NVIT

American

Funds

Asset

Allocation

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

100.1%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

283,713,764

5,875,712,061

Total

Investment

Company

(cost

$5,379,039,558)

5,875,712,061

Total

Investments

(cost

$5,379,039,558)

—

100.1%

5,875,712,061

Liabilities

in

excess

of

other

assets

—

(0.1)%

(3,664,124)

NET

ASSETS

—

100.0%

$

5,872,047,937

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

100.1%

Shares

Value

($)

Fixed

Income

Fund

100.1%

American

Funds

Bond

Fund,

Class

1(a)

338,103,429

3,201,839,477

Total

Investment

Company

(cost

$3,693,518,486)

3,201,839,477

Total

Investments

(cost

$3,693,518,486)

—

100.1%

3,201,839,477

Liabilities

in

excess

of

other

assets

—

(0.1)%

(1,933,056)

NET

ASSETS

—

100.0%

$

3,199,906,421

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

15,484,749

418,707,607

Total

Investment

Company

(cost

$426,941,165)

418,707,607

Total

Investments

(cost

$426,941,165)

—

100.1%

418,707,607

Liabilities

in

excess

of

other

assets

—

(0.1)%

(334,397)

NET

ASSETS

—

100.0%

$

418,373,210

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1(a)

15,331,266

1,146,012,141

Total

Investment

Company

(cost

$1,264,299,851)

1,146,012,141

Total

Investments

(cost

$1,264,299,851)

—

100.1%

1,146,012,141

Liabilities

in

excess

of

other

assets

—

(0.1)%

(751,481)

NET

ASSETS

—

100.0%

$

1,145,260,660

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1(a)

73,019,305

3,361,808,807

Total

Investment

Company

(cost

$3,247,793,267)

3,361,808,807

Total

Investments

(cost

$3,247,793,267)

—

100.1%

3,361,808,807

Liabilities

in

excess

of

other

assets

—

(0.1)%

(2,113,984)

NET

ASSETS

—

100.0%

$

3,359,694,823

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

96.1%

Shares

Value

($)

Equity

Funds

88.0%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

14,667,124

146,671,236

NVIT

Emerging

Markets

Fund,

Class

Y(a)

2,146,400

20,347,872

NVIT

International

Index

Fund,

Class

Y(a)

7,975,256

64,121,061

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,742,526

27,741,018

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

367,938

2,468,861

Total

Equity

Funds

(cost

$344,605,554)

261,350,048

Fixed

Income

Funds

8.1%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

1,427,873

12,379,663

NVIT

Bond

Index

Fund,

Class

Y(a)

1,296,696

11,748,062

Total

Fixed

Income

Funds

(cost

$28,117,546)

24,127,725

Total

Investment

Companies

(cost

$372,723,100)

285,477,773

Exchange

Traded

Funds

3.1%

Equity

Funds

1.7%

iShares

Core

MSCI

Emerging

Markets

ETF

80,204

3,447,168

iShares

Core

S&P

Small-Cap

ETF

18,067

1,575,262

Total

Equity

Funds

(cost

$6,249,591)

5,022,430

Fixed

Income

Funds

1.4%

iShares

7-10

Year

Treasury

Bond

ETF(b)

36,479

3,501,619

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

613

62,802

iShares

U.S.

Treasury

Bond

ETF

26,073

593,421

Total

Fixed

Income

Funds

(cost

$4,918,103)

4,157,842

Total

Exchange

Traded

Funds

(cost

$11,167,694)

9,180,272

Investment

Contract

0.9%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

2,774,903

2,774,903

Total

Investment

Contract

(cost

$2,774,903)

2,774,903

Repurchase

Agreement

1.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,224,726,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$3,288,384.(d)

3,223,906

3,223,906

Total

Repurchase

Agreement

(cost

$3,223,906)

3,223,906

Total

Investments

(cost

$389,889,603)

—

101.2%

300,656,854

Liabilities

in

excess

of

other

assets

—

(1.2)%

(3,441,950)

NET

ASSETS

—

100.0%

$

297,214,904

^

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$3,214,051,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,223,906

and

by

$64,165

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

12/15/2022

–

2/15/2049,

a

total

value

of

$3,288,071.

(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

September

30,

2022

was

$3,223,906.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

9,180,272

$

–

$

–

$

9,180,272

Investment

Companies

285,477,773

–

–

285,477,773

Investment

Contract

–

–

2,774,903

2,774,903

Repurchase

Agreement

–

3,223,906

–

3,223,906

Total

$

294,658,045

$

3,223,906

$

2,774,903

$

300,656,854

NVIT

Investor

Destinations

Aggressive

Fund

-

September

30,

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

*

48,934

48,934

Sales

(872,932)

(872,932)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2022

$

2,774,903

$

2,774,903

*

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

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

Investment

Companies

84.3%

Shares

Value

($)

Equity

Funds

46.6%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

34,830,403

348,304,034

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,046,774

38,363,419

NVIT

International

Index

Fund,

Class

Y(a)

17,734,807

142,587,852

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,358,574

21,628,500

Total

Equity

Funds

(cost

$737,002,308)

550,883,805

Fixed

Income

Funds

37.7%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

11,397,587

98,817,083

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

609,853

5,421,594

NVIT

Bond

Index

Fund,

Class

Y(a)

31,983,714

289,772,445

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

5,346,822

51,169,084

Total

Fixed

Income

Funds

(cost

$518,954,306)

445,180,206

Total

Investment

Companies

(cost

$1,255,956,614)

996,064,011

Exchange

Traded

Funds

6.9%

Equity

Fund

1.1%

iShares

Core

S&P

Small-Cap

ETF

148,355

12,935,073

Total

Equity

Funds

(cost  $16,498,388)

12,935,073

Fixed

Income

Funds

5.8%

iShares

20+

Year

Treasury

Bond

ETF(b)

42,418

4,345,724

iShares

7-10

Year

Treasury

Bond

ETF(b)

430,591

41,332,430

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

20,591

2,109,548

iShares

U.S.

Treasury

Bond

ETF

916,666

20,863,318

Total

Fixed

Income

Funds

(cost

$81,715,918)

68,651,020

Total

Exchange

Traded

Funds

(cost

$98,214,306)

81,586,093

Investment

Contract

8.8%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

103,581,891

103,581,891

Total

Investment

Contract

(cost

$103,581,891)

103,581,891

Repurchase

Agreements

1.8%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,863,178,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$2,919,699.(d)

2,862,450

2,862,450

BofA

Securities,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,000,255,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.00%,

maturing

6/20/2051

-

3/20/2052;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,119,325,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$4,200,644.(d)

4,118,278

4,118,278

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$10,002,475,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$10,202,525.(d)

10,000,000

10,000,000

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,000,771,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$3,060,000.(d)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$20,980,728)

20,980,728

Total

Investments

(cost

$1,478,733,539)

—

101.8%

1,202,212,723

Liabilities

in

excess

of

other

assets

—

(1.8)%

(21,670,290)

NET

ASSETS

—

100.0%

$

1,180,542,433

NVIT

Investor

Destinations

Balanced

Fund

-

September

30,

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$37,359,260,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$20,980,728

and

by

$17,353,236

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.75%,

and

maturity

dates

ranging

from

12/15/2022

–

5/15/2050,

a

total

value

of

$38,333,964.

(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

September

30,

2022

was

$20,980,728.

ETF

Exchange

Traded

Fund

6

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

81,586,093

$

–

$

–

$

81,586,093

Investment

Companies

996,064,011

–

–

996,064,011

Investment

Contract

–

–

103,581,891

103,581,891

Repurchase

Agreements

–

20,980,728

–

20,980,728

Total

$

1,077,650,104

$

20,980,728

$

103,581,891

$

1,202,212,723

NVIT

Investor

Destinations

Balanced

Fund

-

September

30,

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

*

2,046,147

2,046,147

Sales

(64,712,428)

(64,712,428)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2022

$

103,581,891

$

103,581,891

*

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

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Investment

Companies

91.3%

Shares

Value

($)

Equity

Funds

67.2%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

44,252,958

442,529,577

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,896,211

46,416,082

NVIT

International

Index

Fund,

Class

Y(a)

23,177,510

186,347,182

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,796,479

28,599,950

Total

Equity

Funds

(cost

$920,816,127)

703,892,791

Fixed

Income

Funds

24.1%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,386,793

55,373,494

NVIT

Bond

Index

Fund,

Class

Y(a)

19,202,276

173,972,622

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

2,417,416

23,134,670

Total

Fixed

Income

Funds

(cost

$293,399,799)

252,480,786

Total

Investment

Companies

(cost

$1,214,215,926)

956,373,577

Exchange

Traded

Funds

5.9%

Equity

Fund

1.5%

iShares

Core

S&P

Small-Cap

ETF(b)

177,724

15,495,755

Total

Equity

Funds

(cost  $19,764,398)

15,495,755

Fixed

Income

Funds

4.4%

iShares

20+

Year

Treasury

Bond

ETF(b)

189,521

19,416,427

iShares

7-10

Year

Treasury

Bond

ETF

199,280

19,128,887

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

6,674

683,751

iShares

U.S.

Treasury

Bond

ETF

289,400

6,586,744

Total

Fixed

Income

Funds

(cost

$60,426,492)

45,815,809

Total

Exchange

Traded

Funds

(cost

$80,190,890)

61,311,564

Investment

Contract

2.9%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

30,014,995

30,014,995

Total

Investment

Contract

(cost

$30,014,995)

30,014,995

Repurchase

Agreements

2.2%

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,001,017,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.00%,

maturing

6/20/2051

-

3/20/2052;

total

market

value

$4,080,000.(d)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,983,507,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$4,062,144.(d)

3,982,495

3,982,495

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$10,002,475,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$10,202,525.(d)

10,000,000

10,000,000

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,271,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$5,102,473.(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$22,982,495)

22,982,495

Total

Investments

(cost

$1,347,404,306)

—

102.3%

1,070,682,631

Liabilities

in

excess

of

other

assets

—

(2.3)%

(23,606,618)

NET

ASSETS

—

100.0%

$

1,047,076,013

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

9

^

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$23,005,837,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$22,982,495

and

by

$699,631

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

12/15/2022

–

2/15/2049,

a

total

value

of

$23,682,126.

(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

September

30,

2022

was

$22,982,495.

ETF

Exchange

Traded

Fund

10

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

61,311,564

$

–

$

–

$

61,311,564

Investment

Companies

956,373,577

–

–

956,373,577

Investment

Contract

–

–

30,014,995

30,014,995

Repurchase

Agreements

–

22,982,495

–

22,982,495

Total

$

1,017,685,141

$

22,982,495

$

30,014,995

$

1,070,682,631

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

September

30,

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

*

614,911

614,911

Sales

(23,248,833)

(23,248,833)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2022

$

30,014,995

$

30,014,995

*

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

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

Investment

Companies

75.1%

Shares

Value

($)

Equity

Funds

19.3%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

6,992,599

69,925,992

NVIT

Emerging

Markets

Fund,

Class

Y(a)

821,108

7,784,103

NVIT

International

Index

Fund,

Class

Y(a)

3,359,083

27,007,029

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

35,023

557,565

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

89,740

602,157

Total

Equity

Funds

(cost

$133,883,850)

105,876,846

Fixed

Income

Funds

55.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,994,035

60,638,281

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

3,077,529

27,359,230

NVIT

Bond

Index

Fund,

Class

Y(a)

18,617,064

168,670,603

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

5,241,145

50,157,756

Total

Fixed

Income

Funds

(cost

$351,545,502)

306,825,870

Total

Investment

Companies

(cost

$485,429,352)

412,702,716

Exchange

Traded

Funds

11.4%

Equity

Funds

0.4%

iShares

Core

MSCI

Emerging

Markets

ETF

21,073

905,718

iShares

Core

S&P

Small-Cap

ETF(b)

15,790

1,376,730

Total

Equity

Funds

(cost

$2,879,377)

2,282,448

Fixed

Income

Funds

11.0%

iShares

20+

Year

Treasury

Bond

ETF(b)

101,610

10,409,944

iShares

7-10

Year

Treasury

Bond

ETF

332,113

31,879,527

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

15,648

1,603,138

iShares

U.S.

Treasury

Bond

ETF

713,011

16,228,130

Total

Fixed

Income

Funds

(cost

$73,483,086)

60,120,739

Total

Exchange

Traded

Funds

(cost

$76,362,463)

62,403,187

Investment

Contract

13.6%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

74,949,103

74,949,103

Total

Investment

Contract

(cost

$74,949,103)

74,949,103

Repurchase

Agreements

1.6%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,899,402,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$3,976,379.(d)

3,898,411

3,898,411

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,271,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$5,102,473.(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$8,898,411)

8,898,411

Total

Investments

(cost

$645,639,329)

—

101.7%

558,953,417

Liabilities

in

excess

of

other

assets

—

(1.7)%

(9,241,316)

NET

ASSETS

—

100.0%

$

549,712,101

^

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$10,213,152,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,898,411

and

by

$1,640,511

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

12/15/2022

–

2/15/2049,

a

total

value

of

$10,538,922.

(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

September

30,

2022

was

$8,898,411.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Conservative

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

13

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

September

30,

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

$

62,403,187

$

–

$

–

$

62,403,187

Investment

Companies

412,702,716

–

–

412,702,716

Investment

Contract

–

–

74,949,103

74,949,103

Repurchase

Agreements

–

8,898,411

–

8,898,411

Total

$

475,105,903

$

8,898,411

$

74,949,103

$

558,953,417

14

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

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

$

125,854,973

$

125,854,973

Purchases

*

3,346,087

3,346,087

Sales

(54,251,957)

(54,251,957)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2022

$

74,949,103

$

74,949,103

*

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

Moderate

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

87.8%

Shares

Value

($)

Equity

Funds

57.2%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

64,498,511

644,985,106

NVIT

Emerging

Markets

Fund,

Class

Y(a)

8,049,631

76,310,499

NVIT

International

Index

Fund,

Class

Y(a)

32,444,841

260,856,524

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,208,238

35,155,155

Total

Equity

Funds

(cost

$1,345,136,569)

1,017,307,284

Fixed

Income

Funds

30.6%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

15,152,778

131,374,584

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

831,691

7,393,730

NVIT

Bond

Index

Fund,

Class

Y(a)

40,344,629

365,522,343

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

4,195,181

40,147,887

Total

Fixed

Income

Funds

(cost

$634,185,808)

544,438,544

Total

Investment

Companies

(cost

$1,979,322,377)

1,561,745,828

Exchange

Traded

Funds

6.5%

Equity

Fund

1.1%

iShares

Core

S&P

Small-Cap

ETF(b)

225,910

19,697,093

Total

Equity

Funds

(cost  $25,122,876)

19,697,093

Fixed

Income

Funds

5.4%

iShares

20+

Year

Treasury

Bond

ETF(b)

183,979

18,848,649

iShares

7-10

Year

Treasury

Bond

ETF(b)

563,057

54,047,841

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

20,561

2,106,475

iShares

U.S.

Treasury

Bond

ETF

928,365

21,129,587

Total

Fixed

Income

Funds

(cost

$118,666,524)

96,132,552

Total

Exchange

Traded

Funds

(cost

$143,789,400)

115,829,645

Investment

Contract

5.7%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

101,018,515

101,018,515

Total

Investment

Contract

(cost

$101,018,515)

101,018,515

Repurchase

Agreements

1.3%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,001,017,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$4,080,000.(d)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$7,416,359,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$7,562,764.(d)

7,414,474

7,414,474

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$10,002,475,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$10,202,525.(d)

10,000,000

10,000,000

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,000,257,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$22,414,474)

22,414,474

Total

Investments

(cost

$2,246,544,766)

—

101.3%

1,801,008,462

Liabilities

in

excess

of

other

assets

—

(1.3)%

(23,483,407)

NET

ASSETS

—

100.0%

$

1,777,525,055

^

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$24,634,210,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$22,414,474

and

by

$2,907,842

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

12/15/2022

–

2/15/2049,

a

total

value

of

$25,322,316.

16

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

(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

September

30,

2022

was

$22,414,474.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderate

Fund

-

September

30,

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

115,829,645

$

–

$

–

$

115,829,645

Investment

Companies

1,561,745,828

–

–

1,561,745,828

Investment

Contract

–

–

101,018,515

101,018,515

Repurchase

Agreements

–

22,414,474

–

22,414,474

Total

$

1,677,575,473

$

22,414,474

$

101,018,515

$

1,801,008,462

18

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

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

$

165,192,185

$

165,192,185

Purchases

*

2,097,036

2,097,036

Sales

(66,270,706)

(66,270,706)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2022

$

101,018,515

$

101,018,515

*

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

Aggressive

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Investment

Companies

94.0%

Shares

Value

($)

Equity

Funds

76.7%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

39,700,687

397,006,869

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,898,916

46,441,724

NVIT

International

Index

Fund,

Class

Y(a)

20,381,671

163,868,632

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

3,279,518

52,209,933

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

214,589

1,439,894

Total

Equity

Funds

(cost

$861,820,971)

660,967,052

Fixed

Income

Funds

17.3%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

5,266,996

45,664,859

NVIT

Bond

Index

Fund,

Class

Y(a)

11,472,463

103,940,519

Total

Fixed

Income

Funds

(cost

$174,742,318)

149,605,378

Total

Investment

Companies

(cost

$1,036,563,289)

810,572,430

Exchange

Traded

Funds

4.6%

Equity

Funds

2.5%

iShares

Core

MSCI

Emerging

Markets

ETF

226,664

9,742,019

iShares

Core

S&P

Small-Cap

ETF

134,505

11,727,491

Total

Equity

Funds

(cost

$27,072,265)

21,469,510

Fixed

Income

Funds

2.1%

iShares

7-10

Year

Treasury

Bond

ETF

151,338

14,526,934

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

2,746

281,328

iShares

U.S.

Treasury

Bond

ETF

121,208

2,758,694

Total

Fixed

Income

Funds

(cost

$20,876,470)

17,566,956

Total

Exchange

Traded

Funds

(cost

$47,948,735)

39,036,466

Investment

Contract

1.5%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

13,177,755

13,177,755

Total

Investment

Contract

(cost

$13,177,755)

13,177,755

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$16,791,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$17,122.(d)

16,786

16,786

Total

Repurchase

Agreement

(cost

$16,786)

16,786

Total

Investments

(cost

$1,097,706,565)

—

100.1%

862,803,437

Liabilities

in

excess

of

other

assets

—

(0.1)%

(564,649)

NET

ASSETS

—

100.0%

$

862,238,788

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$281,225,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,786

and

by

$271,043

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

10/15/2022

–

5/15/2052,

a

total

value

of

$287,829.

(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

September

30,

2022

was

$16,786.

ETF

Exchange

Traded

Fund

20

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

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

September

30,

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

$

39,036,466

$

–

$

–

$

39,036,466

Investment

Companies

810,572,430

–

–

810,572,430

Investment

Contract

–

–

13,177,755

13,177,755

Repurchase

Agreement

–

16,786

–

16,786

Total

$

849,608,896

$

16,786

$

13,177,755

$

862,803,437

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

21

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

*

260,232

260,232

Sales

(7,181,000)

(7,181,000)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2022

$

13,177,755

$

13,177,755

*

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.

22

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

Investment

Companies

80.4%

Shares

Value

($)

Equity

Funds

35.7%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

12,923,193

129,231,934

NVIT

Emerging

Markets

Fund,

Class

Y(a)

812,954

7,706,807

NVIT

International

Index

Fund,

Class

Y(a)

6,862,657

55,175,763

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

574,618

9,147,919

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

487,624

3,271,956

Total

Equity

Funds

(cost

$268,037,764)

204,534,379

Fixed

Income

Funds

44.7%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,177,320

53,557,364

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,030,013

18,046,815

NVIT

Bond

Index

Fund,

Class

Y(a)

16,633,966

150,703,729

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

3,514,893

33,637,531

Total

Fixed

Income

Funds

(cost

$295,833,956)

255,945,439

Total

Investment

Companies

(cost

$563,871,720)

460,479,818

Exchange

Traded

Funds

10.3%

Equity

Funds

2.4%

iShares

Core

MSCI

Emerging

Markets

ETF

219,665

9,441,202

iShares

Core

S&P

Small-Cap

ETF(b)

47,358

4,129,144

Total

Equity

Funds

(cost

$16,981,995)

13,570,346

Fixed

Income

Funds

7.9%

iShares

20+

Year

Treasury

Bond

ETF(b)

81,631

8,363,096

iShares

7-10

Year

Treasury

Bond

ETF

235,983

22,652,008

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

11,814

1,210,344

iShares

U.S.

Treasury

Bond

ETF(b)

559,945

12,744,348

Total

Fixed

Income

Funds

(cost

$55,143,186)

44,969,796

Total

Exchange

Traded

Funds

(cost

$72,125,181)

58,540,142

Investment

Contract

9.4%

Principal

Amount

($)

Value

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

53,977,741

53,977,741

Total

Investment

Contract

(cost

$53,977,741)

53,977,741

Repurchase

Agreements

1.9%

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,001,017,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$4,080,000.(d)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$7,000,454,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$7,138,648.(d)

6,998,675

6,998,675

Total

Repurchase

Agreements

(cost

$10,998,675)

10,998,675

Total

Investments

(cost

$700,973,317)

—

102.0%

583,996,376

Liabilities

in

excess

of

other

assets

—

(2.0)%

(11,369,160)

NET

ASSETS

—

100.0%

$

572,627,216

^

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$11,853,093,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,998,675

and

by

$1,238,535

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

12/15/2022

–

2/15/2049,

a

total

value

of

$12,237,210.

(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

September

30,

2022

was

$10,998,675.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

23

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

September

30,

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

$

58,540,142

$

–

$

–

$

58,540,142

Investment

Companies

460,479,818

–

–

460,479,818

Investment

Contract

–

–

53,977,741

53,977,741

Repurchase

Agreements

–

10,998,675

–

10,998,675

Total

$

519,019,960

$

10,998,675

$

53,977,741

$

583,996,376

24

-

Statement

of

Investments

-

September

30,

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

*

1,111,306

1,111,306

Sales

(37,481,232)

(37,481,232)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2022

$

53,977,741

$

53,977,741

*

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Investment

Companies

76.1%

Shares

Value

($)

Equity

Funds

47.7%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

31,494,783

314,947,833

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,806,393

36,084,610

NVIT

International

Index

Fund,

Class

Y(a)

15,639,526

125,741,785

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,079,573

17,186,808

Total

Equity

Funds

(cost

$664,479,767)

493,961,036

Fixed

Income

Funds

28.4%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

8,027,923

69,602,091

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

443,885

3,946,136

NVIT

Bond

Index

Fund,

Class

Y(a)

22,008,797

199,399,698

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

2,274,807

21,769,899

Total

Fixed

Income

Funds

(cost

$342,713,396)

294,717,824

Total

Investment

Companies

(cost

$1,007,193,163)

788,678,860

Exchange

Traded

Funds

6.0%

Equity

Fund

0.9%

iShares

Core

S&P

Small-Cap

ETF(b)

105,865

9,230,369

Total

Equity

Funds

(cost  $11,756,263)

9,230,369

Fixed

Income

Funds

5.1%

iShares

20+

Year

Treasury

Bond

ETF(b)

100,339

10,279,731

iShares

7-10

Year

Treasury

Bond

ETF(b)

319,190

30,639,048

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

10,317

1,056,977

iShares

U.S.

Treasury

Bond

ETF(b)

471,877

10,739,920

Total

Fixed

Income

Funds

(cost

$65,160,460)

52,715,676

Total

Exchange

Traded

Funds

(cost

$76,916,723)

61,946,045

Investment

Contract

6.1%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

63,697,858

63,697,858

Total

Investment

Contract

(cost

$63,697,858)

63,697,858

Repurchase

Agreements

2.1%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,271,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$5,100,000.(d)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$8,630,823,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$8,801,202.(d)

8,628,630

8,628,630

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,238,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$5,101,263.(d)

5,000,000

5,000,000

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,000,771,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$3,060,000.(d)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$21,628,630)

21,628,630

Total

Investments

(cost

$1,169,436,374)

—

90.3%

935,951,393

Other

assets

in

excess

of

liabilities

—

9.7%

100,674,133

NET

ASSETS

—

100.0%

$

1,036,625,526

26

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$22,047,849,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,628,630

and

by

$1,081,582

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

12/15/2022

–

2/15/2049,

a

total

value

of

$22,710,212.

