

Class

A(a)

22,928

1,113,384

SeaWorld

Entertainment,

Inc.*

8,335

620,457

Texas

Roadhouse,

Inc.

8,105

678,632

Wingstop,

Inc.(a)

9,440

1,107,784

Wyndham

Hotels

&

Resorts,

Inc.

9,924

840,464

9,430,360

Household

Durables

0.3%

TopBuild

Corp.*(a)

2,188

396,881

Insurance

0.7%

James

River

Group

Holdings

Ltd.

7,967

197,104

Kinsale

Capital

Group,

Inc.

3,264

744,257

941,361

Interactive

Media

&

Services

0.6%

Bumble,

Inc.,

Class

A*

10,340

299,653

Ziff

Davis,

Inc.*

5,803

561,615

861,268

Internet

&

Direct

Marketing

Retail

0.3%

Shutterstock,

Inc.

4,660

433,753

IT

Services

5.0%

Concentrix

Corp.

3,693

615,106

DigitalOcean

Holdings,

Inc.*

18,441

1,066,812

Endava

plc,

ADR-UK*

4,879

649,053

ExlService

Holdings,

Inc.*

3,997

572,650

Globant

SA*

6,564

1,720,227

LiveRamp

Holdings,

Inc.*

4,881

182,501

Perficient,

Inc.*

6,157

677,824

Repay

Holdings

Corp.*

22,665

334,762

Shift4

Payments,

Inc.,

Class

A*(a)

6,675

413,383

Verra

Mobility

Corp.*

37,139

604,623

6,836,941

Leisure

Products

0.5%

YETI

Holdings,

Inc.*

11,816

708,724

Life

Sciences

Tools

&

Services

2.7%

Medpace

Holdings,

Inc.*

10,015

1,638,354

NanoString

Technologies,

Inc.*

8,090

281,128

NeoGenomics,

Inc.*

7,281

88,464

Quanterix

Corp.*

6,271

183,050

Repligen

Corp.*

8,325

1,565,849

3,756,845

Machinery

4.2%

Altra

Industrial

Motion

Corp.

6,287

244,753

Chart

Industries,

Inc.*(a)

12,232

2,101,090

Evoqua

Water

Technologies

Corp.*

13,845

650,438

Hydrofarm

Holdings

Group,

Inc.*

13,776

208,706

ITT,

Inc.

4,985

374,922

John

Bean

Technologies

Corp.

4,593

544,133

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Machinery

Kornit

Digital

Ltd.*

15,088

1,247,627

SPX

Corp.*

7,587

374,874

5,746,543

Media

0.3%

Cardlytics,

Inc.*

7,350

404,103

Metals

&

Mining

0.4%

MP

Materials

Corp.*(a)

8,596

492,895

Multiline

Retail

0.2%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

7,612

327,012

Oil,

Gas

&

Consumable

Fuels

3.1%

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

18,881

446,536

Matador

Resources

Co.(a)

25,439

1,347,758

New

Fortress

Energy,

Inc.

5,678

241,939

Ovintiv,

Inc.

8,626

466,408

PDC

Energy,

Inc.

14,563

1,058,439

SM

Energy

Co.

17,095

665,850

4,226,930

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

3,485

216,488

Personal

Products

0.2%

Beauty

Health

Co.

(The)*(a)

17,100

288,648

Pharmaceuticals

0.7%

Aclaris

Therapeutics,

Inc.*

15,315

264,030

Arvinas,

Inc.*

4,743

319,204

Harmony

Biosciences

Holdings,

Inc.*

1,100

53,515

Pacira

BioSciences,

Inc.*(a)

4,431

338,174

974,923

Professional

Services

1.6%

ASGN,

Inc.*

6,477

755,930

CACI

International,

Inc.,

Class

A*

2,166

652,529

Exponent,

Inc.

3,675

397,084

Insperity,

Inc.

4,464

448,275

2,253,818

Road

&

Rail

0.9%

Saia,

Inc.*

5,195

1,266,645

Semiconductors

&

Semiconductor

Equipment

7.0%

Ambarella,

Inc.*

8,819

925,289

Axcelis

Technologies,

Inc.*

6,813

514,586

Cirrus

Logic,

Inc.*

4,566

387,151

Impinj,

Inc.*(a)

7,452

473,500

Lattice

Semiconductor

Corp.*

41,645

2,538,263

MACOM

Technology

Solutions

Holdings,

Inc.*

14,474

866,558

MaxLinear,

Inc.*

10,996

641,617

MKS

Instruments,

Inc.

1,488

223,200

Nova

Ltd.*

7,627

830,428

Power

Integrations,

Inc.

6,727

623,458

SiTime

Corp.*(a)

4,190

1,038,366

Synaptics,

Inc.*

2,638

526,281

9,588,697

Common

Stocks

Shares

Value

($)

Software

9.7%

Alarm.com

Holdings,

Inc.*

5,461

362,938

Blackbaud,

Inc.*

5,873

351,617

Consensus

Cloud

Solutions,

Inc.*

3,727

224,105

CyberArk

Software

Ltd.*

8,505

1,435,219

Digital

Turbine,

Inc.*(a)

9,003

394,421

Domo,

Inc.,

Class

B*

5,050

255,378

Five9,

Inc.*

1,897

209,429

Manhattan

Associates,

Inc.*

17,231

2,390,112

Olo,

Inc.,

Class

A*

18,072

239,454

Paylocity

Holding

Corp.*

5,999

1,234,414

Q2

Holdings,

Inc.*

4,140

255,231

Rapid7,

Inc.*

6,112

679,899

Sprout

Social,

Inc.,

Class

A*

24,643

1,974,397

Varonis

Systems,

Inc.*

35,520

1,688,621

Veritone,

Inc.*(a)

10,587

193,530

Workiva,

Inc.*(a)

12,012

1,417,416

13,306,181

Specialty

Retail

1.0%

Boot

Barn

Holdings,

Inc.*

14,791

1,402,039

Textiles,

Apparel

&

Luxury

Goods

1.6%

Crocs,

Inc.*

4,772

364,581

Deckers

Outdoor

Corp.*

1,222

334,547

Oxford

Industries,

Inc.

9,619

870,519

PVH

Corp.

4,242

324,980

Under

Armour,

Inc.,

Class

C*(a)

21,278

331,086

2,225,713

Thrifts

&

Mortgage

Finance

0.3%

MGIC

Investment

Corp.

28,961

392,422

Trading

Companies

&

Distributors

3.1%

Applied

Industrial

Technologies,

Inc.

5,588

573,664

Boise

Cascade

Co.

3,113

216,260

Herc

Holdings,

Inc.

11,219

1,874,583

SiteOne

Landscape

Supply,

Inc.*(a)

4,787

774,010

Textainer

Group

Holdings

Ltd.

(a)

20,948

797,490

4,236,007

Total

Common

Stocks

(cost

$103,184,272)

133,176,121

Exchange

Traded

Fund

0.2%

Equity

Fund

0.2%

iShares

Russell

2000

Growth

ETF

727

185,930

Total

Exchange

Traded

Fund

(cost

$187,766)

185,930

40

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Repurchase

Agreements

1.6%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,223,233,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$1,247,687.(b)

1,223,222

1,223,222

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$1,020,417.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$2,223,222)

2,223,222

Total

Investments

(cost

$105,595,260)

—

99.1%

135,585,273

Other

assets

in

excess

of

liabilities

—

0.9%

1,290,088

NET

ASSETS

—

100.0%

$

136,875,361

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$18,974,378,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,223,222

and

by

$17,520,795

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/12/2022

–

2/15/2052,

a

total

value

of

$19,744,017.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$2,223,222.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

42

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

133,176,121

$

–

$

–

$

133,176,121

Exchange

Traded

Fund

185,930

–

–

185,930

Repurchase

Agreements

–

2,223,222

–

2,223,222

Total

$

133,362,051

$

2,223,222

$

–

$

135,585,273

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

96.3%

Shares

Value

($)

Aerospace

&

Defense

1.7%

Northrop

Grumman

Corp.

1,829

817,965

Automobiles

1.4%

Tesla,

Inc.*

625

673,500

Banks

5.3%

Truist

Financial

Corp.

16,939

960,441

US

Bancorp

14,835

788,480

Wells

Fargo

&

Co.

16,192

784,665

2,533,586

Beverages

1.2%

Coca-Cola

Co.

(The)

9,225

571,950

Biotechnology

5.4%

AbbVie,

Inc.

10,129

1,642,012

Regeneron

Pharmaceuticals,

Inc.*

1,343

937,978

2,579,990

Building

Products

1.2%

Trane

Technologies

plc

3,752

572,930

Capital

Markets

4.5%

Ameriprise

Financial,

Inc.

2,389

717,560

Morgan

Stanley

9,147

799,448

S&P

Global,

Inc.

1,555

637,830

2,154,838

Chemicals

2.1%

Eastman

Chemical

Co.

4,249

476,143

PPG

Industries,

Inc.

4,099

537,256

1,013,399

Construction

Materials

0.6%

Vulcan

Materials

Co.

1,551

284,918

Electric

Utilities

4.4%

NextEra

Energy,

Inc.

18,081

1,531,642

Xcel

Energy,

Inc.

7,972

575,339

2,106,981

Electrical

Equipment

3.1%

Eaton

Corp.

plc

9,713

1,474,045

Energy

Equipment

&

Services

0.6%

Baker

Hughes

Co.

7,839

285,418

Equity

Real

Estate

Investment

Trusts

(REITs)

3.3%

Prologis,

Inc.

9,775

1,578,467

Health

Care

Equipment

&

Supplies

2.8%

Boston

Scientific

Corp.*

17,249

763,958

Intuitive

Surgical,

Inc.*

1,982

597,930

1,361,888

Health

Care

Providers

&

Services

1.8%

Centene

Corp.*

10,231

861,348

Hotels,

Restaurants

&

Leisure

3.7%

Marriott

International,

Inc.,

Class

A*

3,861

678,571

McDonald's

Corp.

3,980

984,174

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Yum!

Brands,

Inc.

1,169

138,562

1,801,307

Insurance

0.7%

Progressive

Corp.

(The)

2,816

320,996

Interactive

Media

&

Services

7.8%

Alphabet,

Inc.,

Class

A*

1,148

3,192,990

Meta

Platforms,

Inc.,

Class

A*

1,068

237,480

Snap,

Inc.,

Class

A*

9,506

342,121

3,772,591

Internet

&

Direct

Marketing

Retail

4.6%

Amazon.com,

Inc.*

684

2,229,806

IT

Services

3.7%

FleetCor

Technologies,

Inc.*

993

247,317

Mastercard

,

Inc.,

Class

A

3,661

1,308,368

Shopify,

Inc.,

Class

A*

345

233,206

1,788,891

Machinery

3.1%

Deere

&

Co.

3,057

1,270,061

Stanley

Black

&

Decker,

Inc.

1,615

225,761

1,495,822

Oil,

Gas

&

Consumable

Fuels

1.8%

Pioneer

Natural

Resources

Co.

3,501

875,355

Pharmaceuticals

3.5%

Bristol-Myers

Squibb

Co.

15,350

1,121,011

Eli

Lilly

&

Co.

1,928

552,121

1,673,132

Professional

Services

0.8%

Leidos

Holdings,

Inc.

3,639

393,085

Road

&

Rail

3.1%

Norfolk

Southern

Corp.

3,852

1,098,667

Uber

Technologies,

Inc.*

10,726

382,704

1,481,371

Semiconductors

&

Semiconductor

Equipment

6.9%

Advanced

Micro

Devices,

Inc.*

9,267

1,013,254

Analog

Devices,

Inc.

5,437

898,084

NXP

Semiconductors

NV

7,516

1,391,061

3,302,399

Software

8.4%

Ceridian

HCM

Holding,

Inc.*

1,584

108,282

Microsoft

Corp.

12,831

3,955,926

4,064,208

Specialty

Retail

2.9%

Lowe's

Cos.,

Inc.

3,208

648,625

O'Reilly

Automotive,

Inc.*

686

469,883

44

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Common

Stocks

Shares

Value

($)

Specialty

Retail

Ross

Stores,

Inc.

3,045

275,451

1,393,959

Technology

Hardware,

Storage

&

Peripherals

4.7%

Apple,

Inc.

12,888

2,250,373

Textiles,

Apparel

&

Luxury

Goods

1.2%

NIKE,

Inc.,

Class

B

4,189

563,672

Total

Investments

(cost

$39,591,379)

—

96.3%

46,278,190

Other

assets

in

excess

of

liabilities

—

3.7%

1,789,070

NET

ASSETS

—

100.0%

$

48,067,260

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

5

6/2022

USD

1,132,688

(13,385)

Net

contracts

(13,385)

As

of

March

31,

2022,

the

Fund

had

$106,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

46

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

46,278,190

$

–

$

–

$

46,278,190

Total

Assets

$

46,278,190

$

–

$

–

$

46,278,190

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(13,385)

$

–

$

–

$

(13,385)

Total

Liabilities

$

(13,385)

$

–

$

–

$

(13,385)

Total

$

46,264,805

$

–

$

–

$

46,264,805

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(13,385)

Total

$

(13,385)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

97.1%

Shares

Value

($)

Aerospace

&

Defense

0.7%

Astronics

Corp.*

16,039

207,384

Parsons

Corp.*(a)

11,559

447,333

Vectrus

,

Inc.*

30,980

1,110,943

1,765,660

Air

Freight

&

Logistics

0.0%

†

Radiant

Logistics,

Inc.*

18,988

120,954

Auto

Components

2.9%

American

Axle

&

Manufacturing

Holdings,

Inc.*

116,116

901,060

Cooper-Standard

Holdings,

Inc.*

15,436

135,374

Dorman

Products,

Inc.*

33,600

3,193,008

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

127,103

1,816,302

Modine

Manufacturing

Co.*

34,992

315,278

Stoneridge,

Inc.*

17,236

357,819

6,718,841

Banks

7.6%

1st

Source

Corp.

1,590

73,537

Amalgamated

Financial

Corp.

(a)

8,513

152,979

American

National

Bankshares

,

Inc.

1,100

41,448

Associated

Banc-Corp.

36,099

821,613

Atlantic

Union

Bankshares

Corp.

4,410

161,803

Banc

of

California,

Inc.

27,143

525,488

Bank

of

Marin

Bancorp

3,540

124,148

Bank

of

Princeton

(The)

211

6,087

BankUnited

,

Inc.

20,860

917,006

Bankwell

Financial

Group,

Inc.

1,958

66,239

Banner

Corp.

7,314

428,088

Bar

Harbor

Bankshares

600

17,172

BayCom

Corp.

1,153

25,101

BCB

Bancorp,

Inc.

3,196

58,327

Berkshire

Hills

Bancorp,

Inc.

18,504

536,061

Business

First

Bancshares,

Inc.

2,373

57,735

Byline

Bancorp,

Inc.

4,565

121,794

Camden

National

Corp.

2,500

117,600

Capital

Bancorp,

Inc.

3,073

70,249

Capital

City

Bank

Group,

Inc.

3,672

96,794

Capstar

Financial

Holdings,

Inc.

7,212

152,029

Carter

Bankshares

,

Inc.*

4,632

80,458

CBTX,

Inc.(a)

7,509

232,779

Central

Pacific

Financial

Corp.

26,516

739,796

Central

Valley

Community

Bancorp

4,004

93,493

Chemung

Financial

Corp.

843

39,360

City

Holding

Co.(a)

500

39,350

Civista

Bancshares,

Inc.

4,589

110,595

CNB

Financial

Corp.

2,663

70,090

Community

Trust

Bancorp,

Inc.

6,849

282,179

Eagle

Bancorp,

Inc.(a)

23,620

1,346,576

FB

Financial

Corp.

9,159

406,843

Financial

Institutions,

Inc.

6,112

184,155

Common

Stocks

Shares

Value

($)

Banks

First

Bancorp/PR

57,007

747,932

First

Bancshares,

Inc.

(The)

100

3,366

First

Business

Financial

Services,

Inc.

801

26,281

First

Commonwealth

Financial

Corp.

7,430

112,639

First

Financial

Corp.

7,721

334,165

First

Internet

Bancorp

2,632

113,202

First

of

Long

Island

Corp.

(The)

3,925

76,380

First

Savings

Financial

Group,

Inc.(a)

1,240

30,430

First

Western

Financial,

Inc.*

782

24,445

Great

Southern

Bancorp,

Inc.

3,899

230,080

Guaranty

Bancshares,

Inc.

3,052

106,820

Hanmi

Financial

Corp.

18,795

462,545

HarborOne

Bancorp,

Inc.

23,385

327,858

HBT

Financial,

Inc.(a)

4,664

84,792

Heartland

Financial

USA,

Inc.

3,358

160,613

Heritage

Commerce

Corp.

3,525

39,656

Heritage

Financial

Corp.

6,566

164,544

Hilltop

Holdings,

Inc.

18,014

529,612

HomeStreet

,

Inc.

13,262

628,354

HomeTrust

Bancshares,

Inc.

5,589

165,043

Horizon

Bancorp,

Inc.

3,400

63,478

Independent

Bank

Corp./MI

9,722

213,884

Investar

Holding

Corp.

2,331

44,499

Lakeland

Bancorp,

Inc.

14,935

249,415

Macatawa

Bank

Corp.

3,688

33,229

Mercantile

Bank

Corp.

2,120

75,090

Metropolitan

Bank

Holding

Corp.*

1,445

147,058

Midland

States

Bancorp,

Inc.

7,844

226,378

MidWestOne

Financial

Group,

Inc.

4,344

143,786

National

Bank

Holdings

Corp.,

Class

A

2,200

88,616

NBT

Bancorp,

Inc.

4,581

165,512

Nicolet

Bankshares

,

Inc.*

3,688

345,086

Northeast

Bank

743

25,344

Northrim

Bancorp,

Inc.

3,605

157,070

OceanFirst

Financial

Corp.

24,625

494,962

OFG

Bancorp

31,207

831,354

Old

National

Bancorp

4,374

71,646

Old

Second

Bancorp,

Inc.

6,702

97,246

Peapack

-Gladstone

Financial

Corp.

5,163

179,414

Preferred

Bank

1,635

121,137

Primis

Financial

Corp.

5,970

83,461

Professional

Holding

Corp.,

Class

A*

1,038

23,417

QCR

Holdings,

Inc.(a)

6,533

369,702

RBB

Bancorp

3,770

88,557

S&T

Bancorp,

Inc.

2,174

64,307

Sierra

Bancorp

2,845

71,068

SmartFinancial

,

Inc.

3,843

98,304

South

Plains

Financial,

Inc.

1,860

49,439

Southern

First

Bancshares,

Inc.*(a)

514

26,132

48

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Banks

UMB

Financial

Corp.

8,064

783,498

17,997,818

Biotechnology

2.1%

Adverum

Biotechnologies,

Inc.*(a)

28,184

36,921

Aeglea

BioTherapeutics

,

Inc.*

5,000

11,500

Agios

Pharmaceuticals,

Inc.*(a)

15,954

464,421

AnaptysBio

,

Inc.*(a)

2,593

64,151

Athenex

,

Inc.*(a)

119,226

98,898

Bluebird

Bio,

Inc.*

1,319

6,397

Catalyst

Pharmaceuticals,

Inc.*

56,522

468,567

Emergent

BioSolutions

,

Inc.*

24,870

1,021,162

Enanta

Pharmaceuticals,

Inc.*

7,116

506,517

Exelixis

,

Inc.*

18,754

425,153

FibroGen

,

Inc.*(a)

13,650

164,073

Frequency

Therapeutics,

Inc.*(a)

10,200

21,624

Homology

Medicines,

Inc.*

29,200

88,768

Ionis

Pharmaceuticals,

Inc.*(a)

3,180

117,787

Jounce

Therapeutics,

Inc.*

9,050

61,450

Poseida

Therapeutics,

Inc.*(a)

1,634

7,320

REGENXBIO,

Inc.*

10,396

345,043

Sutro

Biopharma,

Inc.*(a)

23,950

196,869

Travere

Therapeutics,

Inc.*(a)

29,593

762,612

4,869,233

Building

Products

2.9%

American

Woodmark

Corp.*

52,900

2,589,455

Apogee

Enterprises,

Inc.(a)

15,546

737,813

AZEK

Co.,

Inc.

(The)*

68,000

1,689,120

Caesarstone

Ltd.(a)

5,625

59,175

CSW

Industrials,

Inc.

12,200

1,434,598

Quanex

Building

Products

Corp.

20,857

437,789

6,947,950

Capital

Markets

4.2%

Cowen,

Inc.,

Class

A(a)

27,536

746,225

Evercore

,

Inc.,

Class

A

1,852

206,165

Focus

Financial

Partners,

Inc.,

Class

A*

101,500

4,642,610

Piper

Sandler

Cos.

4,775

626,719

StoneX

Group,

Inc.*

4,115

305,456

Virtus

Investment

Partners,

Inc.(a)

14,219

3,412,418

9,939,593

Chemicals

3.5%

AdvanSix

,

Inc.

18,522

946,289

American

Vanguard

Corp.

4,213

85,608

Chase

Corp.

6,429

558,745

Ecovyst

,

Inc.

26,911

311,091

Element

Solutions,

Inc.

209,588

4,589,977

Huntsman

Corp.

27,917

1,047,167

Koppers

Holdings,

Inc.

6,262

172,330

Olin

Corp.

3,397

177,595

Rayonier

Advanced

Materials,

Inc.*

22,725

149,303

Common

Stocks

Shares

Value

($)

Chemicals

Stepan

Co.

2,132

210,663

8,248,768

Commercial

Services

&

Supplies

3.5%

ACCO

Brands

Corp.

60,541

484,328

BrightView

Holdings,

Inc.*

2,050

27,901

CECO

Environmental

Corp.*

5,519

30,299

CoreCivic

,

Inc.*

123,461

1,379,059

Ennis,

Inc.

7,200

132,984

GEO

Group,

Inc.

(The)*(a)

85,857

567,515

Kimball

International,

Inc.,

Class

B

22,971

194,105

SP

Plus

Corp.*

69,700

2,185,792

Steelcase,

Inc.,

Class

A(a)

63,848

762,984

UniFirst

Corp.(a)

13,350

2,460,138

8,225,105

Communications

Equipment

1.5%

ADTRAN,

Inc.

18,297

337,580

Aviat

Networks,

Inc.*(a)

6,620

203,697

Comtech

Telecommunications

Corp.

4,535

71,154

EMCORE

Corp.*

17,778

65,779

Juniper

Networks,

Inc.

36,942

1,372,765

KVH

Industries,

Inc.*

3,350

30,485

NETGEAR,

Inc.*

26,702

659,005

NetScout

Systems,

Inc.*

21,007

673,905

Plantronics,

Inc.*

1,661

65,443

Ribbon

Communications,

Inc.*

39,020

120,572

3,600,385

Construction

&

Engineering

2.4%

API

Group

Corp.*

50,550

1,063,067

Argan

,

Inc.

8,438

342,498

EMCOR

Group,

Inc.

26,813

3,019,948

Granite

Construction,

Inc.(a)

4,656

152,717

Matrix

Service

Co.*

15,900

130,698

Primoris

Services

Corp.(a)

26,658

634,994

Tutor

Perini

Corp.*

35,573

384,188

5,728,110

Consumer

Finance

1.1%

Enova

International,

Inc.*

17,888

679,207

EZCORP,

Inc.,

Class

A*(a)

31,279

188,925

Navient

Corp.

95,519

1,627,644

2,495,776

Containers

&

Packaging

0.1%

Pactiv

Evergreen,

Inc.

14,300

143,858

Diversified

Consumer

Services

1.0%

2U,

Inc.*(a)

13,117

174,194

Adtalem

Global

Education,

Inc.*

31,870

946,858

American

Public

Education,

Inc.*

13,459

285,869

Grand

Canyon

Education,

Inc.*

1,494

145,082

Perdoceo

Education

Corp.*

55,323

635,108

Universal

Technical

Institute,

Inc.*

6,575

58,189

2,245,300

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

0.0%

†

Alerus

Financial

Corp.

840

23,218

Diversified

Telecommunication

Services

0.1%

ATN

International,

Inc.

3,823

152,461

Consolidated

Communications

Holdings,

Inc.*

31,358

185,012

337,473

Electric

Utilities

1.4%

ALLETE,

Inc.

6,240

417,955

NRG

Energy,

Inc.

15,189

582,650

Pinnacle

West

Capital

Corp.

2,664

208,059

Portland

General

Electric

Co.

36,149

1,993,617

3,202,281

Electrical

Equipment

1.4%

Encore

Wire

Corp.(a)

11,831

1,349,562

EnerSys

25,175

1,877,300

LSI

Industries,

Inc.

5,775

34,650

Powell

Industries,

Inc.

6,596

128,094

3,389,606

Electronic

Equipment,

Instruments

&

Components

3.5%

Avnet,

Inc.

6,588

267,407

Belden,

Inc.

12,640

700,256

Benchmark

Electronics,

Inc.

19,376

485,175

Daktronics,

Inc.*(a)

15,700

60,288

ePlus

,

Inc.*

112,399

6,301,088

PC

Connection,

Inc.

4,293

224,910

ScanSource

,

Inc.*

4,748

165,183

8,204,307

Energy

Equipment

&

Services

1.0%

Helix

Energy

Solutions

Group,

Inc.*

23,500

112,330

Nabors

Industries

Ltd.*

2,208

337,206

Newpark

Resources,

Inc.*

1,152

4,216

Oil

States

International,

Inc.*

81,690

567,745

Patterson-UTI

Energy,

Inc.(a)

86,247

1,335,104

2,356,601

Equity

Real

Estate

Investment

Trusts

(REITs)

5.3%

Apple

Hospitality

REIT,

Inc.(a)

104,439

1,876,769

Armada

Hoffler

Properties,

Inc.

17,138

250,215

CatchMark

Timber

Trust,

Inc.,

Class

A(a)

20,889

171,290

Centerspace

7,407

726,775

CTO

Realty

Growth,

Inc.

4,029

267,203

Diversified

Healthcare

Trust

128,145

410,064

Equity

Commonwealth*

62,127

1,752,602

Farmland

Partners,

Inc.

17,603

242,041

Franklin

Street

Properties

Corp.

45,929

270,981

Global

Net

Lease,

Inc.(a)

14,763

232,222

Industrial

Logistics

Properties

Trust

8,940

202,670

National

Health

Investors,

Inc.

(a)

3,097

182,754

Office

Properties

Income

Trust

20,951

539,069

Paramount

Group,

Inc.

76,970

839,743

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

71,638

1,233,606

RLJ

Lodging

Trust

113,413

1,596,855

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Sunstone

Hotel

Investors,

Inc.*

93,541

1,101,913

Whitestone

REIT(a)

30,327

401,833

Xenia

Hotels

&

Resorts,

Inc.*

15,000

289,350

12,587,955

Food

&

Staples

Retailing

2.8%

Andersons,

Inc.

(The)

18,147

912,068

Grocery

Outlet

Holding

Corp.*(a)

141,000

4,621,980

Rite

Aid

Corp.*(a)

28,197

246,724

SpartanNash

Co.

22,630

746,564

6,527,336

Food

Products

0.6%

Fresh

Del

Monte

Produce,

Inc.

(a)

14,032

363,569

Lancaster

Colony

Corp.

6,050

902,358

Landec

Corp.*

12,359

143,117

1,409,044

Gas

Utilities

1.1%

Northwest

Natural

Holding

Co.

13,744

710,840

Southwest

Gas

Holdings,

Inc.

24,149

1,890,625

Spire,

Inc.(a)

1,230

88,265

2,689,730

Health

Care

Equipment

&

Supplies

1.6%

Avanos

Medical,

Inc.*

2,560

85,760

ICU

Medical,

Inc.*

12,679

2,822,853

Orthofix

Medical,

Inc.*

4,765

155,815

Varex

Imaging

Corp.*(a)

31,731

675,553

3,739,981

Health

Care

Providers

&

Services

3.0%

Addus

HomeCare

Corp.*

58,884

5,493,288

Cross

Country

Healthcare,

Inc.*

10,753

233,018

Molina

Healthcare,

Inc.*

3,950

1,317,680

7,043,986

Health

Care

Technology

1.1%

Allscripts

Healthcare

Solutions,

Inc.*(a)

82,446

1,856,684

Computer

Programs

&

Systems,

Inc.*

12,801

440,994

NextGen

Healthcare,

Inc.*

10,750

224,783

2,522,461

Hotels,

Restaurants

&

Leisure

1.2%

Wyndham

Hotels

&

Resorts,

Inc.

34,000

2,879,460

Household

Durables

0.5%

Bassett

Furniture

Industries,

Inc.(a)

7,673

127,065

Beazer

Homes

USA,

Inc.*

43,367

660,046

Hooker

Furnishings

Corp.

2,624

49,698

Lifetime

Brands,

Inc.

3,130

40,189

Universal

Electronics,

Inc.*

6,349

198,343

VOXX

International

Corp.*

6,100

60,817

1,136,158

Insurance

6.4%

American

Equity

Investment

Life

Holding

Co.

39,248

1,566,388

50

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Insurance

Argo

Group

International

Holdings

Ltd.

12,752

526,403

CNO

Financial

Group,

Inc.

66,952

1,679,826

Donegal

Group,

Inc.,

Class

A

4,577

61,378

Employers

Holdings,

Inc.

16,815

689,751

Enstar

Group

Ltd.*

14,500

3,786,675

First

American

Financial

Corp.

8,178

530,098

Genworth

Financial,

Inc.,

Class

A*

283,300

1,070,874

Global

Indemnity

Group

LLC,

Class

A

1,455

37,961

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

15,393

108,829

Heritage

Insurance

Holdings,

Inc.

22,963

163,956

Horace

Mann

Educators

Corp.

2,540

106,248

James

River

Group

Holdings

Ltd.

7,206

178,276

Kemper

Corp.

6,867

388,260

ProAssurance

Corp.

21,387

574,883

Reinsurance

Group

of

America,

Inc.

5,551

607,612

SiriusPoint

Ltd.*

32,179

240,699

Stewart

Information

Services

Corp.

7,587

459,848

United

Fire

Group,

Inc.

9,646

299,701

United

Insurance

Holdings

Corp.

26,084

86,338

Universal

Insurance

Holdings,

Inc.(a)

25,219

340,204

Unum

Group

46,857

1,476,464

14,980,672

Interactive

Media

&

Services

0.5%

TrueCar

,

Inc.*

64,080

253,116

Yelp,

Inc.*(a)

25,645

874,751

1,127,867

IT

Services

1.8%

Conduent

,

Inc.*(a)

78,839

406,809

Unisys

Corp.*

7,690

166,181

Verra

Mobility

Corp.*(a)

232,665

3,787,786

4,360,776

Leisure

Products

0.1%

American

Outdoor

Brands,

Inc.*

13,062

171,504

Nautilus,

Inc.*

1,200

4,944

Vista

Outdoor,

Inc.*

640

22,842

199,290

Machinery

2.8%

AGCO

Corp.

10,031

1,464,827

Astec

Industries,

Inc.

8,125

349,375

Commercial

Vehicle

Group,

Inc.*

19,176

162,037

Crane

Co.

26,400

2,858,592

Hyster

-Yale

Materials

Handling,

Inc.

6,952

230,876

Manitowoc

Co.,

Inc.

(The)*

35,492

535,219

Park-Ohio

Holdings

Corp.(a)

3,200

45,024

REV

Group,

Inc.(a)

14,272

191,245

Common

Stocks

Shares

Value

($)

Machinery

Titan

International,

Inc.*(a)

6,300

92,799

Trinity

Industries,

Inc.

6,980

239,833

Wabash

National

Corp.

26,567

394,254

6,564,081

Marine

0.1%

Genco

Shipping

&

Trading

Ltd.

(a)

13,998

330,633

Media

0.2%

comScore,

Inc.*

40,802

118,734

Cumulus

Media,

Inc.,

Class

A*

2,754

27,402

Entravision

Communications

Corp.,

Class

A

36,927

236,702

382,838

Metals

&

Mining

1.2%

Olympic

Steel,

Inc.(a)

6,668

256,451

Schnitzer

Steel

Industries,

Inc.,

Class

A

24,619

1,278,711

SunCoke

Energy,

Inc.

94,284

840,071

TimkenSteel

Corp.*

20,158

441,057

2,816,290

Multiline

Retail

1.2%

Dillard's,

Inc.,

Class

A(a)

1,378

369,841

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

57,100

2,453,016

2,822,857

Oil,

Gas

&

Consumable

Fuels

3.8%

Arch

Resources,

Inc.

7,346

1,009,193

CVR

Energy,

Inc.

69,208

1,767,572

Delek

US

Holdings,

Inc.*

82,748

1,755,913

DHT

Holdings,

Inc.(a)

57,455

333,239

Dorian

LPG

Ltd.

28,015

405,937

HF

Sinclair

Corp.*

14,570

580,615

Infinity

Bio-energy

Ltd.

Reg.

S*^∞

155,500

0

Plains

GP

Holdings

LP,

Class

A*(a)

19,750

228,112

REX

American

Resources

Corp.*

3,451

343,720

SFL

Corp.

Ltd.

96,613

983,520

Whiting

Petroleum

Corp.

7,296

594,697

World

Fuel

Services

Corp.(a)

32,468

877,935

8,880,453

Paper

&

Forest

Products

0.3%

Clearwater

Paper

Corp.*

14,260

399,708

Glatfelter

Corp.

19,407

240,258

Schweitzer-Mauduit

International,

Inc.

5,562

152,955

792,921

Personal

Products

2.0%

Edgewell

Personal

Care

Co.

25,132

921,591

Inter

Parfums

,

Inc.

42,000

3,698,100

Nature's

Sunshine

Products,

Inc.*

4,570

76,867

4,696,558

Pharmaceuticals

0.5%

Atea

Pharmaceuticals,

Inc.*(a)

13,200

95,304

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Cara

Therapeutics,

Inc.*(a)

44,195

536,969

Endo

International

plc*(a)

95,824

221,353

NGM

Biopharmaceuticals,

Inc.*

13,914

212,189

1,065,815

Professional

Services

1.1%

Acacia

Research

Corp.*(a)

40,214

181,365

Barrett

Business

Services,

Inc.

3,180

246,354

Heidrick

&

Struggles

International,

Inc.

5,840

231,147

Kelly

Services,

Inc.,

Class

A

27,145

588,775

ManpowerGroup

,

Inc.

4,215

395,873

Mistras

Group,

Inc.*

2,100

13,881

Resources

Connection,

Inc.

14,977

256,706

TrueBlue

,

Inc.*

25,429

734,644

2,648,745

Real

Estate

Management

&

Development

3.0%

Cushman

&

Wakefield

plc*(a)

200,734

4,117,055

Forestar

Group,

Inc.*

9,300

165,168

Kennedy-Wilson

Holdings,

Inc.

50,816

1,239,402

Marcus

&

Millichap,

Inc.

5,740

302,383

Realogy

Holdings

Corp.*

76,866

1,205,259

7,029,267

Road

&

Rail

2.4%

ArcBest

Corp.

15,522

1,249,521

Covenant

Logistics

Group,

Inc.

16,756

360,757

Landstar

System,

Inc.(a)

17,846

2,691,712

Ryder

System,

Inc.

1,953

154,932

US

Xpress

Enterprises,

Inc.,

Class

A*(a)

12,190

47,297

Werner

Enterprises,

Inc.

22,243

911,963

Yellow

Corp.*

20,100

140,901

5,557,083

Software

1.1%

E2open

Parent

Holdings,

Inc.*(a)

164,900

1,452,769

MeridianLink

,

Inc.*

51,842

938,340

SecureWorks

Corp.,

Class

A*

11,209

148,519

Synchronoss

Technologies,

Inc.*(a)

50,661

87,644

2,627,272

Specialty

Retail

4.0%

Aaron's

Co.,

Inc.

(The)

29,988

602,159

Academy

Sports

&

Outdoors,

Inc.

40,985

1,614,809

America's

Car-Mart,

Inc.*(a)

32,700

2,634,312

Container

Store

Group,

Inc.

(The)*

19,935

162,869

Genesco,

Inc.*(a)

13,229

841,497

Haverty

Furniture

Cos.,

Inc.

6,420

176,036

Leslie's,

Inc.*(a)

122,000

2,361,920

LL

Flooring

Holdings,

Inc.*(a)

2,100

29,442

MarineMax

,

Inc.*

18,570

747,628

Tilly's,

Inc.,

Class

A

18,350

171,756

9,342,428

Technology

Hardware,

Storage

&

Peripherals

0.8%

Super

Micro

Computer,

Inc.*

10,445

397,641

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Xerox

Holdings

Corp.

68,502

1,381,686

1,779,327

Textiles,

Apparel

&

Luxury

Goods

0.1%

Unifi,

Inc.*

9,616

174,049

Vera

Bradley,

Inc.*(a)

20,134

154,428

328,477

Thrifts

&

Mortgage

Finance

1.3%

Bridgewater

Bancshares,

Inc.*

1,634

27,255

FS

Bancorp,

Inc.

1,620

50,220

Home

Bancorp,

Inc.

843

34,386

Luther

Burbank

Corp.

901

11,974

Merchants

Bancorp

11,409

312,378

Northfield

Bancorp,

Inc.

6,713

96,399

Ocwen

Financial

Corp.*(a)

3,310

78,646

PCSB

Financial

Corp.

5,598

106,978

PennyMac

Financial

Services,

Inc.

25,507

1,356,972

Southern

Missouri

Bancorp,

Inc.

700

34,965

TrustCo

Bank

Corp.

720

22,990

Washington

Federal,

Inc.

24,026

788,533

Waterstone

Financial,

Inc.

9,414

182,067

Western

New

England

Bancorp,

Inc.

2,174

19,436

3,123,199

Trading

Companies

&

Distributors

3.5%

Beacon

Roofing

Supply,

Inc.*(a)

69,490

4,119,367

Boise

Cascade

Co.

25,754

1,789,130

DXP

Enterprises,

Inc.*

2,260

61,223

MRC

Global,

Inc.*

77,709

925,514

NOW,

Inc.*

108,965

1,201,884

Titan

Machinery,

Inc.*

4,860

137,344

Triton

International

Ltd.

1,570

110,183

8,344,645

Wireless

Telecommunication

Services

0.8%

Telephone

&

Data

Systems,

Inc.(a)

73,434

1,386,434

United

States

Cellular

Corp.*

15,060

455,264

1,841,698

Total

Common

Stocks

(cost

$201,744,876)

228,740,140

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,406

0

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

Quantum

Corp.,

expiring

4/18/2022*∞

6,609

56

Total

Rights

(cost

$7,218)

56

52

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Repurchase

Agreements

1.9%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,025,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$3,060,000.

(b)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$548,215,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$559,175.(b)

548,210

548,210

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,010,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$4,548,210)

4,548,210

Total

Investments

(cost

$206,300,304)

—

99.0%

233,288,406

Other

assets

in

excess

of

liabilities

—

1.0%

2,299,185

NET

ASSETS

—

100.0%

$

235,587,591

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$34,156,210,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,548,210

and

by

$30,852,158

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/12/2022

–

11/15/2051,

a

total

value

of

$35,400,368.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$4,548,210.

CVR

Contingent

Value

Rights

GP

General

Partnership

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

54

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

1,765,660

$

–

$

–

$

1,765,660

Air

Freight

&

Logistics

120,954

–

–

120,954

Auto

Components

6,718,841

–

–

6,718,841

Banks

17,997,818

–

–

17,997,818

Biotechnology

4,869,233

–

–

4,869,233

Building

Products

6,947,950

–

–

6,947,950

Capital

Markets

9,939,593

–

–

9,939,593

Chemicals

8,248,768

–

–

8,248,768

Commercial

Services

&

Supplies

8,225,105

–

–

8,225,105

Communications

Equipment

3,600,385

–

–

3,600,385

Construction

&

Engineering

5,728,110

–

–

5,728,110

Consumer

Finance

2,495,776

–

–

2,495,776

Containers

&

Packaging

143,858

–

–

143,858

Diversified

Consumer

Services

2,245,300

–

–

2,245,300

Diversified

Financial

Services

23,218

–

–

23,218

Diversified

Telecommunication

Services

337,473

–

–

337,473

Electric

Utilities

3,202,281

–

–

3,202,281

Electrical

Equipment

3,389,606

–

–

3,389,606

Electronic

Equipment,

Instruments

&

Components

8,204,307

–

–

8,204,307

Energy

Equipment

&

Services

2,356,601

–

–

2,356,601

Equity

Real

Estate

Investment

Trusts

(REITs)

12,587,955

–

–

12,587,955

Food

&

Staples

Retailing

6,527,336

–

–

6,527,336

Food

Products

1,409,044

–

–

1,409,044

Gas

Utilities

2,689,730

–

–

2,689,730

Health

Care

Equipment

&

Supplies

3,739,981

–

–

3,739,981

Health

Care

Providers

&

Services

7,043,986

–

–

7,043,986

Health

Care

Technology

2,522,461

–

–

2,522,461

Hotels,

Restaurants

&

Leisure

2,879,460

–

–

2,879,460

Household

Durables

1,136,158

–

–

1,136,158

Insurance

14,980,672

–

–

14,980,672

Interactive

Media

&

Services

1,127,867

–

–

1,127,867

IT

Services

4,360,776

–

–

4,360,776

Leisure

Products

199,290

–

–

199,290

Machinery

6,564,081

–

–

6,564,081

Marine

330,633

–

–

330,633

Media

382,838

–

–

382,838

Metals

&

Mining

2,816,290

–

–

2,816,290

Multiline

Retail

2,822,857

–

–

2,822,857

Oil,

Gas

&

Consumable

Fuels

8,880,453

–

–

8,880,453

Paper

&

Forest

Products

792,921

–

–

792,921

Personal

Products

4,696,558

–

–

4,696,558

Pharmaceuticals

1,065,815

–

–

1,065,815

Professional

Services

2,648,745

–

–

2,648,745

Real

Estate

Management

&

Development

7,029,267

–

–

7,029,267

Road

&

Rail

5,557,083

–

–

5,557,083

Software

2,627,272

–

–

2,627,272

Specialty

Retail

9,342,428

–

–

9,342,428

Technology

Hardware,

Storage

&

Peripherals

1,779,327

–

–

1,779,327

Textiles,

Apparel

&

Luxury

Goods

328,477

–

–

328,477

Thrifts

&

Mortgage

Finance

3,123,199

–

–

3,123,199

Trading

Companies

&

Distributors

8,344,645

–

–

8,344,645

Wireless

Telecommunication

Services

1,841,698

–

–

1,841,698

Total

Common

Stocks

$

228,740,140

$

–

$

–

$

228,740,140

Repurchase

Agreements

–

4,548,210

–

4,548,210

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Rights  

$

–

$

56

$

–

$

56

Total

$

228,740,140

$

4,548,266

$

–

$

233,288,406

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2022,

the

Fund

held

one

common

stock

investment

and

one

rights

investment

that

were

categorized

as

a

Level

3

investments

which

were

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

56

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

97.5%

Shares

Value

($)

AUSTRALIA

0.0%

†

Consumer

Finance

0.0%

†

Aet

and

D

Holdings

No.

1

Ltd.

*^∞

106,305

0

BERMUDA

0.1%

Insurance

0.1%

SiriusPoint

Ltd.

*

54,634

408,662

Trading

Companies

&

Distributors

0.0%

†

Triton

International

Ltd.

2,120

148,782

557,444

CHINA

0.3%

Trading

Companies

&

Distributors

0.3%

Textainer

Group

Holdings

Ltd.

34,803

1,324,950

ISRAEL

0.9%

Machinery

0.6%

Kornit

Digital

Ltd.

*

26,589

2,198,645

Semiconductors

&

Semiconductor

Equipment

0.3%

Nova

Ltd.

*

13,532

1,473,364

3,672,009

NORWAY

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

SFL

Corp.

Ltd.

189,475

1,928,856

PUERTO

RICO

0.7%

Banks

0.7%

First

Bancorp/PR

103,920

1,363,430

OFG

Bancorp

61,143

1,628,850

2,992,280

UNITED

KINGDOM

0.3%

IT

Services

0.3%

Endava

plc,

ADR

*

8,647

1,150,310

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Infinity

Bio-energy

Ltd.

Reg.

S

*^∞

94,500

0

1,150,310

UNITED

STATES

94.7%

Aerospace

&

Defense

0.7%

Astronics

Corp.

*

36,469

471,544

Curtiss-Wright

Corp.

7,651

1,148,875

Parsons

Corp.

*(a)

17,333

670,787

Vectrus

,

Inc.

*

14,149

507,383

2,798,589

Air

Freight

&

Logistics

0.0%

†

Radiant

Logistics,

Inc.

*

24,459

155,804

Auto

Components

1.6%

American

Axle

&

Manufacturing

Holdings,

Inc.

*

206,813

1,604,869

Cooper-Standard

Holdings,

Inc.

*(a)

31,100

272,747

Goodyear

Tire

&

Rubber

Co.

(The)

*(a)

249,758

3,569,042

Modine

Manufacturing

Co.

*

70,092

631,529

Standard

Motor

Products,

Inc.

5,137

221,610

Stoneridge,

Inc.

*

28,512

591,909

6,891,706

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

8.7%

1st

Source

Corp.

4,069

188,191

Amalgamated

Financial

Corp.

(a)

13,968

251,005

American

National

Bankshares

,

Inc.

1,427

53,769

Associated

Banc-Corp.

115,957

2,639,180

Atlantic

Union

Bankshares

Corp.

9,947

364,955

Banc

of

California,

Inc.

49,818

964,476

Bank

of

Marin

Bancorp

2,803

98,301

Bank

of

Princeton

(The)

880

25,388

BankUnited

,

Inc.

43,183

1,898,325

Bankwell

Financial

Group,

Inc.

3,638

123,074

Bar

Harbor

Bankshares

1,400

40,068

BCB

Bancorp,

Inc.

7,431

135,616

Berkshire

Hills

Bancorp,

Inc.

51,754

1,499,313

Business

First

Bancshares,

Inc.

3,554

86,469

Byline

Bancorp,

Inc.

15,072

402,121

Camden

National

Corp.

5,109

240,327

Capital

Bancorp,

Inc.

3,180

72,695

Capital

City

Bank

Group,

Inc.

6,687

176,269

Capstar

Financial

Holdings,

Inc.

10,321

217,567

Carter

Bankshares

,

Inc.

*

8,467

147,072

CBTX,

Inc.

(a)

10,864

336,784

Central

Pacific

Financial

Corp.

64,239

1,792,268

Central

Valley

Community

Bancorp

4,876

113,855

Chemung

Financial

Corp.

1,395

65,133

City

Holding

Co.

(a)

956

75,237

Civista

Bancshares,

Inc.

2,689

64,805

CNB

Financial

Corp.

4,737

124,678

Community

Trust

Bancorp,

Inc.

12,640

520,768

Eagle

Bancorp,

Inc.

45,634

2,601,593

FB

Financial

Corp.

12,149

539,659

Financial

Institutions,

Inc.

11,604

349,629

First

Bancshares,

Inc.

(The)

600

20,196

First

Business

Financial

Services,

Inc.

2,800

91,868

First

Commonwealth

Financial

Corp.

13,185

199,885

First

Financial

Corp.

15,131

654,870

First

Internet

Bancorp

4,660

200,427

First

of

Long

Island

Corp.

(The)

7,569

147,293

First

Savings

Financial

Group,

Inc.

1,840

45,154

First

Western

Financial,

Inc.

*

26

813

Great

Southern

Bancorp,

Inc.

8,010

472,670

Guaranty

Bancshares,

Inc.

3,415

119,525

Hanmi

Financial

Corp.

41,355

1,017,747

HarborOne

Bancorp,

Inc.

36,551

512,445

HBT

Financial,

Inc.

7,579

137,786

Heartland

Financial

USA,

Inc.

6,600

315,678

Heritage

Commerce

Corp.

11,024

124,020

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Heritage

Financial

Corp.

13,587

340,490

HomeStreet

,

Inc.

27,097

1,283,856

HomeTrust

Bancshares,

Inc.

12,387

365,788

Horizon

Bancorp,

Inc.

7,468

139,428

Independent

Bank

Corp./MI

19,300

424,600

Investar

Holding

Corp.

4,167

79,548

Lakeland

Bancorp,

Inc.

28,580

477,286

Macatawa

Bank

Corp.

13,797

124,311

Mercantile

Bank

Corp.

4,601

162,967

Metropolitan

Bank

Holding

Corp.

*

2,787

283,633

Midland

States

Bancorp,

Inc.

14,801

427,157

MidWestOne

Financial

Group,

Inc.

5,162

170,862

National

Bank

Holdings

Corp.,

Class

A

5,034

202,770

NBT

Bancorp,

Inc.

12,452

449,891

Nicolet

Bankshares

,

Inc.

*

7,668

717,495

Northeast

Bank

900

30,699

Northrim

Bancorp,

Inc.

4,095

178,419

OceanFirst

Financial

Corp.

44,840

901,284

Old

Second

Bancorp,

Inc.

17,287

250,834

Peapack

-Gladstone

Financial

Corp.

10,049

349,203

Pinnacle

Financial

Partners,

Inc.

25,320

2,331,465

Preferred

Bank

4,084

302,584

Primis

Financial

Corp.

10,826

151,347

Professional

Holding

Corp.,

Class

A

*

1,334

30,095

QCR

Holdings,

Inc.

14,167

801,711

RBB

Bancorp

(a)

10,692

251,155

S&T

Bancorp,

Inc.

3,806

112,581

Sierra

Bancorp

3,626

90,577

SmartFinancial

,

Inc.

4,200

107,436

South

Plains

Financial,

Inc.

985

26,181

Southern

First

Bancshares,

Inc.

*

1,229

62,482

TriCo

Bancshares

48,584

1,944,818

UMB

Financial

Corp.

22,538

2,189,792

Wintrust

Financial

Corp.

13,909

1,292,563

37,324,275

Biotechnology

3.0%

Adverum

Biotechnologies,

Inc.

*

52,311

68,527

Aeglea

BioTherapeutics

,

Inc.

*

9,812

22,568

Agios

Pharmaceuticals,

Inc.

*

21,337

621,120

AnaptysBio

,

Inc.

*

5,028

124,393

Athenex

,

Inc.

*

169,864

140,902

Bluebird

Bio,

Inc.

*

2,366

11,475

CareDx

,

Inc.

*

9,602

355,178

Catalyst

Pharmaceuticals,

Inc.

*

104,389

865,385

Emergent

BioSolutions

,

Inc.

*

47,090

1,933,515

Enanta

Pharmaceuticals,

Inc.

*(a)

9,571

681,264

Exelixis

,

Inc.

*

35,383

802,133

FibroGen

,

Inc.

*(a)

36,565

439,511

Common

Stocks

Shares

Value

($)

UNITED

STATES

Biotechnology

Frequency

Therapeutics,

Inc.

*

18,077

38,323

Halozyme

Therapeutics,

Inc.

*(a)

44,194

1,762,457

Homology

Medicines,

Inc.

*

40,489

123,087

Ionis

Pharmaceuticals,

Inc.

*

5,340

197,794

Jounce

Therapeutics,

Inc.

*

6,699

45,486

Poseida

Therapeutics,

Inc.

*

1,720

7,706

REGENXBIO,

Inc.

*

20,704

687,166

Sutro

Biopharma,

Inc.

*(a)

50,427

414,510

Travere

Therapeutics,

Inc.

*(a)

102,211

2,633,976

Vanda

Pharmaceuticals,

Inc.

*

900

10,179

Veracyte

,

Inc.

*(a)

29,935

825,308

12,811,963

Building

Products

1.3%

Advanced

Drainage

Systems,

Inc.

(a)

24,013

2,852,984

Apogee

Enterprises,

Inc.

28,033

1,330,446

Caesarstone

Ltd.

(a)

14,159

148,953

Quanex

Building

Products

Corp.

29,396

617,022

Trex

Co.,

Inc.

*

10,491

685,377

5,634,782

Capital

Markets

2.5%

Cohen

&

Steers,

Inc.

15,929

1,368,142

Cowen,

Inc.,

Class

A

(a)

51,300

1,390,230

Evercore

,

Inc.,

Class

A

7,784

866,515

Hamilton

Lane,

Inc.,

Class

A

32,936

2,545,623

LPL

Financial

Holdings,

Inc.

15,018

2,743,488

Piper

Sandler

Cos.

(a)

9,786

1,284,413

StoneX

Group,

Inc.

*

6,242

463,344

10,661,755

Chemicals

2.4%

AdvanSix

,

Inc.

39,779

2,032,309

American

Vanguard

Corp.

4,837

98,288

Ecovyst

,

Inc.

46,683

539,655

Element

Solutions,

Inc.

50,062

1,096,358

Huntsman

Corp.

53,882

2,021,114

Koppers

Holdings,

Inc.

8,780

241,626

Livent

Corp.

*(a)

33,461

872,328

Olin

Corp.

54,275

2,837,497

Rayonier

Advanced

Materials,

Inc.

*

58,632

385,212

Stepan

Co.

922

91,103

10,215,490

Commercial

Services

&

Supplies

2.8%

ACCO

Brands

Corp.

97,679

781,432

BrightView

Holdings,

Inc.

*

3,320

45,185

Casella

Waste

Systems,

Inc.,

Class

A

*

37,180

3,258,828

CECO

Environmental

Corp.

*

12,128

66,583

Clean

Harbors,

Inc.

*

10,457

1,167,419

CoreCivic

,

Inc.

*

240,972

2,691,657

Ennis,

Inc.

15,202

280,781

GEO

Group,

Inc.

(The)

*(a)

247,561

1,636,378

Kimball

International,

Inc.,

Class

B

43,118

364,347

58

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Commercial

Services

&

Supplies

Steelcase,

Inc.,

Class

A

127,678

1,525,752

11,818,362

Communications

Equipment

1.8%

ADTRAN,

Inc.

72,948

1,345,890

Aviat

Networks,

Inc.

*

15,807

486,381

Comtech

Telecommunications

Corp.

14,382

225,654

EMCORE

Corp.

*

37,745

139,657

Juniper

Networks,

Inc.

68,067

2,529,369

KVH

Industries,

Inc.

*

6,856

62,390

NETGEAR,

Inc.

*

51,464

1,270,132

NetScout

Systems,

Inc.

*

41,712

1,338,121

Plantronics,

Inc.

*

3,381

133,211

Ribbon

Communications,

Inc.

*

77,509

239,503

7,770,308

Construction

&

Engineering

1.4%

Argan

,

Inc.

16,900

685,971

Granite

Construction,

Inc.

12,026

394,453

Matrix

Service

Co.

*

29,697

244,109

Primoris

Services

Corp.

48,118

1,146,171

Tutor

Perini

Corp.

*

68,532

740,146

WillScot

Mobile

Mini

Holdings

Corp.

*

70,776

2,769,464

5,980,314

Consumer

Finance

1.2%

Enova

International,

Inc.

*

34,980

1,328,191

EZCORP,

Inc.,

Class

A

*(a)

64,899

391,990

Navient

Corp.

187,835

3,200,708

SLM

Corp.

15,174

278,595

5,199,484

Containers

&

Packaging

0.3%

Pactiv

Evergreen,

Inc.

32,700

328,962

Ranpak

Holdings

Corp.

*(a)

39,342

803,757

1,132,719

Diversified

Consumer

Services

0.8%

2U,

Inc.

*(a)

25,795

342,558

Adtalem

Global

Education,

Inc.

*(a)

34,114

1,013,527

American

Public

Education,

Inc.

*

27,318

580,234

Grand

Canyon

Education,

Inc.

*

1,340

130,127

Perdoceo

Education

Corp.

*

117,458

1,348,418

Universal

Technical

Institute,

Inc.

*

13,989

123,803

3,538,667

Diversified

Financial

Services

0.0%

†

Alerus

Financial

Corp.

1,096

30,293

Diversified

Telecommunication

Services

0.2%

Anterix

,

Inc.

*

2,470

143,013

ATN

International,

Inc.

5,423

216,269

Consolidated

Communications

Holdings,

Inc.

*

60,186

355,098

714,380

Electric

Utilities

1.8%

ALLETE,

Inc.

13,094

877,036

NRG

Energy,

Inc.

(a)

29,316

1,124,562

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electric

Utilities

Pinnacle

West

Capital

Corp.

22,716

1,774,120

Portland

General

Electric

Co.

67,416

3,717,992

7,493,710

Electrical

Equipment

0.7%

Encore

Wire

Corp.

23,424

2,671,976

LSI

Industries,

Inc.

9,614

57,684

Powell

Industries,

Inc.

12,189

236,710

2,966,370

Electronic

Equipment,

Instruments

&

Components

1.4%

Avnet,

Inc.

(a)

11,216

455,257

Belden,

Inc.

30,594

1,694,908

Benchmark

Electronics,

Inc.

53,798

1,347,102

Daktronics,

Inc.

*(a)

34,354

131,919

Novanta

,

Inc.

*

11,858

1,687,275

PC

Connection,

Inc.

7,088

371,340

ScanSource

,

Inc.

*

8,349

290,462

5,978,263

Energy

Equipment

&

Services

1.2%

Cactus,

Inc.,

Class

A

9,899

561,669

Helix

Energy

Solutions

Group,

Inc.

*(a)

46,332

221,467

Nabors

Industries

Ltd.

*

4,198

641,119

Newpark

Resources,

Inc.

*

1,657

6,065

Oil

States

International,

Inc.

*

149,763

1,040,853

Patterson-UTI

Energy,

Inc.

162,434

2,514,478

4,985,651

Equity

Real

Estate

Investment

Trusts

(REITs)

6.5%

Apple

Hospitality

REIT,

Inc.

210,002

3,773,735

Armada

Hoffler

Properties,

Inc.

33,837

494,020

CatchMark

Timber

Trust,

Inc.,

Class

A

35,988

295,102

Centerspace

(a)

15,861

1,556,281

CTO

Realty

Growth,

Inc.

8,319

551,716

Diversified

Healthcare

Trust

255,626

818,003

Equity

Commonwealth

*

114,165

3,220,594

Farmland

Partners,

Inc.

34,044

468,105

Franklin

Street

Properties

Corp.

82,263

485,352

Industrial

Logistics

Properties

Trust

13,369

303,075

National

Health

Investors,

Inc.

(a)

6,271

370,052

National

Storage

Affiliates

Trust

30,682

1,925,602

Office

Properties

Income

Trust

37,771

971,848

Outfront

Media,

Inc.

26,041

740,346

Paramount

Group,

Inc.

172,712

1,884,288

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

139,425

2,400,899

PS

Business

Parks,

Inc.

4,582

770,143

RLJ

Lodging

Trust

219,841

3,095,361

Sunstone

Hotel

Investors,

Inc.

*

152,663

1,798,370

Whitestone

REIT

(a)

67,644

896,283

Xenia

Hotels

&

Resorts,

Inc.

*

60,742

1,171,713

27,990,888

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

UNITED

STATES

Food

&

Staples

Retailing

1.3%

Andersons,

Inc.

(The)

27,996

1,407,079

BJ's

Wholesale

Club

Holdings,

Inc.

*

16,788

1,135,037

Performance

Food

Group

Co.

*

16,588

844,495

Rite

Aid

Corp.

*(a)

55,794

488,198

SpartanNash

Co.

46,993

1,550,298

5,425,107

Food

Products

0.6%

Fresh

Del

Monte

Produce,

Inc.

27,693

717,526

Freshpet

,

Inc.

*(a)

14,902

1,529,541

Landec

Corp.

*

18,555

214,867

2,461,934

Gas

Utilities

1.2%

Northwest

Natural

Holding

Co.

23,505

1,215,679

Southwest

Gas

Holdings,

Inc.

44,621

3,493,378

Spire,

Inc.

(a)

5,192

372,578

5,081,635

Health

Care

Equipment

&

Supplies

4.0%

AtriCure

,

Inc.

*

16,405

1,077,316

Avanos

Medical,

Inc.

*

3,733

125,056

Axonics

,

Inc.

*(a)

32,120

2,010,712

CONMED

Corp.

(a)

2,706

401,976

CryoPort

,

Inc.

*(a)

28,467

993,783

Globus

Medical,

Inc.,

Class

A

*

26,856

1,981,436

Inari

Medical,

Inc.

*

17,363

1,573,782

Inmode

Ltd.

*

9,814

362,235

Natus

Medical,

Inc.

*

3,230

84,884

Orthofix

Medical,

Inc.

*

3,229

105,588

Penumbra,

Inc.

*

8,053

1,788,813

Shockwave

Medical,

Inc.

*

7,919

1,642,084

Tandem

Diabetes

Care,

Inc.

*

28,919

3,362,991

Varex

Imaging

Corp.

*(a)

61,776

1,315,211

16,825,867

Health

Care

Providers

&

Services

1.5%

AMN

Healthcare

Services,

Inc.

*(a)

9,505

991,657

Cross

Country

Healthcare,

Inc.

*

18,165

393,636

Molina

Healthcare,

Inc.

*

7,369

2,458,224

Surgery

Partners,

Inc.

*(a)

31,537

1,736,111

Tenet

Healthcare

Corp.

*

10,512

903,612

6,483,240

Health

Care

Technology

2.4%

Allscripts

Healthcare

Solutions,

Inc.

*(a)

146,242

3,293,370

Certara

,

Inc.

*

12,639

271,486

Computer

Programs

&

Systems,

Inc.

*

22,077

760,553

Evolent

Health,

Inc.,

Class

A

*

7,609

245,771

Health

Catalyst,

Inc.

*(a)

16,140

421,738

Inspire

Medical

Systems,

Inc.

*

14,332

3,678,880

NextGen

Healthcare,

Inc.

*

24,511

512,525

Omnicell

,

Inc.

*

6,585

852,692

10,037,015

Common

Stocks

Shares

Value

($)

UNITED

STATES

Hotels,

Restaurants

&

Leisure

2.9%

Choice

Hotels

International,

Inc.

16,745

2,373,772

Dutch

Bros,

Inc.,

Class

A

*(a)

7,334

405,350

Papa

John's

International,

Inc.

17,572

1,849,980

Planet

Fitness,

Inc.,

Class

A

*(a)

25,113

2,121,546

Red

Rock

Resorts,

Inc.,

Class

A

41,150

1,998,244

SeaWorld

Entertainment,

Inc.

*

14,905

1,109,528

Wingstop

,

Inc.

(a)

8,338

978,464

Wyndham

Hotels

&

Resorts,

Inc.

17,598

1,490,375

12,327,259

Household

Durables

0.5%

Bassett

Furniture

Industries,

Inc.

(a)

13,705

226,955

Beazer

Homes

USA,

Inc.

*(a)

78,633

1,196,793

Hooker

Furnishings

Corp.

6,891

130,516

Lifetime

Brands,

Inc.

4,439

56,997

Universal

Electronics,

Inc.

*

9,182

286,846

VOXX

International

Corp.

*

14,698

146,539

2,044,646

Insurance

5.5%

American

Equity

Investment

Life

Holding

Co.

83,945

3,350,244

Argo

Group

International

Holdings

Ltd.

26,628

1,099,204

CNO

Financial

Group,

Inc.

128,236

3,217,441

Donegal

Group,

Inc.,

Class

A

6,896

92,475

Employers

Holdings,

Inc.

32,578

1,336,350

First

American

Financial

Corp.

14,979

970,939

Genworth

Financial,

Inc.,

Class

A

*

553,445

2,092,022

Global

Indemnity

Group

LLC,

Class

A

(a)

1,719

44,849

Greenlight

Capital

Re

Ltd.,

Class

A

*(a)

19,756

139,675

Heritage

Insurance

Holdings,

Inc.

80,042

571,500

Horace

Mann

Educators

Corp.

2,865

119,843

James

River

Group

Holdings

Ltd.

(a)

12,318

304,747

Kemper

Corp.

11,842

669,547

Kinsale

Capital

Group,

Inc.

5,798

1,322,060

ProAssurance

Corp.

39,247

1,054,959

Reinsurance

Group

of

America,

Inc.

10,733

1,174,834

Stewart

Information

Services

Corp.

30,401

1,842,605

United

Fire

Group,

Inc.

13,587

422,148

United

Insurance

Holdings

Corp.

23,113

76,504

Universal

Insurance

Holdings,

Inc.

52,498

708,198

60

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Insurance

Unum

Group

91,109

2,870,845

23,480,989

Interactive

Media

&

Services

0.5%

TrueCar

,

Inc.

*

144,287

569,934

Yelp,

Inc.

*

48,996

1,671,253

2,241,187

IT

Services

1.3%

Conduent

,

Inc.

*

202,825

1,046,577

DigitalOcean

Holdings,

Inc.

*

21,021

1,216,065

Globant

SA

*(a)

11,712

3,069,364

Unisys

Corp.

*

12,882

278,380

5,610,386

Leisure

Products

0.3%

American

Outdoor

Brands,

Inc.

*

26,470

347,551

Nautilus,

Inc.

*

1,800

7,416

Vista

Outdoor,

Inc.

*

1,635

58,353

YETI

Holdings,

Inc.

*

12,765

765,645

1,178,965

Life

Sciences

Tools

&

Services

1.5%

Medpace

Holdings,

Inc.

*

17,618

2,882,129

Quanterix

Corp.

*

11,273

329,059

Repligen

Corp.

*

17,326

3,258,847

6,470,035

Machinery

2.6%

AGCO

Corp.

17,577

2,566,769

Astec

Industries,

Inc.

14,262

613,266

Chart

Industries,

Inc.

*(a)

15,442

2,652,472

Commercial

Vehicle

Group,

Inc.

*

12,548

106,031

Evoqua

Water

Technologies

Corp.

*

24,612

1,156,272

Hyster

-Yale

Materials

Handling,

Inc.

13,895

461,453

Manitowoc

Co.,

Inc.

(The)

*

84,636

1,276,311

Park-Ohio

Holdings

Corp.

6,162

86,699

REV

Group,

Inc.

(a)

27,667

370,738

Titan

International,

Inc.

*

11,201

164,991

Trinity

Industries,

Inc.

16,280

559,381

Wabash

National

Corp.

55,299

820,637

10,835,020

Marine

0.1%

Genco

Shipping

&

Trading

Ltd.

20,836

492,146

Media

0.2%

comScore,

Inc.

*(a)

76,016

221,207

Cumulus

Media,

Inc.,

Class

A

*

5,914

58,844

Entravision

Communications

Corp.,

Class

A

69,990

448,636

Mode

Media

M-1

Escrow

*^∞

2,754

0

728,687

Metals

&

Mining

1.3%

MP

Materials

Corp.

*(a)

15,251

874,492

Olympic

Steel,

Inc.

13,400

515,364

Schnitzer

Steel

Industries,

Inc.,

Class

A

49,513

2,571,705

SunCoke

Energy,

Inc.

162,479

1,447,688

Common

Stocks

Shares

Value

($)

UNITED

STATES

Metals

&

Mining

TimkenSteel

Corp.

*

8,610

188,387

5,597,636

Multiline

Retail

0.2%

Dillard's,

Inc.,

Class

A

(a)

2,860

767,595

Oil,

Gas

&

Consumable

Fuels

5.1%

Arch

Resources,

Inc.

15,763

2,165,521

CVR

Energy,

Inc.

128,638

3,285,415

Delek

US

Holdings,

Inc.

*(a)

159,245

3,379,180

DHT

Holdings,

Inc.

(a)

248,911

1,443,684

Dorian

LPG

Ltd.

(a)

54,901

795,515

HF

Sinclair

Corp.

*

28,036

1,117,235

Matador

Resources

Co.

46,092

2,441,954

New

Fortress

Energy,

Inc.

10,125

431,426

PDC

Energy,

Inc.

19,130

1,390,368

Plains

GP

Holdings

LP,

Class

A

*(a)

49,878

576,091

REX

American

Resources

Corp.

*

6,092

606,763

SM

Energy

Co.

30,178

1,175,433

Whiting

Petroleum

Corp.

13,842

1,128,261

World

Fuel

Services

Corp.

62,987

1,703,168

21,640,014

Paper

&

Forest

Products

0.4%

Clearwater

Paper

Corp.

*

24,956

699,516

Glatfelter

Corp.

35,026

433,622

Schweitzer-Mauduit

International,

Inc.

13,077

359,618

1,492,756

Personal

Products

0.5%

Edgewell

Personal

Care

Co.

54,570

2,001,082

Nature's

Sunshine

Products,

Inc.

*

9,426

158,545

2,159,627

Pharmaceuticals

0.5%

Atea

Pharmaceuticals,

Inc.

*

25,852

186,651

Cara

Therapeutics,

Inc.

*

90,530

1,099,939

Endo

International

plc

*

174,734

403,636

NGM

Biopharmaceuticals,

Inc.

*

17,838

272,030

1,962,256

Professional

Services

1.3%

Acacia

Research

Corp.

*(a)

74,937

337,966

Barrett

Business

Services,

Inc.

6,809

527,493

CRA

International,

Inc.

3,499

294,826

Heidrick

&

Struggles

International,

Inc.

8,388

331,997

Kelly

Services,

Inc.,

Class

A

61,637

1,336,907

ManpowerGroup

,

Inc.

8,300

779,536

Mistras

Group,

Inc.

*

3,321

21,952

Resources

Connection,

Inc.

30,761

527,244

TrueBlue

,

Inc.

*

53,107

1,534,260

5,692,181

Real

Estate

Management

&

Development

1.3%

Forestar

Group,

Inc.

*

17,186

305,223

Kennedy-Wilson

Holdings,

Inc.

99,741

2,432,683

Marcus

&

Millichap,

Inc.

14,051

740,207

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

UNITED

STATES

Real

Estate

Management

&

Development

Realogy

Holdings

Corp.

*(a)

134,278

2,105,479

5,583,592

Road

&

Rail

1.8%

ArcBest

Corp.

(a)

24,162

1,945,041

Covenant

Logistics

Group,

Inc.

32,181

692,857

Ryder

System,

Inc.

3,499

277,576

Saia,

Inc.

*

9,583

2,336,526

Schneider

National,

Inc.,

Class

B

5,840

148,920

US

Xpress

Enterprises,

Inc.,

Class

A

*

14,087

54,658

Werner

Enterprises,

Inc.

44,633

1,829,953

Yellow

Corp.

*

36,813

258,059

7,543,590

Semiconductors

&

Semiconductor

Equipment

2.5%

Ambarella

,

Inc.

*

15,755

1,653,015

Impinj

,

Inc.

*(a)

13,220

839,999

Lattice

Semiconductor

Corp.

*

56,552

3,446,843

MACOM

Technology

Solutions

Holdings,

Inc.

*

25,426

1,522,255

MaxLinear

,

Inc.

*

19,494

1,137,475

SiTime

Corp.

*(a)

7,546

1,870,050

10,469,637

Software

3.7%

CyberArk

Software

Ltd.

*

15,305

2,582,719

Domo,

Inc.,

Class

B

*

9,018

456,040

Manhattan

Associates,

Inc.

*

24,544

3,404,498

Paylocity

Holding

Corp.

*

10,819

2,226,226

SecureWorks

Corp.,

Class

A

*

21,467

284,438

Sprout

Social,

Inc.,

Class

A

*

35,420

2,837,850

Synchronoss

Technologies,

Inc.

*

63,715

110,227

Varonis

Systems,

Inc.

*

43,679

2,076,500

Workiva

,

Inc.

*(a)

15,840

1,869,120

15,847,618

Specialty

Retail

2.7%

Aaron's

Co.,

Inc.

(The)

55,911

1,122,693

Academy

Sports

&

Outdoors,

Inc.

79,743

3,141,873

Boot

Barn

Holdings,

Inc.

*

26,737

2,534,400

Container

Store

Group,

Inc.

(The)

*(a)

39,268

320,820

Genesco,

Inc.

*

26,316

1,673,961

Haverty

Furniture

Cos.,

Inc.

12,567

344,587

LL

Flooring

Holdings,

Inc.

*(a)

4,750

66,595

MarineMax

,

Inc.

*

37,683

1,517,118

Tilly's,

Inc.,

Class

A

55,696

521,315

11,243,362

Technology

Hardware,

Storage

&

Peripherals

0.8%

Super

Micro

Computer,

Inc.

*

16,691

635,426

Xerox

Holdings

Corp.

131,970

2,661,835

3,297,261

Textiles,

Apparel

&

Luxury

Goods

0.5%

Oxford

Industries,

Inc.

(a)

17,539

1,587,280

Unifi,

Inc.

*

19,221

347,900

Vera

Bradley,

Inc.

*

36,760

281,949

2,217,129

Common

Stocks

Shares

Value

($)

UNITED

STATES

Thrifts

&

Mortgage

Finance

1.4%

Bridgewater

Bancshares,

Inc.

*

2,464

41,100

FS

Bancorp,

Inc.

2,350

72,850

Home

Bancorp,

Inc.

1,500

61,185

Luther

Burbank

Corp.

2,200

29,238

Merchants

Bancorp

17,284

473,236

Northfield

Bancorp,

Inc.

4,561

65,496

Ocwen

Financial

Corp.

*

4,879

115,925

PCSB

Financial

Corp.

11,147

213,019

PennyMac

Financial

Services,

Inc.

47,516

2,527,850

Southern

Missouri

Bancorp,

Inc.

121

6,044

TrustCo

Bank

Corp.

1,535

49,013

Washington

Federal,

Inc.

54,180

1,778,188

Waterstone

Financial,

Inc.

15,674

303,135

Western

New

England

Bancorp,

Inc.

3,323

29,708

5,765,987

Trading

Companies

&

Distributors

3.1%

Boise

Cascade

Co.

47,141

3,274,885

Herc

Holdings,

Inc.

19,620

3,278,306

MRC

Global,

Inc.

*

142,413

1,696,139

NOW,

Inc.

*

229,433

2,530,646

SiteOne

Landscape

Supply,

Inc.

*(a)

8,514

1,376,629

Titan

Machinery,

Inc.

*

7,458

210,763

Veritiv

Corp.

*(a)

4,751

634,686

13,002,054

Wireless

Telecommunication

Services

0.9%

Telephone

&

Data

Systems,

Inc.

154,954

2,925,531

United

States

Cellular

Corp.

*

27,804

840,515

3,766,046

401,866,232

Total

Common

Stocks

(cost

$349,236,349)

413,492,081

Preferred

Stock

0.0%

†

UNITED

STATES

0.0%

†

Media

0.0%

†

Mode

Media

Corp.,

Series M-1*^∞

19,276

0

Total

Preferred

Stock

(cost

$100,042)

0

Corporate

Bonds

0.0%

†

Principal

Amount

($)

UNITED

STATES

0.0%

†

Media

0.0%

†

Mode

Media

Corp.,

9.00%,

12/2/14^∞(b)

42,256

0

Mode

Media,

Inc.,

9.00%,

12/2/14^∞(b)

1,544

0

Total

Corporate

Bonds

(cost

$43,259)

0

62

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Rights

0.0%

†

Number

of

Rights

Value

($)

UNITED

STATES

0.0%

†

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

4,756

0

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

Quantum

Corp.,

expiring

04/18/22*∞

3,185

27

Total

Rights

(cost

$14,268)

27

Repurchase

Agreements

1.9%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,196,978,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$3,260,891.(c)

3,196,952

3,196,952

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,046,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$8,196,952)

8,196,952

Total

Investments

(cost

$357,590,870)

  —

99.4%

421,689,060

Other

assets

in

excess

of

liabilities

—

0.6%

2,445,958

NET

ASSETS

—

100.0%

$

424,135,018

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$46,820,489,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,196,952

and

by

$40,108,973

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/12/2022

–

2/15/2052,

a

total

value

of

$48,305,925.

(b)

Security

in

default.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$8,196,952.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

GP

General

Partnership

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

63

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

64

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

2,798,589

$

–

$

–

$

2,798,589

Air

Freight

&

Logistics

155,804

–

–

155,804

Auto

Components

6,891,706

–

–

6,891,706

Banks

40,316,555

–

–

40,316,555

Biotechnology

12,811,963

–

–

12,811,963

Building

Products

5,634,782

–

–

5,634,782

Capital

Markets

10,661,755

–

–

10,661,755

Chemicals

10,215,490

–

–

10,215,490

Commercial

Services

&

Supplies

11,818,362

–

–

11,818,362

Communications

Equipment

7,770,308

–

–

7,770,308

Construction

&

Engineering

5,980,314

–

–

5,980,314

Consumer

Finance

5,199,484

–

–

5,199,484

Containers

&

Packaging

1,132,719

–

–

1,132,719

Diversified

Consumer

Services

3,538,667

–

–

3,538,667

Diversified

Financial

Services

30,293

–

–

30,293

Diversified

Telecommunication

Services

714,380

–

–

714,380

Electric

Utilities

7,493,710

–

–

7,493,710

Electrical

Equipment

2,966,370

–

–

2,966,370

Electronic

Equipment,

Instruments

&

Components

5,978,263

–

–

5,978,263

Energy

Equipment

&

Services

4,985,651

–

–

4,985,651

Equity

Real

Estate

Investment

Trusts

(REITs)

27,990,888

–

–

27,990,888

Food

&

Staples

Retailing

5,425,107

–

–

5,425,107

Food

Products

2,461,934

–

–

2,461,934

Gas

Utilities

5,081,635

–

–

5,081,635

Health

Care

Equipment

&

Supplies

16,825,867

–

–

16,825,867

Health

Care

Providers

&

Services

6,483,240

–

–

6,483,240

Health

Care

Technology

10,037,015

–

–

10,037,015

Hotels,

Restaurants

&

Leisure

12,327,259

–

–

12,327,259

Household

Durables

2,044,646

–

–

2,044,646

Insurance

23,889,651

–

–

23,889,651

Interactive

Media

&

Services

2,241,187

–

–

2,241,187

IT

Services

6,760,696

–

–

6,760,696

Leisure

Products

1,178,965

–

–

1,178,965

Life

Sciences

Tools

&

Services

6,470,035

–

–

6,470,035

Machinery

13,033,665

–

–

13,033,665

Marine

492,146

–

–

492,146

Media

728,687

–

–

728,687

Metals

&

Mining

5,597,636

–

–

5,597,636

Multiline

Retail

767,595

–

–

767,595

Oil,

Gas

&

Consumable

Fuels

23,568,870

–

–

23,568,870

Paper

&

Forest

Products

1,492,756

–

–

1,492,756

Personal

Products

2,159,627

–

–

2,159,627

Pharmaceuticals

1,962,256

–

–

1,962,256

Professional

Services

5,692,181

–

–

5,692,181

Real

Estate

Management

&

Development

5,583,592

–

–

5,583,592

Road

&

Rail

7,543,590

–

–

7,543,590

Semiconductors

&

Semiconductor

Equipment

11,943,001

–

–

11,943,001

Software

15,847,618

–

–

15,847,618

Specialty

Retail

11,243,362

–

–

11,243,362

Technology

Hardware,

Storage

&

Peripherals

3,297,261

–

–

3,297,261

Textiles,

Apparel

&

Luxury

Goods

2,217,129

–

–

2,217,129

Thrifts

&

Mortgage

Finance

5,765,987

–

–

5,765,987

Trading

Companies

&

Distributors

14,475,786

–

–

14,475,786

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

65

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

3,766,046

$

–

$

–

$

3,766,046

Total

Common

Stocks

$

413,492,081

$

–

$

–

$

413,492,081

Corporate

Bonds

–

–

–

–

Preferred

Stock

–

–

–

–

Repurchase

Agreements

–

8,196,952

–

8,196,952

Rights  

–

27

–

27

Total

$

413,492,081

$

8,196,979

$

–

$

421,689,060

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2022,

the

Fund

held

three

common

stock,

two

corporate

bond,

one

Preferred

Stock

and

one

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

66

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

85.0%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)*

31,249

5,984,183

General

Dynamics

Corp.

13,149

3,171,276

Howmet

Aerospace,

Inc.

22,628

813,250

Huntington

Ingalls

Industries,

Inc.

2,357

470,080

L3Harris

Technologies,

Inc.

11,070

2,750,563

Lockheed

Martin

Corp.

13,656

6,027,758

Northrop

Grumman

Corp.

8,430

3,770,065

Raytheon

Technologies

Corp.

84,666

8,387,861

Textron,

Inc.

11,910

885,866

TransDigm

Group,

Inc.*

2,956

1,925,952

34,186,854

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

(a)

7,092

763,879

Expeditors

International

of

Washington,

Inc.

9,306

960,007

FedEx

Corp.

14,030

3,246,402

United

Parcel

Service,

Inc.,

Class

B

41,245

8,845,403

13,815,691

Airlines

0.2%

Alaska

Air

Group,

Inc.*

8,016

465,008

American

Airlines

Group,

Inc.*

37,844

690,653

Delta

Air

Lines,

Inc.*

37,445

1,481,699

Southwest

Airlines

Co.*

33,013

1,511,995

United

Airlines

Holdings,

Inc.*

18,906

876,482

5,025,837

Auto

Components

0.1%

Aptiv

plc*

15,233

1,823,542

BorgWarner,

Inc.

14,060

546,934

2,370,476

Automobiles

2.3%

Ford

Motor

Co.

221,706

3,749,049

General

Motors

Co.*

81,837

3,579,550

Tesla,

Inc.*

47,479

51,163,370

58,491,969

Banks

3.2%

Bank

of

America

Corp.

403,101

16,615,823

Citigroup,

Inc.

112,241

5,993,669

Citizens

Financial

Group,

Inc.

(a)

24,944

1,130,712

Comerica,

Inc.

6,935

627,132

Fifth

Third

Bancorp

38,457

1,655,189

First

Republic

Bank

10,312

1,671,575

Huntington

Bancshares,

Inc.

(a)

81,032

1,184,688

JPMorgan

Chase

&

Co.

167,937

22,893,172

KeyCorp

52,378

1,172,220

M&T

Bank

Corp.

7,511

1,273,115

People's

United

Financial,

Inc.

25,072

501,189

PNC

Financial

Services

Group,

Inc.

(The)

23,907

4,409,646

Regions

Financial

Corp.

52,969

1,179,090

Signature

Bank

3,550

1,041,889

SVB

Financial

Group*

3,306

1,849,542

Truist

Financial

Corp.

75,509

4,281,360

US

Bancorp

76,326

4,056,727

Common

Stocks

Shares

Value

($)

Banks

Wells

Fargo

&

Co.

220,204

10,671,086

Zions

Bancorp

NA

8,142

533,790

82,741,614

Beverages

1.2%

Brown-Forman

Corp.,

Class

B

10,709

717,717

Coca-Cola

Co.

(The)

219,897

13,633,614

Constellation

Brands,

Inc.,

Class

A

9,449

2,176,294

Molson

Coors

Beverage

Co.,

Class

B

11,020

588,248

Monster

Beverage

Corp.*

21,106

1,686,369

PepsiCo,

Inc.

78,210

13,090,790

31,893,032

Biotechnology

1.7%

AbbVie,

Inc.

100,001

16,211,162

Amgen,

Inc.

31,861

7,704,627

Biogen,

Inc.*

8,309

1,749,875

Gilead

Sciences,

Inc.

70,955

4,218,275

Incyte

Corp.*

10,973

871,476

Moderna

,

Inc.*

19,953

3,437,104

Regeneron

Pharmaceuticals,

Inc.*

5,980

4,176,552

Vertex

Pharmaceuticals,

Inc.*

14,382

3,753,270

42,122,341

Building

Products

0.4%

A

O

Smith

Corp.

7,812

499,109

Allegion

plc

5,258

577,223

Carrier

Global

Corp.

48,931

2,244,465

Fortune

Brands

Home

&

Security,

Inc.

7,355

546,330

Johnson

Controls

International

plc

40,334

2,644,700

Masco

Corp.

13,304

678,504

Trane

Technologies

plc

13,437

2,051,830

9,242,161

Capital

Markets

2.5%

Ameriprise

Financial,

Inc.

6,371

1,913,594

Bank

of

New

York

Mellon

Corp.

(The)

40,966

2,033,143

BlackRock,

Inc.

8,078

6,172,965

Cboe

Global

Markets,

Inc.

6,230

712,837

Charles

Schwab

Corp.

(The)

85,040

7,169,722

CME

Group,

Inc.

20,329

4,835,456

FactSet

Research

Systems,

Inc.

2,055

892,178

Franklin

Resources,

Inc.

16,520

461,239

Goldman

Sachs

Group,

Inc.

(The)

19,202

6,338,580

Intercontinental

Exchange,

Inc.

31,742

4,193,753

Invesco

Ltd.

19,992

461,016

MarketAxess

Holdings,

Inc.

2,219

754,904

Moody's

Corp.

9,188

3,100,123

Morgan

Stanley

80,018

6,993,573

MSCI,

Inc.

4,664

2,345,432

Nasdaq,

Inc.

6,831

1,217,284

Northern

Trust

Corp.

11,587

1,349,306

Raymond

James

Financial,

Inc.

10,815

1,188,677

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

Capital

Markets

S&P

Global,

Inc.

20,035

8,217,956

State

Street

Corp.

20,585

1,793,365

T.

Rowe

Price

Group,

Inc.

12,706

1,921,020

64,066,123

Chemicals

1.5%

Air

Products

&

Chemicals,

Inc.

12,522

3,129,373

Albemarle

Corp.

6,513

1,440,350

Celanese

Corp.

5,980

854,363

CF

Industries

Holdings,

Inc.

11,938

1,230,330

Corteva

,

Inc.

41,074

2,360,933

Dow,

Inc.

42,138

2,685,033

DuPont

de

Nemours,

Inc.

29,507

2,171,125

Eastman

Chemical

Co.

7,259

813,444

Ecolab,

Inc.

14,103

2,490,026

FMC

Corp.

7,029

924,806

International

Flavors

&

Fragrances,

Inc.

14,569

1,913,347

Linde

plc

28,993

9,261,234

LyondellBasell

Industries

NV,

Class

A

14,798

1,521,530

Mosaic

Co.

(The)

21,638

1,438,927

PPG

Industries,

Inc.

13,341

1,748,605

Sherwin-Williams

Co.

(The)

13,575

3,388,591

37,372,017

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

5,104

2,171,191

Copart

,

Inc.*

11,891

1,491,964

Republic

Services,

Inc.

11,772

1,559,790

Rollins,

Inc.

12,648

443,312

Waste

Management,

Inc.

21,608

3,424,868

9,091,125

Communications

Equipment

0.7%

Arista

Networks,

Inc.*

13,104

1,821,194

Cisco

Systems,

Inc.

238,572

13,302,775

F5,

Inc.*

3,522

735,922

Juniper

Networks,

Inc.

19,017

706,672

Motorola

Solutions,

Inc.

9,512

2,303,806

18,870,369

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

8,130

1,069,989

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

3,640

1,401,000

Vulcan

Materials

Co.

7,396

1,358,645

2,759,645

Consumer

Finance

0.5%

American

Express

Co.

34,909

6,527,983

Capital

One

Financial

Corp.

23,309

3,060,239

Discover

Financial

Services

16,771

1,847,996

Synchrony

Financial

28,481

991,424

12,427,642

Containers

&

Packaging

0.3%

Amcor

plc

84,732

960,014

Avery

Dennison

Corp.

4,853

844,276

Ball

Corp.(a)

18,145

1,633,050

International

Paper

Co.

21,090

973,304

Packaging

Corp.

of

America

5,552

866,723

Sealed

Air

Corp.

8,772

587,373

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

15,608

734,044

6,598,784

Distributors

0.1%

Genuine

Parts

Co.

7,878

992,785

LKQ

Corp.

15,792

717,115

Pool

Corp.

2,339

989,046

2,698,946

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

104,082

36,731,579

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

403,934

9,544,960

Lumen

Technologies,

Inc.

50,807

572,595

Verizon

Communications,

Inc.

239,239

12,186,835

22,304,390

Electric

Utilities

1.5%

Alliant

Energy

Corp.

14,619

913,395

American

Electric

Power

Co.,

Inc.

28,489

2,842,348

Constellation

Energy

Corp.

18,487

1,039,894

Duke

Energy

Corp.

43,511

4,858,438

Edison

International

21,282

1,491,868

Entergy

Corp.

11,194

1,306,900

Evergy

,

Inc.

12,463

851,721

Eversource

Energy

19,377

1,708,858

Exelon

Corp.

55,461

2,641,607

FirstEnergy

Corp.

33,396

1,531,541

NextEra

Energy,

Inc.

110,989

9,401,878

NRG

Energy,

Inc.

14,369

551,195

Pinnacle

West

Capital

Corp.

6,602

515,616

PPL

Corp.

41,966

1,198,549

Southern

Co.

(The)

60,444

4,382,794

Xcel

Energy,

Inc.

30,470

2,199,020

37,435,622

Electrical

Equipment

0.4%

AMETEK,

Inc.

13,055

1,738,665

Eaton

Corp.

plc

22,764

3,454,665

Emerson

Electric

Co.

34,023

3,335,955

Generac

Holdings,

Inc.*

3,495

1,038,924

Rockwell

Automation,

Inc.(a)

6,540

1,831,396

11,399,605

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.,

Class

A

33,828

2,548,940

CDW

Corp.

7,555

1,351,514

Corning,

Inc.

42,512

1,569,118

IPG

Photonics

Corp.*

1,741

191,092

Keysight

Technologies,

Inc.*

10,338

1,633,094

TE

Connectivity

Ltd.

18,458

2,417,629

Teledyne

Technologies,

Inc.*

2,720

1,285,554

Trimble,

Inc.*

13,779

994,017

Zebra

Technologies

Corp.,

Class

A*

3,115

1,288,675

13,279,633

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.

51,693

1,882,142

Halliburton

Co.

52,132

1,974,239

68

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

79,341

3,277,577

7,133,958

Entertainment

1.2%

Activision

Blizzard,

Inc.

44,058

3,529,486

Electronic

Arts,

Inc.

15,951

2,017,961

Live

Nation

Entertainment,

Inc.*

7,699

905,710

Netflix,

Inc.*

25,056

9,385,727

Take-Two

Interactive

Software,

Inc.*(a)

6,413

985,935

Walt

Disney

Co.

(The)*

103,548

14,202,644

31,027,463

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Alexandria

Real

Estate

Equities,

Inc.

8,113

1,632,741

American

Tower

Corp.

25,761

6,471,679

AvalonBay

Communities,

Inc.

7,905

1,963,365

Boston

Properties,

Inc.

8,324

1,072,131

Crown

Castle

International

Corp.

24,430

4,509,778

Digital

Realty

Trust,

Inc.

16,053

2,276,315

Duke

Realty

Corp.

22,148

1,285,913

Equinix

,

Inc.

5,093

3,777,071

Equity

Residential

19,237

1,729,791

Essex

Property

Trust,

Inc.

3,807

1,315,242

Extra

Space

Storage,

Inc.

7,520

1,546,112

Federal

Realty

Investment

Trust(a)

4,108

501,464

Healthpeak

Properties,

Inc.

29,651

1,017,919

Host

Hotels

&

Resorts,

Inc.

41,724

810,697

Iron

Mountain,

Inc.(a)

16,962

939,865

Kimco

Realty

Corp.

35,849

885,470

Mid-America

Apartment

Communities,

Inc.(a)

6,347

1,329,379

Prologis,

Inc.

41,820

6,753,094

Public

Storage

8,630

3,368,116

Realty

Income

Corp.

32,225

2,233,193

Regency

Centers

Corp.

8,942

637,922

SBA

Communications

Corp.

6,114

2,103,827

Simon

Property

Group,

Inc.

18,588

2,445,437

UDR,

Inc.

16,305

935,418

Ventas,

Inc.

22,967

1,418,442

Vornado

Realty

Trust

9,863

446,991

Welltower

,

Inc.

24,650

2,369,851

Weyerhaeuser

Co.

42,176

1,598,470

57,375,693

Food

&

Staples

Retailing

1.3%

Costco

Wholesale

Corp.

25,267

14,550,002

Kroger

Co.

(The)

38,278

2,196,009

Sysco

Corp.

28,999

2,367,768

Walgreens

Boots

Alliance,

Inc.

40,607

1,817,975

Walmart,

Inc.

80,444

11,979,721

32,911,475

Food

Products

0.8%

Archer-Daniels-Midland

Co.

31,645

2,856,278

Campbell

Soup

Co.(a)

11,920

531,274

Conagra

Brands,

Inc.(a)

26,166

878,393

General

Mills,

Inc.

34,184

2,314,941

Common

Stocks

Shares

Value

($)

Food

Products

Hershey

Co.

(The)

8,210

1,778,532

Hormel

Foods

Corp.

16,524

851,647

J

M

Smucker

Co.

(The)

6,329

857,010

Kellogg

Co.

14,937

963,287

Kraft

Heinz

Co.

(The)

39,272

1,546,924

Lamb

Weston

Holdings,

Inc.

8,498

509,115

McCormick

&

Co.,

Inc.

(Non-Voting)

13,924

1,389,615

Mondelez

International,

Inc.,

Class

A

78,907

4,953,781

Tyson

Foods,

Inc.,

Class

A

16,528

1,481,405

20,912,202

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

7,667

916,130

Health

Care

Equipment

&

Supplies

2.4%

Abbott

Laboratories

100,024

11,838,841

ABIOMED,

Inc.*(a)

2,650

877,786

Align

Technology,

Inc.*

4,106

1,790,216

Baxter

International,

Inc.

28,322

2,196,088

Becton

Dickinson

and

Co.

16,222

4,315,052

Boston

Scientific

Corp.*

80,605

3,569,995

Cooper

Cos.,

Inc.

(The)(a)

2,884

1,204,330

DENTSPLY

SIRONA,

Inc.

12,777

628,884

DexCom

,

Inc.*

5,482

2,804,591

Edwards

Lifesciences

Corp.*

35,100

4,131,972

Hologic

,

Inc.*

14,806

1,137,397

IDEXX

Laboratories,

Inc.*

4,790

2,620,417

Intuitive

Surgical,

Inc.*

20,192

6,091,522

Medtronic

plc

76,126

8,446,180

ResMed

,

Inc.

8,237

1,997,555

STERIS

plc

5,550

1,341,823

Stryker

Corp.

18,976

5,073,234

Teleflex,

Inc.

2,553

905,881

Zimmer

Biomet

Holdings,

Inc.

11,663

1,491,698

62,463,462

Health

Care

Providers

&

Services

2.6%

AmerisourceBergen

Corp.

8,338

1,289,972

Anthem,

Inc.

13,729

6,743,959

Cardinal

Health,

Inc.

15,300

867,510

Centene

Corp.*

32,959

2,774,818

Cigna

Corp.

18,309

4,387,020

CVS

Health

Corp.

74,670

7,557,351

DaVita,

Inc.*

3,244

366,929

HCA

Healthcare,

Inc.

13,547

3,395,149

Henry

Schein,

Inc.*

8,170

712,342

Humana,

Inc.

7,271

3,164,121

Laboratory

Corp.

of

America

Holdings*

5,409

1,426,137

McKesson

Corp.

8,669

2,653,841

Molina

Healthcare,

Inc.*

3,372

1,124,866

Quest

Diagnostics,

Inc.

6,434

880,557

UnitedHealth

Group,

Inc.

53,556

27,311,953

Universal

Health

Services,

Inc.,

Class

B

4,442

643,868

65,300,393

Health

Care

Technology

0.1%

Cerner

Corp.

16,594

1,552,535

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.6%

Booking

Holdings,

Inc.*

2,323

5,455,449

Caesars

Entertainment,

Inc.*

11,665

902,404

Carnival

Corp.*(a)

46,761

945,508

Chipotle

Mexican

Grill,

Inc.*

1,591

2,517,010

Darden

Restaurants,

Inc.

7,151

950,726

Domino's

Pizza,

Inc.

1,969

801,403

Expedia

Group,

Inc.*

8,666

1,695,676

Hilton

Worldwide

Holdings,

Inc.*

15,766

2,392,333

Las

Vegas

Sands

Corp.*(a)

20,094

781,054

Marriott

International,

Inc.,

Class

A*

15,475

2,719,731

McDonald's

Corp.

42,268

10,452,031

MGM

Resorts

International

21,265

891,854

Norwegian

Cruise

Line

Holdings

Ltd.*

21,647

473,636

Penn

National

Gaming,

Inc.*

9,710

411,898

Royal

Caribbean

Cruises

Ltd.*

13,089

1,096,597

Starbucks

Corp.

65,160

5,927,605

Wynn

Resorts

Ltd.*

6,157

490,959

Yum!

Brands,

Inc.

16,536

1,960,012

40,865,886

Household

Durables

0.3%

DR

Horton,

Inc.

18,325

1,365,396

Garmin

Ltd.

8,870

1,052,071

Lennar

Corp.,

Class

A

15,113

1,226,722

Mohawk

Industries,

Inc.*

3,271

406,258

Newell

Brands,

Inc.

22,165

474,553

NVR,

Inc.*

180

804,108

PulteGroup,

Inc.

13,879

581,530

Whirlpool

Corp.

3,235

558,943

6,469,581

Household

Products

1.1%

Church

&

Dwight

Co.,

Inc.

13,514

1,343,021

Clorox

Co.

(The)

6,741

937,201

Colgate-Palmolive

Co.

48,267

3,660,087

Kimberly-Clark

Corp.

19,047

2,345,829

Procter

&

Gamble

Co.

(The)

136,205

20,812,124

29,098,262

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

39,030

1,004,242

Industrial

Conglomerates

0.8%

3M

Co.

32,596

4,852,892

General

Electric

Co.

62,117

5,683,706

Honeywell

International,

Inc.

38,941

7,577,140

Roper

Technologies,

Inc.

5,967

2,817,796

20,931,534

Insurance

1.8%

Aflac,

Inc.

34,688

2,233,560

Allstate

Corp.

(The)

15,723

2,177,793

American

International

Group,

Inc.

46,811

2,938,326

Aon

plc,

Class

A(a)

12,131

3,950,218

Arthur

J

Gallagher

&

Co.

11,700

2,042,820

Assurant,

Inc.

3,086

561,127

Brown

&

Brown,

Inc.(a)

13,694

989,665

Chubb

Ltd.

24,365

5,211,674

Common

Stocks

Shares

Value

($)

Insurance

Cincinnati

Financial

Corp.

8,754

1,190,194

Everest

Re

Group

Ltd.

2,330

702,215

Globe

Life,

Inc.

5,493

552,596

Hartford

Financial

Services

Group,

Inc.

(The)

19,063

1,368,914

Lincoln

National

Corp.

9,086

593,861

Loews

Corp.

10,873

704,788

Marsh

&

McLennan

Cos.,

Inc.

28,560

4,867,195

MetLife,

Inc.

40,200

2,825,256

Principal

Financial

Group,

Inc.

13,650

1,002,047

Progressive

Corp.

(The)

32,803

3,739,214

Prudential

Financial,

Inc.

21,202

2,505,440

Travelers

Cos.,

Inc.

(The)

13,434

2,454,795

W

R

Berkley

Corp.

11,292

751,934

Willis

Towers

Watson

plc

7,137

1,685,902

45,049,534

Interactive

Media

&

Services

4.9%

Alphabet,

Inc.,

Class

A*

17,071

47,480,426

Alphabet,

Inc.,

Class

C*

15,775

44,059,417

Match

Group,

Inc.*

16,139

1,754,955

Meta

Platforms,

Inc.,

Class

A*

130,973

29,123,156

Twitter,

Inc.*

44,755

1,731,571

124,149,525

Internet

&

Direct

Marketing

Retail

3.3%

Amazon.com,

Inc.*

24,825

80,928,259

eBay,

Inc.

34,929

2,000,034

Etsy,

Inc.*

7,383

917,559

83,845,852

IT

Services

3.6%

Accenture

plc,

Class

A

35,729

12,048,891

Akamai

Technologies,

Inc.*

9,509

1,135,279

Automatic

Data

Processing,

Inc.

23,836

5,423,643

Broadridge

Financial

Solutions,

Inc.

6,382

993,741

Cognizant

Technology

Solutions

Corp.,

Class

A

29,711

2,664,185

DXC

Technology

Co.*

14,787

482,500

EPAM

Systems,

Inc.*

3,134

929,576

Fidelity

National

Information

Services,

Inc.

34,432

3,457,661

Fiserv,

Inc.*

33,612

3,408,257

FleetCor

Technologies,

Inc.*

4,464

1,111,804

Gartner,

Inc.*

4,564

1,357,607

Global

Payments,

Inc.

15,781

2,159,472

International

Business

Machines

Corp.(a)

50,728

6,595,655

Jack

Henry

&

Associates,

Inc.

4,342

855,591

Mastercard

,

Inc.,

Class

A

49,070

17,536,637

Paychex,

Inc.

18,153

2,477,340

PayPal

Holdings,

Inc.*

66,460

7,686,099

VeriSign,

Inc.*

5,386

1,198,170

Visa,

Inc.,

Class

A(a)

94,186

20,887,629

92,409,737

Leisure

Products

0.0%

†

Hasbro,

Inc.

7,562

619,479

Life

Sciences

Tools

&

Services

1.6%

Agilent

Technologies,

Inc.

17,124

2,266,019

70

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,259

709,107

Bio-

Techne

Corp.

2,270

983,001

Charles

River

Laboratories

International,

Inc.*

2,951

837,995

Danaher

Corp.

35,974

10,552,253

Illumina,

Inc.*

8,919

3,116,299

IQVIA

Holdings,

Inc.*

10,806

2,498,455

Mettler

-Toledo

International,

Inc.*

1,300

1,785,147

PerkinElmer,

Inc.

7,388

1,288,910

Thermo

Fisher

Scientific,

Inc.

22,289

13,164,998

Waters

Corp.*

3,582

1,111,817

West

Pharmaceutical

Services,

Inc.

4,150

1,704,447

40,018,448

Machinery

1.3%

Caterpillar,

Inc.

30,599

6,818,069

Cummins,

Inc.

8,018

1,644,572

Deere

&

Co.

15,960

6,630,742

Dover

Corp.

8,018

1,258,024

Fortive

Corp.

20,972

1,277,824

IDEX

Corp.

4,451

853,390

Illinois

Tool

Works,

Inc.

16,048

3,360,451

Ingersoll

Rand,

Inc.

23,653

1,190,929

Nordson

Corp.

3,105

705,083

Otis

Worldwide

Corp.

23,901

1,839,182

PACCAR,

Inc.

20,257

1,784,034

Parker-Hannifin

Corp.

7,303

2,072,299

Pentair

plc

9,695

525,566

Snap-on,

Inc.(a)

3,155

648,290

Stanley

Black

&

Decker,

Inc.

9,103

1,272,508

Westinghouse

Air

Brake

Technologies

Corp.

10,377

997,956

Xylem,

Inc.

10,518

896,765

33,775,684

Media

0.8%

Charter

Communications,

Inc.,

Class

A*(a)

6,756

3,685,533

Comcast

Corp.,

Class

A

255,666

11,970,282

Discovery,

Inc.,

Class

A*(a)

8,332

207,634

Discovery,

Inc.,

Class

C*(a)

17,787

444,141

DISH

Network

Corp.,

Class

A*(a)

14,567

461,046

Fox

Corp.,

Class

A

18,905

745,802

Fox

Corp.,

Class

B

7,090

257,225

Interpublic

Group

of

Cos.,

Inc.

(The)

23,062

817,548

News

Corp.,

Class

A

22,880

506,792

News

Corp.,

Class

B

5,435

122,396

Omnicom

Group,

Inc.

11,762

998,359

Paramount

Global,

Class

B(a)

35,368

1,337,264

21,554,022

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.

83,065

4,131,653

Newmont

Corp.

45,372

3,604,806

Nucor

Corp.

15,437

2,294,710

10,031,169

Common

Stocks

Shares

Value

($)

Multiline

Retail

0.4%

Dollar

General

Corp.(a)

13,112

2,919,124

Dollar

Tree,

Inc.*

12,864

2,060,170

Target

Corp.

27,132

5,757,953

10,737,247

Multi-Utilities

0.7%

Ameren

Corp.

14,343

1,344,800

CenterPoint

Energy,

Inc.

34,731

1,064,158

CMS

Energy

Corp.

16,963

1,186,392

Consolidated

Edison,

Inc.

19,983

1,891,990

Dominion

Energy,

Inc.

46,154

3,921,705

DTE

Energy

Co.

10,850

1,434,478

NiSource,

Inc.

23,022

732,100

Public

Service

Enterprise

Group,

Inc.

28,229

1,976,030

Sempra

Energy

18,063

3,036,752

WEC

Energy

Group,

Inc.

17,742

1,770,829

18,359,234

Oil,

Gas

&

Consumable

Fuels

3.0%

APA

Corp.

19,367

800,438

Chevron

Corp.

109,040

17,754,983

ConocoPhillips

73,532

7,353,200

Coterra

Energy,

Inc.

47,583

1,283,313

Devon

Energy

Corp.

35,614

2,105,856

Diamondback

Energy,

Inc.

9,937

1,362,164

EOG

Resources,

Inc.

33,299

3,970,240

Exxon

Mobil

Corp.

239,474

19,778,158

Hess

Corp.

15,496

1,658,692

Kinder

Morgan,

Inc.

110,302

2,085,811

Marathon

Oil

Corp.

43,451

1,091,055

Marathon

Petroleum

Corp.

32,957

2,817,823

Occidental

Petroleum

Corp.(a)

50,189

2,847,724

ONEOK,

Inc.

25,154

1,776,627

Phillips

66

26,910

2,324,755

Pioneer

Natural

Resources

Co.

12,843

3,211,135

Valero

Energy

Corp.

23,126

2,348,214

Williams

Cos.,

Inc.

(The)(a)

68,729

2,296,236

76,866,424

Personal

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

13,049

3,553,504

Pharmaceuticals

3.3%

Bristol-Myers

Squibb

Co.

124,090

9,062,293

Catalent

,

Inc.*

10,406

1,154,025

Eli

Lilly

&

Co.

44,911

12,861,163

Johnson

&

Johnson

150,040

26,591,589

Merck

&

Co.,

Inc.

142,881

11,723,386

Organon

&

Co.

14,879

519,724

Pfizer,

Inc.

317,494

16,436,664

Viatris

,

Inc.

70,625

768,400

Zoetis,

Inc.

26,763

5,047,234

84,164,478

Professional

Services

0.3%

Equifax,

Inc.

6,853

1,624,846

Jacobs

Engineering

Group,

Inc.

7,610

1,048,734

Leidos

Holdings,

Inc.

7,672

828,730

Nielsen

Holdings

plc

21,075

574,083

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

71

Common

Stocks

Shares

Value

($)

Professional

Services

Robert

Half

International,

Inc.

6,544

747,194

Verisk

Analytics,

Inc.

9,083

1,949,484

6,773,071

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

18,745

1,715,542

Road

&

Rail

0.8%

CSX

Corp.

125,461

4,698,514

JB

Hunt

Transport

Services,

Inc.

4,606

924,839

Norfolk

Southern

Corp.

13,765

3,926,053

Old

Dominion

Freight

Line,

Inc.

5,270

1,574,044

Union

Pacific

Corp.

35,972

9,827,910

20,951,360

Semiconductors

&

Semiconductor

Equipment

5.1%

Advanced

Micro

Devices,

Inc.*

92,474

10,111,107

Analog

Devices,

Inc.

29,722

4,909,480

Applied

Materials,

Inc.

50,254

6,623,477

Broadcom,

Inc.

23,484

14,787,405

Enphase

Energy,

Inc.*

7,853

1,584,578

Intel

Corp.

230,052

11,401,377

KLA

Corp.

8,497

3,110,412

Lam

Research

Corp.

7,964

4,281,526

Microchip

Technology,

Inc.

31,098

2,336,704

Micron

Technology,

Inc.

63,275

4,928,490

Monolithic

Power

Systems,

Inc.

2,518

1,222,942

NVIDIA

Corp.

141,899

38,718,561

NXP

Semiconductors

NV

15,043

2,784,158

Qorvo

,

Inc.*

6,016

746,586

QUALCOMM,

Inc.

64,067

9,790,719

Skyworks

Solutions,

Inc.

9,177

1,223,111

SolarEdge

Technologies,

Inc.*

2,886

930,360

Teradyne,

Inc.(a)

9,033

1,067,972

Texas

Instruments,

Inc.

52,240

9,584,995

130,143,960

Software

7.6%

Adobe,

Inc.*

26,672

12,152,297

ANSYS,

Inc.*

4,892

1,553,944

Autodesk,

Inc.*

12,479

2,674,874

Cadence

Design

Systems,

Inc.*

15,677

2,578,239

Ceridian

HCM

Holding,

Inc.*(a)

7,900

540,044

Citrix

Systems,

Inc.

7,265

733,038

Fortinet,

Inc.*

7,676

2,623,196

Intuit,

Inc.

16,017

7,701,614

Microsoft

Corp.

425,906

131,311,079

NortonLifeLock

,

Inc.(a)

33,962

900,672

Oracle

Corp.

89,722

7,422,701

Paycom

Software,

Inc.*

2,616

906,130

PTC,

Inc.*

6,173

664,956

salesforce.com,

Inc.*

55,922

11,873,359

ServiceNow

,

Inc.*

11,257

6,268,911

Synopsys,

Inc.*

8,626

2,874,787

Tyler

Technologies,

Inc.*

2,383

1,060,173

193,840,014

Specialty

Retail

1.7%

Advance

Auto

Parts,

Inc.

3,456

715,254

AutoZone,

Inc.*

1,156

2,363,535

Common

Stocks

Shares

Value

($)

Specialty

Retail

Bath

&

Body

Works,

Inc.(a)

15,500

740,900

Best

Buy

Co.,

Inc.

12,298

1,117,888

CarMax,

Inc.*

8,905

859,154

Home

Depot,

Inc.

(The)

59,268

17,740,690

Lowe's

Cos.,

Inc.

38,270

7,737,811

O'Reilly

Automotive,

Inc.*

3,792

2,597,368

Ross

Stores,

Inc.

19,936

1,803,411

TJX

Cos.,

Inc.

(The)

68,022

4,120,773

Tractor

Supply

Co.

6,271

1,463,463

Ulta

Beauty,

Inc.*

3,032

1,207,403

42,467,650

Technology

Hardware,

Storage

&

Peripherals

6.3%

Apple,

Inc.

879,680

153,600,925

Hewlett

Packard

Enterprise

Co.

72,669

1,214,299

HP,

Inc.(a)

61,553

2,234,374

NetApp,

Inc.

13,077

1,085,391

Seagate

Technology

Holdings

plc

11,991

1,077,991

Western

Digital

Corp.*

17,895

888,486

160,101,466

Textiles,

Apparel

&

Luxury

Goods

0.5%

NIKE,

Inc.,

Class

B

72,280

9,725,997

PVH

Corp.

4,178

320,077

Ralph

Lauren

Corp.(a)

2,288

259,551

Tapestry,

Inc.

16,297

605,433

Under

Armour

,

Inc.,

Class

A*(a)

9,583

163,103

Under

Armour

,

Inc.,

Class

C*

10,369

161,341

VF

Corp.

19,025

1,081,761

12,317,263

Tobacco

0.5%

Altria

Group,

Inc.

103,910

5,429,298

Philip

Morris

International,

Inc.

88,063

8,272,638

13,701,936

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

32,409

1,925,095

United

Rentals,

Inc.*(a)

4,223

1,500,052

WW

Grainger,

Inc.

2,383

1,229,127

4,654,274

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

10,219

1,691,551

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

33,207

4,262,118

Total

Common

Stocks

(cost

$1,463,962,563)

2,171,712,802

72

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Purchased

Options

2.8%

Number

of

Contracts

Value

($)

Call

Options

2.8%

Future

Equity

Index

Options:

2.8%

S&P

500

E-Mini

Index

4/14/2022

at

USD

3,800.00,

European

Style

Notional

Amount:

USD

135,006,218

Exchange

Traded

596

21,835,950

S&P

500

E-Mini

Index

5/20/2022

at

USD

3,800.00,

European

Style

Notional

Amount:

USD

135,912,300

Exchange

Traded

600

22,327,500

S&P

500

E-Mini

Index

6/17/2022

at

USD

3,600.00,

American

Style

Notional

Amount:

USD

135,006,218

Exchange

Traded

596

28,295,100

Total

Purchased

Options

(cost

$79,133,665)

72,458,550

Short-Term

Investment

6.9%

Shares

U.S.

Treasury

Obligation

6.9%

U.S.

Treasury

Bills,

0.36%,

6/16/2022

175,000,000

174,846,681

Total

Short-Term

Investment

(cost

$174,867,185)

174,846,681

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$528,821,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$539,392.(b)

528,816

528,816

Total

Repurchase

Agreement

(cost

$528,816)

528,816

Total

Investments

(cost

$1,718,492,229)

—

94.7%

2,419,546,849

Other

assets

in

excess

of

liabilities

—

5.3%

134,779,730

NET

ASSETS

—

100.0%

$

2,554,326,579

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$56,212,705,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$528,816

and

by

$57,870,115

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/14/2022

–

2/15/2052,

a

total

value

of

$58,398,931.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$528,816.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

73

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

1,714

6/2022

USD

388,285,275

28,699,517

U.S.

Treasury

Long

Bond

1,821

6/2022

USD

273,263,813

(7,045,627)

Net

contracts

21,653,890

Currency:

USD

United

States

Dollar

74

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

75

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/

or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,171,712,802

$

–

$

–

$

2,171,712,802

Futures

Contracts

28,699,517

–

–

28,699,517

Purchased

Option

72,458,550

–

–

72,458,550

Repurchase

Agreement

–

528,816

–

528,816

Short-Term

Investment

–

174,846,681

–

174,846,681

Total

Assets

$

2,272,870,869

$

175,375,497

$

–

$

2,448,246,366

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(7,045,627)

$

–

$

–

$

(7,045,627)

Total

Liabilities

$

(7,045,627)

$

–

$

–

$

(7,045,627)

Total

$

2,265,825,242

$

175,375,497

$

–

$

2,441,200,739

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

76

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

77

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

72,458,550

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

28,699,517

Total

$

101,158,067

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(7,045,627)

Total

$

(7,045,627)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

78

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Real

Estate

Fund

Common

Stocks

98.6%

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

89.2%

Acadia

Realty

Trust

116,741

2,529,778

Alexandria

Real

Estate

Equities,

Inc.

31,631

6,365,739

American

Tower

Corp.

41,815

10,504,764

AvalonBay

Communities,

Inc.

73,183

18,176,462

Brixmor

Property

Group,

Inc.

359,203

9,271,029

Camden

Property

Trust

61,519

10,224,458

Douglas

Emmett,

Inc.

167,828

5,608,812

Equinix

,

Inc.

10,102

7,491,845

Extra

Space

Storage,

Inc.

61,349

12,613,354

First

Industrial

Realty

Trust,

Inc.

79,040

4,893,366

Independence

Realty

Trust,

Inc.

248,181

6,561,906

Innovative

Industrial

Properties,

Inc.

8,075

1,658,605

Kimco

Realty

Corp.

383,062

9,461,631

Life

Storage,

Inc.

78,459

11,017,997

LTC

Properties,

Inc.

50,706

1,950,660

Phillips

Edison

&

Co.,

Inc.

156,260

5,373,781

Prologis,

Inc.

218,780

35,328,594

Public

Storage

26,964

10,523,510

Rexford

Industrial

Realty,

Inc.

143,776

10,724,252

Ryman

Hospitality

Properties,

Inc.*

61,258

5,682,905

SBA

Communications

Corp.

14,745

5,073,755

Simon

Property

Group,

Inc.

57,248

7,531,547

SL

Green

Realty

Corp.

123,872

10,055,929

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Spirit

Realty

Capital,

Inc.

77,096

3,547,958

Sun

Communities,

Inc.

58,160

10,194,866

UDR,

Inc.

230,499

13,223,728

Ventas,

Inc.

117,133

7,234,134

Veris

Residential,

Inc.*

161,559

2,809,511

VICI

Properties,

Inc.

216,837

6,171,181

Welltower

,

Inc.

186,588

17,938,570

269,744,627

Health

Care

Providers

&

Services

1.1%

HCA

Healthcare,

Inc.

13,198

3,307,683

Hotels,

Restaurants

&

Leisure

2.7%

Hilton

Grand

Vacations,

Inc.*

64,240

3,341,122

Hyatt

Hotels

Corp.,

Class

A*

16,484

1,573,398

Playa

Hotels

&

Resorts

NV*

379,838

3,285,599

8,200,119

Real

Estate

Management

&

Development

5.6%

CBRE

Group,

Inc.,

Class

A*

53,347

4,882,318

Colliers

International

Group,

Inc.

38,596

5,032,918

Tricon

Residential,

Inc.

432,669

6,876,881

16,792,117

Total

Investments

(cost

$205,948,347)

—

98.6%

298,044,546

Other

assets

in

excess

of

liabilities

—

1.4%

4,376,690

NET

ASSETS

—

100.0%

$

302,421,236

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

NVIT

Real

Estate

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

79

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

298,044,546

$

–

$

–

$

298,044,546

Total

$

298,044,546

$

–

$

–

$

298,044,546

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

80

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

89.1%

Shares

Value

($)

Aerospace

&

Defense

4.6%

Howmet

Aerospace,

Inc.

235,678

8,470,267

L3Harris

Technologies,

Inc.

27,885

6,928,586

Northrop

Grumman

Corp.

10,392

4,647,510

Raytheon

Technologies

Corp.

84,698

8,391,031

28,437,394

Automobiles

0.9%

General

Motors

Co.*

123,489

5,401,409

Banks

5.9%

Bank

of

America

Corp.

190,965

7,871,577

Comerica,

Inc.

107,913

9,758,573

JPMorgan

Chase

&

Co.

79,434

10,828,443

US

Bancorp

148,528

7,894,263

36,352,856

Beverages

0.7%

PepsiCo,

Inc.

25,105

4,202,075

Biotechnology

2.2%

AbbVie,

Inc.

85,670

13,887,964

Building

Products

0.7%

Armstrong

World

Industries,

Inc.

47,981

4,318,770

Capital

Markets

6.0%

Ameriprise

Financial,

Inc.

36,378

10,926,496

Charles

Schwab

Corp.

(The)

46,607

3,929,436

CME

Group,

Inc.

23,267

5,534,289

Morgan

Stanley

149,979

13,108,165

State

Street

Corp.

46,605

4,060,227

37,558,613

Chemicals

1.3%

CF

Industries

Holdings,

Inc.

80,971

8,344,871

Communications

Equipment

2.5%

Cisco

Systems,

Inc.

280,810

15,657,966

Construction

&

Engineering

1.0%

Quanta

Services,

Inc.(a)

48,345

6,362,685

Diversified

Financial

Services

5.4%

Berkshire

Hathaway,

Inc.,

Class

B*

65,126

22,983,617

Equitable

Holdings,

Inc.

90,050

2,783,445

Voya

Financial,

Inc.(a)

120,789

8,014,350

33,781,412

Electric

Utilities

3.3%

Constellation

Energy

Corp.

124,851

7,022,869

Exelon

Corp.

285,546

13,600,556

20,623,425

Electrical

Equipment

2.2%

Eaton

Corp.

plc

41,025

6,225,954

Hubbell,

Inc.

39,246

7,212,237

13,438,191

Electronic

Equipment,

Instruments

&

Components

0.7%

Corning,

Inc.

118,214

4,363,279

Energy

Equipment

&

Services

0.7%

Halliburton

Co.

114,403

4,332,442

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Weyerhaeuser

Co.

107,766

4,084,331

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

3.6%

Becton

Dickinson

and

Co.

36,900

9,815,400

Medtronic

plc

110,964

12,311,456

22,126,856

Health

Care

Providers

&

Services

5.8%

CVS

Health

Corp.

73,980

7,487,516

Laboratory

Corp.

of

America

Holdings*

14,668

3,867,365

McKesson

Corp.

34,735

10,633,426

UnitedHealth

Group,

Inc.

27,553

14,051,203

36,039,510

Hotels,

Restaurants

&

Leisure

1.6%

International

Game

Technology

plc(a)

393,190

9,703,929

Household

Durables

0.2%

Newell

Brands,

Inc.

65,343

1,398,994

Independent

Power

and

Renewable

Electricity

Producers

3.8%

AES

Corp.

(The)(a)

237,972

6,123,020

Clearway

Energy,

Inc.,

Class

C(a)

168,889

6,166,137

NextEra

Energy

Partners

LP(a)

72,374

6,033,097

Vistra

Corp.(a)

214,314

4,982,800

23,305,054

Insurance

8.6%

Aon

plc,

Class

A

27,113

8,828,806

Assurant,

Inc.

83,642

15,208,625

Chubb

Ltd.

56,331

12,049,201

Hartford

Financial

Services

Group,

Inc.

(The)

56,044

4,024,519

MetLife,

Inc.

187,288

13,162,601

53,273,752

Interactive

Media

&

Services

1.9%

Alphabet,

Inc.,

Class

A*

4,323

12,023,776

Life

Sciences

Tools

&

Services

1.2%

Danaher

Corp.

25,314

7,425,356

Machinery

1.0%

Ingersoll

Rand,

Inc.(a)

127,244

6,406,735

Media

1.0%

Comcast

Corp.,

Class

A

132,795

6,217,462

Metals

&

Mining

1.1%

Freeport-McMoRan,

Inc.

141,305

7,028,511

Oil,

Gas

&

Consumable

Fuels

8.9%

ConocoPhillips

77,897

7,789,700

Devon

Energy

Corp.

86,943

5,140,940

EQT

Corp.

169,165

5,820,968

Exxon

Mobil

Corp.

121,223

10,011,808

Hess

Corp.

57,785

6,185,306

Marathon

Petroleum

Corp.

158,351

13,539,010

Valero

Energy

Corp.

65,545

6,655,439

55,143,171

Pharmaceuticals

3.8%

Eli

Lilly

&

Co.

34,089

9,762,067

Merck

&

Co.,

Inc.

102,568

8,415,704

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Organon

&

Co.

154,313

5,390,153

23,567,924

Road

&

Rail

1.3%

Norfolk

Southern

Corp.

28,194

8,041,493

Semiconductors

&

Semiconductor

Equipment

2.0%

Applied

Materials,

Inc.

33,846

4,460,903

QUALCOMM,

Inc.

52,013

7,948,626

12,409,529

Software

1.5%

Dolby

Laboratories,

Inc.,

Class

A

66,251

5,182,153

SS&C

Technologies

Holdings,

Inc.

57,083

4,282,367

9,464,520

Technology

Hardware,

Storage

&

Peripherals

1.4%

Hewlett

Packard

Enterprise

Co.

513,213

8,575,789

Tobacco

0.7%

British

American

Tobacco

plc,

ADR-UK

96,616

4,073,331

Wireless

Telecommunication

Services

0.9%

Vodafone

Group

plc,

ADR-UK

322,460

5,359,285

Total

Common

Stocks

(cost

$408,002,119)

552,732,660

Purchased

Options

2.7%

Number

of

Contracts

Call

Options

2.7%

Future

Equity

Index

Options:

2.7%

S&P

500

E-Mini

Index

4/14/2022

at

USD

3,800.00,

European

Style

Notional

Amount:

USD

31,033,309

Exchange

Traded

*

137

5,019,337

S&P

500

E-Mini

Index

5/20/2022

at

USD

3,800.00,

European

Style

Notional

Amount:

USD

31,033,309

Exchange

Traded

*

137

5,098,113

S&P

500

E-Mini

Index

6/17/2022

at

USD

3,600.00,

American

Style

Notional

Amount:

USD

31,033,309

Exchange

Traded

*

137

6,504,075

Total

Purchased

Options

(cost

$18,068,954)

16,621,525

Short-Term

Investment

0.8%

Shares

Value

($)

U.S.

Treasury

Obligation

0.8%

U.S.

Treasury

Bills,

0.36%,

6/16/2022

5,000,000

4,995,619

Total

Short-Term

Investment

(cost

$4,996,205)

4,995,619

Repurchase

Agreements

1.9%

Principal

Amount

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,000,034,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$4,080,000.

(b)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,980,432,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$2,020,024.(b)

1,980,416

1,980,416

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,000,035,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$4,081,668.(b)

4,000,000

4,000,000

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,000,019,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$11,980,416)

11,980,416

Total

Investments

(cost

$443,047,694)

—

94.5%

586,330,220

Other

assets

in

excess

of

liabilities

—

5.5%

34,122,001

NET

ASSETS

—

100.0%

$

620,452,221

82

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$30,606,351,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,980,416

and

by

$19,665,665

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/14/2022

–

2/15/2052,

a

total

value

of

$31,646,081.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$11,980,416.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

752

6/2022

USD

61,336,880

3,044,194

U.S.