(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

September

30,

2022

was

$21,628,630.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI EAFE E-Mini Index

(1,758)

12/2022

USD

(145,966,740)

9,232,372

Russell

2000

E-Mini

Index

(423)

12/2022

USD

(35,316,270)

2,566,961

S&P

500

E-Mini

Index

(998)

12/2022

USD

(179,714,850)

14,569,443

S&P

Midcap

400

E-Mini

Index

(359)

12/2022

USD

(79,274,380)

5,985,490

Net

contracts

32,354,266

As

of

September

30,

2022,

the

Fund

had

$25,062,747

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Investor

Destinations

Managed

Growth

Fund

-

September

30,

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

61,946,045

$

–

$

–

$

61,946,045

Futures

Contracts

32,354,266

–

–

32,354,266

Investment

Companies

788,678,860

–

–

788,678,860

Investment

Contract

–

–

63,697,858

63,697,858

Repurchase

Agreements

–

21,628,630

–

21,628,630

Total

$

882,979,171

$

21,628,630

$

63,697,858

$

968,305,659

28

-

Statement

of

Investments

-

September

30,

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

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

managing

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

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

85,932,915

$

85,932,915

Purchases

*

2,443,800

2,443,800

Sales

(24,678,857)

(24,678,857)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2022

$

63,697,858

$

63,697,858

*

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

29

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

32,354,266

Total

$

32,354,266

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

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Investment

Companies

75.7%

Shares

Value

($)

Equity

Funds

39.9%

Nationwide

Multi-Cap

Portfolio,

Class

R6(a)

10,209,888

102,098,877

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,186,542

11,248,423

NVIT

International

Index

Fund,

Class

Y(a)

5,417,964

43,560,434

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

399,600

6,361,624

Total

Equity

Funds

(cost

$218,534,015)

163,269,358

Fixed

Income

Funds

35.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

3,677,138

31,880,786

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

179,341

1,594,339

NVIT

Bond

Index

Fund,

Class

Y(a)

10,546,330

95,549,748

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

1,824,840

17,463,715

Total

Fixed

Income

Funds

(cost

$169,589,311)

146,488,588

Total

Investment

Companies

(cost

$388,123,326)

309,757,946

Exchange

Traded

Funds

6.4%

Equity

Fund

1.0%

iShares

Core

S&P

Small-Cap

ETF(b)

46,461

4,050,934

Total

Equity

Funds

(cost  $5,159,758)

4,050,934

Fixed

Income

Funds

5.4%

iShares

20+

Year

Treasury

Bond

ETF

13,467

1,379,694

iShares

7-10

Year

Treasury

Bond

ETF(b)

141,019

13,536,414

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

6,414

657,114

iShares

U.S.

Treasury

Bond

ETF(b)

286,933

6,530,595

Total

Fixed

Income

Funds

(cost

$26,296,997)

22,103,817

Total

Exchange

Traded

Funds

(cost

$31,456,755)

26,154,751

Investment

Contract

9.7%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

39,884,835

39,884,835

Total

Investment

Contract

(cost

$39,884,835)

39,884,835

Repurchase

Agreement

2.4%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$9,778,734,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$9,971,773.(d)

9,776,249

9,776,249

Total

Repurchase

Agreement

(cost

$9,776,249)

9,776,249

Total

Investments

(cost

$469,241,165)

—

94.2%

385,573,781

Other

assets

in

excess

of

liabilities

—

5.8%

23,663,568

NET

ASSETS

—

100.0%

$

409,237,349

^

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$10,146,800,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$9,776,249

and

by

$672,371

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

12/15/2022

–

2/15/2049,

a

total

value

of

$10,448,620.

(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

September

30,

2022

was

$9,776,249.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI EAFE E-Mini Index

(484)

12/2022

USD

(40,186,520)

2,250,567

Russell

2000

E-Mini

Index

(116)

12/2022

USD

(9,684,840)

626,449

S&P

500

E-Mini

Index

(275)

12/2022

USD

(49,520,625)

3,685,994

S&P

Midcap

400

E-Mini

Index

(99)

12/2022

USD

(21,861,180)

1,470,310

Net

contracts

8,033,320

As

of

September

30,

2022,

the

Fund

had

$6,902,360

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

32

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

26,154,751

$

–

$

–

$

26,154,751

Futures

Contracts

8,033,320

–

–

8,033,320

Investment

Companies

309,757,946

–

–

309,757,946

Investment

Contract

–

–

39,884,835

39,884,835

Repurchase

Agreement

–

9,776,249

–

9,776,249

Total

$

343,946,017

$

9,776,249

$

39,884,835

$

393,607,101

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

33

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

September

30,

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

managing

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

Investment

Contract

Total

Balance

as

of

December

31,

2021

$

51,613,238

$

51,613,238

Purchases

*

1,747,899

1,747,899

Sales

(13,476,302)

(13,476,302)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2022

$

39,884,835

$

39,884,835

*

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.

34

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

8,033,320

Total

$

8,033,320

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

100

.1

%

Shares

Value

($)

Equity

Funds

89.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,271,525

9,587,297

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,613,518

11,020,327

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,739,874

20,768,243

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

6,735,493

59,204,981

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

880,346

7,350,889

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

2,121,052

25,516,255

Total

Equity

Funds

(cost

$158,677,124)

133,447,992

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

10.5%

Nationwide

Bond

Fund,

Class

R6(a)

189,249

1,531,022

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

809,010

7,758,408

NVIT

Core

Bond

Fund,

Class

Y(a)

691,273

6,256,021

Total

Fixed

Income

Funds

(cost

$18,186,315)

15,545,451

Total

Investment

Companies

(cost

$176,863,439)

148,993,443

Total

Investments

(cost

$176,863,439)

—

100.1%

148,993,443

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

103,474

)

NET

ASSETS

—

100.0%

$

148,889,969

(a)

Investment

in

affiliate.

2

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

148,993,443

$

–

$

–

$

148,993,443

Total

$

148,993,443

$

–

$

–

$

148,993,443

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

80.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,505,116

18,888,573

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,270,223

22,335,621

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,704,417

43,239,484

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

15,244,540

133,999,504

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,930,123

16,116,530

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

5,066,191

60,946,272

Total

Equity

Funds

(cost

$339,306,320)

295,525,984

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

19.4%

Nationwide

Bond

Fund,

Class

R6(a)

760,500

6,152,447

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

3,778,088

36,231,863

NVIT

Core

Bond

Fund,

Class

Y(a)

3,165,427

28,647,115

Total

Fixed

Income

Funds

(cost

$84,030,287)

71,031,425

Total

Investment

Companies

(cost

$423,336,607)

366,557,409

Total

Investments

(cost

$423,336,607)

—

100.0%

366,557,409

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

182,070

)

NET

ASSETS

—

100.0%

$

366,375,339

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

4

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

366,557,409

$

–

$

–

$

366,557,409

Total

$

366,557,409

$

–

$

–

$

366,557,409

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

60.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

6,573,419

49,563,580

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

14,605,471

99,755,369

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

20,850,069

158,043,525

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

59,107,547

519,555,337

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

5,766,216

48,147,904

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

19,166,195

230,569,330

Total

Equity

Funds

(cost

$1,261,805,338)

1,105,635,045

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

39.4%

Nationwide

Bond

Fund,

Class

R6(a)

5,438,323

43,996,031

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

29,943,026

287,153,623

NVIT

Core

Bond

Fund,

Class

Y(a)

27,792,778

251,524,643

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

3,167,826

27,116,594

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

11,534,296

110,383,214

Total

Fixed

Income

Funds

(cost

$843,525,631)

720,174,105

Total

Investment

Companies

(cost

$2,105,330,969)

1,825,809,150

Total

Investments

(cost

$2,105,330,969)

—

100.0%

1,825,809,150

Liabilities

in

excess

of

other

assets

—

0.0%

†

(734,825)

NET

ASSETS

—

100.0%

$

1,825,074,325

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

6

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,825,809,150

$

–

$

–

$

1,825,809,150

Total

$

1,825,809,150

$

–

$

–

$

1,825,809,150

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

38.9%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

994,684

7,499,918

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,507,520

17,126,364

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,866,274

36,886,355

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

10,925,432

96,034,543

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

974,730

8,138,994

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,695,095

44,451,993

Total

Equity

Funds

(cost

$239,646,758)

210,138,167

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

61.1%

Nationwide

Bond

Fund,

Class

R6(a)

2,657,959

21,502,888

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,257,291

11,177,318

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

10,892,560

104,459,654

NVIT

Core

Bond

Fund,

Class

Y(a)

12,160,021

110,048,190

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,288,399

11,028,699

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

7,538,145

72,140,051

Total

Fixed

Income

Funds

(cost

$382,026,087)

330,356,800

Total

Investment

Companies

(cost

$621,672,845)

540,494,967

Total

Investments

(cost

$621,672,845)

—

100.0%

540,494,967

Liabilities

in

excess

of

other

assets

—

0.0%

†

(254,051)

NET

ASSETS

—

100.0%

$

540,240,916

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

8

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

540,494,967

$

–

$

–

$

540,494,967

Total

$

540,494,967

$

–

$

–

$

540,494,967

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

19.2%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,291,149

8,818,546

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,785,204

21,111,847

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

6,019,138

52,908,226

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

331,115

2,764,808

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

1,854,642

22,311,339

Total

Equity

Funds

(cost

$120,107,736)

107,914,766

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

80.8%

Nationwide

Bond

Fund,

Class

R6(a)

3,914,164

31,665,587

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,547,364

22,646,066

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

14,137,018

135,574,001

NVIT

Core

Bond

Fund,

Class

Y(a)

15,047,590

136,180,689

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,697,833

14,533,447

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

11,901,197

113,894,458

Total

Fixed

Income

Funds

(cost

$521,626,190)

454,494,248

Total

Investment

Companies

(cost

$641,733,926)

562,409,014

Total

Investments

(cost

$641,733,926)

—

100.0%

562,409,014

Liabilities

in

excess

of

other

assets

—

0.0%

†

(258,486)

NET

ASSETS

—

100.0%

$

562,150,528

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

10

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

562,409,014

$

–

$

–

$

562,409,014

Total

$

562,409,014

$

–

$

–

$

562,409,014

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

48.8%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,857,869

36,628,331

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

9,332,012

63,737,645

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

17,967,445

136,193,232

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

39,068,890

343,415,545

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,822,805

31,920,419

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

12,717,210

152,988,038

Total

Equity

Funds

(cost

$879,542,958)

764,883,210

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

51.2%

Nationwide

Bond

Fund,

Class

R6(a)

6,854,076

55,449,477

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

29,981,846

287,525,907

NVIT

Core

Bond

Fund,

Class

Y(a)

30,009,799

271,588,683

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,850,970

24,404,299

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

16,937,626

162,093,084

Total

Fixed

Income

Funds

(cost

$932,603,623)

801,061,450

Total

Investment

Companies

(cost

$1,812,146,581)

1,565,944,660

Total

Investments

(cost

$1,812,146,581)

—

100.0%

1,565,944,660

Liabilities

in

excess

of

other

assets

—

0.0%

†

(638,474)

NET

ASSETS

—

100.0%

$

1,565,306,186

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

12

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,565,944,660

$

–

$

–

$

1,565,944,660

Total

$

1,565,944,660

$

–

$

–

$

1,565,944,660

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

69.7%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

10,319,307

77,807,576

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

17,190,537

117,411,366

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

24,026,117

182,117,963

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

69,209,192

608,348,797

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

7,972,026

66,566,421

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

18,446,489

221,911,268

Total

Equity

Funds

(cost

$1,475,694,867)

1,274,163,391

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

30.3%

Nationwide

Bond

Fund,

Class

R6(a)

4,479,543

36,239,504

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

23,054,206

221,089,840

NVIT

Core

Bond

Fund,

Class

Y(a)

24,493,334

221,664,675

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,168,396

18,561,472

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

5,866,460

56,142,026

Total

Fixed

Income

Funds

(cost

$651,665,534)

553,697,517

Total

Investment

Companies

(cost

$2,127,360,401)

1,827,860,908

Total

Investments

(cost

$2,127,360,401)

—

100.0%

1,827,860,908

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

737,289

)

NET

ASSETS

—

100.0%

$

1,827,123,619

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

14

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,827,860,908

$

–

$

–

$

1,827,860,908

Total

$

1,827,860,908

$

–

$

–

$

1,827,860,908

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

92.0%

Shares

Value

($)

Equity

Funds

48.3%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,284,106

9,682,162

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,545,090

17,382,962

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,189,113

39,333,473

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

11,836,389

104,041,864

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,082,261

9,036,881

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

4,643,727

55,864,037

Total

Equity

Funds

(cost

$267,053,720)

235,341,379

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

43.7%

Nationwide

Bond

Fund,

Class

R6(a)

1,797,894

14,544,961

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

7,875,399

75,525,073

NVIT

Core

Bond

Fund,

Class

Y(a)

7,971,677

72,143,677

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

746,480

6,389,864

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

4,603,012

44,050,827

Total

Fixed

Income

Funds

(cost

$246,167,541)

212,654,402

Total

Investment

Companies

(cost

$513,221,261)

447,995,781

Total

Investments

(cost

$513,221,261)

—

92.0%

447,995,781

Other

assets

in

excess

of

liabilities

—

8.0%

38,928,711

NET

ASSETS

—

100.0%

$

486,924,492

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(660)

12/2022

USD

(54,799,800)

2,984,407

Russell

2000

E-Mini

Index

(106)

12/2022

USD

(8,849,940)

556,481

S&P

500

E-Mini

Index

(367)

12/2022

USD

(66,087,525)

4,823,316

S&P

Midcap

400

E-Mini

Index

(80)

12/2022

USD

(17,665,600)

1,189,142

Net

contracts

9,553,346

As

of

September

30,

2022,

the

Fund

had

$8,191,860

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

9,553,346

$

–

$

–

$

9,553,346

Investment

Companies

447,995,781

–

–

447,995,781

Total

$

457,549,127

$

–

$

–

$

457,549,127

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

9,553,346

Total

$

9,553,346

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

-

September

30,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

89.7%

Shares

Value

($)

Equity

Funds

56.7%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,455,452

26,054,108

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

7,694,904

52,556,197

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

10,982,428

83,246,802

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

34,526,984

303,492,193

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,039,997

25,383,974

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

13,419,891

161,441,285

Total

Equity

Funds

(cost

$737,808,075)

652,174,559

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

33.0%

Nationwide

Bond

Fund,

Class

R6(a)

2,877,735

23,280,874

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

15,764,813

151,184,561

NVIT

Core

Bond

Fund,

Class

Y(a)

14,756,658

133,547,754

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,683,468

14,410,486

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

6,014,980

57,563,357

Total

Fixed

Income

Funds

(cost

$443,754,268)

379,987,032

Total

Investment

Companies

(cost

$1,181,562,343)

1,032,161,591

Total

Investments

(cost

$1,181,562,343)

—

89.7%

1,032,161,591

Other

assets

in

excess

of

liabilities

—

10.3%

118,633,582

NET

ASSETS

—

100.0%

$

1,150,795,173

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(2,131)

12/2022

USD

(176,936,930)

11,211,804

Russell

2000

E-Mini

Index

(362)

12/2022

USD

(30,223,380)

2,228,515

S&P

500

E-Mini

Index

(1,306)

12/2022

USD

(235,177,950)

19,668,523

S&P

Midcap

400

E-Mini

Index

(274)

12/2022

USD

(60,504,680)

4,654,829

Net

contracts

37,763,671

As

of

September

30,

2022,

the

Fund

had

$28,133,739

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

September

30,

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

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

37,763,671

$

–

$

–

$

37,763,671

Investment

Companies

1,032,161,591

–

–

1,032,161,591

Total

$

1,069,925,262

$

–

$

–

$

1,069,925,262

20

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

(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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

37,763,671

Total

$

37,763,671

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Exchange

Traded

Funds

99.8%

Shares

Value

($)

Fixed

Income

Funds

99.8%

iShares

Core

10+

Year

USD

Bond

ETF(a)

74,116

3,719,630

iShares

Core

1-5

Year

USD

Bond

ETF(a)

131,464

6,060,490

iShares

Core

Total

USD

Bond

Market

ETF(a)

88,827

3,952,802

iShares

Core

U.S.

Aggregate

Bond

ETF

204,054

19,658,562

iShares

MBS

ETF(a)

42,619

3,903,048

iShares

U.S.

Treasury

Bond

ETF

87,101

1,982,419

Total

Exchange

Traded

Funds

(cost

$46,299,842)

39,276,951

Repurchase

Agreements

16.6%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$586,049,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$597,618.(b)

585,900

585,900

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,297,870,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$3,362,972.(b)

3,297,032

3,297,032

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,649,445,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$1,682,821.(b)

1,649,025

1,649,025

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,000,257,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$6,531,957)

6,531,957

Total

Investments

(cost

$52,831,799)

—

116.4%

45,808,908

Liabilities

in

excess

of

other

assets

—

(16.4)%

(6,462,043)

NET

ASSETS

—

100.0%

$

39,346,865

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$6,708,826,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,531,957

and

by

$342,118

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

2.63%,

and

maturity

dates

ranging

from

10/27/2022

–

5/31/2027,

a

total

value

of

$6,874,075.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$6,531,957.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

39,276,951

$

–

$

–

$

39,276,951

Repurchase

Agreements

–

6,531,957

–

6,531,957

Total

$

39,276,951

$

6,531,957

$

–

$

45,808,908

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

92.9%

Shares

Value

($)

Alternative

Assets

92.9%

BlackRock

Global

Allocation

VI

Fund,

Class

I

21,627,217

300,185,767

Total

Alternative

Assets

(cost

$354,982,808)

300,185,767

Total

Investment

Company

(cost

$354,982,808)

300,185,767

Total

Investments

(cost

$354,982,808)

—

92.9%

300,185,767

Other

assets

in

excess

of

liabilities

—

7.1%

23,033,863

NET

ASSETS

—

100.0%

$

323,219,630

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(92)

12/2022

USD

(7,638,760)

668,808

Russell

2000

E-Mini

Index

(2)

12/2022

USD

(166,980)

17,686

S&P

500

E-Mini

Index

(80)

12/2022

USD

(14,406,000)

1,283,268

S&P

Midcap

400

E-Mini

Index

(2)

12/2022

USD

(441,640)

36,663

Net

contracts

2,006,425

As

of

September

30,

2022,

the

Fund

had

$1,245,969

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

4

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

2,006,425

$

–

$

–

$

2,006,425

Investment

Company

300,185,767

–

–

300,185,767

Total

$

302,192,192

$

–

$

–

$

302,192,192

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

5

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

managing

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

2,006,425

Total

$

2,006,425

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

-

September

30,

2022

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Exchange

Traded

Funds

99.7%

Shares

Value

($)

Equity

Funds

99.7%

iShares

Core

MSCI

EAFE

ETF(a)

96,121

5,062,693

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

123,384

5,960,681

iShares

Core

S&P

500

ETF

8,712

3,124,559

iShares

Core

S&P

Mid-Cap

ETF(a)

36,663

8,038,729

iShares

Core

S&P

Small-Cap

ETF

15,714

1,370,104

iShares

Core

S&P

Total

US

Stock

Market

ETF(a)

156,049

12,412,137

iShares

MSCI

USA

Momentum

Factor

ETF(a)

6,404

840,045

iShares

MSCI

USA

Quality

Factor

ETF

8,319

864,677

iShares

MSCI

USA

Size

Factor

ETF(a)

8,612

897,715

iShares

MSCI

USA

Small-Cap

Multifactor

ETF(a)

20,731

927,920

iShares

MSCI

USA

Value

Factor

ETF(a)

10,754

880,322

iShares

US

Equity

Factor

ETF(a)

110,793

4,012,922

Total

Exchange

Traded

Funds

(cost

$50,378,742)

44,392,504

Repurchase

Agreements

12.1%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,509,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,769,381,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$2,824,050.(b)

2,768,677

2,768,677

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$530,536,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$541,271.(b)

530,401

530,401

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$100,026,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$102,000.(b)

100,000

100,000

Total

Repurchase

Agreements

(cost

$5,399,078)

5,399,078

Total

Investments

(cost

$55,777,820)

—

111.8%

49,791,582

Liabilities

in

excess

of

other

assets

—

(11.8)%

(5,273,684)

NET

ASSETS

—

100.0%

$

44,517,898

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$8,443,148,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,399,078

and

by

$3,305,204

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.75%,

and

maturity

dates

ranging

from

12/15/2022

–

11/15/2051,

a

total

value

of

$8,704,282.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$5,399,078.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

-

September

30,

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

September

30,

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

$

44,392,504

$

–

$

–

$

44,392,504

Repurchase

Agreements

–

5,399,078

–

5,399,078

Total

$

44,392,504

$

5,399,078

$

–

$

49,791,582

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

-

September

30,

2022

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Investment

Companies

90.3%

Shares

Value

($)

Balanced

Fund

27.2%

American

Balanced

Fund,

Class

R6

26,522,027

710,525,108

Total

Balanced

Fund

(cost

$896,189,563)

710,525,108

Equity

Funds

44.3%

American

Funds

Growth

Fund,

Class

1

9,218,988

689,119,319

American

Funds

Washington

Mutual

Investors

Fund,

Class

1

40,609,524

467,821,713

Total

Equity

Funds

(cost

$1,776,494,788)

1,156,941,032

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

18.8%

American

Funds

U.S.

Government

Securities

Fund,

Class

1

11,933,233

122,196,307

Bond

Fund

of

America

(The),

Class

R6

32,709,606

367,328,872

Total

Fixed

Income

Funds

(cost

$576,411,879)

489,525,179

Total

Investment

Companies

(cost

$3,249,096,230)

2,356,991,319

Total

Investments

(cost

$3,249,096,230)

—

90.3%

2,356,991,319

Other

assets

in

excess

of

liabilities

—

9.7%

251,909,625

NET

ASSETS

—

100.0%

$

2,608,900,944

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(296)

12/2022

USD

(24,576,880)

1,996,981

Russell

2000

E-Mini

Index

(70)

12/2022

USD

(5,844,300)

518,063

S&P

500

E-Mini

Index

(2,321)

12/2022

USD

(417,954,075)

37,650,075

S&P

Midcap

400

E-Mini

Index

(104)

12/2022

USD

(22,965,280)

2,048,440

Net

contracts

42,213,559

As

of

September

30,

2022,

the

Fund

had

$28,541,878

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

42,213,559

$

–

$

–

$

42,213,559

Investment

Companies

2,356,991,319

–

–

2,356,991,319

Total

$

2,399,204,878

$

–

$

–

$

2,399,204,878

10

-

Statement

of

Investments

-

September

30,

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

September

30,

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

managing

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

42,213,559

Total

$

42,213,559

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Company

91.0%

Shares

Value

($)

Equity

Fund

91.0%

American

Funds

Growth-Income

Fund,

Class

1

12,018,155

553,315,856

Total

Investment

Company

(cost

$573,442,700)

553,315,856

Total

Investments

(cost

$573,442,700)

—

91.0%

553,315,856

Other

assets

in

excess

of

liabilities

—

9.0%

54,892,318

NET

ASSETS

—

100.0%

$

608,208,174

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(101)

12/2022

USD

(8,386,030)

685,025

Russell

2000

E-Mini

Index

(8)

12/2022

USD

(667,920)

67,351

S&P

500

E-Mini

Index

(623)

12/2022

USD

(112,186,725)

10,411,068

S&P

Midcap

400

E-Mini

Index

(37)

12/2022

USD

(8,170,340)

763,163

Net

contracts

11,926,607

As

of

September

30,

2022,

the

Fund

had

$7,806,732

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

11,926,607

$

–

$

–

$

11,926,607

Investment

Company

553,315,856

–

–

553,315,856

Total

$

565,242,463

$

–

$

–

$

565,242,463

NVIT

Managed

American

Funds

Growth-Income

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

managing

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

11,926,607

Total

$

11,926,607

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

-

September

30,

2022

(Unaudited)

-

Consolidated

Statement

of

Investments

-

1

Corporate

Bonds

8.1%

Principal

Amount

($)

Value

($)

CANADA

4.1%

Capital

Markets

4.1%

OMERS

Finance

Trust,

1.13%,

4/14/2023(a)

1,400,000

1,377,040

GERMANY

4.0%

Banks

4.0%

Kreditanstalt

fuer

Wiederaufbau

,

2.00%,

10/4/2022

1,350,000

1,350,000

Total

Corporate

Bonds

(cost

$2,729,816)

2,727,040

Foreign

Government

Securities

25.7%

CANADA

4.5%

Province

of

British

Columbia,

2.00%,

10/23/2022

1,500,000

1,498,680

GERMANY

4.1%

Erste

Abwicklungsanstalt

,

Reg.

S,

0.50%,

6/2/2023

1,400,000

1,364,738

JAPAN

8.1%

Japan

Finance

Organization

for

Municipalities,

2.13%,

10/25/2023

(a)

1,400,000

1,366,373

Tokyo

Metropolitan

Government,

Reg.

S,

3.25%,

6/1/2023

1,400,000

1,390,872

2,757,245

NORWAY

4.5%

Kommunalbanken

A/S,

Reg.

S,

0.25%,

11/4/2022

1,500,000

1,496,080

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

SWEDEN

4.5%

Svensk

Exportkredit

AB,

1.63%,

11/14/2022

1,500,000

1,496,444

Total

Foreign

Government

Securities

(cost

$8,633,951)

8,613,187

Supranational

10.2%

Corp.

Andina

de

Fomento

,

3.75%,

11/23/2023

1,400,000

1,379,836

European

Investment

Bank,

2.00%,

12/15/2022

1,350,000

1,345,950

European

Stability

Mechanism,

Reg.

S,

2.13%,

11/3/2022

700,000

699,196

Total

Supranational

(cost

$3,449,665)

3,424,982

Total

Investments

(cost

$14,813,432)

—

44.0%

14,765,209

Other

assets

in

excess

of

liabilities

—

56.0%

18,788,529

NET

ASSETS

—

100.0%

$

33,553,738

(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

September

30,

2022

was

$2,743,413

which

represents

8.18%

of

net

assets.

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

-

September

30,

2022

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Natural

Gas

5

10/2022

USD

338,300

(71,403)

LME

Aluminum

Base

Metal

8

11/2022

USD

430,650

(22,487)

LME

Nickel

Base

Metal

3

11/2022

USD

378,990

(4,036)

LME

Zinc

Base

Metal

5

11/2022

USD

375,125

(21,041)

Low

Sulphur

Gasoil

1

11/2022

USD

94,175

(1,526)

Australia

10

Year

Bond

73

12/2022

AUD

5,468,690

(83,495)

Copper

6

12/2022

USD

511,875

(8,753)

E-Mini

Crude

Oil

9

12/2022

USD

349,875

(36,698)

FTSE

100

Index

42

12/2022

GBP

3,242,562

(243,922)

Micro

Gold

151

12/2022

USD

2,524,720

(134,551)

Mini-DAX

Index

37

12/2022

EUR

2,200,006

(131,365)

RBOB

Gasoline

1

12/2022

USD

93,937

(544)

S&P

500

Micro

E-Mini

Index

113

12/2022

USD

2,034,848

(271,707)

Silver

8

12/2022

USD

761,560

(49,026)

TOPIX

Index

22

12/2022

JPY

2,790,852

(110,859)

U.S.

Treasury

10

Year

Note

59

12/2022

USD

6,611,687

(309,835)

Net

contracts

(1,501,248)

As

of

September

30,

2022,

the

Fund

had

$1,714,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

2,727,040

$

–

$

2,727,040

Foreign

Government

Securities

–

8,613,187

–

8,613,187

Supranational

–

3,424,982

–

3,424,982

Total

Assets

$

–

$

14,765,209

$

–

$

14,765,209

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,501,248)

$

–

$

–

$

(1,501,248)

Total

Liabilities

$

(1,501,248)

$

–

$

–

$

(1,501,248)

Total

$

(1,501,248)

$

14,765,209

$

–

$

13,263,961

4

-

Consolidated

Statement

of

Investments

-

September

30,

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

September

30,

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

managing

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Liabilities:

Fair

Value

Futures

Contracts

Commodity

risk

Unrealized

depreciation

from

futures

contracts

$

(350,065)

Equity

risk

Unrealized

depreciation

from

futures

contracts

(757,853)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(393,330)

Total

$

(1,501,248)

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.6%

Shares

Value

($)

BRAZIL

7.3%

Banks

2.9%

Banco

Bradesco

SA,

ADR

(a)

100,300

369,104

Banco

Bradesco

SA

*

99,300

300,237

Banco

do

Brasil

SA

755,900

5,397,734

Itau

Unibanco

Holding

SA

*

153,000

667,098

Itau

Unibanco

Holding

SA

(Preference)

*

954,000

4,962,459

11,696,632

Beverages

0.8%

Ambev

SA,

ADR

(a)

1,152,676

3,262,073

Chemicals

0.2%

Unipar

Carbocloro

SA

(Preference)

,

Class

B

40,986

729,327

Electric

Utilities

1.6%

Cia

Energetica

de

Minas

Gerais,

ADR

(a)

1,510,459

3,051,127

Cia

Energetica

de

Minas

Gerais

342,009

1,027,102

Cia

Paranaense

de

Energia

88,200

529,754

Cia

Paranaense

de

Energia

(Preference)

526,700

642,466

Transmissora

Alianca

de

Energia

Eletrica

SA

198,300

1,431,829

6,682,278

Food

Products

0.1%

Sao

Martinho

SA

45,284

214,233

Health

Care

Providers

&

Services

0.1%

Odontoprev

SA

324,000

528,553

Insurance

0.2%

BB

Seguridade

Participacoes

SA

201,600

992,986

Oil,

Gas

&

Consumable

Fuels

1.1%

Cosan

SA,

ADR

5,275

67,942

Petroleo

Brasileiro

SA,

ADR

370,000

4,565,800

4,633,742

Transportation

Infrastructure

0.3%

CCR

SA

175,800

408,348

Santos

Brasil

Participacoes

SA

486,100

688,462

1,096,810

29,836,634

CHILE

0.7%

Chemicals

0.5%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

23,168

2,102,495

Food

&

Staples

Retailing

0.0%

†

Cencosud

SA

34,747

43,972

Industrial

Conglomerates

0.0%

†

Quinenco

SA

52,065

112,961

Marine

0.2%

Cia

Sud

Americana

de

Vapores

SA

9,128,913

629,021

2,888,449

Common

Stocks

Shares

Value

($)

CHINA

33.4%

Automobiles

2.4%

BYD

Co.

Ltd.

,

Class

A

70,500

2,501,216

BYD

Co.

Ltd.

,

Class

H

160,000

3,934,737

Dongfeng

Motor

Group

Co.

Ltd.

,

Class

H

2,998,000

1,593,885

Geely

Automobile

Holdings

Ltd.

1,275,000

1,728,620

Yadea

Group

Holdings

Ltd.

Reg.

S

(b)

120,000

191,690

9,950,148

Banks

2.7%

Agricultural

Bank

of

China

Ltd.

,

Class

H

10,011,000

2,985,513

Bank

of

Communications

Co.

Ltd.

,

Class

H

3,017,000

1,585,121

China

CITIC

Bank

Corp.

Ltd.

,

Class

H

(a)

605,000

240,242

China

Construction

Bank

Corp.

,

Class

H

11,092,000

6,383,046

11,193,922

Beverages

2.2%

Anhui

Gujing

Distillery

Co.

Ltd.

,

Class

A

30,100

1,153,825

China

Resources

Beer

Holdings

Co.

Ltd.

94,000

651,127

Jiangsu

King's

Luck

Brewery

JSC

Ltd.

,

Class

A

186,100

1,203,156

Luzhou

Laojiao

Co.

Ltd.

,

Class

A

64,425

2,085,947

Nongfu

Spring

Co.

Ltd.

,

Class

H

Reg.

S

(b)

315,000

1,811,592

Tsingtao

Brewery

Co.

Ltd.

,

Class

A

31,900

477,320

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

182,000

1,721,277

9,104,244

Biotechnology

0.7%

BeiGene

Ltd.,

ADR

*

1,900

256,158

Daan

Gene

Co.

Ltd.

,

Class

A

609,758

1,424,682

Imeik

Technology

Development

Co.

Ltd.

,

Class

A

7,528

519,930

Zhejiang

Orient

Gene

Biotech

Co.

Ltd.

,

Class

A

68,636

729,937

2,930,707

Chemicals

1.0%

Asia

-

Potash

International

Investment

Guangzhou

Co.

Ltd.

,

Class

A

*

92,850

382,457

China

BlueChemical

Ltd.

,

Class

H

822,000

170,349

China

XLX

Fertiliser

Ltd.

604,000

302,861

Jiangsu

Yangnong

Chemical

Co.

Ltd.

,

Class

A

135,577

1,910,874

Sinofert

Holdings

Ltd.

*(a)

946,000

105,776

Zangge

Mining

Co.

Ltd.

,

Class

A

273,800

1,094,175

3,966,492

2

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Communications

Equipment

0.1%

Zhongji

Innolight

Co.

Ltd.

,

Class

A

101,900

373,085

Diversified

Consumer

Services

0.3%

China

Education

Group

Holdings

Ltd.

Reg.

S

(a)

618,000

455,815

New

Oriental

Education

&

Technology

Group,

Inc.

*

74,000

181,005

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

*

17,300

414,681

1,051,501

Electrical

Equipment

0.7%

TBEA

Co.

Ltd.

,

Class

A

994,059

3,034,158

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Kingboard

Holdings

Ltd.

63,500

178,424

Entertainment

2.0%

NetEase,

Inc.,

ADR

(a)

82,780

6,258,168

NetEase,

Inc.

76,700

1,164,740

Tencent

Music

Entertainment

Group,

ADR

*(a)

200,000

812,000

8,234,908

Food

Products

0.2%

China

Mengniu

Dairy

Co.

Ltd.

*

14,000

54,913

COFCO

Joycome

Foods

Ltd.

Reg.

S

*(a)

916,000

245,567

Uni-President

China

Holdings

Ltd.

375,000

314,359

Wens

Foodstuffs

Group

Co.

Ltd.

,

Class

A

*

72,597

209,035

823,874

Gas

Utilities

0.8%

ENN

Energy

Holdings

Ltd.

35,600

473,708

Kunlun

Energy

Co.

Ltd.

3,994,000

2,881,903

3,355,611

Independent

Power

and

Renewable

Electricity

Producers

0.1%

CGN

Power

Co.

Ltd.

,

Class

H

Reg.

S

(b)

2,058,000

445,075

Industrial

Conglomerates

0.2%

CITIC

Ltd.

657,000

616,094

Insurance

2.6%

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

H

712,400

1,306,488

People's

Insurance

Co.

Group

of

China

Ltd.

(The)

,

Class

H

3,353,000

970,320

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

5,458,000

5,645,452

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

A

281,800

1,645,991

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

H

(a)

253,500

1,260,481

10,828,732

Interactive

Media

&

Services

4.4%

Autohome,

Inc.,

ADR

4,700

135,172

Baidu,

Inc.,

ADR

*

7,500

881,175

Baidu,

Inc.

,

Class

A

*

20,250

298,818

Common

Stocks

Shares

Value

($)

CHINA

Interactive

Media

&

Services

Tencent

Holdings

Ltd.

486,200

16,419,946

17,735,111

Internet

&

Direct

Marketing

Retail

7.5%

Alibaba

Group

Holding

Ltd.

*

199,000

1,996,148

Alibaba

Group

Holding

Ltd.,

ADR

*

124,500

9,958,754

JD.com,

Inc.,

ADR

(a)

64,200

3,229,260

JD.com,

Inc.

,

Class

A

176,195

4,449,154

Meituan

,

Class

B

Reg.

S

*(b)

289,800

6,073,942

Pinduoduo,

Inc.,

ADR

*

51,800

3,241,644

Vipshop

Holdings

Ltd.,

ADR

*

181,800

1,528,938

30,477,840

Life

Sciences

Tools

&

Services

0.3%

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

192,000

1,150,358

Machinery

0.2%

Ningbo

Deye

Technology

Co.

Ltd.

,

Class

A

11,200

660,268

Marine

0.3%

SITC

International

Holdings

Co.

Ltd.

655,000

1,199,590

Metals

&

Mining

0.2%

Henan

Shenhuo

Coal

&

Power

Co.

Ltd.

,

Class

A

173,000

407,694

Shougang

Fushan

Resources

Group

Ltd.

928,000

268,865

676,559

Oil,

Gas

&

Consumable

Fuels

1.8%

China

Shenhua

Energy

Co.

Ltd.

,

Class

H

1,377,500

4,087,333

PetroChina

Co.

Ltd.

,

Class

H

8,472,000

3,483,833

7,571,166

Pharmaceuticals

1.1%

China

Resources

Pharmaceutical

Group

Ltd.

Reg.

S

(b)

1,813,000

1,236,777

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.

,

Class

A

170,100

918,210

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.

,

Class

A

431,765

1,575,855

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.

,

Class

H

(a)

402,000

863,137

4,593,979

Real

Estate

Management

&

Development

0.0%

†

Gemdale

Properties

&

Investment

Corp.

Ltd.

1,412,000

95,192

Road

&

Rail

0.1%

Daqin

Railway

Co.

Ltd.

,

Class

A

275,400

262,645

Semiconductors

&

Semiconductor

Equipment

0.5%

Daqo

New

Energy

Corp.,

ADR

*

27,300

1,449,084

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

CHINA

Semiconductors

&

Semiconductor

Equipment

LONGi

Green

Energy

Technology

Co.

Ltd.

,

Class

A

103,160

692,869

2,141,953

Specialty

Retail

0.2%

China

Yongda

Automobiles

Services

Holdings

Ltd.

1,063,000

568,255

Topsports

International

Holdings

Ltd.

Reg.

S

(b)

449,000

315,238

883,493

Textiles,

Apparel

&

Luxury

Goods

0.4%

ANTA

Sports

Products

Ltd.

36,800

387,617

Bosideng

International

Holdings

Ltd.

1,554,000

767,842

JNBY

Design

Ltd.

Reg.

S

135,000

131,481

Li

Ning

Co.

Ltd.

63,500

482,550

1,769,490

Transportation

Infrastructure

0.4%

China

Merchants

Port

Holdings

Co.

Ltd.

114,087

142,379

Shanghai

International

Port

Group

Co.

Ltd.

,

Class

A

1,790,276

1,403,118

1,545,497

136,850,116

GREECE

0.3%

Diversified

Telecommunication

Services

0.0%

†

Hellenic

Telecommunications

Organization

SA

3,311

48,093

Hotels,

Restaurants

&

Leisure

0.1%

OPAP

SA

57,631

692,162

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Terna

Energy

SA

14,041

226,389

Specialty

Retail

0.1%

JUMBO

SA

33,255

443,366

1,410,010

HONG

KONG

0.6%

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Truly

International

Holdings

Ltd.

(a)

556,000

86,073

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Concord

New

Energy

Group

Ltd.

1,520,000

125,639

Marine

0.1%

Orient

Overseas

International

Ltd.

(a)

22,500

392,411

Pharmaceuticals

0.5%

Sino

Biopharmaceutical

Ltd.

4,049,000

1,883,528

2,487,651

INDIA

15.3%

Aerospace

&

Defense

1.0%

Bharat

Electronics

Ltd.

3,251,828

4,014,949

Automobiles

1.3%

Eicher

Motors

Ltd.

32,116

1,438,233

Common

Stocks

Shares

Value

($)

INDIA

Automobiles

Mahindra

&

Mahindra

Ltd.

148,641

2,295,891

Tata

Motors

Ltd.,

ADR

*(a)

35,634

864,481

Tata

Motors

Ltd.

,

Class

A

*

291,707

695,806

5,294,411

Banks

1.5%

Axis

Bank

Ltd.

241,715

2,155,815

Bank

of

Baroda

129,817

209,013

City

Union

Bank

Ltd.

67,052

142,068

ICICI

Bank

Ltd.,

ADR

163,488

3,428,343

5,935,239

Beverages

0.1%

Varun

Beverages

Ltd.

36,517

467,119

Chemicals

1.2%

Chambal

Fertilisers

and

Chemicals

Ltd.

30,963

120,746

Coromandel

International

Ltd.

173,066

2,098,651

Gujarat

Alkalies

&

Chemicals

Ltd.

9,971

102,706

Gujarat

Narmada

Valley

Fertilizers

&

Chemicals

Ltd.

90,279

705,091

Gujarat

State

Fertilizers

&

Chemicals

Ltd.

277,588

442,904

Linde

India

Ltd.

22,683

920,350

Polyplex

Corp.

Ltd.

2,043

49,208

Tata

Chemicals

Ltd.

25,072

337,923

4,777,579

Construction

&

Engineering

0.2%

Larsen

&

Toubro

Ltd.

43,317

976,094

Diversified

Financial

Services

1.3%

Housing

Development

Finance

Corp.

Ltd.

46,278

1,288,691

Power

Finance

Corp.

Ltd.

1,561,783

1,996,209

REC

Ltd.

1,683,829

1,938,896

5,223,796

Diversified

Telecommunication

Services

0.2%

Tata

Communications

Ltd.

46,345

649,612

Tata

Teleservices

Maharashtra

Ltd.

*

98,018

123,214

772,826

Electric

Utilities

1.1%

Adani

Transmission

Ltd.

*

8,936

357,782

Power

Grid

Corp.

of

India

Ltd.

1,651,761

4,274,261

4,632,043

Electrical

Equipment

0.6%

ABB

India

Ltd.

54,382

2,052,167

Finolex

Cables

Ltd.

62,345

356,027

2,408,194

Food

Products

0.1%

Balrampur

Chini

Mills

Ltd.

79,845

338,098

Gas

Utilities

0.4%

Adani

Total

Gas

Ltd.

6,647

270,160

GAIL

India

Ltd.

1,434,187

1,525,966

1,796,126

Health

Care

Providers

&

Services

0.7%

Apollo

Hospitals

Enterprise

Ltd.

43,088

2,306,659

4

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

INDIA

Health

Care

Providers

&

Services

Narayana

Hrudayalaya

Ltd.

Reg.

S

53,698

472,198

2,778,857

Hotels,

Restaurants

&

Leisure

0.0%

†

Devyani

International

Ltd.

*

68,535

163,536

Independent

Power

and

Renewable

Electricity

Producers

1.3%

Adani

Green

Energy

Ltd.

*

22,329

617,687

Adani

Power

Ltd.

*

823,574

3,734,988

JSW

Energy

Ltd.

224,131

822,398

NHPC

Ltd.

670,697

293,486

5,468,559

Insurance

0.3%

SBI

Life

Insurance

Co.

Ltd.

Reg.

S

(b)

76,161

1,165,314

IT

Services

1.4%

Tata

Consultancy

Services

Ltd.

130,302

4,764,528

WNS

Holdings

Ltd.,

ADR

*

13,400

1,096,656

5,861,184

Machinery

0.1%

Ashok

Leyland

Ltd.

139,037

258,919

Metals

&

Mining

0.0%

†

Hindustan

Zinc

Ltd.

51,970

169,344

Oil,

Gas

&

Consumable

Fuels

0.5%

Great

Eastern

Shipping

Co.

Ltd.

(The)

104,043

687,761

Reliance

Industries

Ltd.

41,411

1,197,742

1,885,503

Specialty

Retail

0.0%

†

Trent

Ltd.

7,694

134,011

Tobacco

1.4%

ITC

Ltd.

1,458,985

5,925,770

Trading

Companies

&

Distributors

0.2%

Adani

Enterprises

Ltd.

17,043

719,629

Transportation

Infrastructure

0.4%

Adani

Ports

&

Special

Economic

Zone

Ltd.

134,687

1,347,522

GMR

Infrastructure

Ltd.

*

545,294

237,400

1,584,922

62,752,022

INDONESIA

1.5%

Automobiles

0.5%

Astra

International

Tbk.

PT

4,647,400

2,004,980

Banks

0.7%

Bank

Mandiri

Persero

Tbk.

PT

2,272,400

1,393,312

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk.

PT

3,814,700

177,699

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

3,321,700

977,146

2,548,157

Chemicals

0.2%

Surya

Esa

Perkasa

Tbk.

PT

12,839,400

832,814

Multiline

Retail

0.0%

†

Mitra

Adiperkasa

Tbk.

PT

*

2,927,600

203,366

Common

Stocks

Shares

Value

($)

INDONESIA

Oil,

Gas

&

Consumable

Fuels

0.1%

AKR

Corporindo

Tbk.

PT

4,255,300

376,449

5,965,766

MEXICO

1.9%

Banks

0.4%

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

224,000

1,438,352

Beverages

0.8%

Arca

Continental

SAB

de

CV

171,208

1,232,830

Coca-Cola

Femsa

SAB

de

CV,

ADR

29,267

1,708,900

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

11,470

719,743

3,661,473

Multiline

Retail

0.1%

El

Puerto

de

Liverpool

SAB

de

CV

,

Class

C1

(a)

94,077

413,407

Transportation

Infrastructure

0.6%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

11,851

74,568

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

Class

B

104,600

1,322,074

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

5,503

1,079,524

2,476,166

7,989,398

PHILIPPINES

0.4%

Banks

0.2%

Metropolitan

Bank

&

Trust

Co.

752,960

623,844

Electric

Utilities

0.1%

Manila

Electric

Co.

48,200

216,271

Hotels,

Restaurants

&

Leisure

0.1%

Jollibee

Foods

Corp.

126,670

494,791

Industrial

Conglomerates

0.0%

†

DMCI

Holdings,

Inc.

761,200

128,009

Transportation

Infrastructure

0.0%

†

International

Container

Terminal

Services,

Inc.

58,030

155,150

1,618,065

POLAND

0.4%

Banks

0.3%

Bank

Polska

Kasa

Opieki

SA

39,545

479,419

Santander

Bank

Polska

SA

11,620

456,847

936,266

Food

&

Staples

Retailing

0.1%

Dino

Polska

SA

Reg.

S

*(b)

8,458

512,842

1,449,108

QATAR

0.5%

Banks

0.1%

Qatar

Islamic

Bank

SAQ

72,090

487,430

Industrial

Conglomerates

0.3%

Industries

Qatar

QSC

265,500

1,228,220

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

QATAR

Multi-Utilities

0.1%

Qatar

Electricity

&

Water

Co.

QSC

87,173

419,657

2,135,307

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

*^∞

819,980

0

VTB

Bank

PJSC

*^∞

548,744,000

0

0

Chemicals

0.0%

†

PhosAgro

PJSC

Reg.

S

^∞

7,500

0

PhosAgro

PJSC,

GDR

Reg.

S

*^∞

48

0

0

Metals

&

Mining

0.0%

†

Novolipetsk

Steel

PJSC,

GDR

Reg.

S

^∞

78,727

0

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Novatek

PJSC,

GDR

Reg.

S

^∞

11,088

0

0

SAUDI

ARABIA

4.8%

Banks

2.5%

Al

Rajhi

Bank

*

85,518

1,837,309

Alinma

Bank

368,868

3,531,704

Arab

National

Bank

29,181

238,542

Bank

AlBilad

*

17,021

213,852

Banque

Saudi

Fransi

78,676

872,289

Riyad

Bank

247,655

2,078,573

Saudi

Investment

Bank

(The)

82,003

371,957

Saudi

National

Bank

(The)

43,000

717,869

9,862,095

Chemicals

1.2%

SABIC

Agri-Nutrients

Co.

48,659

2,041,162

Sahara

International

Petrochemical

Co.

146,983

1,621,817

Saudi

Basic

Industries

Corp.

53,078

1,251,917

4,914,896

Food

&

Staples

Retailing

0.1%

Abdullah

Al

Othaim

Markets

Co.

18,767

614,924

Health

Care

Providers

&

Services

0.1%

Al

Hammadi

Co.

for

Development

&

Investment

18,405

218,170

Metals

&

Mining

0.0%

†

Saudi

Arabian

Mining

Co.

*

8,125

150,062

Oil,

Gas

&

Consumable

Fuels

0.9%

Saudi

Arabian

Oil

Co.

Reg.

S

(b)

403,011

3,836,662

19,596,809

SOUTH

AFRICA

2.6%

Banks

0.5%

Absa

Group

Ltd.

120,394

1,167,306

Standard

Bank

Group

Ltd.

86,624

683,398

1,850,704

Common

Stocks

Shares

Value

($)

SOUTH

AFRICA

Diversified

Financial

Services

1.5%

FirstRand

Ltd.

1,852,858

6,165,201

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Vukile

Property

Fund

Ltd.

409,916

280,319

Food

Products

0.1%

Astral

Foods

Ltd.

22,032

234,204

AVI

Ltd.

86,176

345,771

579,975

Metals

&

Mining

0.3%

Anglo

American

Platinum

Ltd.

18,591

1,305,403

Specialty

Retail

0.1%

Truworths

International

Ltd.

76,120

208,178

Trading

Companies

&

Distributors

0.0%

†

Barloworld

Ltd.

15,079

76,725

10,466,505

SOUTH

KOREA

12.8%

Aerospace

&

Defense

1.1%

Hanwha

Aerospace

Co.

Ltd.

40,905

1,756,549

Korea

Aerospace

Industries

Ltd.

82,508

2,792,117

4,548,666

Auto

Components

0.2%

SL

Corp.

26,677

595,557

SNT

Motiv

Co.

Ltd.

3,318

97,259

692,816

Automobiles

2.5%

Hyundai

Motor

Co.

36,234

4,438,170

Kia

Corp.

116,811

5,829,722

10,267,892

Banks

2.2%

Hana

Financial

Group,

Inc.

10,803

265,327

JB

Financial

Group

Co.

Ltd.

89,891

434,697

KB

Financial

Group,

Inc.

160,526

4,862,439

Shinhan

Financial

Group

Co.

Ltd.

126,099

2,933,194

Woori

Financial

Group,

Inc.

79,201

588,445

9,084,102

Beverages

0.3%

Hite

Jinro

Co.

Ltd.

18,560

343,429

Lotte

Chilsung

Beverage

Co.

Ltd.

9,677

1,071,634

1,415,063

Biotechnology

0.1%

ABLBio,

Inc.

*

19,636

279,444

Capital

Markets

0.1%

Meritz

Securities

Co.

Ltd.

180,314

459,548

Chemicals

0.1%

LOTTE

Fine

Chemical

Co.

Ltd.

10,268

400,702

Diversified

Consumer

Services

0.4%

MegaStudyEdu

Co.

Ltd.

35,672

1,770,296

Electronic

Equipment,

Instruments

&

Components

0.2%

Daeduck

Electronics

Co.

Ltd.

21,261

311,586

Samsung

SDI

Co.

Ltd.

1,210

456,522

768,108

6

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Health

Care

Equipment

&

Supplies

0.0%

†

Lutronic

Corp.

14,206

156,251

Industrial

Conglomerates

0.4%

GS

Holdings

Corp.

43,328

1,257,835

Lotte

Corp.

7,780

208,064

1,465,899

Insurance

0.4%

DB

Insurance

Co.

Ltd.

21,262

814,375

Meritz

Fire

&

Marine

Insurance

Co.

Ltd.

19,837

406,673

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

2,826

362,492

1,583,540

Multiline

Retail

0.1%

Lotte

Shopping

Co.

Ltd.

3,185

190,987

Shinsegae,

Inc.

774

123,861

314,848

Pharmaceuticals

0.3%

Daewon

Pharmaceutical

Co.

Ltd.

67,571

717,168

Daewoong

Pharmaceutical

Co.

Ltd.

4,609

508,367

1,225,535

Technology

Hardware,

Storage

&

Peripherals

3.2%

Samsung

Electronics

Co.

Ltd.

308,735

11,343,952

Samsung

Electronics

Co.

Ltd.

(Preference)

58,015

1,887,722

13,231,674

Textiles,

Apparel

&

Luxury

Goods

0.1%

LF

Corp.

24,812

251,819

Youngone

Corp.

5,697

175,697

427,516

Tobacco

1.1%

KT&G

Corp.

75,215

4,550,797

52,642,697

TAIWAN

12.4%

Auto

Components

0.2%

Depo

Auto

Parts

Ind

Co.

Ltd.

178,000

394,249

Tong

Yang

Industry

Co.

Ltd.

217,000

329,877

724,126

Automobiles

0.1%

Sanyang

Motor

Co.

Ltd.

243,000

293,518

Banks

0.1%

Taishin

Financial

Holding

Co.