Treasury

Long

Bond

432

6/2022

USD

64,827,000

(1,671,450)

Total

long

contracts

1,372,744

Short

Contracts

S&P

500

E-Mini

Index

(12)

6/2022

USD

(2,718,450)

(202,583)

Total

short

contracts

(202,583)

Net

contracts

1,170,161

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

83

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

84

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/

or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

552,732,660

$

–

$

–

$

552,732,660

Futures

Contracts

3,044,194

–

–

3,044,194

Purchased

Option

16,621,525

–

–

16,621,525

Repurchase

Agreements

–

11,980,416

–

11,980,416

Short-Term

Investment

–

4,995,619

–

4,995,619

Total

Assets

$

572,398,379

$

16,976,035

$

–

$

589,374,414

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,874,033)

$

–

$

–

$

(1,874,033)

Total

Liabilities

$

(1,874,033)

$

–

$

–

$

(1,874,033)

Total

$

570,524,346

$

16,976,035

$

–

$

587,500,381

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

85

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

86

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

16,621,525

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

3,044,194

Total

$

19,665,719

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(202,583)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(1,671,450)

Total

$

(1,874,033)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

99.5%

Shares

Value

($)

Banks

7.8%

Citigroup,

Inc.

45,612

2,435,681

First

Horizon

Corp.

105,522

2,478,712

First

Republic

Bank

12,532

2,031,437

JPMorgan

Chase

&

Co.

18,933

2,580,946

9,526,776

Beverages

3.0%

PepsiCo,

Inc.

22,271

3,727,720

Building

Products

2.2%

Trane

Technologies

plc

17,449

2,664,462

Capital

Markets

2.4%

Goldman

Sachs

Group,

Inc.

(The)

9,009

2,973,871

Chemicals

4.4%

Albemarle

Corp.

14,843

3,282,530

Ecolab,

Inc.

11,740

2,072,814

5,355,344

Diversified

Telecommunication

Services

1.0%

Verizon

Communications,

Inc.

24,780

1,262,293

Electric

Utilities

3.0%

Eversource

Energy

25,669

2,263,749

NextEra

Energy,

Inc.

16,513

1,398,816

3,662,565

Electronic

Equipment,

Instruments

&

Components

2.2%

TE

Connectivity

Ltd.

20,324

2,662,038

Food

&

Staples

Retailing

3.4%

Costco

Wholesale

Corp.

7,124

4,102,355

Health

Care

Equipment

&

Supplies

10.9%

Abbott

Laboratories

31,282

3,702,537

Cooper

Cos.,

Inc.

(The)

8,281

3,458,063

Edwards

Lifesciences

Corp.*

21,912

2,579,481

Medtronic

plc

31,914

3,540,858

13,280,939

Interactive

Media

&

Services

4.8%

Alphabet,

Inc.,

Class

A*

2,130

5,924,276

Internet

&

Direct

Marketing

Retail

8.7%

Amazon.com,

Inc.*

2,277

7,422,906

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

eBay,

Inc.

55,810

3,195,681

10,618,587

IT

Services

8.4%

Accenture

plc,

Class

A

15,047

5,074,300

Fidelity

National

Information

Services,

Inc.

17,288

1,736,061

Mastercard

,

Inc.,

Class

A

9,558

3,415,838

10,226,199

Machinery

2.3%

Ingersoll

Rand,

Inc.

54,876

2,763,007

Multi-Utilities

1.8%

CMS

Energy

Corp.

31,305

2,189,472

Pharmaceuticals

1.7%

Merck

&

Co.,

Inc.

26,166

2,146,920

Road

&

Rail

2.0%

Norfolk

Southern

Corp.

8,679

2,475,424

Semiconductors

&

Semiconductor

Equipment

6.3%

Applied

Materials,

Inc.

10,490

1,382,582

QUALCOMM,

Inc.

13,215

2,019,517

SolarEdge

Technologies,

Inc.*

4,052

1,306,243

Texas

Instruments,

Inc.

16,152

2,963,569

7,671,911

Software

12.9%

Intuit,

Inc.

6,835

3,286,541

Microsoft

Corp.

29,309

9,036,258

salesforce.com,

Inc.*

16,305

3,461,878

15,784,677

Technology

Hardware,

Storage

&

Peripherals

7.5%

Apple,

Inc.

52,208

9,116,039

Textiles,

Apparel

&

Luxury

Goods

2.8%

NIKE,

Inc.,

Class

B

25,697

3,457,788

Total

Investments

(cost

$82,038,754)

—

99.5%

121,592,663

Other

assets

in

excess

of

liabilities

—

0.5%

582,835

NET

ASSETS

—

100.0%

$

122,175,498

*

Denotes

a

non-income

producing

security.

88

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

.

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

89

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

121,592,663

$

–

$

–

$

121,592,663

Total

$

121,592,663

$

–

$

–

$

121,592,663

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

90

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

Common

Stocks

97.3%

Shares

Value

($)

BRAZIL

2.6%

Internet

&

Direct

Marketing

Retail

2.1%

MercadoLibre

,

Inc.

*

9,726

11,568,882

IT

Services

0.5%

StoneCo

Ltd.

,

Class

A

*

224,730

2,629,341

14,198,223

CANADA

0.9%

Software

0.9%

Lightspeed

Commerce,

Inc.

*(a)

156,902

4,780,804

DENMARK

0.7%

Biotechnology

0.7%

Ascendis

Pharma

A/S,

ADR

*(a)

33,729

3,958,435

INDIA

1.9%

IT

Services

1.9%

WNS

Holdings

Ltd.,

ADR

*

121,892

10,420,547

ISRAEL

1.5%

Internet

&

Direct

Marketing

Retail

1.5%

Global-e

Online

Ltd.

*(a)

253,000

8,546,340

SWITZERLAND

1.4%

Biotechnology

0.4%

CRISPR

Therapeutics

AG

*(a)

35,308

2,216,283

Textiles,

Apparel

&

Luxury

Goods

1.0%

On

Holding

AG

,

Class

A

*(a)

213,600

5,391,264

7,607,547

UNITED

STATES

88.3%

Aerospace

&

Defense

2.1%

Axon

Enterprise,

Inc.

*

83,900

11,555,547

Banks

1.2%

Silvergate

Capital

Corp.

,

Class

A

*(a)

44,800

6,745,536

Biotechnology

1.8%

Mirati

Therapeutics,

Inc.

*

32,614

2,681,523

ORIC

Pharmaceuticals,

Inc.

*

124,094

662,662

Sarepta

Therapeutics,

Inc.

*

28,800

2,249,856

Turning

Point

Therapeutics,

Inc.

*

68,673

1,843,870

Zentalis

Pharmaceuticals,

Inc.

*(a)

49,500

2,283,930

9,721,841

Building

Products

2.6%

Advanced

Drainage

Systems,

Inc.

77,800

9,243,418

Trex

Co.,

Inc.

*

78,379

5,120,500

14,363,918

Capital

Markets

1.3%

MarketAxess

Holdings,

Inc.

21,600

7,348,320

Commercial

Services

&

Supplies

2.2%

Casella

Waste

Systems,

Inc.

,

Class

A

*

138,010

12,096,577

Diversified

Consumer

Services

1.2%

Mister

Car

Wash,

Inc.

*(a)

435,064

6,434,597

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electrical

Equipment

2.0%

Generac

Holdings,

Inc.

*

36,870

10,959,976

Electronic

Equipment,

Instruments

&

Components

6.6%

Cognex

Corp.

(a)

132,300

10,206,945

Novanta

,

Inc.

*

72,339

10,293,116

Teledyne

Technologies,

Inc.

*

34,789

16,442,325

36,942,386

Entertainment

1.9%

Roku,

Inc.

*

23,900

2,993,953

Warner

Music

Group

Corp.

,

Class

A

194,700

7,369,395

10,363,348

Equity

Real

Estate

Investment

Trusts

(REITs)

3.2%

Equity

LifeStyle

Properties,

Inc.

55,700

4,259,936

Rexford

Industrial

Realty,

Inc.

179,100

13,359,069

17,619,005

Health

Care

Equipment

&

Supplies

11.5%

ABIOMED,

Inc.

*

21,399

7,088,205

DexCom

,

Inc.

*(a)

22,875

11,702,850

Heska

Corp.

*(a)

36,017

4,980,431

ICU

Medical,

Inc.

*

24,300

5,410,152

Inari

Medical,

Inc.

*

136,644

12,385,412

Insulet

Corp.

*

33,698

8,976,810

Shockwave

Medical,

Inc.

*

66,190

13,725,159

64,269,019

Health

Care

Providers

&

Services

3.3%

Amedisys

,

Inc.

*(a)

55,523

9,566,057

Option

Care

Health,

Inc.

*

294,392

8,407,836

17,973,893

Health

Care

Technology

2.8%

Doximity

,

Inc.

,

Class

A

*(a)

100,008

5,209,417

Inspire

Medical

Systems,

Inc.

*

39,000

10,010,910

15,220,327

Hotels,

Restaurants

&

Leisure

2.9%

Chipotle

Mexican

Grill,

Inc.

*

7,025

11,113,761

Domino's

Pizza,

Inc.

12,621

5,136,873

16,250,634

Insurance

1.3%

Goosehead

Insurance,

Inc.

,

Class

A

88,800

6,977,016

Interactive

Media

&

Services

4.6%

Bumble,

Inc.

,

Class

A

*(a)

229,800

6,659,604

IAC/InterActiveCorp

*

69,837

7,003,254

ZoomInfo

Technologies,

Inc.

,

Class

A

*

193,600

11,565,664

25,228,522

Internet

&

Direct

Marketing

Retail

0.7%

Etsy,

Inc.

*(a)

31,871

3,960,928

IT

Services

6.9%

Globant

SA

*

52,074

13,647,033

Marqeta

,

Inc.

,

Class

A

*

311,500

3,438,960

MongoDB,

Inc.

*(a)

48,191

21,377,046

38,463,039

Leisure

Products

1.6%

Callaway

Golf

Co.

*

372,409

8,721,819

NVIT

Allspring

Discovery

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

UNITED

STATES

Life

Sciences

Tools

&

Services

4.4%

10X

Genomics,

Inc.

,

Class

A

*(a)

80,989

6,160,833

Bio-Rad

Laboratories,

Inc.

,

Class

A

*

13,196

7,432,383

Bio-

Techne

Corp.

24,800

10,739,392

24,332,608

Professional

Services

1.2%

Clarivate

plc

*(a)

401,836

6,734,771

Road

&

Rail

1.9%

Saia,

Inc.

*

43,164

10,524,246

Semiconductors

&

Semiconductor

Equipment

6.1%

Azenta

,

Inc.

109,700

9,091,936

Enphase

Energy,

Inc.

*

68,125

13,746,263

Impinj

,

Inc.

*(a)

82,100

5,216,634

MKS

Instruments,

Inc.

(a)

36,032

5,404,800

33,459,633

Software

11.1%

Bill.com

Holdings,

Inc.

*(a)

78,759

17,861,754

Black

Knight,

Inc.

*

122,071

7,078,897

Crowdstrike

Holdings,

Inc.

,

Class

A

*

51,660

11,730,953

Five9,

Inc.

*

113,200

12,497,280

HubSpot

,

Inc.

*(a)

15,000

7,124,100

Olo

,

Inc.

,

Class

A

*

420,400

5,570,300

61,863,284

Trading

Companies

&

Distributors

1.9%

SiteOne

Landscape

Supply,

Inc.

*

65,378

10,570,969

488,701,759

Total

Common

Stocks

(cost

$459,950,976)

538,213,655

Repurchase

Agreements

2.1%

Principal

Amount

($)

BofA

Securities,

Inc.,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,025,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

7/20/2050

-

2/20/2052;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,485,472,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$4,575,144.(b)

4,485,435

4,485,435

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,000,037,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$11,485,435)

11,485,435

Total

Investments

(cost

$471,436,411)

  —

99.4%

549,699,090

Other

assets

in

excess

of

liabilities

—

0.6%

3,316,121

NET

ASSETS

—

100.0%

$

553,015,211

92

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$101,962,260,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,485,435

and

by

$94,717,316

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

4/14/2022

–

2/15/2052,

a

total

value

of

$106,202,751.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$11,485,435.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

NVIT

Allspring

Discovery

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

93

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

94

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

538,213,655

$

–

$

–

$

538,213,655

Repurchase

Agreements

–

11,485,435

–

11,485,435

Total

$

538,213,655

$

11,485,435

$

–

$

549,699,090

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Core

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

.

Asset-Backed

Securities

23.4%

Principal

Amount

($)

Value

($)

Airlines

3.0%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

6,615,068

6,540,314

American

Airlines

Pass-

Through

Trust

Series

2017-1,

Class

B,

4.95%,

2/15/2025

1,962,625

1,881,388

Series

2021-1,

Class

B,

3.95%,

7/11/2030

3,950,000

3,573,432

British

Airways

Pass-Through

Trust

Series

2013-1,

Class

A,

4.63%,

6/20/2024(a)

4,598,199

4,620,312

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

8,284,581

7,734,641

Series

2021-1,

Class

A,

2.90%,

3/15/2035(a)

2,863,091

2,630,601

United

Airlines

Pass-Through

Trust

Series

2016-1,

Class

B,

3.65%,

1/7/2026

5,587,963

5,272,674

Series

2020-1,

Class

A,

5.88%,

10/15/2027

5,512,946

5,706,374

Series

2019-2,

Class

B,

3.50%,

5/1/2028

154,583

139,657

38,099,393

Food

&

Staples

Retailing

0.7%

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

7,646,328

8,556,000

Home

Equity

0.4%

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.70%,

1/25/2036(b)

784,730

782,092

RASC

Trust,

Series

2005-

KS12,

Class

M2,

1.15%,

1/25/2036(b)

4,021,527

4,009,206

Structured

Asset

Investment

Loan

Trust,

Series

2004-

7,

Class

A7,

1.30%,

8/25/2034(b)

98,218

98,173

4,889,471

Other

19.3%

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

10,834,410

10,791,313

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

9,495,118

9,506,115

AMMC

CLO

22

Ltd.

Series

2018-22A,

Class

A,

1.29%,

4/25/2031(a)(b)

11,500,000

11,436,037

Series

2018-22A,

Class

B,

1.71%,

4/25/2031(a)(b)

5,000,000

4,927,200

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

1.31%,

4/20/2031(a)(b)

5,000,000

4,966,185

Apidos

CLO

XXXIV

Series

2020-34A,

Class

A1R,

1.37%,

1/20/2035(a)

(b)

4,100,000

4,067,893

Series

2020-34A,

Class

B1R,

1.87%,

1/20/2035(a)

(b)

2,150,000

2,131,751

Series

2020-34A,

Class

CR,

2.27%,

1/20/2035(a)(b)

2,250,000

2,226,334

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

1.42%,

10/25/2034(a)(b)

2,050,000

2,037,790

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

0.00%,

4/20/2035(a)(b)

16,050,000

16,050,000

ARES

XLIV

CLO

Ltd.

Series

2017-44A,

Class

A1R,

1.32%,

4/15/2034(a)

(b)

7,000,000

6,971,951

Series

2017-44A,

Class

A3R1,

1.89%,

4/15/2034(a)

(b)

3,000,000

2,978,934

Bayview

Opportunity

Master

Fund

IVa

Trust

Series

2017-SPL5,

Class

B2,

4.50%,

6/28/2057(a)(b)

5,297,400

5,136,579

Series

2017-SPL1,

Class

A,

4.00%,

10/28/2064(a)(b)

2,085,892

2,063,493

Bayview

Opportunity

Master

Fund

IVb

Trust,

Series

2017-SPL2,

Class

A,

4.00%,

6/28/2054(a)(b)

2,324,377

2,311,990

Broad

River

Bsl

Funding

CLO

Ltd.

Series

2020-1A,

Class

AR,

1.42%,

7/20/2034(a)(b)

6,600,000

6,517,639

Series

2020-1A,

Class

BR,

1.95%,

7/20/2034(a)(b)

3,600,000

3,533,202

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

1.39%,

4/20/2034(a)(b)

800,000

790,998

Carlyle

US

CLO

Ltd.,

Series

2019-4A,

Class

BR,

2.38%,

4/15/2035(a)(b)

1,450,000

1,436,213

Cedar

Funding

VIII

CLO

Ltd.

Series

2017-8A,

Class

A1R,

1.39%,

10/17/2034(a)(b)

1,800,000

1,788,395

Series

2017-8A,

Class

BR,

1.89%,

10/17/2034(a)(b)

6,500,000

6,400,849

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

471,499

469,686

2

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Dryden

77

CLO

Ltd.

Series

2020-77A,

Class

AR,

1.60%,

5/20/2034(a)(b)

6,600,000

6,556,090

Series

2020-77A,

Class

BR,

2.13%,

5/20/2034(a)(b)

3,550,000

3,526,556

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

871,740

832,111

FCI

Funding

LLC

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

151,590

151,817

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

1,748,542

1,730,659

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

2,387,454

2,300,331

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

4,698,510

4,479,343

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

1,660,000

1,649,907

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

427,342

419,936

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

2,176,129

2,180,783

Series

2014-2A,

Class

A,

3.99%,

9/21/2040(a)

744,311

747,067

Series

2015-3,

Class

A,

4.28%,

9/20/2041(a)

906,658

915,188

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

1.24%,

4/15/2034(a)(b)

1,550,000

1,524,109

Series

2021-2A,

Class

A,

1.36%,

7/15/2034(a)(b)

10,000,000

9,883,400

Series

2021-2A,

Class

B,

1.84%,

7/15/2034(a)(b)

3,200,000

3,151,078

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.44%,

7/17/2037(a)(b)

3,037,870

3,037,869

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

1.36%,

1/20/2035(a)(b)

7,950,000

7,869,443

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

0.00%,

4/15/2035(a)(b)

15,150,000

15,131,562

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

2,736,651

2,736,021

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.

Series

2019-32A,

Class

AR,

1.24%,

1/20/2032(a)(b)

1,000,000

993,966

Series

2019-32A,

Class

BR,

1.65%,

1/20/2032(a)(b)

500,000

493,518

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

AR,

1.39%,

10/20/2035(a)(b)

6,950,000

6,901,385

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

4,380,000

4,361,439

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

660,000

656,680

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,500,000

1,458,177

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

194,383

REESE

PARK

CLO

Ltd.,

Series

2020-1A,

Class

AR,

1.37%,

10/15/2034(a)(b)

1,550,000

1,538,311

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

3,204,981

3,161,148

RR

1

LLC

Series

2017-1A,

Class

A1AB,

1.39%,

7/15/2035(a)

(b)

9,300,000

9,253,491

Series

2017-1A,

Class

A2B,

1.84%,

7/15/2035(a)(b)

3,800,000

3,760,750

Towd

Point

Mortgage

Trust,

Series

2018-6,

Class

A1,

3.75%,

3/25/2058(a)(b)

2,117,339

2,130,690

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

13,272,380

13,174,602

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,605,372

7,349,898

Wellman

Park

CLO

Ltd.

Series

2021-1A,

Class

A,

1.34%,

7/15/2034(a)(b)

10,000,000

9,943,410

Series

2021-1A,

Class

B,

1.84%,

7/15/2034(a)(b)

3,200,000

3,168,451

245,904,116

Total

Asset-Backed

Securities

(cost

$303,130,495)

297,448,980

Collateralized

Mortgage

Obligations

3.5%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

1,417,869

1,414,951

Chase

Mortgage

Finance

Corp.

Series

2016-SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

861,704

843,031

Series

2016-SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

5,615,909

5,516,443

FNMA

REMICS

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

67,295

68,524

Series

2009-78,

Class

BM,

4.00%,

6/25/2039

91,454

92,389

J.P.

Morgan

Mortgage

Trust,

Series

2021-15,

Class

A15,

2.50%,

6/25/2052(a)(b)

7,284,976

6,650,200

NVIT

Core

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

JP

Morgan

Mortgage

Trust,

Series

2021-13,

Class

A15,

2.50%,

4/25/2052(a)(b)

3,514,629

3,199,687

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

4,134,268

4,110,641

New

Residential

Mortgage

Loan

Trust

Series

2014-2A,

Class

A3,

3.75%,

5/25/2054(a)(b)

578,815

574,399

Series

2016-4A,

Class

A1,

3.75%,

11/25/2056(a)(b)

1,069,947

1,078,864

Series

2017-1A,

Class

A1,

4.00%,

2/25/2057(a)(b)

1,019,180

1,021,171

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

722,037

731,034

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

2,559,447

2,598,492

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

1,184,417

1,198,628

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

5,342,793

5,459,021

Series

2019-3A,

Class

A1A,

3.75%,

11/25/2058(a)(b)

1,037,467

1,035,466

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

2,723,000

2,579,441

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

2,723,000

2,580,654

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

1,839,000

1,743,714

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

1,048,000

1,038,459

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)

788,000

783,506

Total

Collateralized

Mortgage

Obligations

(cost

$46,021,028)

44,318,715

Commercial

Mortgage-Backed

Securities

2.7%

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

1.30%,

11/17/2024(a)(b)

2,300,000

2,275,776

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

1,400,000

1,429,719

BB-UBS

Trust,

Series

2012-

SHOW,

Class

B,

3.88%,

11/5/2036(a)

5,000,000

4,921,620

Benchmark

Mortgage

Trust

Series

2019-B11,

Class

AS,

3.78%,

5/15/2052

1,550,000

1,549,349

Series

2019-B10,

Class

AM,

3.98%,

3/15/2062

1,400,000

1,420,786

BXP

Trust,

Series

2017-

GM,

Class

B,

3.42%,

6/13/2039(a)(b)

3,900,000

3,792,332

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

CityLine

Commercial

Mortgage

Trust,

Series

2016-CLNE,

Class

A,

2.78%,

11/10/2031(a)(b)

7,388,000

7,316,303

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C18,

Class

300B,

4.00%,

8/15/2031

10,500,000

10,318,455

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

850,000

857,600

Total

Commercial

Mortgage-Backed

Securities

(cost

$34,904,391)

33,881,940

Corporate

Bonds

37.0%

Aerospace

&

Defense

1.0%

Boeing

Co.

(The)

,

2.95%,

2/1/2030(c)

4,775,000

4,424,330

3.25%,

2/1/2035

2,000,000

1,785,798

Huntington

Ingalls

Industries,

Inc.

,

4.20%,

5/1/2030(c)

3,980,000

4,139,388

Moog,

Inc.

,

4.25%,

12/15/2027(a)

865,000

840,131

Raytheon

Technologies

Corp.

,

4.15%,

5/15/2045

2,000,000

2,048,847

13,238,494

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)

595,000

561,531

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

255,000

242,493

804,024

Auto

Components

0.5%

Allison

Transmission,

Inc.

,

4.75%,

10/1/2027(a)(c)

440,000

432,850

Aptiv

plc

,

3.25%,

3/1/2032(c)

6,325,000

5,994,823

6,427,673

Automobiles

0.8%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)

5,080,000

4,650,870

1.80%,

1/10/2028(a)(c)

672,000

593,476

6.38%,

4/8/2030(a)(c)

1,730,000

1,970,270

Nissan

Motor

Co.

Ltd.

,

4.81%,

9/17/2030(a)

2,450,000

2,428,820

9,643,436

Banks

4.5%

Bank

of

America

Corp.

,

4.25%,

10/22/2026

3,000,000

3,087,817

Series

L,

4.18%,

11/25/2027(c)

4,000,000

4,078,187

4

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(c)

(d)

2,340,000

2,377,767

(SOFR

+

1.53%),

1.90%,

7/23/2031(c)(d)

2,500,000

2,183,178

(SOFR

+

1.88%),

2.83%,

10/24/2051(c)(d)

440,000

374,181

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(d)

4,750,000

4,316,179

Citigroup,

Inc.

,

4.45%,

9/29/2027

5,000,000

5,157,182

(SOFR

+

3.91%),

4.41%,

3/31/2031(c)(d)

3,250,000

3,374,003

(SOFR

+

1.94%),

3.79%,

3/17/2033(d)

4,000,000

3,965,314

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(c)

6,200,000

5,468,939

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)

4,000,000

3,866,172

HSBC

Holdings

plc

,

4.38%,

11/23/2026

3,500,000

3,563,696

ING

Groep

NV

,

3.95%,

3/29/2027

3,000,000

3,037,054

(SOFR

+

1.83%),

4.02%,

3/28/2028(d)

3,400,000

3,418,687

(SOFR

+

2.07%),

4.25%,

3/28/2033(d)

2,400,000

2,470,507

JPMorgan

Chase

&

Co.

,

Series

I,

(ICE

LIBOR

USD

3

Month

+

3.47%),

3.77%,

4/30/2022(d)(e)

488,000

488,000

(SOFR

+

1.51%),

2.53%,

11/19/2041(c)(d)

1,850,000

1,519,367

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(c)(d)

4,750,000

4,220,602

56,966,832

Beverages

0.6%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

2,000,000

2,224,290

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050(c)

1,435,000

1,533,215

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

2,975,000

3,324,435

7,081,940

Biotechnology

0.5%

AbbVie,

Inc.

,

3.20%,

11/21/2029

2,115,000

2,089,849

4.25%,

11/21/2049

1,350,000

1,400,918

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Gilead

Sciences,

Inc.

,

4.80%,

4/1/2044

2,775,000

3,050,542

6,541,309

Building

Products

0.0%

†

Johnson

Controls

International

plc

,

4.63%,

7/2/2044(f)

440,000

471,968

Capital

Markets

2.3%

Credit

Suisse

Group

AG

,

(ICE

LIBOR

USD

3

Month

+

1.41%),

3.87%,

1/12/2029(a)(d)

3,000,000

2,927,505

(SOFR

+

3.73%),

4.19%,

4/1/2031(a)(d)

1,000,000

986,510

(SOFR

+

1.73%),

3.09%,

5/14/2032(a)(d)

2,920,000

2,633,540

FMR

LLC

,

6.50%,

12/14/2040(a)

2,000,000

2,605,448

5.15%,

2/1/2043(a)

1,000,000

1,131,295

Moody's

Corp.

,

3.25%,

5/20/2050

2,600,000

2,324,551

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(c)(d)

5,000,000

5,013,905

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(d)

5,000,000

5,039,016

MSCI,

Inc.

,

3.88%,

2/15/2031(a)(c)

870,000

824,895

S&P

Global,

Inc.

,

2.90%,

3/1/2032(a)

5,500,000

5,331,979

28,818,644

Chemicals

0.6%

CF

Industries,

Inc.

,

5.15%,

3/15/2034

860,000

954,484

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

5,750,000

5,809,773

Mosaic

Co.

(The)

,

5.63%,

11/15/2043(c)

1,175,000

1,410,757

8,175,014

Commercial

Services

&

Supplies

0.1%

Clean

Harbors,

Inc.

,

5.13%,

7/15/2029(a)(c)

865,000

868,244

Stericycle,

Inc.

,

3.88%,

1/15/2029(a)

875,000

813,750

1,681,994

Communications

Equipment

0.3%

Motorola

Solutions,

Inc.

,

5.50%,

9/1/2044(c)

2,435,000

2,677,506

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)

875,000

861,875

3,539,381

NVIT

Core

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

1.2%

Ford

Motor

Credit

Co.

LLC

,

4.00%,

11/13/2030

870,000

819,279

Navient

Solutions

LLC

,

0.00%,

10/3/2022(g)

14,956,000

14,619,317

15,438,596

Containers

&

Packaging

0.8%

Berry

Global,

Inc.

,

4.88%,

7/15/2026(a)

2,250,000

2,272,500

5.63%,

7/15/2027(a)

865,000

874,809

Crown

Americas

LLC

,

4.25%,

9/30/2026

435,000

436,087

Graphic

Packaging

International

LLC

,

3.75%,

2/1/2030(a)

705,000

645,075

Sealed

Air

Corp.

,

4.00%,

12/1/2027(a)

865,000

843,375

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

4,750,000

4,332,004

4.13%,

2/1/2028

875,000

840,000

10,243,850

Diversified

Consumer

Services

0.1%

Service

Corp.

International

,

3.38%,

8/15/2030

1,155,000

1,040,516

Diversified

Telecommunication

Services

1.1%

AT&T,

Inc.

,

3.65%,

6/1/2051

6,920,000

6,297,020

CCO

Holdings

LLC

,

4.50%,

5/1/2032

1,160,000

1,061,052

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

575,000

541,265

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

3,000,000

2,787,150

4.00%,

3/22/2050

3,345,000

3,394,136

14,080,623

Electric

Utilities

4.2%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

7,525,000

7,764,114

Appalachian

Power

Co.

,

Series

Z,

3.70%,

5/1/2050(c)

2,805,000

2,614,409

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

3,750,000

3,855,164

Evergy

Missouri

West,

Inc.

,

3.75%,

3/15/2032(a)

3,270,000

3,286,712

Evergy

,

Inc.

,

2.90%,

9/15/2029(c)

3,505,000

3,350,008

Exelon

Corp.

,

4.05%,

4/15/2030

695,000

717,403

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

11,750,000

11,263,649

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

2,000,000

2,041,625

2.75%,

3/1/2032(a)

170,000

158,302

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)(c)

6,000,000

6,235,924

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

NextEra

Energy

Operating

Partners

LP

,

4.50%,

9/15/2027(a)

855,000

851,028

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)(c)

865,000

760,845

Vistra

Operations

Co.

LLC

,

3.70%,

1/30/2027(a)

8,500,000

8,158,055

5.63%,

2/15/2027(a)

920,000

919,223

4.30%,

7/15/2029(a)

1,403,000

1,354,229

53,330,690

Electrical

Equipment

0.1%

Sensata

Technologies

BV

,

4.00%,

4/15/2029(a)

800,000

761,784

Electronic

Equipment,

Instruments

&

Components

0.4%

CDW

LLC

,

3.57%,

12/1/2031

4,750,000

4,400,638

Sensata

Technologies,

Inc.

,

3.75%,

2/15/2031(a)

865,000

800,125

5,200,763

Energy

Equipment

&

Services

0.4%

Schlumberger

Holdings

Corp.

,

4.00%,

12/21/2025(a)

321,000

326,225

3.90%,

5/17/2028(a)(c)

4,389,000

4,434,036

4,760,261

Entertainment

0.6%

Magallanes,

Inc.

,

4.28%,

3/15/2032(a)

8,250,000

8,286,702

Equity

Real

Estate

Investment

Trusts

(REITs)

3.6%

Corporate

Office

Properties

LP

,

2.25%,

3/15/2026

3,730,000

3,553,898

2.75%,

4/15/2031

4,750,000

4,264,133

Crown

Castle

International

Corp.

,

4.15%,

7/1/2050

1,290,000

1,258,310

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

5,525,000

4,828,664

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030

1,664,000

1,719,670

LXP

Industrial

Trust

,

2.70%,

9/15/2030(c)

5,000,000

4,613,299

Piedmont

Operating

Partnership

LP

,

4.45%,

3/15/2024

9,050,000

9,202,587

2.75%,

4/1/2032(c)

985,000

877,682

Sabra

Health

Care

LP

,

3.20%,

12/1/2031(c)

4,855,000

4,332,570

Spirit

Realty

LP

,

2.10%,

3/15/2028

3,500,000

3,168,778

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

4,226,000

3,828,648

6

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

WP

Carey,

Inc.

,

2.45%,

2/1/2032

4,750,000

4,196,442

45,844,681

Food

&

Staples

Retailing

0.3%

CVS

Pass-Through

Trust

,

6.04%,

12/10/2028

4,102,730

4,392,392

Food

Products

0.4%

Grupo

Bimbo

SAB

de

CV

,

4.00%,

9/6/2049(a)(c)

580,000

540,633

Ingredion,

Inc.

,

3.90%,

6/1/2050

2,315,000

2,225,181

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049

1,975,000

2,080,919

Lamb

Weston

Holdings,

Inc.

,

4.88%,

5/15/2028(a)(c)

870,000

870,000

5,716,733

Health

Care

Equipment

&

Supplies

0.1%

Boston

Scientific

Corp.

,

4.70%,

3/1/2049(c)

676,000

753,247

Health

Care

Providers

&

Services

1.4%

CVS

Health

Corp.

,

4.25%,

4/1/2050

115,000

119,307

Dignity

Health

,

3.13%,

11/1/2022

6,000,000

6,034,333

3.81%,

11/1/2024

4,000,000

4,037,035

HCA,

Inc.

,

3.38%,

3/15/2029(a)

3,150,000

3,066,240

3.50%,

9/1/2030

860,000

830,815

3.63%,

3/15/2032(a)(c)

4,000,000

3,919,819

18,007,549

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

5.00%,

5/15/2027(a)

870,000

879,609

Hotels,

Restaurants

&

Leisure

0.2%

International

Game

Technology

plc

,

5.25%,

1/15/2029(a)

870,000

867,825

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

870,000

883,050

MGM

Resorts

International

,

5.50%,

4/15/2027

880,000

888,800

2,639,675

Household

Durables

0.2%

Newell

Brands,

Inc.

,

5.87%,

4/1/2036(f)

865,000

888,787

6.00%,

4/1/2046(f)

1,200,000

1,254,000

2,142,787

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Corp.

,

4.50%,

2/15/2028(a)

865,000

843,790

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

Conglomerates

0.3%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032

2,250,000

2,416,220

General

Electric

Co.

,

5.40%,

5/15/2022

1,125,000

1,127,091

3,543,311

Insurance

0.1%

MassMutual

Global

Funding

II

,

1.55%,

10/9/2030(a)

2,000,000

1,729,410

IT

Services

0.2%

Global

Payments,

Inc.

,

4.15%,

8/15/2049(c)

2,290,000

2,213,077

Life

Sciences

Tools

&

Services

0.1%

Charles

River

Laboratories

International,

Inc.

,

4.00%,

3/15/2031(a)(c)

860,000

807,325

Machinery

0.4%

Amsted

Industries,

Inc.

,

4.63%,

5/15/2030(a)

870,000

824,525

Daimler

Trucks

Finance

North

America

LLC

,

2.50%,

12/14/2031(a)

4,750,000

4,157,434

4,981,959

Media

1.0%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

2,000,000

2,126,270

3.70%,

4/1/2051

1,250,000

1,030,123

Comcast

Corp.

,

2.65%,

2/1/2030(c)

2,555,000

2,452,526

2.94%,

11/1/2056(a)

5,432,000

4,484,242

CSC

Holdings

LLC

,

3.38%,

2/15/2031(a)(c)

860,000

724,550

Discovery

Communications

LLC

,

5.30%,

5/15/2049

1,000,000

1,045,845

Sirius

XM

Radio,

Inc.

,

5.00%,

8/1/2027(a)

860,000

857,850

12,721,406

Metals

&

Mining

0.0%

†

Glencore

Funding

LLC

,

1.63%,

9/1/2025(a)

420,000

392,710

Multi-Utilities

1.1%

Black

Hills

Corp.

,

3.05%,

10/15/2029

1,350,000

1,292,823

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049

3,500,000

3,794,655

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025(c)

7,000,000

7,124,437

3.25%,

6/15/2026

1,250,000

1,243,442

13,455,357

Oil,

Gas

&

Consumable

Fuels

2.9%

Aker

BP

ASA

,

3.75%,

1/15/2030(a)

1,950,000

1,908,103

NVIT

Core

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051

1,800,000

1,536,375

Cheniere

Energy

Partners

LP

,

3.25%,

1/31/2032(a)

38,000

34,553

Continental

Resources,

Inc.

,

4.38%,

1/15/2028(c)

865,000

876,937

5.75%,

1/15/2031(a)

1,310,000

1,432,878

2.88%,

4/1/2032(a)

3,155,000

2,813,471

DCP

Midstream

Operating

LP

,

5.38%,

7/15/2025

435,000

448,533

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

725,000

1,005,322

Energy

Transfer

LP

,

6.50%,

2/1/2042

2,350,000

2,700,937

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

2,250,000

2,181,137

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

450,000

503,074

3.25%,

8/1/2050(c)

395,000

327,893

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

1,550,000

1,854,597

6.60%,

10/1/2037

1,200,000

1,458,971

MPLX

LP

,

5.50%,

2/15/2049

1,270,000

1,406,563

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

5,400,000

5,041,663

ONEOK,

Inc.

,

7.15%,

1/15/2051

2,000,000

2,540,301

Targa

Resources

Partners

LP

,

4.88%,

2/1/2031

1,905,000

1,924,050

4.00%,

1/15/2032

4,420,000

4,251,974

Valero

Energy

Corp.

,

4.00%,

4/1/2029(c)

765,000

780,274

4.90%,

3/15/2045(c)

600,000

636,154

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028(c)

320,000

327,794

Williams

Cos.,

Inc.

(The)

,

5.75%,

6/24/2044(c)

1,025,000

1,180,525

37,172,079

Pharmaceuticals

0.4%

Bristol-Myers

Squibb

Co.

,

4.25%,

10/26/2049

1,800,000

1,962,883

Catalent

Pharma

Solutions,

Inc.

,

3.13%,

2/15/2029(a)(c)

575,000

522,626

Takeda

Pharmaceutical

Co.

Ltd.

,

3.18%,

7/9/2050

2,385,000

2,086,370

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

3.15%,

10/1/2026(c)

900,000

814,851

5,386,730

Road

&

Rail

1.1%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

6,500,000

6,405,842

4.25%,

11/1/2029(a)

3,530,000

3,512,656

2.45%,

8/12/2031(a)

830,000

730,364

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Union

Pacific

Corp.

,

3.84%,

3/20/2060

2,800,000

2,809,735

13,458,597

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom,

Inc.

,

2.60%,

2/15/2033(a)(c)

2,000,000

1,736,327

Software

0.6%

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

855,000

810,707

Oracle

Corp.

,

2.88%,

3/25/2031

2,500,000

2,279,477

3.60%,

4/1/2050

2,375,000

1,969,735

PTC,

Inc.

,

4.00%,

2/15/2028(a)

855,000

833,001

VMware,

Inc.

,

1.80%,

8/15/2028

2,435,000

2,159,618

8,052,538

Technology

Hardware,

Storage

&

Peripherals

0.1%

HP,

Inc.

,

3.40%,

6/17/2030

1,000,000

958,238

Textiles,

Apparel

&

Luxury

Goods

0.1%

Hanesbrands,

Inc.

,

4.63%,

5/15/2024(a)(c)

870,000

883,050

Thrifts

&

Mortgage

Finance

0.6%

BPCE

SA

,

5.70%,

10/22/2023(a)(c)

3,000,000

3,103,243

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(d)

5,500,000

4,977,926

8,081,169

Tobacco

0.3%

BAT

Capital

Corp.

,

4.74%,

3/16/2032(c)

3,800,000

3,822,463

Trading

Companies

&

Distributors

0.6%

GATX

Corp.

,

1.90%,

6/1/2031

2,000,000

1,704,216

3.50%,

6/1/2032(c)

4,150,000

4,001,537

4.50%,

3/30/2045

1,315,000

1,299,193

United

Rentals

North

America,

Inc.

,

3.88%,

2/15/2031(c)

860,000

810,550

7,815,496

Wireless

Telecommunication

Services

0.4%

T-Mobile

USA,

Inc.

,

2.88%,

2/15/2031

1,000,000

900,930

3.50%,

4/15/2031(c)

1,145,000

1,077,422

3.30%,

2/15/2051(c)

3,960,000

3,332,048

5,310,400

Total

Corporate

Bonds

(cost

$497,757,278)

470,276,599

8

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

Loan

Participation

0.1%

Principal

Amount

($)

Value

($)

Electrical

Equipment

0.1%

Sensata

Technologies

B.V.,

Term

Loan,

(ICE

LIBOR

USD

2

Month

+

1.75%),

2.68%,

9/20/2026

(d)

994,320

990,342

0

Total

Loan

Participation

(cost

$995,687)

990,342

Mortgage-Backed

Securities

23.0%

FHLMC

UMBS

Pool

Pool#

SB8000

3.00%,

7/1/2034

5,062,464

5,113,710

Pool#

SB8083

1.50%,

1/1/2036

16,084,810

15,273,977

Pool#

SB8088

1.50%,

2/1/2036

20,258,522

19,237,201

Pool#

SD8018

4.00%,

10/1/2049

2,398,322

2,451,290

Pool#

SD8080

2.00%,

6/1/2050

3,736,960

3,480,688

Pool#

SD8079

2.00%,

7/1/2050

9,381,835

8,738,494

Pool#

SD8084

3.00%,

8/1/2050

9,578,507

9,387,347

Pool#

SD8178

2.50%,

11/1/2051

32,129,514

30,696,365

Pool#

SD8181

1.50%,

12/1/2051

7,903,530

7,063,057

FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,303,100

2,520,583

Pool#

468516

5.17%,

6/1/2028

831,386

864,114

Pool#

AM7073

6.41%,

1/1/2030

1,483,114

1,778,605

Pool#

468127

5.70%,

5/1/2041

1,115,255

1,209,916

Pool#

AN0360

3.95%,

12/1/2045

10,000,000

10,558,318

FNMA

UMBS

Pool

Pool#

AR9398

3.50%,

6/1/2043

1,001,624

1,021,617

Pool#

BC0180

4.00%,

1/1/2046

2,767,971

2,881,723

Pool#

AS7908

3.00%,

9/1/2046

5,904,884

5,865,728

Pool#

AS8483

3.00%,

12/1/2046

2,498,953

2,490,916

Pool#

MA2863

3.00%,

1/1/2047

7,745,202

7,686,439

Pool#

AS8784

3.00%,

2/1/2047

2,597,518

2,577,621

Pool#

BE7557

3.50%,

2/1/2047

4,809,644

4,891,768

Pool#

BM2003

4.00%,

10/1/2047

4,233,082

4,367,429

Pool#

BJ3716

3.50%,

12/1/2047

2,450,366

2,478,287

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3210

3.50%,

12/1/2047

1,033,103

1,042,050

Pool#

BM3355

3.50%,

2/1/2048

1,646,461

1,666,160

Pool#

CA1532

3.50%,

4/1/2048

5,379,098

5,442,389

Pool#

CA2208

4.50%,

8/1/2048

1,345,557

1,399,951

Pool#

CA2469

4.00%,

10/1/2048

2,369,343

2,423,274

Pool#

MA3745

3.50%,

8/1/2049

5,991,822

6,010,980

Pool#

MA4577

2.00%,

4/1/2052

45,000,000

41,805,258

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.50%,

4/25/2052

45,000,000

42,932,812

3.00%,

4/25/2052

21,000,000

20,540,625

3.50%,

4/25/2052

16,000,000

16,027,500

Total

Mortgage-Backed

Securities

(cost

$302,067,089)

291,926,192

Municipal

Bonds

1.4%

California

0.4

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

3,885,000

5,182,794

District

of

Columbia

1.0

%

Metropolitan

Washington

Airports

Authority,

RB

Series

D,

7.46%,

10/1/2046

6,000,000

9,074,798

Series

D,

8.00%,

10/1/2047

2,000,000

3,119,853

12,194,651

Total

Municipal

Bonds

(cost

$14,193,117)

17,377,445

Purchased

Options

0.1%

Number

of

Contracts

Call

Options

0.0%

†

Future

Interest

Rate

Options

0.0%

†

3

Month

Eurodollar

12/19/2022

at

USD

99.38,

American

Style,

Notional

Amount:

USD

210,000,000

Exchange

Traded*

840

47,250

3

Month

Eurodollar

12/19/2022

at

USD

98.25,

American

Style,

Notional

Amount:

USD

225,000,000

Exchange

Traded*

900

281,250

NVIT

Core

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Purchased

Options

Number

of

Contracts

Value

($)

Put

Option

0.1%

Future

Interest

Rate

Options

0.1%

U.S.

Treasury

30

Year

Bond

5/20/2022

at

USD

147.00,

American

Style,

Notional

Amount:

USD

36,000,000

Exchange

Traded*

360

523,125

0

Total

Purchased

Options

(cost

$1,499,402)

851,625

U.S.

Government

Agency

Security

1.2%

Principal

Amount

($)

Tennessee

Valley

Authority,

5.88%,

4/1/2036

11,793,000

15,441,254

Total

U.S.

Government

Agency

Security

(cost

$13,939,837)

15,441,254

U.S.

Treasury

Obligations

9.5%

U.S.

Treasury

Bonds,

7.13%,

2/15/2023

(c)

1,000,000

1,047,344

U.S.

Treasury

Notes

0.13%,

10/15/2023

4,000,000

3,876,719

0.25%,

3/15/2024

(c)

15,000,000

14,409,375

0.38%,

4/15/2024

8,000,000

7,684,375

0.25%,

6/15/2024

(c)

30,000,000

28,612,500

1.25%,

3/31/2028

16,000,000

14,923,750

1.50%,

2/15/2030

(c)

53,000,000

49,687,500

Total

U.S.

Treasury

Obligations

(cost

$129,529,496)

120,241,563

Repurchase

Agreements

3.0%

Bank

of

America

NA

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$7,000,059,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$7,140,000.

(h)

7,000,000

7,000,000

Cantor

Fitzgerald

&

Co.

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$16,547,845,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$16,878,666.

(h)

16,547,712

16,547,712

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,044,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$5,102,085.

(h)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$7,000,409,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$7,140,121.

(h)

7,000,000

7,000,000

Pershing

LLC

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,028,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$3,060,000.

(h)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$38,547,712)

38,547,712

Total

Investments

(cost

$1,382,585,532)

—

104.9%

1,331,302,367

Liabilities

in

excess

of

other

assets

—

(4.9)%

(61,603,447)

NET

ASSETS

—

100.0%

$

1,269,698,920

10

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$497,584,253

which

represents

39.19%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$65,160,545,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$38,547,712

and

by

$28,425,144

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2022

–

11/15/2051,

a

total

value

of

$66,972,856.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2022.

(g)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$38,547,712.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2022

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

Investment

Grade

Index

Series

38-V1

1.00

Quarterly

6/20/2027

0.67

USD

40,000,000

(614,716)

(44,323)

(659,039)

(614,716)

(44,323)

(659,039)

As

of

March

31,

2022,

the

Fund

had

$511,324

segregated

as

collateral

for

credit

default

swap

contracts.

NVIT

Core

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

24

6/2022

USD

2,752,500

(70,651)

U.S.

Treasury

Long

Bond

1,463

6/2022

USD

219,541,438

(6,269,381)

U.S.

Treasury

Ultra

Bond

177

6/2022

USD

31,351,125

(1,027,023)

Total

long

contracts

(7,367,055)

Short

Contracts

U.S.

Treasury

10

Year

Note

(706)

6/2022

USD

(86,749,750)

2,366,405

U.S.

Treasury

10

Year

Ultra

Note

(748)

6/2022

USD

(101,330,625)

3,140,854

Total

short

contracts

5,507,259

Net

contracts

(1,859,796)

As

of

March

31,

2022,

the

Fund

had

$7,914,460

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Written

Call

Options

Contracts

as

of

March

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

1,800

USD

450,000,000

USD

98.63

12/19/2022

(315,000)

3

Month

Eurodollar

Exchange

Traded

840

USD

210,000,000

USD

99.63

12/19/2022

(26,250)

Total

written

call

options

contracts

(341,250)

Written

Put

Options

Contracts

as

of

March

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

840

USD

210,000,000

USD

98.88

12/19/2022

(3,297,000)

U.S.

Treasury

30

Year

Bond

Exchange

Traded

360

USD

36,000,000

USD

143.00

5/20/2022

(208,125)

Total

written

Put

options

contracts

(3,505,125)

–

Total

Written

Options

Contracts

(Premiums

Received

($1,226,844))

(3,846,375)

Currency:

USD

United

States

dollar

12

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

297,448,980

$

–

$

297,448,980

Collateralized

Mortgage

Obligations

–

44,318,715

–

44,318,715

Commercial

Mortgage-Backed

Securities

–

33,881,940

–

33,881,940

Corporate

Bonds

–

470,276,599

–

470,276,599

Futures

Contracts

5,507,259

–

–

5,507,259

Loan

Participation

–

990,342

–

990,342

Mortgage-Backed

Securities

–

291,926,192

–

291,926,192

Municipal

Bonds

–

17,377,445

–

17,377,445

Purchased

Option

851,625

–

–

851,625

Repurchase

Agreements

–

38,547,712

–

38,547,712

U.S.

Government

Agency

Security

–

15,441,254

–

15,441,254

NVIT

Core

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange-traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Treasury

Obligations

$

–

$

120,241,563

$

–

$

120,241,563

Total

Assets

$

6,358,884

$

1,330,450,742

$

–

$

1,336,809,626

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps*

$

–

$

(44,323)

$

–

$

(44,323)

Futures

Contracts

(7,367,055)

–

–

(7,367,055)

Written

Options

(3,846,375)

–

–

(3,846,375)

Total

Liabilities

$

(11,213,430)

$

(44,323)

$

–

$

(11,257,753)

Total

$

(4,854,546)

$

1,330,406,419

$

–

$

1,325,551,873

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

14

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Swap

Contracts

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

NVIT

Core

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/

performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

March

31,

2022

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(c)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

16

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

851,625

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

5,507,259

Total

$

6,358,884

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(3,846,375)

Swap

Contracts(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(44,323)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(7,367,055)

Total

$

(11,257,753)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Asset-Backed

Securities

7.1%

Principal

Amount

($)

Value

($)

Airlines

0.6%

Air

Canada

Pass-Through

Trust,

Series

2020-2,

Class

A,

5.25%,

4/1/2029(a)

1,084,128

1,118,858

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

300,000

271,400

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

308,448

304,421

1,694,679

Automobiles

1.3%

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(a)

600,000

564,285

Series

2021-2,

Class

F,

4.19%,

2/15/2029(a)

490,000

461,336

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(a)

1,560,000

1,494,935

Series

2021-3,

Class

F,

3.69%,

2/26/2029(a)

1,000,000

941,087

3,461,643

Credit

Card

0.5%

Continental

Credit

Card

ABS

LLC,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026(a)

1,200,000

1,199,561

Equipment

Loans

&

Leases

1.9%

Amur

Equipment

Finance

Receivables

VI

LLC,

Series

2018-2A,

Class

E,

5.45%,

11/20/2023(a)

300,000

300,185

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

E,

3.80%,

11/15/2036(a)(b)

1,500,000

1,491,773

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

2,308,929

1,914,099

British

Airways

Pass-Through

Trust,

Series

2020-1,

Class

B,

8.38%,

11/15/2028(a)

177,470

195,929

CIG

Auto

Receivables

Trust,

Series

2019-1A,

Class

D,

4.85%,

5/15/2026(a)

1,150,000

1,153,980

5,055,966

Other

2.8%

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

2.98%,

10/16/2036(a)(b)

1,600,000

1,553,400

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

2,100,000

1,899,881

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

1,710,000

1,534,950

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(a)

780,000

667,665

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

2.53%,

2/20/2030(a)(b)

650,000

643,384

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2019-1A,

Class

D,

4.75%,

1/20/2036(a)

238,514

235,358

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

929,846

7,464,484

Total

Asset-Backed

Securities

(cost

$20,046,383)

18,876,333

Collateralized

Mortgage

Obligations

15.3%

Angel

Oak

Mortgage

Trust

I

LLC,

Series

2019-2,

Class

B2,

6.29%,

3/25/2049(a)(b)

2,250,000

2,157,930

Bellemeade

RE

Ltd.,

Series

2021-3A,

Class

B1,

3.95%,

9/25/2031(a)(b)

2,100,000

1,998,369

Connecticut

Avenue

Securities

Trust

Series

2019-HRP1,

Class

B1,

9.71%,

11/25/2039(a)(b)

4,100,000

4,137,417

Series

2022-R01,

Class

1B2,

6.10%,

12/25/2041(a)

(b)

1,650,000

1,464,314

Series

2022-R03,

Class

1B1,

6.35%,

3/25/2042(a)(b)

600,000

614,308

Eagle

RE

Ltd.,

Series

2021-

2,

Class

M2,

4.35%,

4/25/2034(a)(b)

2,690,000

2,553,011

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.25%,

7/25/2051(a)(b)

679,759

597,983

FHLMC

STACR

REMIC

Trust

Series

2021-HQA3,

Class

B2,

6.35%,

9/25/2041(a)(b)

1,680,000

1,476,159

Series

2021-HQA4,

Class

B2,

7.10%,

12/25/2041(a)(b)

590,000

521,047

Series

2022-DNA1,

Class

B2,

7.20%,

1/25/2042(a)(b)

1,770,000

1,562,113

Series

2020-DNA5,

Class

B2,

11.60%,

10/25/2050(a)

(b)

260,000

312,681

Series

2020-DNA6,

Class

B2,

5.75%,

12/25/2050(a)(b)

2,115,000

1,997,361

FHLMC

STACR

Trust,

Series

2018-HQA2,

Class

B2,

11.46%,

10/25/2048(a)(b)

2,800,000

3,111,924

18

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA7,

Class

B2,

7.90%,

11/25/2041(a)(b)

2,410,000

2,248,506

Series

2022-DNA2,

Class

B2,

8.60%,

2/25/2042(a)(b)

1,270,000

1,192,162

Series

2020-HQA5,

Class

B2,

7.50%,

11/25/2050(a)(b)

1,140,000

1,199,934

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.21%,

6/1/2051(a)(b)

92,408,327

845,407

FNMA,

Series

2021-R02,

Class

2B2,

6.30%,

11/25/2041(a)(b)

590,000

545,720

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

2,300,765

386,693

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

1,206,098

189,757

Home

RE

Ltd.,

Series

2020-1,

Class

B1,

7.46%,

10/25/2030(a)(b)

300,000

306,407

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.23%,

7/25/2051(a)(b)

31,650,711

282,888

JP

Morgan

Mortgage

Trust

Series

2021-8,

Class

AX1,

IO,

0.13%,

12/25/2051(a)(b)

52,171,150

259,124

Series

2021-10,

Class

AX1,

IO,

0.13%,

12/25/2051(a)(b)

58,263,877

306,730

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

4.81%,

7/25/2029(a)(b)

3,270,000

3,234,331

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

4.50%,

4/25/2034(a)(b)

1,390,000

1,327,891

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

10.96%,

2/25/2047(a)(b)

2,000,000

2,155,078

Traingle

Re

Ltd.,

Series

2020-1,

Class

B1,

8.21%,

10/25/2030(a)(b)

250,000

253,816

Triangle

Re

Ltd.,

Series

2021-3,

Class

B1,

5.05%,

2/25/2034(a)(b)

910,000

868,899

Verus

Securitization

Trust

Series

2020-INV1,

Class

B1,

5.75%,

3/25/2060(a)(b)

100,000

99,946

Series

2020-INV1,

Class

B2,

6.00%,

3/25/2060(a)(b)

110,000

108,954

Series

2020-2,

Class

B1,

5.36%,

5/25/2060(a)(b)

350,000

343,699

Vista

Point

Securitization

Trust,

Series

2020-1,

Class

B1,

5.38%,

3/25/2065(a)(b)

970,000

961,681

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

ZH

Trust,

Series

2021-

2,

Class

B,

3.51%,

10/17/2027(a)

1,170,000

1,116,295

Total

Collateralized

Mortgage

Obligations

(cost

$41,442,512)

40,738,535

Commercial

Mortgage-Backed

Securities

9.7%

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2021-JACX,

Class

E,

4.15%,

9/15/2038(a)(b)

965,000

947,293

BX

Commercial

Mortgage

Trust,

Series

2021-

VOLT,

Class

F,

2.80%,

9/15/2036(a)(b)

1,000,000

964,544

BX

Trust,

Series

2021-

ARIA,

Class

D,

2.29%,

10/15/2036(a)(b)

3,000,000

2,932,201

COMM

Mortgage

Trust,

Series

2015-CR26,

Class

D,

3.48%,

10/10/2048(b)

3,000,000

2,706,437

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

3.85%,

1/25/2051(a)(b)

1,275,000

1,209,543

Series

2021-MN3,

Class

M2,

4.10%,

11/25/2051(a)

(b)

1,615,000

1,536,280

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

2.50%,

10/15/2036(a)(b)

700,000

678,395

Series

2021-IP,

Class

E,

3.95%,

10/15/2036(a)(b)

300,000

291,678

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C2,

Class

D,

3.36%,

6/15/2049(a)(b)

2,500,000

1,623,973

Med

Trust,

Series

2021-

MDLN,

Class

F,

4.40%,

11/15/2038(a)(b)

2,300,000

2,245,165

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.21%,

4/15/2048(a)(b)

2,000,000

1,665,306

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,814,389

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

1,400,000

1,234,765

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

CE,

9.21%,

10/15/2049(a)(b)

2,136,000

2,129,976

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

SLG

Office

Trust,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(a)

3,425,000

2,929,571

Total

Commercial

Mortgage-Backed

Securities

(cost

$27,227,786)

25,909,516

Common

Stocks

0.3%

Shares

Airlines

0.3%

Grupo

Aeromexico

SAB

de

CV

*(c)

43,743

748,030

Paper

&

Forest

Products

0.0%

†

Catalyst

Paper

Corp.

*^∞

344,368

0

Total

Common

Stocks

(cost

$729,291)

748,030

Convertible

Bonds

1.5%

Principal

Amount

($)

Airlines

0.8%

Air

Canada,

4.00%,

7/1/2025

1,377,000

2,022,813

Hotels,

Restaurants

&

Leisure

0.5%

DraftKings,

Inc.,

0.00%,

3/15/2028

1,789,000

1,285,397

Pharmaceuticals

0.2%

Tricida,

Inc.,

3.50%,

5/15/2027

1,260,000

618,408

Total

Convertible

Bonds

(cost

$4,447,874)

3,926,618

Convertible

Preferred

Stock

1.0%

Banks

1.0%

Wells

Fargo

&

Co.,

7.50%,

1,926

2,551,950

Total

Convertible

Preferred

Stock

(cost

$2,766,607)

2,551,950

Corporate

Bonds

51.6%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

5.81%,

5/1/2050

1,040,000

1,200,927

Air

Freight

&

Logistics

0.6%

Western

Global

Airlines

LLC

,

10.38%,

8/15/2025(a)(c)

1,530,000

1,644,750

Airlines

2.8%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

415,000

418,113

5.75%,

4/20/2029(a)

345,000

343,706

Gol

Finance

SA

,

8.00%,

6/30/2026(a)

3,225,000

2,897,953

Corporate

Bonds

Principal

Amount

($)

Value

($)

Airlines

Grupo

Aeromexico

SAB

de

CV

,

8.50%,

3/17/2027(a)

2,365,000

2,341,350

Mileage

Plus

Holdings

LLC

,

6.50%,

6/20/2027(a)

1,335,000

1,391,737

7,392,859

Auto

Components

0.9%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)(c)

1,247,000

1,250,118

Iochpe-Maxion

Austria

GmbH

,

5.00%,

5/7/2028(a)

1,280,000

1,166,368

2,416,486

Banks

4.4%

ING

Groep

NV

,

Series

NC10,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

4.25%,

5/16/2031(d)(e)

2,408,000

2,049,810

Natwest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(c)(e)

1,815,000

1,610,238

Nordea

Bank

Abp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%,

3/01/2029(a)(d)(e)

940,000

806,830

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

4.03%,

1/21/2043(a)(e)

1,255,000

1,091,066

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(c)(e)

3,000,000

2,947,494

Wells

Fargo

&

Co.

,

(SOFR

+

1.50%),

3.35%,

3/2/2033(e)

3,215,000

3,124,474

11,629,912

Biotechnology

0.9%

Cidron

Aida

Finco

Sarl

,

5.00%,

4/1/2028(a)

EUR

1,800,000

1,864,646

Grifols

Escrow

Issuer

SA

,

4.75%,

10/15/2028(a)(c)

590,000

555,338

2,419,984

Building

Products

0.8%

Fortune

Brands

Home

&

Security,

Inc.

,

4.50%,

3/25/2052

335,000

327,869

MIWD

Holdco

II

LLC

,

5.50%,

2/1/2030(a)

125,000

116,719

20

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

Standard

Industries,

Inc.

,

4.38%,

7/15/2030(a)(c)

1,815,000

1,662,458

2,107,046

Chemicals

1.4%

Braskem

Idesa

SAPI

,

6.99%,

2/20/2032(a)

680,000

666,441

INEOS

Finance

plc

,

2.88%,

5/1/2026(a)

EUR

1,685,000

1,771,381

NOVA

Chemicals

Corp.

,

5.25%,

6/1/2027(a)(c)

1,355,000

1,349,363

3,787,185

Commercial

Services

&

Supplies

1.4%

Allied

Universal

Holdco

LLC

,

3.63%,

6/1/2028(a)

850,000

858,035

4.63%,

6/1/2028(a)

590,000

557,491

4.63%,

6/1/2028(a)(c)

390,000

364,533

6.00%,

6/1/2029(a)(c)

520,000

458,726

GFL

Environmental,

Inc.

,

4.38%,

8/15/2029(a)(c)

1,170,000

1,080,788

Nielsen

Finance

LLC

,

4.50%,

7/15/2029(a)

355,000

354,112

3,673,685

Communications

Equipment

1.2%

Ciena

Corp.

,

4.00%,

1/31/2030(a)(c)

1,960,000

1,886,500

CommScope,

Inc.

,

4.75%,

9/1/2029(a)(c)

1,340,000

1,234,153

3,120,653

Construction

&

Engineering

2.2%

Artera

Services

LLC

,

9.03%,

12/4/2025(a)

1,055,000

1,054,225

Dycom

Industries,

Inc.

,

4.50%,

4/15/2029(a)(c)

1,109,000

1,045,232

Promontoria

Holding

264

BV

,

6.38%,

3/1/2027(a)

1,355,000

1,467,865

7.88%,

3/1/2027(a)

1,255,000

1,220,488

Stoneway

Capital

Corp.

,

10.00%,

3/1/2027(a)(f)

3,542,332

987,425

5,775,235

Consumer

Finance

4.6%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

1,090,000

982,591

ASG

Finance

Designated

Activity

Co.

,

7.88%,

12/3/2024(a)

1,995,000

1,885,275

Avation

Capital

SA

,

8.25%,

10/31/2026(a)(g)

2,032,030

1,707,893

Ford

Motor

Credit

Co.

LLC

,

2.33%,

11/25/2025(c)

1,890,000

2,049,833

2.90%,

2/10/2029

3,000,000

2,672,160

3.63%,

6/17/2031(c)

600,000

541,965

VistaJet

Malta

Finance

plc

,

6.38%,

2/1/2030(a)(c)

2,480,000

2,333,345

12,173,062

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

1.6%

Altice

France

SA

,

5.13%,

1/15/2029(a)(c)

200,000

179,166

5.13%,

7/15/2029(a)(c)

1,785,000

1,599,806

Total

Play

Telecomunicaciones

SA

de

CV

,

6.38%,

9/20/2028(a)

1,355,000

1,207,143

Windstream

Escrow

LLC

,

7.75%,

8/15/2028(a)(c)

1,135,000

1,156,088

4,142,203

Electric

Utilities

1.6%

Light

Servicos

de

Eletricidade

SA

,

4.38%,

6/18/2026(a)

1,730,000

1,617,550

NRG

Energy,

Inc.

,

3.88%,

2/15/2032(a)

1,675,000

1,474,000

Vistra

Operations

Co.

LLC

,

5.00%,

7/31/2027(a)(c)

1,000,000

983,810

4.38%,

5/1/2029(a)

85,000

80,325

4,155,685

Electrical

Equipment

0.4%

Energizer

Gamma

Acquisition

BV

,

3.50%,

6/30/2029(a)

EUR

1,080,000

1,049,937

Electronic

Equipment,

Instruments

&

Components

0.8%

Belden,

Inc.

,

3.38%,

7/15/2031(a)

1,925,000

1,981,853

Energy

Equipment

&

Services

0.8%

Shelf

Drilling

Holdings

Ltd.

,

8.88%,

11/15/2024(a)

710,000

724,200

Transocean

Sentry

Ltd.

,

5.38%,

5/15/2023(a)

1,443,031

1,411,140

2,135,340

Equity

Real

Estate

Investment

Trusts

(REITs)

1.5%

HAT

Holdings

I

LLC

,

3.38%,

6/15/2026(a)

1,185,000

1,125,750

iStar,

Inc.

,

4.25%,

8/1/2025(c)

955,000

939,481

Uniti

Group

LP

,

6.00%,

1/15/2030(a)(c)

2,200,000

1,980,000

4,045,231

Food

Products

2.1%

Lamb

Weston

Holdings,

Inc.

,

4.13%,

1/31/2030(a)(c)

1,220,000

1,139,279

4.38%,

1/31/2032(a)

1,220,000

1,139,748

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)

2,245,000

2,031,052

Simmons

Foods,

Inc.

,

4.63%,

3/1/2029(a)

1,356,000

1,271,250

5,581,329

Health

Care

Providers

&

Services

0.3%

US

Acute

Care

Solutions

LLC

,

6.38%,

3/1/2026(a)

900,000

888,750

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

1.6%

CDI

Escrow

Issuer,

Inc.

,

5.75%,

4/1/2030(a)

1,315,000

1,328,150

Deuce

Finco

plc

,

5.50%,

6/15/2027(a)

GBP

655,000

821,755

Genting

New

York

LLC

,

3.30%,

2/15/2026(a)

605,000

572,231

Grupo

Posadas

SAB

de

CV

,

4.00%,

12/30/2027(a)(c)

(g)(h)

779,690

574,956

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5.63%,

2/15/2029(a)

910,000

830,605

4,127,697

Household

Durables

0.2%

TopBuild

Corp.

,

4.13%,

2/15/2032(a)

690,000

625,312

Household

Products

0.2%

Energizer

Holdings,

Inc.

,

6.50%,

12/31/2027(a)(c)

615,000

608,850

Insurance

1.5%

Brown

&

Brown,

Inc.

,

4.20%,

3/17/2032

620,000

629,958

Farmers

Exchange

Capital

III

,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(e)

2,010,000

2,284,959

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

988,594

Mutual

of

Omaha

Insurance

Co.

,

(ICE

LIBOR

USD

3

Month

+

2.64%),

4.30%,

7/15/2054(a)(e)

170,000

168,143

4,071,654

Life

Sciences

Tools

&

Services

0.4%

Bio-Rad

Laboratories,

Inc.

,

3.70%,

3/15/2032(c)

1,170,000

1,156,188

Marine

1.1%

Hidrovias

International

Finance

SARL

,

4.95%,

2/8/2031(a)(c)

970,000

817,070

Seaspan

Corp.

,

Reg.

S,

6.50%,

4/29/2026(a)

1,800,000

1,836,000

5.50%,

8/1/2029(a)

380,000

355,300

3,008,370

Media

0.9%

CSC

Holdings

LLC

,

4.63%,

12/1/2030(a)(c)

1,400,000

1,170,806

5.00%,

11/15/2031(a)(c)

300,000

251,358

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(c)

693,000

142,723

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Stagwell

Global

LLC

,

5.63%,

8/15/2029(a)

846,000

798,100

2,362,987

Metals

&

Mining

1.3%

Anglo

American

Capital

plc

,

4.75%,

3/16/2052(a)

1,065,000

1,110,400

Carpenter

Technology

Corp.

,

7.63%,

3/15/2030

865,000

885,682

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

860,000

746,652

Novelis

Corp.

,

3.88%,

8/15/2031(a)

420,000

384,157

TMS

International

Corp.

,

6.25%,

4/15/2029(a)

346,000

328,700

3,455,591

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

Starwood

Property

Trust,

Inc.

,

3.75%,

12/31/2024(a)(c)

280,000

271,600

Multi-Utilities

0.5%

Algonquin

Power

&

Utilities

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.75%,

1/18/2082(c)(e)

1,330,000

1,240,092

Oil,

Gas

&

Consumable

Fuels

7.4%

Boardwalk

Pipelines

LP

,

3.60%,

9/1/2032

340,000

324,148

Delek

Logistics

Partners

LP

,

7.13%,

6/1/2028(a)

1,260,000

1,234,800

Energy

Transfer

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(d)(e)

2,564,000

2,499,900

EnLink

Midstream

Partners

LP

,

5.60%,

4/1/2044(c)

540,000

465,750

5.05%,

4/1/2045

420,000

339,150

5.45%,

6/1/2047

1,620,000

1,364,850

Golar

LNG

Ltd.

,

7.00%,

10/20/2025(a)

1,025,000

1,012,187

Harbour

Energy

plc

,

5.50%,

10/15/2026(a)

1,245,000

1,229,438

International

Petroleum

Corp.

,

Reg.

S,

7.25%,

2/1/2027(a)

1,154,000

1,133,805

MC

Brazil

Downstream

Trading

SARL

,

7.25%,

6/30/2031(a)(c)

2,190,000

2,014,800

Midwest

Connector

Capital

Co.

LLC

,

4.63%,

4/1/2029(a)(c)

1,467,000

1,482,486

Neptune

Energy

Bondco

plc

,

6.63%,

5/15/2025(a)

1,450,000

1,457,961

Petroleos

Mexicanos

,

6.70%,

2/16/2032

2,047,000

1,944,650

22

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Petroleos

Mexicanos,

6.75%,

9/21/2047

508,000

412,953

Strathcona

Resources

Ltd.

,

6.88%,

8/1/2026(a)(c)

1,300,000

1,309,750

Tullow

Oil

plc

,

10.25%,

5/15/2026(a)

1,490,000

1,518,131

19,744,759

Pharmaceuticals

1.8%

Gruenenthal

GmbH

,

4.13%,

5/15/2028(a)

EUR

2,100,000

2,259,239

Organon

&

Co.

,

2.88%,

4/30/2028(a)

555,000

584,157

4.13%,

4/30/2028(a)

395,000

376,318

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

6.00%,

1/31/2025

515,000

595,356

3.75%,

5/9/2027

200,000

208,693

4.38%,

5/9/2030

415,000

426,319

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

4.75%,

5/9/2027

200,000

191,990

5.13%,

5/9/2029(c)

200,000

192,244

4,834,316

Professional

Services

0.2%

CoreLogic,

Inc.

,

4.50%,

5/1/2028(a)(c)

680,000

641,104

Real

Estate

Management

&

Development

0.4%

Kennedy-Wilson,

Inc.

,

4.75%,

2/1/2030

1,160,000

1,103,056

Semiconductors

&

Semiconductor

Equipment

0.3%

Broadcom,

Inc.

,

4.15%,

4/15/2032(a)

850,000

850,000

Software

0.1%

Minerva

Merger

Sub,

Inc.

,

6.50%,

2/15/2030(a)(c)

395,000

383,199

Specialty

Retail

2.2%

AutoNation,

Inc.

,

3.85%,

3/1/2032

2,750,000

2,662,154

Penske

Automotive

Group,

Inc.

,

3.75%,

6/15/2029

1,615,000

1,444,731

Shiba

Bidco

SpA

,

4.50%,

10/31/2028(a)

1,710,000

1,816,020

5,922,905

Thrifts

&

Mortgage

Finance

0.3%

United

Wholesale

Mortgage

LLC

,

5.50%,

4/15/2029(a)(c)

850,000

757,367

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

0.3%

Beacon

Roofing

Supply,

Inc.

,

4.13%,

5/15/2029(a)

805,000

743,667

Total

Corporate

Bonds

(cost

$147,459,436)

137,230,826

Foreign

Government

Securities

2.2%

EGYPT

0.9%

Arab

Republic

of

Egypt,

7.30%,

9/30/2033(a)(c)

2,680,000

2,337,303

MEXICO

0.9%

United

Mexican

States,

3.50%,

2/12/2034

1,110,000

1,031,734

4.28%,

8/14/2041

1,590,000

1,482,150

2,513,884

SERBIA

0.4%

Republic

of

Serbia,

2.05%,

9/23/2036(a)

EUR

1,225,000

1,041,302

Total

Foreign

Government

Securities

(cost

$6,769,921)

5,892,489

Loan

Participations

5.0%

Airlines

0.5%

LaserShip,

Inc.,

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.50%),

5.25%,

5/7/2028

(e)

656,700

652,596

Propulsion

(BC)

Finco,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

0.00%),

–%,

2/10/2029

(e)

780,000

775,616

1,428,212

0

Auto

Components

0.2%

Autokiniton

US

Holdings,

Inc.,

Term

Loan

B,

(ICE

LIBOR

USD

3

Month

+

4.50%),

5.00%,

4/6/2028

(e)

484,565

476,691

0

Construction

Machinery

0.2%

PECF

USS

Intermediate

Holding

III

Corporation,

Intial

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.25%),

4.76%,

12/15/2028

(e)

538,650

532,881

0

Diversified

Telecommunication

Services

0.2%

Cincinnati

Bell

Inc.,

Term

Loan

B2,

(SOFR

+

3.25%),

4.05%,

11/22/2028

(e)

523,688

516,162

0

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Loan

Participations

Principal

Amount

($)

Value

($)

Environmental

Control

0.6%

MIP

V

Waste

Holdings

LLC,

Intial

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

3.25%),

3.75%,

12/8/2028

(e)

1,503,750

1,484,953

0

Health

Care

Equipment

&

Supplies

0.3%

Petco

Health

and

Wellness

Co.,

Inc.,

First

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

3.25%),

4.26%,

3/3/2028

(e)

851,400

842,281

0

Homefurnishing

Retail

0.5%

Osmosis

Buyer

Ltd

-

Delayed

Draw,

(ICE

LIBOR

USD

1

Month

+

0.00%),

–%,

7/31/2028

(e)

252,778

249,934

Osmosis

Buyer

Ltd.,

(ICE

LIBOR

USD

3

Month

+

0.00%),

–%,

7/31/2028

(e)

1,112,222

1,099,710

1,349,644

0

Hotels,

Restaurants

&

Leisure

0.7%

Enterprise

Development

Authority,

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

4.25%),

5.00%,

2/28/2028

(e)

1,776,500

1,758,735

0

Media

0.6%

Radiate

Holdco

LLC,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.25%),

4.00%,

9/25/2026

(e)

1,680,788

1,664,618

0

Metal

Fabrication/Hardware

0.5%

Grinding

Media,

Inc.

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

4.80%,

10/12/2028

(e)

1,393,000

1,377,329

0

Oil

&

Gas

Services

0.7%

ProFrac

Holdings

II,

LLC,

1st

Leam

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

8.50%),

9.60%,

3/4/2025

(e)

1,880,000

1,842,400

0

Total

Loan

Participations

(cost

$13,356,320)

13,273,906

Repurchase

Agreements

2.9%

Principal

Amount

($)

Value

($)

Bank

of

America

NA

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,025,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$3,060,000.

(i)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,708,531,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$4,802,662.

(i)

4,708,493

4,708,493

Total

Repurchase

Agreements

(cost

$7,708,493)

7,708,493

Total

Investments

(cost

$271,954,623)

—

96.6%

256,856,696

Other

assets

in

excess

of

liabilities

—

3.4%

9,111,403

NET

ASSETS

—

100.0%

$

265,968,099

24

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$188,687,895

which

represents

70.94%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$22,431,806,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,708,493

and

by

$15,651,741

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2022

–

11/15/2051,

a

total

value

of

$23,360,234.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(f)

Security

in

default.

(g)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

PIK

rate.

(h)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2022.

(i)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$7,708,493.

CDI

CREST

Depository

Interest

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

GBP

British

Pound

MXN

Mexican

Peso

USD

United

States

Dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2022

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

37-V1

5.00

Quarterly

12/20/2026

3.43

USD

41,000,000

(2,335,509)

(332,982)

(2,668,491)

Markit

CDX

North

American

High

Yield

Index

Series

38-V1

5.00

Quarterly

6/20/2027

3.73

USD

60,000,000

(3,398,434)

(20,547)

(3,418,981)

Markit

CDX

North

American

Investment

Grade

Index

Series

38-V1

1.00

Quarterly

6/20/2027

0.67

USD

61,000,000

(961,463)

(43,571)

(1,005,034)

(6,695,406)

(397,100)

(7,092,506)

As

of

March

31,

2022,

the

Fund

had

$6,115,128

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

17,768,396

EUR

16,114,062

JPMorgan

Chase

Bank

4/22/2022

(67,087)

USD

836,243

GBP

637,278

HSBC

Bank

PLC

4/22/2022

(813)

USD

627,608

MXN

12,723,089

JPMorgan

Chase

Bank

4/22/2022

(10,058)

Net

unrealized

depreciation

(77,958)

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

26

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

47

6/2022

USD

7,052,937

(200,227)

Total

long

contracts

(200,227)

Short

Contracts

Euro-Bobl

(16)

6/2022

EUR

(2,280,822)

72,214

Euro-Bund

(30)

6/2022

EUR

(5,265,529)

241,470

U.S.

Treasury

2

Year

Note

(11)

6/2022

USD

(2,331,141)

30,394

U.S.

Treasury

5

Year

Note

(212)

6/2022

USD

(24,313,750)

630,255

U.S.

Treasury

10

Year

Note

(71)

6/2022

USD

(8,724,125)

254,438

U.S.

Treasury

10

Year

Ultra

Note

(300)

6/2022

USD

(40,640,625)

1,312,840

U.S.

Treasury

Ultra

Bond

(73)

6/2022

USD

(12,930,125)

457,823

Total

short

contracts

2,999,434

Net

contracts

2,799,207

As

of

March

31,

2022,

the

Fund

had

$1,584,927

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

28

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

18,876,333

$

–

$

18,876,333

Collateralized

Mortgage

Obligations

–

40,738,535

–

40,738,535

Commercial

Mortgage-Backed

Securities

–

25,909,516

–

25,909,516

  Common

Stocks

Airlines

748,030

–

–

748,030

Paper

&

Forest

Products

–

–

–

–

Total

Common

Stocks

$

748,030

$

–

$

–

$

748,030

Convertible

Bonds

–

3,926,618

–

3,926,618

Convertible

Preferred

Stock

2,551,950

–

–

2,551,950

Corporate

Bonds

–

137,230,826

–

137,230,826

Foreign

Government

Securities

–

5,892,489

–

5,892,489

Futures

Contracts

2,999,434

–

–

2,999,434

Loan

Participations

–

13,273,906

–

13,273,906

Repurchase

Agreements

–

7,708,493

–

7,708,493

Total

Assets

$

6,299,414

$

253,556,716

$

–

$

259,856,130

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps*

$

–

$

(397,100)

$

–

$

(397,100)

Forward

Foreign

Currency

Contracts

–

(77,958)

–

(77,958)

Futures

Contracts

(200,227)

–

–

(200,227)

Total

Liabilities

$

(200,227)

$

(475,058)

$

–

$

(675,285)

Total

$

6,099,187

$

253,081,658

$

–

$

259,180,845

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

During

the

period

ended

March

31,

2022,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Loan

Participation

Total

Balance

as

of

12/31/2021

$

1,694,700

$1,694,700

Accrued

Accretion/(Amortization)

(286)

(286)

Realized

Gains

(Losses)

286

286

Purchases

—

—

Sales

(1,680,000)

(1,680,000)

Change

in

Unrealized

Appreciation/Depreciation

(14,700)

(14,700)

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

3/31/2022

$

–

$—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

3/31/2022

$–

$—

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/

performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

March

31,

2022

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

30

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(b)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-

market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(c)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

2,999,434

Total

$

2,999,434

Liabilities:

Swap

Contracts(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(397,100)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(77,958)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(200,227)

Total

$

(675,285)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

32

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Government

Bond

Fund

Asset-Backed

Securities

5.0%

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

0.1%

CCG

Receivables

Trust,

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

434,184

434,792

Other

4.9%

Goodgreen

,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

850,000

844,832

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

2,180,000

2,134,185

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

244,216

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

244,274

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

240,000

238,983

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

2,200,000

2,138,659

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

194,384

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

2,310,000

2,159,929

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

5,900,000

5,843,211

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

5,900,000

5,855,010

19,897,683

Total

Asset-Backed

Securities

(cost

$21,401,535)

20,332,475

Collateralized

Mortgage

Obligations

6.1%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

429,200

428,316

FHLMC

REMICS,

Series

2985,

Class

JR,

4.50%,

6/15/2025

1,027,865

1,045,615

FNMA

REMICS

Series

2003-64,

Class

HQ,

5.00%,

7/25/2023

147,551

149,476

Series

1993-149,

Class

M,

7.00%,

8/25/2023

49,871

51,134

Series

2005-40,

Class

YG,

5.00%,

5/25/2025

871,100

888,312

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

3,187,589

3,085,768

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

12,379,883

12,052,851

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

2,417,902

2,340,809

GCAT

Trust,

Series

2022-

HX1,

Class

A1,

2.89%,

12/27/2066(a)(b)

1,673,578

1,642,199

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(b)

863,046

863,773

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(b)

2,250,289

2,237,877

Total

Collateralized

Mortgage

Obligations

(cost

$25,394,989)

24,786,130

Corporate

Bonds

11.8%

Diversified

Financial

Services

11.8%

Private

Export

Funding

Corp.

,

Series

II,

2.05%,

11/15/2022

5,000,000

5,013,888

Series

GG,

2.45%,

7/15/2024

5,500,000

5,471,849

Series

OO,

1.75%,

11/15/2024

10,000,000

9,749,920

Series

NN,

3.25%,

6/15/2025

14,000,000

14,221,478

Series

PP,

1.40%,

7/15/2028

15,000,000

13,806,149

Total

Corporate

Bonds

(cost

$49,442,359)

48,263,284

Mortgage-Backed

Securities

24.5%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

2,349,650

2,419,486

Pool#

G08881

3.50%,

6/1/2049

1,514,320

1,523,666

FHLMC

Non

Gold

Pool

Pool

#

847558

,

3.06%,

6/1/2035

(b)

491,246

510,400

FHLMC

UMBS

Pool

Pool#

QN1359

3.00%,

1/1/2035

2,686,710

2,714,718

Pool#

SB8083

1.50%,

1/1/2036

8,846,645

8,400,687

Pool#

SD8025

3.50%,

11/1/2049

3,321,646

3,339,760

Pool#

SD8030

3.00%,

12/1/2049

1,685,174

1,656,120

Pool#

SD8050

3.00%,

3/1/2050

2,481,322

2,437,897

Pool#

SD8080

2.00%,

6/1/2050

2,717,789

2,531,409

Pool#

SD8171

1.50%,

10/1/2051

3,259,732

2,913,092

NVIT

Government

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

745684

1.98%,

4/1/2034(b)

1,283,008

1,328,020

Pool#

790760

1.86%,

9/1/2034(b)

451,570

454,236

Pool#

799144

1.54%,

4/1/2035(b)

265,938

268,080

Pool#

822705

2.14%,

4/1/2035(b)

189,621

190,159

Pool#

815217

1.81%,

5/1/2035(b)

564,909

567,370

Pool#

821377

1.96%,

5/1/2035(b)

214,757

215,329

Pool#

783609

2.31%,

5/1/2035(b)

432,086

433,357

Pool#

826181

1.85%,

7/1/2035(b)

634,158

637,844

Pool#

873932

6.31%,

8/1/2036

6,092,196

6,086,806

Pool#

745866

2.15%,

9/1/2036(b)

1,683,521

1,776,519

FNMA

UMBS

Pool

Pool#

MA4228

1.50%,

1/1/2036

4,884,876

4,636,989

Pool#

BM5426

3.00%,

12/1/2047

10,674,832

10,603,511

Pool#

CA1564

4.50%,

4/1/2048

1,620,508

1,688,006

Pool#

BM5267

4.50%,

12/1/2048

3,782,798

3,940,439

Pool#

MA3664

4.00%,

5/1/2049

1,499,641

1,532,734

Pool#

MA3746

4.00%,

8/1/2049

1,578,174

1,611,665

Pool#

BP5843

2.50%,

5/1/2050

6,112,408

5,848,813

Pool#

MA4096

2.50%,

8/1/2050

4,135,295

3,956,056

Pool#

MA4119

2.00%,

9/1/2050

4,921,507

4,585,555

Pool#

MA4183

2.50%,

11/1/2050

3,483,062

3,331,561

Pool#

MA4577

2.00%,

4/1/2052

14,000,000

13,006,080

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.50%,

4/25/2052

3,000,000

2,862,188

GNMA

I

Pool

Pool#

748484

3.50%,

8/15/2025

85,408

86,409

Pool#

682492

3.50%,

10/15/2025

231,003

233,721

Pool#

719433

3.50%,

10/15/2025

136,527

138,127

Pool#

733504

3.50%,

11/15/2025

303,453

307,030

Pool#

682497

3.50%,

11/15/2025

225,885

228,548

Pool#

749618

3.50%,

11/15/2025

154,544

156,352

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

740930

3.50%,

11/15/2025

132,670

134,234

Pool#

742371

3.50%,

11/15/2025

41,604

42,438

Pool#

705178

3.50%,

11/15/2025

30,067

30,645

Pool#

750403

3.50%,

11/15/2025

20,919

21,166

Pool#

755650

3.50%,

12/15/2025

491,800

501,607

Pool#

682502

3.50%,

12/15/2025

165,249

167,183

Total

Mortgage-Backed

Securities

(cost

$103,887,169)

100,056,012

U.S.

Government

Agency

Securities

28.4%

FFCB

3.14%,

7/2/2026

13,500,000

13,823,415

2.75%,

11/6/2026

2,000,000

2,018,944

2.43%,

9/13/2027

22,000,000

21,865,645

1.95%,

11/27/2029

1,500,000

1,438,021

2.38%,

3/16/2032

15,000,000

14,685,223

3.19%,

3/9/2033

2,475,000

2,590,841

FHLB

2.75%,

12/11/2026

11,500,000

11,608,251

3.00%,

12/11/2026

10,000,000

10,204,763

2.13%,

12/14/2029

2,590,000

2,506,816

Hashemite

Kingdom

of

Jordan

AID

Bond

2.58%,

6/30/2022

2,000,000

2,004,183

3.00%,

6/30/2025

2,125,000

2,148,975

State

of

Israel

AID

Bond,

5.50%,

9/18/2033

3,074,000

3,911,085

Tennessee

Valley

Authority,

7.13%,

5/1/2030

20,721,000

27,346,990

Total

U.S.

Government

Agency

Securities

(cost

$116,217,406)

116,153,152

U.S.

Treasury

Obligations

21.4%

U.S.

Treasury

Bonds

1.13%,

5/15/2040

2,000,000

1,575,937

1.13%,

8/15/2040

8,500,000

6,663,535

2.50%,

2/15/2046

12,000,000

11,748,750

2.25%,

8/15/2046

8,500,000

7,950,156

1.25%,

5/15/2050

23,250,000

17,341,231

U.S.

Treasury

Notes

0.75%,

12/31/2023

(c)

13,000,000

12,662,812

0.88%,

1/31/2024

(c)

2,000,000

1,949,063

1.50%,

9/30/2024

12,000,000

11,717,344

0.25%,

10/31/2025

11,000,000

10,141,914

1.63%,

5/15/2026

(c)(d)

500,000

482,441

0.50%,

5/31/2027

5,000,000

4,525,000

34

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Government

Bond

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.25%,

9/30/2028

1,000,000

927,969

Total

U.S.

Treasury

Obligations

(cost

$91,918,012)

87,686,152

Short-Term

Investment

2.0%

U.S.

Government

Agency

Security

2.0%

Resolution

Funding

Corp.,

0.00%,

1/15/2030(e)

10,000,000

8,085,073

Total

Short-Term

Investment

(cost

$9,053,186)

8,085,073

Repurchase

Agreement

0.1%

Cantor

Fitzgerald

&

Co.

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$387,253,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$394,994.

(f)

387,250

387,250

Total

Repurchase

Agreement

(cost

$387,250)

387,250

Total

Investments

(cost

$417,701,906)

—

99.3%

405,749,528

Other

assets

in

excess

of

liabilities

—

0.7%

2,870,112

NET

ASSETS

—

100.0%

$

408,619,640

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$25,504,640

which

represents

6.24%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$14,727,661,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$387,250

and

by

$14,664,568

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

2.75%,

and

maturity

dates

ranging

from

4/15/2022

–

11/15/2047,

a

total

value

of

$15,051,818.

(d)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(e)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$387,250.

AID

Agency

for

International

Development

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REMICS

Real

Estate

Mortgage

Investment

Conduits

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

10

Year

Note

(147)

6/2022

USD

(18,062,625)

491,961

Net

contracts

491,961

Currency:

USD

United

States

Dollar

NVIT

Government

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

20,332,475

$

–

$

20,332,475

Collateralized

Mortgage

Obligations

–

24,786,130

–

24,786,130

Corporate

Bonds

–

48,263,284

–

48,263,284

Futures

Contracts

491,961

–

–

491,961

Mortgage-Backed

Securities

–

100,056,012

–

100,056,012

Repurchase

Agreement

–

387,250

–

387,250

Short-Term

Investment

–

8,085,073

–

8,085,073

U.S.

Government

Agency

Securities

–

116,153,152

–

116,153,152

U.S.

Treasury

Obligations

–

87,686,152

–

87,686,152

Total

$

491,961

$

405,749,528

$

–

$

406,241,489

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

36

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Government

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

491,961

Total

$

491,961

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Asset-Backed

Securities

17.6%

Principal

Amount

($)

Value

($)

Automobiles

0.1%

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

250,000

240,058

Home

Equity

7.6%

Aegis

Asset-Backed

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2003-2,

Class

M2,

3.01%,

11/25/2033(a)

1,254,893

1,221,762

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust

AMQ,

Series

2007-

HE2,

Class

A4,

0.69%,

5/25/2037(a)

1,516,870

1,192,752

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB4,

Class

AV3,

0.76%,

5/25/2036(a)

2,478,410

1,899,610

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-

NC1,

Class

A3,

0.64%,

4/25/2037(a)

481,036

364,526

JP

Morgan

Mortgage

Acquisition

Trust

Series

2006-RM1,

Class

A5,

0.94%,

8/25/2036(a)

1,683,047

920,080

Series

2007-CH3,

Class

M2,

0.78%,

3/25/2037(a)

1,500,000

1,392,315

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

0.67%,

5/25/2037(a)

1,507,448

1,469,297

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-HE3,

Class

A4,

0.96%,

6/25/2037(a)

2,212,418

760,330

New

Century

Home

Equity

Loan

Trust,

Series

2006-

1,

Class

A2C,

1.02%,

5/25/2036(a)

1,500,000

1,367,486

Option

One

Mortgage

Loan

Trust,

Series

2006-1,

Class

M2,

1.03%,

1/25/2036(a)

2,049,000

1,767,766

Renaissance

Home

Equity

Loan

Trust,

Series

2007-

1,

Class

AF4,

5.76%,

4/25/2037(b)

2,781,357

1,016,834

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-FR4,

Class

A2B,

0.80%,

8/25/2036(a)

4,172,311

1,679,321

15,052,079

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

9.6%

Affirm

Asset

Securitization

Trust,

Series

2020-

Z1,

Class

A,

3.46%,

10/15/2024(c)

66,448

66,682

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

A,

1.54%,

1/15/2033(a)(c)

1,000,000

991,198

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(c)

721,540

598,156

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A1A,

1.48%,

7/20/2034(a)(c)

500,000

493,530

Capital

Four

US

CLO

I

Ltd.,

Series

2021-1A,

Class

A,

1.45%,

1/18/2035(a)(c)

500,000

494,152

Cathedral

Lake

Ltd.,

Series

2021-8A,

Class

A1,

1.32%,

1/20/2035(a)(c)

500,000

495,609

CLNC

Ltd.,

Series

2019-

FL1,

Class

A,

1.41%,

8/20/2035(a)(c)

155,972

154,524

Franklin

Park

Place

CLO

I

LLC,

Series

2022-1A,

Class

A,

2.17%,

4/14/2035(a)(c)

500,000

498,825

FS

RIALTO,

Series

2021-

FL2,

Class

A,

1.65%,

5/16/2038(a)(c)

375,000

370,870

FS

Rialto

Issuer

LLC,

Series

2022-FL4,

Class

AS,

2.70%,

1/19/2039(a)(c)

200,000

199,960

Generate

CLO

9

Ltd.,

Series

9A,

Class

A,

1.33%,

10/20/2034(a)(c)

500,000

493,798

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-5CS,

Class

C,

3.50%,

10/20/2048(c)

500,000

447,883

Gulf

Stream

Meridian

3

Ltd.,

Series

2021-IIIA,

Class

A1,

1.56%,

4/15/2034(a)(c)

500,000

497,374

Home

Partners

of

America

Trust

Series

2021-1,

Class

D,

2.48%,

9/17/2041(c)

1,119,109

1,020,670

Series

2021-1,

Class

F,

3.33%,

9/17/2041(c)

657,640

589,699

LCM

XV

LP,

Series

15A,

Class

DR,

3.95%,

7/20/2030(a)(c)

250,000

246,872

LoanCore

Issuer

Ltd.,

Series

2019-CRE2,

Class

AS,

1.90%,

5/15/2036(a)(c)

188,000

185,465

Marble

Point

CLO

Management

LLC,

Series

2021-2A,

Class

A,

1.46%,

7/25/2034(a)(c)

500,000

493,824

Marble

Point

CLO

XIV

Ltd.,

Series

2018-2A,

Class

A1R,

1.53%,

1/20/2032(a)(c)

500,000

496,036

38

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Marlette

Funding

Trust,

Series

2019-4A,

Class

C,

3.76%,

12/17/2029(c)

500,000

496,690

ME

Funding

LLC,

Series

2019-1,

Class

A2,

6.45%,

7/30/2049(c)

733,125

743,005

Ocean

Trails

CLO

X,

Series

2020-10A,

Class

AR,

1.46%,

10/15/2034(a)(c)

500,000

494,357

Pagaya

AI

Debt

Selection

Trust

Series

2021-1,

Class

B,

2.13%,

11/15/2027(c)

349,856

331,386

Series

2021-3,

Class

B,

1.74%,

5/15/2029(c)

500,000

471,098

Pagaya

AI

Debt

Trust,

Series

2022-1,

Class

B,

3.34%,

10/15/2029(c)

500,000

475,382

PMT

Issuer

Trust-FMSR,

Series

2021-FT1,

Class

A,

3.46%,

3/25/2026(a)(c)

850,000

833,914

PRET

LLC,

Series

2021-

NPL5,

Class

A1,

2.49%,

10/25/2051(b)(c)

966,758

935,414

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

1.44%,

10/20/2030(a)(c)

500,000

498,143

Sprite

Ltd.

Series

2017-1,

Class

A,

4.25%,

12/15/2037(c)

1,960

1,916

Series

2021-1,

Class

A,

3.75%,

11/15/2046(c)

484,850

446,672

SUNNOVA

HELIOS

II

ISSUER

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048(c)

448,877

417,975

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(c)

470,195

460,821

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

1.32%,

1/17/2032(a)

(c)

500,000

496,247

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(c)

805,045

705,419

Trimaran

Cavu

Ltd.,

Series

2021-3A,

Class

A,

1.31%,

1/18/2035(a)(c)

500,000

492,518

Upstart

Pass-Through

Trust

Series

2021-ST3,

Class

A,

2.00%,

5/20/2027(c)

339,882

330,025

Series

2021-ST4,

Class

A,

2.00%,

7/20/2027(c)

256,119

247,277

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(c)

421,567

379,948

VOLT

XCVI

LLC,

Series

2021-

NPL5,

Class

A1,

2.12%,

3/27/2051(b)(c)

416,645

405,695

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Wellfleet

CLO

X

Ltd.,

Series

2019-XA,

Class

A2R,

2.00%,

7/20/2032(a)(c)

500,000

492,453

18,991,482

Student

Loan

0.3%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(c)

500,000

495,437

Total

Asset-Backed

Securities

(cost

$36,602,309)

34,779,056

Collateralized

Mortgage

Obligations

15.2%

Alternative

Loan

Trust

Series

2005-64CB,

Class

1A12,

1.26%,

12/25/2035(a)

1,144,752

996,353

Series

2006-13T1,

Class

A1,

6.00%,

5/25/2036

1,953,797

1,246,098

Series

2006-OA7,

Class

1A2,

1.08%,

6/25/2046(a)

1,704,590

1,576,275

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

0.94%,

2/25/2036(a)

1,407,293

1,415,972

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1,635,163

978,782

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,194,989

768,648

FHLMC

REMICS

Series

4749,

Class

LV,

3.50%,

4/15/2038

1,696,818

1,700,783

Series

5004,

Class

LS,

IO,

5.69%,

7/25/2050(a)

3,374,123

617,008

Series

5198,

Class

KZ,

2.00%,

2/25/2052

2,207,339

1,791,706

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(c)

1,000,000

963,883

FNMA

REMICS

Series

2013-20,

Class

MA,

2.50%,

3/25/2033

1,827,298

1,791,321

Series

2014-11,

Class

KZ,

2.50%,

10/25/2041

2,325,016

2,219,318

Series

2018-33,

Class

A,

3.00%,

5/25/2048

792,074

764,852

Series

2019-64,

Class

D,

2.50%,

11/25/2049

506,628

482,068

Series

2020-77,

Class

S,

IO,

4.05%,

11/25/2050(a)

6,322,784

859,924

Series

2021-61,

Class

KZ,

2.50%,

9/25/2051

3,044,024

2,540,701

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(c)

700,000

665,233

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

GNMA

,

0.00%,

8/16/2063(a)

5,418,428

411,102

GNMA

REMICS

Series

2019-84,

Class

SA,

IO,

2.95%,

7/20/2049(a)

6,101,081

353,990

Series

2021-57,

Class

IA,

IO,

2.50%,

12/20/2050

4,193,726

554,956

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

0.82%,

7/25/2047(a)

776,361

593,964

JP

Morgan

Mortgage

Trust,

Series

2006-S1,

Class

2A9,

6.50%,

4/25/2036

381,474

387,814

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

A1,

2.69%,

10/25/2060(a)(c)

521,974

510,244

New

Residential

Mortgage

Loan

Trust,

Series

2021-

NQ1R,

Class

M1,

2.27%,

7/25/2055(a)(c)

550,000

530,865

RALI

Trust,

Series

2006-

QS17,

Class

A7,

6.00%,

12/25/2036

1,090,744

1,008,371

Seasoned

Credit

Risk

Transfer

Trust,

Series

2019-4,

Class

MV,

3.00%,

2/25/2059

1,942,300

1,919,281

Toorak

Mortgage

Corp.

Ltd.,

Series

2020-1,

Class

A2,

3.23%,

3/25/2023(b)(c)

1,100,000

1,074,195

Verus

Securitization

Trust,

Series

2021-6,

Class

B1,

4.05%,

10/25/2066(a)(c)

600,000

551,432

ZH

Trust,

Series

2021-

2,

Class

A,

2.35%,

10/17/2027(c)

650,000

638,581

Total

Collateralized

Mortgage

Obligations

(cost

$32,339,859)

29,913,720

Commercial

Mortgage-Backed

Securities

7.5%

ACRE

Commercial

Mortgage

Ltd.,

Series

2021-

FL4,

Class

A,

1.30%,

12/18/2037(a)(c)

133,622

132,643

BANK

Series

2020-BN30,

Class

XB,

IO,

0.72%,

12/15/2053(a)

3,036,000

159,819

Series

2017-BNK6,

Class

XA,

IO,

0.80%,

7/15/2060(a)

4,363,721

137,628

Series

2018-BN10,

Class

XA,

IO,

0.70%,

2/15/2061(a)

2,805,455

96,325

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.05%,

2/15/2053(a)

1,984,096

127,041

Series

2021-C12,

Class

XA,

IO,

0.96%,

11/15/2054(a)

2,725,754

183,578

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

BB-UBS

Trust

Series

2012-SHOW,

Class

XB,

IO,

0.14%,

11/5/2036(a)

(c)

4,823,000

22,299

Series

2012-SHOW,

Class

XA,

IO,

0.60%,

11/5/2036(a)

(c)

8,760,000

130,182

Benchmark

Mortgage

Trust

Series

2020-B19,

Class

XA,

IO,

1.77%,

9/15/2053(a)

1,317,330

125,024

Series

2021-B27,

Class

XA,

IO,

1.27%,

7/15/2054(a)

2,006,959

172,482

BX

Commercial

Mortgage

Trust

Series

2021-VOLT,

Class

E,

2.40%,

9/15/2036(a)(c)

134,000

128,912

Series

2021-VOLT,

Class

F,

2.80%,

9/15/2036(a)(c)

134,000

129,249

Series

2021-21M,

Class

H,

4.41%,

10/15/2036(a)(c)

201,000

194,195

Series

2021-SOAR,

Class

A,

1.07%,

6/15/2038(a)(c)

200,000

195,741

BX

Trust

Series

2018-EXCL,

Class

A,

1.48%,

9/15/2037(a)(c)

47,511

46,978

Series

2019-OC11,

Class

E,

4.08%,

12/9/2041(a)(c)

211,000

182,986

Series

2019-OC11,

Class

D,

4.08%,

12/9/2041(a)(c)

100,000

92,795

BXMT

Ltd.,

Series

2021-

FL4,

Class

A,

1.45%,

5/15/2038(a)(c)

125,000

124,281

CD

Mortgage

Trust

Series

2017-CD6,

Class

XA,

IO,

0.92%,

11/13/2050(a)

5,570,146

178,594

Series

2017-CD6,

Class

C,

4.26%,

11/13/2050(a)

202,000

196,462

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XA,

IO,

1.63%,

5/10/2058(a)

2,040,440

105,490

Citigroup

Commercial

Mortgage

Trust

Series

2020-555,

Class

E,

3.50%,

12/10/2041(a)(c)

115,000

99,493

Series

2014-GC19,

Class

XA,

IO,

1.12%,

3/10/2047(a)

3,406,124

56,390

Series

2014-GC21,

Class

XA,

IO,

1.14%,

5/10/2047(a)

2,955,988

58,966

Series

2016-GC36,

Class

D,

2.85%,

2/10/2049(c)

139,000

93,319

COMM

Mortgage

Trust

Series

2017-PANW,

Class

E,

3.81%,

10/10/2029(a)(c)

254,000

240,330

Series

2017-PANW,

Class

D,

3.93%,

10/10/2029(a)(c)

152,000

148,065

Series

2014-CR20,

Class

XA,

IO,

0.98%,

11/10/2047(a)

5,653,891

112,988

40

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2015-CR23,

Class

C,

4.29%,

5/10/2048(a)

407,000

400,718

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

1.87%,

1/15/2049(a)

625,896

37,985

Series

2017-CX10,

Class

XA,

IO,

0.70%,

11/15/2050(a)

6,901,634

200,079

Series

2017-CX10,

Class

C,

4.11%,

11/15/2050(a)

405,000

370,564

Series

2019-C18,

Class

B,

3.59%,

12/15/2052

255,000

247,587

CSMC,

Series

2020-

NET,

Class

A,

2.26%,

8/15/2037(c)

158,571

150,821

CSMC

Trust

Series

2017-CALI,

Class

F,

3.78%,

11/10/2032(a)(c)

250,000

231,915

Series

2021-B33,

Class

A1,

3.05%,

10/10/2043(c)

100,000

95,342

Series

2021-B33,

Class

A2,

3.17%,

10/10/2043(c)

157,000

149,037

CSWF,

Series

2018-

TOP,

Class

F,

3.15%,

8/15/2035(a)(c)

160,800

159,315

FNMA

ACES

REMICS

Series

2022-M4,

Class

A1X,

2.47%,

5/25/2030(a)

1,879,312

1,869,534

Series

2020-M7,

Class

X2,

IO,

1.24%,

3/25/2031(a)

5,190,377

410,393

GNMA

REMICS

Series

2021-35,

Class

,

IO,

1.02%,

12/16/2062(a)

5,064,857

421,795

Series

2021-52,

Class

,

IO,

0.77%,

4/16/2063(a)

4,900,876

330,693

Series

2021-129,

Class

,

IO,

0.99%,

6/16/2063(a)

5,636,127

448,916

Series

2021-79,

Class

,

IO,

0.91%,

8/16/2063(a)

5,604,170

438,154

Series

2022-49,

Class

,

IO,

0.76%,

3/16/2064(a)

6,776,000

498,062

Series

2021-208,

Class

IO,

IO,

0.75%,

6/16/2064(a)

6,805,998

473,638

GPMT

Ltd.,

Series

2021-

FL3,

Class

A,

1.72%,

7/16/2035(a)(c)

171,997

171,290

Great

Wolf

Trust

Series

2019-WOLF,

Class

E,

3.13%,

12/15/2036(a)(c)

100,000

95,875

Series

2019-WOLF,

Class

F,

3.53%,

12/15/2036(a)(c)

100,000

95,244

GS

Mortgage

Securities

Corp.

Trust,

Series

2018-

TWR,

Class

D,

2.00%,

7/15/2031(a)(c)

100,000

94,944

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.57%,

11/10/2049(a)

5,518,945

122,116

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2017-GS8,

Class

XA,

IO,

0.96%,

11/10/2050(a)

5,259,668

203,915

Series

2018-GS9,

Class

C,

4.36%,

3/10/2051(a)

175,000

173,690

HPLY

Trust,

Series

2019-

HIT,

Class

F,

3.55%,

11/15/2036(a)(c)

90,846

87,099

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

FFX,

5.54%,

7/5/2033(a)(c)

113,000

111,516

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

D,

3.98%,

9/15/2047(a)(c)

200,000

185,489

JPMDB

Commercial

Mortgage

Securities

Trust

Series

2020-COR7,

Class

XA,

IO,

1.65%,

5/13/2053(a)

1,356,163

125,243

Series

2020-COR7,

Class

B,

3.29%,

5/13/2053(a)

158,000

150,739

Med

Trust,

Series

2021-

MDLN,

Class

G,

5.65%,

11/15/2038(a)(c)

201,000

196,257

MF1

Ltd.,

Series

2020-

FL3,

Class

A,

2.47%,

7/15/2035(a)(c)

30,535

30,498

MHC

Commercial

Mortgage

Trust,

Series

2021-

MHC,

Class

A,

1.20%,

4/15/2038(a)(c)

200,000

196,746

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

XA,

IO,

1.26%,

5/15/2050(a)

2,548,442

121,711

Morgan

Stanley

Capital

I

Trust

Series

2017-ASHF,

Class

D,

2.60%,

11/15/2034(a)(c)

111,000

109,369

Series

2017-ASHF,

Class

E,

3.55%,

11/15/2034(a)(c)

167,000

163,142

Series

2019-L3,

Class

XA,

IO,

0.64%,

11/15/2052(a)

3,032,179

122,317

Series

2020-L4,

Class

B,

3.08%,

2/15/2053

114,000

106,641

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

C,

2.60%,

1/15/2036(a)(c)

150,000

147,747

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

XA,

IO,

1.90%,

10/10/2048(a)

3,016,562

162,216

Soho

Trust,

Series

2021-

SOHO,

Class

B,

2.70%,

8/10/2038(a)(c)

202,000

174,342

UBS

Commercial

Mortgage

Trust

Series

2017-C3,

Class

B,

4.09%,

8/15/2050(a)

194,000

188,983

Series

2017-C4,

Class

B,

4.24%,

10/15/2050(a)

161,000

156,888

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

XA,

IO,

0.59%,

5/15/2048(a)

8,457,191

125,797

Series

2016-C35,

Class

B,

3.44%,

7/15/2048

200,000

191,548

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(a)

161,000

156,265

Series

2020-C57,

Class

XA,

IO,

2.09%,

8/15/2053(a)

1,078,880

139,643

Series

2021-C59,

Class

XA,

IO,

1.55%,

4/15/2054(a)

1,675,585

168,050

Total

Commercial

Mortgage-Backed

Securities

(cost

$15,628,483)

14,882,123

Corporate

Bonds

12.9%

Aerospace

&

Defense

0.3%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

145,000

134,352

Raytheon

Technologies

Corp.

,

3.03%,

3/15/2052

70,000

61,329

Textron,

Inc.

,

2.45%,

3/15/2031

220,000

199,179

TransDigm

,

Inc.

,

6.25%,

3/15/2026(c)

70,000

71,865

5.50%,

11/15/2027

45,000

44,662

511,387

Air

Freight

&

Logistics

0.0%

†

FedEx

Corp.

,

4.75%,

11/15/2045

65,000

69,335

Airlines

0.1%

American

Airlines,

Inc.

,

5.75%,

4/20/2029(c)

205,000

204,231

United

Airlines,

Inc.

,

4.63%,

4/15/2029(c)

40,000

38,038

242,269

Auto

Components

0.1%

American

Axle

&

Manufacturing,

Inc.

,

5.00%,

10/1/2029

40,000

37,526

Clarios

Global

LP

,

6.25%,

5/15/2026(c)

49,000

50,409

Dealer

Tire

LLC

,

8.00%,

2/1/2028(c)

35,000

35,087

Goodyear

Tire

&

Rubber

Co.

(The)

,

5.25%,

7/15/2031(c)

70,000

64,729

Icahn

Enterprises

LP

,

5.25%,

5/15/2027

40,000

39,257

227,008

Automobiles

0.0%

†

Ford

Motor

Co.

,

3.25%,

2/12/2032

70,000

62,519

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

1.0%

Banco

Davivienda

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%,

4/22/2031(c)(d)(e)

200,000

184,352

Banco

de

Credito

del

Peru

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

3.13%,

7/1/2030(c)(e)

100,000

94,100

Bank

of

America

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(e)

230,000

197,747

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(e)

145,000

131,757

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

3.67%,

7/24/2028(e)

270,000

270,060

DBS

Group

Holdings

Ltd.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.10%),

1.82%,

3/10/2031(e)

200,000

186,610

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.25%),

2.58%,

4/22/2032(e)

145,000

132,842

(SOFR

+

1.26%),

2.96%,

1/25/2033(e)

140,000

131,986

Korea

Development

Bank

(The)

,

1.00%,

9/9/2026

200,000

184,454

Santander

Holdings

USA,

Inc.

,

3.40%,

1/18/2023

140,000

140,843

(SOFR

+

1.25%),

2.49%,

1/6/2028(e)

145,000

135,285

Wells

Fargo

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.31%),

3.58%,

5/22/2028(e)

135,000

134,781

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(e)

150,000

133,282

2,058,099

Beverages

0.2%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

5.55%,

1/23/2049

110,000

134,120

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

80,000

77,250

2.88%,

5/1/2030

60,000

56,279

42

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Primo

Water

Holdings,

Inc.

,

4.38%,

4/30/2029(c)

45,000

40,730

Triton

Water

Holdings,

Inc.

,

6.25%,

4/1/2029(c)

95,000

80,996

389,375

Biotechnology

0.1%

AbbVie,

Inc.

,

3.85%,

6/15/2024

40,000

40,782

3.80%,

3/15/2025

95,000

96,766

137,548

Building

Products

0.1%

Carrier

Global

Corp.

,

3.58%,

4/5/2050

65,000

59,478

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

38,460

97,938

Capital

Markets

0.6%

Ares

Capital

Corp.

,

2.88%,

6/15/2027

145,000

131,918

Blackstone

Holdings

Finance

Co.

LLC

,

2.00%,

1/30/2032(c)

185,000

161,203

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.17%),

1.68%,

5/15/2026(e)

279,000

280,431

Macquarie

Group

Ltd.

,

(SOFR

+

1.53%),

2.87%,

1/14/2033(c)(e)

160,000

142,011

Morgan

Stanley

,

(SOFR

+

1.36%),

2.48%,

9/16/2036(e)

305,000

261,490

Temasek

Financial

I

Ltd.

,

1.00%,

10/6/2030(c)

250,000

214,396

1,191,449

Chemicals

0.3%

ASP

Unifrax

Holdings,

Inc.

,

5.25%,

9/30/2028(c)

70,000

65,025

CVR

Partners

LP

,

6.13%,

6/15/2028(c)

45,000

44,987

Equate

Petrochemical

BV

,

Reg.

S,

2.63%,

4/28/2028

200,000

185,250

EverArc

Escrow

Sarl

,

5.00%,

10/30/2029(c)

95,000

86,806

LG

Chem

Ltd.

,

2.38%,

7/7/2031(c)

200,000

180,113

Sherwin-Williams

Co.

(The)

,

2.90%,

3/15/2052

30,000

24,587

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(c)

85,000

79,484

666,252

Commercial

Services

&

Supplies

0.2%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(c)

35,000

35,414

9.75%,

7/15/2027(c)

70,000

72,353

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

Garda

World

Security

Corp.

,

6.00%,

6/1/2029(c)

70,000

62,879

Madison

IAQ

LLC

,

4.13%,

6/30/2028(c)

55,000

50,690

5.88%,

6/30/2029(c)

45,000

40,388

WASH

Multifamily

Acquisition,

Inc.

,

5.75%,

4/15/2026(c)

55,000

55,137

316,861

Communications

Equipment

0.0%

†

Avaya,

Inc.

,

6.13%,

9/15/2028(c)

40,000

39,447

CommScope

,

Inc.

,

4.75%,

9/1/2029(c)

55,000

50,655

90,102

Construction

&

Engineering

0.1%

Pike

Corp.

,

5.50%,

9/1/2028(c)

140,000

131,950

Quanta

Services,

Inc.

,

2.35%,

1/15/2032

155,000

134,555

266,505

Consumer

Finance

0.4%

Avolon

Holdings

Funding

Ltd.

,

2.13%,

2/21/2026(c)

95,000

86,738

3.25%,

2/15/2027(c)

50,000

47,032

Discover

Financial

Services

,

4.10%,

2/9/2027

135,000

137,652

Ford

Motor

Credit

Co.

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.24%),

1.74%,

2/15/2023(e)

240,000

238,146

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

75,000

67,118

3.10%,

1/12/2032

70,000

62,917

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(c)(f)

59,059

53,657

Navient

Corp.

,

5.00%,

3/15/2027

30,000

28,575

OneMain

Finance

Corp.

,

6.63%,

1/15/2028

50,000

52,375

774,210

Containers

&

Packaging

0.1%

Berry

Global,

Inc.

,

0.95%,

2/15/2024

145,000

138,815

WRKCo

,

Inc.

,

3.75%,

3/15/2025

135,000

136,390

275,205

Diversified

Consumer

Services

0.0%

†

Metis

Merger

Sub

LLC

,

6.50%,

5/15/2029(c)

90,000

84,695

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

,

2.75%,

6/1/2031

60,000

56,261

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

AT&T,

Inc.,

2.25%,

2/1/2032

150,000

133,008

3.30%,

2/1/2052

95,000

81,433

CCO

Holdings

LLC

,

4.75%,

3/1/2030(c)

50,000

48,012

4.75%,

2/1/2032(c)

45,000

41,906

4.25%,

1/15/2034(c)

40,000

34,740

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(c)

15,000

14,899

5.00%,

5/1/2028(c)

30,000

28,800

6.00%,

1/15/2030(c)

45,000

41,625

Intelsat

Jackson

Holdings

SA

,

6.50%,

3/15/2030(c)

45,000

44,887

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(c)

60,000

56,480

Lumen

Technologies,

Inc.

,

5.13%,

12/15/2026(c)

45,000

42,863

4.00%,

2/15/2027(c)

40,000

37,253

Verizon

Communications,

Inc.

,

1.75%,

1/20/2031

245,000

213,608

875,775

Electric

Utilities

0.7%

AEP

Texas,

Inc.

,

Series

H,

3.45%,

1/15/2050

110,000

97,630

Duke

Energy

Carolinas

LLC

,

3.55%,

3/15/2052

40,000

39,514

Duke

Energy

Corp.

,

2.65%,

9/1/2026

210,000

204,386

Exelon

Corp.

,

4.10%,

3/15/2052(c)

20,000

20,313

Guacolda

Energia

SA

,

Reg.

S,

4.56%,

4/30/2025

200,000

67,000

JSW

Hydro

Energy

Ltd.

,

4.13%,

5/18/2031(c)

193,000

179,490

Mercury

Chile

Holdco

LLC

,

6.50%,

1/24/2027(c)

200,000

191,454

Minejesa

Capital

BV

,

Reg.

S,

5.63%,

8/10/2037

200,000

182,126

Monongahela

Power

Co.

,

5.40%,

12/15/2043(c)

55,000

63,165

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(c)

80,000

70,367

Pacific

Gas

and

Electric

Co.

,

1.37%,

3/10/2023

70,000

68,767

2.50%,

2/1/2031

80,000

69,003

PG&E

Corp.

,

5.00%,

7/1/2028

25,000

24,165

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

135,000

135,406

1,412,786

Electronic

Equipment,

Instruments

&

Components

0.1%

Arrow

Electronics,

Inc.

,

3.88%,

1/12/2028

135,000

135,451

Vontier

Corp.

,

1.80%,

4/1/2026

145,000

131,110

266,561

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

0.2%

Halliburton

Co.

,

2.92%,

3/1/2030

70,000

67,669

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(c)

79,688

78,891

Transocean,

Inc.

,

11.50%,

1/30/2027(c)

18,000

18,585

USA

Compression

Partners

LP

,

6.88%,

9/1/2027

105,000

105,403

Weatherford

International

Ltd.

,

6.50%,

9/15/2028(c)

45,000

46,518

317,066

Entertainment

0.1%

Lions

Gate

Capital

Holdings

LLC

,

5.50%,

4/15/2029(c)

50,000

48,187

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(c)

55,000

58,576

4.75%,

10/15/2027(c)

75,000

73,125

Magallanes,

Inc.

,

3.76%,

3/15/2027(c)

115,000

114,791

294,679

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

195,000

164,930

Crown

Castle

International

Corp.

,

4.30%,

2/15/2029

130,000

133,538

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

165,000

144,204

Iron

Mountain,

Inc.

,

4.50%,

2/15/2031(c)

30,000

27,705

Park

Intermediate

Holdings

LLC

,

4.88%,

5/15/2029(c)

50,000

46,873

Vornado

Realty

LP

,

2.15%,

6/1/2026

60,000

56,077

Welltower

,

Inc.

,

2.05%,

1/15/2029

150,000

136,500

709,827

Food

&

Staples

Retailing

0.2%

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(c)

55,000

54,736

4.25%,

8/1/2029(c)

40,000

36,450

Sysco

Corp.

,

3.25%,

7/15/2027

70,000

69,621

3.30%,

2/15/2050

75,000

65,524

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(c)

45,000

46,125

US

Foods,

Inc.

,

4.63%,

6/1/2030(c)

90,000

83,260

355,716

44

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0.1%

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031

80,000

73,595

Post

Holdings,

Inc.

,

4.63%,

4/15/2030(c)

50,000

45,023

Smithfield

Foods,

Inc.

,

4.25%,

2/1/2027(c)

125,000

126,347

3.00%,

10/15/2030(c)

10,000

9,075

254,040

Gas

Utilities

0.1%

Ferrellgas

LP

,

5.38%,

4/1/2026(c)

35,000

33,049

Suburban

Propane

Partners

LP

,

5.00%,

6/1/2031(c)

140,000

131,250

Superior

Plus

LP

,

4.50%,

3/15/2029(c)

70,000

65,774

230,073

Health

Care

Equipment

&

Supplies

0.1%

Mozart

Debt

Merger

Sub,

Inc.

,

5.25%,

10/1/2029(c)

95,000

88,319

Ortho-Clinical

Diagnostics,

Inc.

,

7.25%,

2/1/2028(c)

45,000

46,350

134,669

Health

Care

Providers

&

Services

0.7%

Anthem,

Inc.

,

3.30%,

1/15/2023

140,000

141,040

Centene

Corp.

,

3.00%,

10/15/2030

35,000

32,146

2.50%,

3/1/2031

185,000

163,268

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(c)

60,000

60,627

6.88%,

4/15/2029(c)

65,000

63,862

CVS

Health

Corp.

,

2.70%,

8/21/2040

120,000

102,312

HCA,

Inc.

,

4.13%,

6/15/2029

65,000

66,255

5.13%,

6/15/2039

60,000

64,701

Legacy

LifePoint

Health

LLC

,

6.75%,

4/15/2025(c)

30,000

30,997

4.38%,

2/15/2027(c)

40,000

38,644

ModivCare

Escrow

Issuer,

Inc.

,

5.00%,

10/1/2029(c)

70,000

65,255

Option

Care

Health,

Inc.

,

4.38%,

10/31/2029(c)

70,000

65,625

Owens

&

Minor,

Inc.

,

6.63%,

4/1/2030(c)

70,000

72,031

Radiology

Partners,

Inc.

,

9.25%,

2/1/2028(c)

45,000

45,000

RP

Escrow

Issuer

LLC

,

5.25%,

12/15/2025(c)

95,000

92,765

Select

Medical

Corp.

,

6.25%,

8/15/2026(c)

125,000

129,405

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Tenet

Healthcare

Corp.

,

6.13%,

10/1/2028(c)

75,000

76,219

1,310,152

Hotels,

Restaurants

&

Leisure

0.6%

Boyne

USA,

Inc.

,

4.75%,

5/15/2029(c)

125,000

120,000

Caesars

Entertainment,

Inc.

,

4.63%,

10/15/2029(c)

45,000

42,075

Carnival

Corp.

,

5.75%,

3/1/2027(c)

190,000

181,196

Cedar

Fair

LP

,

5.25%,

7/15/2029

40,000

39,401

Expedia

Group,

Inc.

,

5.00%,

2/15/2026

95,000

99,480

3.80%,

2/15/2028

170,000

169,098

Fertitta

Entertainment

LLC

,

6.75%,

1/15/2030(c)

75,000

68,998

Marriott

International,

Inc.

,

Series

HH,

2.85%,

4/15/2031

145,000

132,340

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(c)

40,000

36,874

NCL

Corp.

Ltd.

,

5.88%,

2/15/2027(c)

45,000

44,325

Premier

Entertainment

Sub

LLC

,

5.63%,

9/1/2029(c)

65,000

55,864

5.88%,

9/1/2031(c)

65,000

55,488

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(c)

85,000

83,791

Scientific

Games

International,

Inc.

,

7.25%,

11/15/2029(c)

45,000

47,138

Viking

Cruises

Ltd.

,

5.88%,

9/15/2027(c)

105,000

95,699

1,271,767

Household

Durables

0.1%

Mattamy

Group

Corp.

,

4.63%,

3/1/2030(c)

60,000

56,359

SWF

Escrow

Issuer

Corp.

,

6.50%,

10/1/2029(c)

70,000

60,494

116,853

Household

Products

0.1%

Energizer

Holdings,

Inc.

,

4.75%,

6/15/2028(c)

60,000

54,497

Kronos

Acquisition

Holdings,

Inc.

,

5.00%,

12/31/2026(c)

60,000

55,350

7.00%,

12/31/2027(c)

40,000

33,800

143,647

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Corp.

,

5.13%,

3/15/2028(c)

45,000

42,866

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Calpine

Corp.,

4.63%,

2/1/2029(c)

30,000

27,600

70,466

Insurance

0.5%

Acrisure

LLC

,

4.25%,

2/15/2029(c)

35,000

31,795

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(c)

40,000

39,517

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(c)

95,000

91,202

Athene

Holding

Ltd.

,

3.95%,

5/25/2051

165,000

150,549

Brighthouse

Financial

Global

Funding

,

1.00%,

4/12/2024(c)

70,000

67,039

Brighthouse

Financial,

Inc.

,

3.85%,

12/22/2051

95,000

79,231

Brown

&

Brown,

Inc.

,

2.38%,

3/15/2031

105,000

92,245

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(c)

45,000

45,524

Guardian

Life

Global

Funding

,

1.25%,

5/13/2026(c)

145,000

134,134

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(c)

140,000

125,762

NFP

Corp.

,

6.88%,

8/15/2028(c)

35,000

33,425

890,423

Life

Sciences

Tools

&

Services

0.1%

Thermo

Fisher

Scientific,

Inc.

,

1.22%,

10/18/2024

145,000

139,437

Media

0.5%

Cengage

Learning,

Inc.

,

9.50%,

6/15/2024(c)

50,000

49,875

Charter

Communications

Operating

LLC

,

2.30%,

2/1/2032

195,000

166,679

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(c)

70,000

69,850

Comcast

Corp.

,

2.94%,

11/1/2056(c)

172,000

141,990

Diamond

Sports

Group

LLC

,

5.38%,

8/15/2026(c)

25,000

9,687

DIRECTV

Holdings

LLC

,

5.88%,

8/15/2027(c)

40,000

39,350

DISH

DBS

Corp.

,

5.75%,

12/1/2028(c)

45,000

42,581

5.13%,

6/1/2029

40,000

34,064

GCI

LLC

,

4.75%,

10/15/2028(c)

50,000

48,813

McGraw-Hill

Education,

Inc.