Ltd.

725,204

311,544

Chemicals

0.5%

Sesoda

Corp.

450,000

590,525

Taiwan

Fertilizer

Co.

Ltd.

842,000

1,458,708

2,049,233

Construction

&

Engineering

0.2%

Continental

Holdings

Corp.

1,040,000

984,225

Construction

Materials

0.2%

Goldsun

Building

Materials

Co.

Ltd.

1,253,000

948,375

Containers

&

Packaging

0.0%

†

Ton

Yi

Industrial

Corp.

284,000

160,575

Common

Stocks

Shares

Value

($)

TAIWAN

Diversified

Financial

Services

1.0%

Chailease

Holding

Co.

Ltd.

692,200

3,938,181

Electronic

Equipment,

Instruments

&

Components

4.2%

Chang

Wah

Electromaterials,

Inc.

109,000

106,988

Compeq

Manufacturing

Co.

Ltd.

1,059,000

1,506,854

Delta

Electronics,

Inc.

175,000

1,390,708

E

Ink

Holdings,

Inc.

320,000

2,114,250

Gold

Circuit

Electronics

Ltd.

133,900

392,236

Hon

Hai

Precision

Industry

Co.

Ltd.

1,961,000

6,260,433

Largan

Precision

Co.

Ltd.

8,000

417,184

Nan

Ya

Printed

Circuit

Board

Corp.

334,000

1,958,357

Primax

Electronics

Ltd.

455,000

906,991

Unimicron

Technology

Corp.

551,000

2,046,033

17,100,034

Entertainment

0.0%

†

International

Games

System

Co.

Ltd.

16,000

180,084

Leisure

Products

0.0%

†

Advanced

International

Multitech

Co.

Ltd.

46,000

132,429

Marine

0.4%

Evergreen

Marine

Corp.

Taiwan

Ltd.

371,600

1,694,170

Semiconductors

&

Semiconductor

Equipment

4.9%

Formosa

Sumco

Technology

Corp.

174,000

738,991

MediaTek,

Inc.

31,000

539,529

Sino-American

Silicon

Products,

Inc.

48,000

195,804

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,388,000

18,244,268

19,718,592

Technology

Hardware,

Storage

&

Peripherals

0.4%

Catcher

Technology

Co.

Ltd.

85,000

459,268

Chicony

Electronics

Co.

Ltd.

87,000

224,925

Lite-On

Technology

Corp.

498,000

993,645

1,677,838

Textiles,

Apparel

&

Luxury

Goods

0.1%

Feng

TAY

Enterprise

Co.

Ltd.

73,000

360,485

Wireless

Telecommunication

Services

0.1%

Far

EasTone

Telecommunications

Co.

Ltd.

270,000

614,444

50,887,853

THAILAND

2.5%

Banks

0.7%

SCB

X

PCL

993,400

2,717,846

Health

Care

Providers

&

Services

1.6%

Bumrungrad

Hospital

PCL

900,300

5,391,943

Thonburi

Healthcare

Group

PCL

472,800

808,773

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

THAILAND

Health

Care

Providers

&

Services

Vibhavadi

Medical

Center

PCL

5,222,900

384,032

6,584,748

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Gulf

Energy

Development

PCL

190,000

263,628

Gunkul

Engineering

PCL

2,433,500

338,071

601,699

Marine

0.1%

Regional

Container

Lines

PCL

372,500

284,170

10,188,463

TURKEY

0.7%

Banks

0.4%

Turkiye

Is

Bankasi

A/S

,

Class

C

1,233,047

500,687

Yapi

ve

Kredi

Bankasi

A/S

3,363,569

1,284,231

1,784,918

Industrial

Conglomerates

0.3%

KOC

Holding

A/S

467,256

1,143,589

2,928,507

UNITED

ARAB

EMIRATES

0.1%

Banks

0.1%

Abu

Dhabi

Commercial

Bank

PJSC

33,315

81,719

Dubai

Islamic

Bank

PJSC

321,929

522,300

604,019

UNITED

STATES

0.4%

Biotechnology

0.0%

†

Legend

Biotech

Corp.,

ADR

*

3,800

155,040

Food

Products

0.4%

JBS

SA

288,500

1,343,465

1,498,505

Total

Common

Stocks

(cost

$486,905,444)

404,195,884

Repurchase

Agreements

2.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,418,890,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$4,506,122.(c)

4,417,766

4,417,766

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Credit

Suisse

AG

New

York,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,361,383,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$4,448,611.(c)

4,360,304

4,360,304

Total

Repurchase

Agreements

(cost

$8,778,070)

8,778,070

Total

Investments

(cost

$495,683,514)

—

100.7%

412,973,954

Liabilities

in

excess

of

other

assets

—

(0.7)%

(2,964,196)

NET

ASSETS

—

100.0%

$

410,009,758

8

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$10,035,687,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,778,070

and

by

$1,850,192

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/27/2022

–

5/15/2052,

a

total

value

of

$10,628,262.

(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

September

30,

2022

was

$16,739,490

which

represents

4.08%

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

September

30,

2022

was

$8,778,070.

ADR

American

Depositary

Receipt

GDR

Global

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

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

12

12/2022

USD

522,900

(71,039)

Net

contracts

(71,039)

As

of

September

30,

2022,

the

Fund

had

$25,693

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

10

-

Statement

of

Investments

-

September

30,

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

-

September

30,

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

September

30,

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

$

–

$

8,563,615

$

–

$

8,563,615

Auto

Components

–

1,416,942

–

1,416,942

Automobiles

864,481

26,946,468

–

27,810,949

Banks

16,563,327

44,511,743

–

61,075,070

Beverages

6,923,546

10,986,426

–

17,909,972

Biotechnology

411,198

2,953,993

–

3,365,191

Capital

Markets

–

459,548

–

459,548

Chemicals

2,831,822

16,941,716

–

19,773,538

Communications

Equipment

–

373,085

–

373,085

Construction

&

Engineering

–

1,960,319

–

1,960,319

Construction

Materials

–

948,375

–

948,375

Containers

&

Packaging

–

160,575

–

160,575

Diversified

Consumer

Services

414,681

2,407,116

–

2,821,797

Diversified

Financial

Services

–

15,327,178

–

15,327,178

Diversified

Telecommunication

Services

–

820,919

–

820,919

Electric

Utilities

6,682,278

4,848,314

–

11,530,592

Electrical

Equipment

–

5,442,352

–

5,442,352

Electronic

Equipment,

Instruments

&

Components

–

18,132,639

–

18,132,639

Entertainment

7,070,168

1,344,824

–

8,414,992

Equity

Real

Estate

Investment

Trusts

(REITs)

–

280,319

–

280,319

Food

&

Staples

Retailing

43,972

1,127,766

–

1,171,738

Food

Products

1,557,698

1,741,947

–

3,299,645

Gas

Utilities

–

5,151,737

–

5,151,737

Health

Care

Equipment

&

Supplies

–

156,251

–

156,251

Health

Care

Providers

&

Services

528,553

9,581,775

–

10,110,328

Hotels,

Restaurants

&

Leisure

–

1,350,489

–

1,350,489

Independent

Power

and

Renewable

Electricity

Producers

–

6,867,361

–

6,867,361

Industrial

Conglomerates

112,961

4,581,811

–

4,694,772

Insurance

992,986

13,577,586

–

14,570,572

Interactive

Media

&

Services

1,016,347

16,718,764

–

17,735,111

Internet

&

Direct

Marketing

Retail

17,958,596

12,519,244

–

30,477,840

IT

Services

1,096,656

4,764,528

–

5,861,184

Leisure

Products

–

132,429

–

132,429

Life

Sciences

Tools

&

Services

–

1,150,358

–

1,150,358

Machinery

–

919,187

–

919,187

Marine

629,021

3,570,341

–

4,199,362

Metals

&

Mining

–

2,301,368

–

2,301,368

Multiline

Retail

413,407

518,214

–

931,621

Multi-Utilities

–

419,657

–

419,657

Oil,

Gas

&

Consumable

Fuels

4,633,742

13,669,780

–

18,303,522

Pharmaceuticals

–

7,703,042

–

7,703,042

Real

Estate

Management

&

Development

–

95,192

–

95,192

Road

&

Rail

–

262,645

–

262,645

Semiconductors

&

Semiconductor

Equipment

1,449,084

20,411,461

–

21,860,545

Specialty

Retail

–

1,669,048

–

1,669,048

Technology

Hardware,

Storage

&

Peripherals

–

14,909,512

–

14,909,512

Textiles,

Apparel

&

Luxury

Goods

–

2,557,491

–

2,557,491

Tobacco

–

10,476,567

–

10,476,567

Trading

Companies

&

Distributors

–

796,354

–

796,354

Transportation

Infrastructure

3,572,976

3,285,569

–

6,858,545

Wireless

Telecommunication

Services

–

614,444

–

614,444

Total

Common

Stocks

$

75,767,500

$

328,428,384

$

–

$

404,195,884

Repurchase

Agreements

–

8,778,070

–

8,778,070

Total

Assets

$

75,767,500

$

337,206,454

$

–

$

412,973,954

$

–

$

–

$

–

$

–

12

-

Statement

of

Investments

-

September

30,

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

September

30,

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

managing

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

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(71,039)

$

–

$

–

$

(71,039)

Total

Liabilities

$

(71,039)

$

–

$

–

$

(71,039)

Total

$

75,696,461

$

337,206,454

$

–

$

412,902,915

As

of

September

30,

2022,

the

Fund

held

six

common

stocks

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Total

Balance

as

of

12/31/2021

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

936,815

936,815

Purchases

*

4,027,471

4,027,471

Sales

(5,311,477)

(5,311,477)

Change

in

Unrealized

Appreciation/Depreciation

(9,902,506)

(9,902,506)

Transfers

into

Level

3

10,249,697

10,249,697

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2022

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2022

$

(9,902,506)

$

(9,902,506)

*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

13

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(71,039)

Total

$

(71,039)

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

-

September

30,

2022

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

98.0%

Shares

Value

($)

AUSTRALIA

9.3%

Banks

2.8%

Australia

&

New

Zealand

Banking

Group

Ltd.

495,805

7,198,971

Commonwealth

Bank

of

Australia

192,630

11,195,128

National

Australia

Bank

Ltd.

23,574

432,257

Westpac

Banking

Corp.

138,569

1,819,587

20,645,943

Beverages

0.9%

Treasury

Wine

Estates

Ltd.

777,563

6,260,621

Biotechnology

0.1%

CSL

Ltd.

(a)

2,970

538,529

Capital

Markets

0.5%

ASX

Ltd.

37,995

1,747,100

Macquarie

Group

Ltd.

16,043

1,556,892

3,303,992

Chemicals

0.4%

Incitec

Pivot

Ltd.

1,411,422

3,178,337

Diversified

Telecommunication

Services

0.9%

Telstra

Corp.

Ltd.

2,508,299

6,147,709

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Charter

Hall

Group

125,578

909,056

IT

Services

0.7%

Computershare

Ltd.

316,681

5,022,310

Metals

&

Mining

1.5%

BHP

Group

Ltd.

368,065

9,166,624

Glencore

plc

419,517

2,215,275

11,381,899

Oil,

Gas

&

Consumable

Fuels

0.6%

Santos

Ltd.

989,451

4,481,489

Road

&

Rail

0.8%

Aurizon

Holdings

Ltd.

2,459,552

5,403,975

67,273,860

AUSTRIA

0.0%

†

Banks

0.0%

†

BAWAG

Group

AG

Reg.

S

*(b)

7,892

338,656

BELGIUM

1.1%

Banks

0.6%

KBC

Group

NV

95,927

4,499,807

Distributors

0.4%

D'ieteren

Group

(a)

21,290

2,987,429

Pharmaceuticals

0.1%

UCB

SA

10,530

728,299

8,215,535

CANADA

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

International

Petroleum

Corp.

*

463,303

3,705,073

CHINA

0.0%

†

Air

Freight

&

Logistics

0.0%

†

Kerry

Logistics

Network

Ltd.

(a)

198,500

317,108

DENMARK

4.6%

Banks

0.0%

†

Jyske

Bank

A/S

(Registered)

*

4,963

256,048

Common

Stocks

Shares

Value

($)

DENMARK

Beverages

0.7%

Carlsberg

A/S

,

Class

B

40,197

4,690,166

Biotechnology

0.8%

Genmab

A/S

*

18,508

5,965,849

Marine

0.8%

AP

Moller

-

Maersk

A/S

,

Class

A

1,628

2,868,990

AP

Moller

-

Maersk

A/S

,

Class

B

1,068

1,934,618

D/S

Norden

A/S

22,895

956,207

5,759,815

Pharmaceuticals

2.3%

Novo

Nordisk

A/S

,

Class

B

166,771

16,622,734

33,294,612

FINLAND

2.2%

Banks

0.9%

Nordea

Bank

Abp

746,924

6,391,019

Communications

Equipment

0.3%

Nokia

OYJ

456,178

1,947,945

Food

&

Staples

Retailing

0.5%

Kesko

OYJ

,

Class

B

193,567

3,596,937

Insurance

0.5%

Sampo

OYJ

,

Class

A

89,514

3,820,232

Paper

&

Forest

Products

0.0%

†

Stora

Enso

OYJ

,

Class

R

9,687

123,546

15,879,679

FRANCE

11.4%

Aerospace

&

Defense

1.9%

Airbus

SE

75,307

6,505,943

Dassault

Aviation

SA

30,093

3,417,772

Thales

SA

35,620

3,928,882

13,852,597

Banks

0.9%

BNP

Paribas

SA

32,597

1,376,159

Societe

Generale

SA

257,688

5,112,848

6,489,007

Beverages

1.1%

Pernod

Ricard

SA

41,396

7,566,484

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Covivio

25,965

1,241,420

Gecina

SA

21,069

1,637,610

2,879,030

Gas

Utilities

0.0%

†

Rubis

SCA

8,265

171,039

Insurance

0.1%

Coface

SA

34,644

331,056

SCOR

SE

26,396

382,451

713,507

IT

Services

1.2%

Alten

SA

2,736

299,554

Capgemini

SE

30,175

4,822,283

Edenred

80,682

3,708,401

8,830,238

Media

0.6%

Publicis

Groupe

SA

86,481

4,092,092

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

FRANCE

Oil,

Gas

&

Consumable

Fuels

0.1%

Gaztransport

Et

Technigaz

SA

8,121

898,469

Pharmaceuticals

1.8%

Ipsen

SA

41,559

3,838,203

Sanofi

121,229

9,252,230

13,090,433

Software

0.8%

Dassault

Systemes

SE

174,573

6,000,718

Textiles,

Apparel

&

Luxury

Goods

2.5%

Hermes

International

5,270

6,194,133

Kering

SA

10,760

4,758,273

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(a)

10,930

6,425,037

17,377,443

81,961,057

GERMANY

8.3%

Aerospace

&

Defense

0.3%

MTU

Aero

Engines

AG

15,337

2,314,407

Automobiles

2.5%

Bayerische

Motoren

Werke

AG

(Preference)

20,717

1,354,639

Mercedes-Benz

Group

AG

137,836

7,048,607

Porsche

Automobil

Holding

SE

(Preference)

80,220

4,569,654

Volkswagen

AG

(Preference)

48,831

6,031,548

19,004,448

Chemicals

0.8%

K+S

AG

(Registered)

233,357

4,440,115

Wacker

Chemie

AG

9,952

1,029,678

5,469,793

Household

Products

0.6%

Henkel

AG

&

Co.

KGaA

(Preference)

74,219

4,436,243

Machinery

0.1%

GEA

Group

AG

11,164

365,067

Knorr-Bremse

AG

7,936

344,073

709,140

Marine

0.2%

Hapag-Lloyd

AG

Reg.

S

(a)(b)

6,832

1,166,318

Multi-Utilities

0.8%

E.ON

SE

709,220

5,488,929

Pharmaceuticals

1.9%

Bayer

AG

(Registered)

158,368

7,308,354

Merck

KGaA

38,481

6,280,231

13,588,585

Semiconductors

&

Semiconductor

Equipment

0.8%

Infineon

Technologies

AG

260,232

5,766,882

Textiles,

Apparel

&

Luxury

Goods

0.3%

HUGO

BOSS

AG

43,504

2,047,038

59,991,783

HONG

KONG

0.4%

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

20,200

1,022,651

Insurance

0.3%

AIA

Group

Ltd.

185,800

1,542,615

Common

Stocks

Shares

Value

($)

HONG

KONG

Specialty

Retail

0.0%

†

Luk

Fook

Holdings

International

Ltd.

92,000

215,740

2,781,006

INDONESIA

0.0%

†

Food

Products

0.0%

†

First

Resources

Ltd.

85,400

82,665

ISRAEL

0.1%

Chemicals

0.0%

†

ICL

Group

Ltd.

63,932

512,375

Diversified

Financial

Services

0.1%

Plus500

Ltd.

26,817

489,937

1,002,312

ITALY

1.0%

Aerospace

&

Defense

0.6%

Leonardo

SpA

504,504

3,570,227

Beverages

0.2%

Davide

Campari-Milano

NV

134,138

1,189,841

Electrical

Equipment

0.0%

†

Prysmian

SpA

10,513

301,131

IT

Services

0.1%

Reply

SpA

9,925

1,035,366

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

21,946

901,097

6,997,662

JAPAN

22.6%

Air

Freight

&

Logistics

0.6%

Nippon

Express

Holdings,

Inc.

89,300

4,515,389

Auto

Components

0.3%

NGK

Spark

Plug

Co.

Ltd.

123,400

2,188,780

Automobiles

1.5%

Honda

Motor

Co.

Ltd.

109,300

2,381,000

Isuzu

Motors

Ltd.

169,600

1,874,873

Mazda

Motor

Corp.

101,400

671,202

Toyota

Motor

Corp.

74,100

964,547

Yamaha

Motor

Co.

Ltd.

249,700

4,679,114

10,570,736

Beverages

0.2%

Asahi

Group

Holdings

Ltd.

35,000

1,085,747

Building

Products

0.2%

AGC,

Inc.

50,500

1,569,638

Capital

Markets

0.6%

SBI

Holdings,

Inc.

(a)

226,200

4,064,894

Chemicals

1.4%

Mitsubishi

Gas

Chemical

Co.,

Inc.

145,500

1,910,397

Nippon

Kayaku

Co.

Ltd.

(a)

30,800

246,945

Shin-Etsu

Chemical

Co.

Ltd.

61,100

6,067,452

Tosoh

Corp.

139,000

1,552,133

9,776,927

Commercial

Services

&

Supplies

0.6%

Inui

Global

Logistics

Co.

Ltd.

172,700

1,952,072

Toppan,

Inc.

180,900

2,699,451

4,651,523

16

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Construction

&

Engineering

0.8%

JGC

Holdings

Corp.

122,700

1,537,714

Obayashi

Corp.

(a)

678,600

4,357,360

Sumitomo

Mitsui

Construction

Co.

Ltd.

52,400

161,285

6,056,359

Diversified

Financial

Services

1.6%

Fuyo

General

Lease

Co.

Ltd.

7,600

414,963

Mitsubishi

HC

Capital,

Inc.

1,255,400

5,400,610

ORIX

Corp.

365,300

5,137,573

Tokyo

Century

Corp.

28,000

893,964

11,847,110

Electric

Utilities

0.1%

Kansai

Electric

Power

Co.,

Inc.

(The)

65,600

546,681

Electrical

Equipment

0.1%

Fujikura

Ltd.

174,500

1,041,580

Entertainment

0.6%

Konami

Group

Corp.

(a)

88,900

4,110,057

Food

&

Staples

Retailing

0.2%

Lawson,

Inc.

43,600

1,424,124

Food

Products

0.2%

Maruha

Nichiro

Corp.

21,400

364,070

Nisshin

Seifun

Group,

Inc.

93,100

945,191

1,309,261

Gas

Utilities

0.9%

Toho

Gas

Co.

Ltd.

54,300

1,073,780

Tokyo

Gas

Co.

Ltd.

326,700

5,517,604

6,591,384

Hotels,

Restaurants

&

Leisure

0.9%

Oriental

Land

Co.

Ltd.

43,200

5,887,047

Round

One

Corp.

176,400

766,686

6,653,733

Household

Durables

0.5%

Sumitomo

Forestry

Co.

Ltd.

254,800

3,855,863

Machinery

0.2%

Mitsubishi

Heavy

Industries

Ltd.

37,300

1,243,595

Marine

0.2%

NS

United

Kaiun

Kaisha

Ltd.

44,000

1,146,351

Multiline

Retail

0.1%

H2O

Retailing

Corp.

66,700

511,128

J

Front

Retailing

Co.

Ltd.

45,800

372,765

883,893

Oil,

Gas

&

Consumable

Fuels

0.1%

Cosmo

Energy

Holdings

Co.

Ltd.

(a)

7,600

194,962

Inpex

Corp.

69,400

651,108

846,070

Pharmaceuticals

2.3%

Astellas

Pharma,

Inc.

69,300

916,032

Chugai

Pharmaceutical

Co.

Ltd.

221,300

5,525,655

Kissei

Pharmaceutical

Co.

Ltd.

9,000

159,054

Kyowa

Kirin

Co.

Ltd.

43,100

988,730

Ono

Pharmaceutical

Co.

Ltd.

22,200

516,416

Santen

Pharmaceutical

Co.

Ltd.

663,700

4,447,877

Sumitomo

Pharma

Co.

Ltd.

(a)

300,600

2,145,218

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

13,800

502,900

Takeda

Pharmaceutical

Co.

Ltd.

(a)

63,100

1,638,843

16,840,725

Real

Estate

Management

&

Development

2.5%

Daiwa

House

Industry

Co.

Ltd.

(a)

48,600

990,425

Mitsubishi

Estate

Co.

Ltd.

408,600

5,361,211

Mitsui

Fudosan

Co.

Ltd.

314,300

5,991,235

Sumitomo

Realty

&

Development

Co.

Ltd.

204,100

4,647,581

Tokyu

Fudosan

Holdings

Corp.

151,300

789,018

17,779,470

Road

&

Rail

0.8%

Central

Japan

Railway

Co.

49,400

5,787,216

Semiconductors

&

Semiconductor

Equipment

0.4%

Miraial

Co.

Ltd.

15,300

168,479

SCREEN

Holdings

Co.

Ltd.

52,700

2,880,448

3,048,927

Technology

Hardware,

Storage

&

Peripherals

0.7%

Ricoh

Co.

Ltd.

(a)

646,000

4,714,160

Trading

Companies

&

Distributors

3.8%

ITOCHU

Corp.

70,700

1,713,477

Marubeni

Corp.

589,000

5,171,288

Mitsubishi

Corp.

233,100

6,401,801

Mitsui

&

Co.

Ltd.

315,500

6,768,724

Sumitomo

Corp.

240,400

2,999,939

Toyota

Tsusho

Corp.

112,300

3,485,927

26,541,156

Wireless

Telecommunication

Services

0.2%

KDDI

Corp.

33,200

973,754

SoftBank

Group

Corp.

20,800

706,579

1,680,333

162,371,682

NETHERLANDS

4.5%

Banks

0.0%

†

ING

Groep

NV

39,275

336,756

Beverages

1.3%

Heineken

Holding

NV

45,084

3,078,134

Heineken

NV

66,123

5,796,772

8,874,906

Chemicals

0.0%

†

OCI

NV

6,350

233,495

Food

&

Staples

Retailing

0.7%

Koninklijke

Ahold

Delhaize

NV

195,689

4,983,014

Insurance

0.1%

ASR

Nederland

NV

21,891

841,582

Machinery

0.0%

†

Aalberts

NV

4,556

148,872

Oil,

Gas

&

Consumable

Fuels

1.8%

Shell

plc

504,918

12,595,702

Semiconductors

&

Semiconductor

Equipment

0.6%

ASML

Holding

NV

10,624

4,406,742

32,421,069

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

NORWAY

1.6%

Aerospace

&

Defense

0.1%

Kongsberg

Gruppen

ASA

14,600

442,875

Banks

0.1%

DNB

Bank

ASA

63,848

1,010,839

Energy

Equipment

&

Services

0.0%

†

Odfjell

Drilling

Ltd.

*

121,365

265,872

Marine

0.4%

MPC

Container

Ships

ASA

(a)

1,530,694

2,551,232

Oil,

Gas

&

Consumable

Fuels

1.0%

Aker

BP

ASA

(a)

62,338

1,787,470

Equinor

ASA

159,026

5,245,247

7,032,717

11,303,535

SINGAPORE

1.0%

Banks

0.4%

Oversea-Chinese

Banking

Corp.

Ltd.

322,600

2,642,563

Capital

Markets

0.2%

Singapore

Exchange

Ltd.

226,200

1,483,000

Industrial

Conglomerates

0.1%

Jardine

Cycle

&

Carriage

Ltd.

12,200

285,405

Keppel

Corp.

Ltd.

102,800

493,589

778,994

Semiconductors

&

Semiconductor

Equipment

0.3%

STMicroelectronics

NV

78,063

2,412,730

7,317,287

SOUTH

AFRICA

0.8%

Metals

&

Mining

0.8%

Anglo

American

plc

183,633

5,547,255

SPAIN

2.4%

Air

Freight

&

Logistics

0.1%

Cia

de

Distribucion

Integral

Logista

Holdings

SA

28,534

519,232

Banks

0.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

104,693

470,235

Banco

Santander

SA

1,777,901

4,132,284

4,602,519

Electric

Utilities

1.7%

Endesa

SA

71,713

1,074,992

Iberdrola

SA

738,233

6,862,893

Red

Electrica

Corp.

SA

288,772

4,422,845

12,360,730

17,482,481

SWEDEN

5.8%

Banks

1.6%

Skandinaviska

Enskilda

Banken

AB

,

Class

A

576,327

5,470,639

Swedbank

AB

,

Class

A

442,666

5,787,728

11,258,367

Communications

Equipment

0.8%

Telefonaktiebolaget

LM

Ericsson

,

Class

B

(a)

936,153

5,451,903

Common

Stocks

Shares

Value

($)

SWEDEN

Diversified

Financial

Services

0.8%

Investor

AB

,

Class

B

394,859

5,755,762

Hotels,

Restaurants

&

Leisure

0.4%

Evolution

AB

Reg.

S

(b)

36,449

2,870,448

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Orron

Energy

ab

(a)

1,072,079

1,909,925

Machinery

1.7%

Atlas

Copco

AB

,

Class

B

290,049

2,399,857

Epiroc

AB

,

Class

B

79,604

1,001,221

Sandvik

AB

245,292

3,340,261

Trelleborg

AB

,

Class

B

16,407

305,994

Volvo

AB

,

Class

B

394,998

5,573,520

12,620,853

Metals

&

Mining

0.2%

SSAB

AB

,

Class

B

379,735

1,612,064

Specialty

Retail

0.0%

†

Bilia

AB

,

Class

A

22,764

259,162

41,738,484

SWITZERLAND

5.4%

Banks

0.0%

†

Valiant

Holding

AG

(Registered)

3,776

357,889

Capital

Markets

1.0%

UBS

Group

AG

(Registered)

501,295

7,241,691

Food

Products

0.8%

Chocoladefabriken

Lindt

&

Spruengli

AG

335

3,236,937

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

23

2,280,472

5,517,409

Insurance

0.4%

Baloise

Holding

AG

(Registered)

19,148

2,441,042

Helvetia

Holding

AG

(Registered)

3,889

363,286

2,804,328

Life

Sciences

Tools

&

Services

1.1%

Lonza

Group

AG

(Registered)

14,916

7,253,783

Marine

0.3%

Kuehne

+

Nagel

International

AG

(Registered)

12,356

2,503,630

Pharmaceuticals

0.2%

Novartis

AG

(Registered)

19,405

1,479,306

Professional

Services

0.2%

DKSH

Holding

AG

21,251

1,539,933

Real

Estate

Management

&

Development

0.1%

PSP

Swiss

Property

AG

(Registered)

9,947

996,053

Textiles,

Apparel

&

Luxury

Goods

1.3%

Cie

Financiere

Richemont

SA

(Registered)

86,517

8,118,176

Swatch

Group

AG

(The)

3,696

830,046

8,948,222

38,642,244

18

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

8.6%

Aerospace

&

Defense

0.0%

†

Babcock

International

Group

plc

*

69,429

214,389

Banks

0.2%

Lloyds

Banking

Group

plc

2,565,953

1,172,295

Beverages

1.5%

Diageo

plc

256,094

10,734,372

Capital

Markets

0.1%

3i

Group

plc

55,768

669,616

Containers

&

Packaging

0.2%

DS

Smith

plc

562,573

1,597,392

Distributors

0.2%

Inchcape

plc

236,888

1,782,663

Diversified

Financial

Services

0.2%

M&G

plc

672,571

1,238,210

Electric

Utilities

0.7%

SSE

plc

304,074

5,155,590

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Land

Securities

Group

plc

34,183

196,604

UK

Commercial

Property

REIT

Ltd.

327,357

218,228

414,832

Food

Products

0.0%

†

Associated

British

Foods

plc

24,695

344,288

Hotels,

Restaurants

&

Leisure

0.6%

Compass

Group

plc

93,134

1,861,675

InterContinental

Hotels

Group

plc

48,860

2,344,088

4,205,763

Household

Products

0.0%

†

Reckitt

Benckiser

Group

plc

4,132

273,090

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Drax

Group

plc

95,067

634,055

Industrial

Conglomerates

0.3%

CK

Hutchison

Holdings

Ltd.

70,000

384,408

DCC

plc

13,626

708,886

Melrose

Industries

plc

739,093

825,218

1,918,512

Insurance

0.5%

Aviva

plc

905,074

3,887,473

Media

0.3%

Informa

plc

169,532

976,688

Pearson

plc

105,800

1,013,962

1,990,650

Multiline

Retail

0.6%

Next

plc

76,105

4,043,514

Multi-Utilities

0.3%

Centrica

plc

*

1,892,228

1,489,459

National

Grid

plc

45,821

472,865

1,962,324

Pharmaceuticals

0.2%

AstraZeneca

plc,

ADR

31,494

1,727,131

Professional

Services

0.1%

Intertek

Group

plc

16,484

678,162

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Tobacco

2.1%

British

American

Tobacco

plc

256,345

9,166,743

Imperial

Brands

plc

306,593

6,326,786

15,493,529

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc,

ADR

171,327

1,941,135

62,078,985

UNITED

STATES

6.4%

Automobiles

0.9%

Stellantis

NV

526,631

6,218,847

Food

Products

1.2%

Nestle

SA

(Registered)

82,877

8,973,890

Pharmaceuticals

3.7%

GSK

plc,

ADR

272,095

8,007,756

Roche

Holding

AG

56,964

18,573,627

26,581,383

Trading

Companies

&

Distributors

0.6%

Ferguson

plc

38,341

3,992,360

45,766,480

Total

Common

Stocks

(cost

$829,439,632)

706,510,510

Repurchase

Agreements

2.0%

Principal

Amount

($)

BofA

Securities,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,509,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.00%,

maturing

6/20/2051

-

3/20/2052;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,217,538,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$2,261,314.(c)

2,216,974

2,216,974

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,000,743,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$3,060,758.(c)

3,000,000

3,000,000

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,920,828,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$5,020,402.(c)

4,919,577

4,919,577

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,514,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$14,136,551)

14,136,551

Total

Investments

(cost

$843,576,183)

—

100.0%

720,647,061

Liabilities

in

excess

of

other

assets

—

0.0%

†

(146,277)

NET

ASSETS

—

100.0%

$

720,500,784

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$27,307,712,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,136,551

and

by

$17,560,710

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$31,697,261.

(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

September

30,

2022

was

$4,375,422

which

represents

0.61%

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

September

30,

2022

was

$14,136,551.

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

20

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

International

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

International

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

21

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

20,394,495

$

–

$

20,394,495

Air

Freight

&

Logistics

–

5,351,729

–

5,351,729

Auto

Components

–

2,188,780

–

2,188,780

Automobiles

–

35,794,031

–

35,794,031

Banks

–

60,001,708

–

60,001,708

Beverages

–

40,402,137

–

40,402,137

Biotechnology

–

6,504,378

–

6,504,378

Building

Products

–

1,569,638

–

1,569,638

Capital

Markets

–

16,763,193

–

16,763,193

Chemicals

–

19,170,927

–

19,170,927

Commercial

Services

&

Supplies

–

4,651,523

–

4,651,523

Communications

Equipment

–

7,399,848

–

7,399,848

Construction

&

Engineering

–

6,056,359

–

6,056,359

Containers

&

Packaging

–

1,597,392

–

1,597,392

Distributors

–

4,770,092

–

4,770,092

Diversified

Financial

Services

–

19,331,019

–

19,331,019

Diversified

Telecommunication

Services

–

6,147,709

–

6,147,709

Electric

Utilities

–

18,063,001

–

18,063,001

Electrical

Equipment

–

1,342,711

–

1,342,711

Energy

Equipment

&

Services

–

265,872

–

265,872

Entertainment

–

4,110,057

–

4,110,057

Equity

Real

Estate

Investment

Trusts

(REITs)

–

4,202,918

–

4,202,918

Food

&

Staples

Retailing

–

10,004,075

–

10,004,075

Food

Products

–

16,227,513

–

16,227,513

Gas

Utilities

–

6,762,423

–

6,762,423

Hotels,

Restaurants

&

Leisure

–

13,729,944

–

13,729,944

Household

Durables

–

3,855,863

–

3,855,863

Household

Products

–

4,709,333

–

4,709,333

Independent

Power

and

Renewable

Electricity

Producers

–

2,543,980

–

2,543,980

Industrial

Conglomerates

–

3,720,157

–

3,720,157

Insurance

–

13,609,737

–

13,609,737

IT

Services

–

14,887,914

–

14,887,914

Life

Sciences

Tools

&

Services

–

7,253,783

–

7,253,783

Machinery

–

14,722,460

–

14,722,460

Marine

–

13,127,346

–

13,127,346

Media

–

6,082,742

–

6,082,742

Metals

&

Mining

–

18,541,218

–

18,541,218

Multiline

Retail

–

4,927,407

–

4,927,407

Multi-Utilities

–

7,451,253

–

7,451,253

Oil,

Gas

&

Consumable

Fuels

–

29,559,520

–

29,559,520

Paper

&

Forest

Products

–

123,546

–

123,546

Pharmaceuticals

9,734,887

80,923,709

–

90,658,596

Professional

Services

–

2,218,095

–

2,218,095

Real

Estate

Management

&

Development

–

18,775,523

–

18,775,523

Road

&

Rail

–

11,191,191

–

11,191,191

Semiconductors

&

Semiconductor

Equipment

–

15,635,281

–

15,635,281

Software

–

6,000,718

–

6,000,718

Specialty

Retail

–

474,902

–

474,902

Technology

Hardware,

Storage

&

Peripherals

–

4,714,160

–

4,714,160

Textiles,

Apparel

&

Luxury

Goods

–

29,273,800

–

29,273,800

Tobacco

–

15,493,529

–

15,493,529

Trading

Companies

&

Distributors

–

30,533,516

–

30,533,516

22

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

1,941,135

$

1,680,333

$

–

$

3,621,468

Total

Common

Stocks

$

11,676,022

$

694,834,488

$

–

$

706,510,510

Repurchase

Agreements

–

14,136,551

–

14,136,551

Total

$

11,676,022

$

708,971,039

$

–

$

720,647,061

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

Large

Cap

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

98.7%

Shares

Value

($)

Aerospace

&

Defense

0.3%

Howmet

Aerospace,

Inc.

197,843

6,119,284

Textron,

Inc.(a)

19,162

1,116,378

7,235,662

Airlines

0.2%

Southwest

Airlines

Co.*

140,693

4,338,972

Automobiles

3.5%

Ford

Motor

Co.

580,194

6,498,173

General

Motors

Co.

733,948

23,552,391

Tesla,

Inc.*

182,653

48,448,708

78,499,272

Banks

1.4%

Citigroup,

Inc.

571,718

23,823,489

East

West

Bancorp,

Inc.

85,280

5,725,699

PacWest

Bancorp

89,071

2,013,005

31,562,193

Beverages

0.2%

Keurig

Dr

Pepper,

Inc.

142,938

5,120,039

Biotechnology

4.2%

AbbVie,

Inc.

19,571

2,626,624

Biogen,

Inc.*

65,592

17,513,064

BioMarin

Pharmaceutical,

Inc.*

28,172

2,388,140

Exelixis,

Inc.*

377,132

5,913,430

Gilead

Sciences,

Inc.

282,511

17,428,104

Horizon

Therapeutics

plc*

61,844

3,827,525

Incyte

Corp.*

194,493

12,961,013

Moderna,

Inc.*

13,132

1,552,859

Vertex

Pharmaceuticals,

Inc.*

100,828

29,193,739

93,404,498

Building

Products

0.2%

Lennox

International,

Inc.

15,802

3,518,631

Capital

Markets

3.8%

Ameriprise

Financial,

Inc.(a)

48,034

12,102,166

Bank

of

New

York

Mellon

Corp.

(The)

613,072

23,615,534

CME

Group,

Inc.(a)

106,164

18,804,829

Evercore,

Inc.,

Class

A

10,958

901,296

Intercontinental

Exchange,

Inc.

121,538

10,980,958

MarketAxess

Holdings,

Inc.

43,848

9,755,742

Northern

Trust

Corp.

44,875

3,839,505

Stifel

Financial

Corp.

94,474

4,904,145

84,904,175

Chemicals

3.6%

CF

Industries

Holdings,

Inc.

115,911

11,156,434

Corteva,

Inc.

102,492

5,857,418

International

Flavors

&

Fragrances,

Inc.

5,354

486,304

Linde

plc(a)

119,714

32,273,697

Mosaic

Co.

(The)

484,193

23,401,048

Sherwin-Williams

Co.

(The)

34,695

7,103,801

80,278,702

Commercial

Services

&

Supplies

1.8%

Cintas

Corp.

40,768

15,825,730

Republic

Services,

Inc.

179,726

24,449,925

40,275,655

Communications

Equipment

1.6%

Arista

Networks,

Inc.*

32,864

3,710,017

Common

Stocks

Shares

Value

($)

Communications

Equipment

Cisco

Systems,

Inc.

816,289

32,651,560

36,361,577

Construction

&

Engineering

0.1%

AECOM

36,553

2,499,129

Construction

Materials

0.5%

Martin

Marietta

Materials,

Inc.

24,226

7,802,952

Vulcan

Materials

Co.

23,259

3,668,177

11,471,129

Consumer

Finance

2.0%

Capital

One

Financial

Corp.

259,505

23,918,576

Synchrony

Financial

752,052

21,200,346

45,118,922

Distributors

1.2%

LKQ

Corp.

483,230

22,784,295

Pool

Corp.(a)

9,306

2,961,262

25,745,557

Diversified

Financial

Services

2.6%

Berkshire

Hathaway,

Inc.,

Class

B*

203,367

54,303,056

Equitable

Holdings,

Inc.

135,648

3,574,325

57,877,381

Electrical

Equipment

0.5%

AMETEK,

Inc.

76,800

8,709,888

Emerson

Electric

Co.

16,951

1,241,152

9,951,040

Electronic

Equipment,

Instruments

&

Components

0.5%

Teledyne

Technologies,

Inc.*

33,133

11,181,393

Energy

Equipment

&

Services

0.2%

Halliburton

Co.

187,221

4,609,381

Entertainment

0.2%

ROBLOX

Corp.,

Class

A*

13,021

466,673

Warner

Bros

Discovery,

Inc.*(a)

316,200

3,636,300

4,102,973

Equity

Real

Estate

Investment

Trusts

(REITs)

6.3%

Camden

Property

Trust

191,685

22,896,773

CubeSmart

138,621

5,553,157

First

Industrial

Realty

Trust,

Inc.

286,430

12,834,928

Host

Hotels

&

Resorts,

Inc.

350,505

5,566,020

Life

Storage,

Inc.

138,074

15,293,076

Mid-America

Apartment

Communities,

Inc.

151,107

23,432,163

National

Storage

Affiliates

Trust

116,529

4,845,276

Public

Storage

83,316

24,395,758

SBA

Communications

Corp.

84,329

24,004,250

138,821,401

Food

&

Staples

Retailing

0.6%

Casey's

General

Stores,

Inc.

49,926

10,111,014

Costco

Wholesale

Corp.

7,313

3,453,710

13,564,724

Food

Products

1.8%

Bunge

Ltd.

10,810

892,582

Conagra

Brands,

Inc.

21,056

687,057

24

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Food

Products

Kraft

Heinz

Co.

(The)

346,789

11,565,413

Mondelez

International,

Inc.,

Class

A

496,605

27,228,852

40,373,904

Health

Care

Equipment

&

Supplies

2.8%

Boston

Scientific

Corp.*

666,450

25,811,608

Intuitive

Surgical,

Inc.*

34,602

6,485,799

Medtronic

plc

356,790

28,810,793

61,108,200

Health

Care

Providers

&

Services

7.1%

Centene

Corp.*

330,497

25,715,972

Cigna

Corp.

102,632

28,477,301

Elevance

Health,

Inc.

66,003

29,981,203

Humana,

Inc.

56,911

27,612,648

Molina

Healthcare,

Inc.*

76,534

25,243,974

UnitedHealth

Group,

Inc.

16,565

8,365,988

Universal

Health

Services,

Inc.,

Class

B

146,684

12,934,595

158,331,681

Hotels,

Restaurants

&

Leisure

1.7%

Booking

Holdings,

Inc.*

4,978

8,179,899

Marriott

International,

Inc.,

Class

A

107,304

15,037,583

Wyndham

Hotels

&

Resorts,

Inc.

250,523

15,369,586

38,587,068

Household

Products

1.1%

Kimberly-Clark

Corp.

210,970

23,742,564

Procter

&

Gamble

Co.

(The)

4,370

551,712

24,294,276

Insurance

2.1%

American

Financial

Group,

Inc.

15,380

1,890,663

Chubb

Ltd.

154,090

28,025,889

Lincoln

National

Corp.

156,904

6,889,655

Loews

Corp.

20,684

1,030,890

Marsh

&

McLennan

Cos.,

Inc.

53,237

7,947,752

45,784,849

Interactive

Media

&

Services

3.2%

Alphabet,

Inc.,

Class

A*

520,638

49,799,025

Match

Group,

Inc.*

11,265

537,904

Meta

Platforms,

Inc.,

Class

A*

116,260

15,774,157

Pinterest,

Inc.,

Class

A*

160,778

3,746,127

69,857,213

Internet

&

Direct

Marketing

Retail

2.9%

Amazon.com,

Inc.*

552,374

62,418,262

MercadoLibre,

Inc.*

2,515

2,081,867

64,500,129

IT

Services

2.2%

Gartner,

Inc.*(a)

35,458

9,810,874

Snowflake,

Inc.,

Class

A*(a)

74,638

12,685,475

Toast,

Inc.,

Class

A*(a)

236,062

3,946,957

VeriSign,

Inc.*

131,652

22,867,952

49,311,258

Life

Sciences

Tools

&

Services

2.6%

Agilent

Technologies,

Inc.

123,649

15,029,536

Avantor,

Inc.*

373,258

7,315,857

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Mettler-Toledo

International,

Inc.*

5,709

6,189,241

QIAGEN

NV*

120,156

4,960,040

Syneos

Health,

Inc.*

34,185

1,611,823

Thermo

Fisher

Scientific,

Inc.

46,556

23,612,737

58,719,234

Machinery

1.4%

Otis

Worldwide

Corp.

223,192

14,239,650

Parker-Hannifin

Corp.(a)

67,517

16,360,044

Pentair

plc

22,539

915,759

31,515,453

Media

1.5%

Charter

Communications,

Inc.,

Class

A*(a)

67,773

20,558,939

Liberty

Broadband

Corp.,

Class

C*

63,206

4,664,603

News

Corp.,

Class

A

484,973

7,327,942

32,551,484

Metals

&

Mining

0.6%

Freeport-McMoRan,

Inc.

459,147

12,548,487

Steel

Dynamics,

Inc.

13,627

966,836

13,515,323

Multi-Utilities

0.8%

CMS

Energy

Corp.(a)

320,294

18,653,923

Oil,

Gas

&

Consumable

Fuels

3.7%

Antero

Resources

Corp.*

185,083

5,650,584

Devon

Energy

Corp.(a)

144,648

8,697,684

EOG

Resources,

Inc.

27,606

3,084,419

Exxon

Mobil

Corp.

18,471

1,612,703

Kinder

Morgan,

Inc.

1,475,119

24,545,980

Marathon

Oil

Corp.

177,690

4,012,240

Marathon

Petroleum

Corp.

27,091

2,690,949

Pioneer

Natural

Resources

Co.(a)

107,646

23,308,588

Valero

Energy

Corp.

84,009

8,976,362

82,579,509

Pharmaceuticals

1.0%

Jazz

Pharmaceuticals

plc*

40,425

5,388,248

Johnson

&

Johnson

25,855

4,223,673

Merck

&

Co.,

Inc.

19,586

1,686,746

Pfizer,

Inc.

129,407

5,662,850

Royalty

Pharma

plc,

Class

A

101,034

4,059,546

Viatris,

Inc.

126,945

1,081,572

22,102,635

Road

&

Rail

2.8%

CSX

Corp.

970,229

25,846,901

Knight-Swift

Transportation

Holdings,

Inc.

352,506

17,248,119

Ryder

System,

Inc.

6,094

460,036

Union

Pacific

Corp.

94,831

18,474,975

62,030,031

Semiconductors

&

Semiconductor

Equipment

3.6%

Applied

Materials,

Inc.

155,293

12,723,155

Broadcom,

Inc.

74,186

32,939,326

Enphase

Energy,

Inc.*

37,863

10,505,847

First

Solar,

Inc.*

70,219

9,287,867

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Lam

Research

Corp.

18,349

6,715,734

Monolithic

Power

Systems,

Inc.

8,492

3,085,993

NVIDIA

Corp.

24,061

2,920,765

Texas

Instruments,

Inc.

12,504

1,935,369

80,114,056

Software

11.3%

Adobe,

Inc.*

47,610

13,102,272

Fortinet,

Inc.*(a)

152,613

7,497,877

Intuit,

Inc.

75,131

29,099,739

Manhattan

Associates,

Inc.*

5,919

787,405

Microsoft

Corp.

554,293

129,094,840

NCR

Corp.*

102,656

1,951,490

Palo

Alto

Networks,

Inc.*(a)

156,288

25,598,411

Paycom

Software,

Inc.*

70,136

23,144,179

ServiceNow,

Inc.*

44,271

16,717,172

Zscaler,

Inc.*(a)

19,576

3,217,707

250,211,092

Specialty

Retail

2.5%

AutoNation,

Inc.*(a)

176,338

17,963,552

AutoZone,

Inc.*

12,686

27,172,524

Penske

Automotive

Group,

Inc.(a)

75,303

7,412,074

Ulta

Beauty,

Inc.*

9,044

3,628,363

56,176,513

Technology

Hardware,

Storage

&

Peripherals

6.0%

Apple,

Inc.

854,809

118,134,604

Hewlett

Packard

Enterprise

Co.

1,282,600

15,365,548

133,500,152

Thrifts

&

Mortgage

Finance

0.3%

New

York

Community

Bancorp,

Inc.(a)

637,027

5,433,840

Tobacco

0.0%

†

Philip

Morris

International,

Inc.

8,610

714,716

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

54,072

2,489,475

United

Rentals,

Inc.*

2,601

702,582

3,192,057

Total

Common

Stocks

(cost

$2,238,873,145)

2,193,601,002

Repurchase

Agreements

0.5%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,271,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$808,509,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$824,469.(b)

808,303

808,303

Credit

Suisse

AG

New

York,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,238,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$5,101,263.(b)

5,000,000

5,000,000

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$274,802,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$280,363.(b)

274,732

274,732

Total

Repurchase

Agreements

(cost

$11,083,035)

11,083,035

Total

Investments

(cost

$2,249,956,180)

—

99.2%

2,204,684,037

Other

assets

in

excess

of

liabilities

—

0.8%

16,748,139

NET

ASSETS

—

100.0%

$

2,221,432,176

26

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$124,969,805,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,083,035

and

by

$118,109,812

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$129,192,847.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$11,083,035.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

29

12/2022

USD

5,222,175

(701,420)

Net

contracts

(701,420)

As

of

September

30,

2022,

the

Fund

had

$319,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

September

30,

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

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

managing

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,193,601,002

$

–

$

–

$

2,193,601,002

Repurchase

Agreements

–

11,083,035

–

11,083,035

Total

Assets

$

2,193,601,002

$

11,083,035

$

–

$

2,204,684,037

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(701,420)

$

–

$

–

$

(701,420)

Total

Liabilities

$

(701,420)

$

–

$

–

$

(701,420)

Total

$

2,192,899,582

$

11,083,035

$

–

$

2,203,982,617

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(701,420)

Total

$

(701,420)

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

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

99.2%

Shares

Value

($)

Aerospace

&

Defense

0.6%

AAR

Corp.*

6,742

241,499

Kratos

Defense

&

Security

Solutions,

Inc.*

19,487

197,988

National

Presto

Industries,

Inc.

7,445

484,297

Parsons

Corp.*

4,910

192,472

Triumph

Group,

Inc.*

3,381

29,043

V2X,

Inc.*

3,483

123,298

1,268,597

Airlines

0.0%

†

Joby

Aviation,

Inc.*(a)

2,513

10,881

Sun

Country

Airlines

Holdings,

Inc.*(a)

4,029

54,835

65,716

Auto

Components

0.2%

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

18,108

182,710

LCI

Industries

1,853

188,005

Luminar

Technologies,

Inc.*(a)

9,658

70,359

441,074

Automobiles

0.0%

†

Fisker,

Inc.*(a)

1,867

14,096

Banks

10.1%

1st

Source

Corp.

9,701

449,156

Amalgamated

Financial

Corp.

24,481

552,047

Ameris

Bancorp

22,656

1,012,950

Associated

Banc-Corp.

57,751

1,159,640

BayCom

Corp.

15,418

271,048

Business

First

Bancshares,

Inc.

9,471

203,911

Cadence

Bank

37,503

952,951

Capital

Bancorp,

Inc.

3,561

82,259

Capital

City

Bank

Group,

Inc.

8,953

278,528

Central

Pacific

Financial

Corp.

54,750

1,132,777

Columbia

Banking

System,

Inc.(a)

50,544

1,460,216

Community

Bank

System,

Inc.

7,704

462,856

CrossFirst

Bankshares,

Inc.*

19,802

258,416

Esquire

Financial

Holdings,

Inc.

1,036

38,902

First

Bancorp,

Inc.

(The)

9,677

266,601

First

Financial

Bankshares,

Inc.(a)

31,519

1,318,440

FVCBankcorp,

Inc.*(a)

4,914

94,201

Great

Southern

Bancorp,

Inc.

5,561

317,366

Guaranty

Bancshares,

Inc.

10,667

368,972

Hancock

Whitney

Corp.

26,120

1,196,557

Hanmi

Financial

Corp.

40,516

959,419

HomeTrust

Bancshares,

Inc.