,

5.75%,

8/1/2028(c)

50,000

47,688

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

News

Corp.

,

5.13%,

2/15/2032(c)

30,000

30,160

Nexstar

Media,

Inc.

,

5.63%,

7/15/2027(c)

25,000

25,305

Omnicom

Group,

Inc.

,

2.45%,

4/30/2030

145,000

134,122

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(c)

60,000

60,046

Univision

Communications,

Inc.

,

4.50%,

5/1/2029(c)

45,000

42,835

943,045

Metals

&

Mining

0.3%

Arconic

Corp.

,

6.13%,

2/15/2028(c)

75,000

75,252

CAP

SA

,

Reg.

S,

3.90%,

4/27/2031

200,000

181,202

Freeport-McMoRan,

Inc.

,

5.45%,

3/15/2043

60,000

67,191

Glencore

Funding

LLC

,

1.63%,

4/27/2026(c)

90,000

83,112

3.38%,

9/23/2051(c)

60,000

50,449

SunCoke

Energy,

Inc.

,

4.88%,

6/30/2029(c)

55,000

51,852

509,058

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.50%,

4/3/2030

135,000

134,292

Dollar

Tree,

Inc.

,

4.00%,

5/15/2025

135,000

138,103

272,395

Multi-Utilities

0.1%

Empresas

Publicas

de

Medellin

ESP

,

Reg.

S,

4.25%,

7/18/2029

200,000

178,040

Oil,

Gas

&

Consumable

Fuels

1.7%

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(c)

24,000

24,441

BP

Capital

Markets

America,

Inc.

,

3.00%,

3/17/2052

170,000

146,446

Chesapeake

Energy

Corp.

,

5.88%,

2/1/2029(c)

65,000

67,112

CNX

Resources

Corp.

,

6.00%,

1/15/2029(c)

50,000

50,500

Continental

Resources,

Inc.

,

2.27%,

11/15/2026(c)

50,000

46,686

Ecopetrol

SA

,

5.88%,

11/2/2051

200,000

170,186

Energy

Transfer

LP

,

4.75%,

1/15/2026

65,000

67,548

5.00%,

5/15/2044(b)

65,000

63,620

Enterprise

Products

Operating

LLC

,

3.75%,

2/15/2025

135,000

137,422

EQM

Midstream

Partners

LP

,

4.75%,

1/15/2031(c)

85,000

79,475

46

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Exxon

Mobil

Corp.

,

2.99%,

3/19/2025

95,000

95,425

Galaxy

Pipeline

Assets

Bidco

Ltd.

,

2.16%,

3/31/2034(c)

200,000

183,970

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(c)

60,000

59,961

4.25%,

2/15/2030(c)

85,000

80,206

Hilcorp

Energy

I

LP

,

6.25%,

11/1/2028(c)

45,000

45,225

5.75%,

2/1/2029(c)

30,000

30,018

Hunt

Oil

Co.

of

Peru

LLC

Sucursal

Del

Peru

,

Reg.

S,

6.38%,

6/1/2028

191,600

191,801

MEG

Energy

Corp.

,

7.13%,

2/1/2027(c)

60,000

62,820

5.88%,

2/1/2029(c)

10,000

10,137

MPLX

LP

,

1.75%,

3/1/2026

75,000

70,277

NGL

Energy

Operating

LLC

,

7.50%,

2/1/2026(c)

85,000

83,614

NuStar

Logistics

LP

,

6.38%,

10/1/2030

45,000

45,609

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030

35,000

40,162

6.13%,

1/1/2031

50,000

56,250

6.45%,

9/15/2036

30,000

35,241

Oleoducto

Central

SA

,

Reg.

S,

4.00%,

7/14/2027

200,000

188,492

Parkland

Corp.

,

4.50%,

10/1/2029(c)

55,000

50,993

Petrobras

Global

Finance

BV

,

5.50%,

6/10/2051

200,000

171,620

Petroleos

del

Peru

SA

,

Reg.

S,

4.75%,

6/19/2032

200,000

179,100

Petroleos

Mexicanos

,

6.75%,

9/21/2047

100,000

81,290

Pioneer

Natural

Resources

Co.

,

1.13%,

1/15/2026

90,000

83,465

Qatar

Energy

,

Reg.

S,

2.25%,

7/12/2031

200,000

184,028

Rattler

Midstream

LP

,

5.63%,

7/15/2025(c)

30,000

30,450

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

105,000

111,044

Southwestern

Energy

Co.

,

5.38%,

2/1/2029

40,000

40,500

4.75%,

2/1/2032

45,000

44,944

Sunoco

LP

,

6.00%,

4/15/2027

35,000

35,656

4.50%,

5/15/2029

20,000

18,869

TotalEnergies

Capital

International

SA

,

3.39%,

6/29/2060

105,000

96,932

Valero

Energy

Corp.

,

2.85%,

4/15/2025

24,000

23,713

4.00%,

6/1/2052

25,000

23,495

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Western

Midstream

Operating

LP

,

3.60%,

2/1/2025(b)

45,000

44,696

Williams

Cos.,

Inc.

(The)

,

3.75%,

6/15/2027

65,000

65,710

3,419,149

Paper

&

Forest

Products

0.1%

Georgia-Pacific

LLC

,

3.60%,

3/1/2025(c)

136,000

137,399

Glatfelter

Corp.

,

4.75%,

11/15/2029(c)

90,000

76,275

213,674

Personal

Products

0.0%

†

Coty,

Inc.

,

5.00%,

4/15/2026(c)

40,000

38,950

Pharmaceuticals

0.2%

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(c)

35,000

35,222

6.25%,

2/15/2029(c)

45,000

36,900

Endo

Luxembourg

Finance

Co.

I

Sarl

,

6.13%,

4/1/2029(c)

40,000

36,500

Royalty

Pharma

plc

,

3.30%,

9/2/2040

165,000

140,480

Viatris

,

Inc.

,

1.65%,

6/22/2025

45,000

41,875

3.85%,

6/22/2040

70,000

60,544

351,521

Real

Estate

Management

&

Development

0.1%

Realogy

Group

LLC

,

5.75%,

1/15/2029(c)

45,000

42,412

5.25%,

4/15/2030(c)

90,000

82,800

125,212

Road

&

Rail

0.2%

CSX

Corp.

,

3.35%,

9/15/2049

140,000

130,312

First

Student

Bidco

,

Inc.

,

4.00%,

7/31/2029(c)

50,000

46,626

NESCO

Holdings

II,

Inc.

,

5.50%,

4/15/2029(c)

15,000

14,738

Penske

Truck

Leasing

Co.

LP

,

4.20%,

4/1/2027(c)

65,000

66,620

Triton

Container

International

Ltd.

,

3.25%,

3/15/2032

140,000

128,958

Uber

Technologies,

Inc.

,

7.50%,

9/15/2027(c)

40,000

42,650

4.50%,

8/15/2029(c)

40,000

37,500

467,404

Semiconductors

&

Semiconductor

Equipment

0.2%

Broadcom,

Inc.

,

3.42%,

4/15/2033(c)

143,000

133,465

Marvell

Technology,

Inc.

,

1.65%,

4/15/2026

110,000

102,209

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

NXP

BV

,

3.88%,

6/18/2026(c)

100,000

100,321

Qorvo

,

Inc.

,

1.75%,

12/15/2024(c)

50,000

47,694

383,689

Software

0.2%

Clarivate

Science

Holdings

Corp.

,

4.88%,

7/1/2029(c)

95,000

89,377

Minerva

Merger

Sub,

Inc.

,

6.50%,

2/15/2030(c)

100,000

97,013

Oracle

Corp.

,

3.60%,

4/1/2050

160,000

132,698

VMware,

Inc.

,

2.20%,

8/15/2031

105,000

92,445

Workday,

Inc.

,

3.70%,

4/1/2029

60,000

60,134

471,667

Specialty

Retail

0.3%

At

Home

Group,

Inc.

,

7.13%,

7/15/2029(c)

25,000

21,625

Dick's

Sporting

Goods,

Inc.

,

3.15%,

1/15/2032

80,000

73,338

4.10%,

1/15/2052

30,000

25,603

Lowe's

Cos.,

Inc.

,

4.25%,

4/1/2052

135,000

139,635

Michaels

Cos.,

Inc.

(The)

,

5.25%,

5/1/2028(c)

45,000

41,314

Sonic

Automotive,

Inc.

,

4.63%,

11/15/2029(c)

90,000

81,000

SRS

Distribution,

Inc.

,

4.63%,

7/1/2028(c)

65,000

62,089

Staples,

Inc.

,

7.50%,

4/15/2026(c)

35,000

33,989

Victoria's

Secret

&

Co.

,

4.63%,

7/15/2029(c)

125,000

112,596

591,189

Technology

Hardware,

Storage

&

Peripherals

0.1%

NetApp,

Inc.

,

1.88%,

6/22/2025

105,000

100,402

Thrifts

&

Mortgage

Finance

0.1%

Nationstar

Mortgage

Holdings,

Inc.

,

5.75%,

11/15/2031(c)

115,000

109,677

PennyMac

Financial

Services,

Inc.

,

4.25%,

2/15/2029(c)

90,000

77,220

186,897

Tobacco

0.1%

BAT

Capital

Corp.

,

2.73%,

3/25/2031

150,000

132,195

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.25%,

3/1/2025

140,000

138,106

Corporate

Bonds

Principal

Amount

($)

Value

($)

Transportation

Infrastructure

0.2%

Adani

International

Container

Terminal

Pvt

Ltd.

,

Reg.

S,

3.00%,

2/16/2031

196,000

175,124

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

Reg.

S,

4.38%,

7/3/2029

200,000

192,190

367,314

Water

Utilities

0.1%

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

145,000

128,945

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

170,000

160,191

3.38%,

4/15/2029

20,000

19,023

3.38%,

4/15/2029(c)

10,000

9,511

2.88%,

2/15/2031

20,000

18,019

206,744

Total

Corporate

Bonds

(cost

$27,218,896)

25,480,290

Foreign

Government

Securities

1.0%

BRAZIL

0.2%

Federative

Republic

of

Brazil,

3.75%,

9/12/2031

200,000

180,500

5.63%,

2/21/2047

200,000

188,978

369,478

CHILE

0.2%

Republic

of

Chile,

2.55%,

1/27/2032

200,000

187,924

3.10%,

5/7/2041

200,000

175,952

363,876

COLOMBIA

0.1%

Republic

of

Colombia,

4.13%,

5/15/2051

250,000

188,605

DOMINICAN

REPUBLIC

0.0%

†

Dominican

Republic

Government

Bond,

6.00%,

2/22/2033(c)

150,000

146,401

MEXICO

0.1%

United

Mexican

States,

2.66%,

5/24/2031

200,000

182,040

PANAMA

0.1%

Republic

of

Panama,

2.25%,

9/29/2032

200,000

176,762

PHILIPPINES

0.1%

Republic

of

Philippines,

1.65%,

6/10/2031

200,000

177,955

48

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

SOUTH

AFRICA

0.1%

Republic

of

South

Africa,

4.30%,

10/12/2028

200,000

193,238

SOUTH

KOREA

0.1%

Republic

of

Korea,

2.75%,

1/19/2027

200,000

199,271

Total

Foreign

Government

Securities

(cost

$2,182,347)

1,997,626

Mortgage-Backed

Securities

20.3%

FHLMC

Gold

Pool

Pool#

Q50135

3.50%,

8/1/2047

1,698,519

1,721,471

Pool#

G08775

4.00%,

8/1/2047

559,773

575,412

Pool#

Q51461

3.50%,

10/1/2047

716,007

725,721

FHLMC

UMBS

Pool#

SD0257

,

3.00%,

1/1/2050

1,802,229

1,771,648

FNMA

Pool

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

1,983,996

Pool#

BL5315

2.44%,

1/1/2032

2,200,000

2,103,619

Pool#

BL5793

2.54%,

2/1/2032

2,113,000

2,045,909

Pool#

BS3020

1.96%,

9/1/2033

1,300,000

1,168,094

Pool#

BS3514

2.08%,

10/1/2033

5,900,000

5,373,421

FNMA

UMBS

Pool

Pool#

BE2453

3.00%,

12/1/2046

1,449,657

1,438,263

Pool#

MA2888

2.50%,

1/1/2047

1,188,887

1,143,544

Pool#

AS9937

3.00%,

7/1/2047

1,147,084

1,139,004

Pool#

MA4097

3.00%,

8/1/2050

3,196,435

3,135,968

Pool#

FM4865

2.50%,

11/1/2050

3,221,248

3,080,736

Pool#

FM8215

2.50%,

3/1/2051

1,673,479

1,604,025

Pool#

FM7203

2.00%,

5/1/2051

2,793,943

2,601,180

Pool#

CB0705

3.00%,

6/1/2051

1,665,712

1,631,307

Pool#

FM8104

3.00%,

7/1/2051

1,800,623

1,763,520

Pool#

FM8579

2.50%,

9/1/2051

382,478

365,417

Pool#

MA4416

3.50%,

9/1/2051

1,573,807

1,578,168

Pool#

FM9538

2.00%,

11/1/2051

1,231,135

1,146,815

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS0362

2.50%,

1/1/2052

1,963,514

1,878,270

Total

Mortgage-Backed

Securities

(cost

$42,562,123)

39,975,508

U.S.

Treasury

Obligations

19.0%

U.S.

Treasury

Bonds,

1.88%,

11/15/2051

9,300,000

8,157,844

U.S.

Treasury

Notes

0.13%,

11/30/2022

2,800,000

2,777,797

0.50%,

11/30/2023

5,400,000

5,248,758

1.50%,

2/29/2024

1,250,000

1,231,787

1.13%,

1/15/2025

1,550,000

1,492,481

1.50%,

2/15/2025

3,750,000

3,644,824

2.25%,

11/15/2025

1,500,000

1,484,707

0.63%,

7/31/2026

2,600,000

2,399,109

1.50%,

1/31/2027

1,550,000

1,481,219

1.88%,

2/28/2027

3,100,000

3,016,930

1.88%,

2/28/2029

4,950,000

4,778,297

1.88%,

2/15/2032

1,950,000

1,872,609

Total

U.S.

Treasury

Obligations

(cost

$39,353,565)

37,586,362

Investment

Company

3.1%

Shares

Fixed

Income

Fund

3.1%

DoubleLine

Floating

Rate

Fund,

Class

I

655,196

6,171,944

Total

Investment

Company

(cost

$6,349,882)

6,171,944

Total

Investments

(cost

$202,237,464)

—

96.6%

190,786,629

Other

assets

in

excess

of

liabilities

—

3.4%

6,773,390

NET

ASSETS

—

100.0%

$

197,560,019

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(b)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2022.

(c)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$39,977,247

which

represents

20.24%

of

net

assets.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(f)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

ACES

Alternative

Credit

Enhancement

Services

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

50

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

34,779,056

$

–

$

34,779,056

Collateralized

Mortgage

Obligations

–

29,913,720

–

29,913,720

Commercial

Mortgage-Backed

Securities

–

14,882,123

–

14,882,123

Corporate

Bonds

–

25,480,290

–

25,480,290

Foreign

Government

Securities

–

1,997,626

–

1,997,626

Investment

Company

6,171,944

–

–

6,171,944

Mortgage-Backed

Securities

–

39,975,508

–

39,975,508

U.S.

Treasury

Obligations

–

37,586,362

–

37,586,362

Total

$

6,171,944

$

184,614,685

$

–

$

190,786,629

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

52

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Common

Stocks

0.6%

Shares

Value

($)

Cable

Satellite

0.1%

Intelsat

Emergence

SA

*^∞

3,277

94,214

Media

Entertainment

0.1%

iHeartMedia

,

Inc.,

Class A

*

4,485

84,901

Oil

Field

Services

0.4%

Superior

Energy

Services

LLC

*^∞

9,956

492,822

Total

Common

Stocks

(cost

$480,053)

671,937

Corporate

Bonds

97.5%

Principal

Amount

($)

Aerospace

&

Defense

1.5%

TransDigm

,

Inc.

,

6.25%,

3/15/2026(a)

475,000

487,654

5.50%,

11/15/2027

1,050,000

1,042,125

4.88%,

5/1/2029

150,000

140,591

1,670,370

Airlines

0.4%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

475,000

478,563

Automotive

5.7%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(a)

350,000

333,098

Clarios

Global

LP

,

6.75%,

5/15/2025(a)

23,000

23,817

8.50%,

5/15/2027(a)

950,000

985,625

Dana

Financing

Luxembourg

Sarl

,

5.75%,

4/15/2025(a)

100,000

100,967

Dana,

Inc.

,

4.50%,

2/15/2032

325,000

290,875

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%,

10/15/2029(a)

700,000

608,629

Ford

Motor

Credit

Co.

LLC

,

3.38%,

11/13/2025

750,000

733,084

4.39%,

1/8/2026

400,000

398,964

2.70%,

8/10/2026

200,000

186,002

4.27%,

1/9/2027

375,000

369,847

5.11%,

5/3/2029

475,000

477,817

4.00%,

11/13/2030

75,000

70,627

IHO

Verwaltungs

GmbH

,

6.00%,

5/15/2027(a)(b)

375,000

366,563

6.38%,

5/15/2029(a)(b)

200,000

197,000

JB

Poindexter

&

Co.,

Inc.

,

7.13%,

4/15/2026(a)

325,000

330,281

KAR

Auction

Services,

Inc.

,

5.13%,

6/1/2025(a)

200,000

202,500

Real

Hero

Merger

Sub

2,

Inc.

,

6.25%,

2/1/2029(a)

850,000

774,461

6,450,157

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Materials

3.2%

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

4.00%,

1/15/2028(a)

75,000

72,052

CP

Atlas

Buyer,

Inc.

,

7.00%,

12/1/2028(a)

500,000

426,320

Foundation

Building

Materials,

Inc.

,

6.00%,

3/1/2029(a)

675,000

607,500

GYP

Holdings

III

Corp.

,

4.63%,

5/1/2029(a)

300,000

277,803

Interface,

Inc.

,

5.50%,

12/1/2028(a)

175,000

169,969

MIWD

Holdco

II

LLC

,

5.50%,

2/1/2030(a)

75,000

70,031

SRS

Distribution,

Inc.

,

6.13%,

7/1/2029(a)

150,000

138,375

6.00%,

12/1/2029(a)

450,000

416,250

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(a)

400,000

396,512

3.38%,

1/15/2031(a)

500,000

437,500

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(a)

425,000

402,726

White

Cap

Parent

LLC

,

8.25%,

3/15/2026(a)(b)

200,000

196,500

3,611,538

Cable

Satellite

8.2%

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

87,000

88,221

5.13%,

5/1/2027(a)

150,000

150,221

5.00%,

2/1/2028(a)

525,000

519,487

5.38%,

6/1/2029(a)

200,000

200,000

4.75%,

3/1/2030(a)

750,000

720,180

4.50%,

8/15/2030(a)

75,000

70,372

4.25%,

2/1/2031(a)

50,000

45,375

4.50%,

5/1/2032

400,000

365,880

4.50%,

6/1/2033(a)

125,000

112,188

4.25%,

1/15/2034(a)

50,000

43,425

CSC

Holdings

LLC

,

5.88%,

9/15/2022

100,000

100,750

5.25%,

6/1/2024

200,000

200,253

5.50%,

4/15/2027(a)

400,000

396,500

7.50%,

4/1/2028(a)

250,000

245,625

5.75%,

1/15/2030(a)

775,000

689,750

4.50%,

11/15/2031(a)

475,000

425,728

DIRECTV

Holdings

LLC

,

5.88%,

8/15/2027(a)

275,000

270,531

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

150,000

141,938

5.13%,

6/1/2029

450,000

383,215

Intelsat

Jackson

Holdings

,

5.50%,

8/1/2023∞(c)

225,000

0

8.50%,

10/15/2024∞(c)

75,000

0

9.75%,

7/15/2025∞(c)

100,000

0

Sirius

XM

Radio,

Inc.

,

3.13%,

9/1/2026(a)

500,000

472,737

4.00%,

7/15/2028(a)

200,000

190,000

3.88%,

9/1/2031(a)

375,000

341,250

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Corporate

Bonds

Principal

Amount

($)

Value

($)

Cable

Satellite

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%,

3/1/2028(a)

600,000

579,000

UPC

Broadband

Finco

BV

,

4.88%,

7/15/2031(a)

650,000

610,266

Virgin

Media

Secured

Finance

plc

,

5.50%,

5/15/2029(a)

225,000

223,313

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

225,000

216,000

Vmed

O2

UK

Financing

I

plc

,

4.75%,

7/15/2031(a)

700,000

659,750

VZ

Secured

Financing

BV

,

5.00%,

1/15/2032(a)

400,000

374,000

Ziggo

Bond

Co.

BV

,

6.00%,

1/15/2027(a)

250,000

251,562

5.13%,

2/28/2030(a)

200,000

186,126

9,273,643

Chemicals

3.5%

Axalta

Coating

Systems

LLC

,

4.75%,

6/15/2027(a)

175,000

168,358

3.38%,

2/15/2029(a)

150,000

131,880

Compass

Minerals

International,

Inc.

,

4.88%,

7/15/2024(a)

450,000

444,937

6.75%,

12/1/2027(a)

25,000

25,315

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

225,000

210,094

HB

Fuller

Co.

,

4.25%,

10/15/2028

75,000

70,215

Herens

Holdco

Sarl

,

4.75%,

5/15/2028(a)

525,000

470,783

Hexion

,

Inc.

,

7.88%,

7/15/2027(a)

400,000

421,880

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

200,000

202,500

Koppers

,

Inc.

,

6.00%,

2/15/2025(a)

500,000

490,000

Olympus

Water

US

Holding

Corp.

,

4.25%,

10/1/2028(a)

200,000

181,637

6.25%,

10/1/2029(a)

350,000

309,750

Polar

US

Borrower

LLC

,

6.75%,

5/15/2026(a)

475,000

404,937

SPCM

SA

,

3.38%,

3/15/2030(a)

200,000

175,580

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

275,000

257,153

3,965,019

Construction

Machinery

0.6%

H&E

Equipment

Services,

Inc.

,

3.88%,

12/15/2028(a)

350,000

328,125

Ritchie

Bros

Holdings,

Inc.

,

4.75%,

12/15/2031(a)

75,000

73,125

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Machinery

United

Rentals

North

America,

Inc.

,

5.50%,

5/15/2027

75,000

77,573

4.88%,

1/15/2028

150,000

152,369

3.88%,

2/15/2031

100,000

94,250

725,442

Consumer

Cyclical

Services

2.5%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

325,000

328,845

9.75%,

7/15/2027(a)

800,000

826,896

6.00%,

6/1/2029(a)

200,000

176,433

Brink's

Co.

(The)

,

5.50%,

7/15/2025(a)

50,000

50,391

Garda

World

Security

Corp.

,

9.50%,

11/1/2027(a)

782,000

801,550

6.00%,

6/1/2029(a)

400,000

359,306

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

150,000

150,683

Signal

Parent,

Inc.

,

6.13%,

4/1/2029(a)

175,000

142,622

2,836,726

Consumer

Products

1.9%

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

675,000

635,985

Diamond

BC

BV

,

4.63%,

10/1/2029(a)

575,000

516,063

Edgewell

Personal

Care

Co.

,

4.13%,

4/1/2029(a)

325,000

299,071

Energizer

Holdings,

Inc.

,

6.50%,

12/31/2027(a)

125,000

123,750

4.75%,

6/15/2028(a)

175,000

158,948

4.38%,

3/31/2029(a)

400,000

350,194

Prestige

Brands,

Inc.

,

3.75%,

4/1/2031(a)

100,000

89,250

2,173,261

Diversified

Manufacturing

0.9%

Gates

Global

LLC

,

6.25%,

1/15/2026(a)

500,000

500,468

WESCO

Distribution,

Inc.

,

7.25%,

6/15/2028(a)

500,000

531,067

1,031,535

Finance

Companies

1.8%

LD

Holdings

Group

LLC

,

6.13%,

4/1/2028(a)

100,000

88,478

Navient

Corp.

,

5.50%,

3/15/2029

500,000

465,625

Rocket

Mortgage

LLC

,

2.88%,

10/15/2026(a)

200,000

183,629

3.63%,

3/1/2029(a)

325,000

297,001

3.88%,

3/1/2031(a)

150,000

135,750

4.00%,

10/15/2033(a)

100,000

87,590

United

Wholesale

Mortgage

LLC

,

5.50%,

11/15/2025(a)

275,000

266,750

5.75%,

6/15/2027(a)

400,000

371,182

54

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Finance

Companies

United

Wholesale

Mortgage

LLC,

5.50%,

4/15/2029(a)

200,000

178,204

2,074,209

Food

&

Beverage

2.4%

Aramark

Services,

Inc.

,

6.38%,

5/1/2025(a)

300,000

307,959

BellRing

Brands,

Inc.

,

7.00%,

3/15/2030(a)

525,000

536,156

Kraft

Heinz

Foods

Co.

,

5.20%,

7/15/2045

200,000

216,500

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

50,000

49,760

4.25%,

8/1/2029(a)

275,000

250,594

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(a)

280,000

281,386

5.50%,

12/15/2029(a)

325,000

312,708

4.50%,

9/15/2031(a)

125,000

110,749

US

Foods,

Inc.

,

4.75%,

2/15/2029(a)

450,000

429,188

4.63%,

6/1/2030(a)

225,000

208,151

2,703,151

Food

&

Staples

Retailing

0.0%

†

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^∞(c)

100,000

0

Gaming

3.9%

Affinity

Gaming

,

6.88%,

12/15/2027(a)

375,000

364,687

Boyd

Gaming

Corp.

,

8.63%,

6/1/2025(a)

26,000

27,309

4.75%,

12/1/2027

100,000

99,500

4.75%,

6/15/2031(a)

75,000

72,281

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

175,000

180,677

8.13%,

7/1/2027(a)

375,000

401,796

Caesars

Resort

Collection

LLC

,

5.75%,

7/1/2025(a)

25,000

25,515

CCM

Merger,

Inc.

,

6.38%,

5/1/2026(a)

50,000

50,500

MGM

Growth

Properties

Operating

Partnership

LP

,

5.63%,

5/1/2024

225,000

231,633

3.88%,

2/15/2029(a)

50,000

49,125

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

125,000

115,232

Mohegan

Gaming

&

Entertainment

,

8.00%,

2/1/2026(a)

625,000

621,094

Penn

National

Gaming,

Inc.

,

4.13%,

7/1/2029(a)

75,000

67,140

Raptor

Acquisition

Corp.

,

4.88%,

11/1/2026(a)

50,000

48,025

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gaming

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

550,000

542,179

Scientific

Games

International,

Inc.

,

8.63%,

7/1/2025(a)

300,000

315,375

8.25%,

3/15/2026(a)

75,000

78,094

7.25%,

11/15/2029(a)

200,000

209,500

Station

Casinos

LLC

,

4.50%,

2/15/2028(a)

250,000

237,121

4.63%,

12/1/2031(a)

175,000

160,073

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

25,000

24,631

4.25%,

12/1/2026(a)

150,000

149,370

4.63%,

12/1/2029(a)

300,000

299,250

4.13%,

8/15/2030(a)

75,000

72,402

4,442,509

Health

Insurance

0.6%

Centene

Corp.

,

4.25%,

12/15/2027

150,000

150,562

4.63%,

12/15/2029

400,000

403,236

3.38%,

2/15/2030

125,000

117,617

671,415

Healthcare

7.2%

Acadia

Healthcare

Co.,

Inc.

,

5.50%,

7/1/2028(a)

50,000

50,250

5.00%,

4/15/2029(a)

25,000

24,681

AdaptHealth

LLC

,

4.63%,

8/1/2029(a)

100,000

91,252

5.13%,

3/1/2030(a)

225,000

208,969

AHP

Health

Partners,

Inc.

,

5.75%,

7/15/2029(a)

375,000

348,750

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

225,000

222,525

3.88%,

11/1/2029(a)

475,000

446,500

Charles

River

Laboratories

International,

Inc.

,

3.75%,

3/15/2029(a)

175,000

165,056

4.00%,

3/15/2031(a)

75,000

70,406

Community

Health

Systems,

Inc.

,

8.00%,

3/15/2026(a)

175,000

182,248

6.88%,

4/15/2029(a)

400,000

393,000

6.13%,

4/1/2030(a)

250,000

232,618

5.25%,

5/15/2030(a)

200,000

191,958

Embecta

Corp.

,

5.00%,

2/15/2030(a)

100,000

94,321

6.75%,

2/15/2030(a)

150,000

150,375

Global

Medical

Response,

Inc.

,

6.50%,

10/1/2025(a)

500,000

496,250

HCA,

Inc.

,

5.38%,

2/1/2025

50,000

52,025

5.88%,

2/15/2026

250,000

265,877

5.38%,

9/1/2026

50,000

52,500

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

275,000

279,812

Legacy

LifePoint

Health

LLC

,

6.75%,

4/15/2025(a)

100,000

103,323

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Healthcare

MEDNAX,

Inc.

,

5.38%,

2/15/2030(a)

200,000

193,000

Mozart

Debt

Merger

Sub,

Inc.

,

3.88%,

4/1/2029(a)

200,000

185,000

5.25%,

10/1/2029(a)

850,000

790,220

MPH

Acquisition

Holdings

LLC

,

5.50%,

9/1/2028(a)

125,000

119,827

5.75%,

11/1/2028(a)

525,000

474,038

RegionalCare

Hospital

Partners

Holdings,

Inc.

,

9.75%,

12/1/2026(a)

550,000

575,328

Team

Health

Holdings,

Inc.

,

6.38%,

2/1/2025(a)

300,000

269,250

Teleflex,

Inc.

,

4.63%,

11/15/2027

75,000

76,031

4.25%,

6/1/2028(a)

25,000

24,344

Tenet

Healthcare

Corp.

,

6.75%,

6/15/2023

300,000

312,444

4.88%,

1/1/2026(a)

175,000

176,531

6.25%,

2/1/2027(a)

250,000

256,649

5.13%,

11/1/2027(a)

175,000

175,823

4.63%,

6/15/2028(a)

25,000

24,531

6.13%,

10/1/2028(a)

75,000

76,219

4.25%,

6/1/2029(a)

200,000

191,750

Vizient

,

Inc.

,

6.25%,

5/15/2027(a)

100,000

103,000

8,146,681

Hotels,

Restaurants

&

Leisure

0.2%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

75,000

76,642

4.88%,

1/15/2030

100,000

99,775

3.63%,

2/15/2032(a)

75,000

68,062

244,479

Independent

Energy

4.8%

Antero

Resources

Corp.

,

7.63%,

2/1/2029(a)

21,000

22,700

5.38%,

3/1/2030(a)

125,000

127,656

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(a)

350,000

358,922

8.25%,

12/31/2028(a)

175,000

183,837

5.88%,

6/30/2029(a)

75,000

74,107

Berry

Petroleum

Co.

LLC

,

7.00%,

2/15/2026(a)

125,000

123,437

Callon

Petroleum

Co.

,

8.25%,

7/15/2025

125,000

126,250

Centennial

Resource

Production

LLC

,

6.88%,

4/1/2027(a)

275,000

276,402

Chesapeake

Energy

Corp.

,

7.00%,

10/1/2024

200,000

3,500

5.50%,

2/1/2026(a)

25,000

25,602

5.88%,

2/1/2029(a)

25,000

25,813

Comstock

Resources,

Inc.

,

6.75%,

3/1/2029(a)

375,000

386,843

5.88%,

1/15/2030(a)

150,000

147,795

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Energy

CrownRock

LP

,

5.63%,

10/15/2025(a)

375,000

382,213

5.00%,

5/1/2029(a)

25,000

25,000

Endeavor

Energy

Resources

LP

,

6.63%,

7/15/2025(a)

125,000

129,687

5.75%,

1/30/2028(a)

50,000

51,688

EQT

Corp.

,

3.13%,

5/15/2026(a)

150,000

145,690

5.00%,

1/15/2029

100,000

103,234

Oasis

Petroleum,

Inc.

,

6.38%,

6/1/2026(a)

50,000

51,250

Occidental

Petroleum

Corp.

,

8.00%,

7/15/2025

125,000

140,375

5.88%,

9/1/2025

475,000

504,543

8.88%,

7/15/2030

125,000

160,312

6.45%,

9/15/2036

50,000

58,734

4.30%,

8/15/2039

200,000

189,000

4.40%,

8/15/2049

125,000

117,500

PDC

Energy,

Inc.

,

6.13%,

9/15/2024

62,000

62,759

5.75%,

5/15/2026

100,000

101,374

Range

Resources

Corp.

,

4.88%,

5/15/2025

98,000

99,192

8.25%,

1/15/2029

125,000

136,989

4.75%,

2/15/2030(a)

75,000

74,489

Rockcliff

Energy

II

LLC

,

5.50%,

10/15/2029(a)

225,000

225,208

SM

Energy

Co.

,

6.75%,

9/15/2026

125,000

128,535

6.50%,

7/15/2028

125,000

128,991

Southwestern

Energy

Co.

,

8.38%,

9/15/2028

175,000

192,062

5.38%,

3/15/2030

50,000

50,811

Tap

Rock

Resources

LLC

,

7.00%,

10/1/2026(a)

325,000

336,414

5,478,914

Industrial

-

Other

1.4%

Booz

Allen

Hamilton,

Inc.

,

3.88%,

9/1/2028(a)

125,000

120,661

Madison

IAQ

LLC

,

4.13%,

6/30/2028(a)

25,000

23,041

5.88%,

6/30/2029(a)

575,000

516,063

Redwood

Star

Merger

Sub,

Inc.

,

8.75%,

4/1/2030(a)

425,000

406,938

TK

Elevator

Holdco

GmbH

,

7.63%,

7/15/2028(a)

350,000

346,937

TK

Elevator

US

Newco

,

Inc.

,

5.25%,

7/15/2027(a)

200,000

197,806

1,611,446

Insurance

-

P&C

5.9%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

200,000

197,588

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

550,000

528,011

56

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

-

P&C

Ardonagh

Midco

2

plc

,

11.50%,

1/15/2027(a)(b)

427,619

441,766

AssuredPartners

,

Inc.

,

7.00%,

8/15/2025(a)

300,000

298,125

5.63%,

1/15/2029(a)

150,000

138,060

BroadStreet

Partners,

Inc.

,

5.88%,

4/15/2029(a)

725,000

676,063

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

500,000

505,825

HUB

International

Ltd.

,

7.00%,

5/1/2026(a)

1,200,000

1,213,866

5.63%,

12/1/2029(a)

675,000

644,625

NFP

Corp.

,

6.88%,

8/15/2028(a)

1,050,000

1,002,750

Ryan

Specialty

Group

LLC

,

4.38%,

2/1/2030(a)

275,000

259,875

USI,

Inc.

,

6.88%,

5/1/2025(a)

750,000

752,482

6,659,036

Leisure

0.6%

SeaWorld

Parks

&

Entertainment,

Inc.

,

5.25%,

8/15/2029(a)

425,000

405,339

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(a)

100,000

99,875

Six

Flags

Theme

Parks,

Inc.

,

7.00%,

7/1/2025(a)

125,000

130,469

635,683

Media

Entertainment

7.9%

Audacy

Capital

Corp.

,

6.50%,

5/1/2027(a)

425,000

398,761

6.75%,

3/31/2029(a)

200,000

186,750

Cumulus

Media

New

Holdings,

Inc.

,

6.75%,

7/1/2026(a)

263,000

263,063

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)

200,000

41,190

Gray

Escrow

II,

Inc.

,

5.38%,

11/15/2031(a)

175,000

167,338

Gray

Television,

Inc.

,

5.88%,

7/15/2026(a)

350,000

358,342

7.00%,

5/15/2027(a)

125,000

129,375

4.75%,

10/15/2030(a)

75,000

69,657

iHeartCommunications

,

Inc.

,

6.38%,

5/1/2026

75,360

77,432

8.38%,

5/1/2027

795,964

822,987

4.75%,

1/15/2028(a)

125,000

119,375

Lamar

Media

Corp.

,

4.88%,

1/15/2029

75,000

74,437

3.63%,

1/15/2031

50,000

45,907

Match

Group

Holdings

II

LLC

,

5.00%,

12/15/2027(a)

275,000

273,663

4.13%,

8/1/2030(a)

325,000

304,548

News

Corp.

,

5.13%,

2/15/2032(a)

75,000

75,399

Nexstar

Media,

Inc.

,

5.63%,

7/15/2027(a)

325,000

328,965

4.75%,

11/1/2028(a)

375,000

363,281

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Entertainment

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(a)

275,000

276,375

Nielsen

Finance

LLC

,

5.63%,

10/1/2028(a)

50,000

50,360

5.88%,

10/1/2030(a)

225,000

225,562

Outfront

Media

Capital

LLC

,

4.25%,

1/15/2029(a)

50,000

46,513

4.63%,

3/15/2030(a)

200,000

188,250

ROBLOX

Corp.

,

3.88%,

5/1/2030(a)

200,000

187,000

Scripps

Escrow

II,

Inc.

,

3.88%,

1/15/2029(a)

75,000

69,694

5.38%,

1/15/2031(a)

200,000

191,500

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

250,000

250,190

Sinclair

Television

Group,

Inc.

,

5.88%,

3/15/2026(a)

575,000

560,493

5.13%,

2/15/2027(a)

250,000

226,875

5.50%,

3/1/2030(a)

75,000

64,909

Stagwell

Global

LLC

,

5.63%,

8/15/2029(a)

650,000

613,197

TEGNA,

Inc.

,

5.00%,

9/15/2029

575,000

576,406

Terrier

Media

Buyer,

Inc.

,

8.88%,

12/15/2027(a)

700,000

712,250

Univision

Communications,

Inc.

,

4.50%,

5/1/2029(a)

100,000

95,189

Urban

One,

Inc.

,

7.38%,

2/1/2028(a)

375,000

376,406

WMG

Acquisition

Corp.

,

3.75%,

12/1/2029(a)

225,000

211,500

9,023,139

Metals

&

Mining

0.8%

Cleveland-Cliffs,

Inc.

,

4.63%,

3/1/2029(a)

250,000

246,574

4.88%,

3/1/2031(a)

350,000

346,062

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

275,000

238,755

Freeport-McMoRan,

Inc.

,

5.00%,

9/1/2027

100,000

102,673

934,064

Midstream

6.7%

AmeriGas

Partners

LP

,

5.50%,

5/20/2025

75,000

75,006

5.88%,

8/20/2026

400,000

398,776

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

275,000

280,057

5.75%,

1/15/2028(a)

250,000

255,313

5.38%,

6/15/2029(a)

600,000

599,388

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

175,000

175,875

4.00%,

3/1/2031

150,000

145,408

3.25%,

1/31/2032(a)

75,000

68,197

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

125,000

125,419

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Corporate

Bonds

Principal

Amount

($)

Value

($)

Midstream

CNX

Midstream

Partners

LP

,

4.75%,

4/15/2030(a)

175,000

163,882

Crestwood

Midstream

Partners

LP

,

8.00%,

4/1/2029(a)

175,000

186,792

DT

Midstream,

Inc.

,

4.38%,

6/15/2031(a)

150,000

143,625

EQM

Midstream

Partners

LP

,

4.75%,

7/15/2023

26,000

26,195

6.00%,

7/1/2025(a)

100,000

102,004

6.50%,

7/1/2027(a)

475,000

496,157

5.50%,

7/15/2028

75,000

75,294

4.50%,

1/15/2029(a)

125,000

116,875

4.75%,

1/15/2031(a)

325,000

303,875

6.50%,

7/15/2048

75,000

72,375

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

125,000

124,918

4.25%,

2/15/2030(a)

100,000

94,360

Holly

Energy

Partners

LP

,

5.00%,

2/1/2028(a)

275,000

260,903

NuStar

Logistics

LP

,

5.63%,

4/28/2027

325,000

317,972

Rattler

Midstream

LP

,

5.63%,

7/15/2025(a)

150,000

152,250

Solaris

Midstream

Holdings

LLC

,

7.63%,

4/1/2026(a)

125,000

129,063

Suburban

Propane

Partners

LP

,

5.88%,

3/1/2027

150,000

152,062

5.00%,

6/1/2031(a)

400,000

375,000

Summit

Midstream

Holdings

LLC

,

5.75%,

4/15/2025

275,000

224,821

Targa

Resources

Partners

LP

,

5.88%,

4/15/2026

450,000

464,085

6.50%,

7/15/2027

75,000

78,910

5.00%,

1/15/2028

50,000

50,674

5.50%,

3/1/2030

275,000

285,598

TransMontaigne

Partners

LP

,

6.13%,

2/15/2026

150,000

148,228

Western

Midstream

Operating

LP

,

4.00%,

7/1/2022

75,000

75,000

4.50%,

3/1/2028

150,000

153,000

5.45%,

4/1/2044

250,000

253,440

5.30%,

3/1/2048

325,000

321,750

5.50%,

8/15/2048

100,000

98,750

7,571,297

Oil

Field

Services

2.0%

Archrock

Partners

LP

,

6.88%,

4/1/2027(a)

400,000

404,488

6.25%,

4/1/2028(a)

350,000

344,956

Nabors

Industries

Ltd.

,

7.25%,

1/15/2026(a)

200,000

200,000

7.50%,

1/15/2028(a)

100,000

97,500

Nabors

Industries,

Inc.

,

7.38%,

5/15/2027(a)

125,000

129,844

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil

Field

Services

Precision

Drilling

Corp.

,

7.13%,

1/15/2026(a)

75,000

76,500

6.88%,

1/15/2029(a)

125,000

126,875

Shelf

Drilling

Holdings

Ltd.

,

8.25%,

2/15/2025(a)

100,000

82,250

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

625,000

630,625

6.88%,

9/1/2027

175,000

175,672

2,268,710

Packaging

5.5%

ARD

Finance

SA

,

6.50%,

6/30/2027(a)

450,000

411,469

Ardagh

Metal

Packaging

Finance

USA

LLC

,

4.00%,

9/1/2029(a)

625,000

563,219

Ardagh

Packaging

Finance

plc

,

5.25%,

8/15/2027(a)

375,000

346,640

5.25%,

8/15/2027(a)

250,000

231,094

Berry

Global,

Inc.

,

5.63%,

7/15/2027(a)

125,000

126,417

Clydesdale

Acquisition

Holdings,

Inc.

,

8.75%,

4/15/2030(a)

1,075,000

1,011,844

Crown

Americas

LLC

,

5.25%,

4/1/2030(a)

300,000

307,509

Flex

Acquisition

Co.,

Inc.

,

6.88%,

1/15/2025(a)

775,000

777,029

7.88%,

7/15/2026(a)

350,000

362,250

Mauser

Packaging

Solutions

Holding

Co.

,

7.25%,

4/15/2025(a)

300,000

297,333

OI

European

Group

BV

,

4.75%,

2/15/2030(a)

150,000

139,380

Owens-Brockway

Glass

Container,

Inc.

,

5.88%,

8/15/2023(a)

83,000

84,796

5.38%,

1/15/2025(a)

100,000

99,500

6.63%,

5/13/2027(a)

107,000

105,930

Trident

TPI

Holdings,

Inc.

,

9.25%,

8/1/2024(a)

200,000

201,000

6.63%,

11/1/2025(a)

450,000

441,000

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)

800,000

796,000

6,302,410

Paper

0.6%

Clearwater

Paper

Corp.

,

5.38%,

2/1/2025(a)

400,000

404,500

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

75,000

75,750

3.50%,

3/1/2029(a)

250,000

230,000

3.75%,

2/1/2030(a)

25,000

22,875

733,125

58

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

3.3%

Bausch

Health

Americas,

Inc.

,

9.25%,

4/1/2026(a)

150,000

153,624

Bausch

Health

Cos.,

Inc.

,

6.13%,

4/15/2025(a)

642,000

647,617

9.00%,

12/15/2025(a)

25,000

25,902

6.13%,

2/1/2027(a)

225,000

226,427

5.00%,

2/15/2029(a)

725,000

564,779

6.25%,

2/15/2029(a)

100,000

82,000

7.25%,

5/30/2029(a)

400,000

341,172

5.25%,

1/30/2030(a)

300,000

235,662

5.25%,

2/15/2031(a)

125,000

97,295

Catalent

Pharma

Solutions,

Inc.

,

3.50%,

4/1/2030(a)

100,000

91,250

Endo

Dac

,

6.00%,

6/30/2028(a)

200,000

113,000

Grifols

Escrow

Issuer

SA

,

4.75%,

10/15/2028(a)

200,000

188,250

Mallinckrodt

International

Finance

SA

,

5.63%,

10/15/2023(a)(c)

450,000

220,500

5.50%,

4/15/2025(a)(c)

775,000

377,813

Organon

&

Co.

,

5.13%,

4/30/2031(a)

250,000

241,250

Syneos

Health,

Inc.

,

3.63%,

1/15/2029(a)

150,000

138,562

3,745,103

Restaurants

1.5%

1011778

BC

ULC

,

4.38%,

1/15/2028(a)

225,000

216,000

4.00%,

10/15/2030(a)

1,150,000

1,037,340

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

150,000

152,250

Yum!

Brands,

Inc.

,

4.75%,

1/15/2030(a)

200,000

196,125

4.63%,

1/31/2032

50,000

48,365

5.38%,

4/1/2032

50,000

50,113

1,700,193

Retailers

0.8%

Academy

Ltd.

,

6.00%,

11/15/2027(a)

125,000

127,979

Asbury

Automotive

Group,

Inc.

,

4.63%,

11/15/2029(a)

300,000

279,375

5.00%,

2/15/2032(a)

75,000

69,715

Gap,

Inc.

(The)

,

3.63%,

10/1/2029(a)

150,000

133,650

3.88%,

10/1/2031(a)

50,000

43,555

Kontoor

Brands,

Inc.

,

4.13%,

11/15/2029(a)

150,000

137,250

William

Carter

Co.

(The)

,

5.50%,

5/15/2025(a)

50,000

51,525

5.63%,

3/15/2027(a)

50,000

50,738

893,787

Supermarkets

0.5%

Albertsons

Cos.,

Inc.

,

5.88%,

2/15/2028(a)

100,000

99,661

Corporate

Bonds

Principal

Amount

($)

Value

($)

Supermarkets

Albertsons

Cos.,

Inc.,

3.50%,

3/15/2029(a)

525,000

473,797

573,458

Technology

7.4%

Black

Knight

InfoServ

LLC

,

3.63%,

9/1/2028(a)

225,000

213,232

Boxer

Parent

Co.,

Inc.

,

9.13%,

3/1/2026(a)

25,000

25,750

Cars.com,

Inc.

,

6.38%,

11/1/2028(a)

275,000

273,039

Ciena

Corp.

,

4.00%,

1/31/2030(a)

50,000

48,125

Clarivate

Science

Holdings

Corp.

,

3.88%,

7/1/2028(a)

50,000

47,689

4.88%,

7/1/2029(a)

350,000

329,283

Condor

Merger

Sub,

Inc.

,

7.38%,

2/15/2030(a)

625,000

599,525

Consensus

Cloud

Solutions,

Inc.

,

6.00%,

10/15/2026(a)

150,000

148,875

6.50%,

10/15/2028(a)

200,000

198,734

Diebold

Nixdorf,

Inc.

,

9.38%,

7/15/2025(a)

25,000

25,397

Dun

&

Bradstreet

Corp.

(The)

,

5.00%,

12/15/2029(a)

150,000

141,000

Elastic

NV

,

4.13%,

7/15/2029(a)

425,000

395,233

Fair

Isaac

Corp.

,

4.00%,

6/15/2028(a)

75,000

72,609

Gartner,

Inc.

,

4.50%,

7/1/2028(a)

200,000

199,249

HealthEquity

,

Inc.

,

4.50%,

10/1/2029(a)

450,000

426,375

Helios

Software

Holdings,

Inc.

,

4.63%,

5/1/2028(a)

250,000

229,703

II-VI,

Inc.

,

5.00%,

12/15/2029(a)

325,000

317,688

LogMeIn,

Inc.

,

5.50%,

9/1/2027(a)

400,000

373,344

Millennium

Escrow

Corp.

,

6.63%,

8/1/2026(a)

175,000

166,152

Minerva

Merger

Sub,

Inc.

,

6.50%,

2/15/2030(a)

600,000

582,075

NCR

Corp.

,

5.75%,

9/1/2027(a)

75,000

75,000

5.13%,

4/15/2029(a)

350,000

336,469

5.25%,

10/1/2030(a)

350,000

331,786

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(a)

150,000

143,250

Open

Text

Corp.

,

3.88%,

12/1/2029(a)

225,000

213,750

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

125,000

118,524

PTC,

Inc.

,

3.63%,

2/15/2025(a)

75,000

74,156

Rackspace

Technology

Global,

Inc.

,

3.50%,

2/15/2028(a)

150,000

134,194

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Rackspace

Technology

Global,

Inc.,

5.38%,

12/1/2028(a)

400,000

347,060

Rocket

Software,

Inc.

,

6.50%,

2/15/2029(a)

425,000

385,687

Science

Applications

International

Corp.

,

4.88%,

4/1/2028(a)

50,000

49,267

Seagate

HDD

Cayman

,

3.13%,

7/15/2029

200,000

179,500

3.38%,

7/15/2031

150,000

133,367

Sensata

Technologies,

Inc.

,

4.38%,

2/15/2030(a)

50,000

47,817

3.75%,

2/15/2031(a)

75,000

69,375

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(a)

225,000

226,691

Synaptics

,

Inc.

,

4.00%,

6/15/2029(a)

75,000

70,688

TTM

Technologies,

Inc.

,

4.00%,

3/1/2029(a)

175,000

161,875

Twitter,

Inc.

,

5.00%,

3/1/2030(a)

125,000

124,375

Veritas

US,

Inc.

,

7.50%,

9/1/2025(a)

400,000

379,482

Viavi

Solutions,

Inc.

,

3.75%,

10/1/2029(a)

50,000

46,921

8,462,311

Transportation

Services

0.2%

Watco

Cos.

LLC

,

6.50%,

6/15/2027(a)

250,000

245,792

Utility

-

Electric

2.6%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

16,000

16,080

4.50%,

2/15/2028(a)

125,000

121,935

5.13%,

3/15/2028(a)

325,000

309,589

4.63%,

2/1/2029(a)

50,000

46,000

5.00%,

2/1/2031(a)

50,000

45,500

3.75%,

3/1/2031(a)

175,000

156,657

Enviva

Partners

LP

,

6.50%,

1/15/2026(a)

500,000

514,065

NRG

Energy,

Inc.

,

6.63%,

1/15/2027

76,000

78,320

3.38%,

2/15/2029(a)

150,000

133,337

5.25%,

6/15/2029(a)

300,000

293,169

3.88%,

2/15/2032(a)

75,000

66,000

TerraForm

Power

Operating

LLC

,

5.00%,

1/31/2028(a)

325,000

323,619

4.75%,

1/15/2030(a)

225,000

219,442

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

150,000

150,820

5.63%,

2/15/2027(a)

300,000

299,747

5.00%,

7/31/2027(a)

175,000

172,167

2,946,447

Wireless

Communications

0.5%

Sprint

Corp.

,

7.13%,

6/15/2024

100,000

107,255

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Communications

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026(a)

50,000

47,115

4.75%,

2/1/2028

150,000

152,460

2.63%,

2/15/2029

25,000

22,818

3.38%,

4/15/2029(a)

200,000

190,226

519,874

Total

Corporate

Bonds

(cost

$115,202,176)

110,803,487

Rights

0.0%

†

Number

of

Rights

Cable

Satellite

0.0%

†

Intelsat

Jackson

Holdings

SA12/05/2025*^∞

394

0

Independent

Energy

0.0%

†

Ultra

Resources,

Inc.,

CVR*∞

104

0

Total

Rights

(cost

$0)

0

Warrants

0.0%

†

Number

of

Warrants

Independent

Energy

0.0%

†

Chesapeake

Energy

Corp.,

expiring

2/9/2026

*

195

12,486

Total

Warrants

(cost

$0)

12,486

Total

Investments

(cost

$115,682,229)

—

98.1%

111,487,910

Other

assets

in

excess

of

liabilities

—

1.9%

2,183,324

NET

ASSETS

—

100.0%

$

113,671,234

60

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$93,804,589

which

represents

82.52%

of

net

assets.

(b)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(c)

Security

in

default.

CVR

Contingent

Value

Rights

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

61

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

62

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Cable

Satellite

$

–

$

–

$

94,214

$

94,214

Media

Entertainment

84,901

–

–

84,901

Oil

Field

Services

–

–

492,822

492,822

Total

Common

Stocks

$

84,901

$

–

$

587,036

$

671,937

  Corporate

Bonds

Aerospace

&

Defense

–

1,670,370

–

1,670,370

Airlines

–

478,563

–

478,563

Automotive

–

6,450,157

–

6,450,157

Building

Materials

–

3,611,538

–

3,611,538

Cable

Satellite

–

9,273,643

–

9,273,643

Chemicals

–

3,965,019

–

3,965,019

Construction

Machinery

–

725,442

–

725,442

Consumer

Cyclical

Services

–

2,836,726

–

2,836,726

Consumer

Products

–

2,173,261

–

2,173,261

Diversified

Manufacturing

–

1,031,535

–

1,031,535

Finance

Companies

–

2,074,209

–

2,074,209

Food

&

Beverage

–

2,703,151

–

2,703,151

Food

&

Staples

Retailing

–

–

–

–

Gaming

–

4,442,509

–

4,442,509

Health

Insurance

–

671,415

–

671,415

Healthcare

–

8,146,681

–

8,146,681

Hotels,

Restaurants

&

Leisure

–

244,479

–

244,479

Independent

Energy

–

5,478,914

–

5,478,914

Industrial

-

Other

–

1,611,446

–

1,611,446

Insurance

-

P&C

–

6,659,036

–

6,659,036

Leisure

–

635,683

–

635,683

Media

Entertainment

–

9,023,139

–

9,023,139

Metals

&

Mining

–

934,064

–

934,064

Midstream

–

7,571,297

–

7,571,297

Oil

Field

Services

–

2,268,710

–

2,268,710

Packaging

–

6,302,410

–

6,302,410

Paper

–

733,125

–

733,125

Pharmaceuticals

–

3,745,103

–

3,745,103

Restaurants

–

1,700,193

–

1,700,193

Retailers

–

893,787

–

893,787

Supermarkets

–

573,458

–

573,458

Technology

–

8,462,311

–

8,462,311

Transportation

Services

–

245,792

–

245,792

Utility

-

Electric

–

2,946,447

–

2,946,447

Wireless

Communications

–

519,874

–

519,874

Total

Corporate

Bonds

$

–

$

110,803,487

$

–

$

110,803,487

Rights  

–

–

–

–

Warrants

12,486

–

–

12,486

Total

$

97,387

$

110,803,487

$

587,036

$

111,487,910

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

63

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

During

the

period

ended

March

31,

2022,

the

Fund

held

one

corporate

bond

investment

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Corporate

Bonds

Total

Balance

as

of

12/31/2021

$

418,152

$

—

$418,152

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

(2,125)

(98,507)

(100,632)

Purchases

127,474

—

127,474

Sales

(14,750)

—

(14,750)

Change

in

Unrealized

Appreciation/Depreciation

58,285

98,507

156,792

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

3/31/2022

$

587,036

$

—

$587,036

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

3/31/2022

$

58,285

$

—

$58,285

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

64

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Asset-Backed

Securities

34.6%

Principal

Amount

($)

Value

($)

Airlines

1.6%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

5,831,437

5,765,538

American

Airlines

Pass-

Through

Trust

Series

2013-2,

Class

A,

4.95%,

1/15/2023

1,317,453

1,313,780

Series

2015-1,

Class

B,

3.70%,

5/1/2023

1,728,213

1,692,211

Series

2015-2,

Class

B,

4.40%,

9/22/2023

2,612,255

2,543,192

Series

2016-3,

Class

B,

3.75%,

10/15/2025

2,262,631

2,079,671

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

4,484,361

4,186,683

United

Airlines

Pass-Through

Trust

Series

2016-1,

Class

B,

3.65%,

1/7/2026

6,574,074

6,203,146

Series

2020-1,

Class

A,

5.88%,

10/15/2027

2,625,213

2,717,321

Series

2019-2,

Class

B,

3.50%,

5/1/2028

154,583

139,657

26,641,199

Automobiles

0.5%

Flagship

Credit

Auto

Trust,

Series

2019-4,

Class

A,

2.17%,

6/17/2024(a)

199,828

199,974

Foursight

Capital

Automobile

Receivables

Trust,

Series

2020-1,

Class

A3,

2.05%,

10/15/2024(a)

745,764

746,058

Westlake

Automobile

Receivables

Trust

Series

2022-1A,

Class

B,

2.75%,

3/15/2027(a)

3,500,000

3,465,247

Series

2022-1A,

Class

C,

3.11%,

3/15/2027(a)

3,050,000

3,009,136

7,420,415

Credit

Card

0.6%

Avant

Credit

Card

Master

Trust,

Series

2021-

1A,

Class

A,

1.37%,

4/15/2027(a)

2,250,000

2,138,341

Mercury

Financial

Credit

Card

Master

Trust,

Series

2022-1A,

Class

A,

2.50%,

9/21/2026(a)

8,500,000

8,201,384

10,339,725

Equipment

Loans

&

Leases

0.2%

Atalaya

Equipment

Leasing

Trust

Series

2021-1A,

Class

A2,

1.23%,

5/15/2026(a)

2,523,000

2,475,105

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

Series

2021-1A,

Class

B,

2.08%,

2/15/2027(a)

600,000

576,593

CCG

Receivables

Trust,

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

274,295

274,680

3,326,378

Home

Equity

0.7%

Citigroup

Mortgage

Loan

Trust,

Series

2007-

WFH1,

Class

M1,

0.85%,

1/25/2037(b)

1,416,954

1,428,759

Long

Beach

Mortgage

Loan

Trust,

Series

2005-

WL2,

Class

M2,

1.19%,

8/25/2035(b)

422,594

426,680

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-

NC1,

Class

A2C,

1.22%,

1/25/2035(b)

2,365,626

2,357,985

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.70%,

1/25/2036(b)

653,941

651,744

RASC

Trust,

Series

2005-

KS12,

Class

M2,

1.15%,

1/25/2036(b)

5,853,333

5,835,399

Soundview

Home

Loan

Trust

Series

2005-CTX1,

Class

M3,

1.16%,

11/25/2035(b)

677,634

677,203

Series

2006-WF2,

Class

M1,

0.79%,

12/25/2036(b)

886,522

884,176

12,261,946

Other

31.0%

37

Capital

CLO

I

Series

2021-1A,

Class

A,

1.40%,

10/15/2034(a)(b)

9,400,000

9,273,156

Series

2021-1A,

Class

B1,

1.95%,

10/15/2034(a)(b)

9,200,000

9,004,620

Series

2021-1A,

Class

C,

2.45%,

10/15/2034(a)(b)

2,250,000

2,199,044

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

3,442,250

3,428,557

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

10,168,965

10,180,743

AMMC

CLO

22

Ltd.

Series

2018-22A,

Class

A,

1.29%,

4/25/2031(a)(b)

5,000,000

4,972,190

Series

2018-22A,

Class

B,

1.71%,

4/25/2031(a)(b)

5,000,000

4,927,200

AMMC

CLO

23

Ltd.,

Series

2020-23A,

Class

BR,

1.79%,

10/17/2031(a)(b)

2,000,000

1,975,980

AMMC

CLO

XIII

Ltd.,

Series

2013-13A,

Class

A2LR,

1.96%,

7/24/2029(a)(b)

9,000,000

8,957,916

NVIT

Short

Term

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

65

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

AMSR

Trust

Series

2020-SFR3,

Class

E1,

2.56%,

9/17/2037(a)

2,082,000

1,933,859

Series

2020-SFR3,

Class

E2,

2.76%,

9/17/2037(a)

3,718,000

3,462,254

Apidos

CLO

XXXIII

Series

2020-33A,

Class

AR,

1.41%,

10/24/2034(a)(b)

12,500,000

12,398,487

Series

2020-33A,

Class

BR,

1.86%,

10/24/2034(a)(b)

8,300,000

8,213,954

Apidos

CLO

XXXV

Series

2021-35A,

Class

A,

1.30%,

4/20/2034(a)(b)

7,600,000

7,534,914

Series

2021-35A,

Class

B,

1.65%,

4/20/2034(a)(b)

1,900,000

1,860,603

Ares

LVI

CLO

Ltd.

Series

2020-56A,

Class

AR,

1.42%,

10/25/2034(a)(b)

2,700,000

2,683,919

Series

2020-56A,

Class

CR,

2.26%,

10/25/2034(a)(b)

3,150,000

3,119,854

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

0.00%,

4/20/2035(a)(b)

21,250,000

21,250,000

ARES

XLIV

CLO

Ltd.

Series

2017-44A,

Class

A1R,

1.32%,

4/15/2034(a)

(b)

10,500,000

10,457,926

Series

2017-44A,

Class

A3R1,

1.89%,

4/15/2034(a)

(b)

4,500,000

4,468,401

Barings

CLO

Ltd.,

Series

2021-3A,

Class

B1,

1.70%,

1/18/2035(a)(b)

3,300,000

3,265,680

Bayview

Opportunity

Master

Fund

IVa

Trust,

Series

2017-SPL1,

Class

A,

4.00%,

10/28/2064(a)(b)

2,085,892

2,063,493

Bayview

Opportunity

Master

Fund

IVb

Trust

Series

2017-SPL2,

Class

A,

4.00%,

6/28/2054(a)(b)

2,324,377

2,311,990

Series

2017-SPL4,

Class

A,

3.50%,

1/28/2055(a)(b)

1,171,552

1,163,964

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2012-4A,

Class

BR3,

1.86%,

4/22/2032(a)(b)

6,700,000

6,607,225

Series

2016-1A,

Class

A1R2,

1.39%,

4/20/2034(a)

(b)

700,000

692,123

Carlyle

US

CLO

Ltd.

Series

2021-1A,

Class

A1,

1.38%,

4/15/2034(a)(b)

7,000,000

6,944,476

Series

2021-1A,

Class

A2,

1.69%,

4/15/2034(a)(b)

3,000,000

2,931,660

Series

2020-2A,

Class

A1R,

1.40%,

1/25/2035(a)(b)

150,000

148,695

Series

2020-2A,

Class

A2R,

1.86%,

1/25/2035(a)(b)

2,600,000

2,563,904

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2020-2A,

Class

BR,

2.26%,

1/25/2035(a)(b)

150,000

148,097

Series

2019-4A,

Class

BR,

2.38%,

4/15/2035(a)(b)

1,900,000

1,881,935

Cedar

Funding

II

CLO

Ltd.

Series

2013-1A,

Class

ARR,

1.33%,

4/20/2034(a)(b)

10,000,000

9,882,550

Series

2013-1A,

Class

BRR,

1.60%,

4/20/2034(a)(b)

7,000,000

6,781,670

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

1.25%,

1/20/2031(a)(b)

3,000,000

2,987,535

Cedar

Funding

VIII

CLO

Ltd.

Series

2017-8A,

Class

A1R,

1.39%,

10/17/2034(a)(b)

1,550,000

1,540,007

Series

2017-8A,

Class

BR,

1.89%,

10/17/2034(a)(b)

11,850,000

11,669,240

Cedar

Funding

X

CLO

Ltd.

Series

2019-10A,

Class

AR,

1.35%,

10/20/2032(a)(b)

2,750,000

2,723,482

Series

2019-10A,

Class

BR,

1.85%,

10/20/2032(a)(b)

6,000,000

5,923,914

Series

2019-10A,

Class

CR,

2.30%,

10/20/2032(a)(b)

1,450,000

1,432,191

Cedar

Funding

XII

CLO

Ltd.

Series

2020-12A,

Class

A1R,

1.39%,

10/25/2034(a)

(b)

3,300,000

3,266,033

Series

2020-12A,

Class

BR,

1.86%,

10/25/2034(a)(b)

700,000

687,852

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

1,812,564

1,805,597

Dryden

76

CLO

Ltd.

Series

2019-76A,

Class

A1R,

1.40%,

10/20/2034(a)

(b)

200,000

197,819

Series

2019-76A,

Class

BR,

1.85%,

10/20/2034(a)(b)

5,650,000

5,594,528

Series

2019-76A,

Class

CR,

2.25%,

10/20/2034(a)(b)

1,450,000

1,439,195

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

1,524,175

1,454,886

FCI

Funding

LLC

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

151,590

151,817

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

2,621,539

2,594,727

FREED

ABS

Trust,

Series

2022-2CP,

Class

A,

3.03%,

5/18/2029(a)

2,200,000

2,201,893

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

696,461

671,046

66

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

GoldenTree

Loan

Management

US

CLO

8

Ltd.,

Series

2020-8A,

Class

BR,

1.85%,

10/20/2034(a)

(b)

5,350,000

5,273,340

GoldentTree

Loan

Management

US

CLO

1

Ltd.,

Series

2021-9A,

Class

A,

1.32%,

1/20/2033(a)(b)

19,500,000

19,348,836

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

5,985,955

5,706,734

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

2,370,000

2,355,590

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

300,183

294,980

HERO

Funding

Trust,

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

362,610

363,386

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

1.24%,

4/15/2034(a)(b)

1,350,000

1,327,450

Series

2021-2A,

Class

A,

1.36%,

7/15/2034(a)(b)

16,000,000

15,813,440

Series

2021-2A,

Class

B,

1.84%,

7/15/2034(a)(b)

5,500,000

5,415,916

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.44%,

7/17/2037(a)(b)

1,125,137

1,125,137

LCM

34

Ltd.

Series

34A,

Class

A1,

1.42%,

10/20/2034(a)(b)

11,450,000

11,382,250

Series

34A,

Class

B,

1.85%,

10/20/2034(a)(b)

8,600,000

8,444,985

Madison

Park

Funding

LIII

Ltd.,

Series

2022-

53A,

Class

C,

2.75%,

4/21/2035(a)(b)

3,150,000

3,129,941

Magnetite

XXVII

Ltd.,

Series

2020-27A,

Class

BR,

1.80%,

10/20/2034(a)(b)

4,550,000

4,490,154

Magnetite

XXVIII

Ltd.

Series

2020-28A,

Class

AR,

1.36%,

1/20/2035(a)(b)

10,600,000

10,492,590

Series

2020-28A,

Class

CR,

2.13%,

1/20/2035(a)(b)

3,650,000

3,594,838

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

0.00%,

4/15/2035(a)(b)

21,150,000

21,124,260

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

6,006,337

6,004,953

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.

Series

2019-32A,

Class

AR,

1.24%,

1/20/2032(a)(b)

2,000,000

1,987,932

Series

2019-32A,

Class

BR,

1.65%,

1/20/2032(a)(b)

1,000,000

987,035

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.

Series

2020-38A,

Class

AR,

1.39%,

10/20/2035(a)(b)

9,300,000

9,234,946

Series

2020-38A,

Class

BR,

1.90%,

10/20/2035(a)(b)

5,300,000

5,256,376

Series

2020-38A,

Class

CR,

2.25%,

10/20/2035(a)(b)

2,700,000

2,674,202

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

A,

1.30%,

4/16/2033(a)(b)

11,000,000

10,944,659

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

3,960,000

3,943,219

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

540,000

537,284

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

9,000,000

8,749,060

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

600,000

583,151

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

2.28%,

5/20/2031(a)(b)

10,000,000

10,007,420

REESE

PARK

CLO

Ltd.

Series

2020-1A,

Class

AR,

1.37%,

10/15/2034(a)(b)

1,300,000

1,290,197

Series

2020-1A,

Class

BR,

1.89%,

10/15/2034(a)(b)

5,000,000

4,969,120

Renew

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

2,136,654

2,107,432

Series

2017-2A,

Class

A,

3.22%,

9/22/2053(a)

1,905,481

1,936,860

RR

1

LLC

Series

2017-1A,

Class

A1AB,

1.39%,

7/15/2035(a)

(b)

4,900,000

4,875,495

Series

2017-1A,

Class

A2B,

1.84%,

7/15/2035(a)(b)

2,050,000

2,028,826

RR

19

Ltd.

Series

2021-19A,

Class

A1,

1.26%,

10/15/2035(a)(b)

8,750,000

8,699,066

Series

2021-19A,

Class

A2,

1.77%,

10/15/2035(a)(b)

2,700,000

2,696,504

Southwick

Park

CLO

LLC

Series

2019-4A,

Class

A1R,

1.31%,

7/20/2032(a)(b)

14,500,000

14,387,756

Series

2019-4A,

Class

B1R,

1.75%,

7/20/2032(a)(b)

2,500,000

2,467,802

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A1,

3.75%,

3/25/2058(a)(b)

2,268,046

2,282,347

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

498,270

497,649

Series

2019-4,

Class

A1,

2.90%,

10/25/2059(a)(b)

5,407,290

5,309,361

NVIT

Short

Term

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

67

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Tricon

American

Homes,

Series

2020-SFR1,

Class

B,

2.05%,

7/17/2038(a)

4,760,000

4,395,211

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

13,477,756

13,378,464

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

5,172,391

4,998,643

Series

2020-SFR2,

Class

C,

2.03%,

11/17/2039(a)

1,000,000

890,158

Series

2020-SFR2,

Class

D,

2.28%,

11/17/2039(a)

5,764,000

5,082,763

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/2039(a)

2,826,000

2,525,753

Tricon

Residential

Trust,

Series

2022-SFR1,

Class

D,

4.75%,

4/17/2039(a)

2,250,000

2,252,835

Wellman

Park

CLO

Ltd.

Series

2021-1A,

Class

A,

1.34%,

7/15/2034(a)(b)

16,000,000

15,909,456

Series

2021-1A,

Class

B,

1.84%,

7/15/2034(a)(b)

5,500,000

5,445,775

Whetstone

Park

CLO

Ltd.,

Series

2021-1A,

Class

B1,

1.60%,

1/20/2035(a)(b)

3,300,000

3,268,030

518,322,368

Total

Asset-Backed

Securities

(cost

$587,116,346)

578,312,031

Collateralized

Mortgage

Obligations

9.4%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

3,558,491

3,551,167

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

861,704

843,031

GS

Mortgage-Backed

Securities

Trust

Series

2021-PJ9,

Class

A4,

2.50%,

2/26/2052(a)(b)

9,358,430

8,537,648

Series

2021-PJ10,

Class

A4,

2.50%,

3/25/2052(a)(b)

7,618,680

6,950,331

Series

2022-LTV1,

Class

A8,

3.00%,

6/25/2052(a)(b)

18,666,289

18,128,178

Series

2022-NQM1,

Class

A16,

4.00%,

5/25/2062(a)(b)

4,342,171

4,306,252

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

2,614

2,552

HomeBanc

Mortgage

Trust,

Series

2005-4,

Class

A2,

1.12%,

10/25/2035(b)

524,771

524,643

J.P.

Morgan

Mortgage

Trust

Series

2021-12,

Class

A15,

2.50%,

2/25/2052(a)(b)

3,729,892

3,405,671

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2021-15,

Class

A15,

2.50%,

6/25/2052(a)(b)

10,016,603

9,143,806

JP

Morgan

Mortgage

Trust,

Series

2021-13,

Class

A15,

2.50%,

4/25/2052(a)(b)

8,258,920

7,518,847

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

5,027,372

4,998,642

New

Residential

Mortgage

Loan

Trust

Series

2016-2A,

Class

A1,

3.75%,

11/26/2035(a)(b)

4,945,355

4,942,987

Series

2014-3A,

Class

AFX3,

3.75%,

11/25/2054(a)

(b)

2,281,736

2,276,997

Series

2016-3A,

Class

A1,

3.75%,

9/25/2056(a)(b)

1,022,643

1,030,442

Series

2016-4A,

Class

A1,

3.75%,

11/25/2056(a)(b)

1,069,947

1,078,864

Series

2017-1A,

Class

A1,

4.00%,

2/25/2057(a)(b)

2,717,813

2,723,121

Series

2017-2A,

Class

A3,

4.00%,

3/25/2057(a)(b)

3,865,937

3,874,984

Series

2017-3A,

Class

A1,

4.00%,

4/25/2057(a)(b)

1,665,304

1,670,040

Series

2019-1A,

Class

A1,

3.99%,

9/25/2057(a)(b)

1,699,961

1,707,330

Series

2018-1A,

Class

A1A,

4.00%,

12/25/2057(a)(b)

2,889,786

2,913,445

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

4,229,071

4,281,769

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

2,559,447

2,598,492

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

1,036,365

1,048,800

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

6,968,861

7,120,462

Series

2019-3A,

Class

A1A,

3.75%,

11/25/2058(a)(b)

1,816,468

1,812,965

Series

2019-4A,

Class

A1B,

3.50%,

12/25/2058(a)(b)

4,301,509

4,279,691

Series

2019-6A,

Class

A1B,

3.50%,

9/25/2059(a)(b)

3,358,306

3,331,444

Series

2020-RPL1,

Class

A1,

2.75%,

11/25/2059(a)(b)

5,531,503

5,429,296

PRPM

LLC,

Series

2021-

RPL2,

Class

M1,

2.93%,

10/25/2051(a)(b)

1,900,000

1,771,553

RALI

Trust,

Series

2003-

QS20,

Class

CB,

5.00%,

11/25/2018

29,635

19,263

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

106,393

106,645

Verus

Securitization

Trust

Series

2022-1,

Class

A1,

2.72%,

1/25/2067(a)(c)

10,319,021

10,029,052

Series

2022-1,

Class

A2,

3.03%,

1/25/2067(a)(b)

3,427,421

3,328,495

68

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2022-1,

Class

A3,

3.29%,

1/25/2067(a)(b)

3,415,871

3,314,590

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

6,785,000

6,723,229

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)

5,088,000

5,058,981

Visio

Trust,

Series

2019-

2,

Class

A1,

2.72%,

11/25/2054(a)(b)

6,220,737

6,051,745

Total

Collateralized

Mortgage

Obligations

(cost

$162,273,033)

156,435,450

Commercial

Mortgage-Backed

Securities

0.7%

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

1.30%,

11/17/2024(a)(b)

2,800,000

2,770,510

Eleven

Madison

Trust

Mortgage

Trust,

Series

2015-11MD,

Class

A,

3.55%,

9/10/2035(a)(b)

2,025,000

2,017,734

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C8,

Class

XA,

IO,

0.90%,

12/15/2048(b)

18,921,577

94,502

SPGN

Mortgage

Trust

Series

2022-TFLM,

Class

C,

2.95%,

2/15/2039(a)(b)

1,270,000

1,264,014

Series

2022-TFLM,

Class

D,

3.80%,

2/15/2039(a)(b)

5,730,000

5,703,003

Total

Commercial

Mortgage-Backed

Securities

(cost

$11,956,169)

11,849,763

Corporate

Bonds

27.4%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

5.04%,

5/1/2027

2,750,000

2,895,785

Howmet

Aerospace,

Inc.

,

6.88%,

5/1/2025

1,350,000

1,465,964

Moog,

Inc.

,

4.25%,

12/15/2027(a)

2,000,000

1,942,500

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

2,596,000

2,629,606

8,933,855

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)

595,000

561,531

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

255,000

242,492

804,023

Auto

Components

0.1%

Allison

Transmission,

Inc.

,

4.75%,

10/1/2027(a)(d)

1,350,000

1,328,063

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

1.3%

Daimler

Finance

North

America

LLC

,

3.65%,

2/22/2024(a)(d)

5,000,000

5,046,847

2.70%,

6/14/2024(a)

3,000,000

2,977,223

Hyundai

Capital

America

,

1.80%,

10/15/2025(a)

10,000,000

9,339,776

Nissan

Motor

Acceptance

Co.

LLC

,

2.00%,

3/9/2026(a)

3,860,000

3,531,156

Nissan

Motor

Co.

Ltd.

,

3.52%,

9/17/2025(a)(d)

640,000

627,233

21,522,235

Banks

5.8%

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(e)

8,623,000

8,644,772

(ICE

LIBOR

USD

3

Month

+

0.97%),

3.46%,

3/15/2025(e)

5,000,000

5,030,164

Series

L,

4.18%,

11/25/2027

3,500,000

3,568,413

BNP

Paribas

SA

,

4.38%,

9/28/2025(a)(d)

1,000,000

1,009,622

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(e)

5,000,000

4,881,796

3.50%,

11/16/2027(a)

2,500,000

2,473,883

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(d)(e)

5,000,000

4,766,386

4.40%,

6/10/2025

7,000,000

7,200,884

Citizens

Financial

Group,

Inc.

,

4.30%,

12/3/2025

5,000,000

5,120,219

Cooperatieve

Rabobank

UA

,

3.95%,

11/9/2022(d)

7,770,000

7,869,273

Credit

Agricole

SA

,

4.38%,

3/17/2025(a)

7,470,000

7,553,972

HSBC

Holdings

plc

,

(SOFR

+

0.71%),

0.98%,

5/24/2025(e)

2,000,000

1,898,681

ING

Groep

NV

,

(SOFR

+

1.64%),

3.87%,

3/28/2026(e)

7,500,000

7,536,369

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(e)

2,896,000

2,942,360

(SOFR

+

0.42%),

0.56%,

2/16/2025(e)

11,104,000

10,611,864

Toronto-Dominion

Bank

(The)

,

0.70%,

9/10/2024

10,000,000

9,490,653

Wells

Fargo

&

Co.

,

4.13%,

8/15/2023

7,000,000

7,155,912

97,755,223

Beverages

0.3%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

5,000,000

5,117,419

NVIT

Short

Term

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

69

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

0.1%

AbbVie,

Inc.

,

2.60%,

11/21/2024(d)

2,000,000

1,986,166

Capital

Markets

2.0%

Credit

Suisse

Group

AG

,

(SOFR

+

1.56%),

2.59%,

9/11/2025(a)(e)

8,000,000

7,728,077

4.28%,

1/9/2028(a)

3,000,000

2,996,601

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.05%),

2.91%,

6/5/2023(e)

7,000,000

7,006,909

3.75%,

5/22/2025(d)

2,000,000

2,030,101

S&P

Global,

Inc.

,

2.45%,

3/1/2027(a)(d)

5,000,000

4,864,808

UBS

AG

,

7.50%,

7/15/2025

5,000,000

5,526,495

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

7/30/2024(a)(e)

4,000,000

3,891,009

34,044,000

Chemicals

0.1%

CF

Industries,

Inc.

,

3.45%,

6/1/2023

1,212,000

1,228,968

HB

Fuller

Co.

,

4.00%,

2/15/2027(d)

250,000

246,250

1,475,218

Communications

Equipment

0.1%

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)

1,350,000

1,329,750

Consumer

Finance

0.2%

Ford

Motor

Credit

Co.

LLC

,

3.81%,

1/9/2024

1,850,000

1,846,994

5.58%,

3/18/2024

650,000

668,544

2,515,538

Containers

&

Packaging

0.4%

Ball

Corp.

,

4.00%,

11/15/2023(d)

2,420,000

2,444,200

Berry

Global,

Inc.

,

4.50%,

2/15/2026(a)(d)

1,350,000

1,350,054

Crown

Americas

LLC

,

4.75%,

2/1/2026

700,000

707,476

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

1,350,000

1,363,500

Sealed

Air

Corp.

,

5.13%,

12/1/2024(a)(d)

1,350,000

1,401,385

7,266,615

Diversified

Consumer

Services

0.1%

Service

Corp.

International

,

4.63%,

12/15/2027

1,350,000

1,361,813

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

0.4%

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)

1,400,000

1,402,065

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)(d)

650,000

611,864

Lumen

Technologies,

Inc.

,

4.00%,

2/15/2027(a)(d)

1,400,000

1,303,869

Telefonica

Emisiones

SA

,

4.10%,

3/8/2027(d)

3,500,000

3,579,618

6,897,416

Electric

Utilities

1.7%

Alliant

Energy

Finance

LLC

,

1.40%,

3/15/2026(a)

4,650,000

4,228,842

Evergy

,

Inc.

,

5.29%,

6/15/2022(c)

11,510,000

11,542,869

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

5,250,000

5,032,694

NextEra

Energy

Operating

Partners

LP

,

4.25%,

7/15/2024(a)

1,350,000

1,366,193

Vistra

Operations

Co.

LLC

,

3.55%,

7/15/2024(a)(d)

1,670,000

1,654,171

3.70%,

1/30/2027(a)

2,250,000

2,159,485

5.63%,

2/15/2027(a)

1,750,000

1,748,521

4.30%,

7/15/2029(a)

1,000,000

965,238

28,698,013

Electrical

Equipment

0.2%

Sensata

Technologies

BV

,

4.88%,

10/15/2023(a)(d)

1,880,000

1,936,400

5.63%,

11/1/2024(a)(d)

650,000

671,938

2,608,338

Entertainment

0.6%

Magallanes,

Inc.

,

3.43%,

3/15/2024(a)(d)

10,000,000

10,054,821

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Corporate

Office

Properties

LP

,

2.25%,

3/15/2026

4,699,000

4,477,149

Kimco

Realty

Corp.

,

3.30%,

2/1/2025(d)

6,000,000

5,971,893

Kite

Realty

Group

LP

,

4.00%,

10/1/2026(d)

2,000,000

2,000,876

Kite

Realty

Group

Trust

,

4.00%,

3/15/2025(d)

10,150,000

10,209,990

MGM

Growth

Properties

Operating

Partnership

LP

,

5.63%,

5/1/2024

2,120,000

2,182,498

Regency

Centers

LP

,

3.90%,

11/1/2025

2,000,000

2,033,430

Sabra

Health

Care

LP

,

5.13%,

8/15/2026(d)

6,157,000

6,298,125

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028(d)

1,786,000

1,618,070

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

1,350,000

1,330,088

36,122,119

70

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0.2%

Kraft

Heinz

Foods

Co.

,

3.00%,

6/1/2026

2,625,000

2,587,830

3.88%,

5/15/2027

1,500,000

1,524,742

4,112,572

Health

Care

Equipment

&

Supplies

0.3%

Becton

Dickinson

and

Co.

,

3.70%,

6/6/2027(d)

5,000,000

5,072,594

Health

Care

Providers

&

Services

0.5%

HCA,

Inc.

,

5.88%,

5/1/2023(d)

1,830,000

1,891,763

5.38%,

2/1/2025

650,000

676,325

3.13%,

3/15/2027(a)

6,000,000

5,862,556

8,430,644

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

1,870,000

1,902,725

Hotels,

Restaurants

&

Leisure

0.2%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

1,350,000

1,379,565

International

Game

Technology

plc

,

4.13%,

4/15/2026(a)

1,750,000

1,728,125

3,107,690

Household

Durables

0.2%

Newell

Brands,

Inc.

,

4.35%,

4/1/2023(c)

1,870,000

1,888,284

4.88%,

6/1/2025(d)

2,000,000

2,064,470

3,952,754

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Corp.

,

4.50%,

2/15/2028(a)

1,350,000

1,316,898

Insurance

1.2%

Five

Corners

Funding

Trust

,

4.42%,

11/15/2023(a)

7,577,000

7,744,009

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

7,000,000

6,877,025

Principal

Life

Global

Funding

II

,

2.25%,

11/21/2024(a)(d)

6,000,000

5,865,500

20,486,534

Machinery

0.7%

Amsted

Industries,

Inc.

,

5.63%,

7/1/2027(a)

2,100,000

2,105,250

Daimler

Trucks

Finance

North

America

LLC

,

1.13%,

12/14/2023(a)(d)

10,000,000

9,696,979

11,802,229

Media

1.2%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

9,000,000

9,333,100

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Comcast

Corp.

,

3.70%,

4/15/2024(d)

7,500,000

7,656,281

CSC

Holdings

LLC

,

5.50%,

4/15/2027(a)

2,120,000

2,101,450

Sirius

XM

Radio,

Inc.

,

3.13%,

9/1/2026(a)(d)

1,350,000

1,276,389

20,367,220

Oil,

Gas

&

Consumable

Fuels

2.4%

BP

Capital

Markets

America,

Inc.

,

3.79%,

2/6/2024(d)

5,000,000

5,086,732

BP

Capital

Markets

plc

,

3.81%,

2/10/2024

3,975,000

4,057,875

Continental

Resources,

Inc.

,

4.50%,

4/15/2023

2,810,000

2,843,720

3.80%,

6/1/2024(d)

4,000,000

4,014,640

DCP

Midstream

Operating

LP

,

3.88%,

3/15/2023(d)

1,190,000

1,190,071

5.38%,

7/15/2025

650,000

670,222

Energy

Transfer

LP

,

4.00%,

10/1/2027

3,250,000

3,270,904

MPLX

LP

,

4.25%,

12/1/2027(d)

2,500,000

2,581,914

NGPL

PipeCo

LLC

,

4.88%,

8/15/2027(a)(d)

3,500,000

3,632,860

Targa

Resources

Partners

LP

,

6.50%,

7/15/2027

1,350,000

1,420,376

5.00%,

1/15/2028

5,000,000

5,067,375

Valero

Energy

Corp.

,

2.85%,

4/15/2025(d)

734,000

725,217

Western

Midstream

Operating

LP

,

3.60%,

2/1/2025(c)

1,350,000

1,340,867

Williams

Cos.,

Inc.

(The)

,

3.90%,

1/15/2025(d)

4,500,000

4,563,409

40,466,182

Pharmaceuticals

1.4%

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024

5,676,000

5,718,103

Royalty

Pharma

plc

,

0.75%,

9/2/2023(d)

9,957,000

9,666,959

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023

4,060,000

4,071,255

Viatris

,

Inc.

,

1.65%,

6/22/2025

5,000,000

4,652,742

24,109,059

Professional

Services

0.3%

Equifax,

Inc.

,

2.60%,

12/1/2024(d)

5,000,000

4,938,516

Road

&

Rail

1.1%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)(d)

9,726,000

9,585,110

NVIT

Short

Term

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

71

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Triton

Container

International

Ltd.

,

1.15%,

6/7/2024(a)

10,000,000

9,487,228

19,072,338

Software

0.2%

Oracle

Corp.

,

2.80%,

4/1/2027

1,250,000

1,196,391

PTC,

Inc.

,

3.63%,

2/15/2025(a)

1,350,000

1,334,813

2,531,204

Thrifts

&

Mortgage

Finance

0.9%

BPCE

SA

,

4.00%,

9/12/2023(a)

3,000,000

3,040,116

5.70%,

10/22/2023(a)

6,800,000

7,034,019

5.15%,

7/21/2024(a)

2,620,000

2,700,627

4.88%,

4/1/2026(a)

1,500,000

1,541,251

14,316,013

Tobacco

0.1%

BAT

International

Finance

plc

,

4.45%,

3/16/2028

2,250,000

2,254,785

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

,

2.63%,

4/15/2026(d)

1,000,000

955,220

Total

Corporate

Bonds

(cost

$474,743,986)

459,015,802

Exchange

Traded

Fund

0.6%

Shares

Debt

Funds

0.6%

iShares

Trust

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF(d)

186,220

9,631,298

Total

Exchange

Traded

Fund

(cost

$10,011,187)

9,631,298

Loan

Participation

0.1%

Principal

Amount

($)

Software

0.1%

Open

Text

Corp.,

First

Lien

Term

Loan

B,

(ICE

LIBOR

USD

+

1.75%),

2.20%,

5/30/2025

(e)

928,491

927,331

0

Total

Loan

Participation

(cost

$930,295)

927,331

Mortgage-Backed

Securities

0.2%

Principal

Amount

($)

Value

($)

FHLMC

Non

Gold

Pool

Pool#

1Q0648

1.93%,

6/1/2037(b)

235,598

243,619

Pool#

1B3601

2.32%,

10/1/2037(b)

112,154

112,165

FNMA

Pool

Pool#

747271

2.14%,

7/1/2034(b)

197,277

199,986

Pool#

886345

1.81%,

8/1/2036(b)

29,566

29,580

Pool#

949691

1.98%,

9/1/2037(b)

66,464

66,490

FNMA

UMBS

Pool#

BN0906

,

4.00%,

11/1/2048

2,994,802

3,087,098

Total

Mortgage-Backed

Securities

(cost

$3,691,314)

3,738,938

Purchased

Options

0.0%

†

Number

of

Contracts

Call

Options

0.0%

†

Future

Interest

Rate

Options

0.0%

†

3

Month

Eurodollar

12/19/2022

at

USD

99.38,

American

Style,

Notional

Amount:

USD

500,000,000

Exchange

Traded*

2,000

112,500

3

Month

Eurodollar

12/19/2022

at

USD

98.25,

American

Style,

Notional

Amount:

USD

500,000,000

Exchange

Traded*

2,000

625,000

Total

Purchased

Options

(cost

$2,305,720)

737,500

U.S.

Treasury

Obligations

27.2%

Principal

Amount

($)

U.S.

Treasury

Notes

2.13%,

12/31/2022

135,000

135,686

0.13%,

10/15/2023

40,000,000

38,767,188

0.38%,

4/15/2024

(d)

44,000,000

42,264,063

2.00%,

5/31/2024

51,000,000

50,569,687

0.25%,

6/15/2024

(d)

30,000,000

28,612,500

2.38%,

8/15/2024

(d)

35,000,000

34,919,336

1.50%,

9/30/2024

85,000,000

82,997,851

2.25%,

10/31/2024

5,000,000

4,969,922

2.25%,

11/15/2024

8,000,000

7,950,312

2.00%,

8/15/2025

15,000,000

14,734,570

3.00%,

9/30/2025

116,000,000

117,789,844

2.25%,

11/15/2025

4,000,000

3,959,219

1.25%,

12/31/2026

(d)

3,000,000

2,834,414

1.50%,

2/15/2030

27,000,000

25,312,500

Total

U.S.

Treasury

Obligations

(cost

$475,054,315)

455,817,092

72

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Repurchase

Agreements

1.8%

Principal

Amount

($)

Value

($)

Bank

of

America

NA

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,000,025,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$3,060,000.

(f)

3,000,000

3,000,000

BofA

Securities,

Inc.

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,000,034,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

7/20/2050

-

2/20/2052;

total

market

value

$4,080,000.

(f)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,513,878,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$5,624,110.

(f)

5,513,833

5,513,833

MetLife,

Inc.

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,044,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$5,102,085.

(f)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$7,000,409,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$7,140,121.

(f)

7,000,000

7,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,046,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$5,100,000.

(f)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$29,513,833)

29,513,833

Total

Investments

(cost

$1,757,596,198)

—

102.0%

1,705,979,038

Liabilities

in

excess

of

other

assets

—

(2.0)%

(32,770,162)

NET

ASSETS

—

100.0%

$

1,673,208,876

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$909,242,741

which

represents

54.34%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$68,471,430,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$29,513,833

and

by

$40,863,278

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2022

–

11/15/2051,

a

total

value

of

$70,377,111.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$29,513,833.

CLO

Collateralized

Loan

Obligations

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

NVIT

Short

Term

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

73

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

1,445

6/2022

USD

306,227,111

(3,806,772)

U.S.

Treasury

10

Year

Note

220

6/2022

USD

27,032,500

(757,562)

Total

long

contracts

(4,564,334)

Short

Contracts

U.S.

Treasury

5

Year

Note

(2,232)

6/2022

USD

(255,982,500)

5,744,465

U.S.

Treasury

10

Year

Ultra

Note

(5)

6/2022

USD

(677,344)

20,176

3

Month

Eurodollar

(1,000)

12/2022

USD

(243,350,000)

(212,500)

Total

short

contracts

5,552,141

Net

contracts

987,807

As

of

March

31,

2022,

the

Fund

had

$10,810,064

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Written

Call

Options

Contracts

as

of

March

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

4,000

USD

1,000,000,000

USD

98.63

12/19/2022

(700,000)

3

Month

Eurodollar

Exchange

Traded

2,000

USD

500,000,000

USD

99.63

12/19/2022

(62,500)

(762,500)

Written

Put

Options

Contracts

as

of

March

31,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

2,000

USD

500,000,000

USD

98.88

12/19/2022

(7,850,000)

–

Total

Written

Options

Contracts

(Premiums

Received

($2,476,060))

(8,612,500)

Currency:

USD

United

States

dollar

74

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Short

Term

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

75

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/

or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

578,312,031

$

–

$

578,312,031

Collateralized

Mortgage

Obligations

–

156,435,450

–

156,435,450

Commercial

Mortgage-Backed

Securities

–

11,849,763

–

11,849,763

Corporate

Bonds

–

459,015,802

–

459,015,802

Exchange

Traded

Fund

9,631,298

–

–

9,631,298

Futures

Contracts

5,764,641

–

–

5,764,641

Loan

Participation

–

927,331

–

927,331

Mortgage-Backed

Securities

–

3,738,938

–

3,738,938

Purchased

Option

737,500

–

–

737,500

Repurchase

Agreements

–

29,513,833

–

29,513,833

U.S.

Treasury

Obligations

–

455,817,092

–

455,817,092

Total

Assets

$

16,133,439

$

1,695,610,240

$

–

$

1,711,743,679

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(4,776,834)

$

–

$

–

$

(4,776,834)

Written

Options

(8,612,500)

–

–

(8,612,500)

Total

Liabilities

$

(13,389,334)

$

–

$

–

$

(13,389,334)

Total

$

2,744,105

$

1,695,610,240

$

–

$

1,698,354,345

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

76

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

NVIT

Short

Term

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

77

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

737,500

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

5,764,641

Total

$

6,502,141

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(8,612,500)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(4,776,834)

Total

$

(13,389,334)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

78

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Asset-Backed

Securities

7.4%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

47,520

46,900

Automobiles

1.0%

Americredit

Automobile

Receivables

Trust,

Series

2022-1,

Class

A2,

2.05%,

1/20/2026

2,966,000

2,958,432

Drive

Auto

Receivables

Trust,

Series

2021-2,

Class

B,

0.58%,

12/15/2025

6,250,000

6,094,881

Santander

Drive

Auto

Receivables

Trust

Series

2021-3,

Class

B,

0.60%,

12/15/2025

5,875,000

5,775,126

Series

2022-1,

Class

B,

2.36%,

8/17/2026

4,273,000

4,188,215

19,016,654

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

SBA

Tower

Trust,

2.59%,

10/15/2031(a)

3,130,000

2,848,635

Other

5.4%

Apidos

CLO

XXXIX,

Series

2022-39A,

Class

A1,

1.95%,

4/21/2035(a)(b)

8,660,000

8,649,582

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(a)

4,008,000

3,772,351

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2I,

2.05%,

11/20/2051(a)

4,175,535

3,809,491

Flexential

Issuer,

Series

2021-1A,

Class

A2,

3.25%,

11/27/2051(a)

4,941,000

4,678,067

Fortress

Credit

Opportunities

IX

CLO

Ltd.,

Series

2017-

9A,

Class

A1TR,

1.67%,

10/15/2033(a)(b)

7,250,000

7,202,077

FREED

ABS

Trust,

Series

2021-3FP,

Class

B,

1.01%,

11/20/2028(a)

2,880,000

2,804,011

MCF

CLO

IX

Ltd.,

Series

2019-1A,

Class

A1R,

1.69%,

7/17/2031(a)(b)

6,213,000

6,191,310

MF1

Ltd.

Series

2021-FL7,

Class

AS,

1.88%,

10/16/2036(a)(b)

6,378,500

6,196,954

Series

2022-FL8,

Class

A,

1.40%,

2/19/2037(a)(b)

4,332,500

4,316,108

Neuberger

Berman

Loan

Advisers

CLO

47

Ltd.,

Series

2022-47A,

Class

A,

1.55%,

4/14/2035(a)(b)

12,721,428

12,677,336

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

7,268,000

6,777,443

Pagaya

AI

Debt

Selection

Trust,

Series

2021-3,

Class

A,

1.15%,

5/15/2029(a)

1,789,355

1,752,883

PFS

Financing

Corp.,

Series

2021-B,

Class

A,

0.77%,

8/15/2026(a)

8,280,000

7,786,163

Purewest

Funding

LLC,

Series

2021-1,

Class

A1,

4.09%,

12/22/2036(a)

2,724,665

2,636,892

Textainer

Marine

Containers

VII

Ltd.,

Series

2021-

2A,

Class

A,

2.23%,

4/20/2046(a)

3,498,167

3,241,013

Textainer

Marine

Containers

VIII

Ltd.,

Series

2020-

2A,

Class

A,

2.10%,

9/20/2045(a)

3,623,760

3,406,681

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

1.43%,

7/21/2034(a)(b)

1,450,000

1,436,508

Upstart

Securitization

Trust,

Series

2021-5,

Class

A,

1.31%,

11/20/2031(a)

2,586,140

2,472,765

Voya

CLO

Ltd.,

Series

2019-2A,

Class

A,

1.52%,

7/20/2032(a)(b)

14,600,000

14,534,504

104,342,139

Student

Loan

0.9%

Navient

Private

Education

Refi

Loan

Trust

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

6,978,718

6,569,088

Series

2021-GA,

Class

A,

1.58%,

4/15/2070(a)

6,686,054

6,343,514

Navient

Student

Loan

Trust,

Series

2019-7A,

Class

A1,

0.96%,

1/25/2068(a)(b)

3,567,007

3,562,402

16,475,004

Total

Asset-Backed

Securities

(cost

$146,835,123)

142,729,332

Collateralized

Mortgage

Obligations

1.1%

Angel

Oak

Mortgage

Trust,

Series

2019-6,

Class

A1,

2.62%,

11/25/2059(a)(b)

974,627

973,587

GCAT

Trust,

Series

2019-

NQM3,

Class

A1,

2.69%,

11/25/2059(a)(b)

1,195,180

1,172,109

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

79

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

New

Residential

Mortgage

Loan

Trust

Series

2022-NQM1,

Class

A1,

2.28%,

1/25/2026(a)(b)

9,736,792

9,466,783

Series

2019-NQM5,

Class

A1,

2.71%,

11/25/2059(a)(b)

1,584,315

1,576,327

Starwood

Mortgage

Residential

Trust,

Series

2021-3,

Class

A1,

1.13%,

6/25/2056(a)(b)

3,091,894

2,930,586

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

2.64%,

11/25/2059(a)(c)

538,026

537,455

Series

2021-3,

Class

A1,

1.05%,

6/25/2066(a)(b)

3,939,575

3,738,216

Total

Collateralized

Mortgage

Obligations

(cost

$21,060,300)

20,395,063

Commercial

Mortgage-Backed

Securities

1.3%

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC11,

Class

B,

3.73%,

4/10/2046(b)

4,100,000

4,105,857

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

4,752,387

GS

Mortgage

Securities

Trust,

Series

2012-GCJ7,

Class

B,

4.74%,

5/10/2045

3,087,906

3,085,372

Wells

Fargo

Commercial

Mortgage

Trust

Series

2012-LC5,

Class

B,

4.14%,

10/15/2045

3,110,000

3,124,673

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

3,795,000

3,808,722

Series

2017-C39,

Class

A5,

3.42%,

9/15/2050

3,895,000

3,902,848

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

AS,

4.07%,

9/15/2057(b)

2,620,000

2,639,935

Total

Commercial

Mortgage-Backed

Securities

(cost

$26,208,781)

25,419,794

Corporate

Bonds

49.9%

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)

,

2.20%,

2/4/2026

4,607,000

4,355,534

3.63%,

2/1/2031

10,130,000

9,859,989

5.71%,

5/1/2040

1,560,000

1,743,223

5.81%,

5/1/2050

3,910,000

4,515,022

5.93%,

5/1/2060

1,930,000

2,228,351

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028

5,750,000

5,750,261

TransDigm

,

Inc.

,

6.25%,

3/15/2026(a)

705,000

723,781

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

TransDigm,

Inc.,

6.38%,

6/15/2026

500,000

504,513

7.50%,

3/15/2027

425,000

437,750

5.50%,

11/15/2027

610,000

605,425

30,723,849

Airlines

0.6%

Air

Canada

,

3.88%,

8/15/2026(a)

255,000

240,656

American

Airlines

Group,

Inc.

,

5.00%,

6/1/2022(a)

4,944,000

4,942,022

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

805,000

811,038

5.75%,

4/20/2029(a)

500,000

498,125

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

1,250,000

1,229,594

4.63%,

4/15/2029(a)

4,641,000

4,413,359

12,134,794

Auto

Components

0.2%

Allison

Transmission,

Inc.

,

3.75%,

1/30/2031(a)

4,062,000

3,684,843

Goodyear

Tire

&

Rubber

Co.

(The)

,

9.50%,

5/31/2025

430,000

455,278

5.00%,

7/15/2029(a)

220,000

204,943

4,345,064

Automobiles

0.8%

Ford

Motor

Co.

,

4.75%,

1/15/2043

360,000

326,973

5.29%,

12/8/2046

360,000

349,418

General

Motors

Co.

,

6.80%,

10/1/2027

3,845,000

4,339,999

Stellantis

Finance

US,

Inc.

,

2.69%,

9/15/2031(a)

1,521,000

1,335,077

Volkswagen

Group

of

America

Finance

LLC

,

3.13%,

5/12/2023(a)

1,745,000

1,756,853

3.35%,

5/13/2025(a)

3,485,000

3,474,061

3.75%,

5/13/2030(a)

4,385,000

4,346,869

15,929,250

Banks

6.8%

Banco

de

Credito

e

Inversiones

SA

,

3.50%,

10/12/2027(a)

200,000

203,000

Banco

Santander

SA

,

Reg.

S,

(USD

ICE

Swap

Rate

5

Year

+

4.99%),

7.50%,

2/08/2024(d)(e)

1,200,000

1,245,000

2.75%,

12/3/2030

4,400,000

3,872,418

Bank

of

America

Corp.

,

Series

JJ,

(ICE

LIBOR

USD

3

Month

+

3.29%),

5.12%,

6/20/2024(d)(e)

1,870,000

1,884,025

Series

X,

(ICE

LIBOR

USD

3

Month

+

3.71%),

6.25%,

9/05/2024(d)(e)

1,240,000

1,281,788

4.45%,

3/3/2026

4,155,000

4,297,052

80

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

Series

FF,

(ICE

LIBOR

USD

3

Month

+

2.93%),

5.87%,

3/15/2028(d)(e)

1,000,000

1,009,800

(ICE

LIBOR

USD

3

Month

+

1.51%),

3.71%,

4/24/2028(e)

3,125,000

3,144,985

(SOFR

+

2.15%),

2.59%,

4/29/2031(e)

4,605,000

4,248,419

(SOFR

+

1.32%),

2.69%,

4/22/2032(e)

5,870,000

5,398,268

(SOFR

+

1.22%),

2.30%,

7/21/2032(e)

5,145,000

4,579,128

BNP

Paribas

SA

,

3.50%,

3/1/2023(a)

7,020,000

7,090,126

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%,

2/25/2031(a)(d)(e)

1,290,000

1,151,338

Citigroup,

Inc.

,

Series

U,

(SOFR

+

3.81%),

5.00%,

9/12/2024(d)(e)

1,239,000

1,226,610

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(d)(e)

750,000

718,125

(ICE

LIBOR

USD

3

Month

+

0.90%),

3.35%,

4/24/2025(e)

5,475,000

5,488,021

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%,

12/10/2025(d)(e)

840,000

806,400

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(e)

2,080,000

2,103,399

Citizens

Financial

Group,

Inc.

,

Series

B,

(ICE

LIBOR

USD

3

Month

+

3.00%),

6.00%,

7/06/2023(d)(e)

2,650,000

2,583,750

Fifth

Third

Bancorp

,

Series

H,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.10%,

6/30/2023(d)(e)

2,560,000

2,531,200

Series

L,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%),

4.50%,

9/30/2025(d)(e)

655,000

643,538

HSBC

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%,

12/17/2030(d)(e)

7,857,000

7,012,373

ING

Groep

NV

,

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%,

4/16/2025(d)(e)

1,000,000

1,037,500

(SOFR

+

1.64%),

3.87%,

3/28/2026(e)

7,254,000

7,289,176

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

ING

Groep

NV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%,

11/16/2026(d)(e)

1,385,000

1,392,618

Intesa

Sanpaolo

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.60%),

4.20%,

6/1/2032(a)(e)

1,975,000

1,745,920

JPMorgan

Chase

&

Co.

,

Series

CC,

(ICE

LIBOR

USD

3

Month

+

2.58%),

4.62%,

11/01/2022(d)(e)

1,430,000

1,350,978

Series

FF,

(SOFR

+

3.38%),

5.00%,

8/01/2024(d)(e)

1,385,000

1,380,395

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(d)(e)

775,000

746,906

(ICE

LIBOR

USD

3

Month

+

1.16%),

3.22%,

3/1/2025(e)

9,650,000

9,684,170

Series

KK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.65%,

6/01/2026(d)(e)

450,000

420,750

(SOFR

+

1.51%),

2.74%,

10/15/2030(e)

4,550,000

4,299,391

(SOFR

+

1.07%),

1.95%,

2/4/2032(e)

4,610,000

4,038,372

(SOFR

+

1.51%),

2.53%,

11/19/2041(e)

2,385,000

1,958,751

Natwest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%),

4.60%,

6/28/2031(d)(e)

1,890,000

1,663,200

NBK

Tier

1

Financing

2

Ltd.

,

(CMTUSD6Y

+

2.83%),

4.50%,

8/27/2025(a)(d)(e)

200,000

194,520

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.49%,

12/14/2026(a)(e)

6,395,000

5,781,262

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%,

8/19/2028(a)(d)(e)

1,820,000

1,597,114

Truist

Financial

Corp.

,

Series

N,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.80%,

9/01/2024(d)(e)

2,185,000

2,146,763

Series

L,

(ICE

LIBOR

USD

3

Month

+

3.10%),

5.05%,

12/15/2024(d)(e)

760,000

731,500

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

81

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Financial

Corp.,

Series

P,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%),

4.95%,

9/01/2025(d)(e)

590,000

604,160

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

3/01/2030(d)(e)

650,000

659,100

Turkiye

Vakiflar

Bankasi

TAO

,

6.50%,

1/8/2026(a)

200,000

190,872

Wells

Fargo

&

Co.

,

Series

S,

(ICE

LIBOR

USD

3

Month

+

3.11%),

5.90%,

6/15/2024(d)(e)

1,290,000

1,299,675

Series

U,

(ICE

LIBOR

USD

3

Month

+

3.99%),

5.87%,

6/15/2025(d)(e)

645,000

673,896

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%,

3/15/2026(d)(e)

1,335,000

1,279,664

(SOFR

+

2.00%),

2.19%,

4/30/2026(e)

1,680,000

1,620,600

(SOFR

+

1.51%),

3.53%,

3/24/2028(e)

3,183,000

3,176,608

(SOFR

+

1.43%),

2.88%,

10/30/2030(e)

8,980,000

8,534,939

(SOFR

+

2.53%),

3.07%,

4/30/2041(e)

5,055,000

4,544,319

132,561,882

Beverages

1.2%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

2,805,000

3,119,566

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

7,843,000

8,379,793

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

2,677,000

2,584,961

2.88%,

5/1/2030

6,555,000

6,148,528

2.25%,

8/1/2031

2,625,000

2,311,433

22,544,281

Biotechnology

1.1%

AbbVie,

Inc.

,

2.30%,

11/21/2022

2,105,000

2,112,097

2.95%,

11/21/2026

12,930,000

12,808,467

Amgen,

Inc.

,

2.80%,

8/15/2041

5,190,000

4,455,899

Gilead

Sciences,

Inc.

,

2.80%,

10/1/2050

2,675,000

2,189,016

21,565,479

Building

Products

0.3%

Carrier

Global

Corp.

,

2.49%,

2/15/2027

1,046,000

996,745

2.72%,

2/15/2030

3,515,000

3,303,684

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

PGT

Innovations,

Inc.

,

4.38%,

10/1/2029(a)

823,000

767,447

5,067,876

Capital

Markets

2.5%

Credit

Suisse

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%,

8/21/2026(a)(d)(e)

1,600,000

1,579,312

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.29%),

5.10%,

1/24/2030(a)(d)(e)

1,705,000

1,568,600

Goldman

Sachs

Group,

Inc.

(The)

,

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%),

5.50%,

8/10/2024(d)(e)

968,000

987,650

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%,

2/10/2025(d)(e)

1,144,000

1,141,826

(ICE

LIBOR

USD

3

Month

+

1.20%),

3.27%,

9/29/2025(e)

2,200,000

2,204,164

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%,

5/10/2026(d)(e)

605,000

560,759

Series

U,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.65%,

8/10/2026(d)(e)

1,060,000

969,900

(SOFR

+

1.09%),

1.99%,

1/27/2032(e)

4,720,000

4,088,842

(SOFR

+

1.28%),

2.62%,

4/22/2032(e)

5,415,000

4,921,482

(SOFR

+

1.25%),

2.38%,

7/21/2032(e)

6,565,000

5,814,639

Moody's

Corp.

,

2.75%,

8/19/2041

2,695,000

2,301,146

Morgan

Stanley

,

(SOFR

+

1.15%),

2.72%,

7/22/2025(e)

3,440,000

3,405,500

3.63%,

1/20/2027

4,000,000

4,034,385

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(e)

2,825,000

2,847,044

(SOFR

+

1.14%),

2.70%,

1/22/2031(e)

7,235,000

6,789,081

(SOFR

+

1.02%),

1.93%,

4/28/2032(e)

4,630,000

4,001,888

82

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG

,

Reg.

S,

(USD

Swap

Semi

5

Year

+

4.59%),

6.87%,

8/07/2025(d)(e)

1,276,000

1,335,015

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%,

2/10/2031(a)(d)(e)

1,040,000

938,600

49,489,833

Chemicals

1.6%

Alpek

SAB

de

CV

,

3.25%,

2/25/2031(a)

4,982,000

4,539,848

Braskem

Idesa

SAPI

,

7.45%,

11/15/2029(a)

2,000,000

2,032,000

6.99%,

2/20/2032(a)

3,628,000

3,555,658

Braskem

Netherlands

Finance

BV

,

5.88%,

1/31/2050(a)

6,500,000

6,448,000

NOVA

Chemicals

Corp.

,

5.25%,

6/1/2027(a)

348,000

346,552

Orbia

Advance

Corp.

SAB

de

CV

,

2.88%,

5/11/2031(a)

6,351,000

5,620,571

Sasol

Financing

USA

LLC

,

5.88%,

3/27/2024

400,000

405,320

4.38%,

9/18/2026

200,000

191,000

6.50%,

9/27/2028

400,000

406,080

Sherwin-Williams

Co.

(The)

,

2.90%,

3/15/2052

5,312,000

4,353,553

Tronox

,

Inc.

,

4.63%,

3/15/2029(a)

290,000

271,513

Westlake

Corp.

,

3.38%,

8/15/2061

2,530,000

2,057,900

30,227,995

Commercial

Services

&

Supplies

0.2%

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(a)

505,000

507,525

Nielsen

Finance

LLC

,

5.63%,

10/1/2028(a)

890,000

896,408

5.88%,

10/1/2030(a)

290,000

290,725

Prime

Security

Services

Borrower

LLC

,

5.75%,

4/15/2026(a)

590,000

601,903

3.38%,

8/31/2027(a)

150,000

137,233

6.25%,

1/15/2028(a)

1,250,000

1,223,244

3,657,038

Construction

&

Engineering

0.0%

†

IHS

Netherlands

Holdco

BV

,

8.00%,

9/18/2027(a)

200,000

199,100

Construction

Materials

0.5%

Cemex

SAB

de

CV

,

5.20%,

9/17/2030(a)

4,603,000

4,579,985

3.88%,

7/11/2031(a)

5,000,000

4,562,550

9,142,535

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

3.1%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

5,542,000

4,995,889

Ally

Financial,

Inc.

,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

4.70%,

5/15/2026(d)(e)

1,820,000

1,713,184

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.48%),

4.70%,

5/15/2028(d)(e)

695,000

632,450

American

Express

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%,

9/15/2026(d)(e)

1,625,000

1,480,863

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

0.88%,

12/6/2024(e)

12,218,000

12,150,637

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%,

9/01/2026(d)(e)

1,000,000

930,100

Discover

Financial

Services

,

Series

C,

(ICE

LIBOR

USD

3

Month

+

3.08%),

5.50%,

10/30/2027(d)(e)

3,050,000

2,948,130

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025

10,914,000

10,359,760

4.13%,

8/17/2027

7,453,000

7,284,935

5.11%,

5/3/2029

585,000

588,469

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

2,741,000

2,452,928

2.35%,

1/8/2031

10,208,000

8,832,780

OneMain

Finance

Corp.

,

6.13%,

3/15/2024

350,000

358,750

8.88%,

6/1/2025

70,000

73,749

7.13%,

3/15/2026

335,000

358,078

3.50%,

1/15/2027

450,000

416,250

Synchrony

Financial

,

2.88%,

10/28/2031

5,103,000

4,524,408

60,101,360

Containers

&

Packaging

0.6%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

4.00%,

9/1/2029(a)

3,043,000

2,742,199

Graham

Packaging

Co.,

Inc.

,

7.13%,

8/15/2028(a)

295,000

267,712

LABL,

Inc.

,

5.88%,

11/1/2028(a)

1,187,000

1,112,813

Sealed

Air

Corp.

,

1.57%,

10/15/2026(a)

6,640,000

6,048,958

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

83

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(c)

585,000

582,075

10,753,757

Diversified

Financial

Services

0.6%

Banque

Centrale

de

Tunisie

,

Reg.

S,

5.75%,

1/30/2025

200,000

133,400

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(a)

10,714,000

9,754,359

MPH

Acquisition

Holdings

LLC

,

5.75%,

11/1/2028(a)

1,410,000

1,273,131

11,160,890

Diversified

Telecommunication

Services

2.5%

Altice

France

Holding

SA

,

6.00%,

2/15/2028(a)

1,010,000

871,125

Altice

France

SA

,

8.13%,

2/1/2027(a)

355,000

366,051

5.50%,

1/15/2028(a)

540,000

500,418

AT&T,

Inc.

,

4.35%,

3/1/2029

2,955,000

3,127,036

2.25%,

2/1/2032

4,105,000

3,639,979

3.50%,

6/1/2041

1,420,000

1,307,422

3.50%,

9/15/2053

12,145,000

10,656,558

3.65%,

9/15/2059

1,290,000

1,131,243

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

100,000

101,404

4.75%,

3/1/2030(a)

55,000

52,813

4.50%,

8/15/2030(a)

855,000

802,240

Consolidated

Communications,

Inc.

,

5.00%,

10/1/2028(a)

155,000

133,391

6.50%,

10/1/2028(a)

100,000

92,140

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(a)

625,000

620,813

5.00%,

5/1/2028(a)

220,000

211,200

6.75%,

5/1/2029(a)

330,000

316,800

5.88%,

11/1/2029

570,000

521,416

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

520,000

489,492

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

195,000

225,944

8.75%,

3/15/2032

265,000

356,955

TELUS

Corp.

,

3.40%,

5/13/2032

9,000,000

8,804,261

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030

6,085,000

5,284,167

2.65%,

11/20/2040

1,185,000

1,008,030

3.55%,

3/22/2051

3,500,000

3,288,939

3.70%,

3/22/2061

5,420,000

5,020,414

Virgin

Media

Finance

plc

,

5.00%,

7/15/2030(a)

585,000

552,530

49,482,781

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

2.4%

AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(a)

4,000,000

3,810,000

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

3,156,000

3,101,343

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

3,230,000

3,350,305

Duke

Energy

Corp.

,

3.50%,

6/15/2051

2,665,000

2,431,705

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

2,500,000

2,220,992

Edison

International

,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%,

12/15/2026(d)(e)

2,457,000

2,305,894

Entergy

Texas,

Inc.

,

1.75%,

3/15/2031

10,050,000

8,776,472

Exelon

Corp.

,

4.05%,

4/15/2030

6,194,000

6,393,664

FirstEnergy

Corp.

,

Series

C,

7.38%,

11/15/2031

45,000

55,501

Series

C,

5.35%,

7/15/2047(c)

450,000

469,503

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

2,345,000

2,121,499

NextEra

Energy

Capital

Holdings,

Inc.

,

1.90%,

6/15/2028

2,320,000

2,137,531

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

490,000

430,999

3.88%,

2/15/2032(a)

385,000

338,800

Pacific

Gas

and

Electric

Co.

,

3.25%,

6/1/2031

5,875,000

5,314,106

3.30%,

8/1/2040

1,410,000

1,153,954

Perusahaan

Listrik

Negara

PT

,

Reg.

S,

5.25%,

10/24/2042

200,000

202,012

Southwestern

Public

Service

Co.

,

Series

8,

3.15%,

5/1/2050

2,825,000

2,529,252

Vistra

Operations

Co.

LLC

,

4.38%,

5/1/2029(a)

270,000

255,150

47,398,682

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026

2,886,000

2,749,187

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

425,000

428,825

6.88%,

9/1/2027

85,000

85,327

3,263,339

84

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

0.3%

Lions

Gate

Capital

Holdings

LLC

,

5.50%,

4/15/2029(a)

695,000

669,806

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(a)

785,000

836,041

4.75%,

10/15/2027(a)

385,000

375,375

Magallanes,

Inc.

,

3.64%,

3/15/2025(a)

4,095,000

4,119,881

6,001,103

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

Crown

Castle

International

Corp.

,

1.05%,

7/15/2026

1,655,000

1,495,191

2.10%,

4/1/2031

1,655,000

1,431,221

EPR

Properties

,

4.50%,

6/1/2027

385,000

379,631

4.95%,

4/15/2028

340,000

340,143

3.75%,

8/15/2029

140,000

131,048

Extra

Space

Storage

LP

,

2.35%,

3/15/2032

1,535,000

1,347,129

GLP

Capital

LP

,

3.25%,

1/15/2032

1,358,000

1,232,113

Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(a)

3,905,000

3,861,069

5.25%,

3/15/2028(a)

785,000

774,481

5.00%,

7/15/2028(a)

70,000

68,241

4.88%,

9/15/2029(a)

110,000

104,706

5.25%,

7/15/2030(a)

215,000

210,700

5.63%,

7/15/2032(a)

895,000

881,825

Ventas

Realty

LP

,

3.50%,

4/15/2024

6,105,000

6,123,448

VICI

Properties

LP

,

4.25%,

12/1/2026(a)

174,000

173,269

18,554,215

Food

&

Staples

Retailing

0.4%

7-Eleven,

Inc.

,

1.80%,

2/10/2031(a)

3,130,000

2,695,822

Performance

Food

Group,

Inc.

,

6.88%,

5/1/2025(a)

55,000

56,913

5.50%,

10/15/2027(a)

500,000

497,600

Sysco

Corp.

,

6.60%,

4/1/2050

1,511,000

2,030,799

3.15%,

12/14/2051

2,505,000

2,136,358

7,417,492

Food

Products

0.9%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032

4,222,000

4,131,792

J

M

Smucker

Co.

(The)

,

2.75%,

9/15/2041

4,817,000

3,923,359

Kraft

Heinz

Foods

Co.

,

5.20%,

7/15/2045

35,000

37,887

4.88%,

10/1/2049

5,265,000

5,547,362

Mondelez

International,

Inc.

,

2.13%,

3/17/2024

2,419,000

2,401,221

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(a)

36,000

36,178

5.63%,

1/15/2028(a)

780,000

765,621

4.63%,

4/15/2030(a)

705,000

634,817

4.50%,

9/15/2031(a)

345,000

305,667

17,783,904

Health

Care

Equipment

&

Supplies

0.1%

Stryker

Corp.

,

0.60%,

12/1/2023

2,350,000

2,279,299

Health

Care

Providers

&

Services

1.6%

Cigna

Corp.

,

3.75%,

7/15/2023

5,207,000

5,283,016

2.40%,

3/15/2030

7,075,000

6,538,256

Community

Health

Systems,

Inc.

,

8.00%,

3/15/2026(a)

430,000

447,811

5.63%,

3/15/2027(a)

125,000

127,304

8.00%,

12/15/2027(a)

479,000

507,927

6.00%,

1/15/2029(a)

135,000

136,410

6.88%,

4/15/2029(a)

850,000

835,125

6.13%,

4/1/2030(a)

885,000

823,466

4.75%,

2/15/2031(a)

220,000

207,900

CVS

Health

Corp.

,

3.00%,

8/15/2026

3,045,000

3,020,067

3.25%,

8/15/2029

3,725,000

3,677,888

1.75%,

8/21/2030

4,080,000

3,575,697

DaVita,

Inc.

,

4.63%,

6/1/2030(a)

940,000

877,772

HCA,

Inc.

,

7.69%,

6/15/2025

85,000

93,606

5.38%,

9/1/2026

690,000

724,500

3.13%,

3/15/2027(a)

1,099,000

1,073,825

5.63%,

9/1/2028

145,000

156,781

Tenet

Healthcare

Corp.

,

6.75%,

6/15/2023

340,000

354,103

4.88%,

1/1/2026(a)

1,856,000

1,872,240

6.13%,

10/1/2028(a)

1,370,000

1,392,263

31,725,957

Hotels,

Restaurants

&

Leisure

0.5%

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

350,000

361,354

8.13%,

7/1/2027(a)

770,000

825,020

Scientific

Games

International,

Inc.

,

5.00%,

10/15/2025(a)

228,000

233,700

8.25%,

3/15/2026(a)

330,000

343,613

7.00%,

5/15/2028(a)

655,000

678,904

Starbucks

Corp.

,

2.55%,

11/15/2030

5,610,000

5,224,985

Wynn

Las

Vegas

LLC

,

5.50%,

3/1/2025(a)

1,063,000

1,063,021

5.25%,

5/15/2027(a)

375,000

362,813

9,093,410

Household

Durables

0.0%

†

Taylor

Morrison

Communities,

Inc.

,

5.88%,

6/15/2027(a)

260,000

270,400

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

85

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Durables

Taylor

Morrison

Communities,

Inc.,

5.75%,

1/15/2028(a)

465,000

478,950

5.13%,

8/1/2030(a)

180,000

175,950

925,300

Independent

Power

and

Renewable

Electricity

Producers

0.5%

AES

Andes

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.92%),

6.35%,

10/7/2079(a)(e)

5,000,000

4,937,550

Calpine

Corp.

,

4.50%,

2/15/2028(a)

735,000

716,978

5.13%,

3/15/2028(a)

590,000

562,022

4.63%,

2/1/2029(a)

792,000

728,640

5.00%,

2/1/2031(a)

1,223,000

1,112,930

Vistra

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.74%),

7.00%,

12/15/2026(a)(d)(e)

1,075,000

1,046,781

9,104,901

Insurance

1.9%

Allianz

SE

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%,

10/30/2027(a)(d)(e)

8,200,000

7,113,500

American

International

Group,

Inc.

,

4.38%,

6/30/2050

4,738,000

5,192,939

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

5,963,000

5,710,242

Liberty

Mutual

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.12%,

12/15/2051(a)(e)

5,514,000

5,196,945

Massachusetts

Mutual

Life

Insurance

Co.

,

3.73%,

10/15/2070(a)

5,250,000

4,698,484

MetLife,

Inc.

,

6.40%,

12/15/2036

7,586,000

8,168,605

36,080,715

Internet

&

Direct

Marketing

Retail

0.3%

Amazon.com,

Inc.

,

3.10%,

5/12/2051

3,765,000

3,533,419

Prosus

NV

,

3.26%,

1/19/2027(a)

2,250,000

2,055,519

5,588,938

IT

Services

0.4%

Fidelity

National

Information

Services,

Inc.

,

3.10%,

3/1/2041

5,750,000

4,974,935

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

International

Business

Machines

Corp.

,

3.30%,

5/15/2026

2,635,000

2,662,591

Kyndryl

Holdings,

Inc.

,

2.05%,

10/15/2026(a)

1,054,000

940,973

8,578,499

Media

2.9%

AMC

Networks,

Inc.

,

4.25%,

2/15/2029

7,846,000

7,321,848

Charter

Communications

Operating

LLC

,

4.46%,

7/23/2022

3,880,000

3,894,225

2.80%,

4/1/2031

2,835,000

2,555,168

5.75%,

4/1/2048

4,000,000

4,252,541

4.80%,

3/1/2050

1,720,000

1,633,844

3.70%,

4/1/2051

2,565,000

2,113,813

Comcast

Corp.

,

2.35%,

1/15/2027

7,820,000

7,603,832

3.30%,

2/1/2027

2,740,000

2,779,453

Cox

Communications,

Inc.

,

4.80%,

2/1/2035(a)

6,985,000

7,344,817

CSC

Holdings

LLC

,

7.50%,

4/1/2028(a)

505,000

496,162

6.50%,

2/1/2029(a)

200,000

201,588

5.75%,

1/15/2030(a)

2,425,000

2,158,250

4.63%,

12/1/2030(a)

445,000

372,149

DISH

DBS

Corp.

,

5.13%,

6/1/2029

345,000

293,799

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

7,500,000

7,590,699

Outfront

Media

Capital

LLC

,

5.00%,

8/15/2027(a)

531,000

519,095

4.63%,

3/15/2030(a)

120,000

112,950

Paramount

Global

,

4.20%,

5/19/2032

4,317,000

4,323,123

Radiate

Holdco

LLC

,

4.50%,

9/15/2026(a)

160,000

154,400

6.50%,

9/15/2028(a)

395,000

373,522

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

440,000

422,400

56,517,678

Metals

&

Mining

0.2%

ArcelorMittal

SA

,

7.00%,

10/15/2039(c)

285,000

334,519

6.75%,

3/1/2041(c)

95,000

112,351

Corp.

Nacional

del

Cobre

de

Chile

,

3.15%,

1/14/2030(a)

260,000

250,012

Reg.

S,

5.63%,

9/21/2035

100,000

113,540

CSN

Inova

Ventures

,

6.75%,

1/28/2028(a)

219,000

226,939

First

Quantum

Minerals

Ltd.

,

6.88%,

3/1/2026(a)

405,000

416,279

Freeport-McMoRan,

Inc.

,

5.25%,

9/1/2029

245,000

256,660

5.40%,

11/14/2034

385,000

427,369

5.45%,

3/15/2043

825,000

923,868

86

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Nexa

Resources

SA

,

5.38%,

5/4/2027(a)

318,000

322,770

Reg.

S,

5.38%,

5/4/2027

200,000

203,000

3,587,307

Multiline

Retail

0.2%

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)

3,942,000

3,888,822

Multi-Utilities

0.3%

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025

2,645,000

2,474,366

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

3,120,000

2,667,415

5,141,781

Oil,

Gas

&

Consumable

Fuels

5.7%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

,

Reg.

S,

4.60%,

11/2/2047

550,000

581,691

4.60%,

11/2/2047(a)

200,000

211,524

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

795,000

798,975

3.25%,

1/31/2032(a)

630,000

572,853

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)

675,000

647,193

4.30%,

4/15/2032(a)

3,995,000

4,005,427

EIG

Pearl

Holdings

Sarl

,

4.39%,

11/30/2046(a)

9,720,000

9,088,200

Energy

Transfer

LP

,

4.50%,

11/1/2023

4,000,000

4,060,730

2.90%,

5/15/2025

2,930,000

2,865,984

Enterprise

Products

Operating

LLC

,

4.25%,

2/15/2048

5,310,000

5,331,226

Series

E,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.25%,

8/16/2077(e)

2,500,000

2,350,283

Genesis

Energy

LP

,

6.50%,

10/1/2025

115,000

113,425

6.25%,

5/15/2026

330,000

319,539

8.00%,

1/15/2027

95,000

97,727

Howard

Midstream

Energy

Partners

LLC

,

6.75%,

1/15/2027(a)

970,000

950,600

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

2,120,000

2,370,040

Korea

National

Oil

Corp.

,

1.75%,

4/18/2025(a)

2,812,000

2,690,240

Leviathan

Bond

Ltd.

,

Reg.

S,

6.75%,

6/30/2030(a)

105,286

108,129

Magellan

Midstream

Partners

LP

,

3.25%,

6/1/2030

2,270,000

2,209,542

Marathon

Oil

Corp.

,

4.40%,

7/15/2027

1,710,000

1,762,827

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

9,845,000

10,230,663

MPLX

LP

,

4.90%,

4/15/2058

7,900,000

7,951,292

NGPL

PipeCo

LLC

,

7.77%,

12/15/2037(a)

3,413,000

4,283,406

Parkland

Corp.

,

4.50%,

10/1/2029(a)

5,948,000

5,514,658

4.63%,

5/1/2030(a)

3,000,000

2,790,000

Petroleos

de

Venezuela

SA

,

Reg.

S,

6.00%,

5/16/2024(f)

322,820

21,387

Reg.

S,

6.00%,

11/15/2026(e)(f)

830,693

58,149

Reg.

S,

5.38%,

4/12/2027(f)

789,800

52,324

Petroleos

Mexicanos

,

6.88%,

10/16/2025(a)

97,000

101,695

5.95%,

1/28/2031

435,000

401,509

6.70%,

2/16/2032(a)

759,000

721,050

6.75%,

9/21/2047

303,000

246,309

7.69%,

1/23/2050

116,000

101,355

6.95%,

1/28/2060

131,000

106,321

Phillips

66

,

1.30%,

2/15/2026

2,420,000

2,261,420

Pioneer

Natural

Resources

Co.

,

2.15%,

1/15/2031

4,695,000

4,231,039

Saudi

Arabian

Oil

Co.

,

Reg.

S,

4.25%,

4/16/2039

950,000

972,528

4.25%,

4/16/2039(a)

200,000

204,743

Southern

Gas

Corridor

CJSC

,

Reg.

S,

6.88%,

3/24/2026

2,000,000

2,182,560

6.88%,

3/24/2026(a)

206,000

224,804

Suncor

Energy,

Inc.

,

3.10%,

5/15/2025

2,810,000

2,791,069

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030

6,234,000

6,474,258

Transcanada

Trust

,

Series

16-A,

(ICE

LIBOR

USD

3

Month

+

4.64%),

5.87%,

8/15/2076(e)

1,515,000

1,531,332

Valero

Energy

Corp.

,

4.00%,

6/1/2052

1,972,000

1,853,290

Western

Midstream

Operating

LP

,

4.55%,

2/1/2030(c)

560,000

557,200

Williams

Cos.,

Inc.

(The)

,

4.50%,

11/15/2023

1,955,000

1,995,658

2.60%,

3/15/2031

10,000,000

9,208,109

3.50%,

10/15/2051

2,000,000

1,750,559

109,954,842

Paper

&

Forest

Products

0.3%

Suzano

Austria

GmbH

,

6.00%,

1/15/2029

200,000

215,894

3.13%,

1/15/2032

5,750,000

5,090,935

5,306,829

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

87

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

0.4%

Bausch

Health

Cos.,

Inc.

,

6.13%,

4/15/2025(a)

626,000

631,478

5.50%,

11/1/2025(a)

340,000

337,025

5.75%,

8/15/2027(a)

3,407,000

3,357,087

Organon

&

Co.

,

5.13%,

4/30/2031(a)

795,000

767,175

Viatris

,

Inc.

,

4.00%,

6/22/2050

4,135,000

3,473,716

8,566,481

Real

Estate

Management

&

Development

0.1%

Realogy

Group

LLC

,

4.88%,

6/1/2023(a)

100,000

100,625

5.75%,

1/15/2029(a)

1,105,000

1,041,463

1,142,088

Road

&

Rail

0.6%

AerCap

Global

Aviation

Trust

,

(ICE

LIBOR

USD

3

Month

+

4.30%),

6.50%,

6/15/2045(a)(e)

229,000

224,223

Avis

Budget

Car

Rental

LLC

,

5.38%,

3/1/2029(a)

2,483,000

2,446,301

Canadian

Pacific

Railway

Co.

,

3.00%,

12/2/2041

2,941,000

2,645,597

Hertz

Corp.

(The)

,

4.63%,

12/1/2026(a)

486,000

453,839

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(a)

6,000,000

5,485,712

11,255,672

Semiconductors

&

Semiconductor

Equipment

1.4%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

4,411,000

4,116,882

3.47%,

4/15/2034(a)

9,110,000

8,437,056

3.14%,

11/15/2035(a)

694,000

611,478

3.19%,

11/15/2036(a)

9,155,000

7,947,354

Micron

Technology,

Inc.

,

2.70%,

4/15/2032

1,124,000

1,017,568

NXP

BV

,

3.25%,

11/30/2051(a)

5,000,000

4,228,765

26,359,103

Software

0.4%

Oracle

Corp.

,

4.00%,

7/15/2046

2,510,000

2,227,230

3.60%,

4/1/2050

3,585,000

2,973,264

3.95%,

3/25/2051

1,505,000

1,315,694

VMware,

Inc.

,

2.20%,

8/15/2031

2,540,000

2,236,299

8,752,487

Specialty

Retail

0.2%

Asbury

Automotive

Group,

Inc.

,

4.63%,

11/15/2029(a)

3,127,000

2,912,019

Lowe's

Cos.,

Inc.

,

2.80%,

9/15/2041

1,484,000

1,271,048

4,183,067

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

1.1%

Apple,

Inc.

,

3.35%,

2/9/2027

2,545,000

2,598,902

2.38%,

2/8/2041

2,595,000

2,260,474

2.70%,

8/5/2051

2,530,000

2,199,321

2.55%,

8/20/2060

2,035,000

1,667,727

Dell

International

LLC

,

5.45%,

6/15/2023

1,302,000

1,341,246

6.02%,

6/15/2026

1,800,000

1,949,812

8.10%,

7/15/2036

1,296,000

1,704,226

8.35%,

7/15/2046

602,000

879,757

3.45%,

12/15/2051(a)

6,699,000

5,442,198

Western

Digital

Corp.

,

2.85%,

2/1/2029

1,293,000

1,181,272

21,224,935

Tobacco

0.5%

Altria

Group,

Inc.

,

3.40%,

2/4/2041

1,829,000

1,500,961

4.25%,

8/9/2042

2,457,000

2,189,193

BAT

Capital

Corp.

,

2.26%,

3/25/2028

4,275,000

3,835,837

BAT

International

Finance

plc

,

1.67%,

3/25/2026

3,036,000

2,785,858

10,311,849

Trading

Companies

&

Distributors

0.0%

†

United

Rentals

North

America,

Inc.

,

3.75%,

1/15/2032

810,000

755,325

Wireless

Telecommunication

Services

0.9%

Sprint

Corp.

,

7.13%,

6/15/2024

355,000

380,755

7.63%,

3/1/2026

315,000

355,575

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028

2,985,000

2,726,242

2.63%,

2/15/2029

215,000

196,237

2.40%,

3/15/2029(a)

2,561,000

2,345,148

3.88%,

4/15/2030

5,240,000

5,260,117

2.55%,

2/15/2031

2,990,000

2,711,336

2.88%,

2/15/2031

550,000

495,512

4.38%,

4/15/2040

2,975,000

2,987,623

17,458,545

Total

Corporate

Bonds

(cost

$1,035,641,983)

967,290,329

Foreign

Government

Securities

1.4%

ANGOLA

0.1%

Republic

of

Angola,

Reg.

S,

8.25%,

5/9/2028

200,000

203,500

Reg.

S,

8.00%,

11/26/2029

240,000

240,869

Reg.

S,

9.38%,

5/8/2048

1,000,000

982,100

Reg.

S,

9.13%,

11/26/2049

200,000

194,292

1,620,761

ARGENTINA

0.1%

Argentine

Republic,

1.00%,

7/9/2029

758,076

258,936

88

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

0.50%,

7/9/2030(c)

1,280,000

428,813

2.00%,

1/9/2038(c)

1,780,588

669,679

2.50%,

7/9/2041(c)

1,840,000

648,434

2,005,862

CHILE

0.0%

†

Republic

of

Chile,

2.55%,

7/27/2033

200,000

182,122

COLOMBIA

0.1%

Republic

of

Colombia,

7.38%,

9/18/2037

132,000

148,302

6.13%,

1/18/2041

290,000

281,338

5.00%,

6/15/2045

1,000,000

841,610

5.20%,

5/15/2049

330,000

281,249

1,552,499

DOMINICAN

REPUBLIC

0.1%

Dominican

Republic

Government

Bond,

Reg.

S,

6.00%,

7/19/2028

150,000

152,252

Reg.

S,

7.45%,

4/30/2044

100,000

105,500

Reg.

S,

6.85%,

1/27/2045

320,000

316,803

Reg.

S,

6.40%,

6/5/2049

150,000

140,251

Reg.

S,

5.88%,

1/30/2060

650,000

555,750

1,270,556

ECUADOR

0.1%

Republic

of

Ecuador,

0.00%,

7/31/2030(a)

97,034

53,855

5.00%,

7/31/2030(a)(c)

396,900

331,416

Reg.

S,

5.00%,

7/31/2030(c)

310,000

258,853

1.00%,

7/31/2035(a)(c)

750,130

490,592

0.50%,

7/31/2040(a)(c)

476,700

271,724

1,406,440

EGYPT

0.1%

Arab

Republic

of

Egypt,

Reg.

S,

8.50%,

1/31/2047

400,000

340,312

Reg.

S,

7.90%,

2/21/2048

430,000

348,382

Reg.

S,

8.70%,

3/1/2049

600,000

511,824

1,200,518

GHANA

0.1%

Republic

of

Ghana,

Reg.

S,

7.75%,

4/7/2029

400,000

292,360

Reg.

S,

10.75%,

10/14/2030

530,000

558,514

Reg.

S,

8.63%,

4/7/2034

400,000

284,000

Reg.

S,

7.88%,

2/11/2035

200,000

139,156

Reg.

S,

8.88%,

5/7/2042

242,000

168,432

Reg.

S,

8.95%,

3/26/2051

200,000

139,100

1,581,562

INDONESIA

0.1%

Republic

of

Indonesia,Reg

S

Reg.

S,

8.50%,

10/12/2035

940,000

1,339,897

Reg.

S,

7.75%,

1/17/2038

185,000

253,259

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

Reg.

S,

5.25%,

1/17/2042

790,000

880,850

2,474,006

IVORY

COAST

0.1%

Republic

of

Cote

d'Ivoire,

Reg.

S,

5.75%,

12/31/2032(c)

1,313,890

1,286,051

Reg.

S,

6.13%,

6/15/2033

1,350,000

1,304,748

2,590,799

KENYA

0.0%

†

Republic

of

Kenya,

Reg.

S,

6.30%,

1/23/2034

200,000

171,500

MEXICO

0.2%

United

Mexican

States,

4.75%,

4/27/2032

3,615,000

3,828,827

NIGERIA

0.0%

†

Federal

Republic

of

Nigeria,

5.63%,

6/27/2022

200,000

199,190

Reg.

S,

7.63%,

11/21/2025

400,000

416,000

Reg.

S,

7.88%,

2/16/2032

300,000

283,590

898,780

OMAN

0.0%

†

Sultanate

of

Oman

Government

Bond,

Reg.

S,

6.50%,

3/8/2047

200,000

195,763

Reg.

S,

6.75%,

1/17/2048

549,000

547,693

Reg.

S,

7.00%,

1/25/2051

200,000

204,502

947,958

PANAMA

0.0%

†

Republic

of

Panama,

8.88%,

9/30/2027

400,000

507,336

PERU

0.0%

†

Republic

of

Peru,

8.75%,

11/21/2033

660,000

954,545

6.55%,

3/14/2037

22,000

27,792

982,337

QATAR

0.1%

State

of

Qatar,

Reg.

S,

3.75%,

4/16/2030

230,000

242,654

Reg.

S,

4.82%,

3/14/2049

1,000,000

1,184,860

1,427,514

ROMANIA

0.1%

Romania

Government

Bond,

Reg.

S,

3.00%,

2/14/2031

918,000

847,519

Reg.

S,

5.13%,

6/15/2048

290,000

300,729

Reg.

S,

4.00%,

2/14/2051

200,000

172,680

1,320,928

SENEGAL

0.0%

†

Republic

of

Senegal,

Reg.

S,

6.75%,

3/13/2048

400,000

344,904

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

89

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

TURKEY

0.0%

†

Turkiye

Ihracat

Kredi

Bankasi

A/S,

5.38%,

10/24/2023(a)

200,000

196,709

8.25%,

1/24/2024(a)

200,000

205,052

401,761

UKRAINE

0.1%

Ukraine

Government

Bond,

Reg.

S,

7.75%,

9/1/2025

120,000

51,456

Reg.

S,

7.75%,

9/1/2027

410,000

173,438

Reg.

S,

9.75%,

11/1/2028

1,500,000

634,530

Reg.

S,

6.88%,

5/21/2029

300,000

124,177

Reg.

S,

7.38%,

9/25/2032

290,000

120,057

0.00%,

5/31/2040(a)(b)

228,000

69,841

Ukreximbank

,

9.63%,

4/27/2022(a)

20,000

5,166

1,178,665

VENEZUELA,

BOLIVARIAN

REPUBLIC

OF

0.0%

†

Bolivarian

Republic

of

Venezuela,

Reg.

S,

8.25%,

10/13/2024(f)

542,900

44,518

Total

Foreign

Government

Securities

(cost

$31,584,027)

27,940,153

Mortgage-Backed

Securities

11.5%

FHLMC

Gold

Pool

Pool#

G13072

5.00%,

4/1/2023

286

291

Pool#

G13122

5.00%,

4/1/2023

145

148

Pool#

G13225

5.00%,

6/1/2023

3,265

3,330

Pool#

J08443

5.00%,

7/1/2023

1,174

1,198

Pool#

C03795

3.50%,

4/1/2042

508,790

519,338

Pool#

Q08997

3.50%,

6/1/2042

310,854

317,322

Pool#

Q19480

4.00%,

6/1/2043

762,849

794,431

Pool#

V80509

4.00%,

10/1/2043

119,331

124,704

Pool#

Q29697

3.50%,

11/1/2044

366,454

374,027

Pool#

G07961

3.50%,

3/1/2045

297,137

303,256

Pool#

V82196

4.50%,

1/1/2046

145,990

154,718

Pool#

G61281

3.50%,

1/1/2048

810,948

821,757

FHLMC

UMBS

Pool

Pool#

QA7325

3.00%,

2/1/2050

1,437,451

1,413,030

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QA6750

3.00%,

2/1/2050

139,954

137,274

Pool#

QA8311

3.00%,

3/1/2050

1,054,729

1,039,022

Pool#

QB4785

2.50%,

10/1/2050

1,951,367

1,865,887

Pool#

QB9401

2.00%,

3/1/2051

2,632,319

2,448,773

Pool#

RA5910

3.50%,

9/1/2051

9,169,680

9,194,740

FNMA

UMBS

Pool

Pool#

AH9471

4.50%,

4/1/2041

295,360

307,169

Pool#

AH4038

4.50%,

4/1/2041

212,188

225,783

Pool#

AI3506

4.50%,

6/1/2041

10,777

11,438

Pool#

AQ9328

3.50%,

1/1/2043

102,620

104,501

Pool#

AB9046

3.50%,

4/1/2043

622,848

635,356

Pool#

AT2021

3.50%,

4/1/2043

429,248

437,077

Pool#

AB9864

3.50%,

7/1/2043

235,075

239,793

Pool#

AS0212

3.50%,

8/1/2043

961,416

980,703

Pool#

AS0210

3.50%,

8/1/2043

596,908

608,885

Pool#

AU3742

3.50%,

8/1/2043

350,992

357,422

Pool#

AU6857

4.00%,

9/1/2043

364,962

378,447

Pool#

AU4386

4.00%,

10/1/2043

99,542

103,838

Pool#

AS1559

4.00%,

1/1/2044

581,456

608,014

Pool#

AW2478

4.50%,

6/1/2044

147,647

155,679

Pool#

AL6432

4.00%,

1/1/2045

620,153

646,979

Pool#

AS5175

3.50%,

6/1/2045

609,594

621,238

Pool#

AS6464

3.50%,

1/1/2046

491,413

500,584

Pool#

BO8947

3.00%,

1/1/2050

816,828

800,050

Pool#

FM4334

3.00%,

4/1/2050

1,717,873

1,689,286

Pool#

BP9581

2.50%,

8/1/2050

1,625,654

1,553,141

Pool#

FM5316

2.00%,

12/1/2050

1,747,409

1,627,553

Pool#

CA8817

2.00%,

2/1/2051

3,761,332

3,500,162

Pool#

BR4515

2.00%,

2/1/2051

2,555,982

2,378,965

Pool#

BR4029

2.00%,

2/1/2051

2,306,380

2,147,759

90

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BR4051

2.00%,

2/1/2051

1,718,400

1,599,696

Pool#

BR2667

2.00%,

2/1/2051

1,677,494

1,561,202

Pool#

BR7795

2.50%,

4/1/2051

3,324,341

3,176,417

Pool#

FM7151

2.00%,

5/1/2051

989,403

920,316

Pool#

FM7189

2.50%,

5/1/2051

3,136,570

2,997,294

Pool#

FM7738

2.50%,

6/1/2051

2,348,146

2,243,406

Pool#

BT0417

2.50%,

6/1/2051

1,474,084

1,408,332

Pool#

BT1339

2.50%,

7/1/2051

2,470,405

2,360,211

Pool#

FM8178

2.50%,

7/1/2051

1,566,983

1,497,087

Pool#

CB1038

2.50%,

7/1/2051

1,496,018

1,429,288

Pool#

FM9563

3.00%,

10/1/2051

17,889,911

17,554,032

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

4/25/2037

21,850,000

21,220,959

2.50%,

4/25/2037

21,890,000

21,632,622

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

4/25/2052

29,140,000

27,048,977

2.50%,

4/25/2052

21,850,000

20,846,266

3.00%,

4/25/2052

10,230,000

10,006,219

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

539,718

552,663

Pool#

MA0783

3.50%,

2/20/2043

658,480

676,071

Pool#

MA2892

3.50%,

6/20/2045

34,050

34,840

Pool#

MA3663

3.50%,

5/20/2046

399,410

406,946

Pool#

MA3803

3.50%,

7/20/2046

188,472

191,808

Pool#

MA4262

3.50%,

2/20/2047

15,918

16,160

Pool#

MA4510

3.50%,

6/20/2047

614,103

622,958

Pool#

MA4586

3.50%,

7/20/2047

416,006

421,985

Pool#

MA4837

3.50%,

11/20/2047

719,569

729,947

Pool#

MA4962

3.50%,

1/20/2048

426,638

432,403

Pool#

MA6542

3.50%,

3/20/2050

485,436

489,102

GNMA

TBA

2.00%,

4/15/2052

11,690,000

11,120,112

2.50%,

4/15/2052

17,480,000

16,953,552

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

TBA

3.00%,

4/15/2052

13,090,000

12,936,090

Total

Mortgage-Backed

Securities

(cost

$232,150,166)

223,220,029

Municipal

Bond

0.2%

California

0.2

%

State

of

California,

GO,

7.55%,

4/1/2039

3,000,000

4,448,541

Total

Municipal

Bond

(cost

$5,139,210)

4,448,541

Supranational

0.7%

Banque

Ouest

Africaine

de

Developpement

5.00%,

7/27/2027

200,000

201,364

4.70%,

10/22/2031(a)

200,000

197,260

Eastern

&

Southern

African

Trade

&

Development

Bank,

4.88%,

5/23/2024

200,000

200,608

European

Investment

Bank,

0.63%,

10/21/2027

1,365,000

1,227,159

International

Bank

for

Reconstruction

&

Development

0.50%,

10/28/2025

3,870,000

3,590,710

0.75%,

11/24/2027

5,280,000

4,773,168

0.75%,

8/26/2030

3,450,000

2,985,940

Total

Supranational

(cost

$14,546,780)

13,176,209

U.S.

Government

Agency

Securities

0.5%

FHLB,

5.50%,

7/15/2036

2,310,000

3,015,610

FNMA

0.50%,

11/7/2025

2,245,000

2,090,056

5.63%,

7/15/2037

3,060,000

4,107,621

Total

U.S.

Government

Agency

Securities

(cost

$9,230,851)

9,213,287

U.S.

Treasury

Obligations

29.3%

U.S.

Treasury

Bonds

1.13%,

5/15/2040

12,950,700

10,204,747

1.88%,

2/15/2041

2,855,000

2,542,177

2.25%,

5/15/2041

20,013,000

18,892,741

1.75%,

8/15/2041

92,399,800

80,084,639

3.63%,

8/15/2043

1,745,000

2,024,473

3.13%,

8/15/2044

30,177,900

32,622,781

3.13%,

5/15/2048

5,250,000

5,861,543

1.25%,

5/15/2050

4,221,600

3,148,720

1.88%,

2/15/2051

8,220,200

7,182,721

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

91

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

2.38%,

5/15/2051

68,814,400

67,432,736

1.88%,

11/15/2051

1,645,000

1,442,974

U.S.

Treasury

Inflation

Linked

Notes,

0.38%,

7/15/2027

(g)

3,905,000

4,780,125

U.S.

Treasury

Notes

0.38%,

1/31/2026

930,000

856,872

0.75%,

8/31/2026

99,649,900

92,359,111

0.88%,

9/30/2026

77,531,000

72,167,429

0.50%,

4/30/2027

38,846,600

35,235,080

0.50%,

6/30/2027

736,900

665,973

1.25%,

9/30/2028

64,381,000

59,743,556

1.38%,

10/31/2028

7,135,600

6,670,671

1.25%,

8/15/2031

49,015,300

44,557,971

1.38%,

11/15/2031

20,162,600

18,499,186

Total

U.S.

Treasury

Obligations

(cost

$612,571,189)

566,976,226

Total

Investments

(cost

$2,134,968,410)

—

103.3%

2,000,808,963

Liabilities

in

excess

of

other

assets

—

(3.3)%

(63,784,603)

NET

ASSETS

—

100.0%

$

1,937,024,360

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$429,136,065

which

represents

22.15%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2022.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2022.

The

maturity

date

reflects

the

next

call

date.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(f)

Security

in

default.

(g)

Principal

amounts

are

not

adjusted

for

inflation.

CLO

Collateralized

Loan

Obligations

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

92

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

60

6/2022

USD

9,003,750

(184,403)

Total

long

contracts

(184,403)

Short

Contracts

U.S.

Treasury

2

Year

Note

(9)

6/2022

USD

(1,907,297)

22,767

U.S.

Treasury

5

Year

Note

(67)

6/2022

USD

(7,684,063)

54,618

U.S.

Treasury

10

Year

Note

(134)

6/2022

USD

(16,465,250)

(23,262)

U.S.

Treasury

10

Year

Ultra

Note

(987)

6/2022

USD

(133,707,656)

4,372,684

U.S.

Treasury

Ultra

Bond

(501)

6/2022

USD

(88,739,625)

3,455,206

Total

short

contracts

7,882,013

Net

contracts

7,697,610

As

of

March

31,

2022,

the

Fund

had

$5,830,460

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

93

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

142,729,332

$

–

$

142,729,332

Collateralized

Mortgage

Obligations

–

20,395,063

–

20,395,063

Commercial

Mortgage-Backed

Securities

–

25,419,794

–

25,419,794

Corporate

Bonds

–

967,290,329

–

967,290,329

Foreign

Government

Securities

–

27,940,153

–

27,940,153

Futures

Contracts

7,905,275

–

–

7,905,275

Mortgage-Backed

Securities

–

223,220,029

–

223,220,029

Municipal

Bond

–

4,448,541

–

4,448,541

Supranational

–

13,176,209

–

13,176,209

U.S.

Government

Agency

Securities

–

9,213,287

–

9,213,287

94

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Treasury

Obligations

$

–

$

566,976,226

$

–

$

566,976,226

Total

Assets

$

7,905,275

$

2,000,808,963

$

–

$

2,008,714,238

Liabilities:

Futures

Contracts

$

(207,665)

$

–

$

–

$

(207,665)

Total

Liabilities

$

(207,665)

$

–

$

–

$

(207,665)

Total

$

7,697,610

$

2,000,808,963

$

–

$

2,008,506,573

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

95

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

7,905,275

Total

$

7,905,275

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(207,665)

Total

$

(207,665)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.3%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust

Series

2012-1,

Class

A,

4.15%,

4/11/2024

194,961

195,568

Series

2013-1,

Class

A,

4.30%,

8/15/2025

314,017

313,575

Series

2020-1,

Class

A,

5.88%,

10/15/2027

315,026

326,079

835,222

Automobiles

0.2%

Americredit

Automobile

Receivables

Trust,

Series

2018-1,

Class

D,

3.82%,

3/18/2024

1,600,000

1,615,102

Carmax

Auto

Owner

Trust

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

1,120,000

1,092,949

Series

2021-1,

Class

A4,

0.53%,

10/15/2026

510,000

482,530

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

1,290,000

1,285,596

4,476,177

Credit

Card

0.0%

†

BA

Credit

Card

Trust,

Series

2021-A1,

Class

A1,

0.44%,

9/15/2026

100,000

95,671

Electric

Utilities

0.0%

†

Evergy

Metro,

Inc.,

3.65%,

8/15/2025

500,000

507,521

Total

Asset-Backed

Securities

(cost

$5,937,454)

5,914,591

Commercial

Mortgage-Backed

Securities

1.9%

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

1,375,000

1,395,553

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A2,

3.98%,

7/15/2051

431,346

434,878

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

1,037,964

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

2,965,360

Series

2021-B25,

Class

A5,

2.58%,

4/15/2054

1,500,000

1,409,007

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC25,

Class

AS,

4.02%,

10/10/2047

1,500,000

1,509,391

Series

2016-P5,

Class

A4,

2.94%,

10/10/2049

600,000

588,806

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,518,224

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

2,870,241

Commercial

Mortgage

Trust

Series

2014-UBS2,

Class

A5,

3.96%,

3/10/2047

1,500,000

1,517,150

Series

2014-UBS3,

Class

A4,

3.82%,

6/10/2047

1,500,000

1,514,903

Series

2015-DC1,

Class

A5,

3.35%,

2/10/2048

1,000,000

998,471

Series

2015-PC1,

Class

A5,

3.90%,

7/10/2050

1,000,000

1,012,767

CSAIL

Commercial

Mortgage

Trust,

Series

2018-

CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,279,633

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K024,

Class

A2,

2.57%,

9/25/2022

96,457

96,744

Series

K026,

Class

A2,

2.51%,

11/25/2022

898,935

902,216

Series

K031,

Class

A2,

3.30%,

4/25/2023(a)

400,000

404,304

Series

K033,

Class

A2,

3.06%,

7/25/2023(a)

950,000

959,200

Series

K037,

Class

A2,

3.49%,

1/25/2024

800,000

810,543

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,500,000

2,547,793

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

858,924

Series

K121,

Class

A2,

1.55%,

10/25/2030

2,000,000

1,804,690

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

2,627,541

FNMA

ACES

REMICS,

Series

2013-M6,

Class

1AC,

3.35%,

2/25/2043(a)

137,107

138,853

GS

Mortgage

Securities

Trust,

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

1,500,000

1,490,867

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2013-C10,

Class

A5,

4.07%,

7/15/2046(a)

500,000

504,310

Series

2015-C24,

Class

A4,

3.73%,

5/15/2048

1,000,000

1,007,618

Morgan

Stanley

Capital

I

Trust

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

1,180,000

1,168,550

Series

2021-L7,

Class

A5,

2.57%,

10/15/2054

3,000,000

2,800,160

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

1,500,000

1,505,424

2

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,513,469

Total

Commercial

Mortgage-Backed

Securities

(cost

$42,718,380)

41,193,554

Corporate

Bonds

25.2%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

250,000

241,802

4.88%,

5/1/2025

300,000

309,501

2.20%,

2/4/2026

250,000

236,354

2.25%,

6/15/2026(b)

500,000

472,604

5.04%,

5/1/2027

500,000

526,506

3.20%,

3/1/2029(b)

500,000

476,465

2.95%,

2/1/2030(b)

85,000

78,758

5.15%,

5/1/2030

800,000

853,166

3.25%,

2/1/2035

100,000

89,290

5.71%,

5/1/2040

500,000

558,725

3.75%,

2/1/2050

340,000

302,748

5.81%,

5/1/2050

500,000

577,369

5.93%,

5/1/2060

160,000

184,734

General

Dynamics

Corp.

,

1.15%,

6/1/2026

45,000

41,860

2.63%,

11/15/2027

300,000

295,301

3.63%,

4/1/2030(b)

200,000

205,980

2.25%,

6/1/2031

30,000

28,006

2.85%,

6/1/2041

50,000

45,369

4.25%,

4/1/2050(b)

200,000

225,073

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027

200,000

196,904

L3Harris

Technologies,

Inc.

,

3.95%,

5/28/2024

257,000

259,526

2.90%,

12/15/2029(b)

100,000

96,124

1.80%,

1/15/2031

185,000

160,742

4.85%,

4/27/2035

90,000

97,759

Leidos,

Inc.

,

3.63%,

5/15/2025

100,000

99,975

Lockheed

Martin

Corp.

,

2.90%,

3/1/2025

500,000

503,020

3.55%,

1/15/2026

250,000

255,981

3.60%,

3/1/2035

110,000

111,143

4.07%,

12/15/2042

393,000

419,528

4.70%,

5/15/2046(b)

250,000

290,346

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025(b)

500,000

501,113

4.75%,

6/1/2043

250,000

282,266

4.03%,

10/15/2047

400,000

420,871

Raytheon

Technologies

Corp.

,

3.95%,

8/16/2025(b)

200,000

206,306

1.90%,

9/1/2031(b)

50,000

44,232

2.38%,

3/15/2032

185,000

169,836

4.70%,

12/15/2041

50,000

54,560

4.50%,

6/1/2042

700,000

771,886

3.75%,

11/1/2046

100,000

98,319

4.63%,

11/16/2048

400,000

452,040

3.03%,

3/15/2052(b)

195,000

170,845

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

255,696

11,668,629

Air

Freight

&

Logistics

0.1%

FedEx

Corp.

,

3.10%,

8/5/2029(b)

100,000

98,553

3.90%,

2/1/2035

380,000

377,821

4.55%,

4/1/2046(b)

500,000

523,504

5.25%,

5/15/2050(b)

200,000

231,621

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027(b)

100,000

100,935

6.20%,

1/15/2038

295,000

384,571

3.40%,

9/1/2049(b)

320,000

319,682

5.30%,

4/1/2050

150,000

196,135

2,232,822

Airlines

0.0%

†

American

Airlines

Pass-

Through

Trust

,

Series

2021-1,

Class

A,

2.88%,

7/11/2034

300,000

270,810

Southwest

Airlines

Co.

,

5.13%,

6/15/2027(b)

275,000

293,985

2.63%,

2/10/2030(b)

400,000

364,834

929,629

Auto

Components

0.0%

†

Aptiv

plc

,

3.25%,

3/1/2032(b)

110,000

104,258

5.40%,

3/15/2049(b)

150,000

163,842

3.10%,

12/1/2051

50,000

39,749

4.15%,

5/1/2052

100,000

93,778

BorgWarner,

Inc.

,

3.38%,

3/15/2025(b)

135,000

135,486

2.65%,

7/1/2027(b)

55,000

53,110

Lear

Corp.

,

2.60%,

1/15/2032

50,000

44,165

5.25%,

5/15/2049

150,000

160,986

795,374

Automobiles

0.1%

Daimler

Finance

North

America

LLC

,

8.50%,

1/18/2031

250,000

336,833

General

Motors

Co.

,

6.13%,

10/1/2025

400,000

429,409

4.20%,

10/1/2027

250,000

251,035

6.80%,

10/1/2027

100,000

112,874

5.15%,

4/1/2038

250,000

253,971

5.20%,

4/1/2045

250,000

253,044

5.40%,

4/1/2048(b)

200,000

210,270

Honda

Motor

Co.

Ltd.

,

2.97%,

3/10/2032(b)

100,000

96,753

1,944,189

Banks

4.3%

Banco

Santander

SA

,

2.75%,

5/28/2025(b)

200,000

194,893

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Santander

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(c)

200,000

180,640

3.80%,

2/23/2028(b)

600,000

590,430

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.17%,

3/24/2028(c)

200,000

201,014

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

3.22%,

11/22/2032(c)

400,000

359,011

Bank

of

America

Corp.

,

4.10%,

7/24/2023(b)

250,000

255,473

4.00%,

4/1/2024(b)

350,000

359,214

(SOFR

+

0.41%),

0.52%,

6/14/2024(c)

100,000

97,198

(ICE

LIBOR

USD

3

Month

+

0.94%),

3.86%,

7/23/2024(c)

400,000

404,522

(SOFR

+

0.74%),

0.81%,

10/24/2024(b)(c)

300,000

290,254

(SOFR

+

0.67%),

1.84%,

2/4/2025(b)(c)

85,000

83,107

Series

L,

3.95%,

4/21/2025(b)

310,000

315,888

(SOFR

+

0.69%),

0.98%,

4/22/2025(b)(c)

300,000

287,532

3.88%,

8/1/2025(b)

250,000

257,024

(SOFR

+

0.65%),

1.53%,

12/6/2025(c)

400,000

382,520

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.01%,

2/13/2026(c)

300,000

288,765

4.45%,

3/3/2026

125,000

129,274

3.50%,

4/19/2026

290,000

293,594

(SOFR

+

1.15%),

1.32%,

6/19/2026(c)

500,000

468,585

4.25%,

10/22/2026

435,000

447,734

(SOFR

+

1.01%),

1.20%,

10/24/2026(c)

200,000

184,837

(ICE

LIBOR

USD

3

Month

+

1.06%),

3.56%,

4/23/2027(c)

700,000

701,993

(SOFR

+

0.96%),

1.73%,

7/22/2027(c)

850,000

789,382

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(c)

500,000

505,768

(SOFR

+

1.05%),

2.55%,

2/4/2028(c)

280,000

267,535

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(c)

1,000,000

989,894

(SOFR

+

1.06%),

2.09%,

6/14/2029(b)(c)

100,000

91,344

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(ICE

LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/2030(c)

200,000

189,656

(ICE

LIBOR

USD

3

Month

+

0.99%),

2.50%,

2/13/2031(c)

200,000

183,834

(SOFR

+

2.15%),

2.59%,

4/29/2031(c)

600,000

553,540

(SOFR

+

1.37%),

1.92%,

10/24/2031(c)

400,000

347,471

(SOFR

+

1.32%),

2.69%,

4/22/2032(c)

630,000

579,371

(SOFR

+

1.22%),

2.30%,

7/21/2032(c)

100,000

89,002

(SOFR

+

1.21%),

2.57%,

10/20/2032(c)

280,000

254,426

(SOFR

+

1.33%),

2.97%,

2/4/2033(c)

350,000

327,947

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(c)

300,000

257,932

(ICE

LIBOR

USD

3

Month

+

1.81%),

4.24%,

4/24/2038(c)

250,000

260,468

7.75%,

5/14/2038(b)

200,000

279,098

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

700,000

591,051

5.88%,

2/7/2042

250,000

314,819

(SOFR

+

1.58%),

3.31%,

4/22/2042(c)

300,000

277,730

5.00%,

1/21/2044

350,000

402,562

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(b)(c)

300,000

326,268

(ICE

LIBOR

USD

3

Month

+

1.52%),

4.33%,

3/15/2050(b)(c)

300,000

321,699

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(c)

600,000

620,898

(SOFR

+

1.88%),

2.83%,

10/24/2051(c)

60,000

51,025

(SOFR

+

1.56%),

2.97%,

7/21/2052(b)(c)

50,000

42,785

Bank

of

Montreal

,

2.15%,

3/8/2024

100,000

99,008

0.63%,

7/9/2024(b)

300,000

285,081

(SOFR

+

0.47%),

0.55%,

1/10/2025(b)(c)

100,000

99,374

1.85%,

5/1/2025(b)

500,000

480,503

1.25%,

9/15/2026(b)

300,000

275,406

2.65%,

3/8/2027

100,000

96,708

Bank

of

Nova

Scotia

(The)

,

0.65%,

7/31/2024

80,000

76,090

1.45%,

1/10/2025(b)

50,000

48,000

1.35%,

6/24/2026

300,000

278,220

1.30%,

9/15/2026(b)

200,000

183,915

4

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

Nova

Scotia

(The),

1.95%,

2/2/2027

50,000

47,258

2.15%,

8/1/2031(b)

300,000

270,683

2.45%,

2/2/2032(b)

50,000

46,011

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(b)(c)

400,000

371,352

4.34%,

1/10/2028

800,000

813,047

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

400,000

418,437

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(b)(c)

200,000

207,463

5.25%,

8/17/2045(b)

205,000

227,682

4.95%,

1/10/2047(b)

200,000

216,123

Canadian

Imperial

Bank

of

Commerce

,

0.50%,

12/14/2023(b)

200,000

193,128

1.00%,

10/18/2024(b)

200,000

189,966

1.25%,

6/22/2026(b)

200,000

183,570

Citigroup,

Inc.

,

3.88%,

10/25/2023(b)

750,000

766,251

3.75%,

6/16/2024(b)

500,000

508,704

3.30%,

4/27/2025(b)

560,000

563,849

(SOFR

+

0.69%),

2.01%,

1/25/2026(c)

145,000

139,588

4.60%,

3/9/2026

350,000

362,926

(SOFR

+

1.53%),

3.29%,

3/17/2026(c)

90,000

89,696

3.40%,

5/1/2026(b)

500,000

503,869

4.30%,

11/20/2026(b)

500,000

514,190

(SOFR

+

0.77%),

1.46%,

6/9/2027(c)

285,000

261,740

4.45%,

9/29/2027

500,000

515,718

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(c)

500,000

505,625

(SOFR

+

1.28%),

3.07%,

2/24/2028(c)

400,000

389,583

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(c)

700,000

693,419

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(c)

500,000

507,625

(SOFR

+

1.42%),

2.98%,

11/5/2030(c)

200,000

189,702

(SOFR

+

1.15%),

2.67%,

1/29/2031(c)

100,000

92,649

(SOFR

+

3.91%),

4.41%,

3/31/2031(b)(c)

700,000

726,708

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

300,000

274,832

(SOFR

+

1.17%),

2.56%,

5/1/2032(c)

245,000

220,934

6.63%,

6/15/2032

333,000

402,426

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(SOFR

+

1.35%),

3.06%,

1/25/2033(c)

200,000

186,867

(SOFR

+

1.94%),

3.79%,

3/17/2033(c)

90,000

89,220

8.13%,

7/15/2039

350,000

529,870

(SOFR

+

4.55%),

5.32%,

3/26/2041(b)(c)

300,000

351,158

6.68%,

9/13/2043

150,000

197,318

4.65%,

7/23/2048(b)

200,000

225,855

Citizens

Financial

Group,

Inc.

,

2.50%,

2/6/2030

170,000

156,665

Comerica,

Inc.

,

4.00%,

2/1/2029

250,000

259,004

Cooperatieve

Rabobank

UA

,

1.38%,

1/10/2025(b)

250,000

239,188

3.38%,

5/21/2025

250,000

251,552

5.25%,

5/24/2041(b)

175,000

215,402

5.25%,

8/4/2045

250,000

283,437

Discover

Bank

,

4.20%,

8/8/2023

500,000

508,386

2.45%,

9/12/2024

300,000

294,724

2.70%,

2/6/2030(b)

310,000

283,742

Fifth

Third

Bancorp

,

3.65%,

1/25/2024(b)

500,000

506,163

Fifth

Third

Bank

NA

,

3.95%,

7/28/2025

200,000

205,509

3.85%,

3/15/2026(b)

300,000

304,558

2.25%,

2/1/2027(b)

295,000

283,872

HSBC

Holdings

plc

,

4.25%,

3/14/2024

500,000

507,309

(SOFR

+

1.54%),

1.64%,

4/18/2026(c)

390,000

366,975

(SOFR

+

1.10%),

2.25%,

11/22/2027(b)(c)

200,000

186,347

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

200,000

179,893

4.95%,

3/31/2030

200,000

213,601

(SOFR

+

1.19%),

2.80%,

5/24/2032(c)

220,000

199,901

(SOFR

+

2.53%),

4.76%,

3/29/2033(c)

200,000

205,536

6.50%,

5/2/2036(b)

400,000

484,970

6.50%,

9/15/2037(b)

600,000

730,597

6.80%,

6/1/2038

200,000

249,708

5.25%,

3/14/2044(b)

250,000

275,720

HSBC

USA,

Inc.

,

3.50%,

6/23/2024(b)

500,000

504,843

Huntington

Bancshares,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.17%),

2.49%,

8/15/2036(c)(d)

250,000

217,518

ING

Groep

NV

,

4.10%,

10/2/2023

500,000

508,420

4.55%,

10/2/2028(b)

200,000

206,801

JPMorgan

Chase

&

Co.

,

2.70%,

5/18/2023

500,000

501,943

3.88%,

9/10/2024(b)

1,000,000

1,021,460

3.13%,

1/23/2025(b)

500,000

502,581

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(SOFR

+

0.54%),

0.82%,

6/1/2025(b)(c)

190,000

181,178

(CME

Term

SOFR

3

Month

+

0.58%),

0.97%,

6/23/2025(c)

400,000

381,905

(SOFR

+

0.49%),

0.77%,

8/9/2025(c)

500,000

473,934

(SOFR

+

1.16%),

2.30%,

10/15/2025(c)

250,000

244,847

(SOFR

+

0.61%),

1.56%,

12/10/2025(c)

200,000

191,438

(SOFR

+

0.92%),

2.59%,

2/24/2026(c)

90,000

88,265

(CME

Term

SOFR

3

Month

+

1.59%),

2.00%,

3/13/2026(c)

300,000

289,220

3.30%,

4/1/2026(b)

500,000

503,962

2.95%,

10/1/2026(b)

1,000,000

992,257

8.00%,

4/29/2027

290,000

349,263

(SOFR

+

0.77%),

1.47%,

9/22/2027(c)

200,000

184,313

4.25%,

10/1/2027(b)

500,000

516,255

(SOFR

+

1.17%),

2.95%,

2/24/2028(b)(c)

85,000

82,949

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.54%,

5/1/2028(b)

(c)

500,000

501,308

(ICE

LIBOR

USD

3

Month

+

1.12%),

4.01%,

4/23/2029(c)

600,000

613,440

(SOFR

+

1.02%),

2.07%,

6/1/2029(c)

500,000

460,778

(SOFR

+

2.04%),

2.52%,

4/22/2031(c)

400,000

370,808

(SOFR

+

1.25%),

2.58%,

4/22/2032(c)

75,000

68,711

(SOFR

+

1.18%),

2.54%,

11/8/2032(c)

510,000

466,010

(SOFR

+

1.26%),

2.96%,

1/25/2033(c)

130,000

122,558

5.60%,

7/15/2041(b)

400,000

484,528

5.40%,

1/6/2042(b)

500,000

593,736

4.85%,

2/1/2044

500,000

568,845

(ICE

LIBOR

USD

3

Month

+

1.58%),

4.26%,

2/22/2048(c)

750,000

801,512

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(c)

250,000

255,370

(SOFR

+

2.44%),

3.11%,

4/22/2051(b)(c)

600,000

531,373

(SOFR

+

1.58%),

3.33%,

4/22/2052(c)

200,000

184,872

KeyBank

NA

,

6.95%,

2/1/2028

225,000

260,717

KeyCorp

,

2.25%,

4/6/2027(b)

50,000

47,204

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Korea

Development

Bank

(The)

,

3.00%,

1/13/2026

500,000

502,341

Kreditanstalt

fuer

Wiederaufbau

,

2.63%,

2/28/2024

2,500,000

2,512,815

2.88%,

4/3/2028(b)

1,000,000

1,015,920

0.00%,

6/29/2037(b)(e)

750,000

510,855

Landwirtschaftliche

Rentenbank

,

1.75%,

7/27/2026(b)

1,000,000

967,404

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024(b)

205,000

209,470

4.58%,

12/10/2025

350,000

357,203

4.65%,

3/24/2026

500,000

511,507

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.80%),

3.75%,

3/18/2028(c)

200,000

199,415

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(c)

1,000,000

976,802

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/2046(c)

300,000

250,991

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.95%,

7/19/2025(c)

200,000

189,573

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.45%),

0.96%,

10/11/2025(b)(c)

200,000

188,510

3.85%,

3/1/2026

750,000

759,668

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.54%,

7/20/2027(c)

200,000

183,574

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(b)(c)

200,000

183,857

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(c)

200,000

188,897

3.74%,

3/7/2029(b)

600,000

605,545

3.20%,

7/18/2029

500,000

485,279

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.85%,

1/19/2033(c)

200,000

186,360

Mizuho

Financial

Group,

Inc.

,

(SOFR

+

1.25%),

1.24%,

7/10/2024(c)

200,000

195,729

6

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Mizuho

Financial

Group,

Inc.,

(SOFR

+

1.36%),

2.55%,

9/13/2025(c)

455,000

445,655

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.55%,

7/9/2027(b)(c)

200,000

183,577

3.17%,

9/11/2027(b)

250,000

246,099

(SOFR

+

1.77%),

2.20%,

7/10/2031(b)(c)

400,000

355,241

2.56%,

9/13/2031

200,000

174,801

National

Australia

Bank

Ltd.

,

2.50%,

7/12/2026

750,000

732,893

National

Bank

of

Canada

,

0.75%,

8/6/2024

250,000

236,977

Natwest

Group

plc

,

3.88%,

9/12/2023

365,000

368,738

4.80%,

4/5/2026(b)

500,000

516,904

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

6/14/2027(b)(c)

200,000

182,844

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(c)

200,000

191,976

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(c)

500,000

532,384

Oesterreichische

Kontrollbank

AG

,

1.50%,

2/12/2025

1,000,000

970,089

PNC

Bank

NA

,

3.80%,

7/25/2023(b)

500,000

508,268

2.95%,

2/23/2025(b)

500,000

500,346

3.88%,

4/10/2025

500,000

509,637

PNC

Financial

Services

Group,

Inc.

(The)

,

1.15%,

8/13/2026(b)

100,000

92,428

2.55%,

1/22/2030(b)

500,000

477,214

(SOFR

+

0.98%),

2.31%,

4/23/2032(b)(c)

200,000

183,526

Regions

Financial

Corp.

,

2.25%,

5/18/2025(b)

400,000

389,268

1.80%,

8/12/2028

200,000

178,555

Royal

Bank

of

Canada

,

2.55%,

7/16/2024(b)

350,000

348,415

0.65%,

7/29/2024

400,000

380,372

0.75%,

10/7/2024

300,000

284,576

2.25%,

11/1/2024(b)

500,000

492,986

1.20%,

4/27/2026

100,000

92,547

1.15%,

7/14/2026(b)

200,000

183,331

1.40%,

11/2/2026

300,000

276,347

2.05%,

1/21/2027(b)

200,000

190,192

2.30%,

11/3/2031(b)

200,000

181,839

Santander

Holdings

USA,

Inc.

,

3.50%,

6/7/2024

500,000

501,352

3.24%,

10/5/2026(b)

300,000

292,436

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Santander

Holdings

USA,

Inc.,

(SOFR

+

1.25%),

2.49%,

1/6/2028(c)

125,000

116,625

Santander

UK

Group

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

8/21/2026(c)

500,000

459,619

(SOFR

+

1.22%),

2.47%,

1/11/2028(b)(c)

200,000

186,011

Santander

UK

plc

,

4.00%,

3/13/2024

500,000

510,354

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.45%,

9/27/2024

500,000

491,173

2.63%,

7/14/2026

750,000

727,643

1.40%,

9/17/2026(b)

200,000

182,454

3.35%,

10/18/2027(b)

500,000

494,727

1.90%,

9/17/2028

200,000

178,982

3.20%,

9/17/2029

500,000

479,257

2.22%,

9/17/2031

200,000

176,939

2.93%,

9/17/2041

300,000

255,795

SVB

Financial

Group

,

1.80%,

10/28/2026

300,000

278,750

Toronto-Dominion

Bank

(The)

,

0.55%,

3/4/2024(b)

250,000

240,576

2.35%,

3/8/2024

100,000

99,402

3.25%,

3/11/2024(b)

500,000

505,981

0.70%,

9/10/2024

100,000

94,907

1.25%,

12/13/2024(b)

200,000

192,163

1.45%,

1/10/2025

100,000

95,780

0.75%,

1/6/2026(b)

200,000

183,200

1.20%,

6/3/2026(b)

200,000

184,467

1.25%,

9/10/2026

100,000

91,940

1.95%,

1/12/2027

100,000

94,711

2.80%,

3/10/2027(b)

100,000

98,202

2.00%,

9/10/2031(b)

100,000

88,594

2.45%,

1/12/2032(b)

100,000

92,370

3.20%,

3/10/2032(b)

100,000

98,414

Truist

Bank

,

2.15%,

12/6/2024(b)

400,000

393,622

3.63%,

9/16/2025

250,000

253,032

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.15%),

2.64%,

9/17/2029(c)

250,000

245,879

Truist

Financial

Corp.

,

2.85%,

10/26/2024(b)

250,000

249,815

4.00%,

5/1/2025(b)

1,000,000

1,026,160

1.13%,

8/3/2027(b)

300,000

269,392

(SOFR

+

0.86%),

1.89%,

6/7/2029(b)(c)

300,000

272,678

US

Bancorp

,

(SOFR

+

0.73%),

2.22%,

1/27/2028(c)

100,000

95,515

3.90%,

4/26/2028(b)

500,000

513,309

(SOFR

+

1.02%),

2.68%,

1/27/2033(c)

100,000

95,068

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bank

NA

,

2.80%,

1/27/2025(b)

1,000,000

999,135

Wells

Fargo

&

Co.

,

3.75%,

1/24/2024

1,500,000

1,527,396

(SOFR

+

1.60%),

1.65%,

6/2/2024(c)

600,000

592,799

3.00%,

2/19/2025(b)

825,000

823,423

3.00%,

4/22/2026

500,000

495,143

4.30%,

7/22/2027

200,000

207,671

(SOFR

+

1.51%),

3.53%,

3/24/2028(c)

200,000

199,598

(SOFR

+

1.50%),

3.35%,

3/2/2033(c)

200,000

194,369

(SOFR

+

2.53%),

3.07%,

4/30/2041(c)

600,000

539,385

5.38%,

11/2/2043(b)

250,000

289,956

5.61%,

1/15/2044

388,000

461,823

4.65%,

11/4/2044(b)

300,000

318,933

4.90%,

11/17/2045

300,000

331,096

4.40%,

6/14/2046

350,000

362,863

4.75%,

12/7/2046

200,000

217,437

(SOFR

+

4.50%),

5.01%,

4/4/2051(b)(c)

500,000

593,385

Westpac

Banking

Corp.

,

1.15%,

6/3/2026(b)

200,000

184,973

3.40%,

1/25/2028(b)

300,000

301,959

1.95%,

11/20/2028(b)

200,000

184,212

2.65%,

1/16/2030

120,000

114,879

2.15%,

6/3/2031(b)

300,000

271,670

(USD

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(b)(c)

300,000

301,721

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(c)

500,000

492,835

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(c)

85,000

75,526

3.13%,

11/18/2041(b)

65,000

55,783

Zions

Bancorp

NA

,

3.25%,

10/29/2029

250,000

238,909

95,148,148

Beverages

0.6%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026(b)

250,000

255,503

4.70%,

2/1/2036

150,000

160,877

4.90%,

2/1/2046

770,000

856,352

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044

150,000

159,828

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.00%,

4/13/2028(b)

250,000

259,040

4.75%,

1/23/2029

400,000

433,670

4.60%,

4/15/2048

500,000

539,637

4.44%,

10/6/2048

581,000

608,191

5.55%,

1/23/2049

900,000

1,097,348

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.50%,

6/1/2050(b)

500,000

534,221

Coca-Cola

Co.

(The)

,

1.75%,

9/6/2024(b)

500,000

494,864

2.90%,

5/25/2027(b)

500,000

495,101

3.45%,

3/25/2030

400,000

411,140

2.00%,

3/5/2031(b)

95,000

86,937

2.25%,

1/5/2032(b)

300,000

279,762

2.88%,

5/5/2041

300,000

277,039

2.60%,

6/1/2050(b)

400,000

341,680

3.00%,

3/5/2051(b)

135,000

124,282

Coca-Cola

Femsa

SAB

de

CV

,

2.75%,

1/22/2030(b)

150,000

143,554

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027

500,000

500,953

2.88%,

5/1/2030

500,000

468,995

2.25%,

8/1/2031

405,000

356,621

Diageo

Capital

plc

,

2.63%,

4/29/2023(b)

500,000

501,877

2.38%,

10/24/2029(b)

210,000

198,808

Diageo

Investment

Corp.

,

7.45%,

4/15/2035(b)

250,000

349,751

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050

200,000

184,976

Keurig

Dr

Pepper,

Inc.

,

4.60%,

5/25/2028

750,000

790,863

5.09%,

5/25/2048

250,000

284,036

Molson

Coors

Beverage

Co.

,

3.00%,

7/15/2026(b)

190,000

187,628

5.00%,

5/1/2042

250,000

264,443

PepsiCo,

Inc.

,

0.75%,

5/1/2023

65,000

64,063

0.40%,

10/7/2023(b)

35,000

34,179

2.25%,

3/19/2025

300,000

296,863

2.75%,

3/19/2030

700,000

687,539

1.63%,

5/1/2030(b)

130,000

116,883

1.40%,

2/25/2031(b)

200,000

174,856

1.95%,

10/21/2031(b)

100,000

91,276

2.63%,

10/21/2041(b)

50,000

45,458

4.45%,

4/14/2046(b)

300,000

347,913

3.63%,

3/19/2050

200,000

205,408

2.75%,

10/21/2051(b)

50,000

44,712

13,757,127

Biotechnology

0.4%

AbbVie,

Inc.

,

3.85%,

6/15/2024(b)

325,000

331,355

2.60%,

11/21/2024

400,000

397,233

3.80%,

3/15/2025

250,000

254,646

3.60%,

5/14/2025(b)

500,000

506,565

3.20%,

5/14/2026

120,000

120,323

4.55%,

3/15/2035

195,000

209,334

4.50%,

5/14/2035

500,000

536,648

4.30%,

5/14/2036

250,000

261,084

4.05%,

11/21/2039(b)

380,000

390,415

4.40%,

11/6/2042

625,000

659,389

4.75%,

3/15/2045

168,000

182,890

4.25%,

11/21/2049(b)

675,000

700,459

8

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Amgen,

Inc.

,

1.65%,

8/15/2028(b)

200,000

182,161

2.00%,

1/15/2032(b)

200,000

177,221

3.35%,

2/22/2032

55,000

54,485

2.80%,

8/15/2041(b)

200,000

171,711

4.56%,

6/15/2048

524,000

563,430

4.66%,

6/15/2051

618,000

680,086

3.00%,

1/15/2052

200,000

169,155

4.20%,

2/22/2052

25,000

25,855

4.40%,

2/22/2062(b)

45,000

46,541

Baxalta,

Inc.

,

4.00%,

6/23/2025

60,000

61,237

Biogen,

Inc.

,

2.25%,

5/1/2030(b)

200,000

179,949

3.15%,

5/1/2050(b)

230,000

188,346

3.25%,

2/15/2051(d)

130,000

107,462

Gilead

Sciences,

Inc.

,

0.75%,

9/29/2023

38,000

37,112

3.70%,

4/1/2024(b)

1,000,000

1,017,874

3.65%,

3/1/2026

145,000

147,466

1.20%,

10/1/2027(b)

60,000

54,130

1.65%,

10/1/2030(b)

115,000

101,059

4.50%,

2/1/2045

500,000

532,751

4.75%,

3/1/2046

500,000

554,091

2.80%,

10/1/2050

95,000

77,741

Regeneron

Pharmaceuticals,

Inc.

,

2.80%,

9/15/2050

65,000

51,937

9,732,141

Building

Products

0.1%

Allegion

plc

,

3.50%,

10/1/2029

250,000

241,962

Carlisle

Cos.,

Inc.

,

2.20%,

3/1/2032

100,000

87,121

Carrier

Global

Corp.

,

2.49%,

2/15/2027(b)

31,000

29,540

2.72%,

2/15/2030

50,000

46,994

3.58%,

4/5/2050(b)

350,000

320,268

Fortune

Brands

Home

&

Security,

Inc.

,

3.25%,

9/15/2029

250,000

240,577

4.00%,

3/25/2032(b)

100,000

100,154

4.50%,

3/25/2052

100,000

97,871

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

183,000

187,354

1.75%,

9/15/2030(b)

100,000

89,277

2.00%,

9/16/2031

100,000

87,781

4.63%,

7/2/2044(f)

250,000

268,164

Masco

Corp.

,

2.00%,

2/15/2031(b)

250,000

216,860

3.13%,

2/15/2051

60,000

49,892

Owens

Corning

,

4.30%,

7/15/2047

200,000

195,984

2,259,799

Capital

Markets

1.7%

Ares

Capital

Corp.

,

2.88%,

6/15/2027

100,000

90,978

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Ares

Capital

Corp.,

2.88%,

6/15/2028

250,000

221,325

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

50,000

45,087

Bank

of

New

York

Mellon

Corp.

(The)

,

3.25%,

9/11/2024(b)

750,000

758,174

2.10%,

10/24/2024(b)

250,000

246,594

Series

J,

0.85%,

10/25/2024

100,000

95,710

Series

G,

3.00%,

2/24/2025(b)

205,000

205,859

1.05%,

10/15/2026

100,000

91,641

2.05%,

1/26/2027(b)

200,000

192,696

3.00%,

10/30/2028(b)

500,000

487,755

Series

J,

1.90%,

1/25/2029(b)

200,000

183,068

1.80%,

7/28/2031

100,000

88,458

2.50%,

1/26/2032(b)

100,000

92,837

Blackstone

Private

Credit

Fund

,

4.70%,

3/24/2025(d)

100,000

101,460

3.25%,

3/15/2027(d)

200,000

183,293

4.00%,

1/15/2029(b)(d)

200,000

185,163

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(d)

200,000

173,356

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

50,000

44,446

Brookfield

Finance

LLC

,

3.45%,

4/15/2050(b)

200,000

175,618

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026(b)

500,000

515,190

3.90%,

1/25/2028

40,000

40,170

4.85%,

3/29/2029

300,000

319,767

3.50%,

3/30/2051

35,000

31,123

3.63%,

2/15/2052(b)

15,000

13,468

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030(b)

300,000

261,686

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026(b)

170,000

157,168

1.15%,

5/13/2026

400,000

372,470

2.45%,

3/3/2027

40,000

38,831

1.65%,

3/11/2031(b)

200,000

174,652

2.30%,

5/13/2031(b)

300,000

276,827

1.95%,

12/1/2031(b)

100,000

88,396

2.90%,

3/3/2032

100,000

96,281

CI

Financial

Corp.

,

4.10%,

6/15/2051

50,000

44,102

CME

Group,

Inc.

,

3.00%,

3/15/2025

500,000

503,382

2.65%,

3/15/2032

50,000

47,842

Credit

Suisse

AG

,

1.00%,

5/5/2023

1,250,000

1,231,054

3.63%,

9/9/2024(b)

250,000

252,868

2.95%,

4/9/2025

400,000

395,605

Credit

Suisse

Group

AG

,

3.75%,

3/26/2025

390,000

388,557

4.55%,

4/17/2026

750,000

762,957

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

55,000

71,006

Deutsche

Bank

AG

,

Series

E,

0.96%,

11/8/2023(b)

150,000

145,428

3.70%,

5/30/2024(b)

470,000

472,201

(SOFR

+

2.16%),

2.22%,

9/18/2024(c)

275,000

268,982

(SOFR

+

2.58%),

3.96%,

11/26/2025(c)

200,000

199,848

(SOFR

+

1.87%),

2.13%,

11/24/2026(c)

155,000

143,684

(SOFR

+

1.22%),

2.31%,

11/16/2027(c)

170,000

155,791

(SOFR

+

3.04%),

3.55%,

9/18/2031(c)

150,000

141,448

(SOFR

+

1.72%),

3.04%,

5/28/2032(c)

150,000

134,797

FactSet

Research

Systems,

Inc.

,

2.90%,

3/1/2027

30,000

29,152

3.45%,

3/1/2032(b)

25,000

24,149

FS

KKR

Capital

Corp.

,

2.63%,

1/15/2027(b)

100,000

91,578

3.25%,

7/15/2027(b)

50,000

46,154

3.13%,

10/12/2028

150,000

133,721

Goldman

Sachs

Group,

Inc.

(The)

,

3.00%,

3/15/2024

85,000

84,892

3.85%,

7/8/2024

385,000

392,030

(SOFR

+

0.49%),

0.92%,

10/21/2024(c)

200,000

193,861

(SOFR

+

0.73%),

1.76%,

1/24/2025(c)

100,000

97,490

3.50%,

4/1/2025

670,000

674,997

3.75%,

5/22/2025(b)

500,000

507,525

(SOFR

+

0.80%),

1.43%,

3/9/2027(c)

250,000

230,375

(SOFR

+

0.82%),

1.54%,

9/10/2027(c)

500,000

456,964

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

240,000

223,044

(SOFR

+

1.11%),

2.64%,

2/24/2028(c)

95,000

90,832

(SOFR

+

1.85%),

3.62%,

3/15/2028(c)

75,000

74,895

(SOFR

+

1.28%),

2.62%,

4/22/2032(b)(c)

390,000

354,456

(SOFR

+

1.25%),

2.38%,

7/21/2032(c)

280,000

247,997

(SOFR

+

1.26%),

2.65%,

10/21/2032(c)

165,000

149,170

(SOFR

+

1.41%),

3.10%,

2/24/2033(c)

95,000

89,546

6.45%,

5/1/2036

400,000

487,378

6.75%,

10/1/2037

500,000

630,071

(ICE

LIBOR

USD

3

Month

+

1.37%),

4.02%,

10/31/2038(c)

500,000

505,259

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(c)

500,000

527,411

6.25%,

2/1/2041

350,000

451,845

(SOFR

+

1.51%),

3.21%,

4/22/2042(c)

200,000

181,009

(SOFR

+

1.47%),

2.91%,

7/21/2042(b)(c)

300,000

258,250

(SOFR

+

1.63%),

3.44%,

2/24/2043(c)

35,000

32,437

4.80%,

7/8/2044(b)

300,000

332,616

Golub

Capital

BDC,

Inc.

,

2.05%,

2/15/2027

100,000

88,555

Intercontinental

Exchange,

Inc.

,

4.00%,

10/15/2023(b)

500,000

510,146

3.75%,

12/1/2025(b)

160,000

163,618

2.10%,

6/15/2030(b)

165,000

150,844

1.85%,

9/15/2032

500,000

431,979

4.25%,

9/21/2048

250,000

268,776

3.00%,

6/15/2050

75,000

65,464

Jefferies

Group

LLC

,

4.85%,

1/15/2027

500,000

524,221

2.63%,

10/15/2031

50,000

45,077

Legg

Mason,

Inc.

,

4.75%,

3/15/2026

500,000

526,086

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

100,000

92,714

Moody's

Corp.

,

3.25%,

1/15/2028(b)

300,000

299,521

2.00%,

8/19/2031

60,000

53,228

2.75%,

8/19/2041

75,000

64,039

3.25%,

5/20/2050

35,000

31,292

3.10%,

11/29/2061

95,000

79,444

Morgan

Stanley

,

4.10%,

5/22/2023

650,000

661,654

Series

F,

3.88%,

4/29/2024

625,000

637,565

(SOFR

+

0.51%),

0.79%,

1/22/2025(b)(c)

100,000

95,997

(SOFR

+

0.53%),

0.79%,

5/30/2025(c)

370,000

351,512

(SOFR

+

0.56%),

1.16%,

10/21/2025(c)

600,000

569,963

(SOFR

+

1.99%),

2.19%,

4/28/2026(c)

640,000

618,220

3.13%,

7/27/2026(b)

500,000

495,685

4.35%,

9/8/2026

500,000

514,988

3.63%,

1/20/2027

750,000

756,447

3.95%,

4/23/2027

500,000

508,076

(SOFR

+

0.86%),

1.51%,

7/20/2027(c)

480,000

441,218

(SOFR

+

1.00%),

2.48%,

1/21/2028(c)

195,000

185,898

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(c)

600,000

604,682

10

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(c)

500,000

522,792

(SOFR

+

3.12%),

3.62%,

4/1/2031(c)

820,000

815,734

7.25%,

4/1/2032

324,000

416,358

(SOFR

+

1.02%),

1.93%,

4/28/2032(c)

500,000

432,169

(SOFR

+

1.18%),

2.24%,

7/21/2032(c)

500,000

443,065

(SOFR

+

1.20%),

2.51%,

10/20/2032(c)

275,000

247,868

(SOFR

+

1.29%),

2.94%,

1/21/2033(c)

70,000

65,642

(SOFR

+

1.36%),

2.48%,

9/16/2036(c)

450,000

385,805

4.30%,

1/27/2045(b)

300,000

315,526

(SOFR

+

4.84%),

5.60%,

3/24/2051(c)

100,000

128,108

(SOFR

+

1.43%),

2.80%,

1/25/2052(b)(c)

205,000

170,554

Nasdaq,

Inc.

,

1.65%,

1/15/2031(b)

400,000

337,230

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027(b)

300,000

280,609

2.17%,

7/14/2028

200,000

179,482

3.10%,

1/16/2030(b)

500,000

470,917

Oaktree

Specialty

Lending

Corp.

,

2.70%,

1/15/2027

100,000

91,624

Owl

Rock

Capital

Corp.

,

2.88%,

6/11/2028(b)

230,000

200,601

Owl

Rock

Capital

Corp.

III

,

3.13%,

4/13/2027(d)

50,000

44,230

Prospect

Capital

Corp.

,

3.36%,

11/15/2026

100,000

91,368

Raymond

James

Financial,

Inc.

,

4.95%,

7/15/2046(b)

250,000

279,935

S&P

Global,

Inc.

,

2.45%,

3/1/2027(b)(d)

30,000

29,189

2.70%,

3/1/2029(d)

100,000

96,931

2.50%,

12/1/2029

80,000

75,818

1.25%,

8/15/2030(b)

110,000

94,773

2.90%,

3/1/2032(d)

25,000

24,236

3.25%,

12/1/2049(b)

65,000

60,977

2.30%,

8/15/2060(b)

40,000

30,243

State

Street

Corp.

,

3.70%,

11/20/2023(b)

500,000

510,661

3.30%,

12/16/2024(b)

310,000

313,074

(SOFR

+

0.56%),

1.68%,

11/18/2027(c)

200,000

187,642

(SOFR

+

0.73%),

2.20%,

2/7/2028(c)

40,000

38,329

2.40%,

1/24/2030(b)

200,000

188,923

(SOFR

+

1.00%),

2.62%,

2/7/2033(c)

20,000

18,820

36,434,345

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

0.3%

Air

Products

and

Chemicals,

Inc.

,

1.50%,

10/15/2025

25,000

23,820

1.85%,

5/15/2027(b)

105,000

99,161

2.05%,

5/15/2030(b)

145,000

133,657

2.70%,

5/15/2040

65,000

57,467

2.80%,

5/15/2050(b)

40,000

35,096

Celanese

US

Holdings

LLC

,

1.40%,

8/5/2026

100,000

90,059

CF

Industries,

Inc.

,

3.45%,

6/1/2023(b)

500,000

507,000

5.15%,

3/15/2034

300,000

332,960

Dow

Chemical

Co.

(The)

,

9.40%,

5/15/2039

206,000

328,150

4.80%,

5/15/2049

350,000

386,299

DuPont

de

Nemours,

Inc.

,

5.42%,

11/15/2048(b)

300,000

361,944

Eastman

Chemical

Co.

,

4.65%,

10/15/2044

200,000

205,299

Ecolab,

Inc.

,

1.30%,

1/30/2031(b)

200,000

172,519

2.13%,

2/1/2032(b)

100,000

91,451

2.13%,

8/15/2050(b)

200,000

152,866

2.70%,

12/15/2051(b)

75,000

64,240

2.75%,

8/18/2055

65,000

53,749

FMC

Corp.

,

3.45%,

10/1/2029

60,000

58,936

4.50%,

10/1/2049

85,000

86,859

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048(b)

70,000

76,776

Linde,

Inc.

,

3.20%,

1/30/2026

250,000

251,368

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

147,000

191,018

LYB

International

Finance

III

LLC

,

3.38%,

5/1/2030

250,000

237,023

2.25%,

10/1/2030(b)

135,000

121,679

4.20%,

5/1/2050(b)

200,000

197,531

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

250,000

254,372

Mosaic

Co.

(The)

,

4.25%,

11/15/2023

250,000

255,294

4.05%,

11/15/2027

250,000

256,082

Nutrien

Ltd.

,

3.00%,

4/1/2025

150,000

149,367

5.88%,

12/1/2036(b)

125,000

147,956

5.25%,

1/15/2045

334,000

383,104

PPG

Industries,

Inc.

,

1.20%,

3/15/2026

110,000

101,840

2.80%,

8/15/2029

300,000

287,275

RPM

International,

Inc.

,

2.95%,

1/15/2032

45,000

41,250

Sherwin-Williams

Co.

(The)

,

3.95%,

1/15/2026(b)

400,000

412,136

2.95%,

8/15/2029(b)

200,000

192,853

2.20%,

3/15/2032

200,000

177,373

4.50%,

6/1/2047(b)

150,000

158,861

2.90%,

3/15/2052

80,000

65,566

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Westlake

Corp.

,

2.88%,

8/15/2041(b)

100,000

83,636

4.38%,

11/15/2047

200,000

202,140

3.13%,

8/15/2051(b)

70,000

57,539

7,543,571

Commercial

Services

&

Supplies

0.1%

Cleveland

Clinic

Foundation

(The)

,

4.86%,

1/1/2114

30,000

33,989

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

20,626

Republic

Services,

Inc.

,

3.20%,

3/15/2025(b)

500,000

502,312

1.45%,

2/15/2031

165,000

140,158

2.38%,

3/15/2033(b)

200,000

179,555

6.20%,

3/1/2040

70,000

88,033

Waste

Connections,

Inc.

,

4.25%,

12/1/2028(b)

100,000

103,721

2.20%,

1/15/2032

100,000

89,354

3.20%,

6/1/2032

50,000

48,787

2.95%,

1/15/2052

70,000

59,652

Waste

Management,

Inc.

,

2.00%,

6/1/2029(b)

35,000

32,553

2.95%,

6/1/2041

85,000

76,843

4.15%,

7/15/2049(b)

125,000

132,828

1,508,411

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

3.50%,

6/15/2025(b)

400,000

408,962

5.90%,

2/15/2039

300,000

391,299

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024(b)

500,000

507,805

2.30%,

11/15/2030

300,000

262,998

1,571,064

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030

100,000

92,522

2.35%,

1/15/2032

50,000

43,405

3.05%,

10/1/2041(b)

55,000

45,246

181,173

Construction

Materials

0.0%

†

Eagle

Materials,

Inc.

,

2.50%,

7/1/2031

65,000

57,734

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030

500,000

456,510

2.40%,

7/15/2031(b)

25,000

22,441

3.20%,

7/15/2051(b)

50,000

42,723

Vulcan

Materials

Co.

,

4.50%,

6/15/2047(b)

250,000

261,747

841,155

Consumer

Finance

0.7%

AerCap

Ireland

Capital

DAC

,

1.15%,

10/29/2023

200,000

191,448

1.65%,

10/29/2024

150,000

141,661

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

AerCap

Ireland

Capital

DAC,

2.45%,

10/29/2026

180,000

166,492

3.88%,

1/23/2028

500,000

487,330

3.00%,

10/29/2028(b)

300,000

276,656

3.30%,

1/30/2032

300,000

270,438

3.40%,

10/29/2033

150,000

134,444

3.85%,

10/29/2041

150,000

131,541

Ally

Financial,

Inc.

,

3.88%,

5/21/2024

600,000

606,886

4.63%,

3/30/2025

100,000

103,057

2.20%,

11/2/2028(b)

165,000

149,056

8.00%,

11/1/2031

150,000

188,149

American

Express

Co.

,

2.50%,

7/30/2024

400,000

398,004

3.00%,

10/30/2024(b)

500,000

501,916

3.63%,

12/5/2024(b)

500,000

509,643

2.25%,

3/4/2025

35,000

34,370

1.65%,

11/4/2026(b)

200,000

188,511

2.55%,

3/4/2027

60,000

58,340

American

Honda

Finance

Corp.

,

1.95%,

5/10/2023(b)

175,000

174,176

0.75%,

8/9/2024(b)

50,000

47,634

2.15%,

9/10/2024

500,000

492,429

1.50%,

1/13/2025

50,000

48,175

1.30%,

9/9/2026

115,000

106,722

2.35%,

1/8/2027

100,000

96,769

2.25%,

1/12/2029

50,000

46,623

Capital

One

Financial

Corp.

,

3.75%,

4/24/2024(b)

700,000

710,202

(SOFR

+

1.29%),

2.64%,

3/3/2026(c)

90,000

88,065

3.75%,

7/28/2026

250,000

251,225

3.65%,

5/11/2027

300,000

300,370

(SOFR

+

1.79%),

3.27%,

3/1/2030(c)

95,000

91,728

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

100,000

86,045

Caterpillar

Financial

Services

Corp.

,

0.95%,

1/10/2024(b)

200,000

194,833

0.45%,

5/17/2024(b)

300,000

286,960

3.30%,

6/9/2024(b)

250,000

254,023

2.15%,

11/8/2024(b)

500,000

495,892

3.25%,

12/1/2024(b)

500,000

507,554

1.15%,

9/14/2026(b)

100,000

92,739

1.70%,

1/8/2027(b)

200,000

188,310

Discover

Financial

Services

,

4.10%,

2/9/2027(b)

250,000

254,910

General

Motors

Financial

Co.,

Inc.

,

1.20%,

10/15/2024

65,000

61,704

5.25%,

3/1/2026

1,055,000

1,105,011

1.50%,

6/10/2026

200,000

182,739

2.35%,

2/26/2027(b)

50,000

46,630

2.40%,

10/15/2028

195,000

174,506

3.60%,

6/21/2030(b)

200,000

191,303

2.70%,

6/10/2031(b)

145,000

127,675

John

Deere

Capital

Corp.

,

0.45%,

1/17/2024(b)

250,000

241,536

12

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

John

Deere

Capital

Corp.,

0.63%,

9/10/2024(b)

65,000

62,203

1.25%,

1/10/2025(b)

200,000

192,511

0.70%,

1/15/2026(b)

200,000

185,355

1.05%,

6/17/2026

100,000

92,773

2.25%,

9/14/2026

250,000

242,696

1.30%,

10/13/2026(b)

55,000

51,173

1.70%,

1/11/2027

200,000

188,266

1.50%,

3/6/2028(b)

250,000

230,608

1.45%,

1/15/2031(b)

200,000

174,757

2.00%,

6/17/2031(b)

300,000

275,520

PACCAR

Financial

Corp.

,

0.50%,

8/9/2024

60,000

57,281

2.00%,

2/4/2027(b)

100,000

96,037

Synchrony

Financial

,

4.25%,

8/15/2024(b)

350,000

354,883

4.50%,

7/23/2025

275,000

280,516

2.88%,

10/28/2031(b)

180,000

159,591

Toyota

Motor

Credit

Corp.

,

0.50%,

6/18/2024

100,000

95,453

0.63%,

9/13/2024(b)

100,000

95,031

1.45%,

1/13/2025(b)

200,000

192,678

1.80%,

2/13/2025(b)

500,000

485,382

1.13%,

6/18/2026(b)

500,000

463,820

3.20%,

1/11/2027(b)

200,000

201,542

1.90%,

1/13/2027(b)

100,000

95,070

3.05%,

3/22/2027

100,000

99,833

2.15%,

2/13/2030(b)

500,000

463,736

1.90%,

9/12/2031

100,000

88,632

16,409,777

Containers

&

Packaging

0.1%

Amcor

Flexibles

North

America,

Inc.

,

2.63%,

6/19/2030

50,000

46,078

2.69%,

5/25/2031

75,000

68,854

Avery

Dennison

Corp.

,

2.25%,

2/15/2032(b)

100,000

87,788

Berry

Global,

Inc.

,

0.95%,

2/15/2024

230,000

220,189

International

Paper

Co.

,

6.00%,

11/15/2041

350,000

416,718

Packaging

Corp.

of

America

,

3.00%,

12/15/2029

50,000

48,368

4.05%,

12/15/2049

100,000

101,967

3.05%,

10/1/2051(b)

40,000

34,242

Sonoco

Products

Co.

,

1.80%,

2/1/2025(b)

200,000

191,657

2.25%,

2/1/2027

165,000

156,226

3.13%,

5/1/2030

50,000

48,070

2.85%,

2/1/2032(b)

200,000

186,927

WRKCo,

Inc.

,

4.90%,

3/15/2029(b)

250,000

269,237

1,876,321

Diversified

Consumer

Services

0.1%

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049

35,000

33,988

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

California

Institute

of

Technology

,

3.65%,

9/1/2119

100,000

85,765

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

96,546

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

77,308

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

28,551

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050(b)

150,000

125,876

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111

100,000

138,795

4.68%,

7/1/2114

75,000

86,032

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050

28,000

23,621

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

72,137

3.30%,

7/15/2056(b)

200,000

198,638

Trustees

of

Boston

University

,

Series

CC,

4.06%,

10/1/2048

16,000

17,056

Trustees

of

Princeton

University

(The)

,

Series

2020,

2.52%,

7/1/2050

84,000

70,866

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050(b)

48,000

39,101

University

of

Southern

California

,

Series

21A,

2.95%,

10/1/2051(b)

200,000

177,541

Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

50,649

1,322,470

Diversified

Financial

Services

0.3%

Berkshire

Hathaway,

Inc.

,

4.50%,

2/11/2043

250,000

274,185

Block

Financial

LLC

,

2.50%,

7/15/2028

105,000

95,792

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

133,000

154,093

4.35%,

4/20/2028(b)

650,000

663,934

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(d)

200,000

182,086

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

National

Rural

Utilities

Cooperative

Finance

Corp.

,

Series

D,

1.00%,

10/18/2024(b)

85,000

81,078

1.88%,

2/7/2025

50,000

48,440

3.70%,

3/15/2029

500,000

511,426

2.40%,

3/15/2030

185,000

172,437

8.00%,

3/1/2032

159,000

214,279

2.75%,

4/15/2032(b)

50,000

47,252

Shell

International

Finance

BV

,

2.88%,

5/10/2026

500,000

501,013

2.38%,

11/7/2029(b)

150,000

142,077

4.13%,

5/11/2035

500,000

528,473

6.38%,

12/15/2038

250,000

330,618

2.88%,

11/26/2041

50,000

44,913

4.55%,

8/12/2043

500,000

555,617

3.75%,

9/12/2046

500,000

505,279

3.00%,

11/26/2051(b)

100,000

89,505

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

250,000

251,257

5,393,754

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

,

4.45%,

4/1/2024

500,000

514,577

3.95%,

1/15/2025(b)

500,000

511,092

2.30%,

6/1/2027(b)

300,000

285,832

1.65%,

2/1/2028(b)

700,000

637,775

4.35%,

3/1/2029

500,000

529,109

4.30%,

2/15/2030

500,000

528,288

2.25%,

2/1/2032(b)

300,000

266,016

2.55%,

12/1/2033(b)

860,000

764,062

4.50%,

5/15/2035(b)

310,000

328,399

4.85%,

3/1/2039

500,000

544,161

3.10%,

2/1/2043

100,000

86,329

4.65%,

6/1/2044

250,000

260,447

3.30%,

2/1/2052(b)

100,000

85,719

3.50%,

9/15/2053

1,540,000

1,351,264

3.55%,

9/15/2055

975,000

859,917

3.80%,

12/1/2057(b)

1,114,000

1,016,347

3.65%,

9/15/2059(b)

379,000

332,357

Bell

Telephone

Co.

of

Canada

(The)

,

Series

US-4,

3.65%,

3/17/2051

250,000

238,298

3.65%,

8/15/2052

50,000

47,793

British

Telecommunications

plc

,

9.62%,

12/15/2030(f)

250,000

341,091

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(f)

369,000

494,622

Orange

SA

,

9.00%,

3/1/2031(f)

100,000

138,890

5.38%,

1/13/2042

250,000

287,296

Telefonica

Emisiones

SA

,

5.21%,

3/8/2047

250,000

267,914

5.52%,

3/1/2049

350,000

393,411

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

TELUS

Corp.

,

2.80%,

2/16/2027

200,000

195,650

3.40%,

5/13/2032

60,000

58,695

4.30%,

6/15/2049

100,000

104,538

Verizon

Communications,

Inc.

,

0.75%,

3/22/2024(b)

55,000

53,223

3.38%,

2/15/2025(b)

498,000

504,263

0.85%,

11/20/2025(b)

250,000

231,294

1.45%,

3/20/2026(b)

105,000

98,715

4.13%,

3/16/2027

300,000

311,832

2.10%,

3/22/2028

125,000

116,509

4.33%,

9/21/2028

283,000

298,529

3.88%,

2/8/2029(b)

110,000

114,438

3.15%,

3/22/2030

200,000

196,695

1.75%,

1/20/2031(b)

500,000

435,935

2.55%,

3/21/2031

815,000

757,176

2.36%,

3/15/2032(b)(d)

840,000

758,701

4.81%,

3/15/2039

385,000

435,387

3.40%,

3/22/2041

530,000

496,831

2.85%,

9/3/2041

110,000

96,828

2.88%,

11/20/2050(b)

1,000,000

835,523

3.55%,

3/22/2051

270,000

253,718

3.88%,

3/1/2052(b)

90,000

90,431

2.99%,

10/30/2056

900,000

740,775

3.00%,

11/20/2060(b)

400,000

326,188

18,622,880

Electric

Utilities

1.5%

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051(b)

50,000

40,959

Alabama

Power

Co.

,

4.15%,

8/15/2044

350,000

355,303

3.13%,

7/15/2051

80,000

69,561

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

155,000

152,316

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029(b)

500,000

468,310

2.20%,

12/15/2031(b)

100,000

87,780

3.50%,

12/1/2049

200,000

178,708

Baltimore

Gas

and

Electric

Co.

,

2.25%,

6/15/2031

80,000

72,815

3.20%,

9/15/2049

115,000

103,673

2.90%,

6/15/2050(b)

60,000

52,163

CenterPoint

Energy

Houston

Electric

LLC

,

4.50%,

4/1/2044

500,000

549,191

Series

AD,

2.90%,

7/1/2050

60,000

53,312

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024(b)

400,000

421,539

Commonwealth

Edison

Co.

,

4.35%,

11/15/2045

200,000

213,156

3.65%,

6/15/2046

250,000

247,183

4.00%,

3/1/2048(b)

350,000

371,804

Series

127,

3.20%,

11/15/2049(b)

155,000

142,361

Series

131,

2.75%,

9/1/2051

200,000

169,929

14

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Connecticut

Light

and

Power

Co.

(The)

,

Series

A,

2.05%,

7/1/2031

100,000

90,446

Dominion

Energy

South

Carolina,

Inc.

,

Series

A,

2.30%,

12/1/2031

50,000

45,627

6.05%,

1/15/2038(b)

150,000

181,953

5.10%,

6/1/2065(b)

100,000

117,945

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032(b)

40,000

39,011

4.30%,

7/1/2044

500,000

528,761

Series

B,

3.65%,

3/1/2052

25,000

25,269

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026(b)

500,000

498,714

2.45%,

2/1/2030

100,000

93,583

2.85%,

3/15/2032

70,000

67,658

3.70%,

12/1/2047

500,000

487,736

3.20%,

8/15/2049

50,000

46,380

3.55%,

3/15/2052

35,000

34,575

Duke

Energy

Corp.

,

0.90%,

9/15/2025

50,000

46,440

2.45%,

6/1/2030(b)

70,000

64,495

2.55%,

6/15/2031(b)

150,000

137,145

3.50%,

6/15/2051(b)

200,000

182,492

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027(b)

250,000

250,290

2.50%,

12/1/2029(b)

70,000

65,836

2.40%,

12/15/2031

95,000

87,662

3.40%,

10/1/2046

500,000

470,961

3.00%,

12/15/2051

45,000

40,211

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

140,863

Duke

Energy

Progress

LLC

,

3.40%,

4/1/2032

50,000

50,231

4.15%,

12/1/2044

500,000

514,716

4.20%,

8/15/2045

500,000

522,159

Edison

International

,

3.55%,

11/15/2024(b)

175,000

175,544

4.13%,

3/15/2028

500,000

495,844

Emera

US

Finance

LP

,

4.75%,

6/15/2046(b)

200,000

208,485

Entergy

Corp.

,

1.90%,

6/15/2028

500,000

452,111

2.80%,

6/15/2030

80,000

74,978

3.75%,

6/15/2050(b)

35,000

32,847

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029(b)

750,000

781,259

1.75%,

3/15/2031

400,000

349,312

3.55%,

9/30/2049(b)

200,000

188,208

Evergy

Kansas

Central,

Inc.

,

4.10%,

4/1/2043(b)

200,000

200,264

Evergy,

Inc.

,

2.90%,

9/15/2029

250,000

238,945

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025(b)

245,000

244,393

Series

Q,

0.80%,

8/15/2025(b)

100,000

91,996

2.90%,

3/1/2027

50,000

48,994

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Eversource

Energy,

Series

O,

4.25%,

4/1/2029

400,000

415,674

Series

R,

1.65%,

8/15/2030

100,000

86,150

3.38%,

3/1/2032

50,000

48,909

3.45%,

1/15/2050(b)

100,000

90,762

Exelon

Corp.

,

5.63%,

6/15/2035

300,000

339,533

4.10%,

3/15/2052(b)(d)

35,000

35,549

Florida

Power

&

Light

Co.

,

2.85%,

4/1/2025

60,000

60,101

3.13%,

12/1/2025(b)

500,000

503,504

5.65%,

2/1/2037

450,000

541,832

3.95%,

3/1/2048

500,000

531,974

2.88%,

12/4/2051

10,000

8,965

Georgia

Power

Co.

,

Series

A,

2.20%,

9/15/2024

1,000,000

980,650

4.30%,

3/15/2042(b)

500,000

505,541

Iberdrola

International

BV

,

5.81%,

3/15/2025

118,000

126,840

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046

350,000

369,598

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

623,000

622,396

3.10%,

11/30/2051

175,000

149,594

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049

450,000

469,617

MidAmerican

Energy

Co.

,

5.80%,

10/15/2036

550,000

669,964

4.80%,

9/15/2043

500,000

568,371

2.70%,

8/1/2052(b)

100,000

85,479

Mississippi

Power

Co.

,

Series

B,

3.10%,

7/30/2051

100,000

84,971

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030

100,000

93,938

Series

EE,

3.13%,

8/1/2050

100,000

89,787

NextEra

Energy

Capital

Holdings,

Inc.

,

1.88%,

1/15/2027(b)

270,000

253,215

1.90%,

6/15/2028(b)

125,000

115,169

2.75%,

11/1/2029(b)

245,000

234,109

2.44%,

1/15/2032(b)

145,000

132,592

3.00%,

1/15/2052

85,000

72,567

Northern

States

Power

Co.

,

4.00%,

8/15/2045

165,000

170,055

NSTAR

Electric

Co.

,

3.95%,

4/1/2030(b)

200,000

207,598

Ohio

Power

Co.

,

Series

R,

2.90%,

10/1/2051

90,000

74,582

Oncor

Electric

Delivery

Co.

LLC

,

2.75%,

5/15/2030(b)(d)

200,000

192,356

4.55%,

12/1/2041

150,000

164,313

5.30%,

6/1/2042(b)

150,000

180,476

3.10%,

9/15/2049(b)

250,000

229,058

2.70%,

11/15/2051(d)

105,000

89,842

Pacific

Gas

and

Electric

Co.

,

4.25%,

8/1/2023

500,000

504,861

3.75%,

7/1/2028(b)

800,000

765,619

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.,

4.20%,

3/1/2029

200,000

196,665

4.55%,

7/1/2030

500,000

496,103

2.50%,

2/1/2031

150,000

129,381

3.25%,

6/1/2031

200,000

180,906

4.40%,

3/1/2032

200,000

196,617

4.50%,

7/1/2040(b)

300,000

273,130

4.95%,

7/1/2050(b)

250,000

235,475

5.25%,

3/1/2052

200,000

203,671

PacifiCorp

,

5.25%,

6/15/2035

177,000

199,858

PECO

Energy

Co.

,

3.70%,

9/15/2047

250,000

250,756

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

136,000

174,116

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031

200,000

177,977

4.30%,

3/15/2044

250,000

264,574

Series

34,

3.20%,

3/1/2050

200,000

186,624

Series

36,

2.70%,

1/15/2051(b)

200,000

169,423

Public

Service

Co.

of

Oklahoma

,

Series

J,

2.20%,

8/15/2031(b)

100,000

89,510

Series

K,

3.15%,

8/15/2051(b)

50,000

44,091

Public

Service

Electric

and

Gas

Co.

,

1.90%,

8/15/2031

165,000

146,604

3.95%,

5/1/2042

400,000

409,806

3.20%,

8/1/2049

250,000

232,980

Southern

California

Edison

Co.

,

Series

C,

3.50%,

10/1/2023(b)

500,000

504,710

Series

G,

2.50%,

6/1/2031

100,000

91,001

2.75%,

2/1/2032(b)

100,000

92,810

6.00%,

1/15/2034(b)

177,000

207,322

4.00%,

4/1/2047

200,000

192,166

Series

C,

4.13%,

3/1/2048

200,000

196,763

Series

B,

4.88%,

3/1/2049

300,000

318,742

Series

H,

3.65%,

6/1/2051

30,000

27,921

Southern

Co.

(The)

,

3.25%,

7/1/2026

295,000

295,028

4.40%,

7/1/2046(b)

200,000

204,352

Southwestern

Electric

Power

Co.

,

Series

L,

3.85%,

2/1/2048

550,000

512,770

3.25%,

11/1/2051

100,000

85,984

Tampa

Electric

Co.

,

4.10%,

6/15/2042

100,000

100,601

3.63%,

6/15/2050

40,000

38,572

Tucson

Electric

Power

Co.

,

3.25%,

5/15/2032

20,000

19,534

Union

Electric

Co.

,

2.15%,

3/15/2032

100,000

91,078

3.65%,

4/15/2045

250,000

238,135

3.25%,

10/1/2049

250,000

229,376

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

45,823

Series

B,

4.20%,

5/15/2045

200,000

207,862

2.95%,

11/15/2051

50,000

43,912

Wisconsin

Electric

Power

Co.

,

1.70%,

6/15/2028

245,000

221,367

5.63%,

5/15/2033

59,000

68,469

Xcel

Energy,

Inc.

,

3.30%,

6/1/2025(b)

500,000

499,817

6.50%,

7/1/2036

177,000

222,630

32,045,525

Electrical

Equipment

0.1%

Eaton

Corp.

,

3.10%,

9/15/2027(b)

500,000

500,737

Emerson

Electric

Co.

,

2.00%,

12/21/2028

200,000

186,871

1.95%,

10/15/2030

100,000

90,512

2.20%,

12/21/2031(b)

100,000

92,228

2.80%,

12/21/2051

45,000

38,513

Rockwell

Automation,

Inc.

,

1.75%,

8/15/2031(b)

50,000

44,034

2.80%,

8/15/2061(b)

60,000

48,374

1,001,269

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.80%,

2/15/2030(b)

250,000

237,028

Arrow

Electronics,

Inc.

,

2.95%,

2/15/2032

160,000

146,939

Avnet,

Inc.

,

3.00%,

5/15/2031

100,000

91,795

CDW

LLC

,

2.67%,

12/1/2026(b)

150,000

141,379

3.28%,

12/1/2028(b)

150,000

141,285

3.57%,

12/1/2031

150,000

138,967

Corning,

Inc.

,

4.38%,

11/15/2057

380,000

384,033

Jabil,

Inc.

,

1.70%,

4/15/2026(b)

140,000

129,601

3.00%,

1/15/2031

270,000

247,333

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029

75,000

71,503

Teledyne

Technologies,

Inc.

,

0.95%,

4/1/2024(b)

250,000

239,983

1,969,846

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Holdings

LLC

,

1.23%,

12/15/2023

100,000

97,607

2.06%,

12/15/2026

345,000

328,645

3.34%,

12/15/2027

285,000

283,333

3.14%,

11/7/2029

85,000

83,003

5.13%,

9/15/2040(b)

200,000

227,219

Halliburton

Co.

,

3.80%,

11/15/2025(b)

101,000

103,144

6.70%,

9/15/2038(b)

300,000

376,730

5.00%,

11/15/2045

300,000

325,284

16

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

NOV,

Inc.

,

3.95%,

12/1/2042

90,000

79,108

1,904,073

Entertainment

0.3%

Activision

Blizzard,

Inc.

,

1.35%,

9/15/2030(b)

25,000

21,670

2.50%,

9/15/2050(b)

200,000

164,309

Magallanes,

Inc.

,

3.43%,

3/15/2024(d)

180,000

180,987

3.64%,

3/15/2025(d)

390,000

392,369

3.76%,

3/15/2027(b)(d)

450,000

449,181

4.05%,

3/15/2029(d)

130,000

130,645

4.28%,

3/15/2032(d)

230,000

231,023

5.14%,

3/15/2052(d)

1,100,000

1,125,404

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

126,884

TWDC

Enterprises

18

Corp.

,

3.15%,

9/17/2025

325,000

326,413

3.00%,

2/13/2026

150,000

150,270

3.00%,

7/30/2046(b)

150,000

133,156

Walt

Disney

Co.

(The)

,

1.75%,

1/13/2026(b)

100,000

95,784

2.00%,

9/1/2029

300,000

277,354

2.65%,

1/13/2031(b)

600,000

572,967

6.55%,

3/15/2033

300,000

381,327

6.20%,

12/15/2034(b)

245,000

308,500

6.65%,

11/15/2037

150,000

199,761

3.50%,

5/13/2040

100,000

97,399

5.40%,

10/1/2043

500,000

605,026

4.70%,

3/23/2050(b)

200,000

231,947

3.60%,

1/13/2051

300,000

296,632

6,499,008

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Alexandria

Real

Estate

Equities,

Inc.

,

4.85%,

4/15/2049

300,000

338,804

3.55%,

3/15/2052

70,000

65,058

American

Campus

Communities

Operating

Partnership

LP

,

2.25%,

1/15/2029

100,000

91,386

2.85%,

2/1/2030

250,000

234,418

American

Tower

Corp.

,

0.60%,

1/15/2024(b)

155,000

148,553

2.40%,

3/15/2025(b)

125,000

121,645

1.45%,

9/15/2026(b)

105,000

95,802

3.65%,

3/15/2027

35,000

34,906

1.50%,

1/31/2028(b)

300,000

265,079

3.95%,

3/15/2029(b)

300,000

300,400

2.90%,

1/15/2030

110,000

102,072

1.88%,

10/15/2030

165,000

140,426

2.30%,

9/15/2031

145,000

126,618

4.05%,

3/15/2032

60,000

60,143

2.95%,

1/15/2051(b)

300,000

235,741

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

395,000

397,377

1.90%,

12/1/2028(b)

200,000

181,614

3.30%,

6/1/2029

20,000

20,090

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

AvalonBay

Communities,

Inc.,

2.45%,

1/15/2031(b)

210,000

197,540

2.05%,

1/15/2032(b)

85,000

76,854

Boston

Properties

LP

,

3.80%,

2/1/2024

250,000

253,471

2.75%,

10/1/2026(b)

250,000

243,337

2.90%,

3/15/2030

100,000

94,634

2.45%,

10/1/2033

300,000

260,094

Brixmor

Operating

Partnership

LP

,

3.65%,

6/15/2024

500,000

503,625

2.50%,

8/16/2031

100,000

88,324

Broadstone

Net

Lease

LLC

,

2.60%,

9/15/2031

85,000

75,689

Corporate

Office

Properties

LP

,

2.00%,

1/15/2029

100,000

87,980

2.90%,

12/1/2033

100,000

88,275

Crown

Castle

International

Corp.

,

3.70%,

6/15/2026

60,000

60,380

2.90%,

3/15/2027(b)

40,000

38,671

3.65%,

9/1/2027(b)

750,000

744,556

3.80%,

2/15/2028

150,000

149,848

3.10%,

11/15/2029

260,000

246,355

2.90%,

4/1/2041

200,000

165,552

4.75%,

5/15/2047(b)

200,000

209,743

CubeSmart

LP

,

2.25%,

12/15/2028

155,000

140,752

2.00%,

2/15/2031

200,000

174,003

2.50%,

2/15/2032(b)

175,000

156,658

CyrusOne

LP

,

2.90%,

11/15/2024

50,000

50,106

3.45%,

11/15/2029

50,000

51,500

Duke

Realty

LP

,

2.88%,

11/15/2029

125,000

119,826

1.75%,

7/1/2030

65,000

56,846

2.25%,

1/15/2032(b)

200,000

179,851

EPR

Properties

,

4.95%,

4/15/2028

200,000

200,084

Equinix,

Inc.

,

2.63%,

11/18/2024(b)

80,000

78,856

1.00%,

9/15/2025(b)

50,000

45,946

1.55%,

3/15/2028

100,000

88,287

2.00%,

5/15/2028

30,000

27,031

3.20%,

11/18/2029(b)

105,000

100,485

2.50%,

5/15/2031

90,000

80,714

2.95%,

9/15/2051

100,000

79,674

3.40%,

2/15/2052(b)

200,000

173,190

ERP

Operating

LP

,

3.00%,

4/15/2023

200,000

201,243

1.85%,

8/1/2031(b)

30,000

26,621

4.50%,

7/1/2044(b)

350,000

380,325

Essential

Properties

LP

,

2.95%,

7/15/2031

100,000

87,484

Essex

Portfolio

LP

,

3.38%,

4/15/2026

300,000

300,232

4.00%,

3/1/2029(b)

100,000

103,039

3.00%,

1/15/2030

75,000

71,808

2.65%,

3/15/2032

35,000

32,015

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Extra

Space

Storage

LP

,

2.35%,

3/15/2032

40,000

35,104

Federal

Realty

Investment

Trust

,

3.50%,

6/1/2030(b)

200,000

196,273

GLP

Capital

LP

,

5.30%,

1/15/2029

500,000

525,285

Healthcare

Trust

of

America

Holdings

LP

,

3.10%,

2/15/2030(b)

250,000

237,647

Healthpeak

Properties,

Inc.

,

1.35%,

2/1/2027(b)

60,000

55,065

3.50%,

7/15/2029

125,000

124,826

3.00%,

1/15/2030

180,000

172,919

Highwoods

Realty

LP

,

3.05%,

2/15/2030

250,000

237,624

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

100,000

95,275

Series

J,

2.90%,

12/15/2031

80,000

71,508

Invitation

Homes

Operating

Partnership

LP

,

2.30%,

11/15/2028

125,000

113,080

4.15%,

4/15/2032

100,000

102,127

2.70%,

1/15/2034

200,000

174,793

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

93,528

Kimco

Realty

Corp.

,

3.13%,

6/1/2023

500,000

502,171

2.25%,

12/1/2031(b)

25,000

22,390

4.45%,

9/1/2047

250,000

261,116

Life

Storage

LP

,

2.40%,

10/15/2031

90,000

79,315

Mid-America

Apartments

LP

,

1.10%,

9/15/2026

30,000

27,317

2.75%,

3/15/2030

50,000

47,738

National

Retail

Properties,

Inc.

,

2.50%,

4/15/2030(b)

300,000

275,928

3.50%,

4/15/2051

40,000

35,183

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027(b)

550,000

560,929

3.63%,

10/1/2029

100,000

94,486

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

2.63%,

11/15/2031

100,000

88,314

Physicians

Realty

LP

,

2.63%,

11/1/2031

50,000

45,109

Prologis

LP

,

2.25%,

4/15/2030(b)

160,000

148,648

1.25%,

10/15/2030

65,000

55,342

3.00%,

4/15/2050(b)

65,000

57,805

2.13%,

10/15/2050(b)

155,000

116,000

Public

Storage

,

1.50%,

11/9/2026(b)

140,000

131,105

1.85%,

5/1/2028(b)

185,000

170,101

1.95%,

11/9/2028(b)

135,000

124,938

2.30%,

5/1/2031

160,000

147,871

2.25%,

11/9/2031(b)

100,000

91,420

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Rayonier

LP

,

2.75%,

5/17/2031

45,000

41,098

Realty

Income

Corp.

,

0.75%,

3/15/2026

70,000

63,285

3.25%,

1/15/2031(b)

265,000

260,232

2.85%,

12/15/2032

400,000

377,906

1.80%,

3/15/2033

55,000

45,561

Regency

Centers

LP

,

2.95%,

9/15/2029

50,000

47,634

3.70%,

6/15/2030

300,000

300,141

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031(b)

90,000

78,125

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

250,000

240,236

3.20%,

12/1/2031(b)

100,000

89,239

Simon

Property

Group

LP

,

1.38%,

1/15/2027(b)

100,000

91,953

2.45%,

9/13/2029

250,000

232,962

2.65%,

2/1/2032

100,000

92,382

4.25%,

11/30/2046

500,000

521,829

SITE

Centers

Corp.

,

3.63%,

2/1/2025

500,000

500,325

Spirit

Realty

LP

,

3.40%,

1/15/2030

250,000

241,765

STORE

Capital

Corp.

,

2.70%,

12/1/2031

100,000

88,630

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

65,000

58,888

2.70%,

7/15/2031

195,000

175,917

UDR,

Inc.

,

3.00%,

8/15/2031

250,000

237,246

1.90%,

3/15/2033

55,000

45,946

Ventas

Realty

LP

,

4.00%,

3/1/2028

250,000

255,418

3.00%,

1/15/2030

100,000

95,697

2.50%,

9/1/2031(b)

100,000

90,231

Welltower,

Inc.

,

4.25%,

4/1/2026

500,000

513,825

2.05%,

1/15/2029

70,000

63,700

3.10%,

1/15/2030

100,000

96,278

2.75%,

1/15/2031(b)

300,000

279,526

2.75%,

1/15/2032

200,000

183,936

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

193,000

246,040

WP

Carey,

Inc.

,

3.85%,

7/15/2029

120,000

121,369

2.45%,

2/1/2032

70,000

61,843

20,709,079

Food

&

Staples

Retailing

0.3%

Costco

Wholesale

Corp.

,

1.60%,

4/20/2030

500,000

448,011

Kroger

Co.

(The)

,

4.00%,

2/1/2024

500,000

509,544

1.70%,

1/15/2031(b)

290,000

251,583

7.50%,

4/1/2031

257,000

330,506

5.40%,

7/15/2040

200,000

231,386

5.40%,

1/15/2049(b)

50,000

59,935

3.95%,

1/15/2050(b)

100,000

101,161

18

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Staples

Retailing

Sysco

Corp.

,

2.40%,

2/15/2030(b)

100,000

92,993

5.95%,

4/1/2030

200,000

231,994

2.45%,

12/14/2031(b)

100,000

91,684

6.60%,

4/1/2050

300,000

403,203

3.15%,

12/14/2051

50,000

42,642

Walgreens

Boots

Alliance,

Inc.

,

0.95%,

11/17/2023

200,000

194,884

3.45%,

6/1/2026

20,000

20,102

3.20%,

4/15/2030(b)

500,000

487,441

4.80%,

11/18/2044

70,000

74,297

Walmart,

Inc.

,

2.55%,

4/11/2023

750,000

754,492

3.30%,

4/22/2024(b)

725,000

737,202

1.05%,

9/17/2026(b)

50,000

46,553

1.50%,

9/22/2028

100,000

91,815

1.80%,

9/22/2031(b)

600,000

545,810

2.50%,

9/22/2041(b)

600,000

532,930

4.05%,

6/29/2048

125,000

141,773

2.65%,

9/22/2051(b)

400,000

355,574

6,777,515

Food

Products

0.3%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032

20,000

19,573

4.02%,

4/16/2043

172,000

180,604

2.70%,

9/15/2051(b)

80,000

70,552

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031

100,000

91,994

Campbell

Soup

Co.

,

4.15%,

3/15/2028(b)

500,000

512,292

Conagra

Brands,

Inc.

,

7.00%,

10/1/2028

221,000

260,855

5.30%,

11/1/2038

250,000

274,831

General

Mills,

Inc.

,

4.20%,

4/17/2028(b)

500,000

522,074

2.25%,

10/14/2031

100,000

89,705

3.00%,

2/1/2051(b)

100,000

86,157

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

240,974

Hormel

Foods

Corp.

,

1.70%,

6/3/2028(b)

200,000

183,925

3.05%,

6/3/2051(b)

200,000

179,552

Ingredion,

Inc.

,

2.90%,

6/1/2030(b)

200,000

188,313

J

M

Smucker

Co.

(The)

,

2.13%,

3/15/2032(b)

100,000

87,316

4.25%,

3/15/2035

300,000

306,794

Kellogg

Co.

,

3.25%,

4/1/2026

125,000

125,372

4.50%,

4/1/2046(b)

250,000

268,709

McCormick

&

Co.,

Inc.

,

3.40%,

8/15/2027(b)

100,000

100,670

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044(b)

250,000

279,541

Mondelez

International,

Inc.

,

1.50%,

5/4/2025(b)

60,000

57,310

2.75%,

4/13/2030

92,000

88,014

1.50%,

2/4/2031

70,000

59,716

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Mondelez

International,

Inc.,

2.63%,

9/4/2050(b)

40,000

32,381

Tyson

Foods,

Inc.

,

3.55%,

6/2/2027(b)

500,000

503,915

4.55%,

6/2/2047

100,000

106,786

5.10%,

9/28/2048

250,000

291,068

Unilever

Capital

Corp.

,

2.00%,

7/28/2026(b)

100,000

96,304

1.38%,

9/14/2030

165,000

142,546

5.90%,

11/15/2032(b)

206,000

252,817

2.63%,

8/12/2051(b)

200,000

166,304

5,866,964

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027(b)

500,000

496,531

4.30%,

10/1/2048

100,000

106,739

3.38%,

9/15/2049(b)

160,000

149,337

Eastern

Energy

Gas

Holdings

LLC

,

Series

A,

2.50%,

11/15/2024

100,000

98,958

ONE

Gas,

Inc.

,

4.66%,

2/1/2044(b)

250,000

267,055

Piedmont

Natural

Gas

Co.,

Inc.

,

3.35%,

6/1/2050(b)

150,000

133,656

Southern

California

Gas

Co.

,

2.95%,

4/15/2027

80,000

78,901

Southwest

Gas

Corp.

,

4.05%,

3/15/2032

100,000

99,725

3.18%,

8/15/2051

90,000

73,542

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

96,146

1,600,590

Health

Care

Equipment

&

Supplies

0.3%

Abbott

Laboratories

,

3.88%,

9/15/2025

90,000

93,065

3.75%,

11/30/2026

298,000

309,259

1.15%,

1/30/2028(b)

90,000

82,308

1.40%,

6/30/2030(b)

95,000

84,975

5.30%,

5/27/2040(b)

500,000

609,033

4.90%,

11/30/2046

250,000

304,471

Baxter

International,

Inc.

,

2.60%,

8/15/2026

460,000

445,916

1.92%,

2/1/2027(b)(d)

280,000

261,655

2.27%,

12/1/2028(b)(d)

190,000

176,015

2.54%,

2/1/2032(d)

300,000

273,941

3.13%,

12/1/2051(b)(d)

30,000

25,682

Becton

Dickinson

and

Co.

,

3.73%,

12/15/2024

156,000

158,526

3.70%,

6/6/2027

326,000

330,733

4.67%,

6/6/2047(b)

200,000

217,845

3.79%,

5/20/2050(b)

200,000

193,793

Boston

Scientific

Corp.

,

4.70%,

3/1/2049(b)

100,000

111,427

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

100,000

95,319

3.25%,

11/15/2039

100,000

95,202

3.40%,

11/15/2049

140,000

133,126

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

250,000

273,828

Medtronic,

Inc.

,

4.38%,

3/15/2035

350,000

388,788

4.63%,

3/15/2045(b)

100,000

115,277

STERIS

Irish

FinCo.

UnLtd

Co.

,

2.70%,

3/15/2031

150,000

137,286

Stryker

Corp.

,

3.38%,

11/1/2025(b)

160,000

161,343

3.50%,

3/15/2026

70,000

70,792

4.63%,

3/15/2046

200,000

221,601

Zimmer

Biomet

Holdings,

Inc.

,

2.60%,

11/24/2031

200,000

182,528

4.45%,

8/15/2045

150,000

149,915

5,703,649

Health

Care

Providers

&

Services

0.9%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

62,289

Series

2020,

3.01%,

6/15/2050

66,000

58,339

Aetna,

Inc.

,

2.80%,

6/15/2023(b)

500,000

501,853

6.63%,

6/15/2036

250,000

314,846

3.88%,

8/15/2047

200,000

194,861

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

50,493

AmerisourceBergen

Corp.

,

4.30%,

12/15/2047

200,000

201,740

Anthem,

Inc.

,

4.10%,

3/1/2028(b)

750,000

778,035

2.25%,

5/15/2030

200,000

183,511

4.63%,

5/15/2042

250,000

273,094

5.10%,

1/15/2044

300,000

345,795

4.65%,

8/15/2044

250,000

272,414

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

218,000

203,513

Banner

Health

,

Series

2020,

3.18%,

1/1/2050

39,000

35,399

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050(b)

86,000

72,399

Cardinal

Health,

Inc.

,

3.41%,

6/15/2027

500,000

502,171

4.37%,

6/15/2047

200,000

198,940

Cigna

Corp.

,

3.00%,

7/15/2023

500,000

502,830

3.50%,

6/15/2024(b)

500,000

505,819

3.25%,

4/15/2025

250,000

251,331

3.05%,

10/15/2027

400,000

396,375

4.38%,

10/15/2028

300,000

315,576

2.38%,

3/15/2031(b)

110,000

100,730

4.80%,

7/15/2046

250,000

276,600

4.90%,

12/15/2048

600,000

672,318

CommonSpirit

Health

,

1.55%,

10/1/2025

37,000

34,691

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

CommonSpirit

Health,

2.78%,

10/1/2030

77,000

71,760

3.82%,

10/1/2049(b)

108,000

105,835

4.19%,

10/1/2049

37,000

36,817

3.91%,

10/1/2050

149,000

141,954

CVS

Health

Corp.

,

4.10%,

3/25/2025

61,000

62,515

4.30%,

3/25/2028

652,000

682,043

1.75%,

8/21/2030

360,000

315,503

1.88%,

2/28/2031

210,000

184,897

2.13%,

9/15/2031(b)

10,000

8,935

4.88%,

7/20/2035

500,000

548,916

4.13%,

4/1/2040

200,000

203,474

5.13%,

7/20/2045

300,000

338,643

5.05%,

3/25/2048

900,000

1,019,242

4.25%,

4/1/2050

85,000

88,183

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050

117,000

98,934

HCA,

Inc.

,

5.00%,

3/15/2024(b)

1,000,000

1,036,562

3.13%,

3/15/2027(d)

30,000

29,313

4.13%,

6/15/2029

250,000

254,826

2.38%,

7/15/2031

50,000

44,685

3.63%,

3/15/2032(d)

375,000

367,483

5.50%,

6/15/2047

350,000

394,940

5.25%,

6/15/2049

80,000

87,613

4.63%,

3/15/2052(d)

25,000

25,194

Humana,

Inc.

,

1.35%,

2/3/2027(b)

280,000

253,612

3.70%,

3/23/2029

100,000

100,330

2.15%,

2/3/2032(b)

215,000

188,377

3.95%,

8/15/2049

150,000

149,687

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046

20,000

20,582

Kaiser

Foundation

Hospitals

,

Series

2021,

2.81%,

6/1/2041

86,000

75,096

4.88%,

4/1/2042(b)

250,000

287,288

Series

2019,

3.27%,

11/1/2049(b)

122,000

113,618

Laboratory

Corp.

of

America

Holdings

,

1.55%,

6/1/2026(b)

35,000

32,590

2.95%,

12/1/2029(b)

250,000

240,240

4.70%,

2/1/2045

75,000

79,857

Mass

General

Brigham,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

43,033

Series

2020,

3.19%,

7/1/2049

100,000

89,999

Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061

79,000

70,921

McKesson

Corp.

,

1.30%,

8/15/2026(b)

100,000

91,806

3.95%,

2/16/2028

250,000

252,674

20

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

49,120

4.13%,

7/1/2052

50,000

53,107

Mount

Sinai

Hospitals

Group,

Inc.

,

Series

2017,

3.98%,

7/1/2048

33,000

32,056

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060(b)

250,000

192,877

Northwell

Healthcare,

Inc.

,

3.98%,

11/1/2046

150,000

147,400

4.26%,

11/1/2047

35,000

35,293

Novant

Health,

Inc.

,

3.17%,

11/1/2051(b)

130,000

117,124

PeaceHealth

Obligated

Group

,

Series

2018,

4.79%,

11/15/2048

100,000

116,798

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

38,183

Series

21A,

2.70%,

10/1/2051(b)

151,000

119,266

Quest

Diagnostics,

Inc.

,

3.50%,

3/30/2025(b)

370,000

373,598

4.20%,

6/30/2029

100,000

103,492

2.95%,

6/30/2030

75,000

71,152

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

30,354

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

40,488

Series

2018,

4.09%,

8/15/2048

50,000

50,690

Series

20A,

3.36%,

8/15/2050

134,000

119,493

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

58,416

UnitedHealth

Group,

Inc.

,

1.15%,

5/15/2026(b)

120,000

111,509

3.38%,

4/15/2027

200,000

203,155

2.95%,

10/15/2027(b)

200,000

199,935

2.30%,

5/15/2031(b)

75,000

70,438

4.63%,

7/15/2035

105,000

117,342

5.80%,

3/15/2036(b)

708,000

877,456

3.05%,

5/15/2041(b)

180,000

167,678

3.95%,

10/15/2042(b)

250,000

257,748

4.75%,

7/15/2045

250,000

290,087

3.70%,

8/15/2049

500,000

507,379

3.25%,

5/15/2051(b)

60,000

56,356

3.88%,

8/15/2059(b)

300,000

308,974

3.13%,

5/15/2060(b)

100,000

88,929

Universal

Health

Services,

Inc.

,

1.65%,

9/1/2026(d)

100,000

91,731

2.65%,

1/15/2032(d)

100,000

89,870

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048

41,000

46,476

20,777,909

Hotels,

Restaurants

&

Leisure

0.2%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

200,000

216,917

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

200,000

198,939

3.25%,

2/15/2030

165,000

157,060

Hyatt

Hotels

Corp.

,

4.85%,

3/15/2026(b)

100,000

103,354

Las

Vegas

Sands

Corp.

,

3.20%,

8/8/2024

50,000

47,734

3.50%,

8/18/2026(b)

105,000

98,919

3.90%,

8/8/2029(b)

40,000

36,680

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

166,000

176,248

Series

HH,

2.85%,

4/15/2031

200,000

182,538

Series

GG,

3.50%,

10/15/2032

200,000

190,374

McDonald's

Corp.

,

3.80%,

4/1/2028

200,000

205,777

4.70%,

12/9/2035(b)

400,000

434,909

4.88%,

7/15/2040

250,000

276,283

4.88%,

12/9/2045

250,000

277,931

3.63%,

9/1/2049

200,000

191,494

4.20%,

4/1/2050

50,000

52,196

Sands

China

Ltd.

,

3.80%,

1/8/2026(b)(f)

400,000

378,500

5.40%,

8/8/2028(f)

200,000

196,044

Starbucks

Corp.

,

3.50%,

3/1/2028(b)

250,000

250,676

2.55%,

11/15/2030(b)

200,000

186,274

3.00%,

2/14/2032

140,000

133,507

4.45%,

8/15/2049

250,000

267,186

3.50%,

11/15/2050(b)

200,000

185,834

4,445,374

Household

Durables

0.1%

DR

Horton,

Inc.

,

2.50%,

10/15/2024

215,000

211,994

1.30%,

10/15/2026(b)

220,000

199,924

Leggett

&

Platt,

Inc.

,

3.50%,

11/15/2051

50,000

44,166

MDC

Holdings,

Inc.

,

6.00%,

1/15/2043

100,000

102,646

PulteGroup,

Inc.

,

6.38%,

5/15/2033

50,000

58,116

Whirlpool

Corp.

,

3.70%,

5/1/2025(b)

500,000

505,835

2.40%,

5/15/2031(b)

175,000

159,251

1,281,932

Household

Products

0.1%

Church

&

Dwight

Co.,

Inc.

,

2.30%,

12/15/2031(b)

100,000

91,483

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Products

Kimberly-Clark

Corp.

,

2.40%,

6/1/2023

500,000

500,556

6.63%,

8/1/2037

130,000

175,418

3.20%,

7/30/2046(b)

165,000

151,354

2.88%,

2/7/2050(b)

100,000

90,118

Procter

&

Gamble

Co.

(The)

,

0.55%,

10/29/2025(b)

240,000

222,569

1.00%,

4/23/2026(b)

170,000

158,913

2.85%,

8/11/2027(b)

250,000

250,206

1.20%,

10/29/2030(b)

100,000

87,091

1.95%,

4/23/2031(b)

300,000

277,723

3.60%,

3/25/2050

300,000

321,028

2,326,459

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

,

2.45%,

1/15/2031(b)

400,000

357,702

Oglethorpe

Power

Corp.

,

5.25%,

9/1/2050

200,000

225,691

583,393

Industrial

Conglomerates

0.2%

3M

Co.

,

2.00%,

2/14/2025

200,000

195,730

3.00%,

8/7/2025(b)

400,000

401,478

2.38%,

8/26/2029(b)

200,000

190,195

3.05%,

4/15/2030(b)

100,000

99,423

5.70%,

3/15/2037

415,000

510,887

3.25%,

8/26/2049(b)

90,000

83,976

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035

1,223,000

1,313,244

General

Electric

Co.

,

6.75%,

3/15/2032

175,000

220,455

Honeywell

International,

Inc.

,

1.35%,

6/1/2025(b)

40,000

38,529

2.50%,

11/1/2026(b)

500,000

493,213

1.10%,

3/1/2027(b)

100,000

92,004

2.70%,

8/15/2029(b)

500,000

492,376

1.75%,

9/1/2031(b)

100,000

89,055

2.80%,

6/1/2050(b)

90,000

83,072

Roper

Technologies,

Inc.

,

2.35%,

9/15/2024

50,000

49,205

1.00%,

9/15/2025

60,000

55,667

2.95%,

9/15/2029(b)

90,000

86,751

1.75%,

2/15/2031

245,000

211,651

Trane

Technologies

Luxembourg

Finance

SA

,

4.50%,

3/21/2049

250,000

266,301

4,973,212

Insurance

0.7%

Aflac,

Inc.

,

3.60%,

4/1/2030

500,000

516,055

Alleghany

Corp.

,

3.63%,

5/15/2030

50,000

50,297

3.25%,

8/15/2051

50,000

43,370

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Allstate

Corp.

(The)

,

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(c)

195,000

234,766

American

International

Group,

Inc.

,

3.90%,

4/1/2026

175,000

179,405

4.25%,

3/15/2029

200,000

209,172

3.88%,

1/15/2035

250,000

254,744

4.80%,

7/10/2045

150,000

169,017

4.38%,

6/30/2050

200,000

219,204

4.38%,

1/15/2055

250,000

267,088

Aon

Corp.

,

2.80%,

5/15/2030(b)

200,000

190,511

2.05%,

8/23/2031

50,000

44,127

2.60%,

12/2/2031

25,000

23,024

2.90%,

8/23/2051

50,000

41,442

3.90%,

2/28/2052(b)

30,000

29,608

Aon

Global

Ltd.

,

4.60%,

6/14/2044

250,000

262,228

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046

250,000

276,063

Arthur

J

Gallagher

&

Co.

,

2.40%,

11/9/2031

200,000

177,783

3.05%,

3/9/2052

100,000

82,575

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

450,000

507,425

Berkshire

Hathaway

Finance

Corp.

,

2.30%,

3/15/2027(b)

100,000

97,939

4.30%,

5/15/2043

250,000

266,767

4.25%,

1/15/2049

300,000

328,532

2.85%,

10/15/2050

45,000

38,960

3.85%,

3/15/2052

100,000

102,257

Brighthouse

Financial,

Inc.

,

4.70%,

6/22/2047(b)

150,000

145,705

Brown

&

Brown,

Inc.

,

4.20%,

3/17/2032

30,000

30,482

4.95%,

3/17/2052

25,000

26,692

Chubb

Corp.

(The)

,

6.00%,

5/11/2037

165,000

204,984

Chubb

INA

Holdings,

Inc.