2,407

53,195

Hope

Bancorp,

Inc.

89,341

1,129,270

Independent

Bank

Corp.

11,018

210,444

International

Bancshares

Corp.

33,608

1,428,340

Macatawa

Bank

Corp.

10,961

101,499

Metrocity

Bankshares,

Inc.

9,743

191,353

National

Bank

Holdings

Corp.,

Class

A

2,078

76,865

Northeast

Bank

12,815

469,926

Origin

Bancorp,

Inc.

9,036

347,615

PCB

Bancorp

17,430

314,960

Common

Stocks

Shares

Value

($)

Banks

Peoples

Financial

Services

Corp.(a)

1,578

73,914

Sandy

Spring

Bancorp,

Inc.

1,845

65,055

Sierra

Bancorp

1,937

38,256

Silvergate

Capital

Corp.,

Class

A*

4,450

335,308

South

Plains

Financial,

Inc.

5,068

139,674

Southern

First

Bancshares,

Inc.*

7,399

308,242

SouthState

Corp.

12,033

952,051

Towne

Bank

18,975

509,099

Trustmark

Corp.

50,095

1,534,410

UMB

Financial

Corp.

3,758

316,762

Veritex

Holdings,

Inc.

8,792

233,779

Washington

Trust

Bancorp,

Inc.

3,029

140,788

21,808,018

Beverages

1.2%

Coca-Cola

Consolidated,

Inc.

2,745

1,130,199

Duckhorn

Portfolio,

Inc.

(The)*

17,341

250,231

Primo

Water

Corp.

94,949

1,191,610

2,572,040

Biotechnology

8.4%

2seventy

bio,

Inc.*(a)

14,171

206,188

ACADIA

Pharmaceuticals,

Inc.*

27,827

455,250

Akero

Therapeutics,

Inc.*

1,826

62,175

Alector,

Inc.*

24,546

232,205

Alkermes

plc*

53,033

1,184,227

ALX

Oncology

Holdings,

Inc.*(a)

15,096

144,469

Amicus

Therapeutics,

Inc.*

70,886

740,050

Apellis

Pharmaceuticals,

Inc.*(a)

7,012

478,920

Arcus

Biosciences,

Inc.*(a)

8,591

224,741

Arcutis

Biotherapeutics,

Inc.*

1,734

33,137

Arrowhead

Pharmaceuticals,

Inc.*

16,198

535,344

Atara

Biotherapeutics,

Inc.*

15,631

59,085

Aurinia

Pharmaceuticals,

Inc.*(a)

43,582

327,737

Avidity

Biosciences,

Inc.*(a)

3,399

55,506

Beam

Therapeutics,

Inc.*

1,503

71,603

BioCryst

Pharmaceuticals,

Inc.*(a)

23,471

295,735

Bridgebio

Pharma,

Inc.*

15,853

157,579

Catalyst

Pharmaceuticals,

Inc.*

27,276

349,951

Celldex

Therapeutics,

Inc.*

838

23,556

Cogent

Biosciences,

Inc.*(a)

2,311

34,480

Cullinan

Oncology,

Inc.*(a)

9,464

121,328

Day

One

Biopharmaceuticals,

Inc.*(a)

13,020

260,791

Deciphera

Pharmaceuticals,

Inc.*(a)

8,332

154,142

Denali

Therapeutics,

Inc.*

23,100

708,939

Design

Therapeutics,

Inc.*(a)

8,318

139,077

Dynavax

Technologies

Corp.*(a)

8,445

88,166

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Biotechnology

Eagle

Pharmaceuticals,

Inc.*

10,388

274,451

Editas

Medicine,

Inc.*(a)

19,925

243,882

Enanta

Pharmaceuticals,

Inc.*

3,941

204,420

Erasca,

Inc.*(a)

19,154

149,401

Fate

Therapeutics,

Inc.*(a)

18,905

423,661

Generation

Bio

Co.*

31,569

167,631

Gossamer

Bio,

Inc.*(a)

38,997

467,184

Heron

Therapeutics,

Inc.*(a)

43,602

184,000

IGM

Biosciences,

Inc.*(a)

11,565

262,988

Inhibrx,

Inc.*

3,653

65,571

Insmed,

Inc.*

35,628

767,427

Instil

Bio,

Inc.*(a)

6,744

32,641

Intercept

Pharmaceuticals,

Inc.*(a)

5,630

78,538

Iovance

Biotherapeutics,

Inc.*

22,336

213,979

iTeos

Therapeutics,

Inc.*

6,988

133,121

IVERIC

bio,

Inc.*

14,618

262,247

KalVista

Pharmaceuticals,

Inc.*(a)

33,556

486,897

Karuna

Therapeutics,

Inc.*

2,350

528,585

Keros

Therapeutics,

Inc.*

7,795

293,248

Kezar

Life

Sciences,

Inc.*

26,382

227,149

Kodiak

Sciences,

Inc.*

24,437

189,142

Kronos

Bio,

Inc.*(a)

6,445

21,591

Kura

Oncology,

Inc.*

30,376

414,936

Madrigal

Pharmaceuticals,

Inc.*

482

31,325

MeiraGTx

Holdings

plc*

8,375

70,434

Mirum

Pharmaceuticals,

Inc.*

1,374

28,868

Nurix

Therapeutics,

Inc.*(a)

28,332

369,166

Organogenesis

Holdings,

Inc.*

75,265

243,859

PMV

Pharmaceuticals,

Inc.*(a)

17,056

202,966

Praxis

Precision

Medicines,

Inc.*

60,606

137,576

Protagonist

Therapeutics,

Inc.*

14,798

124,747

Prothena

Corp.

plc*

1,865

113,075

PTC

Therapeutics,

Inc.*

18,197

913,489

Rallybio

Corp.*(a)

4,937

71,438

RAPT

Therapeutics,

Inc.*

3,983

95,831

Sage

Therapeutics,

Inc.*(a)

4,181

163,728

Sana

Biotechnology,

Inc.*(a)

34,855

209,130

SpringWorks

Therapeutics,

Inc.*(a)

5,612

160,110

Sutro

Biopharma,

Inc.*

70,927

393,645

Travere

Therapeutics,

Inc.*

12,601

310,489

Vanda

Pharmaceuticals,

Inc.*

89,716

886,394

Vir

Biotechnology,

Inc.*

13,020

251,026

18,014,367

Building

Products

0.3%

CSW

Industrials,

Inc.(a)

1,704

204,139

Janus

International

Group,

Inc.*

5,463

48,730

UFP

Industries,

Inc.

6,969

502,883

755,752

Capital

Markets

1.2%

Focus

Financial

Partners,

Inc.,

Class

A*

15,541

489,697

Houlihan

Lokey,

Inc.

4,611

347,577

Moelis

&

Co.,

Class

A(a)

9,904

334,854

Common

Stocks

Shares

Value

($)

Capital

Markets

Oppenheimer

Holdings,

Inc.,

Class

A

27,779

860,594

Victory

Capital

Holdings,

Inc.,

Class

A

26,868

626,293

2,659,015

Chemicals

2.2%

American

Vanguard

Corp.(a)

9,347

174,789

Aspen

Aerogels,

Inc.*

6,671

61,507

Avient

Corp.

4,511

136,683

Diversey

Holdings

Ltd.*(a)

48,847

237,396

FutureFuel

Corp.

17,813

107,591

Innospec,

Inc.

12,464

1,067,791

Intrepid

Potash,

Inc.*(a)

13,639

539,695

LSB

Industries,

Inc.*

39,863

568,048

Minerals

Technologies,

Inc.

24,624

1,216,672

Tronox

Holdings

plc(a)

46,381

568,167

4,678,339

Commercial

Services

&

Supplies

1.2%

Aris

Water

Solution,

Inc.,

Class

A

2,060

26,286

BrightView

Holdings,

Inc.*

27,421

217,723

Ennis,

Inc.

33,958

683,575

Heritage-Crystal

Clean,

Inc.*

45,728

1,352,177

Pitney

Bowes,

Inc.

21,453

49,985

UniFirst

Corp.

1,532

257,728

2,587,474

Communications

Equipment

0.7%

Clearfield,

Inc.*

7,650

800,496

Harmonic,

Inc.*(a)

12,530

163,767

NetScout

Systems,

Inc.*

17,568

550,230

1,514,493

Construction

&

Engineering

1.5%

Arcosa,

Inc.

7,203

411,868

Construction

Partners,

Inc.,

Class

A*

2,202

57,759

Dycom

Industries,

Inc.*

6,749

644,732

Fluor

Corp.*(a)

29,490

734,006

MYR

Group,

Inc.*

3,684

312,145

Northwest

Pipe

Co.*

1,744

49,006

Primoris

Services

Corp.

39,937

648,976

Sterling

Infrastructure,

Inc.*(a)

13,520

290,274

Tutor

Perini

Corp.*

17,699

97,699

3,246,465

Construction

Materials

0.5%

Summit

Materials,

Inc.,

Class

A*(a)

47,083

1,128,109

United

States

Lime

&

Minerals,

Inc.

563

57,538

1,185,647

Consumer

Finance

1.0%

EZCORP,

Inc.,

Class

A*

6,317

48,704

FirstCash

Holdings,

Inc.

17,115

1,255,385

LendingClub

Corp.*

11,905

131,550

Nelnet,

Inc.,

Class

A

3,710

293,795

Regional

Management

Corp.

11,818

331,377

2,060,811

32

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

0.3%

Duolingo,

Inc.*

5,098

485,483

Graham

Holdings

Co.,

Class

B

106

57,026

Stride,

Inc.*(a)

3,949

165,976

708,485

Diversified

Financial

Services

0.4%

A-Mark

Precious

Metals,

Inc.

(a)

9,687

275,014

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

47,231

616,837

891,851

Diversified

Telecommunication

Services

0.3%

Globalstar,

Inc.*(a)

172,396

274,109

Iridium

Communications,

Inc.*(a)

8,048

357,090

631,199

Electric

Utilities

0.1%

MGE

Energy,

Inc.

2,552

167,488

Electrical

Equipment

2.0%

Array

Technologies,

Inc.*

12,108

200,751

Atkore,

Inc.*

12,818

997,369

Bloom

Energy

Corp.,

Class

A*

16,047

320,779

Encore

Wire

Corp.(a)

13,464

1,555,631

FTC

Solar,

Inc.*(a)

23,381

69,208

FuelCell

Energy,

Inc.*(a)

4,483

15,287

Powell

Industries,

Inc.

10,299

217,103

Shoals

Technologies

Group,

Inc.,

Class

A*

24,686

531,983

Stem,

Inc.*

14,319

191,015

Thermon

Group

Holdings,

Inc.*

11,183

172,330

TPI

Composites,

Inc.*

8,798

99,241

4,370,697

Electronic

Equipment,

Instruments

&

Components

2.2%

Belden,

Inc.

9,533

572,171

Benchmark

Electronics,

Inc.

5,985

148,308

ePlus,

Inc.*

17,315

719,265

Fabrinet*

9,605

916,797

PC

Connection,

Inc.

8,392

378,395

TTM

Technologies,

Inc.*

13,539

178,444

Vishay

Intertechnology,

Inc.(a)

74,739

1,329,607

Vishay

Precision

Group,

Inc.*

15,279

452,106

4,695,093

Energy

Equipment

&

Services

1.0%

Cactus,

Inc.,

Class

A

3,435

132,007

DMC

Global,

Inc.*

1,708

27,294

Liberty

Energy,

Inc.,

Class

A*

31,764

402,768

NexTier

Oilfield

Solutions,

Inc.*

53,559

396,337

Noble

Corp.

plc*(a)

4,338

128,318

Oil

States

International,

Inc.*(a)

49,955

194,325

ProPetro

Holding

Corp.*

3,928

31,620

RPC,

Inc.

78,427

543,499

TETRA

Technologies,

Inc.*

12,900

46,311

US

Silica

Holdings,

Inc.*(a)

20,735

227,048

2,129,527

Equity

Real

Estate

Investment

Trusts

(REITs)

6.0%

Alexander

&

Baldwin,

Inc.

45,620

756,380

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Braemar

Hotels

&

Resorts,

Inc.(a)

44,889

193,023

Brandywine

Realty

Trust

22,274

150,349

Centerspace

1,600

107,712

Chatham

Lodging

Trust*

102,655

1,013,205

City

Office

REIT,

Inc.

7,702

76,789

Community

Healthcare

Trust,

Inc.

11,430

374,332

DiamondRock

Hospitality

Co.

132,234

993,077

Four

Corners

Property

Trust,

Inc.

2,023

48,936

Global

Medical

REIT,

Inc.

96,407

821,388

Independence

Realty

Trust,

Inc.(a)

29,503

493,585

Macerich

Co.

(The)

34,638

275,026

NexPoint

Residential

Trust,

Inc.

26,413

1,220,545

Outfront

Media,

Inc.

84,619

1,285,363

RLJ

Lodging

Trust

116,434

1,178,312

Ryman

Hospitality

Properties,

Inc.

1,703

125,324

Service

Properties

Trust

25,432

131,992

STAG

Industrial,

Inc.(a)

57,003

1,620,595

Tanger

Factory

Outlet

Centers,

Inc.

17,695

242,068

Terreno

Realty

Corp.

23,791

1,260,685

Uniti

Group,

Inc.

51,981

361,268

Universal

Health

Realty

Income

Trust

6,359

274,772

13,004,726

Food

&

Staples

Retailing

0.6%

Chefs'

Warehouse,

Inc.

(The)*

28,464

824,602

Ingles

Markets,

Inc.,

Class

A

5,910

468,131

1,292,733

Food

Products

1.5%

Alico,

Inc.

2,218

62,636

B&G

Foods,

Inc.(a)

1,367

22,542

Cal-Maine

Foods,

Inc.

27,247

1,514,661

Fresh

Del

Monte

Produce,

Inc.

5,565

129,331

John

B

Sanfilippo

&

Son,

Inc.

11,350

859,535

Tootsie

Roll

Industries,

Inc.

4,944

164,536

TreeHouse

Foods,

Inc.*

9,197

390,137

3,143,378

Gas

Utilities

0.7%

ONE

Gas,

Inc.

20,313

1,429,832

Health

Care

Equipment

&

Supplies

5.1%

AngioDynamics,

Inc.*

12,001

245,540

Artivion,

Inc.*(a)

13,551

187,546

AtriCure,

Inc.*

1,830

71,553

Avanos

Medical,

Inc.*

19,628

427,498

Axonics,

Inc.*

21,899

1,542,566

Cardiovascular

Systems,

Inc.*

11,889

164,782

Cerus

Corp.*

50,946

183,406

CONMED

Corp.

507

40,646

Figs,

Inc.,

Class

A*(a)

74,474

614,410

Glaukos

Corp.*

4,016

213,812

Inari

Medical,

Inc.*(a)

6,540

475,066

Inspire

Medical

Systems,

Inc.*

9,165

1,625,596

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Integer

Holdings

Corp.*(a)

2,070

128,816

iRadimed

Corp.

1,799

54,078

iRhythm

Technologies,

Inc.*

1,924

241,039

LeMaitre

Vascular,

Inc.(a)

11,372

576,333

LivaNova

plc*

7,868

399,458

Pulmonx

Corp.*

11,858

197,554

Shockwave

Medical,

Inc.*

7,534

2,094,979

Silk

Road

Medical,

Inc.*

5,837

262,665

Surmodics,

Inc.*

13,880

421,952

TransMedics

Group,

Inc.*

6,209

259,164

Utah

Medical

Products,

Inc.

4,944

421,773

ViewRay,

Inc.*

25,107

91,389

10,941,621

Health

Care

Providers

&

Services

2.1%

Addus

HomeCare

Corp.*

2,613

248,862

AirSculpt

Technologies,

Inc.

6,106

39,262

Alignment

Healthcare,

Inc.*

16,995

201,221

AMN

Healthcare

Services,

Inc.*

14,428

1,528,791

Aveanna

Healthcare

Holdings,

Inc.*(a)

7,912

11,868

Brookdale

Senior

Living,

Inc.*

144,850

618,510

Cano

Health,

Inc.*(a)

63,448

550,094

Castle

Biosciences,

Inc.*

3,028

78,970

Community

Health

Systems,

Inc.*(a)

26,643

57,282

CorVel

Corp.*

1,018

140,922

Invitae

Corp.*(a)

25,746

63,335

Joint

Corp.

(The)*

3,308

51,969

National

HealthCare

Corp.

5,789

366,675

OPKO

Health,

Inc.*(a)

55,806

105,473

Progyny,

Inc.*

2,057

76,232

Surgery

Partners,

Inc.*(a)

17,160

401,544

4,541,010

Health

Care

Technology

0.4%

Evolent

Health,

Inc.,

Class

A*

1,964

70,567

Schrodinger,

Inc.*(a)

33,675

841,201

911,768

Hotels,

Restaurants

&

Leisure

3.4%

Biglari

Holdings,

Inc.,

Class

B*

610

70,516

Bloomin'

Brands,

Inc.(a)

70,047

1,283,961

Chuy's

Holdings,

Inc.*

19,540

452,937

Dave

&

Buster's

Entertainment,

Inc.*(a)

25,966

805,725

Denny's

Corp.*

16,247

152,884

First

Watch

Restaurant

Group,

Inc.*

12,020

174,050

Hilton

Grand

Vacations,

Inc.*

23,790

782,453

International

Game

Technology

plc

24,754

391,113

Kura

Sushi

USA,

Inc.,

Class

A*

7,180

528,304

Portillo's,

Inc.,

Class

A*(a)

1,207

23,766

RCI

Hospitality

Holdings,

Inc.

243

15,878

Red

Rock

Resorts,

Inc.,

Class

A

37,453

1,283,140

Ruth's

Hospitality

Group,

Inc.

5,676

95,697

Shake

Shack,

Inc.,

Class

A*

1,074

48,309

Texas

Roadhouse,

Inc.

8,918

778,185

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Wingstop,

Inc.(a)

3,410

427,682

Xponential

Fitness,

Inc.,

Class

A*

5,635

102,895

7,417,495

Household

Durables

1.1%

Cavco

Industries,

Inc.*

462

95,061

Dream

Finders

Homes,

Inc.,

Class

A*(a)

12,426

131,716

Installed

Building

Products,

Inc.

10,842

878,093

iRobot

Corp.*(a)

577

32,502

Landsea

Homes

Corp.*

4,723

22,529

LGI

Homes,

Inc.*(a)

3,729

303,429

M/I

Homes,

Inc.*

13,981

506,532

Skyline

Champion

Corp.*

7,699

407,046

2,376,908

Household

Products

0.3%

WD-40

Co.

3,168

556,744

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Montauk

Renewables,

Inc.*

9,323

162,593

Sunnova

Energy

International,

Inc.*(a)

32,848

725,284

887,877

Insurance

4.9%

American

Equity

Investment

Life

Holding

Co.

38,489

1,435,255

AMERISAFE,

Inc.

25,581

1,195,400

Argo

Group

International

Holdings

Ltd.

40,441

778,894

BRP

Group,

Inc.,

Class

A*

16,732

440,888

CNO

Financial

Group,

Inc.

74,680

1,342,000

Crawford

&

Co.,

Class

A

21,504

123,433

Employers

Holdings,

Inc.

34,722

1,197,562

Genworth

Financial,

Inc.,

Class

A*

118,453

414,585

Goosehead

Insurance,

Inc.,

Class

A*

26,834

956,364

Investors

Title

Co.

530

74,730

National

Western

Life

Group,

Inc.,

Class

A

395

67,466

Palomar

Holdings,

Inc.*

10,198

853,777

ProAssurance

Corp.

25,056

488,842

Stewart

Information

Services

Corp.

26,421

1,153,012

10,522,208

Interactive

Media

&

Services

1.0%

Bumble,

Inc.,

Class

A*

26,714

574,084

Cargurus,

Inc.*

30,226

428,302

DHI

Group,

Inc.*

18,289

98,395

Vimeo,

Inc.*

39,752

159,008

ZipRecruiter,

Inc.,

Class

A*

50,028

825,462

2,085,251

Internet

&

Direct

Marketing

Retail

0.5%

aka

Brands

Holding

Corp.*(a)

48,535

70,376

CarParts.com,

Inc.*

43,072

222,682

PetMed

Express,

Inc.(a)

7,132

139,217

34

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

Poshmark,

Inc.,

Class

A*

17,309

271,232

Qurate

Retail,

Inc.,

Series

A

11,430

22,974

RealReal,

Inc.

(The)*(a)

129,971

194,956

Xometry,

Inc.,

Class

A*(a)

3,229

183,375

1,104,812

IT

Services

2.8%

BigCommerce

Holdings,

Inc.,

Series

1*

2,163

32,012

Brightcove,

Inc.*

4,449

28,029

Cass

Information

Systems,

Inc.

15,735

545,847

EVERTEC,

Inc.

27,337

857,015

ExlService

Holdings,

Inc.*

7,905

1,164,881

Flywire

Corp.*

6,219

142,788

Hackett

Group,

Inc.

(The)

8,384

148,565

I3

Verticals,

Inc.,

Class

A*(a)

15,054

301,532

Maximus,

Inc.

26,617

1,540,326

Perficient,

Inc.*(a)

9,099

591,617

Sabre

Corp.*

42,688

219,843

StoneCo

Ltd.,

Class

A*

15,968

152,175

Unisys

Corp.*

35,422

267,436

5,992,066

Leisure

Products

0.4%

Latham

Group,

Inc.*

15,793

56,697

Malibu

Boats,

Inc.,

Class

A*

15,669

751,955

MasterCraft

Boat

Holdings,

Inc.*

4,580

86,333

894,985

Life

Sciences

Tools

&

Services

1.3%

AbCellera

Biologics,

Inc.*(a)

13,279

131,329

Adaptive

Biotechnologies

Corp.*

56,839

404,694

Bionano

Genomics,

Inc.*(a)

11,837

21,662

Codexis,

Inc.*(a)

46,248

280,263

Inotiv,

Inc.*

8,612

145,112

Medpace

Holdings,

Inc.*(a)

11,531

1,812,327

2,795,387

Machinery

2.6%

Chart

Industries,

Inc.*

3,457

637,298

Columbus

McKinnon

Corp.

24,391

638,069

Douglas

Dynamics,

Inc.

7,554

211,663

Hyliion

Holdings

Corp.*(a)

8,793

25,236

Kennametal,

Inc.

51,687

1,063,718

Microvast

Holdings,

Inc.*(a)

43,019

77,864

Miller

Industries,

Inc.

6,176

131,487

Mueller

Industries,

Inc.

29,259

1,739,155

Terex

Corp.

5,480

162,975

Titan

International,

Inc.*

35,307

428,627

Wabash

National

Corp.

26,885

418,331

5,534,423

Marine

0.9%

Costamare,

Inc.

94,633

846,966

Eagle

Bulk

Shipping,

Inc.(a)

8,744

377,566

Golden

Ocean

Group

Ltd.

19,926

148,847

Safe

Bulkers,

Inc.

214,279

529,269

1,902,648

Common

Stocks

Shares

Value

($)

Media

1.4%

Clear

Channel

Outdoor

Holdings,

Inc.*(a)

49,253

67,477

Daily

Journal

Corp.*

793

203,317

EW

Scripps

Co.

(The),

Class

A*

53,899

607,442

Gray

Television,

Inc.

7,172

102,703

John

Wiley

&

Sons,

Inc.,

Class

A

703

26,405

PubMatic,

Inc.,

Class

A*

12,820

213,196

Scholastic

Corp.

20,929

643,776

Sinclair

Broadcast

Group,

Inc.,

Class

A

13,965

252,627

TechTarget,

Inc.*(a)

13,691

810,507

2,927,450

Metals

&

Mining

1.9%

5E

Advanced

Materials,

Inc.*(a)

14,403

146,335

Alpha

Metallurgical

Resources,

Inc.

6,666

912,176

Century

Aluminum

Co.*(a)

29,819

157,444

Piedmont

Lithium,

Inc.*(a)

14,752

789,085

Ramaco

Resources,

Inc.

12,576

115,699

Ryerson

Holding

Corp.

6,451

166,049

SunCoke

Energy,

Inc.

55,514

322,536

TimkenSteel

Corp.*

9,289

139,242

Warrior

Met

Coal,

Inc.

47,176

1,341,685

4,090,251

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.0%

BrightSpire

Capital,

Inc.(a)

39,727

250,677

Chimera

Investment

Corp.(a)

131,351

685,652

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(a)

10,979

328,602

Nexpoint

Real

Estate

Finance,

Inc.

31,086

465,668

TPG

RE

Finance

Trust,

Inc.

62,228

435,596

2,166,195

Multiline

Retail

0.0%

†

Big

Lots,

Inc.(a)

3,717

58,022

Oil,

Gas

&

Consumable

Fuels

4.7%

Ardmore

Shipping

Corp.*

10,700

97,691

Callon

Petroleum

Co.*(a)

12,019

420,785

Chord

Energy

Corp.

1,914

261,778

Civitas

Resources,

Inc.

5,658

324,713

Comstock

Resources,

Inc.*(a)

23,828

411,986

CONSOL

Energy,

Inc.

2,336

150,251

CVR

Energy,

Inc.

14,445

418,616

DHT

Holdings,

Inc.

25,762

194,761

Golar

LNG

Ltd.*

29,719

740,597

Kosmos

Energy

Ltd.*

65,609

339,199

Laredo

Petroleum,

Inc.*(a)

3,235

203,320

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

69,731

1,381,371

Matador

Resources

Co.(a)

10,608

518,943

Murphy

Oil

Corp.(a)

2,337

82,192

PBF

Energy,

Inc.,

Class

A*(a)

12,706

446,743

REX

American

Resources

Corp.*

1,351

37,720

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

SandRidge

Energy,

Inc.*

21,112

344,337

Scorpio

Tankers,

Inc.(a)

29,624

1,245,393

SFL

Corp.