,

3.35%,

5/3/2026

90,000

91,230

4.35%,

11/3/2045(b)

250,000

271,619

2.85%,

12/15/2051(b)

50,000

43,435

3.05%,

12/15/2061

35,000

30,152

Corebridge

Financial,

Inc.

,

3.50%,

4/4/2025(d)

50,000

49,961

3.65%,

4/5/2027(d)

50,000

49,930

3.85%,

4/5/2029(d)

50,000

49,955

3.90%,

4/5/2032(d)

50,000

49,926

4.35%,

4/5/2042(d)

50,000

49,986

4.40%,

4/5/2052(d)

50,000

49,991

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

80,000

71,551

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

125,000

111,456

3.13%,

10/15/2052

50,000

41,337

22

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Fairfax

Financial

Holdings

Ltd.

,

4.63%,

4/29/2030

200,000

205,472

Fidelity

National

Financial,

Inc.

,

3.20%,

9/17/2051

35,000

27,560

First

American

Financial

Corp.

,

2.40%,

8/15/2031

75,000

65,662

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

225,587

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

90,894

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041(b)

309,000

381,922

Kemper

Corp.

,

3.80%,

2/23/2032(b)

30,000

28,903

Lincoln

National

Corp.

,

3.05%,

1/15/2030

500,000

479,942

Loews

Corp.

,

4.13%,

5/15/2043

200,000

202,786

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(c)

500,000

499,170

3.70%,

3/16/2032

20,000

20,181

Markel

Corp.

,

3.35%,

9/17/2029

475,000

470,064

3.45%,

5/7/2052(b)

100,000

88,712

Marsh

&

McLennan

Cos.,

Inc.

,

4.20%,

3/1/2048

500,000

516,911

MetLife,

Inc.

,

3.60%,

11/13/2025(b)

500,000

510,071

5.70%,

6/15/2035(b)

159,000

190,930

6.40%,

12/15/2036

300,000

323,040

4.88%,

11/13/2043

250,000

282,600

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(g)

105,000

115,500

Old

Republic

International

Corp.

,

3.88%,

8/26/2026

200,000

201,643

Principal

Financial

Group,

Inc.

,

3.40%,

5/15/2025(b)

500,000

500,309

4.30%,

11/15/2046

200,000

211,879

Progressive

Corp.

(The)

,

2.50%,

3/15/2027

40,000

39,153

3.00%,

3/15/2032

30,000

29,190

6.25%,

12/1/2032(b)

162,000

200,410

3.70%,

1/26/2045

250,000

243,786

Prudential

Financial,

Inc.

,

4.60%,

5/15/2044(b)

250,000

267,121

3.91%,

12/7/2047

186,000

185,379

3.94%,

12/7/2049(b)

505,000

513,175

Travelers

Cos.,

Inc.

(The)

,

5.35%,

11/1/2040(b)

250,000

298,147

4.10%,

3/4/2049

200,000

207,855

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

192,000

243,300

Unum

Group

,

4.00%,

6/15/2029(b)

250,000

255,502

4.13%,

6/15/2051

50,000

43,653

W

R

Berkley

Corp.

,

4.00%,

5/12/2050

100,000

97,015

Willis

North

America,

Inc.

,

4.50%,

9/15/2028

400,000

411,015

2.95%,

9/15/2029

65,000

61,040

XLIT

Ltd.

,

4.45%,

3/31/2025(b)

500,000

513,875

15,230,105

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

3.38%,

2/25/2024(b)

750,000

765,676

0.45%,

8/15/2025(b)

45,000

41,983

2.00%,

8/15/2026(b)

500,000

487,313

0.80%,

8/15/2027

90,000

81,261

1.10%,

8/15/2030(b)

165,000

144,194

1.90%,

8/15/2040(b)

100,000

81,552

2.05%,

8/15/2050

500,000

394,422

Baidu,

Inc.

,

3.88%,

9/29/2023(b)

400,000

403,698

4.38%,

3/29/2028(b)

200,000

202,686

2,602,785

Internet

&

Direct

Marketing

Retail

0.3%

Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027(b)

500,000

490,585

4.00%,

12/6/2037

200,000

187,594

4.20%,

12/6/2047

500,000

462,740

Amazon.com,

Inc.

,

0.45%,

5/12/2024(b)

250,000

240,650

2.80%,

8/22/2024(b)

250,000

252,060

1.00%,

5/12/2026(b)

250,000

234,604

3.15%,

8/22/2027(b)

250,000

253,206

1.65%,

5/12/2028(b)

200,000

185,997

1.50%,

6/3/2030

500,000

447,404

2.10%,

5/12/2031(b)

300,000

278,689

4.80%,

12/5/2034

500,000

574,585

3.88%,

8/22/2037

350,000

370,454

2.88%,

5/12/2041

200,000

184,583

4.05%,

8/22/2047

500,000

543,893

3.10%,

5/12/2051

300,000

281,547

4.25%,

8/22/2057

250,000

282,592

2.70%,

6/3/2060

100,000

82,586

eBay,

Inc.

,

1.40%,

5/10/2026(b)

40,000

37,238

3.60%,

6/5/2027(b)

500,000

508,205

2.60%,

5/10/2031

75,000

68,903

3.65%,

5/10/2051

100,000

92,274

JD.com,

Inc.

,

3.38%,

1/14/2030(b)

200,000

188,726

6,249,115

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

0.4%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028(b)

120,000

111,301

1.25%,

9/1/2030

400,000

347,301

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026(b)

215,000

216,778

2.60%,

5/1/2031

135,000

122,235

CGI,

Inc.

,

1.45%,

9/14/2026(d)

50,000

45,932

2.30%,

9/14/2031(d)

50,000

43,610

DXC

Technology

Co.

,

1.80%,

9/15/2026

100,000

91,666

2.38%,

9/15/2028(b)

100,000

90,334

Fidelity

National

Information

Services,

Inc.

,

1.15%,

3/1/2026

95,000

87,188

1.65%,

3/1/2028(b)

110,000

98,423

2.25%,

3/1/2031(b)

270,000

238,750

3.10%,

3/1/2041

75,000

64,890

Fiserv,

Inc.

,

2.75%,

7/1/2024(b)

350,000

348,922

2.25%,

6/1/2027(b)

400,000

377,775

3.50%,

7/1/2029

300,000

295,288

2.65%,

6/1/2030(b)

215,000

198,433

4.40%,

7/1/2049

200,000

206,509

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

244,618

2.15%,

1/15/2027(b)

90,000

84,472

4.45%,

6/1/2028(b)

300,000

308,900

3.20%,

8/15/2029

150,000

142,502

2.90%,

11/15/2031

155,000

141,215

International

Business

Machines

Corp.

,

3.50%,

5/15/2029(b)

400,000

407,865

1.95%,

5/15/2030(b)

400,000

363,940

5.88%,

11/29/2032(b)

233,000

279,773

4.00%,

6/20/2042

500,000

511,712

4.25%,

5/15/2049

300,000

319,492

Kyndryl

Holdings,

Inc.

,

3.15%,

10/15/2031(b)(d)

150,000

126,381

Mastercard,

Inc.

,

2.00%,

3/3/2025(b)

300,000

295,197

3.30%,

3/26/2027

60,000

61,150

2.95%,

6/1/2029

200,000

199,274

3.35%,

3/26/2030

370,000

377,077

2.00%,

11/18/2031(b)

300,000

273,498

3.80%,

11/21/2046(b)

250,000

261,289

PayPal

Holdings,

Inc.

,

1.35%,

6/1/2023

70,000

69,795

2.40%,

10/1/2024(b)

85,000

84,615

1.65%,

6/1/2025

95,000

91,343

2.85%,

10/1/2029(b)

170,000

166,411

2.30%,

6/1/2030(b)

100,000

93,087

3.25%,

6/1/2050(b)

120,000

109,390

Visa,

Inc.

,

3.15%,

12/14/2025

135,000

136,551

1.10%,

2/15/2031(b)

300,000

257,319

4.30%,

12/14/2045

750,000

841,613

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

150,000

163,669

9,397,483

Leisure

Products

0.0%

†

Brunswick

Corp.

,

2.40%,

8/18/2031

65,000

55,049

4.40%,

9/15/2032

100,000

98,864

5.10%,

4/1/2052

100,000

95,377

Hasbro,

Inc.

,

3.00%,

11/19/2024(b)

100,000

99,197

3.55%,

11/19/2026(b)

100,000

99,359

3.90%,

11/19/2029

100,000

100,345

5.10%,

5/15/2044(b)

100,000

107,445

655,636

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

3.88%,

7/15/2023(b)

250,000

253,720

2.75%,

9/15/2029(b)

165,000

157,350

Bio-Rad

Laboratories,

Inc.

,

3.70%,

3/15/2032

50,000

49,410

Danaher

Corp.

,

3.35%,

9/15/2025(b)

250,000

251,855

2.80%,

12/10/2051

140,000

118,963

PerkinElmer,

Inc.

,

1.90%,

9/15/2028

60,000

54,215

3.30%,

9/15/2029

100,000

97,517

2.25%,

9/15/2031(b)

35,000

30,935

Thermo

Fisher

Scientific,

Inc.

,

1.75%,

10/15/2028(b)

115,000

105,062

2.60%,

10/1/2029(b)

325,000

309,818

2.00%,

10/15/2031(b)

55,000

49,374

2.80%,

10/15/2041

30,000

26,870

5.30%,

2/1/2044(b)

100,000

122,014

1,627,103

Machinery

0.2%

Caterpillar,

Inc.

,

2.60%,

9/19/2029

70,000

68,000

6.05%,

8/15/2036

177,000

223,936

3.25%,

9/19/2049(b)

330,000

320,384

CNH

Industrial

Capital

LLC

,

1.45%,

7/15/2026(b)

150,000

137,730

Cummins,

Inc.

,

2.60%,

9/1/2050(b)

50,000

40,053

Deere

&

Co.

,

3.90%,

6/9/2042(b)

250,000

262,138

Dover

Corp.

,

2.95%,

11/4/2029

45,000

43,695

5.38%,

3/1/2041

100,000

113,615

Flowserve

Corp.

,

2.80%,

1/15/2032

100,000

88,446

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041(b)

200,000

232,257

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

300,000

264,024

Parker-Hannifin

Corp.

,

4.20%,

11/21/2034

500,000

510,334

24

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Stanley

Black

&

Decker,

Inc.

,

4.25%,

11/15/2028

250,000

261,528

2.30%,

3/15/2030(b)

500,000

461,004

3.00%,

5/15/2032

40,000

38,647

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(f)

250,000

263,114

3,328,905

Media

0.7%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

410,000

425,174

4.20%,

3/15/2028(b)

200,000

202,102

2.25%,

1/15/2029(b)

100,000

89,987

5.05%,

3/30/2029

150,000

158,823

2.30%,

2/1/2032(b)

300,000

256,430

4.40%,

4/1/2033

75,000

74,778

6.38%,

10/23/2035

500,000

564,866

3.50%,

3/1/2042

100,000

82,673

5.38%,

5/1/2047

400,000

409,556

5.75%,

4/1/2048

500,000

531,568

4.80%,

3/1/2050

600,000

569,946

5.25%,

4/1/2053(b)

180,000

181,214

3.85%,

4/1/2061(b)

310,000

249,228

Comcast

Corp.

,

3.15%,

2/15/2028

500,000

499,142

3.40%,

4/1/2030

365,000

369,763

1.95%,

1/15/2031

700,000

631,458

4.25%,

1/15/2033

250,000

270,028

7.05%,

3/15/2033

295,000

385,207

4.40%,

8/15/2035

200,000

216,095

6.50%,

11/15/2035

100,000

129,277

3.90%,

3/1/2038

250,000

257,493

3.40%,

7/15/2046(b)

250,000

234,720

3.97%,

11/1/2047

743,000

754,822

4.70%,

10/15/2048(b)

400,000

451,057

4.00%,

11/1/2049

863,000

870,388

2.45%,

8/15/2052(b)

300,000

237,953

2.94%,

11/1/2056(d)

677,000

558,879

Discovery

Communications

LLC

,

3.45%,

3/15/2025

270,000

267,400

4.90%,

3/11/2026(b)

115,000

119,688

3.95%,

3/20/2028

500,000

499,424

3.63%,

5/15/2030(b)

200,000

194,260

5.00%,

9/20/2037

125,000

128,386

4.00%,

9/15/2055(b)

330,000

284,717

Fox

Corp.

,

5.58%,

1/25/2049(b)

300,000

348,709

Grupo

Televisa

SAB

,

6.63%,

1/15/2040

250,000

299,174

Interpublic

Group

of

Cos.,

Inc.

(The)

,

2.40%,

3/1/2031

160,000

144,565

3.38%,

3/1/2041

220,000

195,833

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

200,000

202,419

Paramount

Global

,

5.50%,

5/15/2033

118,000

130,266

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Paramount

Global,

4.38%,

3/15/2043

459,000

436,853

4.60%,

1/15/2045

250,000

246,824

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

700,000

811,617

WPP

Finance

2010

,

3.75%,

9/19/2024

550,000

555,655

14,528,417

Metals

&

Mining

0.3%

ArcelorMittal

SA

,

7.00%,

10/15/2039(f)

100,000

117,375

Barrick

Gold

Corp.

,

5.25%,

4/1/2042(b)

150,000

173,691

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

250,000

304,648

BHP

Billiton

Finance

USA

Ltd.

,

6.42%,

3/1/2026

80,000

89,780

5.00%,

9/30/2043

400,000

474,368

Freeport-McMoRan,

Inc.

,

5.40%,

11/14/2034

500,000

555,025

Newmont

Corp.

,

2.60%,

7/15/2032

115,000

105,792

5.88%,

4/1/2035

236,000

277,254

4.88%,

3/15/2042(b)

150,000

168,689

Nucor

Corp.

,

4.00%,

8/1/2023(b)

500,000

508,238

5.20%,

8/1/2043(b)

200,000

234,479

Reliance

Steel

&

Aluminum

Co.

,

4.50%,

4/15/2023

250,000

254,976

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

206,000

249,021

Rio

Tinto

Finance

USA

plc

,

4.13%,

8/21/2042(b)

250,000

268,461

Southern

Copper

Corp.

,

3.88%,

4/23/2025

200,000

203,022

6.75%,

4/16/2040(b)

250,000

319,125

5.88%,

4/23/2045(b)

230,000

281,175

Steel

Dynamics,

Inc.

,

3.25%,

1/15/2031(b)

200,000

193,895

Teck

Resources

Ltd.

,

6.25%,

7/15/2041

250,000

298,691

Vale

Overseas

Ltd.

,

3.75%,

7/8/2030

300,000

289,500

6.88%,

11/10/2039(b)

250,000

305,175

5,672,380

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.25%,

4/15/2023

250,000

251,799

3.50%,

4/3/2030

500,000

497,378

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031(b)

50,000

45,715

3.38%,

12/1/2051

50,000

42,999

Kohl's

Corp.

,

5.55%,

7/17/2045

50,000

49,905

Target

Corp.

,

2.25%,

4/15/2025

280,000

276,021

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multiline

Retail

Target

Corp.,

2.50%,

4/15/2026(b)

750,000

745,324

1.95%,

1/15/2027(b)

130,000

125,545

2.35%,

2/15/2030

105,000

100,305

2.65%,

9/15/2030(b)

450,000

437,391

3.63%,

4/15/2046

200,000

205,640

2,778,022

Multi-Utilities

0.4%

Ameren

Corp.

,

2.50%,

9/15/2024

310,000

305,826

1.95%,

3/15/2027

80,000

74,913

Ameren

Illinois

Co.

,

2.90%,

6/15/2051

100,000

86,975

Berkshire

Hathaway

Energy

Co.

,

5.15%,

11/15/2043

500,000

569,127

Black

Hills

Corp.

,

3.05%,

10/15/2029

210,000

201,106

3.88%,

10/15/2049(b)

100,000

94,392

CenterPoint

Energy,

Inc.

,

2.65%,

6/1/2031

85,000

78,406

Consolidated

Edison

Co.

of

New

York,

Inc.

,

2.40%,

6/15/2031

50,000

46,030

3.95%,

3/1/2043

500,000

488,052

4.50%,

12/1/2045

500,000

524,570

3.70%,

11/15/2059

50,000

46,096

3.60%,

6/15/2061

200,000

183,859

Consumers

Energy

Co.

,

4.35%,

4/15/2049

300,000

325,797

3.10%,

8/15/2050

45,000

41,195

2.65%,

8/15/2052

25,000

20,751

2.50%,

5/1/2060

100,000

76,059

Delmarva

Power

&

Light

Co.

,

3.50%,

11/15/2023

250,000

252,761

Dominion

Energy,

Inc.

,

Series

D,

2.85%,

8/15/2026

500,000

494,436

Series

C,

2.25%,

8/15/2031(b)

30,000

27,023

Series

E,

6.30%,

3/15/2033

10,000

12,009

Series

B,

5.95%,

6/15/2035

151,000

176,467

Series

C,

4.90%,

8/1/2041

600,000

648,752

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025

170,000

159,033

2.95%,

3/1/2030

50,000

47,591

NiSource,

Inc.

,

0.95%,

8/15/2025(b)

160,000

147,037

2.95%,

9/1/2029(b)

250,000

238,239

1.70%,

2/15/2031(b)

85,000

72,100

5.95%,

6/15/2041

300,000

349,547

Public

Service

Enterprise

Group,

Inc.

,

0.84%,

11/8/2023(b)

200,000

193,942

Puget

Energy,

Inc.

,

3.65%,

5/15/2025(b)

250,000

250,546

2.38%,

6/15/2028(b)

200,000

182,852

4.22%,

3/15/2032

40,000

40,081

Puget

Sound

Energy,

Inc.

,

5.64%,

4/15/2041

200,000

236,641

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

San

Diego

Gas

&

Electric

Co.

,

Series

VVV,

1.70%,

10/1/2030(b)

600,000

528,553

4.15%,

5/15/2048

200,000

209,999

Sempra

Energy

,

6.00%,

10/15/2039(b)

220,000

268,961

4.00%,

2/1/2048

150,000

148,792

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

250,000

213,735

4.40%,

6/1/2043

250,000

250,088

Series

21A,

3.15%,

9/30/2051

100,000

84,755

WEC

Energy

Group,

Inc.

,

3.55%,

6/15/2025

118,000

118,229

1.80%,

10/15/2030

300,000

259,960

8,775,283

Oil,

Gas

&

Consumable

Fuels

1.8%

Boardwalk

Pipelines

LP

,

3.40%,

2/15/2031

250,000

236,434

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026(b)

500,000

505,569

3.06%,

6/17/2041

50,000

44,804

3.00%,

2/24/2050(b)

500,000

431,871

2.77%,

11/10/2050(b)

300,000

250,454

2.94%,

6/4/2051

150,000

128,031

3.00%,

3/17/2052(b)

50,000

43,072

3.38%,

2/8/2061(b)

50,000

44,451

BP

Capital

Markets

plc

,

3.54%,

11/4/2024

250,000

253,972

3.72%,

11/28/2028(b)

500,000

511,737

Canadian

Natural

Resources

Ltd.

,

3.90%,

2/1/2025

500,000

506,454

6.25%,

3/15/2038(b)

340,000

406,276

Cenovus

Energy,

Inc.

,

2.65%,

1/15/2032

45,000

40,756

6.75%,

11/15/2039(b)

120,000

148,164

5.40%,

6/15/2047(b)

200,000

225,189

3.75%,

2/15/2052(b)

25,000

22,357

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

250,000

266,482

3.70%,

11/15/2029

65,000

64,797

2.74%,

12/31/2039(b)(d)

100,000

87,011

Chevron

Corp.

,

1.14%,

5/11/2023(b)

55,000

54,302

1.55%,

5/11/2025(b)

200,000

192,952

2.95%,

5/16/2026

300,000

301,186

2.00%,

5/11/2027

120,000

115,162

2.24%,

5/11/2030

60,000

56,739

3.08%,

5/11/2050(b)

25,000

23,600

Chevron

USA,

Inc.

,

0.69%,

8/12/2025(b)

140,000

130,672

1.02%,

8/12/2027(b)

120,000

109,057

3.85%,

1/15/2028

50,000

52,082

2.34%,

8/12/2050(b)

200,000

161,927

26

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

CNOOC

Finance

2013

Ltd.

,

3.00%,

5/9/2023

750,000

751,217

3.30%,

9/30/2049

200,000

156,966

CNOOC

Finance

2015

USA

LLC

,

3.50%,

5/5/2025

500,000

501,360

CNOOC

Petroleum

North

America

ULC

,

5.88%,

3/10/2035

133,000

146,359

6.40%,

5/15/2037

200,000

233,243

Columbia

Pipeline

Group,

Inc.

,

5.80%,

6/1/2045

100,000

117,621

ConocoPhillips

,

5.90%,

10/15/2032(b)

177,000

213,873

ConocoPhillips

Co.

,

2.40%,

3/7/2025

50,000

49,425

3.76%,

3/15/2042(b)(d)

250,000

254,563

4.30%,

11/15/2044(b)

155,000

167,731

3.80%,

3/15/2052(b)

50,000

50,876

4.03%,

3/15/2062(b)(d)

400,000

405,530

Continental

Resources,

Inc.

,

4.90%,

6/1/2044

60,000

59,373

Devon

Energy

Corp.

,

4.75%,

5/15/2042(b)

300,000

317,015

Diamondback

Energy,

Inc.

,

3.50%,

12/1/2029(b)

100,000

99,057

4.40%,

3/24/2051

50,000

50,722

Eastern

Gas

Transmission

&

Storage,

Inc.

,

3.00%,

11/15/2029(d)

200,000

192,579

Enbridge

Energy

Partners

LP

,

5.88%,

10/15/2025

250,000

270,133

Enbridge,

Inc.

,

0.55%,

10/4/2023

40,000

38,764

1.60%,

10/4/2026(b)

95,000

87,799

3.70%,

7/15/2027(b)

500,000

506,522

3.13%,

11/15/2029(b)

150,000

145,364

2.50%,

8/1/2033

200,000

177,575

4.00%,

11/15/2049(b)

250,000

244,432

3.40%,

8/1/2051(b)

65,000

57,606

Energy

Transfer

LP

,

4.90%,

2/1/2024(b)

250,000

256,644

4.75%,

1/15/2026(b)

250,000

259,800

3.75%,

5/15/2030(b)

60,000

59,026

6.05%,

6/1/2041

75,000

83,245

5.00%,

5/15/2044(b)(f)

150,000

146,815

5.35%,

5/15/2045

500,000

514,623

5.30%,

4/15/2047

300,000

308,291

6.25%,

4/15/2049(b)

450,000

516,364

Enterprise

Products

Operating

LLC

,

3.90%,

2/15/2024

750,000

763,753

2.80%,

1/31/2030

120,000

115,346

6.13%,

10/15/2039

285,000

343,564

4.45%,

2/15/2043

500,000

503,531

4.85%,

3/15/2044

100,000

105,940

4.25%,

2/15/2048

250,000

250,999

3.70%,

1/31/2051

350,000

320,248

3.20%,

2/15/2052

300,000

253,117

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

EOG

Resources,

Inc.

,

4.95%,

4/15/2050(b)

60,000

73,434

Equinor

ASA

,

3.70%,

3/1/2024(b)

500,000

509,936

3.25%,

11/10/2024

500,000

504,527

3.70%,

4/6/2050

500,000

505,781

Exxon

Mobil

Corp.

,

1.57%,

4/15/2023(b)

200,000

199,358

3.18%,

3/15/2024(b)

500,000

506,997

2.02%,

8/16/2024(b)

100,000

99,001

2.71%,

3/6/2025

500,000

499,605

3.04%,

3/1/2026(b)

235,000

237,168

2.28%,

8/16/2026

100,000

98,078

3.29%,

3/19/2027(b)

200,000

203,822

3.48%,

3/19/2030

250,000

256,568

2.61%,

10/15/2030(b)

250,000

240,965

4.23%,

3/19/2040

200,000

215,058

3.10%,

8/16/2049(b)

250,000

228,688

4.33%,

3/19/2050

326,000

363,461

3.45%,

4/15/2051

274,000

265,614

Hess

Corp.

,

4.30%,

4/1/2027

500,000

513,041

5.60%,

2/15/2041

250,000

280,912

Kinder

Morgan

Energy

Partners

LP

,

4.25%,

9/1/2024

250,000

255,967

5.80%,

3/15/2035

206,000

234,862

6.38%,

3/1/2041

250,000

292,963

5.00%,

8/15/2042

350,000

358,272

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025

160,000

164,335

1.75%,

11/15/2026(b)

300,000

278,749

2.00%,

2/15/2031(b)

50,000

43,720

5.30%,

12/1/2034

350,000

383,592

5.05%,

2/15/2046

250,000

265,031

3.25%,

8/1/2050(b)

50,000

41,505

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046(b)

250,000

246,342

3.95%,

3/1/2050(b)

25,000

23,649

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

118,000

141,188

6.60%,

10/1/2037

70,000

85,107

Marathon

Petroleum

Corp.

,

3.63%,

9/15/2024(b)

250,000

251,834

6.50%,

3/1/2041

250,000

308,037

MPLX

LP

,

4.50%,

7/15/2023(b)

150,000

152,482

4.88%,

6/1/2025

250,000

259,000

1.75%,

3/1/2026(b)

160,000

149,925

4.25%,

12/1/2027

750,000

774,574

4.00%,

3/15/2028

500,000

508,617

2.65%,

8/15/2030

190,000

174,101

4.50%,

4/15/2038(b)

250,000

255,437

4.70%,

4/15/2048

200,000

201,479

4.95%,

3/14/2052

110,000

114,519

ONEOK

Partners

LP

,

4.90%,

3/15/2025

500,000

516,055

6.13%,

2/1/2041

100,000

109,994

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

ONEOK,

Inc.

,

4.00%,

7/13/2027

500,000

504,208

4.35%,

3/15/2029

500,000

510,531

5.20%,

7/15/2048

250,000

266,048

Ovintiv,

Inc.

,

6.50%,

2/1/2038

250,000

296,129

Phillips

66

,

4.65%,

11/15/2034

200,000

213,440

5.88%,

5/1/2042

382,000

470,829

Phillips

66

Partners

LP

,

3.61%,

2/15/2025(b)

500,000

504,118

4.90%,

10/1/2046

50,000

54,920

Pioneer

Natural

Resources

Co.

,

1.90%,

8/15/2030(b)

200,000

177,292

Plains

All

American

Pipeline

LP

,

4.65%,

10/15/2025(b)

200,000

205,483

5.15%,

6/1/2042

250,000

241,987

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

1,000,000

1,057,564

Spectra

Energy

Partners

LP

,

4.50%,

3/15/2045

100,000

102,128

Suncor

Energy,

Inc.

,

6.50%,

6/15/2038

500,000

630,278

TotalEnergies

Capital

Canada

Ltd.

,

2.75%,

7/15/2023(b)

750,000

753,088

TotalEnergies

Capital

International

SA

,

2.83%,

1/10/2030(b)

500,000

488,399

3.13%,

5/29/2050

200,000

182,466

3.39%,

6/29/2060

100,000

92,316

TransCanada

PipeLines

Ltd.

,

1.00%,

10/12/2024(b)

95,000

90,256

4.88%,

1/15/2026

285,000

299,555

4.25%,

5/15/2028(b)

500,000

519,490

2.50%,

10/12/2031

100,000

90,650

4.63%,

3/1/2034

250,000

266,763

5.85%,

3/15/2036(b)

750,000

872,524

Valero

Energy

Corp.

,

4.00%,

4/1/2029(b)

250,000

254,992

2.80%,

12/1/2031

100,000

92,295

7.50%,

4/15/2032(b)

118,000

148,938

6.63%,

6/15/2037

200,000

247,402

3.65%,

12/1/2051

50,000

44,126

Williams

Cos.,

Inc.

(The)

,

4.00%,

9/15/2025

500,000

508,722

3.50%,

11/15/2030(b)

400,000

395,466

5.80%,

11/15/2043

250,000

285,325

4.90%,

1/15/2045

500,000

521,959

39,295,608

Paper

&

Forest

Products

0.0%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

250,000

349,258

Suzano

Austria

GmbH

,

2.50%,

9/15/2028(b)

200,000

180,470

6.00%,

1/15/2029

200,000

215,894

Corporate

Bonds

Principal

Amount

($)

Value

($)

Paper

&

Forest

Products

Suzano

Austria

GmbH,

5.00%,

1/15/2030

200,000

203,752

949,374

Personal

Products

0.0%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024

85,000

83,578

2.38%,

12/1/2029

35,000

33,341

1.95%,

3/15/2031(b)

100,000

90,718

3.13%,

12/1/2049(b)

150,000

140,291

GSK

Consumer

Healthcare

Capital

US

LLC

,

3.63%,

3/24/2032(d)

500,000

499,530

847,458

Pharmaceuticals

0.9%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026(b)

200,000

185,425

1.75%,

5/28/2028(b)

125,000

115,178

2.25%,

5/28/2031

35,000

32,590

AstraZeneca

plc

,

3.38%,

11/16/2025(b)

500,000

507,295

0.70%,

4/8/2026

200,000

182,761

1.38%,

8/6/2030(b)

200,000

174,286

6.45%,

9/15/2037

200,000

265,629

4.00%,

9/18/2042

250,000

262,728

2.13%,

8/6/2050(b)

85,000

65,301

3.00%,

5/28/2051(b)

180,000

165,394

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024

319,000

321,366

3.20%,

6/15/2026

132,000

134,025

3.90%,

2/20/2028(b)

750,000

781,197

2.95%,

3/15/2032

555,000

542,915

3.25%,

8/1/2042

250,000

235,424

4.55%,

2/20/2048

195,000

220,661

4.25%,

10/26/2049

400,000

436,196

2.55%,

11/13/2050

300,000

249,025

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025

95,000

94,580

2.25%,

5/15/2050(b)

300,000

243,314

2.50%,

9/15/2060(b)

150,000

120,645

GlaxoSmithKline

Capital

plc

,

0.53%,

10/1/2023

1,000,000

976,812

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028(b)

300,000

313,227

5.38%,

4/15/2034(b)

201,000

239,192

4.20%,

3/18/2043(b)

300,000

314,369

Johnson

&

Johnson

,

2.45%,

3/1/2026(b)

250,000

248,657

4.95%,

5/15/2033(b)

663,000

773,731

3.63%,

3/3/2037

100,000

103,385

3.70%,

3/1/2046(b)

250,000

263,522

3.75%,

3/3/2047

100,000

106,939

2.45%,

9/1/2060(b)

500,000

404,916

Merck

&

Co.,

Inc.

,

2.80%,

5/18/2023(b)

500,000

503,874

2.75%,

2/10/2025(b)

220,000

220,510

1.70%,

6/10/2027(b)

170,000

160,859

1.90%,

12/10/2028(b)

130,000

122,350

2.15%,

12/10/2031(b)

115,000

106,367

28

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Merck

&

Co.,

Inc.,

3.90%,

3/7/2039

100,000

106,247

3.60%,

9/15/2042

250,000

251,063

4.15%,

5/18/2043(b)

350,000

380,163

4.00%,

3/7/2049

350,000

379,214

2.75%,

12/10/2051

70,000

60,973

2.90%,

12/10/2061(b)

100,000

85,145

Novartis

Capital

Corp.

,

3.10%,

5/17/2027(b)

500,000

504,882

4.40%,

5/6/2044(b)

200,000

226,432

4.00%,

11/20/2045(b)

200,000

214,286

Pfizer,

Inc.

,

3.40%,

5/15/2024(b)

500,000

509,917

0.80%,

5/28/2025

125,000

118,211

2.63%,

4/1/2030

100,000

97,087

1.70%,

5/28/2030(b)

140,000

126,828

1.75%,

8/18/2031(b)

100,000

89,944

7.20%,

3/15/2039

525,000

769,306

2.55%,

5/28/2040(b)

45,000

40,245

4.00%,

3/15/2049

500,000

546,439

2.70%,

5/28/2050(b)

65,000

57,526

Pharmacia

LLC

,

6.60%,

12/1/2028(f)

177,000

210,052

Royalty

Pharma

plc

,

2.20%,

9/2/2030

50,000

43,715

2.15%,

9/2/2031(b)

35,000

30,008

3.55%,

9/2/2050

200,000

166,136

3.35%,

9/2/2051

50,000

40,080

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023

200,000

200,554

3.20%,

9/23/2026(b)

925,000

926,598

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

180,527

3.03%,

7/9/2040(b)

200,000

178,321

3.18%,

7/9/2050

300,000

262,437

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026

800,000

793,867

5.25%,

6/15/2046

200,000

197,710

Viatris,

Inc.

,

1.65%,

6/22/2025(b)

200,000

186,110

2.30%,

6/22/2027(b)

400,000

364,057

2.70%,

6/22/2030

150,000

131,935

4.00%,

6/22/2050

100,000

84,007

Wyeth

LLC

,

6.50%,

2/1/2034(b)

206,000

267,481

Zoetis,

Inc.

,

4.50%,

11/13/2025(b)

230,000

240,008

3.90%,

8/20/2028

350,000

359,257

3.00%,

5/15/2050(b)

300,000

265,828

19,887,241

Professional

Services

0.1%

Equifax,

Inc.

,

2.35%,

9/15/2031(b)

100,000

89,443

Thomson

Reuters

Corp.

,

4.30%,

11/23/2023(b)

500,000

510,379

3.35%,

5/15/2026(b)

280,000

280,938

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

Verisk

Analytics,

Inc.

,

4.00%,

6/15/2025(b)

250,000

255,155

3.63%,

5/15/2050

85,000

79,991

1,215,906

Real

Estate

Management

&

Development

0.0%

†

CBRE

Services,

Inc.

,

4.88%,

3/1/2026(b)

500,000

524,670

Road

&

Rail

0.5%

Burlington

Northern

Santa

Fe

LLC

,

3.85%,

9/1/2023

150,000

153,242

3.75%,

4/1/2024(b)

500,000

509,124

3.65%,

9/1/2025

250,000

256,177

3.25%,

6/15/2027(b)

300,000

304,392

4.55%,

9/1/2044

250,000

277,112

4.70%,

9/1/2045

250,000

284,458

3.90%,

8/1/2046(b)

200,000

206,913

4.05%,

6/15/2048

250,000

265,746

3.55%,

2/15/2050(b)

250,000

247,738

2.88%,

6/15/2052(b)

25,000

22,146

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

242,000

289,864

6.20%,

6/1/2036

236,000

295,876

2.45%,

5/1/2050(b)

85,000

69,182

Canadian

Pacific

Railway

Co.

,

2.45%,

12/2/2031(b)

35,000

32,506

5.95%,

5/15/2037

250,000

305,985

3.00%,

12/2/2041

25,000

22,489

3.10%,

12/2/2051

30,000

26,524

6.13%,

9/15/2115

100,000

127,162

CSX

Corp.

,

4.10%,

3/15/2044

250,000

257,603

4.30%,

3/1/2048

250,000

268,579

4.50%,

3/15/2049

150,000

164,218

3.95%,

5/1/2050(b)

350,000

361,887

Kansas

City

Southern

,

2.88%,

11/15/2029(b)

160,000

153,797

4.20%,

11/15/2069

115,000

115,199

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029(b)

100,000

95,600

2.30%,

5/15/2031(b)

200,000

185,680

3.00%,

3/15/2032

55,000

53,597

4.45%,

6/15/2045

500,000

534,849

3.40%,

11/1/2049

170,000

158,657

2.90%,

8/25/2051(b)

100,000

86,549

3.70%,

3/15/2053

40,000

39,538

Ryder

System,

Inc.

,

2.50%,

9/1/2024

75,000

74,018

1.75%,

9/1/2026

165,000

153,572

2.90%,

12/1/2026

270,000

261,883

2.85%,

3/1/2027

25,000

24,242

Union

Pacific

Corp.

,

2.75%,

4/15/2023

750,000

753,716

3.25%,

8/15/2025(b)

500,000

502,319

2.15%,

2/5/2027(b)

55,000

52,832

3.95%,

9/10/2028(b)

500,000

524,616

2.38%,

5/20/2031(b)

200,000

187,132

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Union

Pacific

Corp.,

3.60%,

9/15/2037

500,000

503,562

3.20%,

5/20/2041

100,000

94,366

4.05%,

11/15/2045

220,000

227,918

4.05%,

3/1/2046

340,000

354,330

4.50%,

9/10/2048

250,000

277,375

2.95%,

3/10/2052(b)

335,000

296,505

3.95%,

8/15/2059

60,000

60,916

10,521,691

Semiconductors

&

Semiconductor

Equipment

0.6%

Analog

Devices,

Inc.

,

2.80%,

10/1/2041

175,000

157,019

Applied

Materials,

Inc.

,

3.30%,

4/1/2027

200,000

202,707

1.75%,

6/1/2030

60,000

54,313

5.10%,

10/1/2035(b)

250,000

288,787

2.75%,

6/1/2050

85,000

75,588

Broadcom

Corp.

,

3.88%,

1/15/2027

500,000

503,342

Broadcom,

Inc.

,

3.15%,

11/15/2025

26,000

25,789

4.00%,

4/15/2029(d)

95,000

94,953

4.75%,

4/15/2029

200,000

210,146

4.15%,

11/15/2030

285,000

288,844

4.15%,

4/15/2032(d)

80,000

80,000

4.30%,

11/15/2032

200,000

202,953

3.42%,

4/15/2033(d)

84,000

78,399

3.47%,

4/15/2034(d)

1,300,000

1,203,971

3.14%,

11/15/2035(d)

300,000

264,328

3.50%,

2/15/2041(b)(d)

300,000

267,159

Intel

Corp.

,

3.40%,

3/25/2025(b)

300,000

304,556

3.70%,

7/29/2025

500,000

512,091

3.75%,

3/25/2027(b)

200,000

206,970

3.15%,

5/11/2027(b)

300,000

302,549

1.60%,

8/12/2028

75,000

68,355

3.90%,

3/25/2030(b)

400,000

420,486

2.00%,

8/12/2031(b)

100,000

90,702

2.80%,

8/12/2041

30,000

26,487

4.10%,

5/11/2047(b)

300,000

316,213

3.73%,

12/8/2047

443,000

442,449

3.25%,

11/15/2049

100,000

92,244

4.75%,

3/25/2050

400,000

465,814

KLA

Corp.

,

4.65%,

11/1/2024

215,000

222,762

3.30%,

3/1/2050

220,000

207,223

Lam

Research

Corp.

,

3.80%,

3/15/2025

255,000

260,932

1.90%,

6/15/2030(b)

90,000

81,561

2.88%,

6/15/2050(b)

285,000

252,097

Micron

Technology,

Inc.

,

5.33%,

2/6/2029

150,000

162,148

2.70%,

4/15/2032

100,000

90,531

3.37%,

11/1/2041

50,000

44,667

3.48%,

11/1/2051(b)

50,000

43,468

NVIDIA

Corp.

,

1.55%,

6/15/2028(b)

365,000

335,159

2.85%,

4/1/2030(b)

360,000

354,197

2.00%,

6/15/2031(b)

200,000

182,451

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

NVIDIA

Corp.,

3.50%,

4/1/2050(b)

280,000

282,971

NXP

BV

,

2.70%,

5/1/2025(b)(d)

25,000

24,231

3.88%,

6/18/2026(d)

35,000

35,113

4.30%,

6/18/2029(d)

100,000

103,230

3.40%,

5/1/2030(b)(d)

35,000

33,924

2.50%,

5/11/2031(b)(d)

190,000

170,629

2.65%,

2/15/2032(b)(d)

40,000

36,051

3.25%,

5/11/2041(d)

195,000

171,955

3.13%,

2/15/2042(d)

50,000

43,044

3.25%,

11/30/2051(b)(d)

30,000

25,373

QUALCOMM,

Inc.

,

3.25%,

5/20/2027

250,000

253,240

1.30%,

5/20/2028(b)

73,000

65,787

2.15%,

5/20/2030

80,000

74,403

1.65%,

5/20/2032

590,000

511,551

4.65%,

5/20/2035

500,000

557,832

Skyworks

Solutions,

Inc.

,

3.00%,

6/1/2031

40,000

35,610

Texas

Instruments,

Inc.

,

1.38%,

3/12/2025

200,000

192,458

2.25%,

9/4/2029(b)

300,000

285,227

1.90%,

9/15/2031(b)

80,000

72,724

2.70%,

9/15/2051(b)

100,000

88,796

TSMC

Arizona

Corp.

,

3.13%,

10/25/2041

200,000

182,363

Xilinx,

Inc.

,

2.38%,

6/1/2030(b)

300,000

278,725

13,009,647

Software

0.6%

Adobe,

Inc.

,

1.90%,

2/1/2025

30,000

29,327

3.25%,

2/1/2025(b)

135,000

136,786

2.15%,

2/1/2027(b)

245,000

237,744

2.30%,

2/1/2030

600,000

567,677

Autodesk,

Inc.

,

2.40%,

12/15/2031(b)

155,000

138,196

Microsoft

Corp.

,

2.00%,

8/8/2023

250,000

250,771

3.63%,

12/15/2023(b)

400,000

410,827

2.88%,

2/6/2024(b)

365,000

369,662

2.40%,

8/8/2026

465,000

461,108

3.50%,

2/12/2035

325,000

340,416

3.45%,

8/8/2036(b)

239,000

248,582

2.53%,

6/1/2050

1,336,000

1,153,629

2.92%,

3/17/2052

1,075,000

1,008,768

Oracle

Corp.

,

2.40%,

9/15/2023(b)

1,000,000

996,282

2.50%,

4/1/2025

100,000

97,671

2.65%,

7/15/2026

190,000

182,189

3.25%,

11/15/2027(b)

300,000

291,342

2.95%,

4/1/2030(b)

600,000

553,537

3.25%,

5/15/2030(b)

250,000

236,941

2.88%,

3/25/2031

500,000

455,895

3.90%,

5/15/2035

200,000

188,077

5.38%,

7/15/2040

350,000

369,294

4.50%,

7/8/2044(b)

650,000

615,328

4.13%,

5/15/2045

200,000

179,604

30

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Oracle

Corp.,

4.00%,

7/15/2046

500,000

443,671

4.00%,

11/15/2047

500,000

442,185

3.60%,

4/1/2050

700,000

580,554

salesforce.com,

Inc.

,

3.70%,

4/11/2028

500,000

516,593

1.95%,

7/15/2031(b)

35,000

32,020

2.70%,

7/15/2041(b)

200,000

176,998

2.90%,

7/15/2051

290,000

257,494

ServiceNow,

Inc.

,

1.40%,

9/1/2030(b)

145,000

123,232

VMware,

Inc.

,

4.70%,

5/15/2030

300,000

317,279

Workday,

Inc.

,

3.50%,

4/1/2027

50,000

49,987

3.70%,

4/1/2029

50,000

50,111

3.80%,

4/1/2032

70,000

69,867

12,579,644

Specialty

Retail

0.4%

Advance

Auto

Parts,

Inc.

,

3.50%,

3/15/2032

55,000

52,770

AutoNation,

Inc.

,

1.95%,

8/1/2028(b)

45,000

40,275

2.40%,

8/1/2031

90,000

78,356

3.85%,

3/1/2032

30,000

29,042

AutoZone,

Inc.

,

3.25%,

4/15/2025

325,000

324,553

4.00%,

4/15/2030

100,000

102,652

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030(b)

125,000

109,430

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

50,000

42,672

Home

Depot,

Inc.

(The)

,

2.70%,

4/1/2023(b)

500,000

503,316

2.70%,

4/15/2025

30,000

29,898

2.50%,

4/15/2027(b)

200,000

196,319

2.88%,

4/15/2027

45,000

44,831

2.80%,

9/14/2027(b)

750,000

741,128

0.90%,

3/15/2028(b)

130,000

115,516

1.50%,

9/15/2028(b)

100,000

90,905

3.90%,

12/6/2028(b)

300,000

314,043

1.38%,

3/15/2031(b)

300,000

258,189

1.88%,

9/15/2031(b)

100,000

89,358

3.25%,

4/15/2032

200,000

200,079

5.95%,

4/1/2041(b)

150,000

193,724

4.20%,

4/1/2043(b)

250,000

268,141

4.40%,

3/15/2045(b)

600,000

658,431

3.35%,

4/15/2050

335,000

315,642

2.38%,

3/15/2051(b)

200,000

160,363

2.75%,

9/15/2051(b)

100,000

86,149

3.63%,

4/15/2052

140,000

138,924

Lowe's

Cos.,

Inc.

,

3.13%,

9/15/2024

400,000

401,695

4.00%,

4/15/2025

500,000

513,382

3.35%,

4/1/2027

60,000

60,351

3.10%,

5/3/2027

250,000

248,077

1.30%,

4/15/2028(b)

170,000

151,394

1.70%,

9/15/2028(b)

80,000

72,403

6.50%,

3/15/2029(b)

236,000

277,461

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Lowe’s

Cos.,

Inc.,

3.65%,

4/5/2029(b)

400,000

406,481

1.70%,

10/15/2030(b)

75,000

65,468

3.75%,

4/1/2032(b)

245,000

247,695

2.80%,

9/15/2041

60,000

51,390

4.05%,

5/3/2047

250,000

251,828

3.00%,

10/15/2050

345,000

293,509

4.25%,

4/1/2052(b)

65,000

67,232

4.45%,

4/1/2062

75,000

78,044

O'Reilly

Automotive,

Inc.

,

3.55%,

3/15/2026

300,000

301,866

TJX

Cos.,

Inc.

(The)

,

2.25%,

9/15/2026(b)

500,000

485,693

Tractor

Supply

Co.

,

1.75%,

11/1/2030

55,000

47,243

9,205,918

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

,

0.75%,

5/11/2023

75,000

74,036

2.50%,

2/9/2025(b)

595,000

593,546

1.13%,

5/11/2025

140,000

133,674

0.55%,

8/20/2025(b)

500,000

465,867

3.25%,

2/23/2026

1,130,000

1,150,903

2.45%,

8/4/2026

625,000

617,345

3.35%,

2/9/2027(b)

1,000,000

1,021,180

3.20%,

5/11/2027

300,000

305,066

1.40%,

8/5/2028

50,000

45,717

2.20%,

9/11/2029(b)

235,000

223,969

1.65%,

5/11/2030(b)

300,000

271,915

1.25%,

8/20/2030(b)

500,000

436,883

1.65%,

2/8/2031

250,000

224,986

1.70%,

8/5/2031(b)

50,000

44,842

3.85%,

5/4/2043

550,000

578,511

4.38%,

5/13/2045

355,000

401,218

4.65%,

2/23/2046

460,000

544,298

2.65%,

5/11/2050(b)

300,000

261,304

2.40%,

8/20/2050(b)

400,000

330,016

2.65%,

2/8/2051

400,000

345,033

2.70%,

8/5/2051

50,000

43,465

2.55%,

8/20/2060(b)

300,000

245,856

2.85%,

8/5/2061

50,000

43,123

Dell

International

LLC

,

5.45%,

6/15/2023

94,000

96,833

4.00%,

7/15/2024

200,000

204,304

6.02%,

6/15/2026

700,000

758,260

3.38%,

12/15/2041(d)

100,000

84,049

8.35%,

7/15/2046

99,000

144,678

3.45%,

12/15/2051(b)(d)

50,000

40,620

Hewlett

Packard

Enterprise

Co.

,

2.25%,

4/1/2023

500,000

499,525

6.35%,

10/15/2045(f)

150,000

176,610

HP,

Inc.

,

1.45%,

6/17/2026(b)

155,000

142,446

4.00%,

4/15/2029

60,000

59,776

2.65%,

6/17/2031

50,000

44,735

4.20%,

4/15/2032

60,000

59,794

6.00%,

9/15/2041

250,000

291,355

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Western

Digital

Corp.

,

2.85%,

2/1/2029

250,000

228,398

11,234,136

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030

400,000

394,871

3.88%,

11/1/2045

250,000

260,522

3.38%,

3/27/2050(b)

200,000

198,742

854,135

Thrifts

&

Mortgage

Finance

0.0%

†

BPCE

SA

,

4.00%,

4/15/2024

475,000

482,875

Tobacco

0.2%

Altria

Group,

Inc.

,

4.40%,

2/14/2026

160,000

165,501

4.50%,

5/2/2043

250,000

227,603

5.38%,

1/31/2044(b)

170,000

175,709

5.95%,

2/14/2049

500,000

541,277

3.70%,

2/4/2051(b)

250,000

201,933

BAT

Capital

Corp.

,

3.22%,

8/15/2024

500,000

499,817

4.70%,

4/2/2027

100,000

102,565

3.56%,

8/15/2027

750,000

729,937

4.74%,

3/16/2032(b)

70,000

70,414

4.39%,

8/15/2037

500,000

464,958

4.54%,

8/15/2047

300,000

267,716

4.76%,

9/6/2049

250,000

229,792

5.65%,

3/16/2052

70,000

71,013

BAT

International

Finance

plc

,

4.45%,

3/16/2028

70,000

70,149

Philip

Morris

International,

Inc.

,

6.38%,

5/16/2038(b)

460,000

564,339

3.88%,

8/21/2042(b)

250,000

232,514

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

500,000

510,530

5.70%,

8/15/2035

120,000

126,610

5,252,377

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

2.30%,

2/1/2025

75,000

72,140

3.25%,

3/1/2025

1,000,000

986,472

1.88%,

8/15/2026

80,000

73,697

2.10%,

9/1/2028(b)

100,000

87,440

3.25%,

10/1/2029(b)

250,000

236,025

Aircastle

Ltd.

,

5.00%,

4/1/2023

100,000

101,604

4.13%,

5/1/2024(b)

300,000

299,505

GATX

Corp.

,

3.25%,

9/15/2026(b)

500,000

494,604

3.10%,

6/1/2051(b)

90,000

74,759

WW

Grainger,

Inc.

,

3.75%,

5/15/2046

250,000

248,723

2,674,969

Corporate

Bonds

Principal

Amount

($)

Value

($)

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

4.30%,

9/1/2045(b)

500,000

513,108

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

200,000

177,855

690,963

Wireless

Telecommunication

Services

0.3%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

177,000

220,457

6.13%,

3/30/2040

350,000

436,230

Rogers

Communications,

Inc.

,

2.95%,

3/15/2025(b)(d)

80,000

79,422

3.63%,

12/15/2025(b)

200,000

201,928

3.20%,

3/15/2027(d)

60,000

59,059

3.80%,

3/15/2032(d)

70,000

69,458

4.50%,

3/15/2042(d)

70,000

70,919

4.50%,

3/15/2043

100,000

100,952

5.00%,

3/15/2044(b)

250,000

265,339

3.70%,

11/15/2049

100,000

88,932

4.55%,

3/15/2052(d)

80,000

79,533

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025

500,000

503,309

3.75%,

4/15/2027

500,000

502,923

2.05%,

2/15/2028

100,000

91,331

3.88%,

4/15/2030

750,000

752,879

2.55%,

2/15/2031(b)

500,000

453,401

2.70%,

3/15/2032(d)

80,000

72,775

4.38%,

4/15/2040

250,000

251,061

3.00%,

2/15/2041

400,000

338,127

4.50%,

4/15/2050

300,000

303,497

3.40%,

10/15/2052(d)

350,000

297,654

Vodafone

Group

plc

,

4.13%,

5/30/2025

500,000

514,776

7.88%,

2/15/2030

206,000

262,541

4.38%,

2/19/2043

500,000

501,851

5.25%,

5/30/2048

500,000

560,072

4.25%,

9/17/2050

40,000

39,867

7,118,293

Total

Corporate

Bonds

(cost

$567,652,282)

555,828,715

Foreign

Government

Securities

1.6%

CANADA

0.2%

Province

of

Alberta,

3.35%,

11/1/2023(b)

500,000

507,359

3.30%,

3/15/2028

500,000

514,330

Province

of

Ontario,

3.05%,

1/29/2024

500,000

505,739

2.00%,

10/2/2029

1,000,000

951,660

Province

of

Quebec,

2.50%,

4/9/2024

500,000

501,247

7.50%,

9/15/2029

578,000

755,687

3,736,022

CHILE

0.1%

Republic

of

Chile,

3.13%,

3/27/2025

750,000

756,945

32

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

3.24%,

2/6/2028

500,000

498,855

2.45%,

1/31/2031(b)

500,000

468,265

2.55%,

1/27/2032(b)

500,000

469,810

3.10%,

5/7/2041

400,000

351,904

3.63%,

10/30/2042

400,000

372,804

2,918,583

GERMANY

0.0%

†

FMS

Wertmanagement

AoeR,

2.75%,

1/30/2024

600,000

604,333

HUNGARY

0.0%

†

Hungary

Government

Bond,

5.38%,

3/25/2024

500,000

523,612

7.63%,

3/29/2041

100,000

144,950

668,562

INDONESIA

0.1%

Republic

of

Indonesia,

3.50%,

1/11/2028(b)

500,000

512,368

4.10%,

4/24/2028

1,000,000

1,058,470

2.85%,

2/14/2030(b)

500,000

491,406

5.35%,

2/11/2049(b)

200,000

229,279

4.20%,

10/15/2050(b)

200,000

207,867

4.45%,

4/15/2070

200,000

206,158

2,705,548

ISRAEL

0.1%

State

of

Israel

Government

Bond,

3.15%,

6/30/2023

500,000

505,440

3.25%,

1/17/2028(b)

1,000,000

1,028,720

3.38%,

1/15/2050

200,000

189,250

3.88%,

7/3/2050(b)

200,000

206,000

4.50%,

4/3/2120

200,000

213,656

2,143,066

ITALY

0.1%

Italian

Republic

Government

Bond,

6.88%,

9/27/2023

251,000

266,168

5.38%,

6/15/2033(b)

491,000

555,228

4.00%,

10/17/2049(b)

400,000

383,427

1,204,823

JAPAN

0.1%

Japan

Bank

for

International

Cooperation,

2.50%,

5/23/2024(b)

2,000,000

1,998,620

2.38%,

4/20/2026

500,000

490,726

1.88%,

7/21/2026

500,000

482,804

2,972,150

MEXICO

0.3%

United

Mexican

States,

4.15%,

3/28/2027(b)

200,000

210,198

3.75%,

1/11/2028(b)

1,000,000

1,016,990

2.66%,

5/24/2031(b)

700,000

637,140

6.75%,

9/27/2034

996,000

1,216,873

6.05%,

1/11/2040(b)

400,000

452,964

4.75%,

3/8/2044

900,000

884,358

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

5.55%,

1/21/2045

500,000

543,485

4.60%,

1/23/2046

347,000

332,582

4.35%,

1/15/2047

500,000

461,620

5,756,210

PANAMA

0.1%

Republic

of

Panama,

6.70%,

1/26/2036

250,000

307,692

4.30%,

4/29/2053

500,000

479,990

4.50%,

4/1/2056

400,000

390,932

3.87%,

7/23/2060

400,000

349,904

1,528,518

PERU

0.1%

Republic

of

Peru,

4.13%,

8/25/2027

750,000

778,050

2.78%,

1/23/2031

500,000

470,750

8.75%,

11/21/2033

500,000

723,140

3.00%,

1/15/2034

200,000

186,432

3.30%,

3/11/2041

500,000

453,940

5.63%,

11/18/2050

300,000

380,679

2,992,991

PHILIPPINES

0.1%

Republic

of

Philippines,

4.20%,

1/21/2024(b)

500,000

514,080

9.50%,

2/2/2030(b)

500,000

709,051

2.46%,

5/5/2030

500,000

474,848

7.75%,

1/14/2031

200,000

262,350

6.38%,

10/23/2034

500,000

630,711

3.70%,

2/2/2042(b)

600,000

579,740

3,170,780

POLAND

0.0%

†

Republic

of

Poland,

4.00%,

1/22/2024

500,000

512,766

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea,

2.38%,

4/21/2027

1,000,000

973,568

Republic

of

Korea,

5.63%,

11/3/2025(b)

300,000

326,363

4.13%,

6/10/2044

250,000

297,475

1,597,406

SWEDEN

0.1%

Svensk

Exportkredit

AB,

0.75%,

4/6/2023

1,000,000

988,256

URUGUAY

0.1%

Oriental

Republic

of

Uruguay,

4.38%,

10/27/2027

1,250,000

1,325,013

5.10%,

6/18/2050

700,000

824,292

2,149,305

Total

Foreign

Government

Securities

(cost

$36,084,509)

35,649,319

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Mortgage-Backed

Securities

27.4%

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C90719

5.00%,

10/1/2023

33,965

35,752

Pool#

J09912

4.00%,

6/1/2024

79,933

82,182

Pool#

C00351

8.00%,

7/1/2024

97

100

Pool#

G13900

5.00%,

12/1/2024

1

1

Pool#

D60780

8.00%,

6/1/2025

393

401

Pool#

G30267

5.00%,

8/1/2025

22,029

23,174

Pool#

E02746

3.50%,

11/1/2025

68,703

70,212

Pool#

J13883

3.50%,

12/1/2025

154,214

157,688

Pool#

J14732

4.00%,

3/1/2026

80,097

82,562

Pool#

E02896

3.50%,

5/1/2026

84,447

86,356

Pool#

J18127

3.00%,

3/1/2027

97,863

98,946

Pool#

J18702

3.00%,

3/1/2027

88,194

89,150

Pool#

J19106

3.00%,

5/1/2027

40,539

40,988

Pool#

J20471

3.00%,

9/1/2027

178,599

180,579

Pool#

D82854

7.00%,

10/1/2027

69

69

Pool#

G14609

3.00%,

11/1/2027

262,680

265,581

Pool#

C00566

7.50%,

12/1/2027

406

436

Pool#

G15100

2.50%,

7/1/2028

114,862

113,881

Pool#

C18271

7.00%,

11/1/2028

1,661

1,753

Pool#

C00678

7.00%,

11/1/2028

507

545

Pool#

C00836

7.00%,

7/1/2029

350

382

Pool#

C31285

7.00%,

9/1/2029

603

635

Pool#

C31282

7.00%,

9/1/2029

53

54

Pool#

G18536

2.50%,

1/1/2030

1,580,634

1,565,577

Pool#

C37436

8.00%,

1/1/2030

993

1,097

Pool#

C36429

7.00%,

2/1/2030

532

544

Pool#

C36306

7.00%,

2/1/2030

521

535

Pool#

C00921

7.50%,

2/1/2030

696

763

Pool#

G01108

7.00%,

4/1/2030

246

266

Pool#

C37703

7.50%,

4/1/2030

571

590

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G18552

3.00%,

5/1/2030

573,067

579,442

Pool#

U49055

3.00%,

6/1/2030

66,999

67,902

Pool#

J32243

3.00%,

7/1/2030

457,715

462,818

Pool#

J32257

3.00%,

7/1/2030

96,504

97,580

Pool#

J32255

3.00%,

7/1/2030

89,436

90,434

Pool#

C41561

8.00%,

8/1/2030

1,674

1,727

Pool#

C01051

8.00%,

9/1/2030

909

1,007

Pool#

C43550

7.00%,

10/1/2030

1,229

1,258

Pool#

C44017

7.50%,

10/1/2030

390

395

Pool#

C43967

8.00%,

10/1/2030

2,154

2,162

Pool#

C44957

8.00%,

11/1/2030

761

773

Pool#

J33361

3.00%,

12/1/2030

207,601

209,909

Pool#

G18578

3.00%,

12/1/2030

193,902

195,599

Pool#

J33315

3.00%,

12/1/2030

80,542

81,440

Pool#

C01103

7.50%,

12/1/2030

523

584

Pool#

C46932

7.50%,

1/1/2031

571

586

Pool#

G18587

3.00%,

2/1/2031

142,107

143,688

Pool#

G18592

3.00%,

3/1/2031

155,276

157,005

Pool#

C48206

7.50%,

3/1/2031

1,512

1,518

Pool#

C91366

4.50%,

4/1/2031

48,926

50,883

Pool#

G18601

3.00%,

5/1/2031

91,265

92,281

Pool#

G18605

3.00%,

6/1/2031

54,064

54,666

Pool#

J34627

3.00%,

6/1/2031

12,921

13,065

Pool#

C91377

4.50%,

6/1/2031

26,380

27,439

Pool#

C53324

7.00%,

6/1/2031

1,390

1,447

Pool#

C01209

8.00%,

6/1/2031

294

298

Pool#

J35107

2.50%,

8/1/2031

101,095

100,196

Pool#

G01309

7.00%,

8/1/2031

599

645

Pool#

G01311

7.00%,

9/1/2031

5,000

5,427

Pool#

C01222

7.00%,

9/1/2031

685

761

34

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G01315

7.00%,

9/1/2031

180

197

Pool#

J35522

2.50%,

10/1/2031

340,853

337,606

Pool#

C60012

7.00%,

11/1/2031

608

622

Pool#

C61298

8.00%,

11/1/2031

2,193

2,235

Pool#

J35957

2.50%,

12/1/2031

496,048

491,323

Pool#

C61105

7.00%,

12/1/2031

4,733

4,960

Pool#

C63171

7.00%,

1/1/2032

3,384

3,621

Pool#

V61548

2.50%,

2/1/2032

476,093

471,851

Pool#

D99004

3.50%,

3/1/2032

87,757

88,922

Pool#

G30577

3.50%,

4/1/2032

174,914

177,237

Pool#

G01391

7.00%,

4/1/2032

9,084

9,891

Pool#

C01345

7.00%,

4/1/2032

2,969

3,298

Pool#

C01370

8.00%,

4/1/2032

871

946

Pool#

C01381

8.00%,

5/1/2032

10,476

11,554

Pool#

C68290

7.00%,

6/1/2032

2,106

2,218

Pool#

C68300

7.00%,

6/1/2032

855

858

Pool#

D99266

3.50%,

7/1/2032

152,053

154,071

Pool#

G01449

7.00%,

7/1/2032

5,695

6,222

Pool#

C69908

7.00%,

8/1/2032

21,736

23,285

Pool#

C91558

3.50%,

9/1/2032

28,153

28,528

Pool#

G16407

2.50%,

1/1/2033

265,425

263,209

Pool#

G16408

2.50%,

1/1/2033

182,457

180,916

Pool#

G01536

7.00%,

3/1/2033

8,512

9,335

Pool#

C01528

5.00%,

4/1/2033

40,213

43,522

Pool#

G30646

3.00%,

5/1/2033

168,091

167,846

Pool#

G30642

3.00%,

5/1/2033

92,755

92,619

Pool#

K90535

3.00%,

5/1/2033

37,803

37,748

Pool#

G18693

4.00%,

5/1/2033

62,265

64,560

Pool#

G18696

3.50%,

7/1/2033

16,588

17,020

Pool#

A16419

6.50%,

11/1/2033

13,999

15,040

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C01806

7.00%,

1/1/2034

11,054

11,485

Pool#

A21356

6.50%,

4/1/2034

44,139

47,730

Pool#

C01851

6.50%,

4/1/2034

19,165

20,843

Pool#

A24301

6.50%,

5/1/2034

25,855

27,777

Pool#

A22067

6.50%,

5/1/2034

18,230

19,990

Pool#

G18737

3.50%,

6/1/2034

105,334

108,069

Pool#

A24988

6.50%,

7/1/2034

10,301

11,067

Pool#

G01741

6.50%,

10/1/2034

6,532

7,053

Pool#

G08023

6.50%,

11/1/2034

13,405

14,847

Pool#

G01947

7.00%,

5/1/2035

6,809

7,408

Pool#

G08073

5.50%,

8/1/2035

63,798

69,932

Pool#

A37135

5.50%,

9/1/2035

94,748

102,960

Pool#

A47368

5.00%,

10/1/2035

84,561

91,331

Pool#

A38531

5.50%,

10/1/2035

152,244

165,870

Pool#

A38255

5.50%,

10/1/2035

109,145

119,595

Pool#

G08088

6.50%,

10/1/2035

67,007

73,657

Pool#

A39759

5.50%,

11/1/2035

4,979

5,419

Pool#

A40376

5.50%,

12/1/2035

3,246

3,526

Pool#

A42305

5.50%,

1/1/2036

8,008

8,646

Pool#

A41548

7.00%,

1/1/2036

10,992

11,339

Pool#

G08111

5.50%,

2/1/2036

88,251

96,716

Pool#

A43886

5.50%,

3/1/2036

283,171

306,487

Pool#

A43885

5.50%,

3/1/2036

172,361

184,806

Pool#

A43884

5.50%,

3/1/2036

114,085

121,559

Pool#

A48378

5.50%,

3/1/2036

66,714

71,019

Pool#

A43861

5.50%,

3/1/2036

45,724

48,782

Pool#

G08116

5.50%,

3/1/2036

18,561

20,346

Pool#

A48735

5.50%,

5/1/2036

6,714

7,145

Pool#

A53039

6.50%,

10/1/2036

43,278

46,495

Pool#

G05254

5.00%,

1/1/2037

60,768

65,767

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G04331

5.00%,

2/1/2037

60,898

65,905

Pool#

G05941

6.00%,

2/1/2037

302,130

337,352

Pool#

G03620

6.50%,

10/1/2037

1,895

2,123

Pool#

G03721

6.00%,

12/1/2037

27,939

31,233

Pool#

G03969

6.00%,

2/1/2038

29,157

32,566

Pool#

C91982

3.50%,

3/1/2038

98,591

99,704

Pool#

G04913

5.00%,

3/1/2038

106,732

115,591

Pool#

G05299

4.50%,

6/1/2038

102,065

108,674

Pool#

G04581

6.50%,

8/1/2038

54,567

59,140

Pool#

C92013

3.50%,

9/1/2038

258,329

261,230

Pool#

A81674

6.00%,

9/1/2038

181,853

203,251

Pool#

G05459

5.50%,

5/1/2039

792,045

873,049

Pool#

G05535

4.50%,

7/1/2039

285,071

303,573

Pool#

A89500

4.50%,

10/1/2039

26,423

28,063

Pool#

A91165

5.00%,

2/1/2040

1,178,776

1,277,049

Pool#

G60342

4.50%,

5/1/2042

285,038

303,270

Pool#

G60195

4.00%,

6/1/2042

356,044

372,173

Pool#

Q08977

4.00%,

6/1/2042

65,250

66,895

Pool#

Q09824

4.00%,

8/1/2042

45,734

47,878

Pool#

Q11087

4.00%,

9/1/2042

48,704

49,887

Pool#

G07158

3.50%,

10/1/2042

205,245

209,493

Pool#

G07163

3.50%,

10/1/2042

177,796

181,479

Pool#

Q11532

3.50%,

10/1/2042

136,932

139,766

Pool#

Q12051

3.50%,

10/1/2042

104,752

106,930

Pool#

Q12052

3.50%,

10/1/2042

45,608

46,477

Pool#

C09020

3.50%,

11/1/2042

316,415

322,991

Pool#

G07264

3.50%,

12/1/2042

276,571

282,294

Pool#

Q14292

3.50%,

1/1/2043

76,896

78,488

Pool#

Q15884

3.00%,

2/1/2043

415,519

415,286

Pool#

Q16470

3.00%,

3/1/2043

907,186

906,770

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

V80002

2.50%,

4/1/2043

349,063

337,156

Pool#

Q16915

3.00%,

4/1/2043

321,236

321,155

Pool#

Q17675

3.50%,

4/1/2043

340,460

347,509

Pool#

Q18523

3.50%,

5/1/2043

351,237

358,504

Pool#

Q18751

3.50%,

6/1/2043

464,586

474,174

Pool#

G07410

3.50%,

7/1/2043

146,684

149,737

Pool#

Q20332

3.50%,

7/1/2043

48,041

48,957

Pool#

G07459

3.50%,

8/1/2043

406,649

415,078

Pool#

G60038

3.50%,

1/1/2044

849,952

867,511

Pool#

Q26869

4.00%,

6/1/2044

426,837

445,742

Pool#

G07946

4.00%,

7/1/2044

13,052

13,634

Pool#

Q28607

3.50%,

9/1/2044

157,655

160,644

Pool#

G61231

3.50%,

9/1/2044

44,925

45,734

Pool#

G08609

3.50%,

10/1/2044

135,164

137,593

Pool#

Q30833

4.00%,

1/1/2045

20,419

21,320

Pool#

G60400

4.50%,

1/1/2045

118,630

126,054

Pool#

G07925

4.00%,

2/1/2045

36,410

38,028

Pool#

Q34165

4.00%,

6/1/2045

221,566

229,776

Pool#

V81873

4.00%,

8/1/2045

140,189

146,072

Pool#

G08669

4.00%,

9/1/2045

209,538

218,086

Pool#

V82126

3.50%,

12/1/2045

121,412

123,774

Pool#

Q38199

3.50%,

1/1/2046

9,046

9,139

Pool#

Q38357

4.00%,

1/1/2046

60,017

62,270

Pool#

G61365

4.50%,

1/1/2046

42,794

45,253

Pool#

G08697

3.00%,

3/1/2046

577,723

572,953

Pool#

Q39364

3.50%,

3/1/2046

94,298

96,130

Pool#

Q39434

3.50%,

3/1/2046

76,468

77,862

Pool#

Q39440

4.00%,

3/1/2046

40,619

42,283

Pool#

G08704

4.50%,

4/1/2046

20,469

21,598

Pool#

Q40097

4.50%,

4/1/2046

2,987

3,111

36

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G60582

3.50%,

5/1/2046

234,453

238,992

Pool#

Q40718

3.50%,

5/1/2046

75,804

77,071

Pool#

G08707

4.00%,

5/1/2046

99,353

103,313

Pool#

G08708

4.50%,

5/1/2046

15,918

16,796

Pool#

Q40728

4.50%,

5/1/2046

2,713

2,824

Pool#

Q41548

3.00%,

7/1/2046

88,355

87,899

Pool#

Q41903

3.50%,

7/1/2046

113,547

115,267

Pool#

Q41491

3.50%,

7/1/2046

9,806

9,952

Pool#

Q41407

3.50%,

7/1/2046

6,010

6,040

Pool#

G61791

4.00%,

7/1/2046

94,103

98,211

Pool#

Q41947

4.50%,

7/1/2046

8,252

8,727

Pool#

G08715

3.00%,

8/1/2046

584,554

581,294

Pool#

Q42596

3.50%,

8/1/2046

96,852

98,637

Pool#

Q42203

3.50%,

8/1/2046

25,582

26,105

Pool#

Q42393

3.50%,

8/1/2046

19,291

19,599

Pool#

G61237

3.50%,

8/1/2046

17,685

18,049

Pool#

Q42680

4.00%,

8/1/2046

4,628

4,766

Pool#

G08720

4.50%,

8/1/2046

11,844

12,521

Pool#

G61323

3.00%,

9/1/2046

546,587

545,950

Pool#

G08721

3.00%,

9/1/2046

322,335

320,471

Pool#

V82617

3.50%,

9/1/2046

220,825

224,242

Pool#

G08722

3.50%,

9/1/2046

65,752

67,024

Pool#

G60733

4.50%,

9/1/2046

119,427

126,577

Pool#

G60722

3.00%,

10/1/2046

949,257

943,948

Pool#

Q44035

3.00%,

10/1/2046

453,528

450,625

Pool#

G61815

4.00%,

10/1/2046

40,010

41,664

Pool#

G61257

3.00%,

11/1/2046

904,316

896,071

Pool#

Q44452

3.00%,

11/1/2046

200,133

198,646

Pool#

G08732

3.00%,

11/1/2046

57,931

57,703

Pool#

Q44473

3.50%,

11/1/2046

28,190

28,627

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q44223

3.50%,

11/1/2046

15,582

15,772

Pool#

G08734

4.00%,

11/1/2046

307,326

319,229

Pool#

G08737

3.00%,

12/1/2046

1,919,642

1,906,950

Pool#

G60989

3.00%,

12/1/2046

333,984

332,117

Pool#

Q45878

3.00%,

12/1/2046

70,360

69,771

Pool#

G08738

3.50%,

12/1/2046

1,263,830

1,282,687

Pool#

Q45024

3.50%,

12/1/2046

94,494

96,025

Pool#

G08741

3.00%,

1/1/2047

526,567

522,975

Pool#

G08747

3.00%,

2/1/2047

999,944

993,125

Pool#

G08748

3.50%,

2/1/2047

260,210

264,432

Pool#

G08749

4.00%,

2/1/2047

451,402

467,768

Pool#

G61890

4.00%,

2/1/2047

33,655

34,994

Pool#

G08751

3.50%,

3/1/2047

388,181

393,764

Pool#

Q47592

3.50%,

4/1/2047

69,832

70,663

Pool#

Q47484

3.50%,

4/1/2047

14,912

15,188

Pool#

G60988

3.00%,

5/1/2047

1,159,107

1,152,858

Pool#

Q48098

3.50%,

5/1/2047

50,245

50,940

Pool#

Q48237

4.50%,

5/1/2047

85,239

89,314

Pool#

G61390

3.00%,

6/1/2047

823,053

817,553

Pool#

Q48414

4.50%,

6/1/2047

56,478

58,650

Pool#

Q48365

4.50%,

6/1/2047

15,671

16,424

Pool#

G08770

3.50%,

7/1/2047

762,354

775,147

Pool#

V83270

3.50%,

7/1/2047

170,033

172,074

Pool#

G61339

3.00%,

8/1/2047

172,445

171,361

Pool#

G08774

3.50%,

8/1/2047

84,180

85,302

Pool#

Q49917

3.50%,

8/1/2047

66,655

67,436

Pool#

Q53085

3.00%,

9/1/2047

180,532

179,684

Pool#

G61295

3.50%,

9/1/2047

400,114

407,928

Pool#

G08779

3.50%,

9/1/2047

228,061

231,061

Pool#

G61622

3.00%,

10/1/2047

422,401

419,915

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08785

4.00%,

10/1/2047

26,659

27,383

Pool#

Q52075

4.00%,

11/1/2047

157,175

161,798

Pool#

V83598

3.50%,

12/1/2047

71,113

71,906

Pool#

G67707

3.50%,

1/1/2048

489,483

497,871

Pool#

V83909

4.00%,

1/1/2048

198,982

204,811

Pool#

G61311

3.50%,

2/1/2048

487,680

493,066

Pool#

T65458

3.50%,

2/1/2048

86,989

86,287

Pool#

G08801

4.00%,

2/1/2048

146,690

150,676

Pool#

Q54460

4.00%,

2/1/2048

142,749

148,123

Pool#

G61298

4.00%,

2/1/2048

67,735

69,964

Pool#

Q54727

3.50%,

3/1/2048

182,812

185,095

Pool#

Q55401

5.00%,

4/1/2048

44,205

46,934

Pool#

V84237

3.50%,

5/1/2048

314,916

318,199

Pool#

G08813

3.50%,

5/1/2048

34,185

34,459

Pool#

G08820

4.50%,

5/1/2048

292,761

305,722

Pool#

G08821

5.00%,

5/1/2048

14,464

15,378

Pool#

G67712

4.00%,

6/1/2048

135,538

141,089

Pool#

G67713

4.00%,

6/1/2048

111,346

115,310

Pool#

G08817

4.00%,

6/1/2048

43,094

44,118

Pool#

G08818

4.50%,

6/1/2048

154,088

160,902

Pool#

Q56472

4.50%,

6/1/2048

37,783

39,763

Pool#

Q56473

4.50%,

6/1/2048

35,548

37,357

Pool#

G08827

4.50%,

7/1/2048

105,460

109,907

Pool#

Q57401

4.50%,

7/1/2048

43,311

45,400

Pool#

Q57402

4.50%,

7/1/2048

15,595

16,412

Pool#

G08833

5.00%,

7/1/2048

4,834

5,124

Pool#

G08831

4.00%,

8/1/2048

117,656

120,627

Pool#

G08836

4.00%,

9/1/2048

472,152

482,853

Pool#

G67716

4.50%,

10/1/2048

79,192

83,570

Pool#

G08843

4.50%,

10/1/2048

37,907

39,491

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

V85044

4.00%,

12/1/2048

131,111

135,020

Pool#

V85082

4.50%,

12/1/2048

27,495

28,620

Pool#

G61846

4.00%,

1/1/2049

2,605

2,665

Pool#

V85139

4.50%,

1/1/2049

33,267

34,584

FHLMC

Non

Gold

Pool

Pool#

1B8478

2.14%,

7/1/2041(a)

55,963

58,275

Pool#

2B0108

2.15%,

1/1/2042(a)

7,357

7,375

Pool#

2B1381

1.74%,

6/1/2043(a)

1,394

1,404

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

67,735

69,725

Pool#

ZS7757

3.00%,

3/1/2030

401,500

405,682

Pool#

SB0383

2.50%,

4/1/2032

851,743

844,076

Pool#

ZS8701

3.50%,

6/1/2033

57,523

59,074

Pool#

SB0218

3.00%,

10/1/2033

99,184

100,202

Pool#

SB0366

3.50%,

2/1/2034

139,141

142,436

Pool#

QN0248

3.00%,

7/1/2034

49,918

50,415

Pool#

SB0095

3.50%,

7/1/2034

128,474

131,876

Pool#

SB0069

3.00%,

9/1/2034

185,552

187,721

Pool#

SB8021

3.00%,

12/1/2034

345,264

348,039

Pool#

SB8500

2.50%,

7/1/2035

843,536

834,943

Pool#

SB8505

2.50%,

10/1/2035

2,470,076

2,447,535

Pool#

SB8506

2.00%,

2/1/2036

2,122,223

2,063,390

Pool#

SB8508

2.00%,

2/1/2036

1,482,061

1,440,976

Pool#

RC1826

2.00%,

2/1/2036

422,409

410,724

Pool#

SB8092

1.50%,

3/1/2036

475,238

451,274

Pool#

RC1887

2.00%,

3/1/2036

792,534

770,610

Pool#

RC2049

2.00%,

6/1/2036

1,915,167

1,863,045

Pool#

RC2045

2.00%,

6/1/2036

594,180

577,740

Pool#

SB8112

2.50%,

7/1/2036

342,657

339,166

Pool#

QN7405

2.00%,

8/1/2036

241,545

234,856

Pool#

SB8119

2.00%,

9/1/2036

1,072,297

1,042,641

38

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB8140

1.50%,

2/1/2037

676,787

642,402

Pool#

SB8144

1.50%,

3/1/2037

1,058,529

1,005,059

Pool#

QA2237

3.00%,

7/1/2046

1,109,917

1,103,383

Pool#

QA2226

3.00%,

7/1/2046

654,982

651,126

Pool#

ZS4693

3.00%,

12/1/2046

877,986

871,576

Pool#

ZM2339

3.50%,

1/1/2047

182,437

184,913

Pool#

ZS4746

3.00%,

12/1/2047

437,872

431,972

Pool#

ZA5785

4.50%,

10/1/2048

200,445

208,445

Pool#

ZT1321

4.50%,

11/1/2048

277,043

288,235

Pool#

ZA6139

4.50%,

12/1/2048

94,660

98,338

Pool#

ZA6536

4.00%,

3/1/2049

93,908

95,992

Pool#

ZA6380

4.00%,

3/1/2049

78,728

80,476

Pool#

ZT1858

4.50%,

4/1/2049

45,908

48,224

Pool#

QA8965

3.00%,

4/1/2050

627,957

616,726

Pool#

RA2579

3.00%,

5/1/2050

290,265

285,002

Pool#

RA3022

2.50%,

6/1/2050

622,808

595,652

Pool#

RA2977

2.50%,

7/1/2050

2,648,762

2,533,933

Pool#

SD7521

2.50%,

7/1/2050

984,910

944,954

Pool#

RA3174

3.00%,

7/1/2050

644,371

635,342

Pool#

SD7523

2.50%,

8/1/2050

255,759

246,182

Pool#

RA3382

3.00%,

8/1/2050

598,970

588,072

Pool#

SD0500

3.00%,

8/1/2050

44,972

44,331

Pool#

SD0514

2.00%,

10/1/2050

937,369

873,013

Pool#

RA3723

2.00%,

10/1/2050

294,627

274,378

Pool#

RA3935

2.50%,

11/1/2050

2,832,968

2,708,172

Pool#

RA3932

2.50%,

11/1/2050

1,610,355

1,548,398

Pool#

RA3934

2.50%,

11/1/2050

841,840

804,755

Pool#

RA3987

2.50%,

11/1/2050

370,188

353,880

Pool#

RA4071

2.50%,

12/1/2050

960,023

917,732

Pool#

RA4216

2.50%,

12/1/2050

878,585

839,396

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA4411

2.50%,

1/1/2051

2,104,619

2,011,539

Pool#

RA4351

2.50%,

1/1/2051

1,060,310

1,013,464

Pool#

RA4410

2.50%,

1/1/2051

757,285

723,872

Pool#

RA4652

2.00%,

2/1/2051

3,342,709

3,110,143

Pool#

RA4493

2.00%,

2/1/2051

1,578,712

1,468,879

Pool#

QB9104

2.00%,

2/1/2051

863,164

803,381

Pool#

RA4737

2.00%,

3/1/2051

3,127,320

2,910,719

Pool#

RA4718

2.00%,

3/1/2051

1,346,821

1,253,340

Pool#

SD7537

2.00%,

3/1/2051

721,403

671,552

Pool#

SD8139

1.50%,

4/1/2051

1,003,765

897,072

Pool#

SD8140

2.00%,

4/1/2051

5,715,872

5,318,695

Pool#

SD8145

1.50%,

5/1/2051

1,983,386

1,772,506

Pool#

SD8146

2.00%,

5/1/2051

13,083,906

12,158,172

Pool#

QC2070

2.00%,

5/1/2051

140,661

130,875

Pool#

SD0593

3.00%,

5/1/2051

2,186,051

2,162,970

Pool#

RA5436

2.00%,

6/1/2051

422,302

392,591

Pool#

RA5373

2.00%,

6/1/2051

357,780

332,721

Pool#

SD8154

1.50%,

7/1/2051

1,997,832

1,785,386

Pool#

RA5398

2.00%,

7/1/2051

1,217,185

1,131,743

Pool#

QC5128

2.00%,

8/1/2051

336,574

312,895

Pool#

RA6140

2.00%,

10/1/2051

1,423,856

1,323,242

Pool#

RA6085

2.00%,

10/1/2051

851,919

792,514

Pool#

RA6091

2.00%,

10/1/2051

825,915

767,811

Pool#

RA6503

2.00%,

12/1/2051

9,754,843

9,062,588

Pool#

RA6624

2.00%,

1/1/2052

6,179,185

5,742,943

FNMA

Pool

Pool#

AC9895

1.94%,

4/1/2040(a)

377,167

382,709

Pool#

AC9890

1.99%,

4/1/2040(a)

421,360

438,256

Pool#

AJ1249

2.06%,

9/1/2041(a)

76,295

79,079

Pool#

AK0714

2.24%,

2/1/2042(a)

10,143

10,234

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

AT4250

1.78%,

6/1/2043(a)

23,433

24,183

Pool#

BF0203

3.00%,

2/1/2047

529,203

525,665

Pool#

BF0206

4.00%,

2/1/2047

306,429

313,042

Pool#

BF0200

3.50%,

11/1/2051

217,517

221,969

Pool#

BF0171

4.00%,

1/1/2057

184,619

193,146

Pool#

BF0184

4.00%,

2/1/2057

215,908

225,884

FNMA

UMBS

Pool

Pool#

899438

5.50%,

6/1/2022

324

324

Pool#

AA2549

4.00%,

4/1/2024

19,667

20,206

Pool#

934863

4.00%,

6/1/2024

44,607

45,826

Pool#

AC1374

4.00%,

8/1/2024

26,646

27,376

Pool#

AC1529

4.50%,

9/1/2024

98,615

101,264

Pool#

AD0244

4.50%,

10/1/2024

11,498

11,796

Pool#

AD4089

4.50%,

5/1/2025

116,628

120,810

Pool#

890216

4.50%,

7/1/2025

21,890

22,495

Pool#

AB1609

4.00%,

10/1/2025

65,911

67,765

Pool#

AH1361

3.50%,

12/1/2025

59,034

60,328

Pool#

AH1518

3.50%,

12/1/2025

25,895

26,440

Pool#

AH5616

3.50%,

2/1/2026

165,794

169,344

Pool#

AL0298

4.00%,

5/1/2026

140,081

144,243

Pool#

AB4277

3.00%,

1/1/2027

240,234

242,719

Pool#

AL1391

3.50%,

1/1/2027

3,663

3,743

Pool#

AP4746

3.00%,

8/1/2027

68,162

68,858

Pool#

AP7855

3.00%,

9/1/2027

397,380

401,504

Pool#

AP4640

3.00%,

9/1/2027

49,024

49,533

Pool#

AQ5096

3.00%,

11/1/2027

99,140

100,168

Pool#

AB6887

3.00%,

11/1/2027

74,523

75,295

Pool#

AQ4532

3.00%,

11/1/2027

63,616

64,276

Pool#

AQ3758

3.00%,

11/1/2027

45,348

45,818

Pool#

AB6886

3.00%,

11/1/2027

40,019

40,434

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AQ7406

3.00%,

11/1/2027

38,672

39,069

Pool#

AQ2884

3.00%,

12/1/2027

33,361

33,680

Pool#

AS0487

2.50%,

9/1/2028

205,545

203,655

Pool#

930998

4.50%,

4/1/2029

10,597

10,982

Pool#

BM1507

2.50%,

12/1/2029

112,238

111,234

Pool#

AL8077

3.50%,

12/1/2029

12,331

12,661

Pool#

BM4299

3.00%,

3/1/2030

457,321

461,215

Pool#

AS4874

3.00%,

4/1/2030

270,630

273,447

Pool#

AS5412

2.50%,

7/1/2030

103,207

102,156

Pool#

AS5420

3.00%,

7/1/2030

230,188

232,585

Pool#

AL7152

3.50%,

7/1/2030

252,197

258,863

Pool#

AS5702

2.50%,

8/1/2030

375,040

371,219

Pool#

AZ4898

2.50%,

8/1/2030

222,070

219,807

Pool#

AY8448

3.00%,

8/1/2030

795,709

803,988

Pool#

AZ2953

3.00%,

9/1/2030

699,312

706,579

Pool#

AZ5718

3.00%,

9/1/2030

458,922

463,190

Pool#

AS6060

3.00%,

10/1/2030

495,931

500,791

Pool#

AZ9234

3.50%,

10/1/2030

29,837

30,555

Pool#

BA2993

3.00%,

11/1/2030

116,774

117,988

Pool#

AS6174

3.50%,

11/1/2030

13,671

14,042

Pool#

AS6272

2.50%,

12/1/2030

142,648

141,194

Pool#

AS6295

3.00%,

12/1/2030

203,737

205,856

Pool#

BA3545

3.00%,

12/1/2030

95,653

96,624

Pool#

AH1515

4.00%,

12/1/2030

212,926

219,036

Pool#

AD0716

6.50%,

12/1/2030

643,804

691,126

Pool#

BA6532

2.50%,

1/1/2031

107,784

106,686

Pool#

BM5016

3.00%,

1/1/2031

332,228

335,685

Pool#

AB2121

4.00%,

1/1/2031

32,975

33,921

Pool#

AL8060

3.00%,

2/1/2031

236,634

239,099

Pool#

MA0641

4.00%,

2/1/2031

150,352

154,670

40

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

560868

7.50%,

2/1/2031

574

580

Pool#

AS6799

3.00%,

3/1/2031

174,138

175,950

Pool#

BC0774

3.00%,

3/1/2031

104,557

105,648

Pool#

BC4410

3.50%,

3/1/2031

13,370

13,701

Pool#

AS6919

3.50%,

3/1/2031

11,842

12,162

Pool#

BC0320

3.50%,

3/1/2031

9,244

9,509

Pool#

BC4430

3.00%,

4/1/2031

36,650

36,945

Pool#

AL8565

3.00%,

6/1/2031

119,098

120,340

Pool#

AL8566

3.00%,

6/1/2031

110,315

111,439

Pool#

AL8561

3.50%,

6/1/2031

117,332

121,491

Pool#

AS8028

2.50%,

9/1/2031

383,172

379,268

Pool#

AL9378

3.00%,

9/1/2031

56,630

57,221

Pool#

MA2775

2.50%,

10/1/2031

824,753

816,351

Pool#

BM1888

2.50%,

10/1/2031

774,433

767,501

Pool#

AS8038

2.50%,

10/1/2031

365,877

362,150

Pool#

BC4777

2.50%,

10/1/2031

307,147

304,018

Pool#

AL9323

2.50%,

10/1/2031

18,891

18,699

Pool#

AS8612

3.00%,

10/1/2031

121,287

122,519

Pool#

607212

7.50%,

10/1/2031

3,085

3,146

Pool#

MA0895

3.50%,

11/1/2031

152,120

154,039

Pool#

607632

6.50%,

11/1/2031

7

8

Pool#

MA2830

2.50%,

12/1/2031

322,967

319,676

Pool#

BM3814

2.50%,

12/1/2031

225,536

223,606

Pool#

AS8594

2.50%,

1/1/2032

260,610

258,165

Pool#

AS8597

2.50%,

1/1/2032

217,196

215,078

Pool#

AS8609

3.00%,

1/1/2032

163,096

165,160

Pool#

AL9786

3.00%,

1/1/2032

158,112

159,742

Pool#

AL9585

3.50%,

1/1/2032

61,117

63,293

Pool#

BM1036

2.50%,

2/1/2032

1,184,418

1,173,358

Pool#

BM4624

3.00%,

2/1/2032

174,793

176,579

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9872

3.00%,

2/1/2032

130,855

132,201

Pool#

AL9740

3.00%,

2/1/2032

112,811

114,025

Pool#

AL9871

3.00%,

2/1/2032

80,347

81,173

Pool#

AS8767

3.00%,

2/1/2032

12,808

12,945

Pool#

BM1007

2.50%,

3/1/2032

344,308

340,800

Pool#

AL9899

3.00%,

3/1/2032

23,999

24,257

Pool#

BM3269

2.50%,

4/1/2032

519,450

514,217

Pool#

MA1029

3.50%,

4/1/2032

128,306

130,888

Pool#

545556

7.00%,

4/1/2032

2,531

2,755

Pool#

AO2565

3.50%,

5/1/2032

43,907

44,322

Pool#

AS9695

3.50%,

5/1/2032

27,029

27,897

Pool#

545605

7.00%,

5/1/2032

3,318

3,633

Pool#

BM4088

3.00%,

6/1/2032

209,606

211,894

Pool#

AO5103

3.50%,

6/1/2032

135,741

137,444

Pool#

890786

3.50%,

6/1/2032

26,366

27,306

Pool#

MA1107

3.50%,

7/1/2032

18,201

18,430

Pool#

FM1664

4.00%,

7/1/2032

123,082

126,606

Pool#

651361

7.00%,

7/1/2032

1,021

1,042

Pool#

BM1669

3.00%,

8/1/2032

134,262

135,899

Pool#

AP1990

3.50%,

8/1/2032

57,606

58,309

Pool#

AP1997

3.50%,

8/1/2032

36,723

36,947

Pool#

BH5355

3.50%,

8/1/2032

6,760

6,945

Pool#

AO7202

3.50%,

9/1/2032

129,326

130,944

Pool#

MA1166

3.50%,

9/1/2032

98,989

100,234

Pool#

BM5167

3.50%,

9/1/2032

19,061

19,562

Pool#

CA0586

2.50%,

10/1/2032

53,766

53,282

Pool#

AP3673

3.50%,

10/1/2032

115,684

117,135

Pool#

BH9391

3.50%,

10/1/2032

8,337

8,563

Pool#

BM3389

3.00%,

11/1/2032

213,104

215,715

Pool#

AB6962

3.50%,

11/1/2032

186,319

188,659

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AQ3343

3.50%,

11/1/2032

111,743

113,144

Pool#

BM3977

3.00%,

12/1/2032

308,844

312,044

Pool#

CA0951

3.00%,

12/1/2032

165,582

167,309

Pool#

FM1661

2.50%,

1/1/2033

623,268

617,671

Pool#

BM4338

2.50%,

1/1/2033

348,710

345,158

Pool#

BM3919

3.00%,

2/1/2033

198,827

201,286

Pool#

BM3750

3.50%,

3/1/2033

165,342

170,934

Pool#

BM4129

3.50%,

4/1/2033

206,991

213,736

Pool#

555346

5.50%,

4/1/2033

32,979

36,095

Pool#

713560

5.50%,

4/1/2033

7,104

7,587

Pool#

694846

6.50%,

4/1/2033

6,482

6,959

Pool#

AB9402

3.00%,

5/1/2033

198,642

198,212

Pool#

AB9403

3.00%,

5/1/2033

89,695

89,502

Pool#

AB9300

3.00%,

5/1/2033

68,471

68,322

Pool#

BM4132

3.50%,

5/1/2033

153,006

158,228

Pool#

MA3372

4.00%,

5/1/2033

140,605

145,809

Pool#

555421

5.00%,

5/1/2033

707,910

765,227

Pool#

MA3393

4.00%,

6/1/2033

58,993

60,828

Pool#

MA3427

4.00%,

7/1/2033

46,019

47,484

Pool#

720087

5.50%,

7/1/2033

145,270

158,112

Pool#

728721

5.50%,

7/1/2033

15,889

17,390

Pool#

555684

5.50%,

7/1/2033

5,062

5,493

Pool#

MA1527

3.00%,

8/1/2033

707,627

703,055

Pool#

743235

5.50%,

10/1/2033

9,269

10,116

Pool#

750229

6.50%,

10/1/2033

17,893

19,209

Pool#

FM2154

4.00%,

12/1/2033

249,564

256,552

Pool#

755872

5.50%,

12/1/2033

101,308

110,882

Pool#

725221

5.50%,

1/1/2034

3,071

3,362

Pool#

725223

5.50%,

3/1/2034

362

397

Pool#

725228

6.00%,

3/1/2034

293,652

321,785

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

725425

5.50%,

4/1/2034

175,882

192,559

Pool#

725423

5.50%,

5/1/2034

17,479

18,947

Pool#

725594

5.50%,

7/1/2034

74,737

81,808

Pool#

MA3739

3.50%,

8/1/2034

120,110

123,132

Pool#

788027

6.50%,

9/1/2034

21,624

23,214

Pool#

MA3827

2.50%,

11/1/2034

635,587

629,112

Pool#

FM1905

3.00%,

11/1/2034

79,503

80,396

Pool#

807310

7.00%,

11/1/2034

1,934

2,111

Pool#

FM2412

3.50%,

1/1/2035

43,441

44,775

Pool#

735141

5.50%,

1/1/2035

230,378

252,217

Pool#

889852

5.50%,

5/1/2035

6,448

7,060

Pool#

FM5474

2.50%,

10/1/2035

555,061

549,406

Pool#

MA4156

2.50%,

10/1/2035

469,631

464,846

Pool#

FM4900

2.00%,

12/1/2035

73,941

71,901

Pool#

256023

6.00%,

12/1/2035

208,743

230,920

Pool#

CA8793

2.00%,

2/1/2036

1,777,065

1,731,253

Pool#

CA8736

2.00%,

2/1/2036

837,214

814,074

Pool#

CA8789

2.00%,

2/1/2036

827,857

805,007

Pool#

FM5908

2.00%,

2/1/2036

608,921

592,262

Pool#

CA9141

2.00%,

2/1/2036

587,149

570,995

Pool#

CA9145

2.00%,

2/1/2036

492,687

479,084

Pool#

FM5571

2.00%,

2/1/2036

284,712

276,819

Pool#

CA9435

2.00%,

3/1/2036

521,610

507,203

Pool#

CA9475

2.00%,

3/1/2036

486,819

473,358

Pool#

CA9441

2.50%,

3/1/2036

394,963

391,450

Pool#

CB0262

2.00%,

4/1/2036

779,508

757,977

Pool#

745418

5.50%,

4/1/2036

34,248

37,062

Pool#

FM7259

2.50%,

5/1/2036

352,363

350,386

Pool#

745516

5.50%,

5/1/2036

19,550

21,398

Pool#

MA4360

2.00%,

6/1/2036

1,381,915

1,343,731

42

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

889745

5.50%,

6/1/2036

3,700

4,052

Pool#

CB1090

2.50%,

7/1/2036

206,896

204,966

Pool#

FM8538

2.00%,

8/1/2036

267,929

260,523

Pool#

995065

5.50%,

9/1/2036

129,603

141,814

Pool#

888635

5.50%,

9/1/2036

84,130

92,076

Pool#

MA4441

1.50%,

10/1/2036

298,528

283,363

Pool#

MA4535

1.50%,

2/1/2037

4,786,467

4,543,423

Pool#

MA4566

1.50%,

3/1/2037

2,083,983

1,978,762

Pool#

MA4581

1.50%,

4/1/2037

583,414

553,749

Pool#

995024

5.50%,

8/1/2037

45,329

49,638

Pool#

995050

6.00%,

9/1/2037

420,904

470,125

Pool#

955194

7.00%,

11/1/2037

36,875

40,939

Pool#

928940

7.00%,

12/1/2037

21,647

22,251

Pool#

MA3389

4.00%,

6/1/2038

86,176

88,986

Pool#

MA3464

3.50%,

9/1/2038

156,990

158,777

Pool#

990810

7.00%,

10/1/2038

42,046

42,751

Pool#

AD8536

5.00%,

8/1/2040

133,161

143,527

Pool#

AB1735

3.50%,

11/1/2040

5,002

5,016

Pool#

AE9747

4.50%,

12/1/2040

454,696

483,776

Pool#

AB2067

3.50%,

1/1/2041

183,884

187,550

Pool#

932888

3.50%,

1/1/2041

149,511

152,504

Pool#

AB2068

3.50%,

1/1/2041

103,427

105,486

Pool#

932891

3.50%,

1/1/2041

28,253

28,817

Pool#

AL3650

5.00%,

2/1/2041

9,270

10,026

Pool#

AL6521

5.00%,

4/1/2041

765,022

827,706

Pool#

AL0390

5.00%,

5/1/2041

266,602

288,454

Pool#

AL5863

4.50%,

6/1/2041

1,579,576

1,679,909

Pool#

AI9851

4.50%,

9/1/2041

24,948

26,480

Pool#

AL0761

5.00%,

9/1/2041

87,241

94,392

Pool#

BM3907

5.50%,

9/1/2041

207,186

226,774

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AJ5431

4.50%,

10/1/2041

50,548

52,642

Pool#

AJ4861

4.00%,

12/1/2041

90,901

94,962

Pool#

AX5316

4.50%,

1/1/2042

44,518

47,370

Pool#

AL2499

4.50%,

1/1/2042

15,030

15,891

Pool#

AW8167

3.50%,

2/1/2042

522,083

532,562

Pool#

AB5185

3.50%,

5/1/2042

232,652

237,287

Pool#

AO3575

4.50%,

5/1/2042

46,426

48,420

Pool#

AO4647

3.50%,

6/1/2042

512,142

522,389

Pool#

AO8036

4.50%,

7/1/2042

264,617

279,548

Pool#

AP2092

4.50%,

8/1/2042

11,667

12,099

Pool#

AP6579

3.50%,

9/1/2042

452,484

461,446

Pool#

AL2782

4.50%,

9/1/2042

79,593

84,791

Pool#

AB6524

3.50%,

10/1/2042

665,950

676,369

Pool#

AB7074

3.00%,

11/1/2042

405,074

404,487

Pool#

AP8785

3.00%,

11/1/2042

137,344

137,159

Pool#

AL2677

3.50%,

11/1/2042

465,331

474,649

Pool#

AB6786

3.50%,

11/1/2042

242,371

247,226

Pool#

MA1273

3.50%,

12/1/2042

199,300

203,296

Pool#

AR4210

3.50%,

1/1/2043

105,967

108,085

Pool#

AT4040

3.00%,

3/1/2043

106,888

106,711

Pool#

AR8213

3.50%,

4/1/2043

115,338

117,340

Pool#

AB9238

3.00%,

5/1/2043

667,140

666,101

Pool#

AB9237

3.00%,

5/1/2043

534,436

533,493

Pool#

AB9236

3.00%,

5/1/2043

170,310

170,027

Pool#

AB9362

3.50%,

5/1/2043

726,638

741,227

Pool#

AT4145

3.00%,

6/1/2043

207,046

206,660

Pool#

AB9814

3.00%,

7/1/2043

643,750

642,615

Pool#

AT6871

3.00%,

7/1/2043

86,071

85,753

Pool#

AS0203

3.00%,

8/1/2043

486,889

485,930

Pool#

AS0255

4.50%,

8/1/2043

165,551

176,542

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS0516

3.00%,

9/1/2043

332,945

332,903

Pool#

AL4471

4.00%,

9/1/2043

272,013

284,614

Pool#

AL6951

3.50%,

10/1/2043

345,528

352,386

Pool#

BM4222

3.00%,

1/1/2044

466,107

465,212

Pool#

AS2276

4.50%,

4/1/2044

267,146

282,770

Pool#

AW1006

4.00%,

5/1/2044

100,351

104,528

Pool#

AL7767

4.50%,

6/1/2044

24,873

25,782

Pool#

AS3161

4.00%,

8/1/2044

567,537

591,507

Pool#

BM4650

3.00%,

10/1/2044

841,719

840,393

Pool#

CA0688

3.50%,

10/1/2044

217,377

221,127

Pool#

BC5090

4.00%,

10/1/2044

58,123

60,450

Pool#

AS3946

4.00%,

12/1/2044

711,463

740,862

Pool#

AL8303

3.00%,

1/1/2045

148,538

148,279

Pool#

BM4384

4.00%,

1/1/2045

251,160

262,140

Pool#

BM3611

4.00%,

1/1/2045

209,584

219,088

Pool#

BM3804

3.50%,

2/1/2045

93,876

95,750

Pool#

AL9555

4.00%,

2/1/2045

1,342,970

1,403,941

Pool#

AX9524

4.00%,

2/1/2045

809,482

842,987

Pool#

AS4418

4.00%,

2/1/2045

516,539

539,056

Pool#

AS4375

4.00%,

2/1/2045

387,100

403,982

Pool#

AL6889

4.50%,

2/1/2045

90,327

96,190

Pool#

BM3931

3.00%,

3/1/2045

407,214

406,586

Pool#

AY1312

3.50%,

3/1/2045

1,277,956

1,300,990

Pool#

AX9567

3.50%,

3/1/2045

70,572

71,841

Pool#

BM4975

4.00%,

3/1/2045

109,716

114,072

Pool#

AS4578

4.00%,

3/1/2045

106,419

111,061

Pool#

BM3664

3.00%,

5/1/2045

456,715

455,964

Pool#

AS4921

3.50%,

5/1/2045

634,506

646,751

Pool#

AS5012

4.00%,

5/1/2045

1,079,945

1,127,038

Pool#

BM5562

4.00%,

6/1/2045

198,142

206,781

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS5312

3.50%,

7/1/2045

127,699

130,098

Pool#

AZ7111

4.00%,

7/1/2045

14,248

14,867

Pool#

AZ9866

4.00%,

8/1/2045

10,278

10,700

Pool#

AL7207

4.50%,

8/1/2045

110,854

118,052

Pool#

AL9634

3.50%,

10/1/2045

80,274

81,866

Pool#

BA2164

3.00%,

11/1/2045

98,995

98,420

Pool#

AS6311

3.50%,

12/1/2045

1,012,603

1,029,032

Pool#

AS6282

3.50%,

12/1/2045

941,356

958,929

Pool#

BC0326

3.50%,

12/1/2045

584,324

592,999

Pool#

BC0092

3.50%,

12/1/2045

59,298

60,305

Pool#

BC0475

3.50%,

12/1/2045

42,559

43,351

Pool#

AS6362

4.50%,

12/1/2045

21,256

22,508

Pool#

AS6474

3.50%,

1/1/2046

233,326

237,703

Pool#

AS6539

3.50%,

1/1/2046

212,487

216,474

Pool#

AL9849

3.50%,

1/1/2046

116,002

118,305

Pool#

AS6527

4.00%,

1/1/2046

146,266

152,110

Pool#

BC0178

4.50%,

1/1/2046

2,133

2,219

Pool#

BC1158

3.50%,

2/1/2046

789,416

802,256

Pool#

BC2667

4.00%,

2/1/2046

21,431

22,320

Pool#

BC0605

4.00%,

2/1/2046

14,811

15,333

Pool#

AL9781

4.50%,

2/1/2046

215,078

227,934

Pool#

BC0300

3.50%,

3/1/2046

585,516

592,377

Pool#

BM4621

3.50%,

3/1/2046

299,240

305,185

Pool#

AS6833

3.50%,

3/1/2046

13,244

13,474

Pool#

AS6795

4.00%,

3/1/2046

76,689

79,303

Pool#

BA6972

4.00%,

3/1/2046

26,803

27,813

Pool#

BC0311

4.50%,

3/1/2046

2,607

2,723

Pool#

BC0823

3.50%,

4/1/2046

96,801

98,099

Pool#

BA7692

3.50%,

4/1/2046

12,318

12,547

Pool#

AS7026

4.00%,

4/1/2046

62,226

64,549

44

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS7171

3.50%,

5/1/2046

29,473

29,904

Pool#

AS7251

4.00%,

5/1/2046

10,693

11,087

Pool#

AS7387

3.50%,

6/1/2046

81,159

82,272

Pool#

AL8833

4.00%,

6/1/2046

647,524

675,500

Pool#

AS7593

3.50%,

7/1/2046

532,008

541,029

Pool#

AS7594

3.50%,

7/1/2046

519,755

528,797

Pool#

AL8824

3.50%,

7/1/2046

144,346

147,050

Pool#

AS7545

3.50%,

7/1/2046

139,471

141,317

Pool#

AS7490

3.50%,

7/1/2046

96,297

98,007

Pool#

BC1452

4.00%,

7/1/2046

919,074

954,996

Pool#

BD5180

4.50%,

7/1/2046

2,432

2,524

Pool#

MA2705

3.00%,

8/1/2046

479,947

476,180

Pool#

BC1489

3.00%,

8/1/2046

114,908

114,066

Pool#

BD4890

3.50%,

8/1/2046

612,035

622,485

Pool#

BC9501

3.50%,

8/1/2046

22,796

23,178

Pool#

AS7760

4.00%,

8/1/2046

112,104

116,875

Pool#

AS7648

4.00%,

8/1/2046

46,287

47,837

Pool#

AS7795

4.00%,

8/1/2046

39,074

40,503

Pool#

BD3923

4.00%,

8/1/2046

8,721

9,063

Pool#

BD3911

4.00%,

8/1/2046

8,339

8,627

Pool#

AS7770

4.50%,

8/1/2046

27,716

29,127

Pool#

BD5232

4.50%,

8/1/2046

5,623

5,927

Pool#

AL8947

3.50%,

9/1/2046

170,790

173,964

Pool#

BD4944

3.50%,

9/1/2046

20,011

20,221

Pool#

AL9263

3.00%,

10/1/2046

157,505

156,454

Pool#

AL9234

3.50%,

10/1/2046

69,454

70,645

Pool#

BM3932

3.50%,

10/1/2046

41,508

42,137

Pool#

AS8125

3.50%,

10/1/2046

40,961

41,686

Pool#

FM1871

4.00%,

10/1/2046

100,796

105,437

Pool#

BC4766

4.50%,

10/1/2046

33,877

35,787

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8154

4.50%,

10/1/2046

12,343

12,940

Pool#

FM1368

3.00%,

11/1/2046

913,770

908,525

Pool#

MA2806

3.00%,

11/1/2046

315,248

312,723

Pool#

BC9003

3.00%,

11/1/2046

127,846

127,535

Pool#

AS8369

3.50%,

11/1/2046

497,213

505,114

Pool#

BE5067

3.50%,

11/1/2046

332,360

338,596

Pool#

BE0065

3.50%,

11/1/2046

12,128

12,368

Pool#

BE5038

4.00%,

11/1/2046

11,398

11,912

Pool#

MA2833

3.00%,

12/1/2046

2,631,205

2,628,294

Pool#

AS8483

3.00%,

12/1/2046

611,842

609,874

Pool#

BC9067

3.00%,

12/1/2046

290,444

288,001

Pool#

AS8488

3.00%,

12/1/2046

246,525

244,829

Pool#

AS8509

3.00%,

12/1/2046

79,715

79,166

Pool#

BM1121

3.50%,

12/1/2046

513,093

522,176

Pool#

AS8492

3.50%,

12/1/2046

504,280

513,107

Pool#

AS8572

3.50%,

12/1/2046

358,832

363,971

Pool#

AS8417

3.50%,

12/1/2046

299,101

303,654

Pool#

BE4224

3.50%,

12/1/2046

13,016

13,228

Pool#

AS8650

3.00%,

1/1/2047

1,062,897

1,050,211

Pool#

AL9697

3.00%,

1/1/2047

622,880

618,851

Pool#

AS8647

3.00%,

1/1/2047

457,115

453,876

Pool#

BE5775

3.00%,

1/1/2047

380,606

377,687

Pool#

AL9774

3.50%,

1/1/2047

340,310

347,092

Pool#

BM3204

3.50%,

1/1/2047

263,388

268,283

Pool#

BD2440

3.50%,

1/1/2047

182,228

184,825

Pool#

AS8692

3.50%,

1/1/2047

171,547

173,793

Pool#

BD2450

3.50%,

1/1/2047

127,404

129,377

Pool#

BE6548

3.50%,

1/1/2047

63,789

64,577

Pool#

BE7115

4.50%,

1/1/2047

10,838

11,378

Pool#

BE5856

4.50%,

1/1/2047

8,849

9,322

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BE6503

4.50%,

1/1/2047

3,722

3,911

Pool#

BM3908

5.50%,

1/1/2047

41,559

45,491

Pool#

MA2895

3.00%,

2/1/2047

3,320,599

3,295,842

Pool#

BM3688

3.50%,

2/1/2047

400,716

407,754

Pool#

BD5046

3.50%,

2/1/2047

76,092

77,061

Pool#

BM5274

4.00%,

2/1/2047

71,627

74,410

Pool#

BE8495

4.50%,

2/1/2047

3,708

3,896

Pool#

BE7869

4.50%,

2/1/2047

2,978

3,095

Pool#

AL9859

3.00%,

3/1/2047

989,648

985,137

Pool#

AL9848

3.00%,

3/1/2047

322,897

320,574

Pool#

BM5383

4.00%,

3/1/2047

49,146

51,279

Pool#

AS8966

4.00%,

3/1/2047

31,415

32,370

Pool#

AS8979

4.50%,

3/1/2047

49,622

52,156

Pool#

BE9247

4.50%,

3/1/2047

5,127

5,376

Pool#

BM3707

2.50%,

4/1/2047

170,468

164,002

Pool#

AS9463

3.50%,

4/1/2047

147,458

149,851

Pool#

AS9451

3.50%,

4/1/2047

97,247

98,520

Pool#

BD7122

4.00%,

4/1/2047

431,884

445,031

Pool#

AS9467

4.00%,

4/1/2047

234,506

243,169

Pool#

AS9470

4.50%,

4/1/2047

153,399

160,767

Pool#

BH0304

4.50%,

4/1/2047

8,203

8,613

Pool#

AS9562

3.00%,

5/1/2047

69,110

68,539

Pool#

BM3237

3.50%,

5/1/2047

347,402

353,830

Pool#

AS9577

3.50%,

5/1/2047

139,969

142,011

Pool#

BM1268

4.00%,

5/1/2047

258,100

267,657

Pool#

BE3670

3.50%,

6/1/2047

144,915

146,423

Pool#

AS9794

3.50%,

6/1/2047

127,410

129,441

Pool#

AS9747

4.00%,

6/1/2047

666,094

690,889

Pool#

BM3549

4.00%,

6/1/2047

267,955

279,003

Pool#

BE3702

4.00%,

6/1/2047

96,341

99,290

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM1295

4.50%,

6/1/2047

109,554

115,004

Pool#

BE9624

4.50%,

6/1/2047

14,551

15,227

Pool#

BM3801

3.00%,

7/1/2047

551,437

547,589

Pool#

AS9938

3.50%,

7/1/2047

136,958

139,207

Pool#

BM1551

3.50%,

7/1/2047

123,025

124,983

Pool#

AS9909

3.50%,

7/1/2047

63,449

64,421

Pool#

BM1492

4.00%,

7/1/2047

482,661

499,546

Pool#

AS9973

4.00%,

7/1/2047

31,615

32,432

Pool#

890673

3.00%,

8/1/2047

281,606

279,918

Pool#

MA3087

3.50%,

8/1/2047

233,575

235,204

Pool#

CA0240

3.50%,

8/1/2047

130,175

131,901

Pool#

BM1658

3.50%,

8/1/2047

102,625

104,194

Pool#

BH7375

3.50%,

8/1/2047

77,176

78,325

Pool#

CA0123

4.00%,

8/1/2047

393,028

407,397

Pool#

BH2597

4.00%,

8/1/2047

237,323

243,953

Pool#

BH5359

4.00%,

8/1/2047

143,486

148,978

Pool#

CA0133

4.00%,

8/1/2047

43,976

45,237

Pool#

BM5787

4.00%,

8/1/2047

13,347

13,859

Pool#

CA0407

3.50%,

9/1/2047

203,590

205,629

Pool#

BH4004

4.00%,

9/1/2047

221,706

228,091

Pool#

BM3556

4.00%,

9/1/2047

132,566

138,415

Pool#

CA0392

4.00%,

9/1/2047

99,041

101,594

Pool#

CA0265

4.00%,

9/1/2047

30,014

30,925

Pool#

CA0487

3.50%,

10/1/2047

498,439

503,220

Pool#

BM1959

3.50%,

10/1/2047

361,212

367,134

Pool#

CA0493

4.00%,

10/1/2047

253,562

260,686

Pool#

CA0549

4.00%,

10/1/2047

172,202

176,941

Pool#

BM3015

4.00%,

10/1/2047

151,539

157,607

Pool#

CA0496

4.50%,

10/1/2047

169,798

179,029

Pool#

CA0623

4.50%,

10/1/2047

42,333

44,350

46

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0693

3.50%,

11/1/2047

351,786

355,536

Pool#

CA0680

3.50%,

11/1/2047

176,651

179,550

Pool#

BM3358

3.50%,

11/1/2047

160,310

162,933

Pool#

CA0696

4.00%,

11/1/2047

399,463

408,998

Pool#

BM3191

4.00%,

11/1/2047

77,781

80,051

Pool#

CA0808

4.00%,

11/1/2047

64,437

66,341

Pool#

BM3379

3.00%,

12/1/2047

517,993

514,773

Pool#

BJ2492

3.50%,

12/1/2047

239,380

242,261

Pool#

MA3211

4.00%,

12/1/2047

623,496

642,678

Pool#

BJ1699

4.00%,

12/1/2047

197,472

206,189

Pool#

CA0991

3.50%,

1/1/2048

366,025

372,177

Pool#

MA3238

3.50%,

1/1/2048

363,881

367,338

Pool#

CA1015

4.00%,

1/1/2048

241,584

248,634

Pool#

CA1025

4.50%,

1/1/2048

324,977

339,274

Pool#

CA1189

3.50%,

2/1/2048

1,421,767

1,438,432

Pool#

BH9280

3.50%,

2/1/2048

745,885

755,202

Pool#

CA1242

3.50%,

2/1/2048

170,749

174,444

Pool#

MA3277

4.00%,

2/1/2048

13,837

14,202

Pool#

BJ8271

4.50%,

2/1/2048

391,166

408,218

Pool#

BJ8269

4.50%,

2/1/2048

239,472

252,471

Pool#

BJ8270

4.50%,

2/1/2048

231,512

242,204

Pool#

BK1586

4.50%,

2/1/2048

223,872

234,210

Pool#

CA4341

3.00%,

3/1/2048

126,706

124,809

Pool#

MA3305

3.50%,

3/1/2048

39,750

40,201

Pool#

BK1972

4.50%,

3/1/2048

67,468

71,097

Pool#

BJ0640

5.00%,

3/1/2048

18,721

19,894

Pool#

CA1531

3.50%,

4/1/2048

132,018

134,995

Pool#

CA1510

3.50%,

4/1/2048

95,333

96,288

Pool#

CA1551

4.00%,

4/1/2048

621,281

634,994

Pool#

CA1560

4.50%,

4/1/2048

133,479

140,515

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BJ2681

5.00%,

4/1/2048

47,391

50,164

Pool#

MA3348

5.00%,

4/1/2048

5,148

5,464

Pool#

BM4024

3.50%,

5/1/2048

86,623

88,487

Pool#

MA3358

4.50%,

5/1/2048

191,630

198,914

Pool#

MA3374

5.00%,

5/1/2048

15,616

16,551

Pool#

CA1898

4.50%,

6/1/2048

157,735

166,164

Pool#

CA1951

4.00%,

7/1/2048

152,458

156,164

Pool#

BK6577

4.50%,

7/1/2048

22,361

23,254

Pool#

CA1988

4.50%,

7/1/2048

4,859

5,066

Pool#

BK4766

4.50%,

8/1/2048

245,340

256,575

Pool#

CA2376

4.00%,

9/1/2048

159,585

163,259

Pool#

MA3472

5.00%,

9/1/2048

18,451

19,489

Pool#

MA3495

4.00%,

10/1/2048

214,703

219,769

Pool#

CA2493

4.50%,

10/1/2048

109,167

113,703

Pool#

BM4664

4.50%,

10/1/2048

96,254

100,705

Pool#

BM5024

3.00%,

11/1/2048

639,919

631,586

Pool#

FM1001

3.50%,

11/1/2048

48,168

48,741

Pool#

MA3521

4.00%,

11/1/2048

224,929

229,958

Pool#

MA3536

4.00%,

12/1/2048

169,516

173,107

Pool#

CA2779

4.50%,

12/1/2048

310,240

324,976

Pool#

BN0340

4.50%,

12/1/2048

268,321

278,143

Pool#

BM5212

4.50%,

12/1/2048

73,860

76,738

Pool#

FM2888

3.50%,

1/1/2049

1,668,103

1,679,681

Pool#

BN3944

4.00%,

1/1/2049

108,994

112,325

Pool#

BN3960

4.50%,

1/1/2049

179,839

187,001

Pool#

BN6135

4.00%,

2/1/2049

78,865

80,593

Pool#

FM2337

4.50%,

2/1/2049

310,699

322,809

Pool#

CA3387

4.00%,

4/1/2049

357,720

371,133

Pool#

CA3394

5.00%,

4/1/2049

36,024

38,267

Pool#

CA3489

4.00%,

5/1/2049

264,861

274,787

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3665

4.50%,

5/1/2049

296,976

308,541

Pool#

FM1051

4.50%,

5/1/2049

168,003

174,541

Pool#

CA3669

4.00%,

6/1/2049

391,395

404,106

Pool#

CA3639

4.00%,

6/1/2049

129,371

133,265

Pool#

FM8304

4.00%,

7/1/2049

772,007

788,788

Pool#

CA3825

4.00%,

7/1/2049

308,962

320,886

Pool#

CA3844

4.50%,

7/1/2049

138,332

143,729

Pool#

CA4035

4.50%,

8/1/2049

159,543

165,720

Pool#

BO5494

3.00%,

11/1/2049

106,586

104,917

Pool#

BO6225

3.00%,

12/1/2049

808,842

792,549

Pool#

BO5380

3.00%,

12/1/2049

119,482

117,577

Pool#

MA3873

4.00%,

12/1/2049

158,187

161,703

Pool#

CA5152

3.00%,

2/1/2050

277,004

272,081

Pool#

FM2887

3.00%,

3/1/2050

528,968

522,030

Pool#

FM0077

3.00%,

3/1/2050

133,557

131,065

Pool#

CA5510

3.00%,

4/1/2050

456,136

448,149

Pool#

MA4077

2.00%,

7/1/2050

1,125,551

1,048,796

Pool#

CA6598

2.50%,

8/1/2050

1,028,475

983,980

Pool#

BQ4909

2.00%,

9/1/2050

1,944,491

1,811,429

Pool#

CA6985

2.00%,

9/1/2050

1,059,290

986,934

Pool#

FM4226

2.50%,

9/1/2050

2,548,508

2,437,878

Pool#

FM4231

2.50%,

9/1/2050

2,339,773

2,238,935

Pool#

FM4222

2.50%,

9/1/2050

597,578

573,428

Pool#

CA7029

2.50%,

9/1/2050

556,413

533,852

Pool#

CA7572

2.50%,

10/1/2050

3,461,082

3,341,796

Pool#

CA7368

2.50%,

10/1/2050

1,445,644

1,382,821

Pool#

CA7369

2.50%,

10/1/2050

1,122,311

1,073,550

Pool#

MA4181

1.50%,

11/1/2050

981,667

878,028

Pool#

CA7573

2.50%,

11/1/2050

5,133,219

4,951,781

Pool#

FM4859

2.50%,

11/1/2050

1,218,458

1,165,559

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM4808

2.50%,

11/1/2050

912,701

872,837

Pool#

FM4969

2.00%,

12/1/2050

1,970,095

1,835,282

Pool#

CA8442

2.00%,

1/1/2051

2,376,199

2,212,654

Pool#

FM6031

2.00%,

2/1/2051

2,851,316

2,653,521

Pool#

CA8823

2.00%,

2/1/2051

1,252,994

1,166,568

Pool#

CA8893

2.00%,

2/1/2051

1,210,958

1,127,045

Pool#

BQ9747

2.00%,

2/1/2051

896,278

834,223

Pool#

FM6135

2.00%,

2/1/2051

683,555

636,524

Pool#

CA8866

2.50%,

2/1/2051

835,984

799,094

Pool#

MA4280

1.50%,

3/1/2051

3,966,116

3,546,216

Pool#

FM6554

2.00%,

3/1/2051

2,244,259

2,089,131

Pool#

MA4281

2.00%,

3/1/2051

2,008,742

1,870,118

Pool#

FM7677

2.50%,

3/1/2051

2,468,418

2,361,640

Pool#

FM6569

2.50%,

3/1/2051

2,458,721

2,350,305

Pool#

FM6834

2.00%,

4/1/2051

2,700,158

2,513,591

Pool#

CB0235

2.00%,

4/1/2051

1,428,126

1,328,665

Pool#

CB0149

2.00%,

4/1/2051

368,445

342,755

Pool#

BR7647

2.00%,

4/1/2051

274,809

255,607

Pool#

BR7703

2.50%,

4/1/2051

440,996

421,325

Pool#

CB0400

2.00%,

5/1/2051

351,892

327,902

Pool#

CB0514

2.50%,

5/1/2051

1,482,053

1,416,239

Pool#

CB0684

2.00%,

6/1/2051

1,500,958

1,396,108

Pool#

CB0819

2.00%,

6/1/2051

1,355,656

1,260,786

Pool#

FM7719

2.00%,

6/1/2051

977,361

909,335

Pool#

FM8630

1.50%,

7/1/2051

1,580,068

1,412,907

Pool#

MA4378

2.00%,

7/1/2051

2,330,949

2,167,766

Pool#

CB1110

2.00%,

7/1/2051

607,644

564,812

Pool#

FM8160

2.50%,

7/1/2051

760,852

729,457

Pool#

FM8007

2.50%,

7/1/2051

490,591

468,708

Pool#

CB1065

2.50%,

7/1/2051

381,035

364,039

48

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB1133

2.50%,

7/1/2051

309,627

295,874

Pool#

CB1330

2.50%,

8/1/2051

1,745,721

1,667,852

Pool#

FM8011

2.50%,

8/1/2051

1,458,105

1,395,934

Pool#

CB1400

3.00%,

8/1/2051

47,741

47,032

Pool#

MA4437

2.00%,

10/1/2051

11,488,150

10,676,846

Pool#

BU1052

2.00%,

10/1/2051

558,216

519,809

Pool#

FM9082

2.00%,

10/1/2051

540,008

502,030

Pool#

FM9081

2.00%,

10/1/2051

201,818

187,620

Pool#

MA4464

1.50%,

11/1/2051

1,974,637

1,765,088

Pool#

CB2038

2.00%,

11/1/2051

6,106,274

5,674,788

Pool#

FM9450

2.00%,

11/1/2051

2,102,366

1,958,303

Pool#

FM9411

2.00%,

11/1/2051

1,992,805

1,851,991

Pool#

CB2148

2.00%,

11/1/2051

983,353

913,869

Pool#

FM9491

2.50%,

11/1/2051

839,734

802,367

Pool#

FM9494

2.50%,

11/1/2051

537,193

513,231

Pool#

BU5908

2.00%,

12/1/2051

3,960,705

3,683,771

Pool#

CB2297

2.50%,

12/1/2051

5,005,792

4,783,046

Pool#

CB2410

2.50%,

12/1/2051

2,116,976

2,022,548

Pool#

FM9806

2.50%,

12/1/2051

1,866,846

1,783,772

Pool#

FM9864

2.50%,

12/1/2051

1,087,484

1,041,114

Pool#

CB2469

2.50%,

12/1/2051

986,963

943,120

Pool#

FM9697

2.50%,

12/1/2051

493,281

472,248

Pool#

FS1192

2.00%,

1/1/2052

5,000,000

4,650,146

Pool#

MA4512

2.50%,

1/1/2052

4,763,591

4,551,109

Pool#

BU9905

2.00%,

2/1/2052

995,156

924,925

Pool#

CB3156

2.00%,

3/1/2052

1,997,114

1,855,257

Pool#

BV4170

2.50%,

3/1/2052

5,000,000

4,776,973

Pool#

BV4133

2.50%,

3/1/2052

2,000,000

1,910,789

Pool#

CB3159

2.50%,

3/1/2052

1,997,607

1,908,503

Pool#

CB3016

2.50%,

3/1/2052

998,494

953,955

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB3237

3.00%,

3/1/2052

1,000,000

979,286

Pool#

BV5355

2.50%,

4/1/2052

1,000,000

955,395

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

4/25/2037

10,050,000

9,528,264

2.00%,

4/25/2037

16,890,000

16,403,753

2.50%,

4/25/2037

545,000

538,592

3.00%,

4/25/2037

98,663

99,341

3.50%,

4/25/2037

1,293,000

1,318,860

4.00%,

4/25/2037

143,000

146,905

4.50%,

4/25/2037

215,000

220,123

5.00%,

4/25/2037

35,000

35,670

2.50%,

5/25/2037

150,000

147,827

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

4/25/2052

4,975,000

4,439,993

2.00%,

4/25/2052

16,495,208

15,311,548

2.50%,

4/25/2052

18,951,000

18,080,439

3.00%,

4/25/2052

9,775,000

9,561,172

3.50%,

4/25/2052

1,525,000

1,527,621

4.00%,

4/25/2052

1,625,000

1,658,516

4.50%,

4/25/2052

25,000

25,906

3.50%,

5/25/2052

550,000

549,048

4.00%,

5/25/2052

325,000

330,469

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

242

249

Pool#

457801

7.00%,

8/15/2028

1,511

1,585

Pool#

486936

6.50%,

2/15/2029

606

647

Pool#

502969

6.00%,

3/15/2029

2,268

2,427

Pool#

487053

7.00%,

3/15/2029

749

786

Pool#

781014

6.00%,

4/15/2029

1,489

1,591

Pool#

509099

7.00%,

6/15/2029

2,587

2,643

Pool#

470643

7.00%,

7/15/2029

6,784

6,931

Pool#

434505

7.50%,

8/15/2029

45

45

Pool#

781124

7.00%,

12/15/2029

5,157

5,642

Pool#

507396

7.50%,

9/15/2030

32,569

33,608

Pool#

531352

7.50%,

9/15/2030

2,096

2,149

Pool#

536334

7.50%,

10/15/2030

151

155

Pool#

540659

7.00%,

1/15/2031

703

711

Pool#

486019

7.50%,

1/15/2031

773

797

Pool#

535388

7.50%,

1/15/2031

482

488

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

528589

6.50%,

3/15/2031

8,511

9,093

Pool#

508473

7.50%,

4/15/2031

3,201

3,346

Pool#

544470

8.00%,

4/15/2031

1,693

1,700

Pool#

781287

7.00%,

5/15/2031

2,429

2,662

Pool#

781319

7.00%,

7/15/2031

748

843

Pool#

485879

7.00%,

8/15/2031

3,031

3,193

Pool#

572554

6.50%,

9/15/2031

36,908

39,432

Pool#

781328

7.00%,

9/15/2031

2,294

2,517

Pool#

550991

6.50%,

10/15/2031

453

484

Pool#

571267

7.00%,

10/15/2031

309

322

Pool#

555171

6.50%,

12/15/2031

1,120

1,196

Pool#

781380

7.50%,

12/15/2031

771

863

Pool#

781481

7.50%,

1/15/2032

3,457

3,873

Pool#

580972

6.50%,

2/15/2032

156

167

Pool#

781401

7.50%,

2/15/2032

2,409

2,655

Pool#

781916

6.50%,

3/15/2032

29,469

31,737

Pool#

552474

7.00%,

3/15/2032

3,570

3,846

Pool#

781478

7.50%,

3/15/2032

1,373

1,522

Pool#

781429

8.00%,

3/15/2032

2,473

2,749

Pool#

781431

7.00%,

4/15/2032

9,114

10,145

Pool#

552616

7.00%,

6/15/2032

33,512

36,091

Pool#

570022

7.00%,

7/15/2032

12,574

13,744

Pool#

595077

6.00%,

10/15/2032

4,612

5,136

Pool#

552903

6.50%,

11/15/2032

52,056

55,764

Pool#

552952

6.00%,

12/15/2032

3,858

4,155

Pool#

602102

6.00%,

2/15/2033

13,438

14,363

Pool#

588192

6.00%,

2/15/2033

3,711

3,977

Pool#

553144

5.50%,

4/15/2033

11,410

12,444

Pool#

604243

6.00%,

4/15/2033

5,210

5,701

Pool#

611526

6.00%,

5/15/2033

7,517

8,026

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

553320

6.00%,

6/15/2033

14,819

16,310

Pool#

604788

6.50%,

11/15/2033

48,525

51,844

Pool#

781688

6.00%,

12/15/2033

22,812

25,579

Pool#

604875

6.00%,

12/15/2033

20,583

22,924

Pool#

781690

6.00%,

12/15/2033

8,755

9,813

Pool#

781699

7.00%,

12/15/2033

2,983

3,185

Pool#

621856

6.00%,

1/15/2034

8,404

8,973

Pool#

564799

6.00%,

3/15/2034

13,391

14,300

Pool#

630038

6.50%,

8/15/2034

29,401

31,412

Pool#

781804

6.00%,

9/15/2034

23,089

25,754

Pool#

781847

6.00%,

12/15/2034

16,085

18,044

Pool#

486921

5.50%,

2/15/2035

5,578

6,169

Pool#

781902

6.00%,

2/15/2035

22,411

25,026

Pool#

781933

6.00%,

6/15/2035

2,480

2,780

Pool#

649513

5.50%,

10/15/2035

151,336

162,259

Pool#

649510

5.50%,

10/15/2035

76,578

83,368

Pool#

652207

5.50%,

3/15/2036

40,316

43,081

Pool#

655519

5.00%,

5/15/2036

18,793

20,296

Pool#

652539

5.00%,

5/15/2036

6,536

7,060

Pool#

606308

5.50%,

5/15/2036

6,793

7,280

Pool#

657912

6.50%,

8/15/2036

4,182

4,468

Pool#

697957

4.50%,

3/15/2039

610,278

657,180

Pool#

704630

5.50%,

7/15/2039

20,848

22,599

Pool#

710724

4.50%,

8/15/2039

199,638

215,378

Pool#

722292

5.00%,

9/15/2039

412,161

454,901

Pool#

782803

6.00%,

11/15/2039

185,247

204,228

Pool#

736666

4.50%,

4/15/2040

414,614

447,271

Pool#

733312

4.00%,

9/15/2040

53,057

55,420

Pool#

742235

4.00%,

12/15/2040

109,216

113,810

Pool#

755959

4.00%,

1/15/2041

95,901

101,486

50

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

755958

4.00%,

1/15/2041

86,988

92,089

Pool#

759075

4.00%,

1/15/2041

83,994

87,350

Pool#

742244

4.00%,

1/15/2041

83,991

87,701

Pool#

753826

4.00%,

1/15/2041

43,181

45,035

Pool#

690662

4.00%,

1/15/2041

35,696

37,148

Pool#

719486

4.00%,

1/15/2041

7,543

7,774

Pool#

759207

4.00%,

2/15/2041

184,073

192,276

Pool#

757555

4.00%,

2/15/2041

22,534

23,461

Pool#

757557

4.00%,

2/15/2041

12,500

12,888

Pool#

738107

4.00%,

3/15/2041

219,500

231,356

Pool#

784637

4.00%,

8/15/2041

71,976

77,041

Pool#

778869

4.00%,

2/15/2042

122,898

129,596

Pool#

783745

3.50%,

3/15/2043

873,177

911,158

Pool#

AD8789

3.50%,

3/15/2043

447,895

457,278

Pool#

AD2254

3.50%,

3/15/2043

83,971

85,448

Pool#

AA6403

3.00%,

5/15/2043

541,070

539,237

Pool#

AD2411

3.50%,

5/15/2043

336,245

342,148

Pool#

783781

3.50%,

6/15/2043

330,728

345,111

Pool#

784015

3.00%,

7/15/2043

99,242

98,599

Pool#

784459

3.00%,

12/15/2046

225,348

223,452

Pool#

784293

3.00%,

12/15/2046

56,356

56,618

Pool#

784355

4.00%,

12/15/2046

104,379

108,324

Pool#

784500

3.00%,

2/15/2047

484,974

481,006

Pool#

784713

3.00%,

2/15/2047

115,259

115,781

Pool#

784458

3.50%,

12/15/2047

1,120,093

1,168,171

Pool#

784747

4.00%,

5/15/2048

78,340

81,469

Pool#

784715

4.00%,

5/15/2048

66,666

68,954

Pool#

785073

4.00%,

9/15/2049

85,164

88,565

Pool#

BD4016

3.00%,

10/15/2049

209,898

207,515

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

241,304

264,427

Pool#

4245

6.00%,

9/20/2038

94,556

104,195

Pool#

4559

5.00%,

10/20/2039

220,596

241,945

Pool#

4715

5.00%,

6/20/2040

56,002

61,352

Pool#

4747

5.00%,

7/20/2040

636,883

696,524

Pool#

4771

4.50%,

8/20/2040

524,868

558,827

Pool#

4802

5.00%,

9/20/2040

432,123

474,287

Pool#

4834

4.50%,

10/20/2040

140,787

149,896

Pool#

737727

4.00%,

12/20/2040

866,758

901,587

Pool#

737730

4.00%,

12/20/2040

272,402

283,304

Pool#

4923

4.50%,

1/20/2041

219,785

235,901

Pool#

4978

4.50%,

3/20/2041

30,861

32,858

Pool#

5017

4.50%,

4/20/2041

321,880

342,708

Pool#

5056

5.00%,

5/20/2041

108,150

118,676

Pool#

5082

4.50%,

6/20/2041

126,075

134,239

Pool#

5175

4.50%,

9/20/2041

149,791

159,625

Pool#

675523

3.50%,

3/20/2042

171,172

174,503

Pool#

5332

4.00%,

3/20/2042

140,760

148,797

Pool#

MA0392

3.50%,

9/20/2042

1,290,859

1,311,236

Pool#

MA0462

3.50%,

10/20/2042

1,017,725

1,039,961

Pool#

MA0534

3.50%,

11/20/2042

2,323,324

2,360,090

Pool#

MA0625

3.50%,

12/20/2042

492,266

505,423

Pool#

MA0698

3.00%,

1/20/2043

530,189

528,775

Pool#

MA0852

3.50%,

3/20/2043

537,840

552,207

Pool#

MA0934

3.50%,

4/20/2043

490,633

503,752

Pool#

AF1001

3.50%,

6/20/2043

441,568

449,350

Pool#

MA1376

4.00%,

10/20/2043

218,105

229,162

Pool#

AJ9335

3.50%,

10/20/2044

47,301

48,058

Pool#

MA2677

3.00%,

3/20/2045

182,669

182,183

Pool#

MA2754

3.50%,

4/20/2045

336,485

344,398

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA2824

2.50%,

5/20/2045

354,082

343,886

Pool#

MA2825

3.00%,

5/20/2045

715,286

713,310

Pool#

AM4381

3.50%,

5/20/2045

445,785

451,679

Pool#

MA2891

3.00%,

6/20/2045

1,211,018

1,214,965

Pool#

MA2960

3.00%,

7/20/2045

414,856

413,583

Pool#

784156

4.00%,

8/20/2045

179,518

185,117

Pool#

AO1103

3.50%,

9/20/2045

694,789

707,002

Pool#

AO1099

3.50%,

9/20/2045

392,428

397,639

Pool#

MA3106

4.00%,

9/20/2045

97,915

102,771

Pool#

MA3172

3.00%,

10/20/2045

198,237

197,609

Pool#

MA3173

3.50%,

10/20/2045

137,935

140,909

Pool#

MA3174

4.00%,

10/20/2045

12,170

12,536

Pool#

MA3243

3.00%,

11/20/2045

374,077

372,816

Pool#

MA3244

3.50%,

11/20/2045

362,184

370,683

Pool#

784098

3.00%,

12/20/2045

727,428

724,872

Pool#

MA3309

3.00%,

12/20/2045

636,981

634,769

Pool#

MA3310

3.50%,

12/20/2045

270,363

276,251

Pool#

784111

3.00%,

1/20/2046

388,317

386,913

Pool#

MA3377

4.00%,

1/20/2046

55,095

57,655

Pool#

784119

3.00%,

2/20/2046

731,750

729,104

Pool#

784115

3.00%,

2/20/2046

33,461

33,340

Pool#

MA3520

3.00%,

3/20/2046

498,465

496,633

Pool#

MA3521

3.50%,

3/20/2046

962,644

983,322

Pool#

MA3522

4.00%,

3/20/2046

382,545

394,107

Pool#

MA3596

3.00%,

4/20/2046

259,913

258,921

Pool#

MA3597

3.50%,

4/20/2046

274,640

279,955

Pool#

MA3662

3.00%,

5/20/2046

996,845

992,993

Pool#

MA3735

3.00%,

6/20/2046

605,703

603,352

Pool#

MA3736

3.50%,

6/20/2046

1,567,168

1,595,302

Pool#

MA3804

4.00%,

7/20/2046

58,266

60,191

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA3873

3.00%,

8/20/2046

1,288,712

1,283,712

Pool#

MA3876

4.50%,

8/20/2046

63,087

67,429

Pool#

MA3936

3.00%,

9/20/2046

1,315,930

1,314,041

Pool#

MA3939

4.50%,

9/20/2046

9,783

10,512

Pool#

MA4006

4.50%,

10/20/2046

193,908

208,098

Pool#

MA4068

3.00%,

11/20/2046

196,219

195,457

Pool#

MA4069

3.50%,

11/20/2046

20,585

20,913

Pool#

MA4070

4.00%,

11/20/2046

36,133

37,327

Pool#

MA4071

4.50%,

11/20/2046

12,883

13,818

Pool#

MA4125

2.50%,

12/20/2046

114,730

111,426

Pool#

MA4126

3.00%,

12/20/2046

1,994,947

1,987,195

Pool#

MA4127

3.50%,

12/20/2046

485,066

492,671

Pool#

MA4194

2.50%,

1/20/2047

437,373

424,779

Pool#

MA4196

3.50%,

1/20/2047

126,184

128,252

Pool#

MA4261

3.00%,

2/20/2047

523,472

521,445

Pool#

MA4262

3.50%,

2/20/2047

1,933,139

1,962,579

Pool#

MA4264

4.50%,

2/20/2047

15,052

15,936

Pool#

MA4321

3.50%,

3/20/2047

967,575

981,921

Pool#

AZ1974

3.50%,

4/20/2047

248,105

251,396

Pool#

MA4382

3.50%,

4/20/2047

166,705

169,107

Pool#

MA4383

4.00%,

4/20/2047

799,928

824,186

Pool#

MA4384

4.50%,

4/20/2047

19,509

20,612

Pool#

MA4509

3.00%,

6/20/2047

188,464

187,735

Pool#

MA4511

4.00%,

6/20/2047

371,490

382,742

Pool#

MA4512

4.50%,

6/20/2047

44,328

46,503

Pool#

MA4585

3.00%,

7/20/2047

34,071

33,934

Pool#

MA4587

4.00%,

7/20/2047

1,133,932

1,174,660

Pool#

784471

3.50%,

8/20/2047

423,957

432,240

Pool#

BC1888

3.50%,

8/20/2047

395,350

402,280

Pool#

MA4652

3.50%,

8/20/2047

380,977

386,470

52

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4653

4.00%,

8/20/2047

58,285

60,201

Pool#

784408

3.50%,

10/20/2047

224,473

232,451

Pool#

MA4780

4.50%,

10/20/2047

15,142

15,941

Pool#

MA4836

3.00%,

11/20/2047

351,756

350,251

Pool#

MA4837

3.50%,

11/20/2047

338,578

343,462

Pool#

MA4838

4.00%,

11/20/2047

1,555,605

1,610,898

Pool#

784421

3.50%,

12/20/2047

328,017

342,912

Pool#

MA4900

3.50%,

12/20/2047

243,771

247,105

Pool#

MA4962

3.50%,

1/20/2048

459,956

466,172

Pool#

MA5018

3.00%,

2/20/2048

133,134

132,545

Pool#

MA5019

3.50%,

2/20/2048

25,811

26,183

Pool#

784480

3.50%,

4/20/2048

324,156

338,233

Pool#

784479

3.50%,

4/20/2048

228,813

238,838

Pool#

784481

3.50%,

4/20/2048

100,493

102,457

Pool#

MA5137

4.00%,

4/20/2048

329,377

338,549

Pool#

BD4034

4.00%,

4/20/2048

109,191

112,113

Pool#

MA5138

4.50%,

4/20/2048

139,691

146,194

Pool#

MA5192

4.00%,

5/20/2048

604,199

619,726

Pool#

MA5265

4.50%,

6/20/2048

252,594

263,992

Pool#

MA5331

4.50%,

7/20/2048

115,601

120,820

Pool#

MA5398

4.00%,

8/20/2048

609,296

626,993

Pool#

MA5399

4.50%,

8/20/2048

309,515

321,192

Pool#

MA5466

4.00%,

9/20/2048

134,140

137,793

Pool#

BJ2692

4.00%,

11/20/2048

81,189

83,449

Pool#

MA5597

5.00%,

11/20/2048

11,146

11,703

Pool#

MA5652

4.50%,

12/20/2048

143,254

149,024

Pool#

784656

4.50%,

12/20/2048

75,790

78,890

Pool#

BK2856

4.50%,

12/20/2048

12,814

13,318

Pool#

MA5653

5.00%,

12/20/2048

32,065

33,665

Pool#

MA5712

5.00%,

1/20/2049

118,059

123,587

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA5818

4.50%,

3/20/2049

103,589

107,708

Pool#

MA5878

5.00%,

4/20/2049

12,605

13,201

Pool#

MA5987

4.50%,

6/20/2049

679,980

707,396

Pool#

MA6041

4.50%,

7/20/2049

183,335

190,185

Pool#

MA6092

4.50%,

8/20/2049

78,724

81,777

Pool#

MA6153

3.00%,

9/20/2049

138,325

137,371

Pool#

MA6409

3.00%,

1/20/2050

942,761

935,681

Pool#

MA6474

3.00%,

2/20/2050

896,942

890,209

Pool#

MA6542

3.50%,

3/20/2050

234,493

236,264

Pool#

MA6657

3.50%,

5/20/2050

465,450

469,386

Pool#

MA6818

2.00%,

8/20/2050

1,498,214

1,431,002

Pool#

BW4732

2.50%,

8/20/2050

1,153,242

1,119,048

Pool#

BW6206

2.50%,

8/20/2050

1,059,161

1,027,367

Pool#

MA6820

3.00%,

8/20/2050

732,978

727,464

Pool#

MA6821

3.50%,

8/20/2050

765,332

771,112

Pool#

MA6864

2.00%,

9/20/2050

1,525,540

1,457,031

Pool#

BW4741

2.50%,

9/20/2050

1,118,900

1,085,538

Pool#

BY0776

2.50%,

9/20/2050

720,100

698,583

Pool#

BY0805

2.50%,

9/20/2050

687,066

666,526

Pool#

MA7051

2.00%,

12/20/2050

1,213,030

1,159,252

Pool#

MA7053

3.00%,

12/20/2050

1,068,343

1,060,309

Pool#

MA7136

2.50%,

1/20/2051

2,177,005

2,114,321

Pool#

MA7192

2.00%,

2/20/2051

4,112,861

3,927,755

Pool#

MA7193

2.50%,

2/20/2051

601,568

584,247

Pool#

MA7367

2.50%,

5/20/2051

4,419,030

4,291,791

Pool#

MA7472

2.50%,

7/20/2051

2,346,544

2,278,979

Pool#

MA7534

2.50%,

8/20/2051

3,152,163

3,061,402

Pool#

MA7647

1.50%,

10/20/2051

442,789

406,723

Pool#

MA7648

2.00%,

10/20/2051

3,970,476

3,791,090

Pool#

MA7650

3.00%,

10/20/2051

2,719,325

2,694,345

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA7705

2.50%,

11/20/2051

294,699

286,214

Pool#

MA7766

2.00%,

12/20/2051

3,837,491

3,663,535

Pool#

MA7767

2.50%,

12/20/2051

1,382,219

1,342,420

GNMA

TBA

2.00%,

4/15/2052

11,100,000

10,558,875

2.50%,

4/15/2052

9,169,000

8,892,855

3.00%,

4/15/2052

2,672,000

2,640,583

4.00%,

4/15/2052

514,000

528,288

4.50%,

4/15/2052

575,000

611,297

Total

Mortgage-Backed

Securities

(cost

$625,185,605)

604,458,365

Municipal

Bonds

0.7%

California

0.3

%

Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

145,478

Bay

Area

Toll

Authority,

RB

Series

F-1,

2.57%,

4/1/2031

60,000

56,819

Series

F-2,

6.26%,

4/1/2049

250,000

355,223

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

80,295

City

of

San

Francisco

California

Public

Utilities

Commission

Water

Revenue,

RB,

Series

B,

6.00%,

11/1/2040

100,000

121,607

Golden

State

Tobacco

Securitization

Corp.,

3.71%,

6/1/2041

90,000

80,223

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

451,835

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

111,533

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

281,054

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

420,000

533,316

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

135,477

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

200,000

226,637

Municipal

Bonds

Principal

Amount

($)

Value

($)

California

State

of

California,

GO

7.55%,

4/1/2039

1,410,000

2,090,814

7.63%,

3/1/2040

425,000

625,607

University

of

California,

RB

Series

AB,

3.35%,

7/1/2029

200,000

201,409

Series

H,

6.55%,

5/15/2048

150,000

205,930

Series

F,

6.58%,

5/15/2049

200,000

274,997

Series

N,

3.26%,

5/15/2060

230,000

204,361

University

of

Texas

System,

RB,

Series

F,

5.95%,

5/15/2045

300,000

375,543

University

of

Virginia,

RB,

Series

AQ,

4.77%,

5/15/2115

150,000

164,371

6,722,529

Connecticut

0.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

593,932

Florida

0.0

%

†

State

Board

of

Administration

Finance

Corp.,

RB

Series

A,

1.26%,

7/1/2025

95,000

90,243

Series

A,

2.15%,

7/1/2030

105,000

95,846

186,089

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

Refunding,

RB,

Series

A,

6.66%,

4/1/2057

484,000

655,851

Illinois

0.1

%

Chicago

Transit

Authority,

RB,

Series

A,

6.90%,

12/1/2040

300,000

385,653

State

of

Illinois,

GO

4.95%,

6/1/2023

81,455

82,906

5.10%,

6/1/2033

945,000

1,004,920

1,473,479

Michigan

0.0

%

†

University

of

Michigan,

3.50%,

4/1/2052

83,000

84,243

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

NATL-RE

Insured,

Series

A,

7.43%,

2/15/2029

125,000

146,893

New

Jersey

State

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

640,913

New

Jersey

Transportation

Trust

Fund

Authority,

RB,

4.13%,

6/15/2042

30,000

29,675

Rutgers-State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

302,877

1,120,358

54

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

New

York

0.1

%

Diversified

Financial

Services,

Series

AA,

5.44%,

6/15/2043

300,000

384,487

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

460,000

672,298

New

York

City

Transitional

Finance

Authority,

RB,

Series

B,

5.57%,

11/1/2038

500,000

593,553

New

York

State

Dormitory

Authority,

RB,

5.63%,

3/15/2039

250,000

295,993

Port

Authority

of

New

York

&

New

Jersey,

RB

6.04%,

12/1/2029

620,000

740,301

3.18%,

7/15/2060

135,000

114,020

2,800,652

Ohio

0.0

%

†

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

109,953

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

174,945

284,898

South

Carolina

0.0

%

†

South

Carolina

State

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

131,866

Texas

0.1

%

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

263,946

Dallas-Fort

Worth

International

Airport,

RB,

Series

C,

2.92%,

11/1/2050

100,000

89,782

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

40,638

North

Texas

Tollway

Authority,

RB,

3.01%,

1/1/2043

35,000

31,718

State

of

Texas,

GO,

Series

A,

4.63%,

4/1/2033

350,000

403,457

Texas

Transportation

Commission,

RB,

Series

B,

5.18%,

4/1/2030

150,000

167,106

University

of

Texas

System,

RB

Series

A,

5.26%,

7/1/2039

260,000

315,750

Series

C,

4.79%,

8/15/2046

200,000

239,557

1,551,954

Virginia

0.0

%

†

University

of

Virginia,

RB,

Series

VA,

2.26%,

9/1/2050

90,000

71,391

Municipal

Bonds

Principal

Amount

($)

Value

($)

Washington

0.0

%

†

State

of

Washington

Motor

Vehicle

Fuel

Tax,

GO,

Series

F,

5.14%,

8/1/2040

200,000

236,442

Total

Municipal

Bonds

(cost

$13,689,780)

15,913,684

Supranational

1.1%

African

Development

Bank

0.75%,

4/3/2023

1,000,000

988,522

3.00%,

9/20/2023

500,000

505,418

Asian

Development

Bank

2.63%,

1/30/2024

1,000,000

1,005,465

0.38%,

6/11/2024

1,000,000

956,451

1.50%,

10/18/2024

500,000

487,240

0.63%,

4/29/2025

1,000,000

942,240

1.88%,

1/24/2030(b)

500,000

477,342

Asian

Infrastructure

Investment

Bank

(The),

0.50%,

10/30/2024

230,000

217,627

European

Bank

for

Reconstruction

&

Development,

1.50%,

2/13/2025

1,000,000

969,617

European

Investment

Bank

1.38%,

5/15/2023

3,000,000

2,979,780

3.25%,

1/29/2024

1,000,000

1,016,410

0.75%,

10/26/2026(b)

290,000

267,867

2.38%,

5/24/2027(b)

2,000,000

1,985,390

1.25%,

2/14/2031

300,000

271,036

Inter-American

Development

Bank

2.63%,

1/16/2024

1,000,000

1,005,270

1.75%,

3/14/2025

500,000

488,640

0.63%,

7/15/2025

1,000,000

937,740

2.00%,

7/23/2026

1,000,000

976,410

2.25%,

6/18/2029

250,000

245,606

1.13%,

1/13/2031

2,000,000

1,790,171

International

Bank

for

Reconstruction

&

Development

1.88%,

6/19/2023

1,000,000

997,608

3.00%,

9/27/2023

750,000

758,652

0.63%,

4/22/2025

1,000,000

943,242

2.50%,

11/22/2027(b)

1,000,000

995,014

1.13%,

9/13/2028

1,000,000

916,210

0.88%,

5/14/2030

1,000,000

877,821

1.63%,

11/3/2031

1,000,000

921,632

Nordic

Investment

Bank,

2.25%,

5/21/2024(b)

500,000

498,907

Total

Supranational

(cost

$26,467,667)

25,423,328

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

55

U.S.

Government

Agency

Securities

1.2%

Principal

Amount

($)

Value

($)

FHLB

3.00%,

12/9/2022

1,535,000

1,552,100

2.75%,

12/13/2024(b)

1,000,000

1,007,515

5.50%,

7/15/2036(b)

1,500,000

1,958,188

FHLMC

0.13%,

7/25/2022

3,325,000

3,318,197

0.25%,

6/26/2023

2,700,000

2,642,964

0.25%,

8/24/2023

3,535,000

3,444,924

0.25%,

12/4/2023(b)

1,030,000

996,973

0.38%,

7/21/2025

1,165,000

1,085,019

6.25%,

7/15/2032

1,245,000

1,653,208

FNMA

2.38%,

1/19/2023

490,000

493,195

0.50%,

6/17/2025

1,000,000

937,209

6.25%,

5/15/2029(b)

2,500,000

3,095,579

7.25%,

5/15/2030

2,000,000

2,681,773

0.88%,

8/5/2030(b)

440,000

384,201

Tennessee

Valley

Authority,

4.88%,

1/15/2048

500,000

648,736

Total

U.S.

Government

Agency

Securities

(cost

$25,910,718)

25,899,781

U.S.

Treasury

Obligations

39.3%

U.S.

Treasury

Bonds

7.63%,

11/15/2022

(b)

2,000,000

2,079,063

6.25%,

8/15/2023

4,000,000

4,226,250

6.88%,

8/15/2025

(b)

449,000

512,667

6.00%,

2/15/2026

(b)

4,042,000

4,566,986

6.50%,

11/15/2026

(b)

3,000,000

3,523,477

5.50%,

8/15/2028

4,000,000

4,715,625

5.38%,

2/15/2031

(b)

2,000,000

2,485,234

4.75%,

2/15/2037

(b)

709,600

925,806

5.00%,

5/15/2037

305,000

408,057

4.38%,

2/15/2038

250,000

316,260

4.25%,

5/15/2039

1,500,000

1,878,340

4.50%,

8/15/2039

1,080,000

1,394,002

4.38%,

11/15/2039

300,000

381,363

3.88%,

8/15/2040

1,000,000

1,194,453

1.38%,

11/15/2040

1,500,000

1,226,309

4.25%,

11/15/2040

1,400,000

1,749,672

4.75%,

2/15/2041

2,000,000

2,661,484

3.75%,

8/15/2041

(b)

4,900,000

5,760,945

2.00%,

11/15/2041

7,000,000

6,333,906

3.13%,

11/15/2041

4,100,000

4,420,793

3.13%,

2/15/2042

1,000,000

1,079,531

3.00%,

5/15/2042

1,000,000

1,059,102

2.75%,

8/15/2042

6,200,000

6,304,383

2.75%,

11/15/2042

1,500,000

1,523,320

3.13%,

2/15/2043

4,050,000

4,358,813

2.88%,

5/15/2043

(b)

5,350,000

5,538,504

3.63%,

2/15/2044

5,000,000

5,814,844

3.38%,

5/15/2044

4,000,000

4,491,250

3.13%,

8/15/2044

5,700,000

6,161,789

3.00%,

11/15/2044

5,500,000

5,828,281

2.50%,

2/15/2045

6,500,000

6,330,898

3.00%,

5/15/2045

(b)

5,500,000

5,843,320

2.88%,

8/15/2045

3,300,000

3,439,734

2.50%,

2/15/2046

7,000,000

6,853,438

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

2.50%,

5/15/2046

(b)

3,000,000

2,939,414

2.88%,

11/15/2046

3,000,000

3,154,102

3.00%,

2/15/2047

(b)

2,000,000

2,151,953

3.00%,

5/15/2047

2,000,000

2,159,375

2.75%,

8/15/2047

2,500,000

2,590,918

2.75%,

11/15/2047

3,200,000

3,320,250

3.00%,

2/15/2048

3,000,000

3,268,477

3.38%,

11/15/2048

5,500,000

6,440,156

2.88%,

5/15/2049

5,000,000

5,376,953

2.25%,

8/15/2049

3,000,000

2,852,578

2.38%,

11/15/2049

800,000

782,562

2.00%,

2/15/2050

500,000

450,371

1.25%,

5/15/2050

1,700,000

1,267,961

1.38%,

8/15/2050

5,000,000

3,848,438

1.63%,

11/15/2050

6,800,000

5,572,281

1.88%,

2/15/2051

(b)

4,400,000

3,844,672

2.38%,

5/15/2051

7,500,000

7,349,414

2.00%,

8/15/2051

(b)

16,700,000

15,066,531

1.88%,

11/15/2051

(b)

11,600,000

10,175,375

2.25%,

2/15/2052

(b)

2,500,000

2,397,656

U.S.

Treasury

Notes

2.00%,

10/31/2022

5,000,000

5,022,461

1.63%,

11/15/2022

(b)

1,300,000

1,302,742

0.13%,

11/30/2022

2,000,000

1,984,141

1.75%,

1/31/2023

(b)

7,600,000

7,613,062

1.50%,

2/28/2023

7,000,000

6,990,703

2.63%,

2/28/2023

(b)

5,000,000

5,043,750

0.13%,

3/31/2023

(b)

5,000,000

4,922,070

2.75%,

4/30/2023

(b)

5,000,000

5,050,781

0.13%,

5/15/2023

2,000,000

1,961,953

1.75%,

5/15/2023

1,000,000

998,672

1.63%,

5/31/2023

2,000,000

1,993,594

2.75%,

8/31/2023

3,000,000

3,027,539

1.38%,

9/30/2023

3,500,000

3,461,309

2.88%,

10/31/2023

5,000,000

5,053,320

2.75%,

11/15/2023

1,500,000

1,512,539

2.13%,

11/30/2023

1,500,000

1,497,891

2.25%,

12/31/2023

3,500,000

3,499,453

2.63%,

12/31/2023

(b)

8,000,000

8,050,938

0.88%,

1/31/2024

(b)

20,000,000

19,490,626

2.25%,

1/31/2024

5,500,000

5,494,199

2.50%,

1/31/2024

9,000,000

9,030,234

2.75%,

2/15/2024

2,500,000

2,519,141

2.25%,

3/31/2024

10,000,000

9,986,328

2.00%,

4/30/2024

7,000,000

6,946,406

2.50%,

5/15/2024

(b)

7,000,000

7,014,492

2.00%,

5/31/2024

3,800,000

3,767,937

1.75%,

6/30/2024

6,000,000

5,913,281

2.13%,

7/31/2024

6,500,000

6,453,789

2.38%,

8/15/2024

(b)

24,353,000

24,296,874

0.38%,

9/15/2024

(b)

5,000,000

4,750,195

1.50%,

9/30/2024

14,000,000

13,670,234

2.13%,

9/30/2024

(b)

9,000,000

8,924,766

0.63%,

10/15/2024

(b)

6,000,000

5,727,422

1.50%,

10/31/2024

(b)

15,000,000

14,634,375

0.75%,

11/15/2024

(b)

6,000,000

5,734,922

2.25%,

11/15/2024

7,550,000

7,503,107

2.13%,

11/30/2024

3,800,000

3,762,891

1.00%,

12/15/2024

(b)

1,000,000

961,016

2.25%,

12/31/2024

5,000,000

4,966,016

56

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.00%,

2/15/2025

18,700,000

18,437,031

2.63%,

3/31/2025

4,300,000

4,313,773

2.13%,

5/15/2025

8,300,000

8,198,844

0.25%,

5/31/2025

7,500,000

6,980,273

0.25%,

7/31/2025

15,000,000

13,906,641

2.88%,

7/31/2025

6,500,000

6,571,094

2.00%,

8/15/2025

6,000,000

5,893,828

0.25%,

8/31/2025

4,000,000

3,700,938

2.75%,

8/31/2025

4,000,000

4,028,750

0.25%,

9/30/2025

(b)

8,000,000

7,390,000

0.25%,

10/31/2025

8,000,000

7,375,938

2.25%,

11/15/2025

8,500,000

8,413,340

0.38%,

11/30/2025

15,200,000

14,052,875

0.38%,

12/31/2025

(b)

10,000,000

9,233,984

0.38%,

1/31/2026

8,000,000

7,370,938

1.63%,

2/15/2026

8,500,000

8,216,445

0.50%,

2/28/2026

(b)

2,000,000

1,849,062

0.75%,

3/31/2026

(b)

4,000,000

3,730,156

1.63%,

5/15/2026

(b)

2,000,000

1,929,766

0.75%,

5/31/2026

(b)

3,000,000

2,790,234

0.88%,

6/30/2026

6,000,000

5,603,906

0.63%,

7/31/2026

(b)

2,000,000

1,845,469

1.50%,

8/15/2026

(b)

9,700,000

9,295,707

0.75%,

8/31/2026

(b)

5,000,000

4,634,180

1.38%,

8/31/2026

(b)

4,500,000

4,289,062

0.88%,

9/30/2026

(b)

8,000,000

7,446,562

1.63%,

9/30/2026

(b)

10,000,000

9,628,516

1.13%,

10/31/2026

15,000,000

14,109,375

1.63%,

10/31/2026

8,000,000

7,701,250

1.25%,

11/30/2026

2,000,000

1,892,266

1.25%,

12/31/2026

10,000,000

9,448,047

2.25%,

2/15/2027

1,200,000

1,187,437

1.88%,

2/28/2027

(b)

2,500,000

2,433,008

2.50%,

3/31/2027

2,500,000

2,505,469

2.38%,

5/15/2027

5,700,000

5,675,508

0.50%,

5/31/2027

(b)

1,000,000

905,000

2.25%,

8/15/2027

(b)

8,300,000

8,210,516

0.50%,

8/31/2027

8,000,000

7,205,625

2.25%,

11/15/2027

5,390,000

5,327,889

0.63%,

11/30/2027

8,500,000

7,673,906

0.75%,

1/31/2028

(b)

4,000,000

3,628,438

2.75%,

2/15/2028

10,000,000

10,154,687

1.13%,

2/29/2028

(b)

3,000,000

2,781,797

1.25%,

3/31/2028

1,500,000

1,399,102

1.25%,

4/30/2028

5,000,000

4,657,812

2.88%,

5/15/2028

10,000,000

10,233,203

1.25%,

5/31/2028

3,000,000

2,792,930

1.25%,

6/30/2028

4,000,000

3,720,938

1.00%,

7/31/2028

(b)

4,000,000

3,660,156

2.88%,

8/15/2028

(b)

8,500,000

8,709,512

1.13%,

8/31/2028

4,000,000

3,685,312

1.25%,

9/30/2028

4,500,000

4,175,859

1.38%,

10/31/2028

9,000,000

8,413,594

3.13%,

11/15/2028

7,000,000

7,288,477

1.50%,

11/30/2028

3,000,000

2,825,859

1.38%,

12/31/2028

(b)

11,500,000

10,747,559

2.63%,

2/15/2029

8,772,000

8,877,538

1.88%,

2/28/2029

(b)

2,000,000

1,930,625

2.38%,

3/31/2029

3,000,000

2,991,093

2.38%,

5/15/2029

5,700,000

5,683,523

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.63%,

8/15/2029

(b)

3,000,000

2,844,961

1.75%,

11/15/2029

4,000,000

3,827,188

0.63%,

5/15/2030

4,800,000

4,185,187

0.63%,

8/15/2030

7,000,000

6,080,156

0.88%,

11/15/2030

(b)

9,100,000

8,058,121

1.13%,

2/15/2031

(b)

6,500,000

5,869,043

1.63%,

5/15/2031

(b)

5,500,000

5,178,164

1.25%,

8/15/2031

(b)

6,000,000

5,454,375

1.38%,

11/15/2031

9,500,000

8,716,250

1.88%,

2/15/2032

(b)

4,600,000

4,417,438

Total

U.S.

Treasury

Obligations

(cost

$891,862,799)

865,324,010

Repurchase

Agreements

6.9%

Bank

of

America

NA

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$15,000,125,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$15,300,000.

(h)

15,000,000

15,000,000

BofA

Securities,

Inc.

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$10,000,084,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

7/20/2050

-

2/20/2052;

total

market

value

$10,200,000.

(h)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.

0.26%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$10,000,073,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

4/30/2022

-

11/15/2051;

total

market

value

$10,200,001.

(h)

10,000,000

10,000,000

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$27,623,147,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$28,175,382.

(h)

27,622,924

27,622,924

MetLife,

Inc.

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$30,000,259,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$30,612,509.

(h)

30,000,000

30,000,000

NatWest

Markets

Securities,

Inc.

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$39,002,275,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$39,780,677.

(h)

39,000,000

39,000,000

Pershing

LLC

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$20,000,184,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$20,400,000.

(h)

20,000,000

20,000,000

Total

Repurchase

Agreements

(cost

$151,622,924)

151,622,924

Total

Investments

Before

TBA

Sale

Commitments

(cost

$2,387,132,118

)

—

105.6%

2,327,228,271

TBA

Sale

Commitments

0.0%

†

Principal

Amount

($)

Value

($)

Mortgage-Backed

Securities

0.0%

†

GNMA

TBA

5.00%,

4/15/2052

(74,000)

(77,370)

Total

Mortgage-Backed

Security

$(77,720)

(77,370)

Total

Investments

(cost

$2,387,054,398)

—

105.6%

2,327,150,901

Liabilities

in

excess

of

other

assets

—

(5.6)%

(123,619,105)

NET

ASSETS

—

100.0%

$

2,203,531,796

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$348,896,334,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$151,622,924

and

by

$206,605,795

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2022

–

2/15/2052,

a

total

value

of

$358,228,719.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2022.

(d)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$12,271,478

which

represents

0.56%

of

net

assets.

(e)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2022.

(g)

Investment

in

affiliate.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$151,622,924.

58

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

ACES

Alternative

Credit

Enhancement

Services

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

NATL

National

Public

Finance

Guarantee

Corp.

RB

Revenue

Bond

RE

Reinsured

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

NVIT

Bond

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

59

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

60

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

5,914,591

$

–

$

5,914,591

Commercial

Mortgage-Backed

Securities

–

41,193,554

–

41,193,554

Corporate

Bonds

–

555,828,715

–

555,828,715

Foreign

Government

Securities

–

35,649,319

–

35,649,319

Mortgage-Backed

Securities

–

604,458,365

–

604,458,365

Municipal

Bonds

–

15,913,684

–

15,913,684

Repurchase

Agreements

–

151,622,924

–

151,622,924

Supranational

–

25,423,328

–

25,423,328

U.S.

Government

Agency

Securities

–

25,899,781

–

25,899,781

U.S.

Treasury

Obligations

–

865,324,010

–

865,324,010

Total

Assets

$

–

$

2,327,228,271

$

–

$

2,327,228,271

$

–

$

–

$

–

$

–

Liabilities:

Mortgage-Backed

Security

$

–

$

(77,370)

$

–

$

(77,370)

Total

Liabilities

$

–

$

(77,370)

$

–

$

(77,370)

Total

$

–

$

2,327,150,901

$

–

$

2,327,150,901

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

98.2%

Shares

Value

($)

AUSTRALIA

8.8%

Airlines

0.0%

†

Qantas

Airways

Ltd.*

102,103

392,281

Banks

2.1%

Australia

&

New

Zealand

Banking

Group

Ltd.

338,042

6,927,270

Commonwealth

Bank

of

Australia

202,454

15,897,227

National

Australia

Bank

Ltd.

388,243

9,326,356

Westpac

Banking

Corp.(a)

439,573

7,915,804

40,066,657

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

89,903

770,087

Biotechnology

0.6%

CSL

Ltd.(a)

56,836

11,287,454

Capital

Markets

0.4%

ASX

Ltd.

22,872

1,388,327

Macquarie

Group

Ltd.

40,209

6,048,583

7,436,910

Chemicals

0.0%

†

Orica

Ltd.

50,673

600,098

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

170,986

1,260,863

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.(a)

24,963

582,194

Diversified

Telecommunication

Services

0.1%

Telstra

Corp.

Ltd.

488,716

1,441,274

Electric

Utilities

0.0%

†

Origin

Energy

Ltd.

223,889

1,036,027

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Dexus

124,103

1,009,976

Goodman

Group

196,270

3,333,599

GPT

Group

(The)

219,652

844,906

Mirvac

Group

451,049

834,985

Scentre

Group

619,366

1,402,657

Stockland

291,193

919,195

Vicinity

Centres

451,549

624,346

8,969,664

Food

&

Staples

Retailing

0.4%

Coles

Group

Ltd.

154,640

2,061,157

Endeavour

Group

Ltd.

153,738

836,425

Woolworths

Group

Ltd.

143,794

3,993,896

6,891,478

Gas

Utilities

0.1%

APA

Group

133,436

1,058,156

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

8,150

1,357,780

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

21,100

1,021,886

Sonic

Healthcare

Ltd.

53,641

1,412,481

2,434,367

Hotels,

Restaurants

&

Leisure

0.2%

Aristocrat

Leisure

Ltd.

72,843

1,974,871

Crown

Resorts

Ltd.*

43,675

415,117

Domino's

Pizza

Enterprises

Ltd.

7,387

481,298

Common

Stocks

Shares

Value

($)

AUSTRALIA

Hotels,

Restaurants

&

Leisure

Tabcorp

Holdings

Ltd.

261,447

1,036,770

3,908,056

Insurance

0.2%

Insurance

Australia

Group

Ltd.

293,785

956,715

Medibank

Pvt

Ltd.

320,551

734,003

QBE

Insurance

Group

Ltd.

172,647

1,471,417

Suncorp

Group

Ltd.(a)

147,316

1,218,141

4,380,276

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.(a)

6,011

601,008

SEEK

Ltd.

40,571

892,731

1,493,739

IT

Services

0.1%

Computershare

Ltd.

62,533

1,144,044

Metals

&

Mining

2.9%

BHP

Group

Ltd.

599,667

23,204,839

BlueScope

Steel

Ltd.

56,874

878,850

Evolution

Mining

Ltd.

205,834

668,820

Fortescue

Metals

Group

Ltd.

199,095

3,055,278

Glencore

plc*

1,172,126

7,617,379

Mineral

Resources

Ltd.

20,165

788,263

Newcrest

Mining

Ltd.

106,365

2,111,516

Northern

Star

Resources

Ltd.

135,290

1,072,234

Rio

Tinto

Ltd.

43,808

3,880,661

Rio

Tinto

plc

132,931

10,544,878

South32

Ltd.

569,609

2,121,116

55,943,834

Multiline

Retail

0.3%

Wesfarmers

Ltd.

133,953

5,033,222

Oil,

Gas

&

Consumable

Fuels

0.3%

Ampol

Ltd.

30,859

701,256

Santos

Ltd.

373,139

2,145,623

Washington

H

Soul

Pattinson

&

Co.

Ltd.

26,368

559,940

Woodside

Petroleum

Ltd.

114,946

2,742,531

6,149,350

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.(a)

81,891

680,608

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

211,347

580,338

Software

0.0%

†

WiseTech

Global

Ltd.(a)

15,888

598,553

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.(a)

35,454

500,166

Transportation

Infrastructure

0.2%

Transurban

Group

365,931

3,686,617

169,684,093

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

40,050

1,452,547

Raiffeisen

Bank

International

AG

16,664

235,562

1,688,109

62

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

AUSTRIA

Electric

Utilities

0.0%

†

Verbund

AG

7,666

807,172

Metals

&

Mining

0.0%

†

voestalpine

AG

12,978

385,519

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

16,954

808,434

Paper

&

Forest

Products

0.1%

Mondi

plc

57,726

1,119,088

4,808,322

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

29,234

2,102,497

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV(a)

103,050

6,180,869

Chemicals

0.1%

Solvay

SA

8,685

855,078

Umicore

SA

23,313

1,007,055

1,862,133

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

SA

8,490

880,454

Groupe

Bruxelles

Lambert

SA

4,876

509,166

Sofina

SA

1,846

669,447

2,059,067

Diversified

Telecommunication

Services

0.0%

†

Proximus

SADP(a)

20,547

382,423

Electric

Utilities

0.0%

†

Elia

Group

SA/NV(a)

3,487

532,231

Food

&

Staples

Retailing

0.0%

†

Etablissements

Franz

Colruyt

NV

7,190

298,144

Insurance

0.1%

Ageas

SA/NV

21,353

1,074,602

Pharmaceuticals

0.1%

UCB

SA

15,170

1,816,038

16,308,004

BRAZIL

0.1%

Chemicals

0.1%

Yara

International

ASA

20,475

1,021,031

CHILE

0.1%

Metals

&

Mining

0.1%

Antofagasta

plc

49,511

1,081,135

CHINA

0.6%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

438,500

1,649,998

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

215,200

571,126

Capital

Markets

0.0%

†

Futu

Holdings

Ltd.,

ADR*(a)

6,105

198,779

Common

Stocks

Shares

Value

($)

CHINA

Food

Products

0.1%

Wilmar

International

Ltd.

221,594

768,377

Internet

&

Direct

Marketing

Retail

0.3%

Prosus

NV*

110,434

5,846,085

Marine

0.0%

†

SITC

International

Holdings

Co.

Ltd.

164,000

578,919

Real

Estate

Management

&

Development

0.1%

ESR

Cayman

Ltd.

Reg.

S*(b)

243,800

754,757

Specialty

Retail

0.0%

†

Chow

Tai

Fook

Jewellery

Group

Ltd.*

244,000

441,930

10,809,971

DENMARK

2.6%

Air

Freight

&

Logistics

0.2%

DSV

A/S

24,135

4,615,015

Banks

0.1%

Danske

Bank

A/S

82,276

1,359,733

Beverages

0.1%

Carlsberg

A/S,

Class

B

11,603

1,416,661

Biotechnology

0.1%

Genmab

A/S*

7,781

2,818,755

Building

Products

0.0%

†

ROCKWOOL

International

A/S,

Class

B

1,014

334,914

Chemicals

0.1%

Chr

Hansen

Holding

A/S

12,268

901,536

Novozymes

A/S,

Class

B

24,291

1,662,515

2,564,051

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S*(b)

22,940

2,888,644

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

120,218

3,549,452

Health

Care

Equipment

&

Supplies

0.2%

Ambu

A/S,

Class

B

20,226

297,037

Coloplast

A/S,

Class

B

14,412

2,182,733

Demant

A/S*

12,491

565,050

GN

Store

Nord

A/S

14,666

715,712

3,760,532

Insurance

0.1%

Tryg

A/S

44,080

1,068,708

Marine

0.2%

AP

Moller

-

Maersk

A/S,

Class

A

384

1,134,775

AP

Moller

-

Maersk

A/S,

Class

B

673

2,028,522

3,163,297

Pharmaceuticals

1.1%

Novo

Nordisk

A/S,

Class

B

199,916

22,140,032

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

11,887

1,124,627

50,804,421

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

FINLAND

1.1%

Banks

0.2%

Nordea

Bank

Abp

382,261

3,936,501

Communications

Equipment

0.2%

Nokia

OYJ*

639,466

3,520,190

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

16,382

987,339

Electric

Utilities

0.1%

Fortum

OYJ(a)

51,896

942,086

Food

&

Staples

Retailing

0.0%

†

Kesko

OYJ,

Class

B

31,169

860,296

Insurance

0.1%

Sampo

OYJ,

Class

A

58,761

2,868,239

Machinery

0.1%

Kone

OYJ,

Class

B

40,723

2,132,886

Wartsila

OYJ

Abp

56,217

513,451

2,646,337

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ

50,919

2,319,710

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ,

Class

R

68,654

1,343,306

UPM-

Kymmene

OYJ

62,464

2,038,239

3,381,545

Pharmaceuticals

0.0%

†

Orion

OYJ,

Class

B(a)

12,329

559,452

22,021,695

FRANCE

10.2%

Aerospace

&

Defense

0.8%

Airbus

SE*

69,751

8,431,052

Dassault

Aviation

SA

2,780

441,972

Safran

SA

40,887

4,805,457

Thales

SA

12,297

1,552,802

15,231,283

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

20,150

2,722,122

Faurecia

SE(a)

12,884

333,294

Valeo

27,298

501,542

3,556,958

Automobiles

0.0%

†

Renault

SA*

24,047

628,579

Banks

0.6%

BNP

Paribas

SA

134,044

7,632,098

Credit

Agricole

SA

147,897

1,766,946

Societe

Generale

SA

95,252

2,548,153

11,947,197

Beverages

0.3%

Pernod

Ricard

SA

25,043

5,492,483

Remy

Cointreau

SA

2,674

550,936

6,043,419

Building

Products

0.2%

Cie

de

Saint-Gobain

60,349

3,591,374

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

7,471

509,771

Common

Stocks

Shares

Value

($)

FRANCE

Chemicals

0.6%

Air

Liquide

SA

56,519

9,887,391

Arkema

SA

7,487

893,219

10,780,610

Construction

&

Engineering

0.4%

Bouygues

SA

26,082

909,239

Eiffage

SA

9,902

1,014,932

Vinci

SA

63,933

6,536,359

8,460,530

Diversified

Financial

Services

0.0%

†

Eurazeo

SE

4,217

354,406

Wendel

SE

2,947

299,849

654,255

Diversified

Telecommunication

Services

0.1%

Orange

SA

237,850

2,812,510

Electric

Utilities

0.0%

†

Electricite

de

France

SA(a)

65,436

616,495

Electrical

Equipment

0.2%

Legrand

SA

31,895

3,032,162

Entertainment

0.1%

Bollore

SE

97,089

507,129

Ubisoft

Entertainment

SA*

11,503

506,403

1,013,532

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Covivio

6,510

516,501

Gecina

SA

5,521

694,676

Klepierre

SA*

22,335

593,845

Unibail

-

Rodamco

-Westfield*

15,200

1,137,151

2,942,173

Food

&

Staples

Retailing

0.1%

Carrefour

SA

76,966

1,669,679

Food

Products

0.2%

Danone

SA

77,935

4,293,274

Health

Care

Equipment

&

Supplies

0.0%

†

BioMerieux

4,979

530,695

Health

Care

Providers

&

Services

0.0%

†

Orpea

SA(a)

6,511

280,987

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

21,011

673,331

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

11,647

461,654

Sodexo

SA

10,125

821,978

1,956,963

Household

Durables

0.0%

†

SEB

SA

3,494

487,379

Insurance

0.4%

AXA

SA

229,328

6,697,276

CNP

Assurances

18,198

438,769

7,136,045

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

30,065

273,932

IT

Services

0.4%

Capgemini

SE

18,920

4,208,626

Edenred

29,029

1,435,066

Worldline

SA

Reg.

S*(b)

28,286

1,226,289

6,869,981

64

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

3,306

1,354,956

Machinery

0.1%

Alstom

SA(a)

38,544

898,501

Media

0.1%

Publicis

Groupe

SA

27,195

1,652,001

Vivendi

SE

86,789

1,132,722

2,784,723

Multi-Utilities

0.3%

Engie

SA(a)

214,112

2,806,668

Veolia

Environnement

SA

77,264

2,465,446

5,272,114

Oil,

Gas

&

Consumable

Fuels

0.8%

TotalEnergies

SE

297,609

15,100,308

Personal

Products

0.6%

L'Oreal

SA

29,791

11,924,321

Pharmaceuticals

0.7%

Ipsen

SA

4,089

510,792

Sanofi

134,918

13,759,514

14,270,306

Professional

Services

0.2%

Bureau

Veritas

SA

34,130

974,865

Teleperformance

6,925

2,640,646

3,615,511

Software

0.2%

Dassault

Systemes

SE

79,445

3,914,651

Textiles,

Apparel

&

Luxury

Goods

2.1%

EssilorLuxottica

SA

33,879

6,216,187

Hermes

International

3,785

5,368,577

Kering

SA

8,959

5,659,382

LVMH

Moet

Hennessy

Louis

Vuitton

SE

33,004

23,501,147

40,745,293

Transportation

Infrastructure

0.1%

Aeroports

de

Paris*

3,812

570,891

Getlink

SE

49,290

887,678

1,458,569

196,659,036

GERMANY

8.0%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

6,312

1,466,572

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

(Registered)

118,258

5,678,577

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*(a)

67,158

544,450

Auto

Components

0.0%

†

Continental

AG*

13,202

952,275

Automobiles

0.9%

Bayerische

Motoren

Werke

AG(a)

38,905

3,369,730

Bayerische

Motoren

Werke

AG

(Preference)

6,641

514,611

Mercedes-Benz

Group

AG(a)

101,164

7,105,421

Common

Stocks

Shares

Value

($)

GERMANY

Automobiles

Porsche

Automobil

Holding

SE

(Preference)

17,791

1,723,586

Volkswagen

AG(a)

3,765

938,074

Volkswagen

AG

(Preference)

22,012

3,806,235

17,457,657

Banks

0.0%

†

Commerzbank

AG*

116,042

886,031

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)*

244,029

3,116,028

Deutsche

Boerse

AG

22,431

4,029,477

7,145,505

Chemicals

0.5%

BASF

SE

108,560

6,190,611

Covestro

AG

Reg.

S(b)

23,563

1,190,596

Evonik

Industries

AG

23,426

651,309

FUCHS

PETROLUB

SE

(Preference)

7,629

277,148

LANXESS

AG

10,547

466,438

Symrise

AG

15,605

1,873,425

10,649,527

Construction

Materials

0.1%

HeidelbergCement

AG

17,546

1,003,477

Diversified

Telecommunication

Services

0.4%

Deutsche

Telekom

AG

(Registered)

384,551

7,182,311

Telefonica

Deutschland

Holding

AG(a)

106,553

291,036

United

Internet

AG

(Registered)

12,388

426,058

7,899,405

Electrical

Equipment

0.1%

Siemens

Energy

AG(a)

48,305

1,103,704

Food

&

Staples

Retailing

0.0%

†

HelloFresh

SE*

19,141

864,922

Health

Care

Equipment

&

Supplies

0.2%

Carl

Zeiss

Meditec

AG

4,927

798,901

Sartorius

AG

(Preference)

3,043

1,351,425

Siemens

Healthineers

AG

Reg.

S(b)

32,942

2,042,689

4,193,015

Health

Care

Providers

&

Services

0.2%

Fresenius

Medical

Care

AG

&

Co.

KGaA

24,456

1,640,082

Fresenius

SE

&

Co.

KGaA

51,043

1,878,187

3,518,269

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

12,061

799,444

Henkel

AG

&

Co.

KGaA

(Preference)

21,775

1,458,317

2,257,761

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Uniper

SE

11,158

286,971

Industrial

Conglomerates

0.7%

Siemens

AG

(Registered)

90,945

12,601,542

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

GERMANY

Insurance

0.9%

Allianz

SE

(Registered)

48,461

11,572,220

Hannover

Rueck

SE

7,093

1,208,045

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

16,707

4,475,243

17,255,508

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

10,890

624,696

Internet

&

Direct

Marketing

Retail

0.1%

Zalando

SE

Reg.

S*(b)

20,166

1,023,650

Zalando

SE

Reg.

S*∞(b)

5,968

303,697

IT

Services

0.0%

†

Bechtle

AG

10,302

581,381

Machinery

0.2%

Daimler

Truck

Holding

AG*

48,342

1,342,991

GEA

Group

AG

17,480

722,212

KION

Group

AG

8,886

590,931

Knorr-

Bremse

AG

8,219

631,445

Rational

AG

644

446,856

3,734,435

Multi-Utilities

0.3%

E.ON

SE

268,574

3,123,432

RWE

AG

76,622

3,342,124

6,465,556

Personal

Products

0.1%

Beiersdorf

AG

11,969

1,257,718

Pharmaceuticals

0.6%

Bayer

AG

(Registered)

116,557

7,974,506

Merck

KGaA

15,437

3,232,953

11,207,459

Real

Estate

Management

&

Development

0.3%

Aroundtown

SA

118,978

683,434

LEG

Immobilien

SE

8,773

1,001,894

Vonovia

SE

87,196

4,077,043

5,762,371

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

154,906

5,292,119

Software

0.8%

Nemetschek

SE

6,877

667,110

SAP

SE

124,141

13,852,067

14,519,177

Textiles,

Apparel

&

Luxury

Goods

0.3%

adidas

AG

22,695

5,299,653

Puma

SE

12,362

1,055,158

6,354,811

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

18,411

1,488,696

154,380,934

HONG

KONG

2.4%

Banks

0.1%

Hang

Seng

Bank

Ltd.

91,700

1,763,892

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

189,000

454,033

Common

Stocks

Shares

Value

($)

HONG

KONG

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

145,000

6,833,411

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

469,220

643,955

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

72,000

481,781

CLP

Holdings

Ltd.

198,000

1,929,486

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S

314,000

306,522

Power

Assets

Holdings

Ltd.

172,000

1,120,363

3,838,152

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

251,000

2,139,372

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

935,545

588,551

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

1,358,266

1,642,978

Hotels,

Restaurants

&

Leisure

0.0%

†

Melco

Resorts

&

Entertainment

Ltd.,

ADR*

24,061

183,826

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

24,500

1,330,105

Jardine

Matheson

Holdings

Ltd.

600

32,909

1,363,014

Insurance

0.8%

AIA

Group

Ltd.

1,438,000

15,055,045

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

162,500

2,617,840

Real

Estate

Management

&

Development

0.4%

CK

Asset

Holdings

Ltd.

229,516

1,568,678

Hang

Lung

Properties

Ltd.

244,000

490,913

Henderson

Land

Development

Co.

Ltd.

158,775

659,159

Hongkong

Land

Holdings

Ltd.

133,400

637,652

Hongkong

Land

Holdings

Ltd.

8,100

39,513

New

World

Development

Co.

Ltd.

171,231

695,287

Sino

Land

Co.

Ltd.

425,000

548,706

Sun

Hung

Kai

Properties

Ltd.

158,500

1,888,077

Swire

Pacific

Ltd.,

Class

A

56,500

344,775

Swire

Properties

Ltd.

138,400

343,144

Wharf

Real

Estate

Investment

Co.

Ltd.

191,500

946,325

8,162,229

Road

&

Rail

0.1%

MTR

Corp.

Ltd.

191,500

1,033,487

46,319,785

66

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

IRELAND

0.6%

Building

Products

0.1%

Kingspan

Group

plc

18,466

1,794,744

Construction

Materials

0.2%

CRH

plc

91,078

3,646,727

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

28,659

1,270,246

Food

Products

0.1%

Kerry

Group

plc,

Class

A

18,705

2,089,977

Hotels,

Restaurants

&

Leisure

0.1%

Flutter

Entertainment

plc*(a)

19,564

2,244,102

Trading

Companies

&

Distributors

0.0%

†

AerCap

Holdings

NV*

15,979

803,424

11,849,220

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

3,266

714,976

Banks

0.2%

Bank

Hapoalim

BM

132,866

1,309,984

Bank

Leumi

Le-Israel

BM

171,475

1,840,793

Israel

Discount

Bank

Ltd.,

Class

A

137,812

856,287

Mizrahi

Tefahot

Bank

Ltd.

15,695

610,532

4,617,596

Chemicals

0.1%

ICL

Group

Ltd.

80,791

960,499

IT

Services

0.0%

†

Wix.com

Ltd.*

6,979

729,026

Machinery

0.0%

†

Kornit

Digital

Ltd.*

5,534

457,607

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

131,179

1,231,771

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

5,444

477,640

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

12,317

1,702,948

Nice

Ltd.*

7,503

1,642,486

3,345,434

12,534,549

ITALY

2.0%

Automobiles

0.2%

Ferrari

NV

15,167

3,316,771

Banks

0.5%

FinecoBank

Banca

Fineco

SpA

71,528

1,086,352

Intesa

Sanpaolo

SpA

1,947,884

4,452,296

Mediobanca

Banca

di

Credito

Finanziario

SpA

72,175

731,279

UniCredit

SpA

252,658

2,727,939

8,997,866

Beverages

0.1%

Coca-Cola

HBC

AG*

25,379

529,255

Common

Stocks

Shares

Value

($)

ITALY

Beverages

Davide

Campari-Milano

NV

63,753

741,569

1,270,824

Diversified

Telecommunication

Services

0.0%

†

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

42,276

474,106

Telecom

Italia

SpA

1,067,994

392,156

866,262

Electric

Utilities

0.4%

Enel

SpA

966,186

6,452,236

Terna

-

Rete

Elettrica

Nazionale

166,292

1,430,215

7,882,451

Electrical

Equipment

0.1%

Prysmian

SpA

31,069

1,058,320

Gas

Utilities

0.1%

Snam

SpA

241,540

1,394,889

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

3,044

476,635

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

15,663

699,383

Insurance

0.2%

Assicurazioni

Generali

SpA

(a)

133,977

3,065,605

Poste

Italiane

SpA

Reg.

S(b)

58,631

665,121

3,730,726

IT

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

55,382

639,722

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

297,788

4,365,896

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

13,060

656,558

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

23,688

1,319,179

Transportation

Infrastructure

0.1%

Atlantia

SpA

*

57,624

1,198,332

37,873,814

JAPAN

21.9%

Air

Freight

&

Logistics

0.1%

SG

Holdings

Co.

Ltd.(a)

37,400

704,839

Yamato

Holdings

Co.

Ltd.

34,000

636,490

1,341,329

Airlines

0.0%

†

ANA

Holdings,

Inc.*(a)

20,900

436,337

Japan

Airlines

Co.

Ltd.*(a)

15,686

291,951

728,288

Auto

Components

0.4%

Aisin

Corp.(a)

17,300

591,099

Bridgestone

Corp.

67,200

2,600,737

Denso

Corp.(a)

51,700

3,299,049

Koito

Manufacturing

Co.

Ltd.

(a)

13,300

538,440

Stanley

Electric

Co.

Ltd.

17,200

324,819

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

JAPAN

Auto

Components

Sumitomo

Electric

Industries

Ltd.(a)

87,800

1,044,214

8,398,358

Automobiles

1.8%

Honda

Motor

Co.

Ltd.(a)

192,900

5,481,488

Isuzu

Motors

Ltd.(a)

68,100

879,800

Mazda

Motor

Corp.(a)

65,680

485,875

Nissan

Motor

Co.

Ltd.*

277,400

1,234,881

Subaru

Corp.(a)

73,000

1,159,675

Suzuki

Motor

Corp.(a)

42,500

1,456,826

Toyota

Motor

Corp.(a)

1,260,770

22,584,812

Yamaha

Motor

Co.

Ltd.

36,300

813,519

34,096,876

Banks

1.1%

Chiba

Bank

Ltd.

(The)(a)

61,400

361,919

Concordia

Financial

Group

Ltd.(a)

122,400

456,618

Japan

Post

Bank

Co.

Ltd.(a)

46,500

374,510

Mitsubishi

UFJ

Financial

Group,

Inc.(a)

1,418,267

8,803,431

Mizuho

Financial

Group,

Inc.

284,851

3,646,070

Resona

Holdings,

Inc.(a)

238,400

1,020,884

Shizuoka

Bank

Ltd.

(The)(a)

52,900

373,586

Sumitomo

Mitsui

Financial

Group,

Inc.

153,753

4,906,908

Sumitomo

Mitsui

Trust

Holdings,

Inc.(a)

39,540

1,291,751

21,235,677

Beverages

0.2%

Asahi

Group

Holdings

Ltd.

55,000

1,996,697

Ito

En

Ltd.

6,100

299,301

Kirin

Holdings

Co.

Ltd.

100,200

1,498,563

Suntory

Beverage

&

Food

Ltd.

17,100

652,056

4,446,617

Building

Products

0.4%

AGC,

Inc.

23,800

951,205

Daikin

Industries

Ltd.

29,800

5,425,832

Lixil

Corp.(a)

32,000

595,489

TOTO

Ltd.

16,900

678,843

7,651,369

Capital

Markets

0.2%

Daiwa

Securities

Group,

Inc.

(a)

178,300

1,009,576

Japan

Exchange

Group,

Inc.

60,900

1,134,733

Nomura

Holdings,

Inc.(a)

357,700

1,498,936

SBI

Holdings,

Inc.(a)

29,190

737,686

4,380,931

Chemicals

0.8%

Asahi

Kasei

Corp.

149,500

1,294,116

JSR

Corp.(a)

23,400

689,956

Kansai

Paint

Co.

Ltd.

22,200

356,683

Mitsubishi

Chemical

Holdings

Corp.(a)

150,200

999,408

Mitsubishi

Gas

Chemical

Co.,

Inc.(a)

18,400

312,400

Mitsui

Chemicals,

Inc.(a)

22,000

554,193

Nippon

Paint

Holdings

Co.

Ltd.

89,000

780,987

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

Nippon

Sanso

Holdings

Corp.

20,000

380,029

Nissan

Chemical

Corp.(a)

14,900

874,499

Nitto

Denko

Corp.

17,300

1,239,845

Shin-Etsu

Chemical

Co.

Ltd.

41,800

6,369,705

Sumitomo

Chemical

Co.

Ltd.

(a)

183,700

842,095

Toray

Industries,

Inc.

159,700

832,367

Tosoh

Corp.

31,700

468,789

15,995,072

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

(a)

27,700

650,594

Secom

Co.

Ltd.(a)

24,200

1,753,452

Sohgo

Security

Services

Co.

Ltd.

8,300

271,045

Toppan,

Inc.

29,000

512,328

3,187,419

Construction

&

Engineering

0.1%

Kajima

Corp.(a)

54,800

667,382

Obayashi

Corp.

82,500

606,627

Shimizu

Corp.(a)

70,400

423,106

Taisei

Corp.(a)

21,000

607,070

2,304,185

Diversified

Financial

Services

0.2%

Mitsubishi

HC

Capital,

Inc.

80,200

373,279

ORIX

Corp.

143,800

2,870,102

Tokyo

Century

Corp.(a)

4,800

176,131

3,419,512

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

141,856

4,121,890

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.(a)

71,400

739,749

Kansai

Electric

Power

Co.,

Inc.

(The)(a)

78,800

743,461

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

173,600

573,949

2,057,159

Electrical

Equipment

0.4%

Fuji

Electric

Co.

Ltd.

15,000

748,114

Mitsubishi

Electric

Corp.

217,600

2,504,530

Nidec

Corp.(a)

53,400

4,230,656

7,483,300

Electronic

Equipment,

Instruments

&

Components

1.3%

Azbil

Corp.(a)

15,500

516,271

Hamamatsu

Photonics

KK

16,900

899,445

Hirose

Electric

Co.

Ltd.(a)

3,694

536,758

Ibiden

Co.

Ltd.

13,300

652,399

Keyence

Corp.

23,144

10,760,292

Kyocera

Corp.

37,300

2,096,585

Murata

Manufacturing

Co.

Ltd.

68,000

4,495,186

Omron

Corp.

22,500

1,500,136

Shimadzu

Corp.

28,200

971,060

TDK

Corp.

44,900

1,621,156

68

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

Yokogawa

Electric

Corp.(a)

28,800

491,327

24,540,615

Entertainment

0.5%

Capcom

Co.

Ltd.

22,200

536,855

Koei

Tecmo

Holdings

Co.

Ltd.(a)

7,410

242,320

Konami

Holdings

Corp.(a)

10,700

676,320

Nexon

Co.

Ltd.

58,600

1,402,257

Nintendo

Co.

Ltd.

13,000

6,559,317

Square

Enix

Holdings

Co.

Ltd.

9,700

429,391

Toho

Co.

Ltd.

13,000

491,506

10,337,966

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Daiwa

House

REIT

Investment

Corp.

251

675,417

GLP

J-REIT

516

785,392

Japan

Metropolitan

Fund

Invest

852

719,943

Japan

Real

Estate

Investment

Corp.

149

780,761

Nippon

Building

Fund,

Inc.

186

1,056,244

Nippon

Prologis

REIT,

Inc.

230

672,709

Nomura

Real

Estate

Master

Fund,

Inc.

528

698,112

Orix

JREIT,

Inc.

304

412,128

5,800,706

Food

&

Staples

Retailing

0.4%

Aeon

Co.

Ltd.(a)

75,700

1,614,966

Cosmos

Pharmaceutical

Corp.

2,300

279,373

Kobe

Bussan

Co.

Ltd.

17,300

531,427

Lawson,

Inc.

6,200

236,958

Seven

&

i

Holdings

Co.

Ltd.

90,300

4,296,494

Tsuruha

Holdings,

Inc.

4,700

298,496

Welcia

Holdings

Co.

Ltd.

12,400

305,099

7,562,813

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

54,300

1,541,959

Kikkoman

Corp.(a)

17,000

1,125,927

MEIJI

Holdings

Co.

Ltd.(a)

14,280

774,450

Nisshin

Seifun

Group,

Inc.(a)

20,923

292,097

Nissin

Foods

Holdings

Co.

Ltd.(a)

8,000

561,779

Toyo

Suisan

Kaisha

Ltd.

11,200

400,516

Yakult

Honsha

Co.

Ltd.(a)

15,200

811,297

5,508,025

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.(a)

47,700

818,916

Tokyo

Gas

Co.

Ltd.

42,100

771,203

1,590,119

Health

Care

Equipment

&

Supplies

0.6%

Asahi

Intecc

Co.

Ltd.

22,900

448,075

Hoya

Corp.

44,000

5,020,915

Olympus

Corp.(a)

132,100

2,509,687

Sysmex

Corp.

19,600

1,423,243

Terumo

Corp.

77,400

2,344,117

11,746,037

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Providers

&

Services

0.0%

†

Medipal

Holdings

Corp.(a)

20,500

337,834

Health

Care

Technology

0.1%

M3,

Inc.

51,800

1,874,721

Hotels,

Restaurants

&

Leisure

0.3%

McDonald's

Holdings

Co.

Japan

Ltd.

9,826

409,264

Oriental

Land

Co.

Ltd.(a)

23,500

4,486,656

4,895,920

Household

Durables

1.1%

Iida

Group

Holdings

Co.

Ltd.

(a)

17,300

299,460

Open

House

Group

Co.

Ltd.

(a)

9,800

433,657

Panasonic

Holdings

Corp.

263,000

2,546,928

Rinnai

Corp.

4,700

351,892

Sekisui

Chemical

Co.

Ltd.

45,300

648,809

Sekisui

House

Ltd.

74,000

1,434,826

Sharp

Corp.(a)

22,900

214,452

Sony

Group

Corp.

149,900

15,471,326

21,401,350

Household

Products

0.1%

Lion

Corp.(a)

27,600

307,668

Unicharm

Corp.

46,700

1,660,784

1,968,452

Industrial

Conglomerates

0.4%

Hitachi

Ltd.

114,400

5,732,410

Toshiba

Corp.(a)

47,600

1,806,215

7,538,625

Insurance

0.7%

Dai-ichi

Life

Holdings,

Inc.

119,300

2,427,040

Japan

Post

Holdings

Co.

Ltd.

285,500

2,097,117

Japan

Post

Insurance

Co.

Ltd.(a)

25,500

446,068

MS&AD

Insurance

Group

Holdings,

Inc.(a)

53,241

1,729,819

Sompo

Holdings,

Inc.

37,250

1,638,522

T&D

Holdings,

Inc.(a)

63,700

864,205

Tokio

Marine

Holdings,

Inc.

73,600

4,280,736

13,483,507

Interactive

Media

&

Services

0.1%

Kakaku.com,

Inc.

15,800

353,375

Z

Holdings

Corp.

322,500

1,400,253

1,753,628

Internet

&

Direct

Marketing

Retail

0.1%

Mercari

,

Inc.*(a)

12,900

334,524

Rakuten

Group,

Inc.(a)

99,500

784,403

ZOZO,

Inc.(a)

15,200

403,807

1,522,734

IT

Services

0.6%

Fujitsu

Ltd.

23,600

3,518,341

GMO

Payment

Gateway,

Inc.

4,900

500,244

Itochu

Techno-Solutions

Corp.

11,300

288,617

NEC

Corp.

29,400

1,233,375

Nomura

Research

Institute

Ltd.

40,915

1,338,135

NTT

Data

Corp.

74,900

1,469,062

Obic

Co.

Ltd.

8,300

1,243,659

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

Shares

Value

($)

JAPAN

IT

Services

Otsuka

Corp.

14,000

497,150

SCSK

Corp.

17,100

293,037

TIS,

Inc.

26,900

629,168

11,010,788

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

24,200

1,833,265

Shimano,

Inc.

8,900

2,035,743

Yamaha

Corp.(a)

14,900

649,760

4,518,768

Machinery

1.1%

Daifuku

Co.

Ltd.(a)

12,500

892,967

FANUC

Corp.

22,600

3,974,400

Hino

Motors

Ltd.(a)

29,100

170,262

Hitachi

Construction

Machinery

Co.

Ltd.(a)

13,400

347,235

Hoshizaki

Corp.

5,800

397,812

Komatsu

Ltd.

103,300

2,478,753

Kubota

Corp.

122,200

2,291,003

Kurita

Water

Industries

Ltd.

11,200

413,395

Makita

Corp.(a)

25,700

823,137

MINEBEA

MITSUMI,

Inc.(a)

42,200

919,279

MISUMI

Group,

Inc.

33,400

993,773

Mitsubishi

Heavy

Industries

Ltd.(a)

38,000

1,251,450

Miura

Co.

Ltd.(a)

10,000

246,631

NGK

Insulators

Ltd.(a)

33,600

479,705

SMC

Corp.

6,700

3,742,039

Toyota

Industries

Corp.

17,500

1,204,525

Yaskawa

Electric

Corp.

28,600

1,117,010

21,743,376

Marine

0.1%

Mitsui

OSK

Lines

Ltd.(a)

40,800

1,132,635

Nippon

Yusen

KK(a)

18,700

1,634,242

2,766,877

Media

0.1%

CyberAgent

,

Inc.

47,600

590,179

Dentsu

Group,

Inc.

24,501

1,001,917

Hakuhodo

DY

Holdings,

Inc.

(a)

31,200

392,066

1,984,162

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.*

23,900

399,892

JFE

Holdings,

Inc.(a)

57,200

804,960

Nippon

Steel

Corp.(a)

104,344

1,849,773

Sumitomo

Metal

Mining

Co.

Ltd.(a)

30,100

1,519,832

4,574,457

Multiline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

47,000

753,817

Ryohin

Keikaku

Co.

Ltd.

32,800

382,525

1,136,342

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

366,739

1,378,396

Idemitsu

Kosan

Co.

Ltd.(a)

23,556

649,881

Inpex

Corp.

117,800

1,398,816

3,427,093

Common

Stocks

Shares

Value

($)

JAPAN

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.(a)

101,000

502,122

Personal

Products

0.3%

Kao

Corp.

56,700

2,327,634

Kobayashi

Pharmaceutical

Co.

Ltd.

6,100

489,029

Kose

Corp.(a)

4,200

439,272

Pola

Orbis

Holdings,

Inc.

13,200

171,758

Shiseido

Co.

Ltd.

48,000

2,432,687

5,860,380

Pharmaceuticals

1.2%

Astellas

Pharma,

Inc.

218,400

3,423,709

Chugai

Pharmaceutical

Co.

Ltd.

78,300

2,618,612

Daiichi

Sankyo

Co.

Ltd.

205,700

4,512,738

Eisai

Co.

Ltd.

28,900

1,339,313

Kyowa

Kirin

Co.

Ltd.

31,500

730,811

Nippon

Shinyaku

Co.

Ltd.

5,400

367,163

Ono

Pharmaceutical

Co.

Ltd.

43,600

1,094,994

Otsuka

Holdings

Co.

Ltd.

47,200

1,632,762

Santen

Pharmaceutical

Co.

Ltd.

42,900

429,450

Shionogi

&

Co.

Ltd.(a)

30,900

1,897,688

Sumitomo

Pharma

Co.

Ltd.

(a)

24,600

242,930

Taisho

Pharmaceutical

Holdings

Co.

Ltd.(a)

3,400

157,704

Takeda

Pharmaceutical

Co.

Ltd.(a)

188,649

5,399,104

23,846,978

Professional

Services

0.4%

Benefit

One,

Inc.(a)

9,600

200,996

Nihon

M&A

Center

Holdings,

Inc.

34,600

480,820

Persol

Holdings

Co.

Ltd.

19,600

439,345

Recruit

Holdings

Co.

Ltd.

161,000

7,048,140

8,169,301

Real

Estate

Management

&

Development

0.5%

Daito

Trust

Construction

Co.

Ltd.(a)

7,900

838,186

Daiwa

House

Industry

Co.

Ltd.

68,600

1,792,226

Hulic

Co.

Ltd.

45,400

407,632

Mitsubishi

Estate

Co.

Ltd.

137,700

2,047,943

Mitsui

Fudosan

Co.

Ltd.

109,200

2,336,333

Nomura

Real

Estate

Holdings,

Inc.

13,200

316,115

Sumitomo

Realty

&

Development

Co.

Ltd.(a)

36,400

1,006,134

8,744,569

Road

&

Rail

0.5%

Central

Japan

Railway

Co.(a)

16,800

2,189,675

East

Japan

Railway

Co.

35,376

2,053,223

Hankyu

Hanshin

Holdings,

Inc.

25,700

743,379

Keio

Corp.(a)

13,099

511,388

Keisei

Electric

Railway

Co.

Ltd.(a)

14,400

400,772

70

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Road

&

Rail

Kintetsu

Group

Holdings

Co.

Ltd.(a)

20,200

577,911

Nippon

Express

Holdings,

Inc.

8,700

598,017

Odakyu

Electric

Railway

Co.

Ltd.(a)

34,200

567,886

Tobu

Railway

Co.

Ltd.

23,800

579,054

Tokyu

Corp.

63,200

820,883

West

Japan

Railway

Co.

26,300

1,091,609

10,133,797

Semiconductors

&

Semiconductor

Equipment

0.9%

Advantest

Corp.

24,000

1,882,479

Disco

Corp.(a)

3,500

976,294

Lasertec

Corp.

8,900

1,496,294

Renesas

Electronics

Corp.*

152,800

1,768,075

Rohm

Co.

Ltd.

10,600

823,850

SUMCO

Corp.

35,400

580,833

Tokyo

Electron

Ltd.

17,800

9,139,841

16,667,666

Software

0.1%

Oracle

Corp.

Japan

4,300

298,616

Trend

Micro,

Inc.

16,600

969,011

1,267,627

Specialty

Retail

0.3%

Fast

Retailing

Co.

Ltd.

7,000

3,596,086

Hikari

Tsushin,

Inc.(a)

2,400

273,364

Nitori

Holdings

Co.

Ltd.

9,700

1,218,143

USS

Co.

Ltd.

29,200

491,140

5,578,733

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.(a)

27,200

495,318

Canon,

Inc.(a)

117,300

2,855,393

FUJIFILM

Holdings

Corp.

42,600

2,606,132

Ricoh

Co.

Ltd.(a)

82,400

714,888

Seiko

Epson

Corp.(a)

32,700

490,263

7,161,994

Tobacco

0.1%

Japan

Tobacco,

Inc.

142,600

2,441,048

Trading

Companies

&

Distributors

1.1%

ITOCHU

Corp.(a)

141,400

4,796,577

Marubeni

Corp.(a)

181,500

2,117,479

Mitsubishi

Corp.(a)

150,500

5,670,552

Mitsui

&

Co.

Ltd.(a)

183,600

5,001,211

MonotaRO

Co.

Ltd.

31,600

677,175

Sumitomo

Corp.(a)

136,100

2,360,030

Toyota

Tsusho

Corp.

24,500

1,008,095

21,631,119

Wireless

Telecommunication

Services

0.9%

KDDI

Corp.(a)

191,500

6,290,066

SoftBank

Corp.(a)

340,400

3,978,525

SoftBank

Group

Corp.

143,300

6,445,222

16,713,813

422,592,044

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

20,299

546,130

Common

Stocks

Shares

Value

($)

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE

15,721

1,558,467

Metals

&

Mining

0.1%

ArcelorMittal

SA(a)

75,793

2,436,231

3,994,698

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Galaxy

Entertainment

Group

Ltd.

264,000

1,569,027

Sands

China

Ltd.*

308,300

739,941

2,308,968

MALTA

0.0%

†

Capital

Markets

0.0%

†

BGP

Holdings

plc*^∞

848,508

0

NETHERLANDS

5.3%

Banks

0.3%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(a)(b)

50,658

648,070

ING

Groep

NV

460,689

4,814,558

5,462,628

Beverages

0.2%

Heineken

Holding

NV

13,473

1,054,488

Heineken

NV(a)

31,089

2,963,992

4,018,480

Biotechnology

0.1%

Argenx

SE*

5,385

1,693,299

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

10,246

930,379

Chemicals

0.3%

Akzo

Nobel

NV

22,677

1,948,321

Koninklijke

DSM

NV

20,840

3,724,512

5,672,833

Diversified

Financial

Services

0.1%

EXOR

NV

12,587

960,036

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

410,074

1,424,193

Entertainment

0.1%

Universal

Music

Group

NV

86,789

2,304,040

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

124,401

3,999,025

Food

Products

0.0%

†

JDE

Peet's

NV

9,429

269,755

Health

Care

Equipment

&

Supplies

0.2%

Koninklijke

Philips

NV

108,429

3,317,168

Insurance

0.1%

Aegon

NV

220,482

1,163,588

NN

Group

NV

32,872

1,656,775

2,820,363

IT

Services

0.2%

Adyen

NV

Reg.

S*(b)

2,368

4,678,152

Oil,

Gas

&

Consumable

Fuels

1.3%

Shell

plc(a)

913,482

25,069,383

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

71

Common

Stocks

Shares

Value

($)

NETHERLANDS

Professional

Services

0.2%

Randstad

NV(a)

13,972

838,632

Wolters

Kluwer

NV

31,498

3,352,947

4,191,579

Semiconductors

&

Semiconductor

Equipment

1.8%

ASM

International

NV

5,522

2,001,726

ASML

Holding

NV

48,986

32,673,638

34,675,364

Trading

Companies

&

Distributors

0.1%

IMCD

NV

6,815

1,158,739

102,645,416

NEW

ZEALAND

0.3%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

222,747

705,730

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

82,594

339,320

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

68,471

1,150,546

Health

Care

Providers

&

Services

0.0%

†

Ryman

Healthcare

Ltd.(a)

56,138

363,826

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

151,540

528,256

Software

0.1%

Xero

Ltd.*(a)

16,105

1,219,819

Transportation

Infrastructure

0.1%

Auckland

International

Airport

Ltd.*

148,060

800,646

5,108,143

NORWAY

0.7%

Banks

0.1%

DNB

Bank

ASA

111,163

2,516,776

Diversified

Telecommunication

Services

0.1%

Telenor

ASA(a)

86,178

1,238,610

Food

Products

0.1%

Mowi

ASA

51,434

1,386,570

Orkla

ASA

92,531

822,909

2,209,479

Insurance

0.0%

†

Gjensidige

Forsikring

ASA(a)

24,367

604,499

Media

0.0%

†

Schibsted

ASA,

Class

A

9,510

233,600

Schibsted

ASA,

Class

B

12,017

255,894

489,494

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

161,292

1,571,661

Oil,

Gas

&

Consumable

Fuels

0.3%

Aker

BP

ASA(a)

15,072

561,601

Equinor

ASA

113,516

4,259,478

4,821,079

13,451,598

Common

Stocks

Shares

Value

($)

POLAND

0.0%

†

Air

Freight

&

Logistics

0.0%

†

InPost

SA*(a)

24,393

153,323

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

337,597

1,662,803

Food

&

Staples

Retailing

0.1%

Jeronimo

Martins

SGPS

SA

33,863

811,249

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Galp

Energia

SGPS

SA

62,894

795,917

3,269,969

SAUDI

ARABIA

0.0%

†

Internet

&

Direct

Marketing

Retail

0.0%

†

Delivery

Hero

SE

Reg.

S*(b)

19,153

843,660

SINGAPORE

1.4%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

185,100

561,086

Airlines

0.0%

†

Singapore

Airlines

Ltd.*

160,114

646,287

Banks

0.7%

DBS

Group

Holdings

Ltd.

216,600

5,694,488

Oversea-Chinese

Banking

Corp.

Ltd.

406,900

3,698,330

United

Overseas

Bank

Ltd.

143,600

3,368,288

12,761,106

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

99,400

728,922

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

983,950

1,910,975

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

32,800

423,122

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Ascendas

REIT

405,407

874,224

CapitaLand

Integrated

Commercial

Trust

583,370

966,099

Mapletree

Commercial

Trust∞

281,700

391,790

Mapletree

Logistics

Trust

326,404

444,073

2,676,186

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

706,796

423,379

Industrial

Conglomerates

0.1%

Keppel

Corp.

Ltd.

182,400

861,231

Real

Estate

Management

&

Development

0.1%

Capitaland

Investment

Ltd.*

299,297

877,417

City

Developments

Ltd.

41,500

240,233

UOL

Group

Ltd.

47,500

246,221

1,363,871

Road

&

Rail

0.0%

†

Grab

Holdings

Ltd.,

Class

A*(a)

128,784

450,744

72

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SINGAPORE

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

81,277

3,530,771

26,337,680

SOUTH

AFRICA

0.4%

Metals

&

Mining

0.4%

Anglo

American

plc

152,403

7,860,410

SPAIN

2.3%

Banks

0.7%

Banco

Bilbao

Vizcaya

Argentaria

SA(a)

793,544

4,537,303

Banco

Santander

SA

2,068,999

7,020,042

CaixaBank

SA

513,413

1,730,405

13,287,750

Biotechnology

0.0%

†

Grifols

SA(a)

37,919

685,936

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

30,888

830,286

Ferrovial

SA

56,462

1,494,768

2,325,054

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

60,366

2,893,467

Telefonica

SA

615,622

2,988,170

5,881,637

Electric

Utilities

0.5%

Endesa

SA

36,097

787,739

Iberdrola

SA

687,293

7,480,740

Red

Electrica

Corp.

SA

49,846

1,023,717

9,292,196

Electrical

Equipment

0.0%

†

Siemens

Gamesa

Renewable

Energy

SA*(a)

27,758

487,290

Gas

Utilities

0.1%

Enagas

SA

28,047

623,239

Naturgy

Energy

Group

SA(a)

23,541

702,995

1,326,234

Independent

Power

and

Renewable

Electricity

Producers

0.1%

EDP

Renovaveis

SA

35,146

905,220

IT

Services

0.2%

Amadeus

IT

Group

SA*

54,254

3,533,890

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

168,749

2,218,892

Specialty

Retail

0.1%

Industria

de

Diseno

Textil

SA

129,570

2,819,294

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

9,147

1,515,258

44,278,651

SWEDEN

3.3%

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A

190,959

2,067,714

Common

Stocks

Shares

Value

($)

SWEDEN

Banks

Svenska

Handelsbanken

AB,

Class

A

168,452

1,550,292

Swedbank

AB,

Class

A(a)

109,936

1,640,668

5,258,674

Building

Products

0.3%

Assa

Abloy

AB,

Class

B

119,938

3,233,950

Nibe

Industrier

AB,

Class

B

166,297

1,832,748

5,066,698

Capital

Markets

0.1%

EQT

AB

34,301

1,343,248

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

Class

B

38,118

429,469

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

Class

B(a)

346,315

3,168,776

Construction

&

Engineering

0.0%

†

Skanska

AB,

Class

B(a)

39,600

885,914

Diversified

Financial

Services

0.4%

Industrivarden

AB,

Class

A

16,177

459,770

Industrivarden

AB,

Class

C

20,799

580,416

Investor

AB,

Class

A(a)

59,635

1,385,479

Investor

AB,

Class

B

216,615

4,704,016

Kinnevik

AB,

Class

B*(a)

27,641

719,380

L

E

Lundbergforetagen

AB,

Class

B

9,028

458,603

8,307,664

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB

324,210

1,298,335

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB,

Class

B

228,707

3,208,688

Entertainment

0.0%

†

Embracer

Group

AB*(a)

66,395

556,405

Health

Care

Equipment

&

Supplies

0.0%

†

Getinge

AB,

Class

B

27,352

1,088,747

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

20,062

2,047,420

Household

Durables

0.0%

†

Electrolux

AB,

Class

B(a)

26,142

395,538

Household

Products

0.1%

Essity

AB,

Class

B(a)

73,947

1,742,299

Industrial

Conglomerates

0.1%

Investment

AB

Latour

,

Class

B

16,568

526,304

Lifco

AB,

Class

B

27,875

707,398

1,233,702

Machinery

0.9%

Alfa

Laval

AB

37,403

1,286,240

Atlas

Copco

AB,

Class

A

80,149

4,159,613

Atlas

Copco

AB,

Class

B

45,383

2,058,128

Epiroc

AB,

Class

A

78,853

1,687,348

Epiroc

AB,

Class

B

45,014

810,273

Husqvarna

AB,

Class

B

48,561

506,150

Sandvik

AB

135,381

2,874,193

SKF

AB,

Class

B(a)

44,290

719,929

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

Volvo

AB,

Class

A(a)

24,422

466,810

Volvo

AB,

Class

B

170,580

3,181,574

17,750,258

Metals

&

Mining

0.1%

Boliden

AB

31,767

1,610,931

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Lundin

Energy

AB(a)

24,411

1,034,893

Paper

&

Forest

Products

0.1%

Svenska

Cellulosa

AB

SCA,

Class

B(a)

71,363

1,385,635

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder,

Class

B*(a)

12,738

833,534

Sagax

AB,

Class

B

19,259

582,606

1,416,140

Software

0.0%

†

Sinch

AB

Reg.

S*(a)(b)

61,991

419,747

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

83,759

1,118,578

Tobacco

0.1%

Swedish

Match

AB

192,648

1,449,107

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB,

Class

B

56,034

845,932

63,062,798

SWITZERLAND

10.1%

Building

Products

0.1%

Geberit

AG

(Registered)

4,280

2,634,805

Capital

Markets

0.8%

Credit

Suisse

Group

AG

(Registered)

316,976

2,500,977

Julius

Baer

Group

Ltd.

26,765

1,552,550

Partners

Group

Holding

AG

2,708

3,364,330

UBS

Group

AG

(Registered)

415,651

8,120,575

15,538,432

Chemicals

0.6%

Clariant

AG

(Registered)*

25,170

435,844

EMS-

Chemie

Holding

AG

(Registered)

856

828,114

Givaudan

SA

(Registered)(a)

1,086

4,470,454

Sika

AG

(Registered)

16,736

5,513,788

11,248,200

Construction

Materials

0.2%

Holcim

Ltd.*

62,924

3,072,050

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

(a)

3,110

1,867,207

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)(a)

193,553

6,262,127

Food

Products

2.5%

Barry

Callebaut

AG

(Registered)

434

1,016,272

Chocoladefabriken

Lindt

&

Spruengli

AG

126

1,494,212

Common

Stocks

Shares

Value

($)

SWITZERLAND

Food

Products

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

13

1,570,323

Nestle

SA

(Registered)

333,904

43,347,689

47,428,496

Health

Care

Equipment

&

Supplies

0.5%

Alcon,

Inc.

59,941

4,734,926

Sonova

Holding

AG

(Registered)

6,301

2,628,153

Straumann

Holding

AG

(Registered)

1,236

1,977,777

9,340,856

Insurance

0.6%

Baloise

Holding

AG

(Registered)

5,227

931,422

Swiss

Life

Holding

AG

(Registered)

3,656

2,333,576

Zurich

Insurance

Group

AG

17,807

8,779,361

12,044,359

Life

Sciences

Tools

&

Services

0.4%

Bachem

Holding

AG

(Registered),

Class

B

741

406,624

Lonza

Group

AG

(Registered)

8,797

6,373,280

6,779,904

Machinery

0.1%

Schindler

Holding

AG

4,816

1,026,786

Schindler

Holding

AG

(Registered)

2,558

542,374

VAT

Group

AG

Reg.

S(b)

3,229

1,231,216

2,800,376

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

6,437

1,823,898

Pharmaceuticals

3.0%

Novartis

AG

(Registered)

260,470

22,843,600

Roche

Holding

AG

87,153

34,629,207

Vifor

Pharma

AG*

5,784

1,031,236

58,504,043

Professional

Services

0.1%

Adecco

Group

AG

(Registered)

17,657

799,170

SGS

SA

(Registered)

702

1,950,588

2,749,758

Real

Estate

Management

&

Development

0.1%

Swiss

Prime

Site

AG

(Registered)

8,889

876,266

Software

0.0%

†

Temenos

AG

(Registered)

8,324

797,577

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

21,113

1,564,713

Textiles,

Apparel

&

Luxury

Goods

0.5%

Cie

Financiere

Richemont

SA

(Registered)

61,813

7,840,886

Swatch

Group

AG

(The)

3,329

945,965

74

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Textiles,

Apparel

&

Luxury

Goods

Swatch

Group

AG

(The)

(Registered)

6,136

333,168

9,120,019

194,453,086

TAIWAN

0.2%

Entertainment

0.2%

Sea

Ltd.,

ADR*(a)

37,964

4,547,708

UNITED

ARAB

EMIRATES

0.0%

†

Health

Care

Providers

&

Services

0.0%

†

NMC

Health

plc*^∞

11,719

0

UNITED

KINGDOM

11.7%

Aerospace

&

Defense

0.3%

BAE

Systems

plc

379,893

3,581,047

Rolls-Royce

Holdings

plc*

1,000,834

1,315,896

4,896,943

Banks

1.5%

Barclays

plc

1,985,111

3,856,297

HSBC

Holdings

plc

2,413,520

16,537,562

Lloyds

Banking

Group

plc

8,386,734

5,134,344

Natwest

Group

plc

671,367

1,889,105

Standard

Chartered

plc

309,970

2,055,518

29,472,826

Beverages

0.8%

Coca-Cola

Europacific

Partners

plc

23,906

1,162,071

Diageo

plc

276,294

13,964,785

15,126,856

Capital

Markets

0.5%

3i

Group

plc

116,799

2,112,769

Abrdn

plc

269,980

755,636

Hargreaves

Lansdown

plc

40,634

535,360

London

Stock

Exchange

Group

plc

39,600

4,137,239

Schroders

plc

15,324

645,769

St

James's

Place

plc

62,388

1,176,297

9,363,070

Chemicals

0.1%

Croda

International

plc

16,485

1,694,198

Johnson

Matthey

plc

24,344

596,522

2,290,720

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

221,090

1,522,782

Diversified

Financial

Services

0.0%

†

M&G

plc

320,496

928,333

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

1,040,578

2,480,120

Electric

Utilities

0.1%

SSE

plc

126,152

2,888,552

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

44,830

1,463,327

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

British

Land

Co.

plc

(The)

100,664

697,240

Land

Securities

Group

plc

88,471

908,249

Segro

plc

140,771

2,479,835

4,085,324

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Food

&

Staples

Retailing

0.3%

J

Sainsbury

plc

203,562

674,051

Ocado

Group

plc*

58,591

895,605

Tesco

plc

910,497

3,291,757

4,861,413

Food

Products

0.0%

†

Associated

British

Foods

plc

42,130

914,955

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

106,494

1,697,472

Hotels,

Restaurants

&

Leisure

0.4%

Compass

Group

plc

211,492

4,557,879

Entain

plc*

68,086

1,460,343

InterContinental

Hotels

Group

plc

22,277

1,508,530

Whitbread

plc*

22,853

850,429

8,377,181

Household

Durables

0.2%

Barratt

Developments

plc

117,831

803,929

Berkeley

Group

Holdings

plc*

12,674

616,895

Persimmon

plc

37,887

1,065,621

Taylor

Wimpey

plc

414,579

707,435

3,193,880

Household

Products

0.3%

Reckitt

Benckiser

Group

plc

84,619

6,468,023

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

313,516

2,298,593

DCC

plc

11,202

868,210

Melrose

Industries

plc

518,002

838,490

Smiths

Group

plc

45,107

855,041

4,860,334

Insurance

0.6%

Admiral

Group

plc

24,267

812,918

Aviva

plc

457,016

2,697,729

Legal

&

General

Group

plc

704,110

2,496,689

Phoenix

Group

Holdings

plc

80,143

642,570

Prudential

plc

325,847

4,813,339

11,463,245

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

110,298

913,063

Internet

&

Direct

Marketing

Retail

0.0%

†

Just

Eat

Takeaway.com

NV

Reg.

S*(b)

21,868

734,020

Machinery

0.2%

CNH

Industrial

NV

122,705

1,942,921

Spirax-Sarco

Engineering

plc

8,699

1,425,528

3,368,449

Media

0.2%

Informa

plc*

177,670

1,394,398

Pearson

plc

88,677

866,366

WPP

plc

140,642

1,840,474

4,101,238

Multiline

Retail

0.1%

Next

plc

15,817

1,247,258

Multi-Utilities

0.3%

National

Grid

plc

430,228

6,608,171

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Oil,

Gas

&

Consumable

Fuels

0.6%

BP

plc

2,342,669

11,448,704

Personal

Products

0.7%

Unilever

plc

304,699

13,792,673

Pharmaceuticals

1.3%

AstraZeneca

plc

184,163

24,422,078

Professional

Services

0.7%

Experian

plc

110,646

4,267,064

Intertek

Group

plc

19,234

1,313,498

RELX

plc

230,848

7,187,992

12,768,554

Software

0.1%

AVEVA

Group

plc

13,500

431,011

Sage

Group

plc

(The)

125,635

1,152,114

1,583,125

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

313,475

607,044

Kingfisher

plc

246,989

824,290

1,431,334

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

47,354

1,034,076

Tobacco

0.7%

British

American

Tobacco

plc

257,849

10,784,896

Imperial

Brands

plc

110,704

2,330,989

13,115,885

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

52,628

3,317,570

Bunzl

plc

39,700

1,543,547

4,861,117

Water

Utilities

0.1%

Severn

Trent

plc

30,249

1,220,970

United

Utilities

Group

plc

78,756

1,160,818

2,381,788

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

3,221,204

5,284,925

225,451,814

UNITED

STATES

2.0%

Automobiles

0.2%

Stellantis

NV

241,652

3,914,308

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI

52,915

1,592,413

Electrical

Equipment

0.5%

Schneider

Electric

SE

64,003

10,685,716

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA(a)

59,687

899,571

Health

Care

Equipment

&

Supplies

0.0%

†

Inmode

Ltd.*

5,937

219,135

Insurance

0.2%

Swiss

Re

AG

35,697

3,396,861

Internet

&

Direct

Marketing

Retail

0.0%

†

Fiverr

International

Ltd.*(a)

3,496

265,941

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

27,488

1,349,270

Common

Stocks

Shares

Value

($)

UNITED

STATES

Pharmaceuticals

0.7%

GlaxoSmithKline

plc

597,515

12,884,778

Software

0.0%

†

CyberArk

Software

Ltd.*(a)

4,491

757,856

Trading

Companies

&

Distributors

0.2%

Ferguson

plc

26,336

3,574,848

39,540,697

Total

Common

Stocks

(cost

$1,355,034,453)

1,896,602,803

Repurchase

Agreements

7.6%

Principal

Amount

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$15,000,125,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$15,300,000.(c)

15,000,000

15,000,000

BofA

Securities,

Inc.,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$20,000,167,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

7/20/2050

-

2/20/2052;

total

market

value

$20,400,000.(c)

20,000,000

20,000,000

Cantor

Fitzgerald

&

Co.,

0.26%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$10,000,073,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

4/30/2022

-

11/15/2051;

total

market

value

$10,200,001.(c)

10,000,000

10,000,000

76

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$16,214,028,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$16,538,175.(c)

16,213,897

16,213,897

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$30,000,259,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$30,612,509.(c)

30,000,000

30,000,000

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$35,002,042,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$35,700,607.(c)

35,000,000

35,000,000

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$20,000,184,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$20,400,000.(c)

20,000,000

20,000,000

Total

Repurchase

Agreements

(cost

$146,213,897)

146,213,897

Total

Investments

(cost

$1,501,248,350)

—

105.8%

2,042,816,700

Liabilities

in

excess

of

other

assets

—

(5.8)%

(112,347,418)

NET

ASSETS

—

100.0%

$

1,930,469,282

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$209,719,157,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$146,213,897

and

by

$81,540,598

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/12/2022

–

2/15/2052,

a

total

value

of

$227,754,495.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$30,819,521

which

represents

1.60%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$146,213,897.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

77

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

232

6/2022

EUR

9,811,730

285,866

FTSE

100

Index

66

6/2022

GBP

6,490,429

210,089

Nikkei

225

Index

59

6/2022

JPY

6,735,276

508,721

SPI

200

Index

30

6/2022

AUD

4,197,402

148,892

Net

contracts

1,153,568

As

of

March

31,

2022,

the

Fund

had

$2,102,840

segregated

in

foreign

currency

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

78

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

79

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

22,870,860

$

–

$

22,870,860

Air

Freight

&

Logistics

–

11,788,244

–

11,788,244

Airlines

–

2,311,306

–

2,311,306

Auto

Components

–

12,907,591

–

12,907,591

Automobiles

–

59,414,191

–

59,414,191

Banks

–

169,011,514

–

169,011,514

Beverages

1,162,071

38,682,868

–

39,844,939

Biotechnology

–

16,485,444

–

16,485,444

Building

Products

–

21,527,937

–

21,527,937

Capital

Markets

198,779

54,210,579

–

54,409,358

Chemicals

–

63,644,774

–

63,644,774

Commercial

Services

&

Supplies

–

6,400,533

–

6,400,533

Communications

Equipment

–

6,688,966

–

6,688,966

Construction

&

Engineering

–

13,975,683

–

13,975,683

Construction

Materials

–

9,314,667

–

9,314,667

Containers

&

Packaging

–

1,270,246

–

1,270,246

Diversified

Consumer

Services

–

582,194

–

582,194

Diversified

Financial

Services

509,166

15,819,701

–

16,328,867

Diversified

Telecommunication

Services

–

35,961,865

–

35,961,865

Electric

Utilities

–

34,783,288

–

34,783,288

Electrical

Equipment

–

33,662,071

–

33,662,071

Electronic

Equipment,

Instruments

&

Components

–

29,635,752

–

29,635,752

Energy

Equipment

&

Services

–

899,571

–

899,571

Entertainment

4,547,708

14,211,943

–

18,759,651

Equity

Real

Estate

Investment

Trusts

(REITs)

–

26,613,425

–

26,613,425

Food

&

Staples

Retailing

–

27,819,019

–

27,819,019

Food

Products

–

64,070,889

–

64,070,889

Gas

Utilities

–

7,012,376

–

7,012,376

Health

Care

Equipment

&

Supplies

219,135

38,659,483

–

38,878,618

Health

Care

Providers

&

Services

–

7,634,666

–

7,634,666

Health

Care

Technology

–

1,874,721

–

1,874,721

Hotels,

Restaurants

&

Leisure

183,826

26,161,989

–

26,345,815

Household

Durables

–

25,478,147

–

25,478,147

Household

Products

–

12,436,535

–

12,436,535

Independent

Power

and

Renewable

Electricity

Producers

–

1,720,447

–

1,720,447

Industrial

Conglomerates

1,330,105

27,128,343

–

28,458,448

Insurance

–

96,381,983

–

96,381,983

Interactive

Media

&

Services

–

5,059,058

–

5,059,058

Internet

&

Direct

Marketing

Retail

265,941

10,273,846

–

10,539,787

IT

Services

729,026

28,457,958

–

29,186,984

Leisure

Products

–

4,518,768

–

4,518,768

Life

Sciences

Tools

&

Services

–

11,042,597

–

11,042,597

Machinery

457,607

55,559,572

–

56,017,179

Marine

–

8,332,991

–

8,332,991

Media

–

9,359,617

–

9,359,617

Metals

&

Mining

–

75,464,178

–

75,464,178

Multiline

Retail

–

7,416,822

–

7,416,822

Multi-Utilities

–

18,345,841

–

18,345,841

Oil,

Gas

&

Consumable

Fuels

–

77,559,659

–

77,559,659

Paper

&

Forest

Products

–

6,388,390

–

6,388,390

Personal

Products

–

32,835,092

–

32,835,092

Pharmaceuticals

2,263,007

169,822,616

–

172,085,623

Professional

Services

–

31,494,703

–

31,494,703

Real

Estate

Management

&

Development

637,652

27,600,799

–

28,238,451

Road

&

Rail

450,744

11,747,622

–

12,198,366

80

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Index

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Level

1

Level

2

Level

3

Total

Assets:

Semiconductors

&

Semiconductor

Equipment

$

–

$

60,165,920

$

–

$

60,165,920

Software

2,460,804

25,962,762

–

28,423,566

Specialty

Retail

–

11,389,869

–

11,389,869

Technology

Hardware,

Storage

&

Peripherals

–

8,726,707

–

8,726,707

Textiles,

Apparel

&

Luxury

Goods

–

59,698,005

–

59,698,005

Tobacco

–

17,006,040

–

17,006,040

Trading

Companies

&

Distributors

803,424

33,214,685

–

34,018,109

Transportation

Infrastructure

–

8,659,422

–

8,659,422

Water

Utilities

–

2,381,788

–

2,381,788

Wireless

Telecommunication

Services

–

22,844,670

–

22,844,670

Total

Common

Stocks

$

16,218,995

$

1,880,383,808

$

–

$

1,896,602,803

Futures

Contracts

1,153,568

–

–

1,153,568

Repurchase

Agreements

–

146,213,897

–

146,213,897

Total

$

17,372,563

$

2,026,597,705

$

–

$

2,043,970,268

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2022,

the

Fund

held

two

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

NVIT

International

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

81

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,153,568

Total

$

1,153,568

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

82

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Axon

Enterprise,

Inc.*

35,862

4,939,273

Curtiss-Wright

Corp.

20,420

3,066,267

Hexcel

Corp.

44,364

2,638,327

Mercury

Systems,

Inc.*(a)

29,433

1,896,957

Woodward,

Inc.(a)

32,815

4,098,922

16,639,746

Air

Freight

&

Logistics

0.3%

GXO

Logistics,

Inc.*(a)

51,967

3,707,326

Airlines

0.2%

JetBlue

Airways

Corp.*(a)

168,203

2,514,635

Auto

Components

1.4%

Adient

plc*

50,064

2,041,109

Dana,

Inc.

75,572

1,327,800

Fox

Factory

Holding

Corp.*

21,819

2,137,171

Gentex

Corp.

123,095

3,590,681

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

146,412

2,092,228

Lear

Corp.

31,380

4,474,474

Visteon

Corp.*

14,574

1,590,461

17,253,924

Automobiles

0.4%

Harley-Davidson,

Inc.(a)

80,133

3,157,240

Thor

Industries,

Inc.(a)

28,813

2,267,583

5,424,823

Banks

6.6%

Associated

Banc-Corp.

77,922

1,773,505

Bank

of

Hawaii

Corp.(a)

21,121

1,772,474

Bank

OZK

62,601

2,673,063

Cadence

Bank

98,464

2,881,057

Cathay

General

Bancorp

39,789

1,780,558

Commerce

Bancshares,

Inc.

(a)

57,464

4,113,848

Cullen/Frost

Bankers,

Inc.

29,597

4,096,521

East

West

Bancorp,

Inc.

74,550

5,890,941

First

Financial

Bankshares,

Inc.(a)

67,562

2,980,835

First

Horizon

Corp.

279,698

6,570,106

FNB

Corp.

179,564

2,235,572

Fulton

Financial

Corp.

84,859

1,410,357

Glacier

Bancorp,

Inc.

56,431

2,837,351

Hancock

Whitney

Corp.

45,314

2,363,125

Home

BancShares,

Inc.

78,666

1,777,852

International

Bancshares

Corp.

27,791

1,173,058

Old

National

Bancorp

153,969

2,522,012

PacWest

Bancorp

62,636

2,701,491

Pinnacle

Financial

Partners,

Inc.

40,094

3,691,855

Prosperity

Bancshares,

Inc.

47,862

3,320,665

Synovus

Financial

Corp.

75,241

3,686,809

Texas

Capital

Bancshares,

Inc.*

26,411

1,513,614

UMB

Financial

Corp.

22,757

2,211,070

Umpqua

Holdings

Corp.

114,354

2,156,716

United

Bankshares,

Inc.(a)

72,061

2,513,488

Valley

National

Bancorp

220,740

2,874,035

Webster

Financial

Corp.(a)

94,434

5,299,636

Common

Stocks

Shares

Value

($)

Banks

Wintrust

Financial

Corp.

29,749

2,764,574

81,586,188

Beverages

0.2%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

4,860

1,887,964

Biotechnology

1.5%

Arrowhead

Pharmaceuticals,

Inc.*

55,744

2,563,667

Exelixis,

Inc.*(a)

166,346

3,771,064

Halozyme

Therapeutics,

Inc.*(a)

73,074

2,914,191

Neurocrine

Biosciences,

Inc.*(a)

49,859

4,674,281

United

Therapeutics

Corp.*

23,711

4,253,990

18,177,193

Building

Products

2.4%

Builders

FirstSource,

Inc.*

100,463

6,483,882

Carlisle

Cos.,

Inc.

27,446

6,749,520

Lennox

International,

Inc.

17,544

4,523,896

Owens

Corning

52,840

4,834,860

Simpson

Manufacturing

Co.,

Inc.

22,891

2,496,035

Trex

Co.,

Inc.*

60,585

3,958,018

29,046,211

Capital

Markets

1.9%

Affiliated

Managers

Group,

Inc.

21,209

2,989,408

Evercore,

Inc.,

Class

A

20,360

2,266,475

Federated

Hermes,

Inc.,

Class

B(a)

50,765

1,729,056

Interactive

Brokers

Group,

Inc.,

Class

A

45,425

2,993,962

Janus

Henderson

Group

plc

88,543

3,100,776

Jefferies

Financial

Group,

Inc.

101,343

3,329,117

SEI

Investments

Co.

54,579

3,286,202

Stifel

Financial

Corp.

54,892

3,727,167

23,422,163

Chemicals

2.5%

Ashland

Global

Holdings,

Inc.

(a)

27,729

2,728,811

Avient

Corp.

47,497

2,279,856

Cabot

Corp.(a)

29,562

2,022,336

Chemours

Co.

(The)

83,514

2,629,021

Ingevity

Corp.*

20,565

1,317,600

Minerals

Technologies,

Inc.

17,481

1,156,368

NewMarket

Corp.(a)

3,528

1,144,413

Olin

Corp.

73,916

3,864,329

RPM

International,

Inc.

68,157

5,550,706

Scotts

Miracle-Gro

Co.

(The)

(a)

21,213

2,608,350

Sensient

Technologies

Corp.

(a)

21,920

1,840,184

Valvoline,

Inc.

93,943

2,964,841

30,106,815

Commercial

Services

&

Supplies

1.5%

Brink's

Co.

(The)

25,834

1,756,712

Clean

Harbors,

Inc.*

26,375

2,944,505

IAA,

Inc.*

70,084

2,680,713

NVIT

Mid

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

MillerKnoll,

Inc.(a)

39,118

1,351,918

MSA

Safety,

Inc.

19,238

2,552,883

Stericycle,

Inc.*(a)

48,437

2,853,908

Tetra

Tech,

Inc.(a)

28,245

4,658,730

18,799,369

Communications

Equipment

1.0%

Calix,

Inc.*

28,839

1,237,481

Ciena

Corp.*

81,509

4,941,891

Lumentum

Holdings,

Inc.*(a)

37,689

3,678,446

ViaSat,

Inc.*(a)

38,971

1,901,785

11,759,603

Construction

&

Engineering

1.7%

AECOM(a)

74,033

5,686,475

Dycom

Industries,

Inc.*(a)

15,963

1,520,635

EMCOR

Group,

Inc.

27,867

3,138,660

Fluor

Corp.*(a)

73,891

2,119,933

MasTec,

Inc.*(a)

30,825

2,684,858

MDU

Resources

Group,

Inc.

107,193

2,856,693

Valmont

Industries,

Inc.

11,040

2,634,144

20,641,398

Construction

Materials

0.2%

Eagle

Materials,

Inc.

20,692

2,656,025

Consumer

Finance

0.5%

FirstCash

Holdings,

Inc.

21,050

1,480,657

Navient

Corp.

80,662

1,374,480

PROG

Holdings,

Inc.*

30,488

877,140

SLM

Corp.

146,082

2,682,066

6,414,343

Containers

&

Packaging

0.8%

AptarGroup,

Inc.

34,649

4,071,258

Greif,

Inc.,

Class

A

13,718

892,493

Silgan

Holdings,

Inc.

43,710

2,020,713

Sonoco

Products

Co.(a)

51,796

3,240,358

10,224,822

Diversified

Consumer

Services

0.9%

Graham

Holdings

Co.,

Class

B

2,095

1,281,029

Grand

Canyon

Education,

Inc.*(a)

20,716

2,011,731

H&R

Block,

Inc.(a)

86,182

2,244,179

Service

Corp.

International

86,613

5,700,868

11,237,807

Diversified

Financial

Services

0.3%

Voya

Financial,

Inc.(a)

56,568

3,753,287

Diversified

Telecommunication

Services

0.2%

Iridium

Communications,

Inc.*

68,667

2,768,653

Electric

Utilities

1.1%

ALLETE,

Inc.

27,260

1,825,875

Hawaiian

Electric

Industries,

Inc.

57,775

2,444,460

IDACORP,

Inc.(a)

26,612

3,069,960

OGE

Energy

Corp.

104,466

4,260,124

PNM

Resources,

Inc.

44,703

2,130,992

13,731,411

Electrical

Equipment

1.9%

Acuity

Brands,

Inc.

18,396

3,482,363

EnerSys

21,617

1,611,980

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Hubbell,

Inc.

28,601

5,256,006

nVent

Electric

plc

87,538

3,044,572

Regal

Rexnord

Corp.

35,602

5,296,865

Sunrun,

Inc.*(a)

107,731

3,271,790

Vicor

Corp.*

11,290

796,509

22,760,085

Electronic

Equipment,

Instruments

&

Components

3.2%

Arrow

Electronics,

Inc.*

35,652

4,229,397

Avnet,

Inc.

51,804

2,102,724

Belden,

Inc.

23,318

1,291,817

Cognex

Corp.(a)

92,834

7,162,143

Coherent,

Inc.*

12,976

3,547,119

II-VI,

Inc.*(a)

55,330

4,010,872

Jabil,

Inc.

74,661

4,608,824

Littelfuse,

Inc.

12,822

3,197,935

National

Instruments

Corp.

68,266

2,770,917

TD

SYNNEX

Corp.

21,620

2,231,400

Vishay

Intertechnology,

Inc.

69,132

1,354,987

Vontier

Corp.

87,584

2,223,758

38,731,893

Energy

Equipment

&

Services

0.5%

ChampionX

Corp.*

106,832

2,615,247

NOV,

Inc.

205,799

4,035,719

6,650,966

Entertainment

0.1%

World

Wrestling

Entertainment,

Inc.,

Class

A(a)

22,865

1,427,691

Equity

Real

Estate

Investment

Trusts

(REITs)

9.5%

American

Campus

Communities,

Inc.

73,214

4,097,788

Apartment

Income

REIT

Corp.

82,629

4,417,346

Brixmor

Property

Group,

Inc.

154,928

3,998,692

Camden

Property

Trust

53,570

8,903,334

Corporate

Office

Properties

Trust

58,446

1,668,049

Cousins

Properties,

Inc.(a)

78,312

3,155,190

Douglas

Emmett,

Inc.

92,415

3,088,509

EastGroup

Properties,

Inc.

21,421

4,354,461

EPR

Properties(a)

38,965

2,131,775

First

Industrial

Realty

Trust,

Inc.

68,597

4,246,840

Healthcare

Realty

Trust,

Inc.

(a)

77,667

2,134,289

Highwoods

Properties,

Inc.

54,280

2,482,767

Hudson

Pacific

Properties,

Inc.

80,685

2,239,009

JBG

SMITH

Properties(a)

60,302

1,762,024

Kilroy

Realty

Corp.

55,097

4,210,513

Kite

Realty

Group

Trust(a)

115,386

2,627,339

Lamar

Advertising

Co.,

Class

A

45,649

5,303,501

Life

Storage,

Inc.

43,094

6,051,690

Macerich

Co.

(The)

110,843

1,733,584

Medical

Properties

Trust,

Inc.

(a)

313,106

6,619,061

National

Retail

Properties,

Inc.

(a)

92,457

4,155,018

National

Storage

Affiliates

Trust

42,546

2,670,187

84

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Omega

Healthcare

Investors,

Inc.(a)

124,560

3,881,290

Park

Hotels

&

Resorts,

Inc.

123,324

2,408,518

Pebblebrook

Hotel

Trust(a)

68,596

1,679,230

Physicians

Realty

Trust(a)

115,961

2,033,956

PotlatchDeltic

Corp.

36,174

1,907,455

PS

Business

Parks,

Inc.

10,466

1,759,125

Rayonier,

Inc.

76,205

3,133,550

Rexford

Industrial

Realty,

Inc.

83,941

6,261,159

Sabra

Health

Care

REIT,

Inc.

117,836

1,754,578

SL

Green

Realty

Corp.(a)

33,577

2,725,781

Spirit

Realty

Capital,

Inc.

66,886

3,078,094

STORE

Capital

Corp.

129,239

3,777,656

116,451,358

Food

&

Staples

Retailing

1.3%

BJ's

Wholesale

Club

Holdings,

Inc.*

70,737

4,782,529

Casey's

General

Stores,

Inc.

19,530

3,870,260

Grocery

Outlet

Holding

Corp.*

45,587

1,494,342

Performance

Food

Group

Co.*

81,155

4,131,601

Sprouts

Farmers

Market,

Inc.*

59,184

1,892,704

16,171,436

Food

Products

1.7%

Darling

Ingredients,

Inc.*(a)

84,977

6,830,451

Flowers

Foods,

Inc.

103,745

2,667,284

Hain

Celestial

Group,

Inc.

(The)*

48,057

1,653,161

Ingredion,

Inc.

34,739

3,027,504

Lancaster

Colony

Corp.

10,340

1,542,211

Pilgrim's

Pride

Corp.*

26,548

666,355

Post

Holdings,

Inc.*

29,809

2,064,571

Sanderson

Farms,

Inc.

11,050

2,071,765

20,523,302

Gas

Utilities

1.4%

National

Fuel

Gas

Co.

47,987

3,296,707

New

Jersey

Resources

Corp.

(a)

50,210

2,302,631

ONE

Gas,

Inc.

28,298

2,497,015

Southwest

Gas

Holdings,

Inc.

34,211

2,678,379

Spire,

Inc.(a)

26,942

1,933,358

UGI

Corp.

110,160

3,989,995

16,698,085

Health

Care

Equipment

&

Supplies

2.9%

Envista

Holdings

Corp.*(a)

84,885

4,134,748

Globus

Medical,

Inc.,

Class

A*

41,075

3,030,514

Haemonetics

Corp.*

27,205

1,719,900

ICU

Medical,

Inc.*

10,386

2,312,339

Integra

LifeSciences

Holdings

Corp.*(a)

38,443

2,470,347

LivaNova

plc*

28,181

2,306,051

Masimo

Corp.*

26,778

3,897,270

Neogen

Corp.*

55,787

1,720,471

NuVasive,

Inc.*

26,989

1,530,276

Penumbra,

Inc.*(a)

18,504

4,110,294

Quidel

Corp.*(a)

19,968

2,245,601

STAAR

Surgical

Co.*(a)

25,073

2,003,584

Tandem

Diabetes

Care,

Inc.*

33,101

3,849,315

35,330,710

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

2.6%

Acadia

Healthcare

Co.,

Inc.*

46,871

3,071,457

Amedisys,

Inc.*(a)

16,989

2,927,035

Chemed

Corp.

8,101

4,103,561

Encompass

Health

Corp.

52,325

3,720,831

HealthEquity,

Inc.*

43,601

2,940,451

LHC

Group,

Inc.*(a)

16,517

2,784,766

Option

Care

Health,

Inc.*

72,146

2,060,490

Patterson

Cos.,

Inc.

45,053

1,458,366

Progyny,

Inc.*(a)

36,654

1,884,015

R1

RCM,

Inc.*

69,655

1,863,968

Tenet

Healthcare

Corp.*

56,320

4,841,267

31,656,207

Hotels,

Restaurants

&

Leisure

2.8%

Boyd

Gaming

Corp.

43,204

2,841,959

Choice

Hotels

International,

Inc.

17,357

2,460,528

Churchill

Downs,

Inc.

18,134

4,021,759

Cracker

Barrel

Old

Country

Store,

Inc.(a)

12,346

1,465,841

Marriott

Vacations

Worldwide

Corp.

22,239

3,507,090

Papa

John's

International,

Inc.

16,897

1,778,916

Scientific

Games

Corp.*

50,211

2,949,896

Six

Flags

Entertainment

Corp.*

40,283

1,752,310

Texas

Roadhouse,

Inc.

36,362

3,044,590

Travel

+

Leisure

Co.

45,039

2,609,560

Wendy's

Co.

(The)

92,745

2,037,608

Wingstop,

Inc.(a)

15,706

1,843,099

Wyndham

Hotels

&

Resorts,

Inc.

49,065

4,155,315

34,468,471

Household

Durables

1.5%

Helen

of

Troy

Ltd.*(a)

12,533

2,454,463

KB

Home

45,116

1,460,856

Leggett

&

Platt,

Inc.