Ltd.

3,714

33,835

SM

Energy

Co.

32,353

1,216,796

Teekay

Corp.*

39,553

141,995

Teekay

Tankers

Ltd.,

Class

A*

20,527

565,314

Tellurian,

Inc.*(a)

75,448

180,321

W&T

Offshore,

Inc.*(a)

55,915

327,662

10,086,319

Paper

&

Forest

Products

0.2%

Sylvamo

Corp.

10,079

341,678

Personal

Products

0.3%

BellRing

Brands,

Inc.*

22,349

460,613

Herbalife

Nutrition

Ltd.*

12,993

258,431

Veru,

Inc.*(a)

1,763

20,309

739,353

Pharmaceuticals

1.7%

Aclaris

Therapeutics,

Inc.*

7,704

121,261

Amneal

Pharmaceuticals,

Inc.*

75,703

152,920

Amphastar

Pharmaceuticals,

Inc.*

9,822

275,998

Arvinas,

Inc.*(a)

18,510

823,510

Atea

Pharmaceuticals,

Inc.*(a)

7,661

43,591

Axsome

Therapeutics,

Inc.*(a)

8,724

389,265

Cassava

Sciences,

Inc.*(a)

1,393

58,255

Esperion

Therapeutics,

Inc.*(a)

22,035

147,634

Harmony

Biosciences

Holdings,

Inc.*

6,483

287,132

Intra-Cellular

Therapies,

Inc.*(a)

5,266

245,027

NGM

Biopharmaceuticals,

Inc.*(a)

14,144

185,004

Phathom

Pharmaceuticals,

Inc.*(a)

3,051

33,805

Phibro

Animal

Health

Corp.,

Class

A

47,707

634,026

Tricida,

Inc.*(a)

24,206

253,679

Ventyx

Biosciences,

Inc.*(a)

1,311

45,767

3,696,874

Professional

Services

0.3%

Exponent,

Inc.

2,048

179,548

Forrester

Research,

Inc.*

5,341

192,330

Franklin

Covey

Co.*

2,442

110,842

Red

Violet,

Inc.*(a)

5,057

87,587

570,307

Real

Estate

Management

&

Development

0.5%

Newmark

Group,

Inc.,

Class

A

25,091

202,233

St

Joe

Co.

(The)

28,953

927,365

1,129,598

Road

&

Rail

0.7%

ArcBest

Corp.

1,114

81,021

Heartland

Express,

Inc.

30,252

432,906

Marten

Transport

Ltd.

45,369

869,270

Saia,

Inc.*(a)

1,200

228,000

1,611,197

Semiconductors

&

Semiconductor

Equipment

2.7%

Ambarella,

Inc.*

701

39,382

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Axcelis

Technologies,

Inc.*(a)

18,856

1,141,919

Cohu,

Inc.*(a)

10,238

263,936

Diodes,

Inc.*

16,947

1,100,030

FormFactor,

Inc.*

13,260

332,163

Kulicke

&

Soffa

Industries,

Inc.

(a)

4,683

180,436

MaxLinear,

Inc.*

29,410

959,354

Power

Integrations,

Inc.

19,003

1,222,273

Semtech

Corp.*

11,665

343,068

SiTime

Corp.*

452

35,586

Ultra

Clean

Holdings,

Inc.*

5,443

140,157

Veeco

Instruments,

Inc.*

4,597

84,217

5,842,521

Software

5.4%

A10

Networks,

Inc.

28,872

383,131

ACI

Worldwide,

Inc.*

33,671

703,724

Alarm.com

Holdings,

Inc.*

21,343

1,384,307

Altair

Engineering,

Inc.,

Class

A*(a)

11,577

511,935

American

Software,

Inc.,

Class

A

24,244

371,418

Amplitude,

Inc.,

Class

A*(a)

24,784

383,408

Asana,

Inc.,

Class

A*(a)

20,708

460,339

Cleanspark,

Inc.*(a)

87,331

277,713

Clear

Secure,

Inc.,

Class

A*(a)

59,021

1,349,220

CommVault

Systems,

Inc.*

21,203

1,124,607

Consensus

Cloud

Solutions,

Inc.*

3,518

166,401

E2open

Parent

Holdings,

Inc.*(a)

25,436

154,397

Ebix,

Inc.(a)

3,698

70,151

EngageSmart,

Inc.*

10,435

215,900

Envestnet,

Inc.*

3,588

159,307

Instructure

Holdings,

Inc.*(a)

26,438

589,039

MicroStrategy,

Inc.,

Class

A*(a)

367

77,899

Model

N,

Inc.*(a)

1,422

48,675

Q2

Holdings,

Inc.*(a)

1,505

48,461

Rapid7,

Inc.*

19,481

835,735

Rimini

Street,

Inc.*(a)

4,533

21,124

Sapiens

International

Corp.

NV(a)

5,295

101,558

Sprout

Social,

Inc.,

Class

A*

1,295

78,581

SPS

Commerce,

Inc.*(a)

9,503

1,180,558

Telos

Corp.*

21,246

188,877

Tenable

Holdings,

Inc.*

1,761

61,283

Varonis

Systems,

Inc.*

7,047

186,886

Yext,

Inc.*

22,814

101,750

Zeta

Global

Holdings

Corp.,

Class

A*

6,967

46,052

Zuora,

Inc.,

Class

A*

34,692

256,027

11,538,463

Specialty

Retail

3.3%

Aaron's

Co.,

Inc.

(The)

3,809

37,023

Arko

Corp.

15,074

141,545

Asbury

Automotive

Group,

Inc.*(a)

7,584

1,145,942

Boot

Barn

Holdings,

Inc.*

5,865

342,868

Buckle,

Inc.

(The)

23,725

751,134

36

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Specialty

Retail

Build-A-Bear

Workshop,

Inc.

14,421

192,232

EVgo,

Inc.*(a)

29,791

235,647

Group

1

Automotive,

Inc.(a)

7,135

1,019,377

MarineMax,

Inc.*

13,594

404,965

Murphy

USA,

Inc.

7,213

1,982,926

Sonic

Automotive,

Inc.,

Class

A(a)

12,671

548,654

Volta,

Inc.*(a)

20,985

25,392

Warby

Parker,

Inc.,

Class

A*(a)

19,999

266,787

7,094,492

Technology

Hardware,

Storage

&

Peripherals

0.2%

Super

Micro

Computer,

Inc.*(a)

6,799

374,421

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Allbirds,

Inc.,

Class

A*(a)

25,465

77,414

Thrifts

&

Mortgage

Finance

1.6%

Axos

Financial,

Inc.*

6,731

230,402

Bridgewater

Bancshares,

Inc.*

1,454

23,948

Capitol

Federal

Financial,

Inc.

(a)

120,844

1,003,005

Home

Bancorp,

Inc.

8,903

347,128

Luther

Burbank

Corp.

10,138

117,804

Merchants

Bancorp

30,704

708,341

TrustCo

Bank

Corp.

30,357

953,817

3,384,445

Trading

Companies

&

Distributors

1.8%

Applied

Industrial

Technologies,

Inc.

8,804

904,875

H&E

Equipment

Services,

Inc.

40,653

1,152,106

Hudson

Technologies,

Inc.*(a)

9,523

69,994

MRC

Global,

Inc.*

59,764

429,703

NOW,

Inc.*

29,588

297,359

Textainer

Group

Holdings

Ltd.

17,237

462,986

Titan

Machinery,

Inc.*

20,029

566,020

3,883,043

Water

Utilities

0.1%

American

States

Water

Co.(a)

2,682

209,062

Total

Common

Stocks

(cost

$238,440,439)

213,623,221

Repurchase

Agreements

7.1%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,509,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,000,255,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.00%,

maturing

6/20/2051

-

3/20/2052;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,421,743,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$4,509,032.(b)

4,420,619

4,420,619

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,943,109,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$3,002,663.(b)

2,942,361

2,942,361

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,284,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$15,362,980)

15,362,980

Total

Investments

(cost

$253,803,419)

—

106.3%

228,986,201

Liabilities

in

excess

of

other

assets

—

(6.3)%

(13,582,353)

NET

ASSETS

—

100.0%

$

215,403,848

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

37

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$32,168,197,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,362,980

and

by

$17,851,245

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$33,214,225.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$15,362,980.

REIT

Real

Estate

Investment

Trust

38

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

GS

Small

Cap

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

Small

Cap

Equity

Insights

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

39

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

213,623,221

$

–

$

–

$

213,623,221

Repurchase

Agreements

–

15,362,980

–

15,362,980

Total

$

213,623,221

$

15,362,980

$

–

$

228,986,201

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.

40

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

97.2%

Shares

Value

($)

Aerospace

&

Defense

1.0%

Lockheed

Martin

Corp.

16,231

6,269,873

Textron,

Inc.

53,308

3,105,724

9,375,597

Air

Freight

&

Logistics

2.1%

Expeditors

International

of

Washington,

Inc.

74,971

6,620,689

FedEx

Corp.

93,326

13,856,111

20,476,800

Automobiles

3.7%

Tesla,

Inc.*

136,482

36,201,851

Banks

2.9%

Comerica,

Inc.

120,997

8,602,887

First

Republic

Bank

16,371

2,137,234

Regions

Financial

Corp.

497,414

9,983,099

Western

Alliance

Bancorp

19,907

1,308,686

Zions

Bancorp

NA

114,378

5,817,265

27,849,171

Beverages

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

11,644

3,768,581

Biotechnology

2.5%

Exelixis

,

Inc.*

256,548

4,022,673

Incyte

Corp.*

112,950

7,526,988

Ionis

Pharmaceuticals,

Inc.*

33,722

1,491,524

United

Therapeutics

Corp.*

36,711

7,686,549

Vertex

Pharmaceuticals,

Inc.*

13,805

3,997,100

24,724,834

Capital

Markets

2.0%

Interactive

Brokers

Group,

Inc.,

Class

A

35,301

2,256,087

MarketAxess

Holdings,

Inc.

42,091

9,364,826

Raymond

James

Financial,

Inc.

80,195

7,924,870

19,545,783

Chemicals

3.0%

CF

Industries

Holdings,

Inc.

116,971

11,258,459

Corteva

,

Inc.

273,231

15,615,152

DuPont

de

Nemours,

Inc.

44,789

2,257,365

29,130,976

Commercial

Services

&

Supplies

0.2%

Republic

Services,

Inc.

17,848

2,428,042

Communications

Equipment

2.8%

Arista

Networks,

Inc.*

99,857

11,272,857

F5,

Inc.*

28,122

4,070,097

Juniper

Networks,

Inc.

469,778

12,270,601

27,613,555

Consumer

Finance

1.2%

SLM

Corp.

181,820

2,543,662

Synchrony

Financial

331,879

9,355,669

11,899,331

Containers

&

Packaging

1.3%

Ball

Corp.

181,441

8,767,229

Sealed

Air

Corp.

88,678

3,947,058

12,714,287

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

0.3%

Grand

Canyon

Education,

Inc.*

30,804

2,533,629

Electric

Utilities

0.9%

Pinnacle

West

Capital

Corp.

138,145

8,911,734

Electrical

Equipment

0.3%

Vertiv

Holdings

Co.

352,789

3,429,109

Electronic

Equipment,

Instruments

&

Components

0.5%

Avnet,

Inc.

140,631

5,079,592

Entertainment

0.8%

Live

Nation

Entertainment,

Inc.*

63,274

4,811,355

Madison

Square

Garden

Sports

Corp.,

Class

A*

13,600

1,858,576

Playtika

Holding

Corp.*

84,243

791,042

7,460,973

Equity

Real

Estate

Investment

Trusts

(REITs)

1.5%

Camden

Property

Trust

73,768

8,811,588

Host

Hotels

&

Resorts,

Inc.

359,701

5,712,052

Park

Hotels

&

Resorts,

Inc.

10,835

122,002

Ryman

Hospitality

Properties,

Inc.

5,667

417,034

15,062,676

Food

&

Staples

Retailing

0.2%

Albertsons

Cos.,

Inc.,

Class

A

95,837

2,382,508

Food

Products

2.4%

Ingredion,

Inc.

75,219

6,056,634

Lamb

Weston

Holdings,

Inc.

128,776

9,964,687

Post

Holdings,

Inc.*

93,637

7,669,806

23,691,127

Health

Care

Equipment

&

Supplies

0.4%

Dexcom

,

Inc.*

45,065

3,629,535

Health

Care

Providers

&

Services

5.8%

Cardinal

Health,

Inc.

203,842

13,592,185

HCA

Healthcare,

Inc.

85,141

15,648,064

Humana,

Inc.

43,693

21,199,407

McKesson

Corp.

2,344

796,655

Molina

Healthcare,

Inc.*

16,313

5,380,680

56,616,991

Hotels,

Restaurants

&

Leisure

4.4%

Booking

Holdings,

Inc.*

9,569

15,723,877

Expedia

Group,

Inc.*

110,563

10,358,647

Hilton

Worldwide

Holdings,

Inc.

112,654

13,588,325

Travel

+

Leisure

Co.

96,941

3,307,627

42,978,476

Household

Products

1.0%

Clorox

Co.

(The)

78,331

10,056,917

Independent

Power

and

Renewable

Electricity

Producers

0.6%

Vistra

Corp.

294,982

6,194,622

Insurance

5.6%

Allstate

Corp.

(The)

157,286

19,586,826

Brighthouse

Financial,

Inc.*

114,986

4,992,692

Everest

Re

Group

Ltd.

24,984

6,556,801

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Insurance

Lincoln

National

Corp.

113,017

4,962,576

Reinsurance

Group

of

America,

Inc.

70,322

8,847,211

W

R

Berkley

Corp.

151,323

9,772,439

54,718,545

Interactive

Media

&

Services

3.6%

Alphabet,

Inc.,

Class

C*

158,212

15,212,084

Meta

Platforms,

Inc.,

Class

A*

124,126

16,841,416

Snap,

Inc.,

Class

A*

271,215

2,663,331

34,716,831

Internet

&

Direct

Marketing

Retail

3.4%

Amazon.com,

Inc.*

291,437

32,932,381

IT

Services

3.1%

EPAM

Systems,

Inc.*

29,946

10,846,142

GoDaddy

,

Inc.,

Class

A*

108,478

7,688,920

VeriSign,

Inc.*

64,711

11,240,301

29,775,363

Life

Sciences

Tools

&

Services

0.4%

Medpace

Holdings,

Inc.*

26,382

4,146,459

Machinery

1.6%

AGCO

Corp.

42,953

4,130,790

Allison

Transmission

Holdings,

Inc.

76,046

2,567,313

Fortive

Corp.

127,430

7,429,169

Oshkosh

Corp.

21,817

1,533,517

15,660,789

Multiline

Retail

2.0%

Target

Corp.

130,478

19,361,630

Multi-Utilities

1.4%

Ameren

Corp.

106,256

8,558,921

DTE

Energy

Co.

45,327

5,214,871

13,773,792

Oil,

Gas

&

Consumable

Fuels

2.9%

Cheniere

Energy,

Inc.

39,356

6,529,554

Phillips

66

68,044

5,492,512

Valero

Energy

Corp.

151,219

16,157,750

28,179,816

Paper

&

Forest

Products

0.9%

Louisiana-Pacific

Corp.

170,386

8,722,059

Pharmaceuticals

0.4%

Organon

&

Co.

54,311

1,270,877

Viatris

,

Inc.

297,132

2,531,565

3,802,442

Real

Estate

Management

&

Development

0.4%

Zillow

Group,

Inc.,

Class

A*

125,788

3,601,311

Road

&

Rail

1.5%

Lyft,

Inc.,

Class

A*

315,881

4,160,153

Old

Dominion

Freight

Line,

Inc.

35,710

8,883,576

Schneider

National,

Inc.,

Class

B

59,066

1,199,040

14,242,769

Semiconductors

&

Semiconductor

Equipment

3.5%

Micron

Technology,

Inc.

313,108

15,686,711

ON

Semiconductor

Corp.*

95,311

5,940,735

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Qorvo

,

Inc.*

104,789

8,321,294

Teradyne,

Inc.

52,183

3,921,552

33,870,292

Software

11.3%

Crowdstrike

Holdings,

Inc.,

Class

A*

25,527

4,207,105

DocuSign,

Inc.*

76,785

4,105,694

Dropbox,

Inc.,

Class

A*

126,776

2,626,799

Fortinet,

Inc.*

260,890

12,817,526

Microsoft

Corp.

205,090

47,765,461

New

Relic,

Inc.*

38,272

2,196,047

NortonLifeLock

,

Inc.

51,231

1,031,792

Nutanix

,

Inc.,

Class

A*

267,610

5,574,316

Palo

Alto

Networks,

Inc.*

83,100

13,610,949

Qualys

,

Inc.*

18,099

2,522,820

Splunk

,

Inc.*

87,802

6,602,710

Tenable

Holdings,

Inc.*

52,325

1,820,910

Zscaler

,

Inc.*

30,642

5,036,626

109,918,755

Specialty

Retail

5.8%

AutoZone,

Inc.*

8,772

18,789,010

O'Reilly

Automotive,

Inc.*

21,973

15,454,710

Tractor

Supply

Co.

57,419

10,673,044

Ulta

Beauty,

Inc.*

29,660

11,899,295

56,816,059

Technology

Hardware,

Storage

&

Peripherals

7.2%

Apple,

Inc.

374,921

51,814,082

Dell

Technologies,

Inc.,

Class

C

94,993

3,245,911

NetApp,

Inc.

81,249

5,025,251

Pure

Storage,

Inc.,

Class

A*

108,487

2,969,289

Western

Digital

Corp.*

225,202

7,330,325

70,384,858

Total

Investments

(cost

$959,065,757)

—

97.2%

948,380,848

Other

assets

in

excess

of

liabilities

—

2.8%

27,295,924

NET

ASSETS

—

100.0%

$

975,676,772

42

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2022

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

25,997

49,394

49,394

Agree

Realty

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

60,835

72,525

72,525

Alnylam

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

9/29/2023

10,579

112,137

112,137

Annaly

Capital

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

10/31/2023

132,875

183,368

183,368

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

5/31/2023

133,891

421,757

421,757

AppLovin

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

162,375

305,265

305,265

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

7/31/2023

84,359

225,239

225,239

ASGN,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

39,596

72,461

72,461

Aspen

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,481

3,597

3,597

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

6/30/2023

175,583

179,095

179,095

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

6/30/2023

36,141

47,345

47,345

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

6/30/2023

60,015

138,635

138,635

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

9/29/2023

121,709

272,628

272,628

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

10/31/2023

1,989

59

59

Carlyle

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

143,542

350

350

CarMax,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

59,337

1,210,475

1,210,475

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

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

($)

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

6/30/2023

378,886

1,060,881

1,060,881

Carvana

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

103,202

678,037

678,037

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

10/31/2023

8,852

30,893

30,893

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

7/31/2023

243,949

124,414

124,414

CoStar

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

10/31/2023

76,936

198,495

198,495

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

7/31/2023

246,539

133,131

133,131

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

186,825

186,825

DISH

Network

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

109,564

108,468

108,468

DoubleVerify

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

8/31/2023

168,720

84,360

84,360

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

10/31/2023

99,670

7,552

7,552

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

7/31/2023

16,557

76,990

76,990

FactSet

Research

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

11/30/2023

21,076

7,046

7,046

Floor

&

Decor

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

10/31/2023

22,882

144,157

144,157

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

8/31/2023

105,856

25,405

25,405

Frontier

Communications

Parent,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

210,230

153,468

153,468

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

9/29/2023

60,145

120,891

120,891

Halozyme

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

11/30/2023

49,180

–

–

Hilton

Grand

Vacations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

82,689

188,531

188,531

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

9/29/2023

33,135

70,909

70,909

44

-

Statement

of

Investments

-

September

30,

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

($)

Independence

Realty

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

142,618

–

–

Intuit,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

12,450

9,195

9,195

Kite

Realty

Group

Trust

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

218,047

81,870

81,870

KKR

&

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

6/30/2023

119,625

241,643

241,643

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

14,084

–

–

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

10/31/2023

63,465

266,553

266,553

Medpace

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

9/29/2023

15,139

11,506

11,506

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

12/31/2049

14,670

–

–

Mister

Car

Wash,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

514,935

370,753

370,753

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

6/30/2023

210,754

282,410

282,410

New

Fortress

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

10/31/2023

54,470

44,665

44,665

New

Relic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

54,163

86,119

86,119

Norwegian

Cruise

Line

Holdings

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

433,412

1,421,591

1,421,591

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

31,582

161,384

161,384

Omnicom

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

9/29/2023

36,144

26,024

26,024

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

10/31/2023

166,131

48,178

48,178

Option

Care

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

5/31/2023

88,449

82,258

82,258

Paramount

Global

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

217,038

119,371

119,371

Paycor

HCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

18,011

8,645

8,645

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

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

($)

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

5/31/2023

41,447

27,770

27,770

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

6/30/2023

105,146

30,492

30,492

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

7/31/2023

44,336

66,061

66,061

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

10/31/2023

16,088

175,842

175,842

Procore

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

9/29/2023

32,976

99,588

99,588

PTC,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

28,288

44,978

44,978

QuantumScape

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

3.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

46,407

38,054

38,054

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

7/31/2023

71,172

39,145

39,145

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

10/31/2023

29,434

199,268

199,268

Realty

Income

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

83,338

140,498

140,498

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

11/30/2023

26,538

7,769

7,769

Regeneron

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

10/31/2023

7,462

123,496

123,496

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

7/31/2023

27,845

16,985

16,985

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

6/30/2023

32,006

53,130

53,130

RH

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

13,582

176,023

176,023

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

9/29/2023

68,912

43,415

43,415

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

7/31/2023

91,305

109,566

109,566

SoFi

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2023

54,133

20,029

20,029

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

65,021

29,910

29,910

46

-

Statement

of

Investments

-

September

30,

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

($)

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

7/31/2023

164,773

34,602

34,602

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

5/31/2023

128,340

446,623

446,623

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

10/31/2023

24,380

104,590

104,590

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

7/31/2023

112,594

320,893

320,893

Teledyne

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

10/31/2023

14,040

175,921

175,921

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

10/31/2023

9,577

101,899

101,899

Thor

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

9/29/2023

18,384

86,405

86,405

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

42,424

5,939

5,939

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

9/29/2023

102,444

59,418

59,418

VICI

Properties,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

164,978

105,586

105,586

Victoria's

Secret

&

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

51,022

128,065

128,065

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

28,935

28,935

Warner

Bros

Discovery,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

413,499

119,915

119,915

Webster

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

6/30/2023

126,420

101,136

101,136

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

6/30/2023

38,559

306,544

306,544

YETI

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

8/31/2023

60,477

101,601

101,601

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

6/30/2023

164,815

103,833

103,833

–

–

Total

unrealized

appreciation

13,730,872

13,730,872

–

–

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

7/31/2023

14,800

(16,132)

(16,132)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

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

($)

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

(135,115)

(135,115)

Altice

USA,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

404,343

(67)

(67)

Ameren

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

16,085

(78,173)

(78,173)

Arista

Networks,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

16,146

(61,355)

(61,355)

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

7/31/2023

49,476

(2,969)

(2,969)

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

7/31/2023

4,108

(43,298)

(43,298)

Brighthouse

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

9/29/2023

88,434

(98,162)

(98,162)

Certara

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

30,857

(309)

(309)

Chesapeake

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

9/29/2023

24,960

(25,958)

(25,958)

Cigna

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

26,864

(106,381)

(106,381)

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

9/29/2023

69,021

(263,660)

(263,660)

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

8/31/2023

33,717

(37,847)

(37,847)

Comerica,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

17,173

(29,709)

(29,709)

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

(15,404)

(15,404)

DocuSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

34,271

(63,059)

(63,059)

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

7/31/2023

298,724

(2,987)

(2,987)

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

(398,755)

(398,755)

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

8/31/2023

36,550

(19,006)

(19,006)

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

7/31/2023

3,333

(27,797)

(27,797)

48

-

Statement

of

Investments

-

September

30,

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

($)

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

9/29/2023

80,442

(41,025)

(41,025)

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

(65,400)

(65,400)

F5,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

35,969

(149,271)

(149,271)

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

7/31/2023

45,370

(38,111)

(38,111)

Fortive

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

43,577

(88,026)

(88,026)

FTI

Consulting,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

18,483

(19,222)

(19,222)

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

7/31/2023

54,915

(62,054)

(62,054)

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

10/31/2023

39,329

(6,293)

(6,293)

Healthpeak

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

6/30/2023

127,937

(53,734)

(53,734)

Host

Hotels

&

Resorts,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

236,891

(130,290)

(130,290)

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

7/31/2023

60,576

(61,788)

(61,788)

Informatica

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

42,654

(29,858)

(29,858)

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

(17,386)

(17,386)

Inspire

Medical

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

9/29/2023

3,302

(9,213)

(9,213)

Interactive

Brokers

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

9/29/2023

47,260

(59,075)

(59,075)

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

11/30/2023

53,945

(107)

(107)

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

14,068

(2,673)

(2,673)

iRhythm

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

9/29/2023

9,338

(27,267)

(27,267)

Jamf

Holding

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

43,823

(36,811)

(36,811)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

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

($)

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

9/29/2023

7,698

(10,585)

(10,585)

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

144,016

(14,122)

(14,122)

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

6/30/2023

85,640

(113,901)

(113,901)

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

5/31/2023

16,915

(71,889)

(71,889)

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

47,468

(426,688)

(426,688)

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

9/29/2023

33,033

(195,886)

(195,886)

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

9/29/2023

38,532

(290,917)

(290,917)

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

7/31/2023

23,112

(86,901)

(86,901)

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

8/31/2023

70,100

(129,685)

(129,685)

Netflix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

96,208

(938,990)

(938,990)

NortonLifeLock

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

258,088

(2,462)

(2,462)

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

6/30/2023

169,672

(335,951)

(335,951)

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

9/29/2023

203,372

(113,888)

(113,888)

ON

Semiconductor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

93,247

(295,593)

(295,593)

O'Reilly

Automotive,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

900

(12,852)

(12,852)

Organon

&

Co.