69,243

2,409,656

Taylor

Morrison

Home

Corp.*(a)

64,094

1,744,639

Tempur

Sealy

International,

Inc.

101,567

2,835,751

Toll

Brothers,

Inc.

58,857

2,767,456

TopBuild

Corp.*(a)

17,339

3,145,121

Tri

Pointe

Homes,

Inc.*

57,824

1,161,106

17,979,048

Household

Products

0.1%

Energizer

Holdings,

Inc.

34,334

1,056,114

Insurance

4.0%

Alleghany

Corp.*

7,160

6,064,520

American

Financial

Group,

Inc.

34,789

5,065,974

Brighthouse

Financial,

Inc.*

40,787

2,107,056

CNO

Financial

Group,

Inc.

63,063

1,582,251

First

American

Financial

Corp.

57,822

3,748,022

Hanover

Insurance

Group,

Inc.

(The)

18,577

2,777,633

Kemper

Corp.

31,227

1,765,575

Kinsale

Capital

Group,

Inc.

11,168

2,546,527

Mercury

General

Corp.

14,324

787,820

Old

Republic

International

Corp.

150,252

3,887,019

NVIT

Mid

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

Insurance

Primerica,

Inc.

20,835

2,850,645

Reinsurance

Group

of

America,

Inc.

34,949

3,825,518

RenaissanceRe

Holdings

Ltd.

23,037

3,651,595

RLI

Corp.

20,721

2,292,364

Selective

Insurance

Group,

Inc.(a)

31,693

2,832,086

Unum

Group

107,850

3,398,354

49,182,959

Interactive

Media

&

Services

0.4%

TripAdvisor,

Inc.*

51,291

1,391,012

Yelp,

Inc.*

35,984

1,227,414

Ziff

Davis,

Inc.*

25,467

2,464,696

5,083,122

IT

Services

2.3%

Alliance

Data

Systems

Corp.

25,892

1,453,836

Concentrix

Corp.

22,565

3,758,427

Euronet

Worldwide,

Inc.*(a)

27,749

3,611,532

Genpact

Ltd.

89,309

3,885,835

Kyndryl

Holdings,

Inc.*(a)

93,248

1,223,414

LiveRamp

Holdings,

Inc.*

35,180

1,315,380

MAXIMUS,

Inc.

32,504

2,436,175

Sabre

Corp.*(a)

168,868

1,930,161

Western

Union

Co.

(The)

206,264

3,865,387

WEX,

Inc.*

23,312

4,160,026

27,640,173

Leisure

Products

1.2%

Brunswick

Corp.

40,252

3,255,985

Callaway

Golf

Co.*

60,904

1,426,372

Mattel,

Inc.*

184,172

4,090,460

Polaris,

Inc.(a)

30,035

3,163,286

YETI

Holdings,

Inc.*(a)

45,538

2,731,369

14,667,472

Life

Sciences

Tools

&

Services

1.3%

Bruker

Corp.

52,928

3,403,270

Medpace

Holdings,

Inc.*

15,135

2,475,935

Repligen

Corp.*

27,053

5,088,399

Syneos

Health,

Inc.*

54,594

4,419,384

15,386,988

Machinery

4.4%

AGCO

Corp.

32,315

4,718,959

Chart

Industries,

Inc.*(a)

18,696

3,211,412

Colfax

Corp.*

71,824

2,857,877

Crane

Co.

26,304

2,848,197

Donaldson

Co.,

Inc.

64,706

3,360,183

Flowserve

Corp.

67,949

2,439,369

Graco,

Inc.

89,249

6,222,440

ITT,

Inc.

44,692

3,361,285

Kennametal,

Inc.

43,570

1,246,538

Lincoln

Electric

Holdings,

Inc.

(a)

31,101

4,286,029

Middleby

Corp.

(The)*(a)

29,254

4,795,901

Oshkosh

Corp.

34,886

3,511,276

Terex

Corp.

36,350

1,296,241

Timken

Co.

(The)

36,042

2,187,749

Toro

Co.

(The)

54,949

4,697,590

Trinity

Industries,

Inc.

43,181

1,483,699

Common

Stocks

Shares

Value

($)

Machinery

Watts

Water

Technologies,

Inc.,

Class

A

14,361

2,004,652

54,529,397

Marine

0.2%

Kirby

Corp.*(a)

31,369

2,264,528

Media

1.0%

Cable

One,

Inc.(a)

2,585

3,785,060

John

Wiley

&

Sons,

Inc.,

Class

A(a)

22,664

1,201,872

New

York

Times

Co.

(The),

Class

A

87,839

4,026,540

TEGNA,

Inc.

116,807

2,616,477

11,629,949

Metals

&

Mining

3.6%

Alcoa

Corp.

96,428

8,681,413

Cleveland-Cliffs,

Inc.*

250,431

8,066,383

Commercial

Metals

Co.(a)

63,715

2,651,818

Reliance

Steel

&

Aluminum

Co.

32,790

6,012,046

Royal

Gold,

Inc.(a)

34,468

4,869,639

Steel

Dynamics,

Inc.(a)

98,912

8,252,228

United

States

Steel

Corp.

136,670

5,157,926

Worthington

Industries,

Inc.

17,029

875,461

44,566,914

Multiline

Retail

0.9%

Kohl's

Corp.(a)

72,888

4,406,809

Macy's,

Inc.(a)

156,751

3,818,454

Nordstrom,

Inc.(a)

58,082

1,574,603

Ollie's

Bargain

Outlet

Holdings,

Inc.*

30,731

1,320,204

11,120,070

Multi-Utilities

0.4%

Black

Hills

Corp.

33,110

2,550,132

NorthWestern

Corp.(a)

28,327

1,713,500

4,263,632

Oil,

Gas

&

Consumable

Fuels

3.0%

Antero

Midstream

Corp.(a)

169,299

1,840,280

CNX

Resources

Corp.*

106,060

2,197,563

DT

Midstream,

Inc.(a)

50,504

2,740,347

EQT

Corp.

157,563

5,421,743

Equitrans

Midstream

Corp.

210,647

1,777,861

HF

Sinclair

Corp.*

77,959

3,106,666

Murphy

Oil

Corp.(a)

75,805

3,061,764

PDC

Energy,

Inc.

50,986

3,705,662

Range

Resources

Corp.*

131,629

3,998,889

Targa

Resources

Corp.

120,089

9,063,117

36,913,892

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

45,805

2,845,407

Personal

Products

0.3%

BellRing

Brands,

Inc.*(a)

58,400

1,347,872

Coty,

Inc.,

Class

A*

182,066

1,636,774

Nu

Skin

Enterprises,

Inc.,

Class

A(a)

26,089

1,249,141

4,233,787

86

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

0.6%

Jazz

Pharmaceuticals

plc*(a)

32,316

5,030,632

Perrigo

Co.

plc

70,638

2,714,618

7,745,250

Professional

Services

1.7%

ASGN,

Inc.*

27,218

3,176,613

CACI

International,

Inc.,

Class

A*(a)

12,137

3,656,393

FTI

Consulting,

Inc.*(a)

18,088

2,843,795

Insperity,

Inc.

18,675

1,875,344

KBR,

Inc.(a)

73,907

4,044,930

ManpowerGroup,

Inc.

28,647

2,690,526

Science

Applications

International

Corp.(a)

29,764

2,743,348

21,030,949

Real

Estate

Management

&

Development

0.5%

Jones

Lang

LaSalle,

Inc.*(a)

26,507

6,347,366

Road

&

Rail

1.9%

Avis

Budget

Group,

Inc.*(a)

21,041

5,540,095

Knight-Swift

Transportation

Holdings,

Inc.

87,312

4,405,764

Landstar

System,

Inc.(a)

19,667

2,966,374

Ryder

System,

Inc.

28,421

2,254,638

Saia,

Inc.*

13,876

3,383,246

Werner

Enterprises,

Inc.

31,358

1,285,678

XPO

Logistics,

Inc.*

51,436

3,744,541

23,580,336

Semiconductors

&

Semiconductor

Equipment

4.0%

Amkor

Technology,

Inc.(a)

52,123

1,132,112

Azenta,

Inc.

39,137

3,243,675

Cirrus

Logic,

Inc.*

29,972

2,541,326

CMC

Materials,

Inc.

14,963

2,774,140

First

Solar,

Inc.*

52,056

4,359,169

Lattice

Semiconductor

Corp.*

72,042

4,390,960

MKS

Instruments,

Inc.

29,199

4,379,850

Power

Integrations,

Inc.(a)

30,986

2,871,782

Semtech

Corp.*

33,785

2,342,652

Silicon

Laboratories,

Inc.*(a)

20,007

3,005,051

SiTime

Corp.*(a)

7,711

1,910,940

SunPower

Corp.*(a)

43,175

927,399

Synaptics,

Inc.*

20,672

4,124,064

Universal

Display

Corp.

22,808

3,807,796

Wolfspeed,

Inc.*(a)

64,726

7,369,702

49,180,618

Software

3.7%

ACI

Worldwide,

Inc.*

62,284

1,961,323

Aspen

Technology,

Inc.*

34,829

5,759,672

Blackbaud,

Inc.*

23,416

1,401,916

CDK

Global,

Inc.

61,170

2,977,756

CommVault

Systems,

Inc.*

23,297

1,545,756

Digital

Turbine,

Inc.*(a)

46,287

2,027,834

Envestnet,

Inc.*(a)

25,787

1,919,584

Fair

Isaac

Corp.*

13,765

6,420,822

Manhattan

Associates,

Inc.*

33,033

4,582,007

Mimecast

Ltd.*

32,504

2,586,018

NCR

Corp.*(a)

68,523

2,753,939

Paylocity

Holding

Corp.*

20,669

4,253,060

Qualys,

Inc.*(a)

17,423

2,481,210

Common

Stocks

Shares

Value

($)

Software

SailPoint

Technologies

Holdings,

Inc.*(a)

48,315

2,472,762

Teradata

Corp.*(a)

56,649

2,792,229

45,935,888

Specialty

Retail

3.1%

American

Eagle

Outfitters,

Inc.

(a)

79,065

1,328,292

AutoNation,

Inc.*(a)

20,740

2,065,289

Dick's

Sporting

Goods,

Inc.(a)

32,951

3,295,759

Five

Below,

Inc.*

29,477

4,668,273

Foot

Locker,

Inc.

45,737

1,356,560

GameStop

Corp.,

Class

A*(a)

32,378

5,393,527

Gap,

Inc.

(The)(a)

111,841

1,574,721

Lithia

Motors,

Inc.,

Class

A

15,917

4,777,010

Murphy

USA,

Inc.(a)

12,016

2,402,719

RH*(a)

9,146

2,982,419

Urban

Outfitters,

Inc.*

34,287

860,947

Victoria's

Secret

&

Co.*(a)

38,139

1,958,819

Williams-Sonoma,

Inc.(a)

38,212

5,540,740

38,205,075

Technology

Hardware,

Storage

&

Peripherals

0.1%

Xerox

Holdings

Corp.(a)

64,285

1,296,628

Textiles,

Apparel

&

Luxury

Goods

1.6%

Capri

Holdings

Ltd.*(a)

77,318

3,973,372

Carter's,

Inc.

22,249

2,046,686

Columbia

Sportswear

Co.(a)

18,193

1,647,012

Crocs,

Inc.*

30,491

2,329,512

Deckers

Outdoor

Corp.*

14,196

3,886,439

Hanesbrands,

Inc.

181,467

2,702,044

Skechers

U.S.A.,

Inc.,

Class

A*

71,186

2,901,541

19,486,606

Thrifts

&

Mortgage

Finance

0.7%

Essent

Group

Ltd.

58,196

2,398,257

MGIC

Investment

Corp.

167,785

2,273,487

New

York

Community

Bancorp,

Inc.(a)

245,503

2,631,792

Washington

Federal,

Inc.

34,210

1,122,772

8,426,308

Trading

Companies

&

Distributors

1.0%

GATX

Corp.

18,785

2,316,754

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

24,884

2,120,366

Univar

Solutions,

Inc.*

90,121

2,896,489

Watsco,

Inc.

17,363

5,289,464

12,623,073

Water

Utilities

0.5%

Essential

Utilities,

Inc.

120,820

6,177,527

Total

Common

Stocks

(cost

$763,427,948)

1,216,022,986

NVIT

Mid

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

87

Repurchase

Agreements

2.9%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$7,000,059,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$7,140,000.

(b)

7,000,000

7,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,698,629,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$2,752,579.(b)

2,698,606

2,698,606

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,044,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$5,102,085.(b)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$10,000,584,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$10,200,174.(b)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$11,000,101,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$11,220,000.(b)

11,000,000

11,000,000

Total

Repurchase

Agreements

(cost

$35,698,606)

35,698,606

Total

Investments

(cost

$799,126,554)

—

102.0%

1,251,721,592

Liabilities

in

excess

of

other

assets

—

(2.0)%

(24,319,267)

NET

ASSETS

—

100.0%

$

1,227,402,325

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$232,268,202,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$35,698,606

and

by

$205,733,594

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/12/2022

–

2/15/2052,

a

total

value

of

$241,432,200.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$35,698,606.

REIT

Real

Estate

Investment

Trust

88

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

45

6/2022

USD

12,101,400

268,895

Net

contracts

268,895

As

of

March

31,

2022,

the

Fund

had

$573,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Mid

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

89

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

90

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,216,022,986

$

–

$

–

$

1,216,022,986

Futures

Contracts

268,895

–

–

268,895

Repurchase

Agreements

–

35,698,606

–

35,698,606

Total

$

1,216,291,881

$

35,698,606

$

–

$

1,251,990,487

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

268,895

Total

$

268,895

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

S&P

500

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

98.5%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Boeing

Co.

(The)*

40,616

7,777,964

General

Dynamics

Corp.

17,151

4,136,478

Howmet

Aerospace,

Inc.(a)

29,646

1,065,477

Huntington

Ingalls

Industries,

Inc.

3,089

616,070

L3Harris

Technologies,

Inc.

14,458

3,592,379

Lockheed

Martin

Corp.

18,052

7,968,153

Northrop

Grumman

Corp.

10,882

4,866,648

Raytheon

Technologies

Corp.

111,658

11,061,958

Textron,

Inc.

16,122

1,199,155

TransDigm

Group,

Inc.*

3,973

2,588,569

44,872,851

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

(a)

9,340

1,006,011

Expeditors

International

of

Washington,

Inc.

12,466

1,285,993

FedEx

Corp.

18,079

4,183,300

United

Parcel

Service,

Inc.,

Class

B

54,200

11,623,732

18,099,036

Airlines

0.2%

Alaska

Air

Group,

Inc.*

9,760

566,178

American

Airlines

Group,

Inc.*(a)

49,866

910,054

Delta

Air

Lines,

Inc.*

47,036

1,861,215

Southwest

Airlines

Co.*

43,488

1,991,750

United

Airlines

Holdings,

Inc.*(a)

22,920

1,062,571

6,391,768

Auto

Components

0.1%

Aptiv

plc*

20,628

2,469,378

BorgWarner,

Inc.

18,583

722,879

3,192,257

Automobiles

2.7%

Ford

Motor

Co.

292,773

4,950,791

General

Motors

Co.*

108,289

4,736,561

Tesla,

Inc.*

62,350

67,188,360

76,875,712

Banks

3.8%

Bank

of

America

Corp.

528,944

21,803,072

Citigroup,

Inc.

147,758

7,890,277

Citizens

Financial

Group,

Inc.

(a)

32,624

1,478,846

Comerica,

Inc.

9,404

850,404

Fifth

Third

Bancorp

50,770

2,185,141

First

Republic

Bank

13,395

2,171,329

Huntington

Bancshares,

Inc.

108,531

1,586,723

JPMorgan

Chase

&

Co.

220,279

30,028,433

KeyCorp

70,023

1,567,115

M&T

Bank

Corp.(a)

9,857

1,670,762

People's

United

Financial,

Inc.

33,054

660,749

PNC

Financial

Services

Group,

Inc.

(The)

31,238

5,761,849

Regions

Financial

Corp.

69,962

1,557,354

Signature

Bank

4,742

1,391,730

SVB

Financial

Group*

4,465

2,497,944

Truist

Financial

Corp.

99,654

5,650,382

Common

Stocks

Shares

Value

($)

Banks

US

Bancorp

100,762

5,355,500

Wells

Fargo

&

Co.

289,412

14,024,906

Zions

Bancorp

NA

11,209

734,862

108,867,378

Beverages

1.5%

Brown-Forman

Corp.,

Class

B

14,218

952,890

Coca-Cola

Co.

(The)

290,314

17,999,468

Constellation

Brands,

Inc.,

Class

A

12,004

2,764,761

Molson

Coors

Beverage

Co.,

Class

B

13,083

698,371

Monster

Beverage

Corp.*

28,673

2,290,973

PepsiCo,

Inc.

103,282

17,287,341

41,993,804

Biotechnology

1.9%

AbbVie,

Inc.

131,927

21,386,686

Amgen,

Inc.(a)

42,087

10,177,478

Biogen,

Inc.*

10,954

2,306,913

Gilead

Sciences,

Inc.

93,398

5,552,511

Incyte

Corp.*

13,350

1,060,257

Moderna

,

Inc.*

26,220

4,516,657

Regeneron

Pharmaceuticals,

Inc.*

7,989

5,579,677

Vertex

Pharmaceuticals,

Inc.*

18,743

4,891,361

55,471,540

Building

Products

0.4%

A

O

Smith

Corp.

9,028

576,799

Allegion

plc

6,860

753,091

Carrier

Global

Corp.

63,779

2,925,543

Fortune

Brands

Home

&

Security,

Inc.

9,821

729,504

Johnson

Controls

International

plc

52,351

3,432,655

Masco

Corp.(a)

17,770

906,270

Trane

Technologies

plc

17,385

2,654,689

11,978,551

Capital

Markets

2.9%

Ameriprise

Financial,

Inc.

8,073

2,424,806

Bank

of

New

York

Mellon

Corp.

(The)

55,101

2,734,663

BlackRock,

Inc.

10,516

8,036,012

Cboe

Global

Markets,

Inc.

8,339

954,148

Charles

Schwab

Corp.

(The)

111,750

9,421,643

CME

Group,

Inc.

26,790

6,372,269

FactSet

Research

Systems,

Inc.

2,775

1,204,766

Franklin

Resources,

Inc.

21,735

606,841

Goldman

Sachs

Group,

Inc.

(The)

25,233

8,329,413

Intercontinental

Exchange,

Inc.

42,051

5,555,778

Invesco

Ltd.

26,333

607,239

MarketAxess

Holdings,

Inc.(a)

2,692

915,818

Moody's

Corp.

12,170

4,106,280

Morgan

Stanley

105,582

9,227,867

MSCI,

Inc.

6,060

3,047,453

Nasdaq,

Inc.

8,564

1,526,105

Northern

Trust

Corp.

15,318

1,783,781

92

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

Raymond

James

Financial,

Inc.

14,159

1,556,216

S&P

Global,

Inc.

26,437

10,843,929

State

Street

Corp.

27,834

2,424,898

T.

Rowe

Price

Group,

Inc.(a)

17,259

2,609,388

84,289,313

Chemicals

1.7%

Air

Products

&

Chemicals,

Inc.

16,569

4,140,759

Albemarle

Corp.

8,596

1,901,005

Celanese

Corp.

8,038

1,148,389

CF

Industries

Holdings,

Inc.

15,618

1,609,591

Corteva

,

Inc.

53,965

3,101,908

Dow,

Inc.

54,816

3,492,875

DuPont

de

Nemours,

Inc.

37,326

2,746,447

Eastman

Chemical

Co.

9,702

1,087,206

Ecolab,

Inc.

18,201

3,213,569

FMC

Corp.(a)

9,757

1,283,728

International

Flavors

&

Fragrances,

Inc.

18,920

2,484,764

Linde

plc

38,232

12,212,448

LyondellBasell

Industries

NV,

Class

A

19,424

1,997,176

Mosaic

Co.

(The)

27,190

1,808,135

PPG

Industries,

Inc.

18,099

2,372,236

Sherwin-Williams

Co.

(The)(a)

18,137

4,527,358

49,127,594

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

6,426

2,733,556

Copart

,

Inc.*

16,320

2,047,670

Republic

Services,

Inc.

15,442

2,046,065

Rollins,

Inc.

17,572

615,899

Waste

Management,

Inc.

28,997

4,596,025

12,039,215

Communications

Equipment

0.9%

Arista

Networks,

Inc.*

16,623

2,310,265

Cisco

Systems,

Inc.

314,953

17,561,779

F5,

Inc.*

4,653

972,244

Juniper

Networks,

Inc.

22,833

848,474

Motorola

Solutions,

Inc.

12,805

3,101,371

24,794,133

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

10,809

1,422,572

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

4,585

1,764,721

Vulcan

Materials

Co.

9,752

1,791,442

3,556,163

Consumer

Finance

0.6%

American

Express

Co.

45,811

8,566,657

Capital

One

Financial

Corp.

30,774

4,040,318

Discover

Financial

Services

21,282

2,345,064

Synchrony

Financial

38,824

1,351,463

16,303,502

Containers

&

Packaging

0.3%

Amcor

plc

113,326

1,283,984

Avery

Dennison

Corp.

6,461

1,124,020

Ball

Corp.(a)

24,007

2,160,630

International

Paper

Co.

28,336

1,307,706

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Packaging

Corp.

of

America

6,770

1,056,865

Sealed

Air

Corp.

10,328

691,563

Westrock

Co.

20,632

970,323

8,595,091

Distributors

0.1%

Genuine

Parts

Co.

10,438

1,315,397

LKQ

Corp.

19,390

880,500

Pool

Corp.

2,947

1,246,139

3,442,036

Diversified

Financial

Services

1.7%

Berkshire

Hathaway,

Inc.,

Class

B*

136,400

48,136,924

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.

530,805

12,542,922

Lumen

Technologies,

Inc.(a)

70,677

796,530

Verizon

Communications,

Inc.

312,665

15,927,155

29,266,607

Electric

Utilities

1.7%

Alliant

Energy

Corp.

19,166

1,197,492

American

Electric

Power

Co.,

Inc.

36,957

3,687,200

Constellation

Energy

Corp.

23,958

1,347,637

Duke

Energy

Corp.

57,414

6,410,847

Edison

International

29,103

2,040,120

Entergy

Corp.

15,408

1,798,884

Evergy

,

Inc.

16,427

1,122,621

Eversource

Energy

26,216

2,311,989

Exelon

Corp.

73,714

3,510,998

FirstEnergy

Corp.

42,467

1,947,537

NextEra

Energy,

Inc.

145,850

12,354,954

NRG

Energy,

Inc.

18,917

725,656

Pinnacle

West

Capital

Corp.

8,702

679,626

PPL

Corp.

56,177

1,604,415

Southern

Co.

(The)

79,162

5,740,037

Xcel

Energy,

Inc.

40,724

2,939,051

49,419,064

Electrical

Equipment

0.5%

AMETEK,

Inc.

17,617

2,346,232

Eaton

Corp.

plc

29,290

4,445,050

Emerson

Electric

Co.

44,809

4,393,523

Generac

Holdings,

Inc.*

4,640

1,379,286

Rockwell

Automation,

Inc.(a)

8,837

2,474,625

15,038,716

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

45,065

3,395,648

CDW

Corp.

10,106

1,807,862

Corning,

Inc.

54,296

2,004,065

IPG

Photonics

Corp.*(a)

2,766

303,596

Keysight

Technologies,

Inc.*

13,541

2,139,072

TE

Connectivity

Ltd.

24,054

3,150,593

Teledyne

Technologies,

Inc.*

3,586

1,694,851

Trimble,

Inc.*

18,495

1,334,229

Zebra

Technologies

Corp.,

Class

A*

3,925

1,623,773

17,453,689

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.

67,454

2,456,000

NVIT

S&P

500

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

93

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Halliburton

Co.

67,210

2,545,243

Schlumberger

NV

103,740

4,285,499

9,286,742

Entertainment

1.4%

Activision

Blizzard,

Inc.

58,177

4,660,560

Electronic

Arts,

Inc.

20,918

2,646,336

Live

Nation

Entertainment,

Inc.*(a)

10,133

1,192,046

Netflix,

Inc.*

33,161

12,421,779

Take-Two

Interactive

Software,

Inc.*(a)

8,492

1,305,560

Walt

Disney

Co.

(The)*

135,671

18,608,634

40,834,915

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Alexandria

Real

Estate

Equities,

Inc.

11,021

2,217,976

American

Tower

Corp.

33,852

8,504,299

AvalonBay

Communities,

Inc.

10,598

2,632,225

Boston

Properties,

Inc.(a)

10,893

1,403,018

Crown

Castle

International

Corp.

32,207

5,945,412

Digital

Realty

Trust,

Inc.(a)

20,692

2,934,126

Duke

Realty

Corp.

27,480

1,595,489

Equinix

,

Inc.

6,705

4,972,562

Equity

Residential

25,968

2,335,043

Essex

Property

Trust,

Inc.

5,013

1,731,891

Extra

Space

Storage,

Inc.

9,835

2,022,076

Federal

Realty

Investment

Trust(a)

5,370

655,516

Healthpeak

Properties,

Inc.(a)

41,678

1,430,806

Host

Hotels

&

Resorts,

Inc.

50,704

985,179

Iron

Mountain,

Inc.(a)

20,617

1,142,388

Kimco

Realty

Corp.

44,052

1,088,084

Mid-America

Apartment

Communities,

Inc.(a)

8,481

1,776,346

Prologis,

Inc.

54,956

8,874,295

Public

Storage

11,222

4,379,722

Realty

Income

Corp.

42,054

2,914,342

Regency

Centers

Corp.

11,754

838,530

SBA

Communications

Corp.

8,052

2,770,693

Simon

Property

Group,

Inc.

24,779

3,259,925

UDR,

Inc.

22,802

1,308,151

Ventas,

Inc.(a)

30,231

1,867,067

Vornado

Realty

Trust

12,299

557,391

Welltower

,

Inc.

32,354

3,110,514

Weyerhaeuser

Co.

55,111

2,088,707

75,341,773

Food

&

Staples

Retailing

1.5%

Costco

Wholesale

Corp.

33,027

19,018,598

Kroger

Co.

(The)

49,981

2,867,410

Sysco

Corp.

37,603

3,070,285

Walgreens

Boots

Alliance,

Inc.

54,442

2,437,368

Walmart,

Inc.

105,157

15,659,981

43,053,642

Food

Products

0.9%

Archer-Daniels-Midland

Co.

42,087

3,798,773

Campbell

Soup

Co.(a)

15,564

693,687

Conagra

Brands,

Inc.(a)

34,319

1,152,089

Common

Stocks

Shares

Value

($)

Food

Products

General

Mills,

Inc.

44,563

3,017,806

Hershey

Co.

(The)

11,050

2,393,762

Hormel

Foods

Corp.

20,011

1,031,367

J

M

Smucker

Co.

(The)

7,697

1,042,251

Kellogg

Co.

19,642

1,266,713

Kraft

Heinz

Co.

(The)

52,772

2,078,689

Lamb

Weston

Holdings,

Inc.

11,254

674,227

McCormick

&

Co.,

Inc.

(Non-Voting)

19,090

1,905,182

Mondelez

International,

Inc.,

Class

A

102,798

6,453,658

Tyson

Foods,

Inc.,

Class

A

21,670

1,942,282

27,450,486

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

10,060

1,202,069

Health

Care

Equipment

&

Supplies

2.8%

Abbott

Laboratories

132,126

15,638,433

ABIOMED,

Inc.*

3,554

1,177,227

Align

Technology,

Inc.*

5,401

2,354,836

Baxter

International,

Inc.

36,763

2,850,603

Becton

Dickinson

and

Co.

21,159

5,628,294

Boston

Scientific

Corp.*

104,861

4,644,294

Cooper

Cos.,

Inc.

(The)(a)

3,782

1,579,325

DENTSPLY

SIRONA,

Inc.

16,794

826,601

DexCom

,

Inc.*(a)

7,088

3,626,221

Edwards

Lifesciences

Corp.*

46,515

5,475,746

Hologic

,

Inc.*

18,379

1,411,875

IDEXX

Laboratories,

Inc.*

6,414

3,508,843

Intuitive

Surgical,

Inc.*

26,833

8,094,979

Medtronic

plc

100,037

11,099,105

ResMed

,

Inc.

11,026

2,673,915

STERIS

plc

7,666

1,853,409

Stryker

Corp.

25,003

6,684,552

Teleflex,

Inc.

3,600

1,277,388

Zimmer

Biomet

Holdings,

Inc.

15,350

1,963,265

82,368,911

Health

Care

Providers

&

Services

2.9%

AmerisourceBergen

Corp.

11,343

1,754,876

Anthem,

Inc.

17,922

8,803,645

Cardinal

Health,

Inc.

20,613

1,168,757

Centene

Corp.*

42,985

3,618,907

Cigna

Corp.

24,054

5,763,579

CVS

Health

Corp.

97,370

9,854,818

DaVita,

Inc.*(a)

4,450

503,339

HCA

Healthcare,

Inc.

17,817

4,465,297

Henry

Schein,

Inc.*

9,855

859,257

Humana,

Inc.

9,456

4,114,968

Laboratory

Corp.

of

America

Holdings*

6,811

1,795,788

McKesson

Corp.

11,092

3,395,594

Molina

Healthcare,

Inc.*

4,339

1,447,447

Quest

Diagnostics,

Inc.

8,749

1,197,388

UnitedHealth

Group,

Inc.

70,172

35,785,615

Universal

Health

Services,

Inc.,

Class

B(a)

5,277

764,901

85,294,176

Health

Care

Technology

0.1%

Cerner

Corp.

22,378

2,093,686

94

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.9%

Booking

Holdings,

Inc.*

3,056

7,176,863

Caesars

Entertainment,

Inc.*(a)

15,622

1,208,518

Carnival

Corp.*(a)

61,653

1,246,624

Chipotle

Mexican

Grill,

Inc.*

2,063

3,263,728

Darden

Restaurants,

Inc.(a)

9,449

1,256,244

Domino's

Pizza,

Inc.

2,671

1,087,124

Expedia

Group,

Inc.*

11,189

2,189,352

Hilton

Worldwide

Holdings,

Inc.*

21,042

3,192,913

Las

Vegas

Sands

Corp.*(a)

24,234

941,975

Marriott

International,

Inc.,

Class

A*

20,165

3,543,999

McDonald's

Corp.

55,544

13,734,920

MGM

Resorts

International

26,878

1,127,263

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

32,777

717,161

Penn

National

Gaming,

Inc.*(a)

12,792

542,637

Royal

Caribbean

Cruises

Ltd.*(a)

17,354

1,453,918

Starbucks

Corp.

85,674

7,793,764

Wynn

Resorts

Ltd.*

8,098

645,734

Yum!

Brands,

Inc.

21,028

2,492,449

53,615,186

Household

Durables

0.3%

DR

Horton,

Inc.

23,958

1,785,111

Garmin

Ltd.

11,125

1,319,536

Lennar

Corp.,

Class

A

19,258

1,563,172

Mohawk

Industries,

Inc.*

3,723

462,397

Newell

Brands,

Inc.

25,846

553,363

NVR,

Inc.*

244

1,090,014

PulteGroup,

Inc.

18,201

762,622

Whirlpool

Corp.

4,461

770,771

8,306,986

Household

Products

1.3%

Church

&

Dwight

Co.,

Inc.

18,016

1,790,430

Clorox

Co.

(The)

9,546

1,327,180

Colgate-Palmolive

Co.

63,072

4,782,750

Kimberly-Clark

Corp.

25,418

3,130,481

Procter

&

Gamble

Co.

(The)

178,532

27,279,690

38,310,531

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

51,594

1,327,514

Industrial

Conglomerates

1.0%

3M

Co.

42,483

6,324,869

General

Electric

Co.

81,630

7,469,145

Honeywell

International,

Inc.

51,183

9,959,188

Roper

Technologies,

Inc.

7,930

3,744,784

27,497,986

Insurance

2.0%

Aflac,

Inc.

44,043

2,835,929

Allstate

Corp.

(The)

20,899

2,894,720

American

International

Group,

Inc.

61,477

3,858,911

Aon

plc,

Class

A

15,998

5,209,429

Arthur

J

Gallagher

&

Co.

15,705

2,742,093

Common

Stocks

Shares

Value

($)

Insurance

Assurant,

Inc.

4,031

732,957

Brown

&

Brown,

Inc.

16,670

1,204,741

Chubb

Ltd.

31,861

6,815,068

Cincinnati

Financial

Corp.(a)

11,524

1,566,803

Everest

Re

Group

Ltd.

2,800

843,864

Globe

Life,

Inc.

7,143

718,586

Hartford

Financial

Services

Group,

Inc.

(The)

24,336

1,747,568

Lincoln

National

Corp.

12,306

804,320

Loews

Corp.

14,446

936,390

Marsh

&

McLennan

Cos.,

Inc.

37,760

6,435,059

MetLife,

Inc.

52,260

3,672,833

Principal

Financial

Group,

Inc.

18,084

1,327,546

Progressive

Corp.

(The)

43,762

4,988,430

Prudential

Financial,

Inc.

27,697

3,272,955

Travelers

Cos.,

Inc.

(The)

17,891

3,269,222

W

R

Berkley

Corp.

14,893

991,725

Willis

Towers

Watson

plc

8,832

2,086,295

58,955,444

Interactive

Media

&

Services

5.6%

Alphabet,

Inc.,

Class

A*

22,400

62,302,240

Alphabet,

Inc.,

Class

C*

20,688

57,781,377

Match

Group,

Inc.*

21,042

2,288,107

Meta

Platforms,

Inc.,

Class

A*

171,979

38,241,251

Twitter,

Inc.*(a)

61,023

2,360,980

162,973,955

Internet

&

Direct

Marketing

Retail

3.8%

Amazon.com,

Inc.*

32,593

106,251,550

eBay,

Inc.

46,288

2,650,451

Etsy,

Inc.*(a)

9,304

1,156,301

110,058,302

IT

Services

4.2%

Accenture

plc,

Class

A

47,206

15,919,279

Akamai

Technologies,

Inc.*(a)

12,454

1,486,883

Automatic

Data

Processing,

Inc.

31,086

7,073,308

Broadridge

Financial

Solutions,

Inc.

8,996

1,400,767

Cognizant

Technology

Solutions

Corp.,

Class

A

39,546

3,546,090

DXC

Technology

Co.*

16,903

551,545

EPAM

Systems,

Inc.*

4,162

1,234,491

Fidelity

National

Information

Services,

Inc.

45,402

4,559,269

Fiserv,

Inc.*

44,651

4,527,611

FleetCor

Technologies,

Inc.*

6,004

1,495,356

Gartner,

Inc.*

6,148

1,828,784

Global

Payments,

Inc.

20,964

2,868,714

International

Business

Machines

Corp.(a)

66,661

8,667,263

Jack

Henry

&

Associates,

Inc.

5,282

1,040,818

Mastercard

,

Inc.,

Class

A

64,241

22,958,449

Paychex,

Inc.

23,544

3,213,050

PayPal

Holdings,

Inc.*

86,533

10,007,541

VeriSign,

Inc.*

7,128

1,585,695

Visa,

Inc.,

Class

A(a)

123,519

27,392,809

121,357,722

NVIT

S&P

500

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

Shares

Value

($)

Leisure

Products

0.0%

†

Hasbro,

Inc.

9,155

749,978

Life

Sciences

Tools

&

Services

1.8%

Agilent

Technologies,

Inc.

22,304

2,951,488

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,534

863,995

Bio-

Techne

Corp.

2,822

1,222,039

Charles

River

Laboratories

International,

Inc.*

3,659

1,039,046

Danaher

Corp.

47,571

13,954,002

Illumina,

Inc.*

11,779

4,115,583

IQVIA

Holdings,

Inc.*

14,459

3,343,065

Mettler

-Toledo

International,

Inc.*

1,699

2,333,050

PerkinElmer,

Inc.(a)

9,303

1,623,001

Thermo

Fisher

Scientific,

Inc.

29,437

17,386,964

Waters

Corp.*

4,484

1,391,789

West

Pharmaceutical

Services,

Inc.

5,647

2,319,279

52,543,301

Machinery

1.5%

Caterpillar,

Inc.

40,241

8,966,500

Cummins,

Inc.

10,556

2,165,141

Deere

&

Co.

20,865

8,668,573

Dover

Corp.

10,569

1,658,276

Fortive

Corp.

26,343

1,605,079

IDEX

Corp.

5,524

1,059,117

Illinois

Tool

Works,

Inc.

21,454

4,492,468

Ingersoll

Rand,

Inc.

31,412

1,581,594

Nordson

Corp.

4,016

911,953

Otis

Worldwide

Corp.

31,370

2,413,921

PACCAR,

Inc.

26,437

2,328,307

Parker-Hannifin

Corp.

9,482

2,690,612

Pentair

plc

12,775

692,533

Snap-on,

Inc.(a)

3,755

771,577

Stanley

Black

&

Decker,

Inc.

11,978

1,674,405

Westinghouse

Air

Brake

Technologies

Corp.

13,629

1,310,701

Xylem,

Inc.

13,243

1,129,098

44,119,855

Media

1.0%

Charter

Communications,

Inc.,

Class

A*(a)

8,877

4,842,581

Comcast

Corp.,

Class

A

336,929

15,775,016

Discovery,

Inc.,

Class

A*(a)

14,440

359,845

Discovery,

Inc.,

Class

C*

22,219

554,808

DISH

Network

Corp.,

Class

A*(a)

19,234

608,756

Fox

Corp.,

Class

A

22,311

880,169

Fox

Corp.,

Class

B

10,056

364,832

Interpublic

Group

of

Cos.,

Inc.

(The)

28,082

995,507

News

Corp.,

Class

A

26,709

591,605

News

Corp.,

Class

B

9,114

205,247

Omnicom

Group,

Inc.

15,270

1,296,117

Paramount

Global,

Class

B(a)

46,527

1,759,186

28,233,669

Metals

&

Mining

0.5%

Freeport-McMoRan,

Inc.

108,242

5,383,957

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Newmont

Corp.

59,835

4,753,891

Nucor

Corp.

20,258

3,011,352

13,149,200

Multiline

Retail

0.5%

Dollar

General

Corp.

17,362

3,865,302

Dollar

Tree,

Inc.*

16,516

2,645,037

Target

Corp.

35,685

7,573,071

14,083,410

Multi-Utilities

0.8%

Ameren

Corp.

18,901

1,772,158

CenterPoint

Energy,

Inc.

46,745

1,432,267

CMS

Energy

Corp.

22,039

1,541,408

Consolidated

Edison,

Inc.(a)

26,830

2,540,264

Dominion

Energy,

Inc.

59,592

5,063,532

DTE

Energy

Co.(a)

14,172

1,873,680

NiSource,

Inc.

29,500

938,100

Public

Service

Enterprise

Group,

Inc.

38,353

2,684,710

Sempra

Energy

23,992

4,033,535

WEC

Energy

Group,

Inc.

24,036

2,399,033

24,278,687

Oil,

Gas

&

Consumable

Fuels

3.5%

APA

Corp.

26,909

1,112,149

Chevron

Corp.

143,798

23,414,628

ConocoPhillips

96,990

9,699,000

Coterra

Energy,

Inc.

62,101

1,674,864

Devon

Energy

Corp.

47,797

2,826,237

Diamondback

Energy,

Inc.

12,958

1,776,283

EOG

Resources,

Inc.

43,209

5,151,809

Exxon

Mobil

Corp.

315,733

26,076,389

Hess

Corp.

21,107

2,259,293

Kinder

Morgan,

Inc.

147,920

2,797,167

Marathon

Oil

Corp.

56,953

1,430,090

Marathon

Petroleum

Corp.

43,124

3,687,102

Occidental

Petroleum

Corp.(a)

66,677

3,783,253

ONEOK,

Inc.

34,010

2,402,126

Phillips

66(a)

34,846

3,010,346

Pioneer

Natural

Resources

Co.

17,030

4,258,011

Valero

Energy

Corp.

30,050

3,051,277

Williams

Cos.,

Inc.

(The)(a)

91,896

3,070,245

101,480,269

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

17,291

4,708,685

Pharmaceuticals

3.8%

Bristol-Myers

Squibb

Co.

162,344

11,855,982

Catalent

,

Inc.*

13,340

1,479,406

Eli

Lilly

&

Co.

59,311

16,984,891

Johnson

&

Johnson

196,143

34,762,424

Merck

&

Co.,

Inc.

188,783

15,489,645

Organon

&

Co.

19,612

685,047

Pfizer,

Inc.

418,758

21,679,102

Viatris

,

Inc.

95,129

1,035,004

Zoetis,

Inc.

35,207

6,639,688

110,611,189

96

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

0.3%

Equifax,

Inc.

8,914

2,113,509

Jacobs

Engineering

Group,

Inc.

9,449

1,302,167

Leidos

Holdings,

Inc.

10,793

1,165,860

Nielsen

Holdings

plc

27,672

753,785

Robert

Half

International,

Inc.

7,885

900,309

Verisk

Analytics,

Inc.

12,282

2,636,086

8,871,716

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

24,678

2,258,531

Road

&

Rail

1.0%

CSX

Corp.

165,712

6,205,914

JB

Hunt

Transport

Services,

Inc.

6,474

1,299,914

Norfolk

Southern

Corp.

17,852

5,091,747

Old

Dominion

Freight

Line,

Inc.

6,895

2,059,399

Union

Pacific

Corp.

47,436

12,959,990

27,616,964

Semiconductors

&

Semiconductor

Equipment

5.9%

Advanced

Micro

Devices,

Inc.*

121,820

13,319,799

Analog

Devices,

Inc.

39,126

6,462,833

Applied

Materials,

Inc.

66,137

8,716,856

Broadcom,

Inc.

30,751

19,363,290

Enphase

Energy,

Inc.*

9,895

1,996,613

Intel

Corp.

304,105

15,071,444

KLA

Corp.

11,227

4,109,756

Lam

Research

Corp.

10,307

5,541,146

Microchip

Technology,

Inc.

41,312

3,104,184

Micron

Technology,

Inc.

83,847

6,530,843

Monolithic

Power

Systems,

Inc.

3,173

1,541,063

NVIDIA

Corp.

186,199

50,806,259

NXP

Semiconductors

NV

19,880

3,679,390

Qorvo

,

Inc.*

8,005

993,420

QUALCOMM,

Inc.

83,959

12,830,614

Skyworks

Solutions,

Inc.

12,139

1,617,886

SolarEdge

Technologies,

Inc.*

3,871

1,247,894

Teradyne,

Inc.(a)

12,126

1,433,657

Texas

Instruments,

Inc.

68,648

12,595,535

170,962,482

Software

8.8%

Adobe,

Inc.*

35,132

16,006,842

ANSYS,

Inc.*

6,413

2,037,089

Autodesk,

Inc.*

16,591

3,556,281

Cadence

Design

Systems,

Inc.*

20,909

3,438,694

Ceridian

HCM

Holding,

Inc.*(a)

10,500

717,780

Citrix

Systems,

Inc.

8,776

885,498

Fortinet,

Inc.*

10,249

3,502,493

Intuit,

Inc.

21,048

10,120,720

Microsoft

Corp.

558,364

172,149,205

NortonLifeLock

,

Inc.

42,180

1,118,614

Oracle

Corp.

117,347

9,708,117

Paycom

Software,

Inc.*

3,521

1,219,604

PTC,

Inc.*

7,410

798,205

salesforce.com,

Inc.*

73,362

15,576,220

ServiceNow

,

Inc.*

14,949

8,324,949

Synopsys,

Inc.*

11,497

3,831,605

Common

Stocks

Shares

Value

($)

Software

Tyler

Technologies,

Inc.*(a)

3,185

1,416,975

254,408,891

Specialty

Retail

1.9%

Advance

Auto

Parts,

Inc.

4,654

963,192

AutoZone,

Inc.*

1,537

3,142,519

Bath

&

Body

Works,

Inc.(a)

19,227

919,051

Best

Buy

Co.,

Inc.(a)

15,756

1,432,220

CarMax,

Inc.*(a)

11,972

1,155,059

Home

Depot,

Inc.

(The)

77,774

23,280,091

Lowe's

Cos.,

Inc.

50,180

10,145,894

O'Reilly

Automotive,

Inc.*

4,952

3,391,922

Ross

Stores,

Inc.

26,249

2,374,485

TJX

Cos.,

Inc.

(The)

88,584

5,366,419

Tractor

Supply

Co.

8,404

1,961,242

Ulta

Beauty,

Inc.*

4,002

1,593,676

55,725,770

Technology

Hardware,

Storage

&

Peripherals

7.3%

Apple,

Inc.

1,154,691

201,620,596

Hewlett

Packard

Enterprise

Co.

94,938

1,586,414

HP,

Inc.(a)

80,641

2,927,268

NetApp,

Inc.

16,232

1,347,256

Seagate

Technology

Holdings

plc

15,288

1,374,391

Western

Digital

Corp.*

23,530

1,168,264

210,024,189

Textiles,

Apparel

&

Luxury

Goods

0.6%

NIKE,

Inc.,

Class

B

94,982

12,780,778

PVH

Corp.

5,479

419,746

Ralph

Lauren

Corp.(a)

2,962

336,009

Tapestry,

Inc.

19,167

712,054

Under

Armour

,

Inc.,

Class

A*

15,607

265,631

Under

Armour

,

Inc.,

Class

C*

15,318

238,348

VF

Corp.

23,954

1,362,025

16,114,591

Tobacco

0.6%

Altria

Group,

Inc.

135,545

7,082,226

Philip

Morris

International,

Inc.

114,853

10,789,291

17,871,517

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

43,688

2,595,067

United

Rentals,

Inc.*(a)

5,321

1,890,073

WW

Grainger,

Inc.

3,189

1,644,854

6,129,994

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

13,857

2,293,749

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

43,878

5,631,741

Total

Common

Stocks

(cost

$788,936,700)

2,851,825,920

NVIT

S&P

500

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

97

Repurchase

Agreements

0.1%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$2,000,017,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$2,040,000.

(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,278,440,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

4/30/2022

-

7/20/2071;

total

market

value

$1,303,998.(b)

1,278,429

1,278,429

Total

Repurchase

Agreements

(cost

$3,278,429)

3,278,429

Total

Investments

(cost

$792,215,129)

—

98.6%

2,855,104,349

Other

assets

in

excess

of

liabilities

—

1.4%

41,993,202

NET

ASSETS

—

100.0%

$

2,897,097,551

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$100,757,422,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,278,429

and

by

$101,542,471

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/14/2022

–

2/15/2052,

a

total

value

of

$104,820,900.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$3,278,429.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

194

6/2022

USD

43,948,275

1,476,957

Net

contracts

1,476,957

As

of

March

31,

2022,

the

Fund

had

$2,194,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

98

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

S&P

500

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

S&P

500

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

99

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,851,825,920

$

–

$

–

$

2,851,825,920

Futures

Contracts

1,476,957

–

–

1,476,957

Repurchase

Agreements

–

3,278,429

–

3,278,429

Total

$

2,853,302,877

$

3,278,429

$

–

$

2,856,581,306

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,476,957

Total

$

1,476,957

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

100

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

99.0%

Shares

Value

($)

Aerospace

&

Defense

0.8%

AAR

Corp.*

4,736

229,364

Aerojet

Rocketdyne

Holdings,

Inc.*(a)

10,511

413,608

AeroVironment,

Inc.*(a)

3,164

297,859

AerSale

Corp.*(a)

2,071

32,556

Astronics

Corp.*

4,009

51,836

Byrna

Technologies,

Inc.*(a)

2,408

19,673

Cadre

Holdings,

Inc.(a)

1,001

24,585

Ducommun,

Inc.*

1,451

76,018

Kaman

Corp.(a)

3,870

168,268

Kratos

Defense

&

Security

Solutions,

Inc.*

16,974

347,628

Maxar

Technologies,

Inc.

10,375

409,398

Moog,

Inc.,

Class

A

4,060

356,468

National

Presto

Industries,

Inc.

682

52,480

Park

Aerospace

Corp.

2,606

34,008

Parsons

Corp.*(a)

3,852

149,072

Triumph

Group,

Inc.*

8,911

225,270

Vectrus,

Inc.*

1,538

55,153

2,943,244

Air

Freight

&

Logistics

0.4%

Air

Transport

Services

Group,

Inc.*

8,177

273,521

Atlas

Air

Worldwide

Holdings,

Inc.*(a)

4,028

347,899

Forward

Air

Corp.(a)

3,708

362,568

Hub

Group,

Inc.,

Class

A*

4,563

352,309

Radiant

Logistics,

Inc.*

5,236

33,353

1,369,650

Airlines

0.3%

Allegiant

Travel

Co.*

2,096

340,369

Frontier

Group

Holdings,

Inc.*(a)

4,644

52,617

Hawaiian

Holdings,

Inc.*(a)

7,141

140,678

Mesa

Air

Group,

Inc.*

4,576

20,134

SkyWest,

Inc.*

7,272

209,797

Spirit

Airlines,

Inc.*(a)

13,925

304,540

Sun

Country

Airlines

Holdings,

Inc.*

4,613

120,768

1,188,903

Auto

Components

1.2%

Adient

plc*(a)

13,229

539,346

American

Axle

&

Manufacturing

Holdings,

Inc.*

15,945

123,733

Cooper-Standard

Holdings,

Inc.*(a)

2,244

19,680

Dana,

Inc.

20,418

358,744

Dorman

Products,

Inc.*

3,684

350,091

Fox

Factory

Holding

Corp.*

5,897

577,611

Gentherm,

Inc.*(a)

4,669

341,024

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

38,581

551,322

LCI

Industries(a)

3,463

359,494

Modine

Manufacturing

Co.*

6,673

60,124

Motorcar

Parts

of

America,

Inc.*

2,504

44,646

Patrick

Industries,

Inc.(a)

3,140

189,342

Common

Stocks

Shares

Value

($)

Auto

Components

Standard

Motor

Products,

Inc.

(a)

2,943

126,961

Stoneridge,

Inc.*(a)

3,480

72,245

Tenneco,

Inc.,

Class

A*

9,593

175,744

Visteon

Corp.*

3,878

423,206

XL

Fleet

Corp.*(a)

15,927

31,695

XPEL,

Inc.

Reg.

S*(a)

2,572

135,313

4,480,321

Automobiles

0.2%

Arcimoto,

Inc.*(a)

3,652

24,140

Canoo,

Inc.*(a)

14,879

82,132

Fisker,

Inc.*(a)

22,635

291,991

Lordstown

Motors

Corp.*(a)

20,688

70,546

Winnebago

Industries,

Inc.

4,563

246,539

Workhorse

Group,

Inc.*(a)

20,921

104,605

819,953

Banks

8.7%

1st

Source

Corp.

2,657

122,886

Allegiance

Bancshares,

Inc.(a)

2,548

113,845

Amalgamated

Financial

Corp.

(a)

1,817

32,652

Amerant

Bancorp,

Inc.

3,509

110,849

American

National

Bankshares,

Inc.

1,705

64,244

Ameris

Bancorp

8,900

390,532

Arrow

Financial

Corp.

2,172

70,416

Associated

Banc-Corp.

22,096

502,905

Atlantic

Union

Bankshares

Corp.

10,945

401,572

Banc

of

California,

Inc.

7,334

141,986

BancFirst

Corp.(a)

2,487

206,943

Bancorp,

Inc.

(The)*

6,980

197,743

Bank

First

Corp.(a)

994

71,558

Bank

of

Marin

Bancorp

2,269

79,574

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

7,217

258,946

BankUnited,

Inc.

11,264

495,165

Banner

Corp.

4,528

265,024

Bar

Harbor

Bankshares

2,214

63,365

Berkshire

Hills

Bancorp,

Inc.(a)

6,286

182,105

Blue

Ridge

Bankshares,

Inc.

(a)

3,085

46,799

Brookline

Bancorp,

Inc.

10,026

158,611

Business

First

Bancshares,

Inc.

2,781

67,662

Byline

Bancorp,

Inc.

3,626

96,742

Cadence

Bank

21,494

628,914

Cambridge

Bancorp

998

84,830

Camden

National

Corp.

2,130

100,195

Capital

Bancorp,

Inc.

1,304

29,809

Capital

City

Bank

Group,

Inc.

2,246

59,205

Capstar

Financial

Holdings,

Inc.

3,075

64,821

Carter

Bankshares,

Inc.*

3,923

68,143

Cathay

General

Bancorp

10,440

467,190

CBTX,

Inc.(a)

2,733

84,723

Central

Pacific

Financial

Corp.

3,687

102,867

Citizens

&

Northern

Corp.

2,071

50,491

City

Holding

Co.(a)

1,983

156,062

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

Shares

Value

($)

Banks

Civista

Bancshares,

Inc.(a)

2,263

54,538

CNB

Financial

Corp.

2,411

63,458

Coastal

Financial

Corp.*(a)

1,488

68,076

Columbia

Banking

System,

Inc.

9,397

303,241

Community

Bank

System,

Inc.

(a)

6,992

490,489

Community

Trust

Bancorp,

Inc.

2,536

104,483

ConnectOne

Bancorp,

Inc.

5,244

167,860

CrossFirst

Bankshares,

Inc.*(a)

6,755

106,459

Customers

Bancorp,

Inc.*

4,172

217,528

CVB

Financial

Corp.

18,042

418,755

Dime

Community

Bancshares,

Inc.(a)

4,750

164,208

Eagle

Bancorp,

Inc.(a)

4,131

235,508

Eastern

Bankshares,

Inc.

24,787

533,912

Enterprise

Bancorp,

Inc.

1,543

61,905

Enterprise

Financial

Services

Corp.(a)

5,025

237,733

Equity

Bancshares,

Inc.,

Class

A

2,151

69,499

Farmers

National

Banc

Corp.

4,550

77,623

FB

Financial

Corp.

4,777

212,194

Fidelity

D&D

Bancorp,

Inc.(a)

535

24,840

Financial

Institutions,

Inc.

2,312

69,661

First

Bancorp,

Inc.

(The)

1,612

48,489

First

Bancorp/NC

4,799

200,454

First

Bancorp/PR

25,839

339,008

First

Bancshares,

Inc.

(The)

3,019

101,620

First

Bank(a)

2,079

29,563

First

Busey

Corp.

7,515

190,430

First

Commonwealth

Financial

Corp.

12,733

193,032

First

Community

Bankshares,

Inc.

2,589

73,036

First

Financial

Bancorp

12,158

280,242

First

Financial

Bankshares,

Inc.(a)

18,441

813,617

First

Financial

Corp.

1,797

77,774

First

Foundation,

Inc.

7,088

172,168

First

Internet

Bancorp

1,389

59,741

First

Interstate

BancSystem,

Inc.,

Class

A(a)

12,646

464,993

First

Merchants

Corp.

7,688

319,821

First

Mid

Bancshares,

Inc.

2,404

92,530

First

of

Long

Island

Corp.

(The)

3,377

65,716

Five

Star

Bancorp(a)

1,661

47,006

Flushing

Financial

Corp.

4,410

98,564

Fulton

Financial

Corp.

23,664

393,296

German

American

Bancorp,

Inc.

3,499

132,927

Glacier

Bancorp,

Inc.

15,386

773,608

Great

Southern

Bancorp,

Inc.

1,595

94,121

Guaranty

Bancshares,

Inc.(a)

1,385

48,475

Hancock

Whitney

Corp.

12,334

643,218

Hanmi

Financial

Corp.

4,070

100,163

HarborOne

Bancorp,

Inc.(a)

6,860

96,177

HBT

Financial,

Inc.

1,708

31,051

Common

Stocks

Shares

Value

($)

Banks

Heartland

Financial

USA,

Inc.

5,798

277,318

Heritage

Commerce

Corp.

8,473

95,321

Heritage

Financial

Corp.(a)

4,633

116,103

Hilltop

Holdings,

Inc.

8,842

259,955

Home

BancShares,

Inc.

21,614

488,476

HomeStreet,

Inc.

2,542

120,440

HomeTrust

Bancshares,

Inc.

2,265

66,885

Hope

Bancorp,

Inc.

15,667

251,925

Horizon

Bancorp,

Inc.

6,069

113,308

Independent

Bank

Corp.

6,018

491,610

Independent

Bank

Corp./MI

3,257

71,654

Independent

Bank

Group,

Inc.

5,253

373,804

International

Bancshares

Corp.

7,741

326,748

Investors

Bancorp,

Inc.

31,935

476,790

Lakeland

Bancorp,

Inc.(a)

8,987

150,083

Lakeland

Financial

Corp.

3,406

248,638

Live

Oak

Bancshares,

Inc.(a)

4,563

232,211

Macatawa

Bank

Corp.

4,967

44,753

Mercantile

Bank

Corp.

2,257

79,943

Meta

Financial

Group,

Inc.

3,906

214,518

Metrocity

Bankshares,

Inc.(a)

2,819

66,190

Metropolitan

Bank

Holding

Corp.*

1,384

140,850

Mid

Penn

Bancorp,

Inc.

2,146

57,534

Midland

States

Bancorp,

Inc.

2,967

85,628

MidWestOne

Financial

Group,

Inc.

2,324

76,924

MVB

Financial

Corp.

1,503

62,375

National

Bank

Holdings

Corp.,

Class

A

3,941

158,744

NBT

Bancorp,

Inc.

5,629

203,376

Nicolet

Bankshares,

Inc.*(a)

1,767

165,338

Northrim

Bancorp,

Inc.

809

35,248

Northwest

Bancshares,

Inc.

15,982

215,917

OceanFirst

Financial

Corp.

8,415

169,142

OFG

Bancorp

6,580

175,291

Old

National

Bancorp

42,372

694,053

Old

Second

Bancorp,

Inc.

4,593

66,644

Origin

Bancorp,

Inc.

3,137

132,664

Orrstown

Financial

Services,

Inc.

1,454

33,340

Pacific

Premier

Bancorp,

Inc.

12,242

432,755

Park

National

Corp.(a)

2,009

263,942

Peapack-Gladstone

Financial

Corp.

2,595

90,176

Peoples

Bancorp,

Inc.

3,749

117,381

Peoples

Financial

Services

Corp.(a)

1,085

54,771

Preferred

Bank

1,339

99,207

Premier

Financial

Corp.

5,210

158,019

Primis

Financial

Corp.

3,707

51,824

QCR

Holdings,

Inc.(a)

2,053

116,179

RBB

Bancorp(a)

2,362

55,483

Red

River

Bancshares,

Inc.(a)

824

43,598

Renasant

Corp.

7,215

241,342

Republic

Bancorp,

Inc.,

Class

A

1,525

68,534

Republic

First

Bancorp,

Inc.*(a)

5,965

30,779

S&T

Bancorp,

Inc.

4,871

144,084

102

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Sandy

Spring

Bancorp,

Inc.(a)

6,372

286,230

Seacoast

Banking

Corp.

of

Florida

7,574

265,242

ServisFirst

Bancshares,

Inc.(a)

6,969

664,076

Sierra

Bancorp

2,146

53,607

Silvergate

Capital

Corp.,

Class

A*(a)

3,841

578,339

Simmons

First

National

Corp.,

Class

A(a)

14,186

371,957

SmartFinancial,

Inc.

2,122

54,281

South

Plains

Financial,

Inc.

1,417

37,664

South

State

Corp.

10,874

887,210

Southern

First

Bancshares,

Inc.*

1,118

56,839

Southside

Bancshares,

Inc.

4,157

169,730

Spirit

of

Texas

Bancshares,

Inc.

1,968

51,719

Stock

Yards

Bancorp,

Inc.(a)

3,550

187,795

Summit

Financial

Group,

Inc.

(a)

1,517

38,820

Texas

Capital

Bancshares,

Inc.*

7,110

407,474

Third

Coast

Bancshares,

Inc.*

491

11,342

Tompkins

Financial

Corp.

1,986

155,444

Towne

Bank

10,150

303,891

TriCo

Bancshares

3,872

154,996

TriState

Capital

Holdings,

Inc.*

4,114

136,708

Triumph

Bancorp,

Inc.*

3,285

308,856

Trustmark

Corp.

8,118

246,706

UMB

Financial

Corp.

6,315

613,565

United

Bankshares,

Inc.

18,779

655,012

United

Community

Banks,

Inc.

13,528

470,774

Univest

Financial

Corp.

4,277

114,453

Valley

National

Bancorp

57,424

747,661

Veritex

Holdings,

Inc.(a)

6,639

253,411

Washington

Trust

Bancorp,

Inc.

2,640

138,600

WesBanco,

Inc.

8,697

298,829

West

Bancorp,

Inc.(a)

2,390

65,032

Westamerica

Bancorp

3,401

205,761

33,702,023

Beverages

0.4%

Celsius

Holdings,

Inc.*(a)

7,552

416,719

Coca-Cola

Consolidated,

Inc.

(a)

660

327,921

Duckhorn

Portfolio,

Inc.

(The)*

5,369

97,662

MGP

Ingredients,

Inc.(a)

1,986

169,982

National

Beverage

Corp.(a)

3,303

143,680

Primo

Water

Corp.

21,724

309,567

Zevia

PBC,

Class

A*(a)

1,373

6,275

1,471,806

Biotechnology

6.8%

2seventy

bio,

Inc.*(a)

3,002

51,214

4D

Molecular

Therapeutics,

Inc.*

3,722

56,277

89bio,

Inc.*(a)

1,300

4,901

ACADIA

Pharmaceuticals,

Inc.*

16,865

408,470

Common

Stocks

Shares

Value

($)

Biotechnology

Acumen

Pharmaceuticals,

Inc.*(a)

3,970

15,523

Adagio

Therapeutics,

Inc.*(a)

8,315

37,916

Adicet

Bio,

Inc.*

3,595

71,792

Adverum

Biotechnologies,

Inc.*(a)

11,587

15,179

Aeglea

BioTherapeutics,

Inc.*

5,390

12,397

Aerovate

Therapeutics,

Inc.*(a)

2,208

40,473

Affimed

NV*

15,484

67,665

Agenus,

Inc.*(a)

30,877

75,957

Agios

Pharmaceuticals,

Inc.*(a)

7,483

217,830

Akebia

Therapeutics,

Inc.*(a)

25,460

18,278

Akero

Therapeutics,

Inc.*

3,429

48,658

Akouos,

Inc.*(a)

3,202

15,210

Alaunos

Therapeutics,

Inc.*(a)

27,959

18,240

Albireo

Pharma,

Inc.*(a)

2,477

73,889

Aldeyra

Therapeutics,

Inc.*

6,473

28,772

Alector,

Inc.*(a)

8,067

114,955

Aligos

Therapeutics,

Inc.*(a)

3,255

6,998

Alkermes

plc*

22,420

589,870

Allakos,

Inc.*

4,675

26,648

Allogene

Therapeutics,

Inc.*

9,099

82,892

Allovir,

Inc.*

3,934

26,555

Alpine

Immune

Sciences,

Inc.*(a)

1,516

13,599

Altimmune,

Inc.*(a)

5,317

32,381

ALX

Oncology

Holdings,

Inc.*(a)

2,893

48,892

Amicus

Therapeutics,

Inc.*(a)

36,798

348,477

AnaptysBio,

Inc.*(a)

2,802

69,321

Anavex

Life

Sciences

Corp.*(a)

9,929

122,226

Anika

Therapeutics,

Inc.*

1,925

48,337

Annexon,

Inc.*(a)

4,159

11,354

Apellis

Pharmaceuticals,

Inc.*

10,994

558,605

Applied

Molecular

Transport,

Inc.*(a)

3,280

24,666

Applied

Therapeutics,

Inc.*(a)

2,362

4,984

AquaBounty

Technologies,

Inc.*(a)

13,017

24,342

Arbutus

Biopharma

Corp.*(a)

14,199

42,313

Arcellx,

Inc.*(a)

1,222

17,132

Arcturus

Therapeutics

Holdings,

Inc.*(a)

2,816

75,919

Arcus

Biosciences,

Inc.*(a)

6,281

198,228

Arcutis

Biotherapeutics,

Inc.*(a)

3,689

71,050

Ardelyx,

Inc.*

11,538

12,346

Arrowhead

Pharmaceuticals,

Inc.*

14,481

665,981

Atara

Biotherapeutics,

Inc.*

11,874

110,309

Athenex,

Inc.*(a)

11,534

9,567

Athersys,

Inc.*(a)

26,813

16,235

Atossa

Therapeutics,

Inc.*(a)

15,604

19,505

Atreca,

Inc.,

Class

A*(a)

3,465

10,984

Aura

Biosciences,

Inc.*(a)

786

17,292

Avalo

Therapeutics,

Inc.*(a)

11,698

8,478

Avid

Bioservices,

Inc.*(a)

8,380

170,701

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Biotechnology

Avidity

Biosciences,

Inc.*(a)

5,039

93,070

Avita

Medical,

Inc.*(a)

3,184

27,000

Avrobio,

Inc.*

4,838

6,386

Beam

Therapeutics,

Inc.*

7,117

407,804

Beyondspring,

Inc.*(a)

2,988

6,574

BioAtla,

Inc.*

2,045

10,225

BioCryst

Pharmaceuticals,

Inc.*(a)

25,266

410,825

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*(a)

7,775

921,882

Biomea

Fusion,

Inc.*

2,994

13,353

Bioxcel

Therapeutics,

Inc.*(a)

2,421

50,623

Black

Diamond

Therapeutics,

Inc.*(a)

3,038

8,415

Bluebird

Bio,

Inc.*(a)

9,009

43,694

Blueprint

Medicines

Corp.*(a)

8,166

521,644

Bolt

Biotherapeutics,

Inc.*(a)

2,988

8,187

Bridgebio

Pharma,

Inc.*(a)

14,400

146,160

Brooklyn

ImmunoTherapeutics,

Inc.*(a)

3,969

8,136

C4

Therapeutics,

Inc.*(a)

5,481

132,969

Cardiff

Oncology,

Inc.*(a)

4,823

11,961

CareDx,

Inc.*(a)

7,188

265,884

Caribou

Biosciences,

Inc.*

7,073

64,930

Catalyst

Pharmaceuticals,

Inc.*

14,063

116,582

Celcuity,

Inc.*(a)

1,370

12,809

Celldex

Therapeutics,

Inc.*(a)

6,360

216,622

CEL-SCI

Corp.*(a)

4,734

18,605

Century

Therapeutics,

Inc.*(a)

2,404

30,266

Cerevel

Therapeutics

Holdings,

Inc.*(a)

5,762

201,728

ChemoCentryx,

Inc.*(a)

7,717

193,465

Chimerix,

Inc.*

9,737

44,595

Chinook

Therapeutics,

Inc.*(a)

6,108

99,927

Clene,

Inc.*(a)

2,561

10,090

Clovis

Oncology,

Inc.*(a)

15,911

32,140

Codiak

Biosciences,

Inc.*(a)

2,094

13,129

Cogent

Biosciences,

Inc.*(a)

4,956

37,120

Coherus

Biosciences,

Inc.*

9,034

116,629

Cortexyme,

Inc.*(a)

2,605

16,125

Crinetics

Pharmaceuticals,

Inc.*

6,431

141,160

Cue

Biopharma,

Inc.*

3,972

19,383

Cullinan

Oncology,

Inc.*(a)

3,379

35,378

Curis,

Inc.*

11,552

27,494

Cyteir

Therapeutics,

Inc.*(a)

3,754

14,153

Cytokinetics,

Inc.*(a)

11,168

411,094

CytomX

Therapeutics,

Inc.*(a)

8,651

23,098

Day

One

Biopharmaceuticals,

Inc.*(a)

3,192

31,665

Deciphera

Pharmaceuticals,

Inc.*

5,249

48,658

Denali

Therapeutics,

Inc.*(a)

12,761

410,521

DermTech,

Inc.*(a)

3,163

46,433

Design

Therapeutics,

Inc.*(a)

3,544

57,236

Dynavax

Technologies

Corp.*(a)

14,750

159,890

Dyne

Therapeutics,

Inc.*(a)

4,006

38,618

Eagle

Pharmaceuticals,

Inc.*

1,550

76,710

Common

Stocks

Shares

Value

($)

Biotechnology

Editas

Medicine,

Inc.*(a)

9,895

188,203

Eiger

BioPharmaceuticals,

Inc.*

4,270

35,441

Eliem

Therapeutics,

Inc.*(a)

921

7,727

Emergent

BioSolutions,

Inc.*

6,986

286,845

Enanta

Pharmaceuticals,

Inc.*(a)

2,686

191,189

Entrada

Therapeutics,

Inc.*(a)

1,221

11,465

Epizyme,

Inc.*

20,989

24,137

Erasca,

Inc.*(a)

8,891

76,463

Evelo

Biosciences,

Inc.*(a)

4,051

13,733

Exagen,

Inc.*(a)

1,348

10,824

Fate

Therapeutics,

Inc.*(a)

11,395

441,784

FibroGen,

Inc.*

11,946

143,591

Finch

Therapeutics

Group,

Inc.*(a)

1,253

6,303

Foghorn

Therapeutics,

Inc.*(a)

2,609

39,735

Forma

Therapeutics

Holdings,

Inc.*

4,545

42,269

Forte

Biosciences,

Inc.*(a)

2,004

2,926

Fortress

Biotech,

Inc.*

9,554

12,993

Frequency

Therapeutics,

Inc.*(a)

4,267

9,046

G1

Therapeutics,

Inc.*(a)

5,229

39,740

Gemini

Therapeutics,

Inc.*(a)

2,860

3,975

Generation

Bio

Co.*(a)

5,844

42,895

Geron

Corp.*(a)

40,220

54,699

Global

Blood

Therapeutics,

Inc.*(a)

8,713

301,818

Gossamer

Bio,

Inc.*(a)

8,252

71,627

Graphite

Bio,

Inc.*

4,126

21,043

Greenwich

Lifesciences,

Inc.*(a)

538

10,556

Gritstone

bio,

Inc.*(a)

6,002

24,728

GT

Biopharma,

Inc.*(a)

2,317

6,673

Halozyme

Therapeutics,

Inc.*(a)

19,355

771,877

Harpoon

Therapeutics,

Inc.*(a)

2,442

12,137

Heron

Therapeutics,

Inc.*(a)

12,323

70,488

Homology

Medicines,

Inc.*

5,595

17,009

Hookipa

Pharma,

Inc.*(a)

2,506

5,714

Humanigen,

Inc.*(a)

5,982

18,006

iBio,

Inc.*(a)

28,825

12,343

Icosavax,

Inc.*(a)

3,353

23,605

Ideaya

Biosciences,

Inc.*(a)

4,790

53,600

IGM

Biosciences,

Inc.*(a)

1,076

28,761

Imago

Biosciences,

Inc.*(a)

2,771

53,397

Immuneering

Corp.,

Class

A*(a)

2,729

17,657

Immunic,

Inc.*(a)

2,718

30,713

ImmunityBio,

Inc.*(a)

10,212

57,289

ImmunoGen,

Inc.*

29,917

142,405

Immunovant,

Inc.*

5,962

32,851

Impel

Neuropharma,

Inc.*(a)

682

4,344

Infinity

Pharmaceuticals,

Inc.*(a)

11,675

13,310

Inhibrx,

Inc.*(a)

4,164

92,774

Inovio

Pharmaceuticals,

Inc.*(a)

30,748

110,385

Inozyme

Pharma,

Inc.*(a)

1,919

7,849

104

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Insmed,

Inc.*

16,576

389,536

Instil

Bio,

Inc.*(a)

8,183

87,967

Intellia

Therapeutics,

Inc.*(a)

9,753

708,751

Intercept

Pharmaceuticals,

Inc.*(a)

3,739

60,834

Ironwood

Pharmaceuticals,

Inc.*(a)

20,746

260,985

iTeos

Therapeutics,

Inc.*

3,015

97,023

IVERIC

bio,

Inc.*

16,564

278,772

Janux

Therapeutics,

Inc.*

2,457

35,233

Jounce

Therapeutics,

Inc.*

4,397

29,856

KalVista

Pharmaceuticals,

Inc.*(a)

3,241

47,772

Karuna

Therapeutics,

Inc.*(a)

3,062

388,231

Karyopharm

Therapeutics,

Inc.*(a)

10,686

78,756

Keros

Therapeutics,

Inc.*

2,290

124,530

Kezar

Life

Sciences,

Inc.*(a)

5,096

84,696

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*(a)

3,890

38,667

Kinnate

Biopharma,

Inc.*(a)

3,360

37,834

Kodiak

Sciences,

Inc.*

4,590

35,435

Kronos

Bio,

Inc.*

5,178

37,437

Krystal

Biotech,

Inc.*(a)

2,790

185,647

Kura

Oncology,

Inc.*(a)

9,181

147,630

Kymera

Therapeutics,

Inc.*(a)

4,729

200,131

Lexicon

Pharmaceuticals,

Inc.*(a)

9,055

18,925

Ligand

Pharmaceuticals,

Inc.*(a)

2,144

241,179

Lineage

Cell

Therapeutics,

Inc.*(a)

16,174

24,908

Lyell

Immunopharma,

Inc.*(a)

20,538

103,717

MacroGenics,

Inc.*

9,155

80,656

Madrigal

Pharmaceuticals,

Inc.*(a)

1,726

169,355

Magenta

Therapeutics,

Inc.*(a)

3,990

11,571

MannKind

Corp.*(a)

34,862

128,292

MEI

Pharma,

Inc.*(a)

20,950

12,622

MeiraGTx

Holdings

plc*(a)

3,973

55,026

Mersana

Therapeutics,

Inc.*(a)

10,440

41,656

MiMedx

Group,

Inc.*(a)

16,930

79,740

Mirum

Pharmaceuticals,

Inc.*(a)

471

10,371

Molecular

Templates,

Inc.*(a)

4,932

17,015

Monte

Rosa

Therapeutics,

Inc.*(a)

4,016

56,304

Morphic

Holding,

Inc.*

2,942

118,121

Mustang

Bio,

Inc.*

9,283

9,376

Myriad

Genetics,

Inc.*

10,952

275,990

Neoleukin

Therapeutics,

Inc.*(a)

4,696

8,828

NexImmune,

Inc.*(a)

2,317

9,755

Nkarta,

Inc.*

1,882

21,417

Nurix

Therapeutics,

Inc.*

4,177

58,520

Nuvalent,

Inc.,

Class

A*(a)

2,557

35,517

Ocugen,

Inc.*(a)

24,708

81,536

Olema

Pharmaceuticals,

Inc.*(a)

3,289

14,011

Common

Stocks

Shares

Value

($)

Biotechnology

Omega

Therapeutics,

Inc.*(a)

3,070

19,157

Oncocyte

Corp.*(a)

7,856

11,705

Oncorus,

Inc.*(a)

2,724

4,849

Oncternal

Therapeutics,

Inc.*(a)

5,903

8,205

OPKO

Health,

Inc.*(a)

55,209

189,919

Organogenesis

Holdings,

Inc.*(a)

9,567

72,901

ORIC

Pharmaceuticals,

Inc.*

4,514

24,105

Outlook

Therapeutics,

Inc.*(a)

17,792

31,670

Oyster

Point

Pharma,

Inc.*(a)

1,451

16,890

Passage

Bio,

Inc.*

4,947

15,336

PMV

Pharmaceuticals,

Inc.*(a)

3,499

72,849

Portage

Biotech,

Inc.*(a)

614

4,034

Poseida

Therapeutics,

Inc.*(a)

3,836

17,185

Praxis

Precision

Medicines,

Inc.*(a)

4,640

47,374

Precigen,

Inc.*(a)

12,651

26,694

Precision

BioSciences,

Inc.*

7,395

22,777

Prelude

Therapeutics,

Inc.*(a)

1,444

9,964

Prometheus

Biosciences,

Inc.*(a)

4,186

158,063

Protagonist

Therapeutics,

Inc.*(a)

6,153

145,703

Prothena

Corp.

plc*(a)

5,175

189,250

PTC

Therapeutics,

Inc.*

9,705

362,094

Puma

Biotechnology,

Inc.*(a)

4,262

12,275

Pyxis

Oncology,

Inc.*(a)

1,582

6,391

Radius

Health,

Inc.*

6,244

55,135

Rallybio

Corp.*(a)

2,478

17,296

RAPT

Therapeutics,

Inc.*(a)

2,835

62,342

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

15,814

113,228

REGENXBIO,

Inc.*

5,401

179,259

Relay

Therapeutics,

Inc.*(a)

9,889

295,978

Reneo

Pharmaceuticals,

Inc.*(a)

1,047

3,078

Replimune

Group,

Inc.*

4,672

79,331

REVOLUTION

Medicines,

Inc.*(a)

8,270

210,968

Rhythm

Pharmaceuticals,

Inc.*(a)

5,876

67,692

Rigel

Pharmaceuticals,

Inc.*

22,789

68,139

Rocket

Pharmaceuticals,

Inc.*(a)

5,803

92,036

Rubius

Therapeutics,

Inc.*

6,014

33,137

Sana

Biotechnology,

Inc.*(a)

11,866

98,013

Sangamo

Therapeutics,

Inc.*(a)

16,776

97,469

Scholar

Rock

Holding

Corp.*(a)

4,026

51,895

Selecta

Biosciences,

Inc.*

11,914

14,654

Sensei

Biotherapeutics,

Inc.*(a)

2,732

6,311

Sera

Prognostics,

Inc.,

Class

A*(a)

633

2,399

Seres

Therapeutics,

Inc.*

9,284

66,102

Sesen

Bio,

Inc.*(a)

25,826

15,565

Shattuck

Labs,

Inc.*

3,548

15,114

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

105

Common

Stocks

Shares

Value

($)

Biotechnology

Sigilon

Therapeutics,

Inc.*

1,317

1,936

Silverback

Therapeutics,

Inc.*

2,770

9,723

Solid

Biosciences,

Inc.*(a)

7,784

9,341

Sorrento

Therapeutics,

Inc.*(a)

44,527

103,748

Spectrum

Pharmaceuticals,

Inc.*(a)

20,635

26,619

Spero

Therapeutics,

Inc.*(a)

3,228

28,084

SpringWorks

Therapeutics,

Inc.*(a)

4,039

227,961

Spruce

Biosciences,

Inc.*(a)

1,457

2,929

SQZ

Biotechnologies

Co.*(a)

3,037

14,608

Stoke

Therapeutics,

Inc.*

2,546

53,593

Summit

Therapeutics,

Inc.*(a)

3,798

9,305

Surface

Oncology,

Inc.*

4,438

13,048

Sutro

Biopharma,

Inc.*(a)

5,783

47,536

Syndax

Pharmaceuticals,

Inc.*

6,716

116,724

Syros

Pharmaceuticals,

Inc.*(a)

7,679

9,138

Talaris

Therapeutics,

Inc.*(a)

2,841

27,955

Taysha

Gene

Therapies,

Inc.*(a)

2,969

19,358

TCR2

Therapeutics,

Inc.*

4,068

11,228

Tenaya

Therapeutics,

Inc.*(a)

3,932

46,319

TG

Therapeutics,

Inc.*(a)

18,631

177,181

Tonix

Pharmaceuticals

Holding

Corp.*(a)

65,592

15,099

Travere

Therapeutics,

Inc.*(a)

8,383

216,030

Trevena,

Inc.*(a)

21,813

11,995

Turning

Point

Therapeutics,

Inc.*(a)

6,607

177,398

Twist

Bioscience

Corp.*(a)

7,752

382,794

Tyra

Biosciences,

Inc.*(a)

1,620

17,334

UroGen

Pharma

Ltd.*(a)

2,602

22,663

Vanda

Pharmaceuticals,

Inc.*

7,960

90,028

Vaxart,

Inc.*(a)

17,178

86,577

Vaxcyte,

Inc.*(a)

6,052

146,156

VBI

Vaccines,

Inc.*(a)

24,837

41,229

Vera

Therapeutics,

Inc.*(a)

1,959

46,017

Veracyte,

Inc.*(a)

9,580

264,121

Verastem,

Inc.*(a)

22,992

32,419

Vericel

Corp.*(a)

6,580

251,488

Verve

Therapeutics,

Inc.*(a)

5,058

115,424

Vigil

Neuroscience,

Inc.*

978

6,875

Viking

Therapeutics,

Inc.*(a)

9,124

27,372

Vincerx

Pharma,

Inc.*(a)

2,509

10,036

Vir

Biotechnology,

Inc.*(a)

8,706

223,918

Viracta

Therapeutics,

Inc.*(a)

4,836

23,019

VistaGen

Therapeutics,

Inc.*(a)

25,518

31,642

Vor

BioPharma,

Inc.*(a)

2,761

16,676

Werewolf

Therapeutics,

Inc.*(a)

3,520

15,488

XBiotech,

Inc.(a)

2,005

17,323

Xencor,

Inc.*(a)

8,027

214,160

Xilio

Therapeutics,

Inc.*(a)

1,287

9,099

XOMA

Corp.*(a)

786

21,992

Y-mAbs

Therapeutics,

Inc.*

4,661

55,373

Common

Stocks

Shares

Value

($)

Biotechnology

Zentalis

Pharmaceuticals,

Inc.*(a)

5,172

238,636

26,379,147

Building

Products

1.2%

AAON,

Inc.

5,887

328,082

American

Woodmark

Corp.*

2,269

111,068

Apogee

Enterprises,

Inc.(a)

3,265

154,957

Caesarstone

Ltd.(a)

3,017

31,739

Cornerstone

Building

Brands,

Inc.*

7,840

190,669

CSW

Industrials,

Inc.

2,090

245,763

Gibraltar

Industries,

Inc.*

4,675

200,791

Griffon

Corp.

7,458

149,384

Insteel

Industries,

Inc.

2,675

98,948

JELD-WEN

Holding,

Inc.*

12,510

253,703

Masonite

International

Corp.*

3,352

298,127

PGT

Innovations,

Inc.*

8,231

147,993

Quanex

Building

Products

Corp.(a)

4,786

100,458

Resideo

Technologies,

Inc.*

20,245

482,438

Simpson

Manufacturing

Co.,

Inc.

6,038

658,383

UFP

Industries,

Inc.

8,498

655,706

View,

Inc.*(a)

18,596

34,217

Zurn

Water

Solutions

Corp.

16,939

599,641

4,742,067

Capital

Markets

1.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

8,300

326,605

Assetmark

Financial

Holdings,

Inc.*

2,392

53,222

Associated

Capital

Group,

Inc.,

Class

A

224

9,388

B.

Riley

Financial,

Inc.

2,932

205,123

BGC

Partners,

Inc.,

Class

A

43,941

193,340

Blucora,

Inc.*

6,882

134,543

Brightsphere

Investment

Group,

Inc.(a)

4,336

105,148

Cohen

&

Steers,

Inc.

3,510

301,474

Cowen,

Inc.,

Class

A(a)

3,795

102,844

Diamond

Hill

Investment

Group,

Inc.(a)

405

75,857

Donnelley

Financial

Solutions,

Inc.*

4,130

137,364

Federated

Hermes,

Inc.,

Class

B

12,996

442,644

Focus

Financial

Partners,

Inc.,

Class

A*

9,218

421,631

GAMCO

Investors,

Inc.,

Class

A

704

15,565

GCM

Grosvenor,

Inc.,

Class

A(a)

6,442

62,552

Greenhill

&

Co.,

Inc.(a)

1,958

30,290

Hamilton

Lane,

Inc.,

Class

A

4,912

379,648

Houlihan

Lokey,

Inc.

7,096

623,029

Moelis

&

Co.,

Class

A

8,668

406,963

Open

Lending

Corp.,

Class

A*

14,723

278,412

Oppenheimer

Holdings,

Inc.,

Class

A

1,232

53,691

106

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

Piper

Sandler

Cos.

2,445

320,906

PJT

Partners,

Inc.,

Class

A

3,384

213,598

Pzena

Investment

Management,

Inc.,

Class

A

2,253

18,069

Sculptor

Capital

Management,

Inc.

3,247

45,231

StepStone

Group,

Inc.,

Class

A(a)

6,274

207,418

StoneX

Group,

Inc.*(a)

2,507

186,095

Value

Line,

Inc.(a)

128

8,576

Virtus

Investment

Partners,

Inc.

1,009

242,150

WisdomTree

Investments,

Inc.

(a)

17,584

103,218

5,704,594

Chemicals

2.0%

AdvanSix,

Inc.

3,821

195,215

American

Vanguard

Corp.

3,912

79,492

Amyris,

Inc.*(a)

24,621

107,348

Aspen

Aerogels,

Inc.*

3,045

104,992

Avient

Corp.

12,723

610,704

Balchem

Corp.

4,501

615,287

Cabot

Corp.(a)

7,833

535,855

Chase

Corp.

992

86,215

Danimer

Scientific,

Inc.*(a)

12,071

70,736

Ecovyst,

Inc.

7,847

90,711

Ferro

Corp.*

11,369

247,162

FutureFuel

Corp.

4,642

45,167

GCP

Applied

Technologies,

Inc.*(a)

9,515

298,961

Hawkins,

Inc.

2,720

124,848

HB

Fuller

Co.(a)

7,311

483,038

Ingevity

Corp.*

5,566

356,614

Innospec,

Inc.

3,448

319,112

Intrepid

Potash,

Inc.*

1,415

116,228

Koppers

Holdings,

Inc.

3,028

83,331

Kronos

Worldwide,

Inc.

2,970

46,094

Livent

Corp.*(a)

22,618

589,651

Marrone

Bio

Innovations,

Inc.*(a)

13,080

14,126

Minerals

Technologies,

Inc.

4,632

306,407

Orion

Engineered

Carbons

SA

8,503

135,793

PureCycle

Technologies,

Inc.*(a)

8,341

66,728

Quaker

Chemical

Corp.(a)

1,883

325,401

Rayonier

Advanced

Materials,

Inc.*

8,242

54,150

Sensient

Technologies

Corp.

(a)

5,915

496,564

Stepan

Co.

3,058

302,161

Tredegar

Corp.

3,496

41,917

Trinseo

plc

5,531

265,045

Tronox

Holdings

plc,

Class

A

16,058

317,788

Valhi,

Inc.(a)

328

9,614

Zymergen,

Inc.*(a)

10,686

30,882

7,573,337

Commercial

Services

&

Supplies

1.8%

ABM

Industries,

Inc.

9,406

433,052

ACCO

Brands

Corp.

13,307

106,456

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Aris

Water

Solution,

Inc.,

Class

A(a)

2,594

47,211

Brady

Corp.,

Class

A

6,538

302,513

BrightView

Holdings,

Inc.*

6,364

86,614

Brink's

Co.

(The)

6,711

456,348

Casella

Waste

Systems,

Inc.,

Class

A*

6,837

599,263

CECO

Environmental

Corp.*(a)

4,150

22,784

Cimpress

plc*

2,551

162,218

CompX

International,

Inc.

256

6,021

CoreCivic,

Inc.*

17,627

196,894

Deluxe

Corp.

5,815

175,846

Ennis,

Inc.

3,404

62,872

GEO

Group,

Inc.

(The)*(a)

15,716

103,883

Harsco

Corp.*

10,961

134,163

Healthcare

Services

Group,

Inc.(a)

10,483

194,669

Heritage-Crystal

Clean,

Inc.*

2,084

61,707

HNI

Corp.(a)

6,015

222,856

Interface,

Inc.(a)

8,316

112,848

KAR

Auction

Services,

Inc.*

17,032

307,428

Kimball

International,

Inc.,

Class

B

4,817

40,704

Matthews

International

Corp.,

Class

A(a)

4,343

140,539

MillerKnoll,

Inc.(a)

10,508

363,156

Montrose

Environmental

Group,

Inc.*(a)

3,611

191,130

NL

Industries,

Inc.(a)

1,117

8,031

Pitney

Bowes,

Inc.

17,361

90,277

SP

Plus

Corp.*

3,326

104,303

Steelcase,

Inc.,

Class

A

11,825

141,309

Team,

Inc.*

3,441

7,605

Tetra

Tech,

Inc.

7,510

1,238,699

UniFirst

Corp.(a)

2,106

388,094

US

Ecology,

Inc.*

4,451

213,114

Viad

Corp.*(a)

2,925

104,247

VSE

Corp.(a)

1,412

65,079

6,891,933

Communications

Equipment

0.7%

ADTRAN,

Inc.(a)

6,784

125,165

Aviat

Networks,

Inc.*

1,212

37,293

CalAmp

Corp.*(a)

4,653

34,013

Calix,

Inc.*

7,726

331,523

Cambium

Networks

Corp.*

1,508

35,649

Casa

Systems,

Inc.*

4,185

18,916

Clearfield,

Inc.*(a)

1,681

109,635

Comtech

Telecommunications

Corp.

3,401

53,362

Digi

International,

Inc.*

4,867

104,738

DZS,

Inc.*(a)

2,242

31,097

EMCORE

Corp.*

4,872

18,026

Extreme

Networks,

Inc.*

17,678

215,848

Harmonic,

Inc.*

12,594

116,998

Infinera

Corp.*(a)

25,485

220,955

Inseego

Corp.*(a)

12,498

50,617

KVH

Industries,

Inc.*

1,979

18,009

NETGEAR,

Inc.*

4,022

99,263

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Communications

Equipment

NetScout

Systems,

Inc.*

9,901

317,624

Plantronics,

Inc.*(a)

5,915

233,051

Ribbon

Communications,

Inc.*

9,382

28,990

Viavi

Solutions,

Inc.*(a)

31,808

511,473

2,712,245

Construction

&

Engineering

1.6%

Ameresco,

Inc.,

Class

A*(a)

4,335

344,632

API

Group

Corp.*(a)

28,166

592,331

Arcosa,

Inc.

6,763

387,182

Argan,

Inc.

2,169

88,040

Comfort

Systems

USA,

Inc.(a)

4,983

443,537

Concrete

Pumping

Holdings,

Inc.*(a)

3,442

23,061

Construction

Partners,

Inc.,

Class

A*

5,346

139,958

Dycom

Industries,

Inc.*

4,110

391,519

EMCOR

Group,

Inc.

7,339

826,591

Fluor

Corp.*(a)

19,826

568,808

Granite

Construction,

Inc.(a)

6,327

207,526

Great

Lakes

Dredge

&

Dock

Corp.*

9,171

128,669

IES

Holdings,

Inc.*

1,155

46,431

Infrastructure

and

Energy

Alternatives,

Inc.*

3,829

45,374

INNOVATE

Corp.*(a)

8,326

30,723

Matrix

Service

Co.*

3,475

28,564

MYR

Group,

Inc.*

2,284

214,787

Northwest

Pipe

Co.*

1,291

32,856

NV5

Global,

Inc.*

1,824

243,139

Primoris

Services

Corp.

7,440

177,221

Sterling

Construction

Co.,

Inc.*

3,961

106,155

Tutor

Perini

Corp.*

5,504

59,443

WillScot

Mobile

Mini

Holdings

Corp.*

28,989

1,134,340

6,260,887

Construction

Materials

0.1%

Summit

Materials,

Inc.,

Class

A*

16,654

517,273

United

States

Lime

&

Minerals,

Inc.

276

32,027

549,300

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*

713

36,926

Curo

Group

Holdings

Corp.

2,810

36,670

Encore

Capital

Group,

Inc.*(a)

3,390

212,655

Enova

International,

Inc.*

5,034

191,141

EZCORP,

Inc.,

Class

A*

6,575

39,713

FirstCash

Holdings,

Inc.

5,584

392,779

Green

Dot

Corp.,

Class

A*

6,983

191,893

LendingClub

Corp.*(a)

13,931

219,831

LendingTree,

Inc.*

1,694

202,721

Navient

Corp.

20,978

357,465

Nelnet,

Inc.,

Class

A

2,491

211,710

Oportun

Financial

Corp.*

2,782

39,950

PRA

Group,

Inc.*

5,927

267,189

PROG

Holdings,

Inc.*

8,157

234,677

Regional

Management

Corp.

1,039

50,464

Common

Stocks

Shares

Value

($)

Consumer

Finance

World

Acceptance

Corp.*

598

114,720

2,800,504

Containers

&

Packaging

0.3%

Greif,

Inc.,

Class

A

3,657

237,925

Greif,

Inc.,

Class

B

791

50,434

Myers

Industries,

Inc.

5,222

112,795

O-I

Glass,

Inc.*

21,792

287,219

Pactiv

Evergreen,

Inc.(a)

5,738

57,724

Ranpak

Holdings

Corp.*

5,088

103,948

TriMas

Corp.

6,005

192,700

UFP

Technologies,

Inc.*(a)

923

61,075

1,103,820

Distributors

0.0%

†

Funko,

Inc.,

Class

A*(a)

4,151

71,605

Greenlane

Holdings,

Inc.,

Class

A*

2,817

1,577

73,182

Diversified

Consumer

Services

0.7%

2U,

Inc.*

10,151

134,805

Adtalem

Global

Education,

Inc.*

6,883

204,494

American

Public

Education,

Inc.*

2,482

52,718

Carriage

Services,

Inc.(a)

2,149

114,606

Coursera,

Inc.*

10,060

231,782

European

Wax

Center,

Inc.,

Class

A*(a)

1,833

54,184

Graham

Holdings

Co.,

Class

B

538

328,971

Houghton

Mifflin

Harcourt

Co.*

17,847

374,966

Laureate

Education,

Inc.,

Class

A

13,877

164,443

OneSpaWorld

Holdings

Ltd.*(a)

7,764

79,193

Perdoceo

Education

Corp.*

10,063

115,523

PowerSchool

Holdings,

Inc.,

Class

A*(a)

5,940

98,069

Regis

Corp.*(a)

7,853

16,648

StoneMor,

Inc.*

4,200

10,962

Strategic

Education,

Inc.(a)

3,385

224,696

Stride,

Inc.*(a)

5,858

212,821

Udemy,

Inc.*(a)

1,853

23,088

Vivint

Smart

Home,

Inc.*(a)

12,779

86,386

WW

International,

Inc.*

7,355

75,242

2,603,597

Diversified

Financial

Services

0.1%

Alerus

Financial

Corp.(a)

2,404

66,447

A-Mark

Precious

Metals,

Inc.

1,302

100,697

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

4,575

71,278

Cannae

Holdings,

Inc.*

11,693

279,696

518,118

Diversified

Telecommunication

Services

0.6%

Anterix,

Inc.*

1,668

96,577

ATN

International,

Inc.

1,483

59,142

Bandwidth,

Inc.,

Class

A*(a)

3,156

102,223

108

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Cogent

Communications

Holdings,

Inc.

5,953

394,982

Consolidated

Communications

Holdings,

Inc.*

9,726

57,383

EchoStar

Corp.,

Class

A*

5,537

134,771

Globalstar,

Inc.*(a)

89,511

131,581

IDT

Corp.,

Class

B*(a)

1,989

67,805

Iridium

Communications,

Inc.*

16,568

668,022

Liberty

Latin

America

Ltd.,

Class

A*

5,719

55,474

Liberty

Latin

America

Ltd.,

Class

C*

21,366

204,900

Ooma,

Inc.*

2,900

43,471

Radius

Global

Infrastructure,

Inc.*(a)

10,428

148,912

Telesat

Corp.*(a)

1,052

17,358

2,182,601

Electric

Utilities

0.7%

ALLETE,

Inc.

7,381

494,379

MGE

Energy,

Inc.

5,085

405,732

Otter

Tail

Corp.

5,744

359,000

PNM

Resources,

Inc.

11,951

569,704

Portland

General

Electric

Co.

12,793

705,534

Via

Renewables,

Inc.(a)

1,565

12,896

2,547,245

Electrical

Equipment

1.0%

Advent

Technologies

Holdings,

Inc.*(a)

5,835

13,537

Allied

Motion

Technologies,

Inc.(a)

1,552

46,312

American

Superconductor

Corp.*

3,586

27,289

Array

Technologies,

Inc.*(a)

17,636

198,758

Atkore,

Inc.*

6,195

609,836

AZZ,

Inc.

3,482

167,972

Babcock

&

Wilcox

Enterprises,

Inc.*(a)

8,762

71,498

Beam

Global*(a)

1,173

23,988

Blink

Charging

Co.*(a)

5,341

141,323

Bloom

Energy

Corp.,

Class

A*(a)

19,979

482,493

Encore

Wire

Corp.

2,772

316,202

EnerSys(a)

5,799

432,431

Eos

Energy

Enterprises,

Inc.*(a)

6,651

27,801

FTC

Solar,

Inc.*(a)

5,569

27,455

FuelCell

Energy,

Inc.*

52,410

301,882

GrafTech

International

Ltd.(a)

27,823

267,657

Powell

Industries,

Inc.(a)

1,215

23,595

Preformed

Line

Products

Co.

429

27,207

Romeo

Power,

Inc.*(a)

18,562

27,657

Stem,

Inc.*(a)

15,632

172,108

Thermon

Group

Holdings,

Inc.*

4,809

77,906

TPI

Composites,

Inc.*

5,279

74,223

Vicor

Corp.*

2,996

211,368

3,770,498

Electronic

Equipment,

Instruments

&

Components

2.3%

908

Devices,

Inc.*(a)

3,203

60,889

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Advanced

Energy

Industries,

Inc.(a)

5,267

453,383

Aeva

Technologies,

Inc.*(a)

16,592

71,843

Akoustis

Technologies,

Inc.*(a)

6,973

45,325

Arlo

Technologies,

Inc.*

11,626

103,006

Badger

Meter,

Inc.

4,088

407,614

Belden,

Inc.

6,249

346,195

Benchmark

Electronics,

Inc.(a)

4,774

119,541

CTS

Corp.

4,485

158,500

Daktronics,

Inc.*(a)

4,899

18,812

ePlus,

Inc.*

3,714

208,207

Fabrinet*

5,170

543,522

FARO

Technologies,

Inc.*

2,566

133,227

Identiv,

Inc.*(a)

3,042

49,189

II-VI,

Inc.*(a)

14,785

1,071,765

Insight

Enterprises,

Inc.*

4,835

518,892

Iteris,

Inc.*(a)

5,564

16,581

Itron,

Inc.*(a)

6,329

333,412

Kimball

Electronics,

Inc.*(a)

3,211

64,188

Knowles

Corp.*

12,257

263,893

Luna

Innovations,

Inc.*(a)

4,064

31,333

Methode

Electronics,

Inc.

5,259

227,452

MicroVision,

Inc.*(a)

22,206

103,702

Napco

Security

Technologies,

Inc.*

3,868

79,371

nLight,

Inc.*

6,003

104,092

Novanta,

Inc.*

4,897

696,794

OSI

Systems,

Inc.*(a)

2,364

201,224

Ouster,

Inc.*(a)

17,452

78,534

PAR

Technology

Corp.*(a)

3,494

140,948

PC

Connection,

Inc.

1,707

89,430

Plexus

Corp.*

3,916

320,368

Rogers

Corp.*

2,645

718,647

Sanmina

Corp.*

8,779

354,847

ScanSource,

Inc.*

3,357

116,790

TTM

Technologies,

Inc.*

14,337

212,474

Velodyne

Lidar,

Inc.*(a)

11,279

28,874

Vishay

Intertechnology,

Inc.

18,735

367,206

Vishay

Precision

Group,

Inc.*

1,658

53,305

8,913,375

Energy

Equipment

&

Services

1.2%

Archrock,

Inc.

18,880

174,262

Bristow

Group,

Inc.*

3,332

123,550

Cactus,

Inc.,

Class

A(a)

7,572

429,635

ChampionX

Corp.*

28,312

693,078

DMC

Global,

Inc.*

2,864

87,352

Dril-Quip,

Inc.*(a)

4,901

183,052

Expro

Group

Holdings

NV*

6,214

110,485

Helix

Energy

Solutions

Group,

Inc.*(a)

20,523

98,100

Helmerich

&

Payne,

Inc.

14,553

622,577

Liberty

Oilfield

Services,

Inc.,

Class

A*(a)

13,311

197,269

Nabors

Industries

Ltd.*

989

151,040

National

Energy

Services

Reunited

Corp.*

5,584

46,906

Newpark

Resources,

Inc.*

11,900

43,554

NexTier

Oilfield

Solutions,

Inc.*(a)

24,213

223,728

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Oceaneering

International,

Inc.*

13,845

209,890

Oil

States

International,

Inc.*

8,083

56,177

Patterson-UTI

Energy,

Inc.(a)

25,814

399,601

ProPetro

Holding

Corp.*

12,274

170,977

RPC,

Inc.*

9,645

102,912

Select

Energy

Services,

Inc.,

Class

A*

9,168

78,570

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A(a)

4,172

47,102

TETRA

Technologies,

Inc.*(a)

16,354

67,215

Tidewater,

Inc.*(a)

5,928

128,875

US

Silica

Holdings,

Inc.*

10,538

196,639

4,642,546

Entertainment

0.8%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

72,034

1,774,918

Chicken

Soup

For

The

Soul

Entertainment,

Inc.*(a)

931

7,439

Cinemark

Holdings,

Inc.*(a)

14,936

258,094

CuriosityStream,

Inc.*(a)

3,471

10,066

Eros

STX

Global

Corp.*(a)

2,118

5,909

IMAX

Corp.*

7,051

133,475

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

5,158

143,960

Liberty

Media

Corp-Liberty

Braves,

Class

A*(a)

1,336

38,450

Lions

Gate

Entertainment

Corp.,

Class

A*

8,234

133,803

Lions

Gate

Entertainment

Corp.,

Class

B*

16,314

245,199

LiveOne,

Inc.*(a)

7,064

5,764

Madison

Square

Garden

Entertainment

Corp.*(a)

3,683

306,831

Marcus

Corp.

(The)*(a)

3,046

53,914

3,117,822

Equity

Real

Estate

Investment

Trusts

(REITs)

7.0%

Acadia

Realty

Trust

11,877

257,375

Agree

Realty

Corp.(a)

9,826

652,053

Alexander

&

Baldwin,

Inc.

10,026

232,503

Alexander's,

Inc.(a)

286

73,282

American

Assets

Trust,

Inc.

6,895

261,252

Apartment

Investment

and

Management

Co.,

Class

A*

20,909

153,054

Apple

Hospitality

REIT,

Inc.

29,883

536,998

Armada

Hoffler

Properties,

Inc.

9,276

135,430

Ashford

Hospitality

Trust,

Inc.*(a)

2,737

27,917

Braemar

Hotels

&

Resorts,

Inc.(a)

8,254

51,010

Brandywine

Realty

Trust(a)

23,689

334,962

Broadstone

Net

Lease,

Inc.

22,014

479,465

BRT

Apartments

Corp.

1,469

35,212

CareTrust

REIT,

Inc.

13,237

255,474

CatchMark

Timber

Trust,

Inc.,

Class

A(a)

6,525

53,505

Centerspace

2,029

199,085

Chatham

Lodging

Trust*

6,378

87,953

City

Office

REIT,

Inc.

6,121

108,097

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Clipper

Realty,

Inc.(a)

1,593

14,449

Community

Healthcare

Trust,

Inc.

3,382

142,754

Corporate

Office

Properties

Trust

15,827

451,703

CTO

Realty

Growth,

Inc.

762

50,536

DiamondRock

Hospitality

Co.*

29,198

294,900

DigitalBridge

Group,

Inc.*(a)

67,734

487,685

Diversified

Healthcare

Trust

34,086

109,075

Easterly

Government

Properties,

Inc.

11,930

252,200

EastGroup

Properties,

Inc.

5,613

1,141,011

Empire

State

Realty

Trust,

Inc.,

Class

A(a)

19,949

195,899

Equity

Commonwealth*

15,392

434,208

Essential

Properties

Realty

Trust,

Inc.

17,019

430,581

Farmland

Partners,

Inc.

4,245

58,369

Four

Corners

Property

Trust,

Inc.

10,785

291,626

Franklin

Street

Properties

Corp.

13,766

81,219

Getty

Realty

Corp.

5,685

162,705

Gladstone

Commercial

Corp.

5,125

112,852

Gladstone

Land

Corp.

4,415

160,794

Global

Medical

REIT,

Inc.

8,322

135,815

Global

Net

Lease,

Inc.

14,369

226,024

Healthcare

Realty

Trust,

Inc.

(a)

20,527

564,082

Hersha

Hospitality

Trust*(a)

4,307

39,108

Independence

Realty

Trust,

Inc.(a)

30,601

809,090

Indus

Realty

Trust,

Inc.(a)

760

55,548

Industrial

Logistics

Properties

Trust

9,015

204,370

Innovative

Industrial

Properties,

Inc.

3,297

677,204

iStar,

Inc.(a)

9,372

219,399

Kite

Realty

Group

Trust

30,406

692,345

LTC

Properties,

Inc.(a)

5,521

212,393

LXP

Industrial

Trust(a)

38,893

610,620

Macerich

Co.

(The)(a)

29,981

468,903

National

Health

Investors,

Inc.

6,215

366,747

National

Storage

Affiliates

Trust

11,340

711,698

Necessity

Retail

REIT,

Inc.

(The)

17,019

134,620

NETSTREIT

Corp.(a)

5,634

126,427

NexPoint

Residential

Trust,

Inc.

3,077

277,884

Office

Properties

Income

Trust

6,703

172,468

One

Liberty

Properties,

Inc.(a)

2,149

66,168

Outfront

Media,

Inc.

20,337

578,181

Paramount

Group,

Inc.

26,348

287,457

Pebblebrook

Hotel

Trust(a)

18,168

444,753

Phillips

Edison

&

Co.,

Inc.(a)

15,899

546,767

Physicians

Realty

Trust

30,772

539,741

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

17,450

300,489

110

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Plymouth

Industrial

REIT,

Inc.

4,479

121,381

Postal

Realty

Trust,

Inc.,

Class

A(a)

2,210

37,172

PotlatchDeltic

Corp.

9,185

484,325

Preferred

Apartment

Communities,

Inc.,

Class

A

7,342

183,109

PS

Business

Parks,

Inc.

2,803

471,128

Retail

Opportunity

Investments

Corp.

16,708

323,968

Retail

Value,

Inc.

2,326

7,118

RLJ

Lodging

Trust

22,917

322,671

RPT

Realty

11,907

163,959

Ryman

Hospitality

Properties,

Inc.*

7,554

700,785

Sabra

Health

Care

REIT,

Inc.

32,176

479,101

Safehold,

Inc.(a)

2,872

159,252

Saul

Centers,

Inc.

1,578

83,161

Seritage

Growth

Properties,

Class

A*(a)

5,446

68,946

Service

Properties

Trust

21,431

189,236

SITE

Centers

Corp.

24,272

405,585

STAG

Industrial,

Inc.

24,980

1,032,923

Summit

Hotel

Properties,

Inc.*

14,595

145,366

Sunstone

Hotel

Investors,

Inc.*

30,842

363,319

Tanger

Factory

Outlet

Centers,

Inc.(a)

14,107

242,499

Terreno

Realty

Corp.

10,290

761,974

UMH

Properties,

Inc.

5,971

146,827

Uniti

Group,

Inc.(a)

26,973

371,148

Universal

Health

Realty

Income

Trust

1,835

107,109

Urban

Edge

Properties

16,311

311,540

Urstadt

Biddle

Properties,

Inc.,

Class

A

4,330

81,447

Veris

Residential,

Inc.*

12,180

211,810

Washington

REIT(a)

11,753

299,702

Whitestone

REIT(a)

6,597

87,410

Xenia

Hotels

&

Resorts,

Inc.*

15,658

302,043

26,941,508

Food

&

Staples

Retailing

1.2%

Andersons,

Inc.

(The)

4,394

220,843

BJ's

Wholesale

Club

Holdings,

Inc.*

19,063

1,288,849

Chefs'

Warehouse,

Inc.

(The)*

4,429

144,385

HF

Foods

Group,

Inc.*(a)

4,830

32,168

Ingles

Markets,

Inc.,

Class

A

1,963

174,805

MedAvail

Holdings,

Inc.*(a)

2,006

1,948

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,204

23,598

Performance

Food

Group

Co.*

21,156

1,077,052

PriceSmart,

Inc.

3,392

267,527

Rite

Aid

Corp.*(a)

7,896

69,090

SpartanNash

Co.

5,056

166,798

Sprouts

Farmers

Market,

Inc.*

15,792

505,028

United

Natural

Foods,

Inc.*

8,196

338,905

Village

Super

Market,

Inc.,

Class

A

1,136

27,832

Weis

Markets,

Inc.

2,315

165,337

4,504,165

Common

Stocks

Shares

Value

($)

Food

Products

1.0%

AppHarvest,

Inc.*(a)

9,108

48,955

B&G

Foods,

Inc.(a)

9,048

244,115

Calavo

Growers,

Inc.

2,484

90,542

Cal-Maine

Foods,

Inc.(a)

5,653

312,159

Fresh

Del

Monte

Produce,

Inc.

(a)

4,741

122,839

Hostess

Brands,

Inc.*

19,341

424,341

J

&

J

Snack

Foods

Corp.

2,069

320,902

John

B

Sanfilippo

&

Son,

Inc.

1,276

106,469

Laird

Superfood,

Inc.*(a)

819

2,957

Lancaster

Colony

Corp.

2,657

396,292

Landec

Corp.*

3,488

40,391

Limoneira

Co.(a)

2,092

30,711

Mission

Produce,

Inc.*(a)

4,946

62,567

Sanderson

Farms,

Inc.

2,838

532,097

Seneca

Foods

Corp.,

Class

A*

863

44,479

Simply

Good

Foods

Co.

(The)*(a)

11,884

450,998

Sovos

Brands,

Inc.*

3,429

48,623

Tattooed

Chef,

Inc.*(a)

6,849

86,160

Tootsie

Roll

Industries,

Inc.(a)

2,137

74,709

TreeHouse

Foods,

Inc.*(a)

7,309

235,788

Utz

Brands,

Inc.(a)

8,735

129,103

Vita

Coco

Co.,

Inc.

(The)*(a)

1,431

12,822

Vital

Farms,

Inc.*(a)

3,277

40,504

Whole

Earth

Brands,

Inc.*

4,985

35,693

3,894,216

Gas

Utilities

1.1%

Brookfield

Infrastructure

Corp.,

Class

A(a)

8,918

672,774

Chesapeake

Utilities

Corp.(a)

2,250

309,960

New

Jersey

Resources

Corp.

(a)

13,452

616,909

Northwest

Natural

Holding

Co.

4,239

219,241

ONE

Gas,

Inc.

7,362

649,623

South

Jersey

Industries,

Inc.

(a)

14,308

494,341

Southwest

Gas

Holdings,

Inc.

9,318

729,506

Spire,

Inc.(a)

7,252

520,404

4,212,758

Health

Care

Equipment

&

Supplies

3.4%

Accelerate

Diagnostics,

Inc.*(a)

4,400

6,336

Accuray,

Inc.*

12,339

40,842

Acutus

Medical,

Inc.*(a)

3,384

4,704

Alphatec

Holdings,

Inc.*

10,146

116,679

AngioDynamics,

Inc.*

5,220

112,439

Apyx

Medical

Corp.*(a)

4,160

27,165

Artivion,

Inc.*(a)

5,090

108,824

Asensus

Surgical,

Inc.*(a)

31,210

19,562

Aspira

Women's

Health,

Inc.*(a)

9,697

10,085

AtriCure,

Inc.*

6,257

410,897

Atrion

Corp.

198

141,174

Avanos

Medical,

Inc.*

6,651

222,809

Axogen,

Inc.*

5,088

40,399

Axonics,

Inc.*(a)

6,431

402,581

BioLife

Solutions,

Inc.*(a)

1,384

31,458

Bioventus,

Inc.,

Class

A*(a)

3,871

54,581

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Butterfly

Network,

Inc.*(a)

18,814

89,555

Cardiovascular

Systems,

Inc.*

5,541

125,227

Cerus

Corp.*

23,829

130,821

ClearPoint

Neuro,

Inc.*(a)

2,510

26,129

CONMED

Corp.(a)

4,053

602,073

CryoPort,

Inc.*(a)

5,720

199,685

Cue

Health,

Inc.*(a)

1,943

12,532

Cutera,

Inc.*(a)

2,518

173,742

CVRx,

Inc.*(a)

1,087

6,511

CytoSorbents

Corp.*(a)

5,500

17,545

DarioHealth

Corp.*(a)

1,798

10,500

Eargo,

Inc.*(a)

5,265

27,852

Glaukos

Corp.*

6,396

369,817

Haemonetics

Corp.*

7,043

445,258

Heska

Corp.*(a)

1,364

188,614

Inari

Medical,

Inc.*

4,804

435,435

Inogen,

Inc.*

2,846

92,267

Integer

Holdings

Corp.*

4,610

371,428

Intersect

ENT,

Inc.*

4,708

131,871

Invacare

Corp.*

4,489

6,330

iRadimed

Corp.

846

37,935

iRhythm

Technologies,

Inc.*

4,103

646,099

Lantheus

Holdings,

Inc.*

9,441

522,182

LeMaitre

Vascular,

Inc.

2,614

121,473

LivaNova

plc*(a)

7,462

610,615

Lucid

Diagnostics,

Inc.*(a)

1,546

5,195

Meridian

Bioscience,

Inc.*

5,965

154,851

Merit

Medical

Systems,

Inc.*

7,170

476,948

Mesa

Laboratories,

Inc.(a)

708

180,455

Natus

Medical,

Inc.*

4,499

118,234

Neogen

Corp.*

15,001

462,631

Neuronetics,

Inc.*(a)

3,331

10,093

NeuroPace,

Inc.*(a)

927

7,611

Nevro

Corp.*

4,862

351,668

NuVasive,

Inc.*(a)

7,231

409,998

OraSure

Technologies,

Inc.*(a)

11,131

75,468

Ortho

Clinical

Diagnostics

Holdings

plc*

16,852

314,458

Orthofix

Medical,

Inc.*

2,752

89,990

OrthoPediatrics

Corp.*(a)

1,990

107,440

Outset

Medical,

Inc.*(a)

6,635

301,229

Paragon

28,

Inc.*(a)

1,208

20,222

PAVmed,

Inc.*(a)

9,588

12,656

PROCEPT

BioRobotics

Corp.*(a)

963

33,695

Pulmonx

Corp.*(a)

3,494

86,686

Pulse

Biosciences,

Inc.*(a)

1,856

9,020

Quotient

Ltd.*(a)

10,467

12,560

Retractable

Technologies,

Inc.*(a)

2,312

10,982

RxSight,

Inc.*(a)

2,333

28,883

SeaSpine

Holdings

Corp.*

4,235

51,498

Senseonics

Holdings,

Inc.*(a)

57,836

113,937

Shockwave

Medical,

Inc.*

4,709

976,458

SI-BONE,

Inc.*(a)

4,639

104,841

Sientra,

Inc.*(a)

7,664

17,014

Sight

Sciences,

Inc.*(a)

3,037

35,108

Silk

Road

Medical,

Inc.*

4,724

195,054

STAAR

Surgical

Co.*

6,663

532,440

Stereotaxis,

Inc.*(a)

6,620

24,693

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Surmodics,

Inc.*

1,804

81,775

Tactile

Systems

Technology,

Inc.*

2,557

51,549

Talis

Biomedical

Corp.*(a)

1,886

2,659

TransMedics

Group,

Inc.*(a)

3,931

105,901

Treace

Medical

Concepts,

Inc.*(a)

4,515

85,379

Utah

Medical

Products,

Inc.

457

41,066

Vapotherm,

Inc.*(a)

3,035

42,187

Varex

Imaging

Corp.*(a)

5,135

109,324

ViewRay,

Inc.*

22,423

87,898

Zynex,

Inc.(a)

2,855

17,787

13,109,572

Health

Care

Providers

&

Services

3.0%

1Life

Healthcare,

Inc.*(a)

16,830

186,476

Accolade,

Inc.*

6,877

120,760

AdaptHealth

Corp.*

9,859

158,040

Addus

HomeCare

Corp.*

2,158

201,320

Agiliti,

Inc.*

3,369

71,086

AirSculpt

Technologies,

Inc.*(a)

1,125

15,390

Alignment

Healthcare,

Inc.*(a)

11,805

132,570

AMN

Healthcare

Services,

Inc.*(a)

6,555

683,883

Apollo

Medical

Holdings,

Inc.*(a)

5,349

259,266

Aveanna

Healthcare

Holdings,

Inc.*(a)

5,147

17,551

Biodesix,

Inc.*(a)

1,603

2,709

Brookdale

Senior

Living,

Inc.*

26,096

183,977

Castle

Biosciences,

Inc.*(a)

3,109

139,470

Community

Health

Systems,

Inc.*

17,224

204,449

CorVel

Corp.*(a)

1,221

205,665

Covetrus,

Inc.*

14,282

239,795

Cross

Country

Healthcare,

Inc.*

5,169

112,012

Ensign

Group,

Inc.

(The)

7,335

660,223

Fulgent

Genetics,

Inc.*(a)

2,837

177,057

Hanger,

Inc.*(a)

5,384

98,689

HealthEquity,

Inc.*

11,459

772,795

InfuSystem

Holdings,

Inc.*(a)

2,391

23,432

Innovage

Holding

Corp.*(a)

2,445

15,697

Invitae

Corp.*(a)

27,750

221,167

Joint

Corp.

(The)*

1,961

69,400

LHC

Group,

Inc.*

4,263

718,742

LifeStance

Health

Group,

Inc.*(a)

10,978

110,988

MEDNAX,

Inc.*

10,693

251,072

ModivCare,

Inc.*

1,682

194,086

National

HealthCare

Corp.

1,787

125,501

National

Research

Corp.

1,865

73,947

Ontrak,

Inc.*(a)

1,178

2,668

Option

Care

Health,

Inc.*

22,188

633,689

Owens

&

Minor,

Inc.

10,195

448,784

Patterson

Cos.,

Inc.

11,974

387,598

Pennant

Group,

Inc.

(The)*(a)

3,419

63,696

PetIQ,

Inc.*(a)

3,881

94,696

Privia

Health

Group,

Inc.*

6,163

164,737

112

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Progyny,

Inc.*(a)

9,053

465,324

R1

RCM,

Inc.*

16,629

444,992

RadNet,

Inc.*

6,235

139,477

Select

Medical

Holdings

Corp.

15,499

371,821

Sharps

Compliance

Corp.*(a)

3,014

17,783

SOC

Telemed,

Inc.*(a)

9,641

28,827

Surgery

Partners,

Inc.*(a)

4,802

264,350

Tenet

Healthcare

Corp.*

14,746

1,267,566

Tivity

Health,

Inc.*

6,166

198,360

US

Physical

Therapy,

Inc.

1,788

177,817

Viemed

Healthcare,

Inc.*

4,722

23,516

11,642,916

Health

Care

Technology

1.0%

Allscripts

Healthcare

Solutions,

Inc.*(a)

16,342

368,022

American

Well

Corp.,

Class

A*(a)

25,275

106,408

Computer

Programs

&

Systems,

Inc.*

1,880

64,766

Convey

Health

Solutions

Holdings,

Inc.*

1,801

11,779

Evolent

Health,

Inc.,

Class

A*(a)

11,127

359,402

Forian,

Inc.*(a)

2,421

16,850

Health

Catalyst,

Inc.*(a)

7,173

187,431

HealthStream,

Inc.*

3,321

66,154

iCAD,

Inc.*(a)

2,920

13,023

Inspire

Medical

Systems,

Inc.*

3,751

962,844

Multiplan

Corp.*(a)

45,449

212,701

NantHealth,

Inc.*(a)

5,112

3,852

NextGen

Healthcare,

Inc.*

7,939

166,005

Omnicell,

Inc.*

6,111

791,313

OptimizeRx

Corp.*(a)

2,521

95,067

Phreesia,

Inc.*

7,128

187,894

Schrodinger,

Inc.*(a)

6,457

220,313

Simulations

Plus,

Inc.(a)

2,055

104,764

Tabula

Rasa

HealthCare,

Inc.*

2,997

17,263

3,955,851

Hotels,

Restaurants

&

Leisure

2.4%

Accel

Entertainment,

Inc.*

8,068

98,268

Bally's

Corp.*

4,419

135,840

Biglari

Holdings,

Inc.,

Class

B*

106

15,329

BJ's

Restaurants,

Inc.*(a)

3,277

92,739

Bloomin'

Brands,

Inc.(a)

12,230

268,326

Bluegreen

Vacations

Holding

Corp.*

2,018

59,672

Brinker

International,

Inc.*(a)

6,120

233,539

Carrols

Restaurant

Group,

Inc.

(a)

4,364

9,863

Century

Casinos,

Inc.*

3,633

43,414

Cheesecake

Factory,

Inc.

(The)*(a)

6,520

259,431

Chuy's

Holdings,

Inc.*(a)

2,655

71,685

Cracker

Barrel

Old

Country

Store,

Inc.(a)

3,326

394,896

Dave

&

Buster's

Entertainment,

Inc.*

6,258

307,268

Denny's

Corp.*(a)

8,358

119,603

Dine

Brands

Global,

Inc.(a)

2,279

177,648

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Drive

Shack,

Inc.*(a)

11,019

16,969

El

Pollo

Loco

Holdings,

Inc.*(a)

2,541

29,526

Esports

Technologies,

Inc.*(a)

2,943

19,836

Everi

Holdings,

Inc.*

11,816

248,136

F45

Training

Holdings,

Inc.*(a)

4,270

45,689

Fiesta

Restaurant

Group,

Inc.*(a)

2,355

17,604

First

Watch

Restaurant

Group,

Inc.*

1,463

19,092

Full

House

Resorts,

Inc.*(a)

4,364

41,938

GAN

Ltd.*(a)

5,351

25,792

Golden

Entertainment,

Inc.*

2,418

140,413

Golden

Nugget

Online

Gaming,

Inc.*(a)

5,209

37,036

Hall

of

Fame

Resort

&

Entertainment

Co.*(a)

7,178

7,968

Hilton

Grand

Vacations,

Inc.*

11,981

623,132

International

Game

Technology

plc(a)

14,040

346,507

Jack

in

the

Box,

Inc.(a)

2,886

269,581

Krispy

Kreme,

Inc.(a)

11,660

173,151

Kura

Sushi

USA,

Inc.,

Class

A*(a)

523

28,843

Life

Time

Group

Holdings,

Inc.*(a)

5,906

85,873

Lindblad

Expeditions

Holdings,

Inc.*(a)

4,093

61,722

Monarch

Casino

&

Resort,

Inc.*

1,845

160,939

Nathan's

Famous,

Inc.

371

20,097

NEOGAMES

SA*

1,477

22,790

Noodles

&

Co.*(a)

5,425

32,387

ONE

Group

Hospitality,

Inc.

(The)*(a)

2,808

29,512

Papa

John's

International,

Inc.

4,618

486,183

PlayAGS,

Inc.*

3,665

24,446

Portillo's,

Inc.,

Class

A*(a)

3,136

77,020

RCI

Hospitality

Holdings,

Inc.

(a)

1,294

79,529

Red

Robin

Gourmet

Burgers,

Inc.*(a)

2,078

35,035

Red

Rock

Resorts,

Inc.,

Class

A(a)

7,667

372,310

Rush

Street

Interactive,

Inc.*(a)

7,218

52,475

Ruth's

Hospitality

Group,

Inc.

4,487

102,663

Scientific

Games

Corp.*

13,426

788,778

SeaWorld

Entertainment,

Inc.*

7,038

523,909

Shake

Shack,

Inc.,

Class

A*

5,265

357,494

Sweetgreen,

Inc.,

Class

A*(a)

1,653

52,880

Target

Hospitality

Corp.*(a)

3,256

19,536

Texas

Roadhouse,

Inc.

9,885

827,671

Wingstop,

Inc.(a)

4,166

488,880

Xponential

Fitness,

Inc.,

Class

A*(a)

1,759

41,231

9,122,094

Household

Durables

1.6%

Aterian,

Inc.*(a)

3,758

9,132

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Household

Durables

Bassett

Furniture

Industries,

Inc.

1,202

19,905

Beazer

Homes

USA,

Inc.*

3,906

59,449

Cavco

Industries,

Inc.*

1,290

310,696

Century

Communities,

Inc.

4,157

222,690

Ethan

Allen

Interiors,

Inc.(a)

3,287

85,692

Flexsteel

Industries,

Inc.(a)

886

17,100

GoPro,

Inc.,

Class

A*(a)

18,842

160,722

Green

Brick

Partners,

Inc.*

4,595

90,797

Hamilton

Beach

Brands

Holding

Co.,

Class

A

969

11,269

Helen

of

Troy

Ltd.*

3,403

666,444

Hooker

Furnishings

Corp.

1,564

29,622

Hovnanian

Enterprises,

Inc.,

Class

A*

799

47,221

Installed

Building

Products,

Inc.(a)

3,245

274,170

iRobot

Corp.*(a)

3,696

234,326

KB

Home

11,151

361,069

Landsea

Homes

Corp.*(a)

2,207

18,870

La-Z-Boy,

Inc.

6,019

158,721

Legacy

Housing

Corp.*

1,073

23,027

LGI

Homes,

Inc.*(a)

3,022

295,189

Lifetime

Brands,

Inc.(a)

1,691

21,712

Lovesac

Co.

(The)*(a)

1,943

105,039

M/I

Homes,

Inc.*

3,957

175,493

MDC

Holdings,

Inc.

8,047

304,498

Meritage

Homes

Corp.*

5,152

408,193

Purple

Innovation,

Inc.*(a)

9,150

53,528

Skyline

Champion

Corp.*

7,342

402,929

Snap

One

Holdings

Corp.*(a)

2,353

34,707

Sonos,

Inc.*(a)

18,186

513,209

Taylor

Morrison

Home

Corp.*

16,728

455,336

Traeger,

Inc.*

4,347

32,342

Tri

Pointe

Homes,

Inc.*

15,148

304,172

Tupperware

Brands

Corp.*(a)

6,970

135,567

Universal

Electronics,

Inc.*(a)

1,705

53,264

VOXX

International

Corp.*(a)

2,076

20,698

Vuzix

Corp.*(a)

7,828

51,665

Weber,

Inc.,

Class

A(a)

3,208

31,535

6,199,998

Household

Products

0.2%

Central

Garden

&

Pet

Co.*

1,314

57,764

Central

Garden

&

Pet

Co.,

Class

A*(a)

5,586

227,797

Energizer

Holdings,

Inc.

9,407

289,359

Oil-Dri

Corp.

of

America(a)

695

19,912

WD-40

Co.

1,923

352,351

947,183

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Clearway

Energy,

Inc.,

Class

A

4,895

163,102

Clearway

Energy,

Inc.,

Class

C(a)

11,489

419,463

Ormat

Technologies,

Inc.(a)

6,327

517,738

Sunnova

Energy

International,

Inc.*(a)

12,155

280,294

1,380,597

Common

Stocks

Shares

Value

($)

Insurance

1.9%

Ambac

Financial

Group,

Inc.*

6,068

63,107

American

Equity

Investment

Life

Holding

Co.(a)

11,548

460,881

American

National

Group,

Inc.

1,035

195,708

AMERISAFE,

Inc.

2,773

137,735

Argo

Group

International

Holdings

Ltd.

4,538

187,329

Bright

Health

Group,

Inc.*(a)

36,080

69,634

BRP

Group,

Inc.,

Class

A*

6,617

177,534

Citizens,

Inc.*(a)

9,291

39,394

CNO

Financial

Group,

Inc.

17,254

432,903

Crawford

&

Co.,

Class

A

2,125

16,065

Donegal

Group,

Inc.,

Class

A

1,943

26,056

eHealth,

Inc.*

3,554

44,105

Employers

Holdings,

Inc.(a)

3,719

152,553

Enstar

Group

Ltd.*

1,733

452,573

Genworth

Financial,

Inc.,

Class

A*

66,204

250,251

Goosehead

Insurance,

Inc.,

Class

A

2,523

198,232

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

3,637

25,714

HCI

Group,

Inc.

756

51,544

Heritage

Insurance

Holdings,

Inc.(a)

3,373

24,083

Horace

Mann

Educators

Corp.

5,449

227,932

Investors

Title

Co.

173

35,155

James

River

Group

Holdings

Ltd.(a)

4,775

118,133

Kinsale

Capital

Group,

Inc.

3,002

684,516

Maiden

Holdings

Ltd.*(a)

9,272

22,345

MBIA,

Inc.*

7,171

110,362

MetroMile,

Inc.*

14,111

18,627

National

Western

Life

Group,

Inc.,

Class

A

394

82,898

NI

Holdings,

Inc.*

1,144

19,402

Palomar

Holdings,

Inc.*

3,482

222,813

ProAssurance

Corp.

7,170

192,730

RLI

Corp.

5,740

635,016

Safety

Insurance

Group,

Inc.

(a)

1,931

175,431

Selective

Insurance

Group,

Inc.

8,437

753,930

Selectquote,

Inc.*

18,396

51,325

SiriusPoint

Ltd.*

13,324

99,664

Stewart

Information

Services

Corp.

3,485

211,226

Tiptree,

Inc.

3,868

49,704

Trean

Insurance

Group,

Inc.*(a)

2,303

10,801

Trupanion,

Inc.*(a)

5,330

475,010

United

Fire

Group,

Inc.

2,805

87,151

United

Insurance

Holdings

Corp.

2,654

8,785

Universal

Insurance

Holdings,

Inc.

3,617

48,793

7,347,150

Interactive

Media

&

Services

0.6%

Cargurus,

Inc.*(a)

13,390

568,539

114

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Cars.com,

Inc.*(a)

9,606

138,615

Eventbrite,

Inc.,

Class

A*(a)

10,383

153,357

EverQuote,

Inc.,

Class

A*(a)

2,521

40,790

fuboTV,

Inc.*(a)

19,504

128,141

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A*(a)

9,718

19,922

MediaAlpha,

Inc.,

Class

A*(a)

2,781

46,026

Outbrain,

Inc.*(a)

3,291

35,312

QuinStreet,

Inc.*

7,066

81,966

Society

Pass,

Inc.*(a)

615

1,826

TrueCar,

Inc.*

13,127

51,852

Yelp,

Inc.*

10,104

344,647

Ziff

Davis,

Inc.*

6,067

587,164

2,198,157

Internet

&

Direct

Marketing

Retail

0.4%

1-800-Flowers.com,

Inc.,

Class

A*

4,249

54,217

1stdibs.com,

Inc.*(a)

2,803

22,396

aka

Brands

Holding

Corp.*

1,357

5,998

CarParts.com,

Inc.*(a)

7,011

46,974

Duluth

Holdings,

Inc.,

Class

B*(a)

1,620

19,813

Groupon,

Inc.*(a)

3,409

65,555

Lands'

End,

Inc.*(a)

1,914

32,385

Liquidity

Services,

Inc.*

3,529

60,417

Lulu's

Fashion

Lounge

Holdings,

Inc.*(a)

1,142

7,743

Overstock.com,

Inc.*(a)

6,074

267,286

PetMed

Express,

Inc.(a)

2,939

75,826

Porch

Group,

Inc.*(a)

10,779

74,860

Quotient

Technology,

Inc.*

11,856

75,641

RealReal,

Inc.

(The)*(a)

11,212

81,399

Rent

the

Runway,

Inc.,

Class

A*(a)

2,287

15,757

Revolve

Group,

Inc.*

4,949

265,712

Shutterstock,

Inc.

3,236

301,207

Stitch

Fix,

Inc.,

Class

A*(a)

11,285

113,640

Xometry,

Inc.,

Class

A*(a)

3,409

125,281

1,712,107

IT

Services

1.5%

BigCommerce

Holdings,

Inc.,

Series

1*

6,729

147,432

Brightcove,

Inc.*

5,364

41,839

Cantaloupe,

Inc.*(a)

7,773

52,623

Cass

Information

Systems,

Inc.

1,899

70,092

Conduent,

Inc.*(a)

23,374

120,610

CSG

Systems

International,

Inc.(a)

4,495

285,747

DigitalOcean

Holdings,

Inc.*

7,124

412,123

EVERTEC,

Inc.

8,456

346,104

Evo

Payments,

Inc.,

Class

A*

6,572

151,747

ExlService

Holdings,

Inc.*

4,590

657,609

Flywire

Corp.*

7,836

239,625

GreenBox

POS*(a)

2,317

9,778

Grid

Dynamics

Holdings,

Inc.*

6,258

88,113

Hackett

Group,

Inc.

(The)(a)

3,323

76,628

I3

Verticals,

Inc.,

Class

A*

3,098

86,310

IBEX

Holdings

Ltd.*(a)

740

11,796

Common

Stocks

Shares

Value

($)

IT

Services

International

Money

Express,

Inc.*

4,733

97,547

Limelight

Networks,

Inc.*(a)

17,066

89,084

LiveRamp

Holdings,

Inc.*

9,268

346,531

MAXIMUS,

Inc.

8,548

640,673

MoneyGram

International,

Inc.*

12,721

134,334

Paya

Holdings,

Inc.*(a)

12,238

71,715

Perficient,

Inc.*(a)

4,548

500,689

Priority

Technology

Holdings,

Inc.*(a)

1,568

9,016

Rackspace

Technology,

Inc.*(a)

7,772

86,736

Remitly

Global,

Inc.*(a)

1,636

16,147

Repay

Holdings

Corp.*(a)

12,014

177,447

StarTek,

Inc.*(a)

2,197

9,733

TTEC

Holdings,

Inc.

2,538

209,436

Tucows,

Inc.,

Class

A*(a)

1,416

96,713

Unisys

Corp.*

9,349

202,032

Verra

Mobility

Corp.*(a)

20,778

338,266

5,824,275

Leisure

Products

0.5%

Acushnet

Holdings

Corp.

4,744

190,993

American

Outdoor

Brands,

Inc.*

1,880

24,684

AMMO,

Inc.*(a)

13,696

65,741

Callaway

Golf

Co.*

16,289

381,488

Clarus

Corp.(a)

3,557

81,028

Escalade,

Inc.(a)

1,364

18,005

Genius

Brands

International,

Inc.*(a)

37,648

38,401

Johnson

Outdoors,

Inc.,

Class

A(a)

698

54,256

Latham

Group,

Inc.*

6,548

86,696

Malibu

Boats,

Inc.,

Class

A*

2,886

167,417

Marine

Products

Corp.(a)

1,063

12,278

MasterCraft

Boat

Holdings,

Inc.*

2,508

61,722

Nautilus,

Inc.*

3,973

16,369

Smith

&

Wesson

Brands,

Inc.

6,467

97,846

Solo

Brands,

Inc.,

Class

A*(a)

2,712

23,133

Sturm

Ruger

&

Co.,

Inc.(a)

2,518

175,303

Vista

Outdoor,

Inc.*

7,760

276,954

1,772,314

Life

Sciences

Tools

&

Services

0.6%

Absci

Corp.*(a)

7,740

65,248

Akoya

Biosciences,

Inc.*(a)

2,084

22,903

Alpha

Teknova,

Inc.*(a)

909

12,553

Berkeley

Lights,

Inc.*(a)

6,840

48,632

Bionano

Genomics,

Inc.*(a)

39,602

102,173

ChromaDex

Corp.*(a)

6,251

15,377

Codex

DNA,

Inc.*(a)

1,038

5,574

Codexis,

Inc.*(a)

8,340

171,971

Cytek

Biosciences,

Inc.*(a)

13,374

144,172

Fluidigm

Corp.*(a)

10,001

35,904

Harvard

Bioscience,

Inc.*(a)

5,136

31,895

Inotiv,

Inc.*(a)

2,544

66,602

IsoPlexis

Corp.*(a)

1,131

3,879

MaxCyte,

Inc.*(a)

14,587

101,963

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Medpace

Holdings,

Inc.*

4,008

655,669

NanoString

Technologies,

Inc.*

6,414

222,886

NeoGenomics,

Inc.*(a)

16,300

198,045

Pacific

Biosciences

of

California,

Inc.*

27,390

249,249

Personalis,

Inc.*

5,371

43,988

Quanterix

Corp.*

4,219

123,153

Rapid

Micro

Biosystems,

Inc.,

Class

A*

2,473

16,792

Seer,

Inc.*(a)

6,298

95,982

Singular

Genomics

Systems,

Inc.*(a)

6,603

41,665

2,476,275

Machinery

3.6%

AgEagle

Aerial

Systems,

Inc.*(a)

8,902

10,593

Alamo

Group,

Inc.

1,385

199,149

Albany

International

Corp.,

Class

A

4,297

362,323

Altra

Industrial

Motion

Corp.

9,083

353,601

Astec

Industries,

Inc.

3,148

135,364

Barnes

Group,

Inc.(a)

6,681

268,509

Blue

Bird

Corp.*(a)

2,666

50,174

Chart

Industries,

Inc.*(a)

5,097

875,512

CIRCOR

International,

Inc.*

2,456

65,379

Columbus

McKinnon

Corp.

3,878

164,427

Commercial

Vehicle

Group,

Inc.*

4,276

36,132

Desktop

Metal,

Inc.,

Class

A*(a)

26,134

123,875

Douglas

Dynamics,

Inc.

3,226

111,587

Energy

Recovery,

Inc.*(a)

5,625

113,288

Enerpac

Tool

Group

Corp.(a)

8,504

186,153

EnPro

Industries,

Inc.

2,908

284,199

ESCO

Technologies,

Inc.(a)

3,618

252,971

Evoqua

Water

Technologies

Corp.*(a)

16,149

758,680

Federal

Signal

Corp.

8,466

285,728

Franklin

Electric

Co.,

Inc.

6,454

535,940

Gorman-Rupp

Co.

(The)

3,218

115,462

Greenbrier

Cos.,

Inc.

(The)(a)

4,445

228,962

Helios

Technologies,

Inc.(a)

4,551

365,218

Hillenbrand,

Inc.

10,177

449,518

Hydrofarm

Holdings

Group,

Inc.*(a)

5,762

87,294

Hyliion

Holdings

Corp.*(a)

18,228

80,750

Hyster-Yale

Materials

Handling,

Inc.

1,333

44,269

Ideanomics,

Inc.*(a)

72,628

81,343

John

Bean

Technologies

Corp.

(a)

4,383

519,254

Kadant,

Inc.(a)

1,615

313,617

Kennametal,

Inc.

11,775

336,883

Lindsay

Corp.

1,512

237,399

Luxfer

Holdings

plc

4,008

67,334

Manitowoc

Co.,

Inc.

(The)*

4,579

69,051

Mayville

Engineering

Co.,

Inc.*

1,170

10,963

Meritor,

Inc.*(a)

9,390

334,002

Miller

Industries,

Inc.

1,480

41,677

Common

Stocks

Shares

Value

($)

Machinery

Mueller

Industries,

Inc.

7,852

425,343

Mueller

Water

Products,

Inc.,

Class

A

21,755

281,075

Nikola

Corp.*(a)

32,445

347,486

NN,

Inc.*(a)

5,701

16,419

Omega

Flex,

Inc.(a)

414

53,766

Park-Ohio

Holdings

Corp.(a)

1,135

15,970

Proto

Labs,

Inc.*

3,783

200,121

RBC

Bearings,

Inc.*(a)

3,903

756,714

REV

Group,

Inc.

4,693

62,886

Shyft

Group,

Inc.

(The)(a)

4,792

173,039

SPX

Corp.*

6,075

300,166

SPX

FLOW,

Inc.

5,920

510,422

Standex

International

Corp.

1,651

164,968

Tennant

Co.

2,568

202,358

Terex

Corp.

9,668

344,761

Titan

International,

Inc.*(a)

7,463

109,930

Trinity

Industries,

Inc.

10,787

370,641

Wabash

National

Corp.(a)

6,917

102,648

Watts

Water

Technologies,

Inc.,

Class

A

3,841

536,165

Welbilt,

Inc.*

18,416

437,380

13,968,838

Marine

0.3%

Costamare,

Inc.

7,171

122,266

Eagle

Bulk

Shipping,

Inc.(a)

1,327

90,382

Genco

Shipping

&

Trading

Ltd.

4,856

114,699

Matson,

Inc.(a)

5,804

700,078

Safe

Bulkers,

Inc.

8,329

39,646

1,067,071

Media

1.0%

Advantage

Solutions,

Inc.*(a)

10,191

65,019

AMC

Networks,

Inc.,

Class

A*

4,078

165,689

Audacy,

Inc.*

15,736

45,477

Boston

Omaha

Corp.,

Class

A*

2,803

71,112

Cardlytics,

Inc.*(a)

4,588

252,248

Clear

Channel

Outdoor

Holdings,

Inc.*(a)

50,918

176,176

comScore,

Inc.*(a)

9,171

26,688

Daily

Journal

Corp.*

161

50,230

Digital

Media

Solutions,

Inc.*(a)

437

1,591

Emerald

Holding,

Inc.*(a)

3,124

10,622

Entravision

Communications

Corp.,

Class

A(a)

7,921

50,774

EW

Scripps

Co.

(The),

Class

A*

7,995

166,216

Fluent,

Inc.*(a)

5,660

11,773

Gannett

Co.,

Inc.*(a)

20,468

92,311

Gray

Television,

Inc.

11,812

260,691

Hemisphere

Media

Group,

Inc.*

2,123

9,702

iHeartMedia,

Inc.,

Class

A*

15,527

293,926

Integral

Ad

Science

Holding

Corp.*(a)

4,357

60,127

John

Wiley

&

Sons,

Inc.,

Class

A(a)

6,082

322,528

Magnite,

Inc.*

18,709

247,146

National

CineMedia,

Inc.(a)

7,849

19,936

116

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Media

Scholastic

Corp.

3,707

149,318

Sinclair

Broadcast

Group,

Inc.,

Class

A

6,421

179,916

Stagwell,

Inc.*

8,337

60,360

TechTarget,

Inc.*

3,691

300,005

TEGNA,

Inc.

30,743

688,643

Thryv

Holdings,

Inc.*

1,078

30,313

WideOpenWest,

Inc.*(a)

7,382

128,742

3,937,279

Metals

&

Mining

1.5%

Allegheny

Technologies,

Inc.*(a)

17,806

477,913

Arconic

Corp.*

14,727

377,306

Carpenter

Technology

Corp.(a)

6,624

278,076

Century

Aluminum

Co.*

7,326

192,747

Coeur

Mining,

Inc.*

35,726

158,981

Commercial

Metals

Co.

16,689

694,596

Compass

Minerals

International,

Inc.(a)

4,820

302,648

Constellium

SE*

17,345

312,210

Gatos

Silver,

Inc.*(a)

6,057

26,166

Haynes

International,

Inc.

1,667

71,014

Hecla

Mining

Co.

74,205

487,527

Kaiser

Aluminum

Corp.

2,194

206,587

Materion

Corp.

2,814

241,272

MP

Materials

Corp.*(a)

10,619

608,893

Novagold

Resources,

Inc.*

32,868

254,070

Olympic

Steel,

Inc.

1,224

47,075

Perpetua

Resources

Corp.*

5,299

21,726

PolyMet

Mining

Corp.*(a)

3,769

15,792

Ryerson

Holding

Corp.

2,192

76,764

Schnitzer

Steel

Industries,

Inc.,

Class

A(a)

3,647

189,425

SunCoke

Energy,

Inc.

12,289

109,495

TimkenSteel

Corp.*(a)

6,521

142,679

Warrior

Met

Coal,

Inc.

7,144

265,114

Worthington

Industries,

Inc.

4,651

239,108

5,797,184

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.3%

AFC

Gamma,

Inc.(a)

1,979

37,839

Angel

Oak

Mortgage,

Inc.(a)

1,703

27,946

Apollo

Commercial

Real

Estate

Finance,

Inc.

19,633

273,488

Arbor

Realty

Trust,

Inc.

20,090

342,735

Ares

Commercial

Real

Estate

Corp.(a)

6,306

97,869

ARMOUR

Residential

REIT,

Inc.(a)

11,972

100,565

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

21,855

694,770

BrightSpire

Capital,

Inc.(a)

12,535

115,949

Broadmark

Realty

Capital,

Inc.

(a)

17,946

155,233

Chicago

Atlantic

Real

Estate

Finance,

Inc.

751

13,315

Chimera

Investment

Corp.

33,143

399,042

Dynex

Capital,

Inc.(a)

4,705

76,221

Ellington

Financial,

Inc.(a)

7,615

135,166

Franklin

BSP

Realty

Trust,

Inc.

4,841

67,677

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Granite

Point

Mortgage

Trust,

Inc.

7,304

81,221

Great

Ajax

Corp.(a)

2,894

33,947

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(a)

10,799

512,197

Invesco

Mortgage

Capital,

Inc.

(a)

42,942

97,908

KKR

Real

Estate

Finance

Trust,

Inc.(a)

5,037

103,813

Ladder

Capital

Corp.

15,835

187,961

MFA

Financial,

Inc.

61,008

245,862

New

York

Mortgage

Trust,

Inc.

(a)

52,996

193,435

Orchid

Island

Capital,

Inc.(a)

19,871

64,581

PennyMac

Mortgage

Investment

Trust(a)

13,679

231,038

Ready

Capital

Corp.

9,007

135,645

Redwood

Trust,

Inc.

15,832

166,711

TPG

RE

Finance

Trust,

Inc.

8,631

101,932

Two

Harbors

Investment

Corp.

(a)

48,032

265,617

4,959,683

Multiline

Retail

0.4%

Big

Lots,

Inc.(a)

4,166

144,144

Dillard's,

Inc.,

Class

A(a)

786

210,954

Franchise

Group,

Inc.

3,932

162,903

Macy's,

Inc.(a)

42,184

1,027,602

1,545,603

Multi-Utilities

0.4%

Avista

Corp.(a)

9,772

441,206

Black

Hills

Corp.

9,045

696,646

NorthWestern

Corp.(a)

7,602

459,845

Unitil

Corp.

2,247

112,080

1,709,777

Oil,

Gas

&

Consumable

Fuels

5.4%

Aemetis,

Inc.*(a)

3,691

46,765

Alto

Ingredients,

Inc.*

9,481

64,660

Antero

Resources

Corp.*(a)

39,965

1,220,131

Arch

Resources,

Inc.(a)

2,094

287,674

Berry

Corp.

8,996

92,839

Brigham

Minerals,

Inc.,

Class

A

6,150

157,132

California

Resources

Corp.

11,324

506,522

Callon

Petroleum

Co.*(a)

6,683

394,832

Centennial

Resource

Development,

Inc.,

Class

A*(a)

25,478

205,607

Centrus

Energy

Corp.,

Class

A*

1,261

42,496

Chesapeake

Energy

Corp.(a)

14,645

1,274,115

Civitas

Resources,

Inc.(a)

6,074

362,678

Clean

Energy

Fuels

Corp.*(a)

21,677

172,115

CNX

Resources

Corp.*

28,323

586,852

Comstock

Resources,

Inc.*

12,350

161,167

CONSOL

Energy,

Inc.*

4,929

185,478

Crescent

Energy,

Inc.,

Class

A(a)

3,918

67,938

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

117

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

CVR

Energy,

Inc.

4,247

108,468

Delek

US

Holdings,

Inc.*

9,188

194,969

Denbury,

Inc.*(a)

7,054

554,233

DHT

Holdings,

Inc.(a)

19,999

115,994

Dorian

LPG

Ltd.

4,587

66,466

Earthstone

Energy,

Inc.,

Class

A*

3,855

48,689

Energy

Fuels,

Inc.*(a)

21,364

195,481

Equitrans

Midstream

Corp.

58,003

489,545

Falcon

Minerals

Corp.(a)

5,139

34,637

Frontline

Ltd.*(a)

17,123

150,682

Gevo,

Inc.*(a)

27,455

128,489

Golar

LNG

Ltd.*(a)

14,124

349,993

Green

Plains,

Inc.*(a)

5,719

177,346

HighPeak

Energy,

Inc.(a)

561

12,454

International

Seaways,

Inc.(a)

6,530

117,801

Kinetik

Holdings,

Inc.

435

28,279

Kosmos

Energy

Ltd.*

62,994

452,927

Laredo

Petroleum,

Inc.*(a)

1,778

140,711

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

20,182

477,304

Matador

Resources

Co.

15,463

819,230

Murphy

Oil

Corp.(a)

20,695

835,871

Nordic

American

Tankers

Ltd.

(a)

24,966

53,178

Northern

Oil

and

Gas,

Inc.(a)

8,432

237,698

Oasis

Petroleum,

Inc.

2,782

407,007

Ovintiv,

Inc.

36,518

1,974,528

Par

Pacific

Holdings,

Inc.*

6,534

85,073

PBF

Energy,

Inc.,

Class

A*

13,421

327,070

PDC

Energy,

Inc.

13,610

989,175

Peabody

Energy

Corp.*(a)

12,790

313,739

Range

Resources

Corp.*

33,386

1,014,267

Ranger

Oil

Corp.*

3,022

104,350

Renewable

Energy

Group,

Inc.*

6,249

379,002

REX

American

Resources

Corp.*(a)

822

81,871

Riley

Exploration

Permian,

Inc.

1,400

35,112

Scorpio

Tankers,

Inc.

6,907

147,672

SFL

Corp.

Ltd.

17,382

176,949

SM

Energy

Co.

16,748

652,335

Southwestern

Energy

Co.*(a)

142,452

1,021,381

Talos

Energy,

Inc.*(a)

5,380

84,950

Teekay

Corp.*(a)

9,264

29,367

Teekay

Tankers

Ltd.,

Class

A*(a)

3,181

44,025

Tellurian,

Inc.*

50,209

266,108

Uranium

Energy

Corp.*(a)

37,383

171,588

Ur-Energy,

Inc.*(a)

24,135

38,616

W&T

Offshore,

Inc.*

12,518

47,819

Whiting

Petroleum

Corp.

5,539

451,484

World

Fuel

Services

Corp.

8,916

241,089

20,704,023

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

2,200

61,666

Glatfelter

Corp.

6,701

82,958

Neenah,

Inc.

2,453

97,286

Common

Stocks

Shares

Value

($)

Paper

&

Forest

Products

Schweitzer-Mauduit

International,

Inc.

4,443

122,183

364,093

Personal

Products

0.6%

Beauty

Health

Co.

(The)*(a)

12,247

206,729

BellRing

Brands,

Inc.*(a)

16,116

371,957

Edgewell

Personal

Care

Co.

7,690

281,992

elf

Beauty,

Inc.*

6,796

175,541

Honest

Co.,

Inc.

(The)*(a)

11,337

59,066

Inter

Parfums,

Inc.

2,470

217,483

Medifast,

Inc.

1,592

271,882

Nature's

Sunshine

Products,

Inc.*

1,548

26,037

NewAge,

Inc.*(a)

17,759

10,318

Nu

Skin

Enterprises,

Inc.,

Class

A(a)

7,020

336,118

Revlon,

Inc.,

Class

A*(a)

925

7,465

Thorne

HealthTech,

Inc.*

1,305

8,300

USANA

Health

Sciences,

Inc.*

1,628

129,345

Veru,

Inc.*(a)

8,430

40,717

2,142,950

Pharmaceuticals

1.5%

9

Meters

Biopharma,

Inc.*(a)

28,347

16,988

Aclaris

Therapeutics,

Inc.*(a)

6,719

115,836

Aerie

Pharmaceuticals,

Inc.*

5,646

51,379

Amneal

Pharmaceuticals,

Inc.*

13,301

55,465

Amphastar

Pharmaceuticals,

Inc.*

5,214

187,183

Ampio

Pharmaceuticals,

Inc.*(a)

25,371

11,924

Amylyx

Pharmaceuticals,

Inc.*

1,314

16,885

Angion

Biomedica

Corp.*(a)

2,842

6,025

ANI

Pharmaceuticals,

Inc.*

1,600

44,976

Antares

Pharma,

Inc.*

22,265

91,287

Arvinas,

Inc.*

6,644

447,141

Atea

Pharmaceuticals,

Inc.*(a)

8,711

62,893

Athira

Pharma,

Inc.*(a)

4,302

58,077

Axsome

Therapeutics,

Inc.*(a)

4,077

168,747

Cara

Therapeutics,

Inc.*(a)

5,926

72,001

Cassava

Sciences,

Inc.*(a)

5,339

198,291

CinCor

Pharma,

Inc.*

1,571

27,555

Citius

Pharmaceuticals,

Inc.*(a)

15,146

27,111

Collegium

Pharmaceutical,

Inc.*

4,695

95,590

Corcept

Therapeutics,

Inc.*(a)

12,440

280,149

CorMedix,

Inc.*(a)

5,054

27,696

Cymabay

Therapeutics,

Inc.*

9,245

28,752

DICE

Therapeutics,

Inc.*(a)

1,856

35,505

Durect

Corp.*(a)

30,174

20,214

Edgewise

Therapeutics,

Inc.*(a)

5,157

50,023

Endo

International

plc*(a)

34,172

78,937

Esperion

Therapeutics,

Inc.*(a)

7,928

36,786

Evolus,

Inc.*(a)

5,022

56,347

EyePoint

Pharmaceuticals,

Inc.*(a)

3,716

45,149

Fulcrum

Therapeutics,

Inc.*(a)

3,988

94,316

118

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Harmony

Biosciences

Holdings,

Inc.*(a)

3,167

154,075

Ikena

Oncology,

Inc.*(a)

3,693

22,527

Innoviva,

Inc.*(a)

6,129

118,596

Intra-Cellular

Therapies,

Inc.*

11,187

684,533

Kala

Pharmaceuticals,

Inc.*(a)

6,312

8,711

Kaleido

Biosciences,

Inc.*(a)

2,529

4,173

KemPharm,

Inc.*(a)

3,812

19,174

Landos

Biopharma,

Inc.*

611

901

Marinus

Pharmaceuticals,

Inc.*(a)

4,926

46,058

Mind

Medicine

MindMed,

Inc.*(a)

47,931

53,203

NGM

Biopharmaceuticals,

Inc.*

4,203

64,096

Nuvation

Bio,

Inc.*(a)

22,421

117,934

Ocular

Therapeutix,

Inc.*

10,225

50,614

Omeros

Corp.*(a)

8,043

48,338

Oramed

Pharmaceuticals,

Inc.*

4,056

35,084

Pacira

BioSciences,

Inc.*

6,191

472,497

Paratek

Pharmaceuticals,

Inc.*(a)

7,880

23,404

Phathom

Pharmaceuticals,

Inc.*

2,701

36,761

Phibro

Animal

Health

Corp.,

Class

A

2,727

54,404

Pliant

Therapeutics,

Inc.*(a)

3,209

22,495

Prestige

Consumer

Healthcare,

Inc.*

7,005

370,845

Provention

Bio,

Inc.*(a)

7,398

54,153

Rain

Therapeutics,

Inc.*(a)

2,297

11,646

Reata

Pharmaceuticals,

Inc.,

Class

A*(a)

3,918

128,354

Relmada

Therapeutics,

Inc.*

3,462

93,439

Revance

Therapeutics,

Inc.*

10,191

198,725

Seelos

Therapeutics,

Inc.*(a)

13,231

11,085

SIGA

Technologies,

Inc.*(a)

6,604

46,822

Supernus

Pharmaceuticals,

Inc.*

6,806

219,970

Tarsus

Pharmaceuticals,

Inc.*

1,124

18,906

Terns

Pharmaceuticals,

Inc.*(a)

1,493

4,434

TherapeuticsMD,

Inc.*(a)

48,246

18,334

Theravance

Biopharma,

Inc.*

8,688

83,057

Theseus

Pharmaceuticals,

Inc.*(a)

1,758

20,270

Ventyx

Biosciences,

Inc.*(a)

1,392

18,889

Verrica

Pharmaceuticals,

Inc.*(a)

1,710

13,868

WaVe

Life

Sciences

Ltd.*(a)

7,445

14,890

5,874,493

Professional

Services

1.8%

Acacia

Research

Corp.*

6,539

29,491

ASGN,

Inc.*

7,105

829,225

Atlas

Technical

Consultants,

Inc.*(a)

1,823

21,949

Barrett

Business

Services,

Inc.

998

77,315

CBIZ,

Inc.*

6,884

288,921

Common

Stocks

Shares

Value

($)

Professional

Services

CRA

International,

Inc.

1,036

87,293

Exponent,

Inc.

7,232

781,418

First

Advantage

Corp.*

7,777

157,018

Forrester

Research,

Inc.*

1,649

93,037

Franklin

Covey

Co.*

1,821

82,346

Heidrick

&

Struggles

International,

Inc.

2,774

109,795

HireQuest,

Inc.(a)

807

15,430

HireRight

Holdings

Corp.*

2,989

51,112

Huron

Consulting

Group,

Inc.*

2,992

137,063

ICF

International,

Inc.

2,553

240,339

Insperity,

Inc.(a)

5,085

510,636

KBR,

Inc.(a)

19,724

1,079,495

Kelly

Services,

Inc.,

Class

A

5,231

113,460

Kforce,

Inc.

2,819

208,521

Korn

Ferry

7,520

488,349

ManTech

International

Corp.,

Class

A

3,870

333,555

Mistras

Group,

Inc.*

2,664

17,609

Resources

Connection,

Inc.

4,664

79,941

Sterling

Check

Corp.*

2,210

58,410

TriNet

Group,

Inc.*(a)

5,670

557,701

TrueBlue,

Inc.*(a)

4,938

142,659

Upwork,

Inc.*(a)

16,492

383,274

Willdan

Group,

Inc.*

1,459

44,777

7,020,139

Real

Estate

Management

&

Development

0.7%

Cushman

&

Wakefield

plc*(a)

19,445

398,817

Douglas

Elliman,

Inc.(a)

9,943

72,584

eXp

World

Holdings,

Inc.(a)

9,114

192,943

Fathom

Holdings,

Inc.*(a)

1,064

11,385

Forestar

Group,

Inc.*

2,275

40,404

FRP

Holdings,

Inc.*(a)

891

51,500

Kennedy-Wilson

Holdings,

Inc.

16,630

405,606

Marcus

&

Millichap,

Inc.

3,324

175,108

Newmark

Group,

Inc.,

Class

A

23,296

370,872

Rafael

Holdings,

Inc.,

Class

B*

1,300

3,263

RE/MAX

Holdings,

Inc.,

Class

A

2,470

68,493

Realogy

Holdings

Corp.*

16,536

259,284

Redfin

Corp.*(a)

14,237

256,836

RMR

Group,

Inc.

(The),

Class

A

2,019

62,791

St

Joe

Co.

(The)(a)

4,824

285,774

Tejon

Ranch

Co.*

2,780

50,763

2,706,423

Road

&

Rail

0.9%

ArcBest

Corp.

3,533

284,406

Avis

Budget

Group,

Inc.*(a)

5,765

1,517,925

Covenant

Logistics

Group,

Inc.

1,581

34,039

Daseke,

Inc.*(a)

5,880

59,212

Heartland

Express,

Inc.

6,097

85,785

HyreCar,

Inc.*(a)

2,338

5,564

Marten

Transport

Ltd.

8,378

148,793

PAM

Transportation

Services,

Inc.*(a)

948

32,943

Saia,

Inc.*

3,701

902,378

Universal

Logistics

Holdings,

Inc.

1,000

20,150

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

119

Common

Stocks

Shares

Value

($)

Road

&

Rail

US

Xpress

Enterprises,

Inc.,

Class

A*(a)

3,588

13,921

Werner

Enterprises,

Inc.

8,363

342,883

Yellow

Corp.*

7,912

55,463

3,503,462

Semiconductors

&

Semiconductor

Equipment

3.3%

Alpha

&

Omega

Semiconductor

Ltd.*

2,950

161,217

Ambarella,

Inc.*

4,935

517,780

Amkor

Technology,

Inc.(a)

14,144

307,208

Atomera,

Inc.*(a)

2,708

35,366

Axcelis

Technologies,

Inc.*

4,617

348,722

AXT,

Inc.*(a)

5,326

37,388

CEVA,

Inc.*(a)

3,208

130,405

CMC

Materials,

Inc.

3,973

736,594

Cohu,

Inc.*

6,623

196,041

Credo

Technology

Group

Holding

Ltd.*(a)

2,916

44,411

Diodes,

Inc.*

6,100

530,639

FormFactor,

Inc.*

10,921

459,010

Ichor

Holdings

Ltd.*

3,884

138,348

Impinj,

Inc.*(a)

2,579

163,870

Kopin

Corp.*(a)

10,351

26,188

Kulicke

&

Soffa

Industries,

Inc.

(a)

8,534

478,075

Lattice

Semiconductor

Corp.*(a)

18,900

1,151,955

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

6,806

407,475

MaxLinear,

Inc.*

9,905

577,957

Meta

Materials,

Inc.*(a)

28,604

47,769

NeoPhotonics

Corp.*

7,261

110,440

NVE

Corp.

636

34,643

Onto

Innovation,

Inc.*

6,808

591,547

PDF

Solutions,

Inc.*(a)

4,216

117,500

Photronics,

Inc.*

8,292

140,715

Power

Integrations,

Inc.

8,216

761,459

Rambus,

Inc.*

15,256

486,514

Semtech

Corp.*

9,011

624,823

Silicon

Laboratories,

Inc.*

5,298

795,759

SiTime

Corp.*(a)

2,244

556,108

SkyWater

Technology,

Inc.*(a)

1,049

11,361

SMART

Global

Holdings,

Inc.*(a)

6,695

172,932

SunPower

Corp.*(a)

11,215

240,898

Synaptics,

Inc.*

5,522

1,101,639

Ultra

Clean

Holdings,

Inc.*

6,260

265,361

Veeco

Instruments,

Inc.*(a)

6,936

188,590

12,696,707

Software

5.5%

8x8,

Inc.*

15,682

197,436

A10

Networks,

Inc.

8,575

119,621

ACI

Worldwide,

Inc.*

16,470

518,640

Agilysys,

Inc.*

2,959

118,005

Alarm.com

Holdings,

Inc.*(a)

6,642

441,427

Alkami

Technology,

Inc.*(a)

3,790

54,235

Altair

Engineering,

Inc.,

Class

A*

6,472

416,797

Common

Stocks

Shares

Value

($)

Software

American

Software,

Inc.,

Class

A

4,429

92,300

Appfolio,

Inc.,

Class

A*(a)

2,637

298,535

Appian

Corp.*(a)

5,573

338,950

Arteris,

Inc.*(a)

592

7,696

Asana,

Inc.,

Class

A*(a)

10,241

409,333

Avaya

Holdings

Corp.*

12,251

155,220

AvidXchange

Holdings,

Inc.*

3,374

27,161

Benefitfocus,

Inc.*

3,331

42,037

Blackbaud,

Inc.*

6,710

401,728

Blackline,

Inc.*(a)

7,567

554,056

Bottomline

Technologies

DE,

Inc.*

6,207

351,813

Box,

Inc.,

Class

A*(a)

19,162

556,848

BTRS

Holdings,

Inc.,

Class

A*(a)

13,098

97,973

Cerence,

Inc.*(a)

5,717

206,384

ChannelAdvisor

Corp.*

4,243

70,306

Cleanspark,

Inc.*(a)

6,181

76,459

CommVault

Systems,

Inc.*

6,238

413,891

Consensus

Cloud

Solutions,

Inc.*(a)

2,365

142,207

CoreCard

Corp.*(a)

983

26,934

Couchbase,

Inc.*(a)

3,246

56,545

CS

Disco,

Inc.*(a)

2,142

72,764

Digimarc

Corp.*(a)

1,699

44,803

Digital

Turbine,

Inc.*(a)

12,673

555,204

Domo,

Inc.,

Class

B*

4,148

209,764

E2open

Parent

Holdings,

Inc.*(a)

28,112

247,667

Ebix,

Inc.(a)

3,726

123,517

eGain

Corp.*(a)

2,727

31,579

Enfusion,

Inc.,

Class

A*(a)

2,900

36,888

EngageSmart,

Inc.*(a)

2,138

45,561

Envestnet,

Inc.*(a)

7,094

528,077

EverCommerce,

Inc.*(a)

4,055

53,526

GTY

Technology

Holdings,

Inc.*

4,293

13,866

Instructure

Holdings,

Inc.*(a)

1,565

31,394

Intapp,

Inc.*(a)

1,876

45,043

InterDigital,

Inc.(a)

4,368

278,678

JFrog

Ltd.*(a)

7,553

203,553

Kaltura,

Inc.*(a)

8,349

14,945

LivePerson,

Inc.*(a)

9,158

223,638

Marathon

Digital

Holdings,

Inc.*(a)

13,324

372,406

MeridianLink,

Inc.*(a)

3,027

54,789

MicroStrategy,

Inc.,

Class

A*(a)

1,326

644,860

Mimecast

Ltd.*

8,616

685,489

Mitek

Systems,

Inc.*(a)

6,057

88,856

Model

N,

Inc.*(a)

5,063

136,195

Momentive

Global,

Inc.*

18,258

296,875

ON24,

Inc.*(a)

3,969

52,192

OneSpan,

Inc.*

4,698

67,839

PagerDuty,

Inc.*(a)

11,560

395,236

Ping

Identity

Holding

Corp.*

8,330

228,492

Progress

Software

Corp.(a)

6,237

293,700

PROS

Holdings,

Inc.*(a)

5,587

186,103

Q2

Holdings,

Inc.*(a)

7,665

472,547

120

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

Qualys,

Inc.*

4,759

677,729

Rapid7,

Inc.*(a)

7,839

872,010

Rekor

Systems,

Inc.*(a)

5,421

24,720

Rimini

Street,

Inc.*

5,849

33,924

Riot

Blockchain,

Inc.*(a)

14,886

315,137

SailPoint

Technologies

Holdings,

Inc.*(a)

12,822

656,230

Sapiens

International

Corp.

NV

4,357

110,624

SecureWorks

Corp.,

Class

A*(a)

1,279

16,947

ShotSpotter,

Inc.*

1,130

31,324

Smith

Micro

Software,

Inc.*(a)

5,932

22,364

Sprout

Social,

Inc.,

Class

A*

6,313

505,797

SPS

Commerce,

Inc.*

5,036

660,723

Stronghold

Digital

Mining,

Inc.,

Class

A*(a)

1,169

6,839

Sumo

Logic,

Inc.*

12,221

142,619

Telos

Corp.*

5,742

57,248

Tenable

Holdings,

Inc.*

12,887

744,740

Upland

Software,

Inc.*(a)

4,408

77,625

UserTesting,

Inc.*(a)

1,369

14,635

Varonis

Systems,

Inc.*

15,013

713,718

Verint

Systems,

Inc.*

8,994

464,990

Veritone,

Inc.*(a)

3,789

69,263

Viant

Technology,

Inc.,

Class

A*(a)

1,512

9,904

VirnetX

Holding

Corp.*(a)

8,461

13,791

Vonage

Holdings

Corp.*

34,978

709,704

Weave

Communications,

Inc.*(a)

899

5,358

Workiva,

Inc.*(a)

5,962

703,516

Xperi

Holding

Corp.(a)

14,897

258,016

Yext,

Inc.*

15,653

107,849

Zuora,

Inc.,

Class

A*

16,168

242,197

21,198,124

Specialty

Retail

2.1%

Aaron's

Co.,

Inc.

(The)

4,273

85,802

Abercrombie

&

Fitch

Co.,

Class

A*

7,734

247,411

Academy

Sports

&

Outdoors,

Inc.

10,970

432,218

American

Eagle

Outfitters,

Inc.

(a)

21,370

359,016

America's

Car-Mart,

Inc.*

809

65,173

Arko

Corp.

11,514

104,777

Asbury

Automotive

Group,

Inc.*(a)

3,249

520,490

Barnes

&

Noble

Education,

Inc.*

6,315

22,608

Bed

Bath

&

Beyond,

Inc.*

13,449

303,006

Big

5

Sporting

Goods

Corp.(a)

2,782

47,711

Boot

Barn

Holdings,

Inc.*

4,047

383,615

Buckle,

Inc.

(The)(a)

4,166

137,645

Caleres,

Inc.

5,467

105,677

Camping

World

Holdings,

Inc.,

Class

A(a)

5,774

161,383

CarLotz,

Inc.*(a)

10,755

14,734

Cato

Corp.

(The),

Class

A

2,639

38,688

Common

Stocks

Shares

Value

($)

Specialty

Retail

Chico's

FAS,

Inc.*(a)

16,048

77,030

Children's

Place,

Inc.

(The)*

1,935

95,396

Citi

Trends,

Inc.*(a)

1,148

35,158

Conn's,

Inc.*(a)

2,382

36,707

Container

Store

Group,

Inc.

(The)*

4,241

34,649

Designer

Brands,

Inc.,

Class

A*

8,877

119,928

Genesco,

Inc.*(a)

1,920

122,131

Group

1

Automotive,

Inc.

2,360

396,079

GrowGeneration

Corp.*(a)

7,870

72,483

Guess?,

Inc.(a)

5,788

126,468

Haverty

Furniture

Cos.,

Inc.

2,225

61,009

Hibbett,

Inc.

2,020

89,567

JOANN,

Inc.(a)

1,576

17,982

Kirkland's,

Inc.*

1,869

17,363

Lazydays

Holdings,

Inc.*(a)

959

19,353

LL

Flooring

Holdings,

Inc.*(a)

3,822

53,584

MarineMax,

Inc.*

2,825

113,735

Monro,

Inc.(a)

4,579

203,033

Murphy

USA,

Inc.

3,238

647,470

National

Vision

Holdings,

Inc.*

11,661

508,070

ODP

Corp.

(The)*

6,506

298,170

OneWater

Marine,

Inc.,

Class

A

1,369

47,162

Party

City

Holdco,

Inc.*(a)

14,742

52,776

Rent-A-Center,

Inc.

9,261

233,285

Sally

Beauty

Holdings,

Inc.*

15,128

236,451

Shift

Technologies,

Inc.*(a)

8,279

18,214

Shoe

Carnival,

Inc.(a)

2,356

68,701

Signet

Jewelers

Ltd.(a)

7,359

534,999

Sleep

Number

Corp.*(a)

3,057

155,020

Sonic

Automotive,

Inc.,

Class

A

3,084

131,101

Sportsman's

Warehouse

Holdings,

Inc.*

6,812

72,820

Tilly's,

Inc.,

Class

A

3,024

28,305

Torrid

Holdings,

Inc.*(a)

3,098

18,774

TravelCenters

of

America,

Inc.*(a)

1,665

71,528

Urban

Outfitters,

Inc.*(a)

9,886

248,237

Winmark

Corp.

496

109,120

Zumiez,

Inc.*(a)

2,640

100,874

8,302,686

Technology

Hardware,

Storage

&

Peripherals

0.3%

3D

Systems

Corp.*(a)

17,573

293,118

Avid

Technology,

Inc.*

5,072

176,861

Corsair

Gaming,

Inc.*(a)

3,967

83,942

Diebold

Nixdorf,

Inc.*(a)

11,131

74,911

Eastman

Kodak

Co.*(a)

5,985

39,202

Quantum

Corp.*(a)

9,045

20,532

Super

Micro

Computer,

Inc.*

6,141

233,788

Turtle

Beach

Corp.*(a)

2,467

52,522

974,876

Textiles,

Apparel

&

Luxury

Goods

0.6%

Crocs,

Inc.*

8,117

620,139

Fossil

Group,

Inc.*(a)

6,913

66,641

G-III

Apparel

Group

Ltd.*

6,181

167,196

Kontoor

Brands,

Inc.(a)

7,265

300,408

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

121

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Movado

Group,

Inc.(a)

2,097

81,888

Oxford

Industries,

Inc.(a)

2,238

202,539

PLBY

Group,

Inc.*(a)

4,583

59,991

Rocky

Brands,

Inc.

914

38,013

Steven

Madden

Ltd.

11,287

436,130

Superior

Group

of

Cos.,

Inc.(a)

1,535

27,400

Unifi,

Inc.*

2,106

38,119

Vera

Bradley,

Inc.*(a)

3,433

26,331

Wolverine

World

Wide,

Inc.(a)

11,292

254,747

2,319,542

Thrifts

&

Mortgage

Finance

1.4%

Axos

Financial,

Inc.*(a)

7,802

361,935

Blue

Foundry

Bancorp*

4,206

56,991

Bridgewater

Bancshares,

Inc.*

3,221

53,726

Capitol

Federal

Financial,

Inc.

17,391

189,214

Columbia

Financial,

Inc.*(a)

5,651

121,553

Essent

Group

Ltd.

15,124

623,260

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,279

138,746

Finance

of

America

Cos.,

Inc.,

Class

A*(a)

3,827

11,634

Flagstar

Bancorp,

Inc.

6,806

288,574

FS

Bancorp,

Inc.

979

30,349

Hingham

Institution

for

Savings

213

73,102

Home

Bancorp,

Inc.

1,020

41,606

Home

Point

Capital,

Inc.(a)

1,076

3,346

Kearny

Financial

Corp.

9,743

125,490

Luther

Burbank

Corp.(a)

2,947

39,166

Merchants

Bancorp

2,204

60,346

Mr.

Cooper

Group,

Inc.*

8,636

394,406

NMI

Holdings,

Inc.,

Class

A*(a)

11,944

246,285

Northfield

Bancorp,

Inc.

5,884

84,494

Ocwen

Financial

Corp.*

1,090

25,898

PCSB

Financial

Corp.

1,814

34,666

PennyMac

Financial

Services,

Inc.

4,183

222,536

Pioneer

Bancorp,

Inc.*

1,550

16,306

Provident

Bancorp,

Inc.(a)

2,104

34,127

Provident

Financial

Services,

Inc.

9,911

231,917

Radian

Group,

Inc.

25,182

559,292

Southern

Missouri

Bancorp,

Inc.

1,175

58,691

TrustCo

Bank

Corp.

2,520

80,464

Velocity

Financial,

Inc.*

1,120

12,253

Walker

&

Dunlop,

Inc.

4,107

531,528

Washington

Federal,

Inc.

9,715

318,846

Waterstone

Financial,

Inc.

3,461

66,936

WSFS

Financial

Corp.

8,687

404,988

5,542,671

Tobacco

0.1%

22nd

Century

Group,

Inc.*(a)

22,706

52,678

Turning

Point

Brands,

Inc.(a)

1,943

66,081

Universal

Corp.(a)

3,369

195,638

Vector

Group

Ltd.

19,970

240,439

554,836

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

1.7%

Alta

Equipment

Group,

Inc.*(a)

2,522

31,172

Applied

Industrial

Technologies,

Inc.

5,362

550,463

Beacon

Roofing

Supply,

Inc.*(a)

7,790

461,791

BlueLinx

Holdings,

Inc.*

1,285

92,366

Boise

Cascade

Co.

5,539

384,795

Custom

Truck

One

Source,

Inc.*(a)

7,944

66,650

DXP

Enterprises,

Inc.*(a)

2,378

64,420

EVI

Industries,

Inc.*(a)

746

13,868

GATX

Corp.

4,857

599,014

Global

Industrial

Co.

1,699

54,759

GMS,

Inc.*

6,026

299,914

H&E

Equipment

Services,

Inc.

4,487

195,274

Herc

Holdings,

Inc.

3,484

582,142

Karat

Packaging,

Inc.*(a)

725

14,391

Lawson

Products,

Inc.*(a)

635

24,473

McGrath

RentCorp

3,343

284,088

MRC

Global,

Inc.*

11,378

135,512

NOW,

Inc.*

15,513

171,109

Rush

Enterprises,

Inc.,

Class

A

5,949

302,864

Rush

Enterprises,

Inc.,

Class

B

875

42,306

Textainer

Group

Holdings

Ltd.

(a)

6,733

256,325

Titan

Machinery,

Inc.*

2,585

73,052

Transcat,

Inc.*

944

76,596

Triton

International

Ltd.

9,317

653,867

Veritiv

Corp.*

2,070

276,531

WESCO

International,

Inc.*

6,230

810,772

Willis

Lease

Finance

Corp.*(a)

358

11,524

6,530,038

Water

Utilities

0.4%

American

States

Water

Co.

5,163

459,610

Artesian

Resources

Corp.,

Class

A

1,086

52,725

Cadiz,

Inc.*

2,653

5,492

California

Water

Service

Group

7,385

437,783

Global

Water

Resources,

Inc.

1,687

28,072

Middlesex

Water

Co.(a)

2,256

237,263

Pure

Cycle

Corp.*(a)

2,567

30,855

SJW

Group

3,901

271,432

York

Water

Co.

(The)(a)

1,903

85,578

1,608,810

Wireless

Telecommunication

Services

0.2%

Gogo,

Inc.*(a)

8,683

165,498

Shenandoah

Telecommunications

Co.(a)

6,620

156,100

Telephone

&

Data

Systems,

Inc.

14,197

268,039

United

States

Cellular

Corp.*

2,039

61,639

651,276

Total

Common

Stocks

(cost

$270,425,885)

381,984,438

122

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Rights

0.0%

†

Number

of

Rights

Value

($)

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,552

0

Oncternal

Therapeutics,

Inc.,

CVR*∞(a)

97

99

99

Pharmaceuticals

0.0%

†

Zogenix,

Inc.,

CVR*^∞

7,758

0

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

Quantum

Corp.,

expiring

4/18/2022*∞

9,045

77

Total

Rights

(cost

$7,656)

176

Repurchase

Agreements

8.9%

Principal

Amount

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$5,000,042,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$5,100,000.

(b)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,440,604,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$4,529,379.(b)

4,440,568

4,440,568

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$10,000,584,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$10,200,174.(b)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$15,000,138,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$15,300,000.(b)

15,000,000

15,000,000

Total

Repurchase

Agreements

(cost

$34,440,568)

34,440,568

Total

Investments

(cost

$304,874,109)

—

107.9%

416,425,182

Liabilities

in

excess

of

other

assets

—

(7.9)%

(30,530,296)

NET

ASSETS

—

100.0%

$

385,894,886

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$102,566,777,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$34,440,568

and

by

$72,373,214

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/12/2022

–

2/15/2052,

a

total

value

of

$106,813,782.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$34,440,568.

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

123

Futures

contracts

outstanding

as

of

March

31,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

40

6/2022

USD

4,132,800

(18,007)

Net

contracts

(18,007)

As

of

March

31,

2022,

the

Fund

had

$261,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

124

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

Small

Cap

Index

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

125

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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

segregate

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

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

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

its

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. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

381,984,438

$

–

$

–

$

381,984,438

Repurchase

Agreements

–

34,440,568

–

34,440,568

Rights  

–

176

–

176

Total

Assets

$

381,984,438

$

34,440,744

$

–

$

416,425,182

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(18,007)

$

–

$

–

$

(18,007)

Total

Liabilities

$

(18,007)

$

–

$

–

$

(18,007)

Total

$

381,966,431

$

34,440,744

$

–

$

416,407,175

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2022,

the

Fund

held

two

rights

investments

that

were

categorized

as

a

Level

3

investment

which

were

valued

at

$0.

126

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(18,007)

Total

$

(18,007)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

AllianzGI

International

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.3%

Shares

Value

($)

AUSTRALIA

3.9%

Biotechnology

0.9%

CSL

Ltd.

11,901

2,363,502

Hotels,

Restaurants

&

Leisure

3.0%

Domino's

Pizza

Enterprises

Ltd.

(a)

120,208

7,832,112

10,195,614

BRAZIL

4.0%

Internet

&

Direct

Marketing

Retail

4.0%

MercadoLibre,

Inc.

*(a)

8,762

10,422,224

CANADA

8.1%

Food

&

Staples

Retailing

2.8%

Alimentation

Couche-Tard,

Inc.

160,212

7,217,646

IT

Services

1.6%

Shopify,

Inc.,

Class

A

*

6,169

4,169,997

Software

3.7%

Constellation

Software,

Inc.

5,691

9,728,166

21,115,809

CHINA

8.6%

Interactive

Media

&

Services

4.2%

Tencent

Holdings

Ltd.

231,458

10,919,121

Internet

&

Direct

Marketing

Retail

4.4%

Alibaba

Group

Holding

Ltd.,

ADR

*(a)

72,097

7,844,154

JD.com,

Inc.,

Class

A

*

11,021

322,781

Prosus

NV

*

63,804

3,377,615

11,544,550

22,463,671

DENMARK

12.6%

Air

Freight

&

Logistics

4.2%

DSV

A/S

58,278

11,143,725

Health

Care

Equipment

&

Supplies

3.1%

Ambu

A/S,

Class

B

547,138

8,035,209

Pharmaceuticals

2.0%

Novo

Nordisk

A/S,

Class

B

47,904

5,305,209

Software

3.3%

Netcompany

Group

A/S

Reg.

S

*(b)

130,792

8,625,606

33,109,749

GERMANY

8.5%

Diversified

Financial

Services

0.4%

GRENKE

AG

(a)

38,405

1,071,092

Internet

&

Direct

Marketing

Retail

1.0%

Zalando

SE

Reg.

S

*(b)

51,093

2,593,542

IT

Services

2.2%

Bechtle

AG

100,524

5,672,954

Semiconductors

&

Semiconductor

Equipment

3.6%

Infineon

Technologies

AG

278,911

9,528,555

Software

0.5%

SAP

SE

11,667

1,301,843

Common

Stocks

Shares

Value

($)

GERMANY

Textiles,

Apparel

&

Luxury

Goods

0.8%

adidas

AG

(a)

9,206

2,149,751

22,317,737

HONG

KONG

2.9%

Insurance

2.9%

AIA

Group

Ltd.

728,216

7,624,009

INDIA

4.7%

Banks

4.7%

HDFC

Bank

Ltd.

637,976

12,313,479

IRELAND

2.1%

Building

Products

2.1%

Kingspan

Group

plc

55,966

5,437,739

ISRAEL

3.7%

IT

Services

3.7%

Wix.com

Ltd.

*

91,832

9,592,771

JAPAN

2.0%

Electronic

Equipment,

Instruments

&

Components

0.7%

Keyence

Corp.

3,741

1,739,295

IT

Services

0.4%

BASE,

Inc.

*(a)

314,871

1,139,564

Trading

Companies

&

Distributors

0.9%

MonotaRO

Co.

Ltd.

112,976

2,421,029

5,299,888

NETHERLANDS

11.0%

IT

Services

3.7%

Adyen

NV

Reg.

S

*(b)

4,904

9,688,199

Semiconductors

&

Semiconductor

Equipment

6.3%

ASML

Holding

NV

24,854

16,577,607

Software

1.0%

Topicus.com,

Inc.

*

33,942

2,531,769

28,797,575

NEW

ZEALAND

2.6%

Air

Freight

&

Logistics

2.6%

Mainfreight

Ltd.

(a)

119,105

6,886,077

SOUTH

AFRICA

1.2%

Banks

1.2%

Capitec

Bank

Holdings

Ltd.

20,328

3,247,747

SWEDEN

10.4%

Building

Products

0.7%

Assa

Abloy

AB,

Class

B

64,657

1,743,380

Chemicals

2.5%

Hexpol

AB

662,975

6,460,359

Electronic

Equipment,

Instruments

&

Components

1.7%

Hexagon

AB,

Class

B

318,712

4,471,430

Machinery

3.3%

Atlas

Copco

AB,

Class

A

80,094

4,156,758

Epiroc

AB,

Class

A

(a)

220,239

4,712,819

8,869,577

Trading

Companies

&

Distributors

2.2%

AddTech

AB,

Class

B

298,576

5,726,044

27,270,790

2

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

AllianzGI

International

Growth

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

5.0%

Capital

Markets

1.7%

Partners

Group

Holding

AG

3,603

4,476,249

Chemicals

2.5%

Sika

AG

(Registered)

19,459

6,410,899

Machinery

0.8%

VAT

Group

AG

Reg.

S

(b)

5,622

2,143,666

13,030,814

TAIWAN

6.1%

Entertainment

3.1%

Sea

Ltd.,

ADR

*(a)

67,158

8,044,857

Semiconductors

&

Semiconductor

Equipment

3.0%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

74,870

7,805,946

15,850,803

UNITED

KINGDOM

0.9%

Industrial

Conglomerates

0.9%

DCC

plc

31,379

2,432,027

Total

Common

Stocks

(cost

$223,275,937)

257,408,523

Repurchase

Agreements

2.0%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$4,313,228,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$4,399,457.(c)

4,313,193

4,313,193

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.33%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,010,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.36%

-

8.50%,

maturing

6/17/2022

-

10/20/2071;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$5,313,193)

5,313,193

Total

Investments

(cost

$228,589,130)

  —

100.3%

262,721,716

Liabilities

in

excess

of

other

assets

—

(0.3)%

(736,803)

NET

ASSETS

—

100.0%

$

261,984,913

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$18,983,144,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,313,193

and

by

$15,226,360

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/12/2022

–

11/15/2051,

a

total

value

of

$20,539,553.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$23,051,013

which

represents

8.80%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$5,313,193.

ADR

American

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

NVIT

AllianzGI

International

Growth

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

4

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

AllianzGI

International

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Air

Freight

&

Logistics

$

–

$

18,029,802

$

–

$

18,029,802

Banks

–

15,561,226

–

15,561,226

Biotechnology

–

2,363,502

–

2,363,502

Building

Products

–

7,181,119

–

7,181,119

Capital

Markets

–

4,476,249

–

4,476,249

Chemicals

–

12,871,258

–

12,871,258

Diversified

Financial

Services

–

1,071,092

–

1,071,092

Electronic

Equipment,

Instruments

&

Components

–

6,210,725

–

6,210,725

Entertainment

8,044,857

–

–

8,044,857

Food

&

Staples

Retailing

7,217,646

–

–

7,217,646

Health

Care

Equipment

&

Supplies

–

8,035,209

–

8,035,209

Hotels,

Restaurants

&

Leisure

–

7,832,112

–

7,832,112

Industrial

Conglomerates

–

2,432,027

–

2,432,027

Insurance

–

7,624,009

–

7,624,009

Interactive

Media

&

Services

–

10,919,121

–

10,919,121

Internet

&

Direct

Marketing

Retail

18,266,378

6,293,938

–

24,560,316

IT

Services

13,762,768

16,500,717

–

30,263,485

Machinery

–

11,013,243

–

11,013,243

Pharmaceuticals

–

5,305,209

–

5,305,209

Semiconductors

&

Semiconductor

Equipment

7,805,946

26,106,162

–

33,912,108

Software

12,259,935

9,927,449

–

22,187,384

Textiles,

Apparel

&

Luxury

Goods

–

2,149,751

–

2,149,751

Trading

Companies

&

Distributors

–

8,147,073

–

8,147,073

Total

Common

Stocks

$

67,357,530

$

190,050,993

$

–

$

257,408,523

Repurchase

Agreements

–

5,313,193

–

5,313,193

Total

$

67,357,530

$

195,364,186

$

–

$

262,721,716

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

98.1%

Shares

Value

($)

AUSTRALIA

0.1%

Health

Care

Equipment

&

Supplies

0.1%

Ansell

Ltd.

(a)

17,301

332,255

AUSTRIA

0.4%

Machinery

0.4%

ANDRITZ

AG

*

25,954

1,198,097

BERMUDA

0.6%

Oil,

Gas

&

Consumable

Fuels

0.6%

Teekay

Tankers

Ltd.

,

Class

A

*(a)

119,346

1,651,749

BRAZIL

0.6%

Airlines

0.6%

Azul

SA,

ADR

*(a)

101,727

1,530,991

CANADA

7.3%

Food

&

Staples

Retailing

2.1%

Alimentation

Couche-Tard,

Inc.

124,568

5,611,862

Metals

&

Mining

2.9%

Teck

Resources

Ltd.

,

Class

B

94,520

3,817,663

Yamana

Gold,

Inc.

(a)

723,220

4,035,568

7,853,231

Oil,

Gas

&

Consumable

Fuels

1.4%

Cameco

Corp.

130,969

3,811,198

Paper

&

Forest

Products

0.9%

West

Fraser

Timber

Co.

Ltd.

(a)

30,173

2,482,578

19,758,869

CHINA

0.7%

Water

Utilities

0.7%

Guangdong

Investment

Ltd.

1,464,000

1,998,648

FINLAND

1.8%

Paper

&

Forest

Products

1.8%

UPM-

Kymmene

OYJ

(a)

149,511

4,878,636

FRANCE

12.9%

Banks

2.5%

BNP

Paribas

SA

121,031

6,891,173

Biotechnology

0.0%

†

DBV

Technologies

SA,

ADR

*(a)

37,062

58,929

Construction

&

Engineering

1.4%

Eiffage

SA

37,101

3,802,765

Insurance

2.9%

AXA

SA

267,841

7,822,007

IT

Services

0.6%

Atos

SE

55,354

1,505,095

Oil,

Gas

&

Consumable

Fuels

3.3%

TotalEnergies

SE

174,067

8,831,941

Pharmaceuticals

2.2%

Sanofi

59,447

6,062,659

34,974,569

GERMANY

6.0%

Automobiles

0.4%

Mercedes-Benz

Group

AG

17,250

1,211,582

Common

Stocks

Shares

Value

($)

GERMANY

Chemicals

1.2%

Covestro

AG

Reg.

S

(b)

65,202

3,294,539

Machinery

1.7%

Duerr

AG

80,438

2,379,415

KION

Group

AG

34,716

2,308,660

4,688,075

Multi-Utilities

1.4%

E.ON

SE

328,563

3,821,086

Pharmaceuticals

0.8%

Bayer

AG

(Registered)

30,627

2,095,414

Real

Estate

Management

&

Development

0.5%

Aroundtown

SA

223,432

1,283,439

16,394,135

GREECE

0.6%

Banks

0.6%

Piraeus

Financial

Holdings

SA

*

660,503

1,027,782

Piraeus

Financial

Holdings

SA

*

433,865

679,148

1,706,930

HONG

KONG

1.4%

Food

Products

1.4%

WH

Group

Ltd.

Reg.

S

(a)(b)

6,223,877

3,915,436

IRELAND

1.5%

Banks

0.9%

Bank

of

Ireland

Group

plc

*

344,520

2,188,617

Biotechnology

0.0%

†

Amarin

Corp.

plc,

ADR

*(a)

32,430

106,695

Hotels,

Restaurants

&

Leisure

0.6%

Flutter

Entertainment

plc

*(a)

14,421

1,654,171

3,949,483

ISRAEL

1.0%

Diversified

Telecommunication

Services

1.0%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

*

1,642,326

2,812,867

JAPAN

17.1%

Auto

Components

0.7%

Koito

Manufacturing

Co.

Ltd.

(a)

48,700

1,971,581

Automobiles

1.6%

Toyota

Motor

Corp.

(a)

243,700

4,365,522

Banks

1.5%

Sumitomo

Mitsui

Financial

Group,

Inc.

127,400

4,065,873

Construction

&

Engineering

0.6%

Kinden

Corp.

128,600

1,658,657

Diversified

Financial

Services

2.3%

ORIX

Corp.

315,600

6,299,055

Diversified

Telecommunication

Services

1.2%

Nippon

Telegraph

&

Telephone

Corp.

109,200

3,173,009

6

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

1.1%

Daiwabo

Holdings

Co.

Ltd.

(a)

215,800

2,895,769

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Invincible

Investment

Corp.

2,424

837,758

Food

&

Staples

Retailing

1.6%

MatsukiyoCocokara

&

Co.

(a)

126,200

4,485,406

Health

Care

Providers

&

Services

0.8%

Ship

Healthcare

Holdings,

Inc.

(a)

129,600

2,103,111

Insurance

0.9%

Dai-ichi

Life

Holdings,

Inc.

119,800

2,437,212

IT

Services

0.1%

Simplex

Holdings,

Inc.

(a)

23,900

372,408

Machinery

0.4%

Takuma

Co.

Ltd.

92,800

1,081,727

Pharmaceuticals

1.1%

Takeda

Pharmaceutical

Co.

Ltd.

(a)

100,800

2,884,880

Real

Estate

Management

&

Development

0.2%

Starts

Corp.,

Inc.

32,800

642,594

Trading

Companies

&

Distributors

2.2%

ITOCHU

Corp.

(a)

179,700

6,095,791

Wireless

Telecommunication

Services

0.5%

SoftBank

Group

Corp.

32,400

1,457,259

46,827,612

NETHERLANDS

9.5%

Banks

2.8%

ABN

AMRO

Bank

NV,

CVA

Reg.

S

(b)

163,398

2,090,358

ING

Groep

NV

530,009

5,539,006

7,629,364

Electrical

Equipment

1.0%

Signify

NV

Reg.

S

(b)

57,863

2,698,059

Insurance

2.2%

ASR

Nederland

NV

131,246

6,098,363

Oil,

Gas

&

Consumable

Fuels

3.5%

Shell

plc

339,117

9,306,646

25,732,432

NORWAY

1.4%

Food

Products

1.4%

Leroy

Seafood

Group

ASA

406,111

3,731,663

PORTUGAL

0.0%

†

Banks

0.0%

†

Banco

Espirito

Santo

SA

(Registered)

*^∞

146,163

0

RUSSIA

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Lukoil

PJSC,

ADR

^∞

10,847

0

SINGAPORE

2.5%

Electronic

Equipment,

Instruments

&

Components

1.9%

Venture

Corp.

Ltd.

388,800

5,015,544

Common

Stocks

Shares

Value

($)

SINGAPORE

Oil,

Gas

&

Consumable

Fuels

0.6%

BW

LPG

Ltd.

Reg.

S

(b)

249,349

1,699,583

6,715,127

SOUTH

AFRICA

0.7%

Metals

&

Mining

0.7%

Sibanye

Stillwater

Ltd.,

ADR

(a)

109,325

1,774,345

SOUTH

KOREA

1.6%

Food

&

Staples

Retailing

0.6%

GS

Retail

Co.

Ltd.

72,428

1,687,984

Internet

&

Direct

Marketing

Retail

0.3%

Hyundai

Home

Shopping

Network

Corp.

14,565

720,611

Textiles,

Apparel

&

Luxury

Goods

0.7%

Youngone

Corp.

48,744

1,903,210

4,311,805

SPAIN

3.8%

Banks

1.8%

Banco

Santander

SA

1,498,410

5,084,053

Construction

&

Engineering

0.7%

ACS

Actividades

de

Construccion

y

Servicios

SA

67,247

1,807,635

Electric

Utilities

1.1%

Endesa

SA

136,978

2,989,250

Energy

Equipment

&

Services

0.2%

Tecnicas

Reunidas

SA

*(a)

56,027

477,814

10,358,752

SWEDEN

0.5%

Entertainment

0.5%

Stillfront

Group

AB

*

524,438

1,481,434

SWITZERLAND

2.6%

Electronic

Equipment,

Instruments

&

Components

0.4%

TE

Connectivity

Ltd.

7,651

1,002,128

Pharmaceuticals

2.2%

Novartis

AG

(Registered)

69,518

6,096,830

7,098,958

TAIWAN

1.5%

Insurance

1.5%

Fubon

Financial

Holding

Co.

Ltd.

1,546,200

4,112,594

UNITED

KINGDOM

16.8%

Air

Freight

&

Logistics

0.3%

Royal

Mail

plc

190,923

817,720

Banks

0.7%

Barclays

plc

932,077

1,810,662

Capital

Markets

1.1%

TP

ICAP

Group

plc

1,529,041

2,973,274

Diversified

Telecommunication

Services

2.6%

BT

Group

plc

1,081,711

2,578,156

Liberty

Global

plc

,

Class

C

*

174,969

4,533,447

7,111,603

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Energy

Equipment

&

Services

0.2%

John

Wood

Group

plc

*

261,264

551,697

Household

Durables

0.2%

Crest

Nicholson

Holdings

plc

179,268

625,696

Industrial

Conglomerates

1.6%

DCC

plc

57,441

4,451,960

Insurance

1.2%

Just

Group

plc

*

2,751,505

3,156,589

Media

0.8%

WPP

plc

171,156

2,239,788

Oil,

Gas

&

Consumable

Fuels

1.3%

BP

plc

702,879

3,434,994

Pharmaceuticals

1.0%

AstraZeneca

plc,

ADR

(a)

40,691

2,699,441

Software

0.3%

Micro

Focus

International

plc

161,511

856,087

Tobacco

3.0%

British

American

Tobacco

plc

194,824

8,148,787

Wireless

Telecommunication

Services

2.5%

Vodafone

Group

plc

4,125,453

6,768,497

45,646,795

UNITED

STATES

5.2%

Biotechnology

0.3%

Insmed

,

Inc.

*

20,716

486,826

Sage

Therapeutics,

Inc.

*

6,161

203,929

690,755

Chemicals

1.2%

Livent

Corp.

*(a)

128,151

3,340,897

Diversified

Financial

Services

0.8%

Burford

Capital

Ltd.

(a)

236,204

2,170,715

Health

Care

Equipment

&

Supplies

0.0%

†

Quotient

Ltd.

*(a)

98,110

117,732

Oil,

Gas

&

Consumable

Fuels

1.3%

Diversified

Energy

Co.

plc

Reg.

S

2,297,295

3,566,919

Pharmaceuticals

1.6%

Aerie

Pharmaceuticals,

Inc.

*(a)

26,484

241,004

Jazz

Pharmaceuticals

plc

*(a)

26,630

4,145,492

4,386,496

14,273,514

Total

Common

Stocks

(cost

$221,237,508)

267,167,696

Exchange

Traded

Fund

0.2%

UNITED

STATES

0.2%

iShares

MSCI

EAFE

Value

ETF

8,483

426,356

Total

Exchange

Traded

Fund

(cost

$416,621)

426,356

Repurchase

Agreements

8.4%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$6,734,259,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$6,868,889.(c)

6,734,204

6,734,204

MetLife,

Inc.,

0.31%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$13,000,112,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$13,265,420.(c)

13,000,000

13,000,000

NatWest

Markets

Securities,

Inc.,

0.30%,

dated

3/30/2022,

due

4/6/2022,

repurchase

price

$3,000,175,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.38%,

maturing

3/31/2023

-

3/31/2029;

total

market

value

$3,060,052.(c)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$22,734,204)

22,734,204

Total

Investments

(cost

$244,388,333)

  —

106.7%

290,328,256

Liabilities

in

excess

of

other

assets

—

(6.7)%

(18,211,694)

NET

ASSETS

—

100.0%

$

272,116,562

8

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$38,614,017,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$22,734,204

and

by

$18,292,921

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/12/2022

–

11/15/2051,

a

total

value

of

$41,027,125.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$13,697,975

which

represents

5.03%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$22,734,204.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

ETF

Exchange

Traded

Fund

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

AUD

19,570,000

USD

14,014,429

Goldman

Sachs

International

4/7/2022

630,254

CAD

993,000

USD

783,321

Goldman

Sachs

International

4/7/2022

10,980

CHF

3,511,000

USD

3,786,999

Goldman

Sachs

International

4/7/2022

12,933

ILS

4,611,000

USD

1,428,350

Goldman

Sachs

International

4/7/2022

16,659

USD

1,754,284

GBP

1,297,000

Goldman

Sachs

International

4/7/2022

50,526

USD

2,015,541

JPY

233,380,000

Goldman

Sachs

International

4/7/2022

98,413

USD

3,492,894

KRW

4,187,598,000

Goldman

Sachs

International

**

4/7/2022

38,168

USD

4,383,965

TWD

121,940,000

Goldman

Sachs

International

**

4/7/2022

128,025

USD

13,484,443

CAD

16,824,000

Goldman

Sachs

International

5/25/2022

28,868

USD

1,378,235

EUR

1,233,000

Goldman

Sachs

International

5/25/2022

11,721

USD

3,039,886

ILS

9,641,000

Goldman

Sachs

International

5/25/2022

14,589

USD

2,758,244

KRW

3,340,785,000

Goldman

Sachs

International

**

5/25/2022

4,004

USD

4,134,598

TWD

117,712,000

Goldman

Sachs

International

**

5/25/2022

25,066

Total

unrealized

appreciation

1,070,206

CHF

787,000

USD

858,513

Goldman

Sachs

International

4/7/2022

(6,748)

DKK

8,498,000

USD

1,265,676

Goldman

Sachs

International

4/7/2022

(1,767)

EUR

1,142,000

USD

1,266,077

Goldman

Sachs

International

4/7/2022

(2,637)

GBP

575,000

USD

757,705

Goldman

Sachs

International

4/7/2022

(2,377)

JPY

189,218,000

USD

1,612,279

Goldman

Sachs

International

4/7/2022

(57,924)

SEK

42,626,000

USD

4,613,832

Goldman

Sachs

International

4/7/2022

(80,081)

USD

13,963,557

CAD

17,708,000

Goldman

Sachs

International

4/7/2022

(201,066)

USD

1,768,965

CHF

1,637,000

Goldman

Sachs

International

4/7/2022

(2,749)

USD

1,830,502

EUR

1,658,000

Goldman

Sachs

International

4/7/2022

(3,810)

USD

3,219,213

ILS

10,363,000

Goldman

Sachs

International

4/7/2022

(28,376)

AUD

21,267,000

USD

15,977,684

Goldman

Sachs

International

5/25/2022

(50,749)

CHF

2,542,000

USD

2,759,798

Goldman

Sachs

International

5/25/2022

(3,114)

DKK

9,173,000

USD

1,378,466

Goldman

Sachs

International

5/25/2022

(11,759)

SEK

43,371,000

USD

4,693,323

Goldman

Sachs

International

5/25/2022

(75,020)

USD

1,650,597

GBP

1,257,000

Goldman

Sachs

International

5/25/2022

(223)

Total

unrealized

depreciation

(528,400)

Net

unrealized

appreciation

541,806

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

DKK

Danish

krone

EUR

Euro

GBP

British

pound

ILS

Israeli

shekel

JPY

Japanese

yen

KRW

South

Korean

won

SEK

Swedish

krona

TWD

Taiwan

new

dollar

USD

United

States

dollar

10

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

11

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Air

Freight

&

Logistics

$

–

$

817,720

$

–

$

817,720

Airlines

1,530,991

–

–

1,530,991

Auto

Components

–

1,971,581

–

1,971,581

Automobiles

–

5,577,104

–

5,577,104

Banks

679,148

28,697,524

–

29,376,672

Biotechnology

856,379

–

–

856,379

Capital

Markets

–

2,973,274

–

2,973,274

Chemicals

3,340,897

3,294,539

–

6,635,436

Construction

&

Engineering

–

7,269,057

–

7,269,057

Diversified

Financial

Services

2,170,715

6,299,055

–

8,469,770

Diversified

Telecommunication

Services

4,533,447

8,564,032

–

13,097,479

Electric

Utilities

–

2,989,250

–

2,989,250

Electrical

Equipment

–

2,698,059

–

2,698,059

Electronic

Equipment,

Instruments

&

Components

1,002,128

7,911,313

–

8,913,441

Energy

Equipment

&

Services

–

1,029,511

–

1,029,511

Entertainment

–

1,481,434

–

1,481,434

Equity

Real

Estate

Investment

Trusts

(REITs)

–

837,758

–

837,758

Food

&

Staples

Retailing

5,611,862

6,173,390

–

11,785,252

Food

Products

–

7,647,099

–

7,647,099

Health

Care

Equipment

&

Supplies

117,732

332,255

–

449,987

Health

Care

Providers

&

Services

–

2,103,111

–

2,103,111

Hotels,

Restaurants

&

Leisure

–

1,654,171

–

1,654,171

Household

Durables

–

625,696

–

625,696

Industrial

Conglomerates

–

4,451,960

–

4,451,960

Insurance

–

23,626,765

–

23,626,765

Internet

&

Direct

Marketing

Retail

–

720,611

–

720,611

IT

Services

–

1,877,503

–

1,877,503

Machinery

–

6,967,899

–

6,967,899

Media

–

2,239,788

–

2,239,788

Metals

&

Mining

9,627,576

–

–

9,627,576

Multi-Utilities

–

3,821,086

–

3,821,086

Oil,

Gas

&

Consumable

Fuels

5,462,947

26,840,083

–

32,303,030

Paper

&

Forest

Products

2,482,578

4,878,636

–

7,361,214

Pharmaceuticals

7,085,937

17,139,783

–

24,225,720

Real

Estate

Management

&

Development

–

1,926,033

–

1,926,033

Software

–

856,087

–

856,087

Textiles,

Apparel

&

Luxury

Goods

–

1,903,210

–

1,903,210

Tobacco

–

8,148,787

–

8,148,787

Trading

Companies

&

Distributors

–

6,095,791

–

6,095,791

Water

Utilities

–

1,998,648

–

1,998,648

Wireless

Telecommunication

Services

–

8,225,756

–

8,225,756

Total

Common

Stocks

$

44,502,337

$

222,665,359

$

–

$

267,167,696

Exchange

Traded

Fund

426,356

–

–

426,356

Forward

Foreign

Currency

Contracts

–

1,070,206

–

1,070,206

Repurchase

Agreements

–

22,734,204

–

22,734,204

Total

Assets

$

44,928,693

$

246,469,769

$

–

$

291,398,462

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(528,400)

$

–

$

(528,400)

Total

Liabilities

$

–

$

(528,400)

$

–

$

(528,400)

Total

$

44,928,693

$

245,941,369

$

–

$

290,870,062

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2022,

the

Fund

held

two

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

12

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-

market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2022:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2022:

Common

Stocks

Total

Balance

as

of

12/31/2021

$

—

$—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

888,471

888,471

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(888,471)

(888,471)

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

3/31/2022

$

—

$—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

3/31/2022

$

(888,471)

$(888,471)

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

1,070,206

Total

$

1,070,206

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(528,400)

Total

$

(528,400)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Emerging

Markets

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

97.7%

Shares

Value

($)

ARGENTINA

0.4%

Hotels,

Restaurants

&

Leisure

0.4%

Despegar.com

Corp.

*

187,142

2,283,132

BRAZIL

5.0%

Banks

1.5%

Banco

Bradesco

SA,

ADR

711,211

3,300,019

Itau

Unibanco

Holding

SA,

ADR

745,990

4,259,603

7,559,622

Food

&

Staples

Retailing

0.7%

Atacadao

SA

773,399

3,658,215

Interactive

Media

&

Services

0.1%

VTEX

,

Class

A

*

84,423

519,201

Internet

&

Direct

Marketing

Retail

0.9%

MercadoLibre

,

Inc.

*

3,733

4,440,329

Oil,

Gas

&

Consumable

Fuels

0.5%

Petroleo

Brasileiro

SA,

ADR

183,300

2,712,840

Road

&

Rail

0.5%

Localiza

Rent

a

Car

SA

217,452

2,790,628

Software

0.8%

TOTVS

SA

535,322

4,090,487

25,771,322

CHILE

2.1%

Banks

1.1%

Banco

Santander

Chile

105,789,152

5,957,699

Chemicals

1.0%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

59,300

5,076,080

11,033,779

CHINA

27.2%

Airlines

1.0%

Spring

Airlines

Co.

Ltd.

,

Class

A

*

739,825

5,098,878

Banks

1.7%

China

Merchants

Bank

Co.

Ltd.

,

Class

H

1,118,000

8,739,817

Beverages

1.8%

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S

(a)

1,105,700

2,934,451

Kweichow

Moutai

Co.

Ltd.

,

Class

A

11,600

3,129,270

Wuliangye

Yibin

Co.

Ltd.

,

Class

A

128,400

3,119,710

9,183,431

Diversified

Consumer

Services

1.0%

China

Education

Group

Holdings

Ltd.

Reg.

S

5,715,000

4,936,051

Electrical

Equipment

2.1%

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

74,200

5,945,199

Sungrow

Power

Supply

Co.

Ltd.

,

Class

A

304,006

5,084,544

11,029,743

Common

Stocks

Shares

Value

($)

CHINA

Entertainment

0.9%

NetEase

,

Inc.

248,400

4,478,070

Food

Products

0.2%

China

Mengniu

Dairy

Co.

Ltd.

*

240,000

1,288,749

Hotels,

Restaurants

&

Leisure

0.0%

†

Yum

China

Holdings,

Inc.

1

42

Household

Durables

1.6%

Haier

Smart

Home

Co.

Ltd.

,

Class

H

1,458,800

4,717,747

Midea

Group

Co.

Ltd.

,

Class

A

423,872

3,791,430

8,509,177

Interactive

Media

&

Services

5.0%

Kuaishou

Technology

Reg.

S

*(a)

203,000

1,890,100

Tencent

Holdings

Ltd.

503,900

23,771,678

25,661,778

Internet

&

Direct

Marketing

Retail

4.7%

Alibaba

Group

Holding

Ltd.

*

1,552,600

21,250,875

JD.com,

Inc.

,

Class

A

*

106,869

3,129,961

24,380,836

IT

Services

0.4%

GDS

Holdings

Ltd.,

ADR

*

27,117

1,064,342

Vnet

Group,

Inc.,

ADR

*

185,651

1,082,346

2,146,688

Life

Sciences

Tools

&

Services

0.4%

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(a)

244,000

1,979,382

Machinery

0.6%

Sany

Heavy

Industry

Co.

Ltd.

,

Class

A

1,175,500

3,227,758

Metals

&

Mining

0.6%

Ganfeng

Lithium

Co.

Ltd.

,

Class

A

145,700

2,868,119

Real

Estate

Management

&

Development

0.6%

ESR

Cayman

Ltd.

Reg.

S

*(a)

942,400

2,917,485

Semiconductors

&

Semiconductor

Equipment

1.3%

LONGi

Green

Energy

Technology

Co.

Ltd.

,

Class

A

517,900

5,845,644

Silergy

Corp.

6,000

706,723

6,552,367

Software

1.6%

Kingdee

International

Software

Group

Co.

Ltd.

*

346,669

765,003

Shanghai

Baosight

Software

Co.

Ltd.

,

Class

A

955,876

7,310,565

8,075,568

Textiles,

Apparel

&

Luxury

Goods

0.9%

Shenzhou

International

Group

Holdings

Ltd.

356,900

4,760,299

Water

Utilities

0.8%

Guangdong

Investment

Ltd.

3,166,000

4,322,212

140,156,450

14

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

Shares

Value

($)

FRANCE

0.2%

Textiles,

Apparel

&

Luxury

Goods

0.2%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,167

830,985

GREECE

1.6%

Hotels,

Restaurants

&

Leisure

1.2%

OPAP

SA

409,003

5,950,057

Industrial

Conglomerates

0.4%

Mytilineos

SA

142,477

2,327,722

8,277,779

HONG

KONG

2.1%

Insurance

2.1%

AIA

Group

Ltd.

1,021,800

10,697,667

INDIA

17.4%

Automobiles

0.5%

Maruti

Suzuki

India

Ltd.

28,095

2,786,838

Banks

2.4%

HDFC

Bank

Ltd.

321,423

6,203,737

HDFC

Bank

Ltd.,

ADR

44,162

2,708,455

ICICI

Bank

Ltd.,

ADR

177,722

3,366,055

12,278,247

Beverages

1.7%

Varun

Beverages

Ltd.

730,620

9,014,992

Construction

&

Engineering

1.4%

Larsen

&

Toubro

Ltd.

305,780

7,089,449

Consumer

Finance

0.1%

Cholamandalam

Investment

and

Finance

Co.

Ltd.

65,501

615,766

Diversified

Financial

Services

0.7%

Bajaj

Finserv

Ltd.

17,018

3,780,915

Health

Care

Providers

&

Services

1.2%

Max

Healthcare

Institute

Ltd.

*

1,328,815

6,080,311

Hotels,

Restaurants

&

Leisure

0.7%

Devyani

International

Ltd.

*

1,618,320

3,715,716

Insurance

0.8%

Star

Health

&

Allied

Insurance

Co.

Ltd.

*

453,664

4,219,202

IT

Services

3.0%

Infosys

Ltd.

592,180

14,808,900

Metals

&

Mining

0.6%

Hindalco

Industries

Ltd.

404,904

3,018,017

Oil,

Gas

&

Consumable

Fuels

0.7%

Oil

&

Natural

Gas

Corp.

Ltd.

1,634,806

3,520,466

Textiles,

Apparel

&

Luxury

Goods

0.1%

Titan

Co.

Ltd.

22,149

737,735

Thrifts

&

Mortgage

Finance

2.4%

Housing

Development

Finance

Corp.

Ltd.

395,938

12,398,341

Wireless

Telecommunication

Services

1.1%

Bharti

Airtel

Ltd.

*

573,629

5,689,719

89,754,614

Common

Stocks

Shares

Value

($)

INDONESIA

5.5%

Banks

3.4%

Bank

Central

Asia

Tbk

.

PT

9,021,900

4,998,488

Bank

Negara

Indonesia

Persero

Tbk

.

PT

11,102,700

6,352,084

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

18,827,600

6,062,192

17,412,764

Chemicals

0.5%

Avia

Avian

Tbk

.

PT

*

47,791,400

2,594,398

Diversified

Telecommunication

Services

1.1%

Telkom

Indonesia

Persero

Tbk

.

PT

18,116,700

5,777,428

Metals

&

Mining

0.4%

Aneka

Tambang

Tbk

.

12,796,000

2,166,868

Multiline

Retail

0.1%

Mitra

Adiperkasa

Tbk

.

PT

*

7,057,200

431,533

28,382,991

JAPAN

0.1%

Personal

Products

0.1%

Shiseido

Co.

Ltd.

11,300

572,695

KENYA

0.4%

Wireless

Telecommunication

Services

0.4%

Safaricom

plc

6,563,970

1,946,487

MALAYSIA

1.3%

Banks

1.3%

Public

Bank

Bhd.

5,935,700

6,579,306

PERU

0.6%

Banks

0.3%

Credicorp

Ltd.

9,756

1,676,763

Food

&

Staples

Retailing

0.3%

InRetail

Peru

Corp.

Reg.

S

(a)

44,555

1,671,704

3,348,467

PHILIPPINES

2.3%

Food

Products

1.3%

Monde

Nissin

Corp.

Reg.

S

*(a)

26,422,000

6,996,423

Hotels,

Restaurants

&

Leisure

0.5%

Jollibee

Foods

Corp.

591,980

2,568,695

Industrial

Conglomerates

0.5%

Ayala

Corp.

157,230

2,498,644

12,063,762

POLAND

0.1%

Textiles,

Apparel

&

Luxury

Goods

0.1%

LPP

SA

241

646,650

QATAR

0.2%

Banks

0.2%

Qatar

National

Bank

QPSC

146,390

926,417

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

(Preference)

^∞

533,346

0

NVIT

Emerging

Markets

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

RUSSIA

Banks

TCS

Group

Holding

plc,

GDR

Reg.

S

*^∞

24,424

0

0

Food

&

Staples

Retailing

0.0%

†

Magnit

PJSC

^∞

32,259

0

Interactive

Media

&

Services

0.0%

†

Yandex

NV

,

Class

A

*^∞

33,418

0

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Gazprom

PJSC

^∞

1,425,666

0

0

SOUTH

AFRICA

0.5%

Banks

0.5%

Capitec

Bank

Holdings

Ltd.

17,646

2,819,252

SOUTH

KOREA

8.8%

Banks

1.5%

KB

Financial

Group,

Inc.

159,599

8,023,428

Chemicals

0.8%

LG

Chem

Ltd.

9,982

4,327,751

Interactive

Media

&

Services

0.9%

NAVER

Corp.

17,345

4,850,065

Pharmaceuticals

0.1%

Yuhan

Corp.

10,947

525,557

Semiconductors

&

Semiconductor

Equipment

1.2%

SK

Hynix,

Inc.

66,909

6,404,735

Technology

Hardware,

Storage

&

Peripherals

4.3%

Samsung

Electronics

Co.

Ltd.

360,626

20,601,714

Samsung

Electronics

Co.

Ltd.

(Preference)

19,061

985,908

21,587,622

45,719,158

SWITZERLAND

0.6%

Airlines

0.6%

Wizz

Air

Holdings

plc

Reg.

S

*(a)

85,394

3,209,937

TAIWAN

13.9%

Communications

Equipment

0.5%

Accton

Technology

Corp.

358,000

2,766,414

Electronic

Equipment,

Instruments

&

Components

1.0%

Unimicron

Technology

Corp.

589,000

5,056,269

Insurance

1.5%

Cathay

Financial

Holding

Co.

Ltd.

3,459,000

7,757,108

Semiconductors

&

Semiconductor

Equipment

10.9%

ASPEED

Technology,

Inc.

33,000

3,721,998

MediaTek

,

Inc.

203,000

6,329,314

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

2,062,000

42,630,683

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

36,349

3,789,747

56,471,742

72,051,533

Common

Stocks

Shares

Value

($)

THAILAND

6.1%

Banks

1.4%

Kasikornbank

PCL

1,524,600

7,390,763

Beverages

0.6%

Carabao

Group

PCL

,

Class

F

1,017,300

3,286,334

Hotels,

Restaurants

&

Leisure

0.6%

Minor

International

PCL

*

3,324,000

3,323,098

Oil,

Gas

&

Consumable

Fuels

2.4%

Banpu

PCL,

NVDR

8,665,400

2,855,227

PTT

Exploration

&

Production

PCL

2,145,500

9,279,069

12,134,296

Specialty

Retail

0.6%

Home

Product

Center

PCL

6,275,900

2,982,232

Transportation

Infrastructure

0.5%

Airports

of

Thailand

PCL

*

1,182,800

2,341,266

31,457,989

UNITED

KINGDOM

1.2%

Insurance

1.2%

Prudential

plc

435,193

6,428,574

UNITED

STATES

0.1%

Capital

Markets

0.0%

†

MSCI,

Inc.

1

503

S&P

Global,

Inc.

1,069

438,483

438,986

Hotels,

Restaurants

&

Leisure

0.1%

Starbucks

Corp.

3,263

296,835

Personal

Products

0.0%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

1

272

736,093

Total

Investments

(cost

$523,928,675)

  —

97.7%

505,695,039

Other

assets

in

excess

of

liabilities

—

2.3%

12,125,987

NET

ASSETS

—

100.0%

$

517,821,026

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$21,599,482

which

represents

4.17%

of

net

assets.

16

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Emerging

Markets

Fund

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

NVDR

Non-Voting

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

NVIT

Emerging

Markets

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

18

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

Emerging

Markets

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Airlines

$

–

$

8,308,815

$

–

$

8,308,815

Automobiles

–

2,786,838

–

2,786,838

Banks

21,268,594

58,095,484

–

79,364,078

Beverages

–

21,484,757

–

21,484,757

Capital

Markets

438,986

–

–

438,986

Chemicals

5,076,080

6,922,149

–

11,998,229

Communications

Equipment

–

2,766,414

–

2,766,414

Construction

&

Engineering

–

7,089,449

–

7,089,449

Consumer

Finance

–

615,766

–

615,766

Diversified

Consumer

Services

–

4,936,051

–

4,936,051

Diversified

Financial

Services

–

3,780,915

–

3,780,915

Diversified

Telecommunication

Services

–

5,777,428

–

5,777,428

Electrical

Equipment

–

11,029,743

–

11,029,743

Electronic

Equipment,

Instruments

&

Components

–

5,056,269

–

5,056,269

Entertainment

–

4,478,070

–

4,478,070

Food

&

Staples

Retailing

5,329,919

–

–

5,329,919

Food

Products

–

8,285,172

–

8,285,172

Health

Care

Providers

&

Services

–

6,080,311

–

6,080,311

Hotels,

Restaurants

&

Leisure

2,580,009

15,557,566

–

18,137,575

Household

Durables

–

8,509,177

–

8,509,177

Industrial

Conglomerates

–

4,826,366

–

4,826,366

Insurance

–

29,102,551

–

29,102,551

Interactive

Media

&

Services

519,201

30,511,843

–

31,031,044

Internet

&

Direct

Marketing

Retail

4,440,329

24,380,836

–

28,821,165

IT

Services

2,146,688

14,808,900

–

16,955,588

Life

Sciences

Tools

&

Services

–

1,979,382

–

1,979,382

Machinery

–

3,227,758

–

3,227,758

Metals

&

Mining

–

8,053,004

–

8,053,004

Multiline

Retail

–

431,533

–

431,533

Oil,

Gas

&

Consumable

Fuels

2,712,840

15,654,762

–

18,367,602

Personal

Products

272

572,695

–

572,967

Pharmaceuticals

–

525,557

–

525,557

Real

Estate

Management

&

Development

–

2,917,485

–

2,917,485

Road

&

Rail

2,790,628

–

–

2,790,628

Semiconductors

&

Semiconductor

Equipment

3,789,747

65,639,097

–

69,428,844

Software

4,090,487

8,075,568

–

12,166,055

Specialty

Retail

2,982,232

–

–

2,982,232

Technology

Hardware,

Storage

&

Peripherals

–

21,587,622

–

21,587,622

Textiles,

Apparel

&

Luxury

Goods

–

6,975,669

–

6,975,669

Thrifts

&

Mortgage

Finance

–

12,398,341

–

12,398,341

Transportation

Infrastructure

–

2,341,266

–

2,341,266

Water

Utilities

–

4,322,212

–

4,322,212

Wireless

Telecommunication

Services

–

7,636,206

–

7,636,206

Total

Common

Stocks

$

58,166,012

$

447,529,027

$

–

$

505,695,039

Total

$

58,166,012

$

447,529,027

$

–

$

505,695,039

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Emerging

Markets

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

19

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

During

the

period

ended

March

31,

2022,

the

Fund

held

five

common

stock

investment

that

were

categorized

as

a

Level

3

investment

which

were

valued

at

$0.

Common

Stocks

Total

Balance

as

of

12/31/2021

$

—

$—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

(3,604,219)

(3,604,219)

Purchases

—

—

Sales

(1,255,364)

(1,255,364)

Change

in

Unrealized

Appreciation/Depreciation

(13,776,118)

(13,776,118)

Transfers

into

Level

3

18,635,701

18,635,701

Transfers

out

of

Level

3

—

—

Balance

as

of

3/31/2022

$

—

$—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

3/31/2022

$

(13,776,118)

$(13,776,118)

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

98.4%

Shares

Value

($)

AUSTRALIA

6.2%

Biotechnology

0.7%

CSL

Ltd.

3,202

635,907

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Dexus

79,274

645,148

Food

Products

0.1%

Inghams

Group

Ltd.

(a)

46,952

106,758

Health

Care

Providers

&

Services

0.7%

Sonic

Healthcare

Ltd.

23,706

624,229

Metals

&

Mining

3.1%

BHP

Group

Ltd.

24,675

961,090

Fortescue

Metals

Group

Ltd.

(a)

54,025

829,058

Rio

Tinto

plc

15,992

1,268,582

3,058,730

Software

0.2%

WiseTech

Global

Ltd.

5,208

196,202

Specialty

Retail

0.7%

JB

Hi-Fi

Ltd.

(a)

12,190

492,109

Nick

Scali

Ltd.

(a)

15,711

132,498

624,607

5,891,581

BRAZIL

2.1%

Banks

0.1%

Banco

Santander

Brasil

SA

11,600

89,856

Metals

&

Mining

0.9%

Vale

SA,

ADR

(a)

44,610

891,754

Oil,

Gas

&

Consumable

Fuels

1.1%

Petroleo

Brasileiro

SA

(Preference)

148,700

1,044,730

2,026,340

CANADA

7.6%

Auto

Components

0.4%

Magna

International,

Inc.

6,593

423,273

Banks

0.5%

Toronto-Dominion

Bank

(The)

5,833

462,805

Capital

Markets

0.1%

Brookfield

Asset

Management,

Inc.

,

Class

A

2,049

115,845

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Artis

REIT

23,876

249,618

Granite

REIT

2,568

197,979

447,597

Food

&

Staples

Retailing

2.6%

Alimentation

Couche-Tard,

Inc.

23,438

1,055,896

Loblaw

Cos.

Ltd.

14,930

1,339,716

2,395,612

Hotels,

Restaurants

&

Leisure

0.1%

Restaurant

Brands

International,

Inc.

1,708

99,790

IT

Services

0.7%

CGI,

Inc.

*

6,423

511,671

Shopify,

Inc.

,

Class

A

*

206

139,317

650,988

Common

Stocks

Shares

Value

($)

CANADA

Media

0.7%

Cogeco

Communications,

Inc.

(a)

2,187

181,027

Shaw

Communications,

Inc.

,

Class

B

14,326

444,625

625,652

Oil,

Gas

&

Consumable

Fuels

0.5%

Tourmaline

Oil

Corp.

10,954

504,700

Professional

Services

0.4%

Thomson

Reuters

Corp.

3,601

390,964

Software

0.5%

Constellation

Software,

Inc.

293

500,853

Specialty

Retail

0.1%

Aritzia,

Inc.

*

2,953

120,539

Textiles,

Apparel

&

Luxury

Goods

0.4%

Gildan

Activewear,

Inc.

9,215

345,632

Trading

Companies

&

Distributors

0.1%

Finning

International,

Inc.

4,451

134,012

7,218,262

CHINA

10.6%

Banks

1.4%

Bank

of

China

Ltd.

,

Class

H

2,428,000

974,923

Bank

of

Communications

Co.

Ltd.

,

Class

H

503,000

361,037

1,335,960

Capital

Markets

0.3%

China

Galaxy

Securities

Co.

Ltd.

,

Class

H

496,000

277,008

Construction

&

Engineering

0.2%

China

Railway

Group

Ltd.

,

Class

H

392,000

219,113

Entertainment

0.4%

NetEase,

Inc.

20,200

364,159

Food

Products

0.2%

COFCO

Joycome

Foods

Ltd.

Reg.

S

*

473,000

209,331

Independent

Power

and

Renewable

Electricity

Producers

0.5%

China

Longyuan

Power

Group

Corp.

Ltd.

,

Class

H

201,000

455,627

Interactive

Media

&

Services

0.5%

Tencent

Holdings

Ltd.

9,600

452,884

Internet

&

Direct

Marketing

Retail

1.2%

Alibaba

Group

Holding

Ltd.

*

26,500

362,713

Alibaba

Group

Holding

Ltd.,

ADR

*(a)

3,877

421,817

JD.com,

Inc.

,

Class

A

*

10,707

313,585

Vipshop

Holdings

Ltd.,

ADR

*

8,080

72,720

1,170,835

Machinery

0.2%

Yangzijiang

Shipbuilding

Holdings

Ltd.

194,200

218,461

NVIT

International

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

CHINA

Marine

0.9%

COSCO

SHIPPING

Holdings

Co.

Ltd.

,

Class

H

*(a)

220,349

381,567

SITC

International

Holdings

Co.

Ltd.

123,000

434,190

815,757

Oil,

Gas

&

Consumable

Fuels

2.2%

China

Petroleum

&

Chemical

Corp.

,

Class

H

1,758,000

879,031

PetroChina

Co.

Ltd.

,

Class

H

2,322,000

1,189,097

2,068,128

Pharmaceuticals

0.5%

CSPC

Pharmaceutical

Group

Ltd.

427,200

489,880

Semiconductors

&

Semiconductor

Equipment

0.4%

Silergy

Corp.

3,000

353,361

Specialty

Retail

0.9%

China

Meidong

Auto

Holdings

Ltd.

(a)

26,000

98,691

China

Yongda

Automobiles

Services

Holdings

Ltd.

162,500

176,722

Chow

Tai

Fook

Jewellery

Group

Ltd.

*

163,400

295,948

Zhongsheng

Group

Holdings

Ltd.

34,500

242,919

814,280

Technology

Hardware,

Storage

&

Peripherals

0.3%

Lenovo

Group

Ltd.

242,000

262,464

Textiles,

Apparel

&

Luxury

Goods

0.5%

Li

Ning

Co.

Ltd.

57,000

488,546

9,995,794

DENMARK

3.1%

Banks

0.1%

Jyske

Bank

A/S

(Registered)

*

2,141

115,956

Marine

0.4%

AP

Moller

-

Maersk

A/S

,

Class

B

114

343,613

Pharmaceuticals

2.6%

Novo

Nordisk

A/S

,

Class

B

22,690

2,512,842

2,972,411

FINLAND

0.3%

Machinery

0.3%

Valmet

OYJ

(a)

9,038

280,560

FRANCE

5.5%

Aerospace

&

Defense

0.2%

Airbus

SE

*

1,343

162,333

Auto

Components

0.9%

Cie

Generale

des

Etablissements

Michelin

SCA

7,005

946,326

Banks

1.0%

BNP

Paribas

SA

15,872

903,708

Common

Stocks

Shares

Value

($)

FRANCE

Building

Products

0.4%

Cie

de

Saint-Gobain

6,674

397,170

Chemicals

0.2%

Arkema

SA

1,484

177,045

Construction

&

Engineering

0.4%

Vinci

SA

3,250

332,272

Electric

Utilities

0.6%

Electricite

de

France

SA

(a)

61,857

582,776

Food

&

Staples

Retailing

0.2%

Carrefour

SA

10,846

235,290

Hotels,

Restaurants

&

Leisure

0.5%

La

Francaise

des

Jeux

SAEM

Reg.

S

(b)

11,788

467,243

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

179

73,363

Personal

Products

0.6%

L'Oreal

SA

1,361

544,762

Textiles,

Apparel

&

Luxury

Goods

0.4%

Hermes

International

110

156,022

Kering

SA

299

188,878

344,900

5,167,188

GERMANY

7.0%

Aerospace

&

Defense

0.6%

Rheinmetall

AG

2,529

536,813

Air

Freight

&

Logistics

1.3%

Deutsche

Post

AG

(Registered)

25,404

1,219,863

Auto

Components

0.1%

Schaeffler

AG

(Preference)

11,006

68,205

Automobiles

0.9%

Bayerische

Motoren

Werke

AG

(a)

1,027

88,953

Mercedes-Benz

Group

AG

5,766

404,984

Volkswagen

AG

(Preference)

2,224

384,566

878,503

Capital

Markets

0.6%

Deutsche

Bank

AG

(Registered)

*

47,020

600,402

Chemicals

0.2%

Covestro

AG

Reg.

S

(b)

3,160

159,669

Insurance

2.0%

Allianz

SE

(Registered)

8,049

1,922,057

Machinery

0.1%

Daimler

Truck

Holding

AG

*

2,883

80,093

Marine

0.2%

Hapag-Lloyd

AG

Reg.

S

(a)

(b)

627

218,314

Pharmaceuticals

1.0%

Merck

KGaA

4,349

910,806

6,594,725

22

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

GREECE

0.1%

Banks

0.1%

National

Bank

of

Greece

SA

*

33,600

124,002

HONG

KONG

0.6%

Marine

0.3%

Orient

Overseas

International

Ltd.

9,500

252,481

Real

Estate

Management

&

Development

0.3%

Swire

Pacific

Ltd.

,

Class

A

56,000

341,724

594,205

INDIA

3.7%

Aerospace

&

Defense

0.3%

Hindustan

Aeronautics

Ltd.

Reg.

S

13,888

270,729

Banks

1.1%

Bank

of

Baroda

*

275,201

402,213

ICICI

Bank

Ltd.

40,469

387,902

State

Bank

of

India,

GDR

Reg.

S

3,438

219,664

1,009,779

Capital

Markets

0.1%

Indian

Energy

Exchange

Ltd.

Reg.

S

(b)

25,973

76,344

Chemicals

0.3%

SRF

Ltd.

9,149

321,319

IT

Services

1.6%

Infosys

Ltd.,

ADR

49,046

1,220,754

Persistent

Systems

Ltd.

2,552

159,687

Tata

Consultancy

Services

Ltd.

2,552

125,507

1,505,948

Oil,

Gas

&

Consumable

Fuels

0.2%

Indian

Oil

Corp.

Ltd.

125,578

196,430

Software

0.1%

KPIT

Technologies

Ltd.

12,305

96,483

3,477,032

INDONESIA

0.7%

Diversified

Telecommunication

Services

0.4%

Telkom

Indonesia

Persero

Tbk.

PT

1,166,600

372,029

Food

Products

0.3%

Indofood

Sukses

Makmur

Tbk.

PT

698,800

289,259

661,288

ISRAEL

0.9%

Banks

0.4%

Bank

Leumi

Le-Israel

BM

35,973

386,172

Marine

0.5%

ZIM

Integrated

Shipping

Services

Ltd.

6,002

436,406

822,578

ITALY

0.4%

Banks

0.2%

Banco

BPM

SpA

55,601

164,141

Common

Stocks

Shares

Value

($)

ITALY

IT

Services

0.2%

Reply

SpA

1,330

218,942

383,083

JAPAN

13.8%

Automobiles

0.4%

Toyota

Motor

Corp.

(a)

19,000

340,357

Banks

1.0%

77

Bank

Ltd.

(The)

7,900

99,062

Japan

Post

Bank

Co.

Ltd.

(a)

61,200

492,904

Nishi-Nippon

Financial

Holdings,

Inc.

31,700

195,455

Sumitomo

Mitsui

Financial

Group,

Inc.

(a)

4,100

130,848

918,269

Building

Products

0.4%

AGC,

Inc.

5,900

235,803

Daikin

Industries

Ltd.

600

109,245

345,048

Chemicals

1.4%

Kaneka

Corp.

7,800

225,455

Nitto

Denko

Corp.

1,600

114,668

Shin-Etsu

Chemical

Co.

Ltd.

2,200

335,248

Sumitomo

Chemical

Co.

Ltd.

(a)

135,500

621,141

1,296,512

Diversified

Financial

Services

0.9%

ORIX

Corp.

44,300

884,183

Electric

Utilities

0.1%

Hokkaido

Electric

Power

Co.,

Inc.

34,100

135,485

Electrical

Equipment

0.7%

Mitsubishi

Electric

Corp.

(a)

59,900

689,436

Entertainment

0.7%

Nintendo

Co.

Ltd.

1,300

655,932

Household

Durables

1.1%

Iida

Group

Holdings

Co.

Ltd.

(a)

22,300

386,009

Panasonic

Holdings

Corp.

64,000

619,785

1,005,794

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Electric

Power

Development

Co.

Ltd.

(a)

31,300

448,360

Industrial

Conglomerates

0.1%

Nisshinbo

Holdings,

Inc.

(a)

13,400

116,233

Insurance

1.8%

Dai-ichi

Life

Holdings,

Inc.

36,300

738,487

Japan

Post

Holdings

Co.

Ltd.

122,000

896,141

1,634,628

Leisure

Products

0.2%

Yamaha

Corp.

(a)

5,300

231,123

Machinery

0.3%

Amada

Co.

Ltd.

15,900

140,126

NGK

Insulators

Ltd.

(a)

8,300

118,499

258,625

NVIT

International

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

JAPAN

Media

0.1%

SKY

Perfect

JSAT

Holdings,

Inc.

(a)

35,400

119,897

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

40,100

150,717

Real

Estate

Management

&

Development

0.4%

Daiwa

House

Industry

Co.

Ltd.

13,700

357,923

Semiconductors

&

Semiconductor

Equipment

1.1%

Disco

Corp.

(a)

1,100

306,835

Tokyo

Electron

Ltd.

1,500

770,212

1,077,047

Specialty

Retail

0.1%

DCM

Holdings

Co.

Ltd.

14,000

120,877

Tobacco

0.5%

Japan

Tobacco,

Inc.

26,700

457,055

Trading

Companies

&

Distributors

0.9%

Mitsui

&

Co.

Ltd.

(a)

30,500

830,811

Wireless

Telecommunication

Services

0.9%

SoftBank

Corp.

(a)

74,400

869,572

12,943,884

LUXEMBOURG

0.1%

Capital

Markets

0.1%

Reinet

Investments

SCA

5,790

129,741

MALAYSIA

0.7%

Chemicals

0.5%

Petronas

Chemicals

Group

Bhd.

186,100

424,994

Industrial

Conglomerates

0.1%

Sime

Darby

Bhd.

196,500

112,025

Machinery

0.1%

Frencken

Group

Ltd.

92,700

112,538

649,557

MEXICO

0.9%

Beverages

0.3%

Coca-Cola

Femsa

SAB

de

CV,

ADR

5,635

309,643

Industrial

Conglomerates

0.1%

Alfa

SAB

de

CV

,

Class

A

136,800

103,924

Wireless

Telecommunication

Services

0.5%

America

Movil

SAB

de

CV

Series L

378,800

402,225

815,792

NETHERLANDS

3.9%

Diversified

Financial

Services

0.1%

EXOR

NV

1,269

96,789

Electrical

Equipment

0.1%

Signify

NV

Reg.

S

(b)

1,889

88,081

Insurance

0.8%

NN

Group

NV

15,814

797,038

Common

Stocks

Shares

Value

($)

NETHERLANDS

IT

Services

0.3%

Adyen

NV

Reg.

S

*(b)

139

274,604

Oil,

Gas

&

Consumable

Fuels

0.7%

Shell

plc

22,623

620,860

Professional

Services

0.6%

Wolters

Kluwer

NV

4,984

530,544

Semiconductors

&

Semiconductor

Equipment

1.3%

ASML

Holding

NV

1,972

1,315,324

3,723,240

PHILIPPINES

0.1%

Banks

0.1%

BDO

Unibank,

Inc.

40,720

104,006

POLAND

0.1%

Electric

Utilities

0.1%

PGE

Polska

Grupa

Energetyczna

SA

*

56,514

121,391

RUSSIA

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Gazprom

PJSC,

ADR

^∞

21,889

0

Lukoil

PJSC,

ADR

^∞

3,716

0

Novatek

PJSC,

GDR

Reg.

S

^∞

658

0

Rosneft

Oil

Co.

PJSC,

GDR

Reg.

S

^∞

40,789

0

0

SAUDI

ARABIA

1.0%

Chemicals

0.3%

Saudi

Basic

Industries

Corp.

8,932

311,031

Electric

Utilities

0.2%

Saudi

Electricity

Co.

26,170

185,324

Health

Care

Providers

&

Services

0.4%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

6,711

340,230

Media

0.1%

Saudi

Research

&

Media

Group

*

2,067

138,779

975,364

SINGAPORE

0.2%

Banks

0.2%

DBS

Group

Holdings

Ltd.

8,600

226,097

SOUTH

AFRICA

1.8%

Metals

&

Mining

1.7%

Anglo

American

Platinum

Ltd.

1,025

140,754

Anglo

American

plc

17,774

916,719

Impala

Platinum

Holdings

Ltd.

10,002

153,894

Northam

Platinum

Holdings

Ltd.

*

10,479

156,522

Sibanye

Stillwater

Ltd.

54,048

219,535

1,587,424

Specialty

Retail

0.1%

Motus

Holdings

Ltd.

14,778

108,298

1,695,722

24

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

3.9%

Automobiles

0.6%

Kia

Corp.

9,179

557,457

Banks

1.4%

Hana

Financial

Group,

Inc.

31,138

1,243,074

Woori

Financial

Group,

Inc.

8,031

100,749

1,343,823

Electronic

Equipment,

Instruments

&

Components

0.2%

Samsung

Electro-Mechanics

Co.

Ltd.

1,752

236,504

Technology

Hardware,

Storage

&

Peripherals

1.7%

Samsung

Electronics

Co.

Ltd.

27,650

1,579,580

3,717,364

SPAIN

1.9%

Banks

0.9%

Banco

Santander

SA

261,100

885,903

Electric

Utilities

1.0%

Iberdrola

SA

83,779

911,880

1,797,783

SWEDEN

1.7%

Automobiles

0.1%

Volvo

Car

AB

,

Class

B

*

15,197

109,602

Communications

Equipment

0.7%

Telefonaktiebolaget

LM

Ericsson

,

Class

B

(a)

58,503

535,302

Hotels,

Restaurants

&

Leisure

0.1%

Betsson

AB

,

Class

B

*

22,018

133,351

Household

Durables

0.2%

Electrolux

AB

,

Class

B

(a)

15,213

230,178

Machinery

0.3%

Husqvarna

AB

,

Class

B

30,222

315,003

Oil,

Gas

&

Consumable

Fuels

0.3%

Lundin

Energy

AB

(a)

7,332

310,837

1,634,273

SWITZERLAND

4.8%

Building

Products

0.2%

Geberit

AG

(Registered)

326

200,688

Capital

Markets

1.4%

UBS

Group

AG

(Registered)

66,497

1,299,152

Food

Products

0.1%

Nestle

SA

(Registered)

1,075

139,557

Pharmaceuticals

2.7%

Roche

Holding

AG

6,387

2,525,902

Technology

Hardware,

Storage

&

Peripherals

0.4%

Logitech

International

SA

(Registered)

5,326

394,717

4,560,016

TAIWAN

4.1%

Electrical

Equipment

0.1%

Advanced

Energy

Solution

Holding

Co.

Ltd.

2,000

87,384

Common

Stocks

Shares

Value

($)

TAIWAN

Electronic

Equipment,

Instruments

&

Components

0.9%

Nan

Ya

Printed

Circuit

Board

Corp.

24,000

433,657

Unimicron

Technology

Corp.

49,000

420,640

854,297

Marine

0.3%

Evergreen

Marine

Corp.

Taiwan

Ltd.

20,000

93,531

Wan

Hai

Lines

Ltd.

15,000

82,292

Yang

Ming

Marine

Transport

Corp.

*

23,000

99,117

274,940

Semiconductors

&

Semiconductor

Equipment

2.8%

Himax

Technologies,

Inc.,

ADR

(a)

8,641

93,841

MediaTek,

Inc.

13,000

405,326

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

89,000

1,840,025

United

Microelectronics

Corp.

51,000

94,184

Vanguard

International

Semiconductor

Corp.

31,000

133,547

Winbond

Electronics

Corp.

86,000

92,576

2,659,499

3,876,120

THAILAND

0.5%

Banks

0.2%

Kasikornbank

PCL,

NVDR

22,500

108,647

Krung

Thai

Bank

PCL

278,500

114,673

223,320

Oil,

Gas

&

Consumable

Fuels

0.1%

PTT

Exploration

&

Production

PCL

28,100

121,530

Specialty

Retail

0.2%

Com7

PCL

,

Class

F

115,200

148,326

493,176

TURKEY

0.5%

Banks

0.4%

Turkiye

Garanti

Bankasi

A/S

443,636

368,765

Wireless

Telecommunication

Services

0.1%

Turkcell

Iletisim

Hizmetleri

A/S

75,828

116,416

485,181

UNITED

ARAB

EMIRATES

0.2%

Real

Estate

Management

&

Development

0.2%

Aldar

Properties

PJSC

164,274

219,803

UNITED

KINGDOM

6.5%

Banks

2.3%

Barclays

plc

360,236

699,798

HSBC

Holdings

plc

39,934

273,630

Natwest

Group

plc

180,417

507,661

Standard

Chartered

plc

90,822

602,272

2,083,361

Electric

Utilities

0.1%

SSE

plc

5,457

124,951

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Safestore

Holdings

plc

5,596

98,216

NVIT

International

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Media

0.1%

Future

plc

3,225

109,742

Multiline

Retail

0.4%

Next

plc

4,881

384,894

Personal

Products

0.9%

Unilever

plc

18,556

839,927

Specialty

Retail

0.2%

Halfords

Group

plc

21,955

70,787

Pets

at

Home

Group

plc

27,431

129,806

200,593

Tobacco

1.2%

Imperial

Brands

plc

53,891

1,134,732

Wireless

Telecommunication

Services

1.2%

Vodafone

Group

plc

709,965

1,164,816

6,141,232

UNITED

STATES

2.9%

Automobiles

0.4%

Stellantis

NV

24,047

389,138

Construction

Materials

0.5%

James

Hardie

Industries

plc

CHDI

14,416

433,832

Electrical

Equipment

0.6%

Schneider

Electric

SE

3,507

585,516

Hotels,

Restaurants

&

Leisure

0.3%

International

Game

Technology

plc

10,772

265,853

Pharmaceuticals

1.1%

GlaxoSmithKline

plc

50,297

1,084,602

2,758,941

Total

Common

Stocks

(cost

$84,471,326)

93,277,732

Repurchase

Agreements

5.1%

Principal

Amount

($)

Bank

of

America

NA,

0.30%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$1,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

11/20/2045;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.29%,

dated

3/31/2022,

due

4/1/2022,

repurchase

price

$3,795,138,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.00%,

maturing

9/15/2022

-

7/20/2071;

total

market

value

$3,871,009.(c)

3,795,107

3,795,107

Total

Repurchase

Agreements

(cost

$4,795,107)

4,795,107

Total

Investments

(cost

$89,266,433)

  —

103.5%

98,072,839

Liabilities

in

excess

of

other

assets

—

(3.5)%

(3,324,573)

NET

ASSETS

—

100.0%

$

94,748,266

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2022.

The

total

value

of

securities

on

loan

as

of

March

31,

2022

was

$9,596,857,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,795,107

and

by

$5,810,735

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/12/2022

–

11/15/2051,

a

total

value

of

$10,605,842.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2022

was

$1,284,255

which

represents

1.36%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2022

was

$4,795,107.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

GDR

Global

Depositary

Receipt

NVDR

Non-Voting

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

26

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Equity

Fund

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

International

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

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

are

summarized

as

follows.

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.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(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

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

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.

28

-

Statement

of

Investments

-

March

31,

2022

(Unaudited)

-

NVIT

International

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

969,875

$

–

$

969,875

Air

Freight

&

Logistics

–

1,219,863

–

1,219,863

Auto

Components

423,273

1,014,531

–

1,437,804

Automobiles

–

2,275,057

–

2,275,057

Banks

552,661

10,193,262

–

10,745,923

Beverages

309,643

–

–

309,643

Biotechnology

–

635,907

–

635,907

Building

Products

–

942,906

–

942,906

Capital

Markets

115,845

2,382,647

–

2,498,492

Chemicals

–

2,690,570

–

2,690,570

Communications

Equipment

–

535,302

–

535,302

Construction

&

Engineering

–

551,385

–

551,385

Construction

Materials

–

433,832

–

433,832

Diversified

Financial

Services

–

980,972

–

980,972

Diversified

Telecommunication

Services

–

372,029

–

372,029

Electric

Utilities

–

2,061,807

–

2,061,807

Electrical

Equipment

–

1,450,417

–

1,450,417

Electronic

Equipment,

Instruments

&

Components

–

1,090,801

–

1,090,801

Entertainment

–

1,020,091

–

1,020,091

Equity

Real

Estate

Investment

Trusts

(REITs)

447,597

743,364

–

1,190,961

Food

&

Staples

Retailing

2,395,612

235,290

–

2,630,902

Food

Products

–

744,905

–

744,905

Health

Care

Providers

&

Services

–

964,459

–

964,459

Hotels,

Restaurants

&

Leisure

365,643

600,594

–

966,237

Household

Durables

–

1,235,972

–

1,235,972

Independent

Power

and

Renewable

Electricity

Producers

–

903,987

–

903,987

Industrial

Conglomerates

103,924

228,258

–

332,182

Insurance

–

4,353,723

–

4,353,723

Interactive

Media

&

Services

–

452,884

–

452,884

Internet

&

Direct

Marketing

Retail

494,537

676,298

–

1,170,835

IT

Services

1,871,742

778,740

–

2,650,482

Leisure

Products

–

231,123

–

231,123

Life

Sciences

Tools

&

Services

–

73,363

–

73,363

Machinery

–

1,265,280

–

1,265,280

Marine

436,406

1,905,105

–

2,341,511

Media

625,652

368,418

–

994,070

Metals

&

Mining

891,754

4,646,154

–

5,537,908

Multiline

Retail

–

384,894

–

384,894

Oil,

Gas

&

Consumable

Fuels

1,549,430

3,468,502

–

5,017,932

Personal

Products

–

1,384,689

–

1,384,689

Pharmaceuticals

–

7,524,032

–

7,524,032

Professional

Services

390,964

530,544

–

921,508

Real

Estate

Management

&

Development

–

919,450

–

919,450

Semiconductors

&

Semiconductor

Equipment

93,841

5,311,390

–

5,405,231

Software

500,853

292,685

–

793,538

Specialty

Retail

120,539

2,016,981

–

2,137,520

Technology

Hardware,

Storage

&

Peripherals

–

2,236,761

–

2,236,761

Textiles,

Apparel

&

Luxury

Goods

345,632

833,446

–

1,179,078

Tobacco

–

1,591,787

–

1,591,787

Trading

Companies

&

Distributors

134,012

830,811

–

964,823

Wireless

Telecommunication

Services

402,225

2,150,804

–

2,553,029

Total

Common

Stocks

$

12,571,785

$

80,705,947

$

–

$

93,277,732

NVIT

International

Equity

Fund

-

March

31,

2022

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Repurchase

Agreements

$

–

$

4,795,107

$

–

$

4,795,107

Total

$

12,571,785

$

85,501,054

$

–

$

98,072,839

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2022,

the

Fund

held

four

common

stock

investments

that

were

categorized

as

a

Level

3

investment

which

were

valued

at

$0.

Common

Stocks

Total

Balance

as

of

12/31/2021

$

—

$—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

68,245

68,245

Purchases

*

156,301

156,301

Sales

(200,935)

(200,935)

Change

in

Unrealized

Appreciation/Depreciation

(1,094,425)

(1,094,425)

Transfers

into

Level

3

1,070,814

1,070,814

Transfers

out

of

Level

3

—

—

Balance

as

of

3/31/2022

$

—

$—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

3/31/2022

$

(1,094,426)

$(1,094,426)

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.