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

62,375

(51,771)

(51,771)

Oshkosh

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

29,863

(56,142)

(56,142)

Park

Hotels

&

Resorts,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

79,048

(41,895)

(41,895)

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

10/31/2023

135,249

(232,628)

(232,628)

50

-

Statement

of

Investments

-

September

30,

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

($)

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

7/31/2023

3,032

(10,976)

(10,976)

Pioneer

Natural

Resources

Co.

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

7,204

(227,632)

(227,632)

Playtika

Holding

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

150,691

(84,387)

(84,387)

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

(18,553)

(18,553)

Pure

Storage,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

132,467

(38,415)

(38,415)

Qorvo

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

14,730

(48,020)

(48,020)

Qualys

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

24,842

(119,242)

(119,242)

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

(93,309)

(93,309)

Republic

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

9/29/2023

91,873

(322,934)

(322,934)

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

9/29/2023

219,102

(227,866)

(227,866)

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

9/29/2023

407,605

(57,065)

(57,065)

Splunk

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

7,494

(51,334)

(51,334)

STERIS

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

23,380

(92,351)

(92,351)

Tenable

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

9/29/2023

55,604

(30,582)

(30,582)

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

10/31/2023

73,259

(271,699)

(271,699)

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

7/31/2023

79,060

(177,094)

(177,094)

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

9/29/2023

29,092

(62,839)

(62,839)

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

7/31/2023

17,778

(30,223)

(30,223)

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

7/31/2023

6,184

(22,201)

(22,201)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

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

($)

Vertiv

Holdings

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

200,493

(124,306)

(124,306)

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

(71,896)

(71,896)

Vistra

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

109,932

(122,684)

(122,684)

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

10/31/2023

62,265

(37,359)

(37,359)

Zillow

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

9/29/2023

32,414

(38,897)

(38,897)

Zions

Bancorp

NA

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

81,836

(197,224)

(197,224)

–

–

Total

unrealized

depreciation

(8,325,581)

(8,325,581)

–

–

Net

unrealized

appreciation

5,405,291

5,405,291

Financing

Costs

of

Swap

Contracts

(211,559)

(211,559)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

5,193,732

5,193,732

.

OBFR

Overnight

Bank

Funding

Rate

52

-

Statement

of

Investments

-

September

30,

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

53

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

948,380,848

$

–

$

–

$

948,380,848

Total

Return

Swaps†

–

13,730,872

–

13,730,872

Total

Assets

$

948,380,848

$

13,730,872

$

–

$

962,111,720

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps†

$

–

$

(8,537,140)

$

–

$

(8,537,140)

Total

Liabilities

$

–

$

(8,537,140)

$

–

$

(8,537,140)

Total

$

948,380,848

$

5,193,732

$

–

$

953,574,580

†

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).

54

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

13,730,872

Total

$

13,730,872

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(8,537,140)

Total

$

(8,537,140)

†

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

J.P.

Morgan

U.S.

Equity

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.5%

Shares

Value

($)

Aerospace

&

Defense

1.8%

Northrop

Grumman

Corp.

1,817

854,571

Automobiles

1.9%

Tesla,

Inc.*

3,436

911,399

Banks

5.2%

Truist

Financial

Corp.

26,415

1,150,109

US

Bancorp

8,563

345,260

Wells

Fargo

&

Co.

23,323

938,051

2,433,420

Beverages

2.0%

Coca-Cola

Co.

(The)

16,355

916,207

Biotechnology

6.7%

AbbVie,

Inc.

12,904

1,731,846

Regeneron

Pharmaceuticals,

Inc.*

1,459

1,005,061

Vertex

Pharmaceuticals,

Inc.*

1,425

412,595

3,149,502

Building

Products

1.5%

Trane

Technologies

plc

4,728

684,662

Capital

Markets

4.9%

Ameriprise

Financial,

Inc.

2,140

539,173

Morgan

Stanley

12,917

1,020,572

S&P

Global,

Inc.

2,376

725,512

2,285,257

Chemicals

2.1%

Eastman

Chemical

Co.

5,571

395,820

PPG

Industries,

Inc.

5,316

588,428

984,248

Construction

Materials

1.1%

Vulcan

Materials

Co.

3,157

497,890

Diversified

Telecommunication

Services

1.9%

Verizon

Communications,

Inc.

22,968

872,095

Electric

Utilities

4.9%

NextEra

Energy,

Inc.

19,186

1,504,374

Xcel

Energy,

Inc.

12,615

807,360

2,311,734

Electrical

Equipment

2.6%

Eaton

Corp.

plc

9,263

1,235,314

Energy

Equipment

&

Services

1.6%

Baker

Hughes

Co.

35,524

744,583

Equity

Real

Estate

Investment

Trusts

(REITs)

2.9%

Prologis,

Inc.

13,314

1,352,702

Health

Care

Equipment

&

Supplies

3.0%

Boston

Scientific

Corp.*

25,503

987,731

Intuitive

Surgical,

Inc.*

2,099

393,437

1,381,168

Health

Care

Providers

&

Services

3.9%

Centene

Corp.*

5,571

433,480

UnitedHealth

Group,

Inc.

2,712

1,369,668

1,803,148

Hotels,

Restaurants

&

Leisure

3.6%

Marriott

International,

Inc.,

Class

A

1,677

235,015

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

McDonald's

Corp.

6,308

1,455,508

1,690,523

Insurance

0.7%

Progressive

Corp.

(The)

2,982

346,538

Interactive

Media

&

Services

6.9%

Alphabet,

Inc.,

Class

A*

30,317

2,899,821

Meta

Platforms,

Inc.,

Class

A*

1,843

250,058

Snap,

Inc.,

Class

A*

8,875

87,153

3,237,032

Internet

&

Direct

Marketing

Retail

4.0%

Amazon.com,

Inc.*

16,595

1,875,235

IT

Services

2.6%

Mastercard

,

Inc.,

Class

A

4,360

1,239,722

Machinery

2.0%

Deere

&

Co.

2,809

937,897

Multiline

Retail

1.8%

Dollar

General

Corp.

3,446

826,558

Oil,

Gas

&

Consumable

Fuels

2.0%

Pioneer

Natural

Resources

Co.

4,391

950,783

Pharmaceuticals

2.6%

Bristol-Myers

Squibb

Co.

17,371

1,234,904

Professional

Services

0.9%

Leidos

Holdings,

Inc.

4,595

401,925

Road

&

Rail

3.1%

Norfolk

Southern

Corp.

4,836

1,013,867

Uber

Technologies,

Inc.*

17,252

457,178

1,471,045

Semiconductors

&

Semiconductor

Equipment

5.6%

Advanced

Micro

Devices,

Inc.*

10,586

670,729

ASML

Holding

NV

(Registered),

NYRS-NL

537

223,043

NXP

Semiconductors

NV

9,331

1,376,416

Teradyne,

Inc.

4,994

375,299

2,645,487

Software

8.2%

Microsoft

Corp.

16,532

3,850,303

Specialty

Retail

1.7%

Lowe's

Cos.,

Inc.

2,578

484,174

O'Reilly

Automotive,

Inc.*

457

321,431

805,605

Technology

Hardware,

Storage

&

Peripherals

4.9%

Apple,

Inc.

16,492

2,279,194

Textiles,

Apparel

&

Luxury

Goods

0.9%

NIKE,

Inc.,

Class

B

5,007

416,182

Total

Investments

(cost

$49,197,489)

—

99.5%

46,626,833

Other

assets

in

excess

of

liabilities

—

0.5%

245,418

NET

ASSETS

—

100.0%

$

46,872,251

2

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

*

Denotes

a

non-income

producing

security.

NL

Netherlands

NYRS

New

York

Registry

Shares

REIT

Real

Estate

Investment

Trust

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

September

30,

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

-

September

30,

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

September

30,

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

managing

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.

As

of September

30,

2022,

the

Fund

had

no

open

futures

contracts.  

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

46,626,833

$

–

$

–

$

46,626,833

Total

$

46,626,833

$

–

$

–

$

46,626,833

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

Dynamic

U.S.

Core

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

86.3%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Boeing

Co.

(The)*

30,571

3,701,537

General

Dynamics

Corp.

12,229

2,594,627

Howmet

Aerospace,

Inc.

19,755

611,022

Huntington

Ingalls

Industries,

Inc.

2,357

522,075

L3Harris

Technologies,

Inc.

10,690

2,221,703

Lockheed

Martin

Corp.

12,906

4,985,459

Northrop

Grumman

Corp.(a)

7,995

3,760,208

Raytheon

Technologies

Corp.

81,231

6,649,570

Textron,

Inc.

11,910

693,876

TransDigm

Group,

Inc.

2,805

1,472,120

27,212,197

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

(a)

7,092

683,031

Expeditors

International

of

Washington,

Inc.

9,306

821,813

FedEx

Corp.

13,147

1,951,935

United

Parcel

Service,

Inc.,

Class

B(a)

40,019

6,464,669

9,921,448

Airlines

0.2%

Alaska

Air

Group,

Inc.*

6,209

243,082

American

Airlines

Group,

Inc.*(a)

37,844

455,642

Delta

Air

Lines,

Inc.*

34,999

982,072

Southwest

Airlines

Co.*

33,013

1,018,121

United

Airlines

Holdings,

Inc.*

18,979

617,387

3,316,304

Auto

Components

0.1%

Aptiv

plc*

15,233

1,191,373

BorgWarner,

Inc.

11,653

365,904

1,557,277

Automobiles

2.3%

Ford

Motor

Co.

214,749

2,405,189

General

Motors

Co.

79,607

2,554,588

Tesla,

Inc.*

145,880

38,694,670

43,654,447

Banks

3.2%

Bank

of

America

Corp.

381,538

11,522,448

Citigroup,

Inc.

105,431

4,393,310

Citizens

Financial

Group,

Inc.

27,544

946,412

Comerica,

Inc.

6,935

493,078

Fifth

Third

Bancorp

38,457

1,229,086

First

Republic

Bank

9,667

1,262,027

Huntington

Bancshares,

Inc.

(a)

81,032

1,068,002

JPMorgan

Chase

&

Co.

160,823

16,806,003

KeyCorp

52,378

839,095

M&T

Bank

Corp.

9,819

1,731,286

PNC

Financial

Services

Group,

Inc.

(The)

22,180

3,314,136

Regions

Financial

Corp.

52,969

1,063,088

Signature

Bank

3,550

536,050

SVB

Financial

Group*

3,306

1,110,089

Truist

Financial

Corp.

71,551

3,115,330

US

Bancorp

74,335

2,997,187

Wells

Fargo

&

Co.

206,778

8,316,611

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

8,142

414,102

61,157,340

Beverages

1.6%

Brown-Forman

Corp.,

Class

B

10,709

712,898

Coca-Cola

Co.

(The)

213,229

11,945,089

Constellation

Brands,

Inc.,

Class

A

8,657

1,988,340

Keurig

Dr

Pepper,

Inc.

46,361

1,660,651

Molson

Coors

Beverage

Co.,

Class

B(a)

11,020

528,850

Monster

Beverage

Corp.*

21,081

1,833,204

PepsiCo,

Inc.

75,402

12,310,130

30,979,162

Biotechnology

1.9%

AbbVie,

Inc.

96,849

12,998,104

Amgen,

Inc.

29,119

6,563,422

Biogen,

Inc.*

7,810

2,085,270

Gilead

Sciences,

Inc.

69,278

4,273,760

Incyte

Corp.*

9,663

643,942

Moderna

,

Inc.*

18,535

2,191,764

Regeneron

Pharmaceuticals,

Inc.*

5,980

4,119,443

Vertex

Pharmaceuticals,

Inc.*

14,005

4,055,008

36,930,713

Building

Products

0.4%

A

O

Smith

Corp.

7,812

379,507

Allegion

plc

4,310

386,521

Carrier

Global

Corp.

46,454

1,651,904

Fortune

Brands

Home

&

Security,

Inc.

7,355

394,890

Johnson

Controls

International

plc

38,677

1,903,682

Masco

Corp.

13,304

621,164

Trane

Technologies

plc

12,734

1,844,010

7,181,678

Capital

Markets

2.6%

Ameriprise

Financial,

Inc.

6,017

1,515,983

Bank

of

New

York

Mellon

Corp.

(The)

39,902

1,537,025

BlackRock,

Inc.

8,185

4,504,042

Cboe

Global

Markets,

Inc.

6,230

731,215

Charles

Schwab

Corp.

(The)

83,550

6,004,738

CME

Group,

Inc.

19,836

3,513,551

FactSet

Research

Systems,

Inc.

2,055

822,226

Franklin

Resources,

Inc.(a)

16,520

355,510

Goldman

Sachs

Group,

Inc.

(The)

18,611

5,453,953

Intercontinental

Exchange,

Inc.

30,771

2,780,160

Invesco

Ltd.

25,466

348,884

MarketAxess

Holdings,

Inc.

2,189

487,031

Moody's

Corp.

8,552

2,079,077

Morgan

Stanley

73,196

5,783,216

MSCI,

Inc.

4,449

1,876,544

Nasdaq,

Inc.

18,570

1,052,548

Northern

Trust

Corp.

11,587

991,384

Raymond

James

Financial,

Inc.

10,815

1,068,738

6

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

S&P

Global,

Inc.

18,631

5,688,976

State

Street

Corp.

20,585

1,251,774

T.

Rowe

Price

Group,

Inc.(a)

11,920

1,251,719

49,098,294

Chemicals

1.5%

Air

Products

&

Chemicals,

Inc.

12,158

2,829,531

Albemarle

Corp.

6,480

1,713,571

Celanese

Corp.

5,153

465,522

CF

Industries

Holdings,

Inc.

11,073

1,065,776

Corteva

,

Inc.

39,528

2,259,025

Dow,

Inc.

38,679

1,699,169

DuPont

de

Nemours,

Inc.

27,987

1,410,545

Eastman

Chemical

Co.

7,259

515,752

Ecolab,

Inc.

13,530

1,954,003

FMC

Corp.

7,029

742,965

International

Flavors

&

Fragrances,

Inc.

13,723

1,246,460

Linde

plc(a)

27,247

7,345,519

LyondellBasell

Industries

NV,

Class

A

13,943

1,049,629

Mosaic

Co.

(The)

18,685

903,046

PPG

Industries,

Inc.

12,624

1,397,351

Sherwin-Williams

Co.

(The)

13,195

2,701,676

29,299,540

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

4,852

1,883,498

Copart

,

Inc.*

11,891

1,265,202

Republic

Services,

Inc.

11,135

1,514,805

Rollins,

Inc.

12,648

438,633

Waste

Management,

Inc.

20,498

3,283,985

8,386,123

Communications

Equipment

0.7%

Arista

Networks,

Inc.*

13,367

1,509,001

Cisco

Systems,

Inc.

226,055

9,042,200

F5,

Inc.*

3,522

509,739

Juniper

Networks,

Inc.

19,017

496,724

Motorola

Solutions,

Inc.

9,083

2,034,319

13,591,983

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

8,118

1,034,152

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

3,354

1,080,290

Vulcan

Materials

Co.

7,396

1,166,423

2,246,713

Consumer

Finance

0.4%

American

Express

Co.

33,736

4,551,323

Capital

One

Financial

Corp.

20,752

1,912,712

Discover

Financial

Services

14,814

1,346,889

Synchrony

Financial

25,700

724,483

8,535,407

Containers

&

Packaging

0.2%

Amcor

plc

84,780

909,689

Avery

Dennison

Corp.

4,318

702,539

Ball

Corp.(a)

18,145

876,766

International

Paper

Co.

18,913

599,542

Packaging

Corp.

of

America

4,974

558,530

Sealed

Air

Corp.

8,772

390,442

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

13,557

418,776

4,456,284

Distributors

0.1%

Genuine

Parts

Co.

7,878

1,176,343

LKQ

Corp.

13,910

655,856

Pool

Corp.

2,094

666,332

2,498,531

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

98,939

26,418,692

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

390,238

5,986,251

Lumen

Technologies,

Inc.(a)

50,807

369,875

Verizon

Communications,

Inc.

230,396

8,748,136

15,104,262

Electric

Utilities

1.8%

Alliant

Energy

Corp.

12,971

687,333

American

Electric

Power

Co.,

Inc.

29,341

2,536,529

Constellation

Energy

Corp.(a)

17,337

1,442,265

Duke

Energy

Corp.

41,740

3,882,655

Edison

International

21,262

1,203,004

Entergy

Corp.

11,194

1,126,452

Evergy

,

Inc.

12,463

740,302

Eversource

Energy

18,349

1,430,488

Exelon

Corp.

53,590

2,007,481

FirstEnergy

Corp.

31,180

1,153,660

NextEra

Energy,

Inc.

107,519

8,430,565

NRG

Energy,

Inc.(a)

12,158

465,287

PG&E

Corp.*

81,341

1,016,763

Pinnacle

West

Capital

Corp.

6,602

425,895

PPL

Corp.

38,843

984,670

Southern

Co.

(The)

59,128

4,020,704

Xcel

Energy,

Inc.

29,325

1,876,800

33,430,853

Electrical

Equipment

0.5%

AMETEK,

Inc.

12,293

1,394,149

Eaton

Corp.

plc

22,019

2,936,454

Emerson

Electric

Co.

31,823

2,330,080

Generac

Holdings,

Inc.*(a)

3,495

622,599

Rockwell

Automation,

Inc.

6,153

1,323,572

8,606,854

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.,

Class

A

32,485

2,175,196

CDW

Corp.

7,555

1,179,184

Corning,

Inc.

42,595

1,236,107

Keysight

Technologies,

Inc.*

9,779

1,538,823

TE

Connectivity

Ltd.

17,611

1,943,550

Teledyne

Technologies,

Inc.*

2,501

844,013

Trimble,

Inc.*

13,779

747,786

Zebra

Technologies

Corp.,

Class

A*

2,856

748,301

10,412,960

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.

55,199

1,156,971

Halliburton

Co.

49,666

1,222,777

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

76,614

2,750,442

5,130,190

Entertainment

1.2%

Activision

Blizzard,

Inc.

39,013

2,900,226

Electronic

Arts,

Inc.

14,439

1,670,737

Live

Nation

Entertainment,

Inc.*(a)

7,699

585,432

Netflix,

Inc.*

24,307

5,722,840

Take-Two

Interactive

Software,

Inc.*

8,714

949,826

Walt

Disney

Co.

(The)*

99,671

9,401,965

Warner

Bros

Discovery,

Inc.*

123,923

1,425,115

22,656,141

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

Alexandria

Real

Estate

Equities,

Inc.

8,113

1,137,362

American

Tower

Corp.

25,402

5,453,809

AvalonBay

Communities,

Inc.

7,453

1,372,768

Boston

Properties,

Inc.

7,490

561,525

Camden

Property

Trust

5,836

697,110

Crown

Castle,

Inc.

23,854

3,448,096

Digital

Realty

Trust,

Inc.

15,313

1,518,743

Duke

Realty

Corp.

20,400

983,280

Equinix

,

Inc.

4,954

2,818,033

Equity

Residential

19,237

1,293,111

Essex

Property

Trust,

Inc.

3,504

848,774

Extra

Space

Storage,

Inc.

7,064

1,220,024

Federal

Realty

Investment

Trust(a)

4,108

370,213

Healthpeak

Properties,

Inc.

29,651

679,601

Host

Hotels

&

Resorts,

Inc.

36,965

587,004

Invitation

Homes,

Inc.

32,519

1,098,167

Iron

Mountain,

Inc.

15,098

663,859

Kimco

Realty

Corp.(a)

35,849

659,980

Mid-America

Apartment

Communities,

Inc.(a)

6,347

984,229

Prologis,

Inc.

40,469

4,111,650

Public

Storage

8,815

2,581,120

Realty

Income

Corp.(a)

33,314

1,938,875

Regency

Centers

Corp.

8,942

481,527

SBA

Communications

Corp.

5,832

1,660,079

Simon

Property

Group,

Inc.

17,775

1,595,306

UDR,

Inc.

18,450

769,550

Ventas,

Inc.

21,233

852,930

VICI

Properties,

Inc.(a)

53,059

1,583,811

Vornado

Realty

Trust(a)

9,863

228,427

Welltower

,

Inc.

24,994

1,607,614

Weyerhaeuser

Co.

42,176

1,204,547

45,011,124

Food

&

Staples

Retailing

1.4%

Costco

Wholesale

Corp.

24,305

11,478,522

Kroger

Co.

(The)

36,456

1,594,950

Sysco

Corp.

27,804

1,966,021

Walgreens

Boots

Alliance,

Inc.

38,051

1,194,801

Walmart,

Inc.

77,825

10,093,903

26,328,197

Food

Products

1.0%

Archer-Daniels-Midland

Co.

30,563

2,458,793

Common

Stocks

Shares

Value

($)

Food

Products

Campbell

Soup

Co.

11,920

561,670

Conagra

Brands,

Inc.

26,166

853,797

General

Mills,

Inc.

32,905

2,520,852

Hershey

Co.

(The)

8,222

1,812,704

Hormel

Foods

Corp.

14,565

661,834

J

M

Smucker

Co.

(The)

5,689

781,726

Kellogg

Co.

13,396

933,165

Kraft

Heinz

Co.

(The)

43,336

1,445,256

Lamb

Weston

Holdings,

Inc.

7,349

568,666

McCormick

&

Co.,

Inc.

(Non-Voting)

13,924

992,363

Mondelez

International,

Inc.,

Class

A

75,593

4,144,764

Tyson

Foods,

Inc.,

Class

A

15,326

1,010,443

18,746,033

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

7,667

780,884

Health

Care

Equipment

&

Supplies

2.3%

Abbott

Laboratories

95,434

9,234,194

ABIOMED,

Inc.*

2,650

650,999

Align

Technology,

Inc.*

4,106

850,394

Baxter

International,

Inc.

27,047

1,456,751

Becton

Dickinson

and

Co.

15,822

3,525,616

Boston

Scientific

Corp.*

78,308

3,032,869

Cooper

Cos.,

Inc.

(The)

2,627

693,265

Dentsply

Sirona,

Inc.

12,777

362,228

Dexcom

,

Inc.*

22,018

1,773,330

Edwards

Lifesciences

Corp.*

34,115

2,818,922

Hologic

,

Inc.*

13,426

866,246

IDEXX

Laboratories,

Inc.*

4,527

1,474,897

Intuitive

Surgical,

Inc.*

19,391

3,634,649

Medtronic

plc

73,043

5,898,222

ResMed

,

Inc.

7,819

1,706,888

STERIS

plc(a)

5,550

922,854

Stryker

Corp.

18,541

3,755,294

Teleflex,

Inc.

2,553

514,327

Zimmer

Biomet

Holdings,

Inc.

11,663

1,219,367

44,391,312

Health

Care

Providers

&

Services

3.1%

AmerisourceBergen

Corp.

7,708

1,043,124

Cardinal

Health,

Inc.(a)

15,300

1,020,204

Centene

Corp.*

31,852

2,478,404

Cigna

Corp.

16,778

4,655,392

CVS

Health

Corp.

71,751

6,842,893

DaVita,

Inc.*

3,244

268,506

Elevance

Health,

Inc.

13,148

5,972,348

HCA

Healthcare,

Inc.

11,730

2,155,857

Henry

Schein,

Inc.*(a)

8,170

537,341

Humana,

Inc.

6,848

3,322,581

Laboratory

Corp.

of

America

Holdings

5,020

1,028,146

McKesson

Corp.

7,793

2,648,607

Molina

Healthcare,

Inc.*

3,099

1,022,174

Quest

Diagnostics,

Inc.

6,434

789,387

UnitedHealth

Group,

Inc.

51,157

25,836,331

Universal

Health

Services,

Inc.,

Class

B

3,747

330,410

59,951,705

8

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.6%

Booking

Holdings,

Inc.*

2,176

3,575,625

Caesars

Entertainment,

Inc.*

11,665

376,313

Carnival

Corp.*(a)

56,426

396,675

Chipotle

Mexican

Grill,

Inc.*

1,519

2,282,692

Darden

Restaurants,

Inc.

6,408

809,458

Domino's

Pizza,

Inc.

1,969

610,784

Expedia

Group,

Inc.*

8,101

758,983

Hilton

Worldwide

Holdings,

Inc.

15,083

1,819,311

Las

Vegas

Sands

Corp.*(a)

17,704

664,254

Marriott

International,

Inc.,

Class

A

14,939

2,093,551

McDonald's

Corp.

40,492

9,343,124

MGM

Resorts

International

18,007

535,168

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

21,647

245,910

Royal

Caribbean

Cruises

Ltd.*(a)

10,893

412,845

Starbucks

Corp.

62,765

5,288,579

Wynn

Resorts

Ltd.*

6,157

388,076

Yum!

Brands,

Inc.

15,691

1,668,581

31,269,929

Household

Durables

0.3%

DR

Horton,

Inc.

17,019

1,146,230

Garmin

Ltd.

7,940

637,661

Lennar

Corp.,

Class

A

13,434

1,001,505

Mohawk

Industries,

Inc.*

2,566

233,994

Newell

Brands,

Inc.

22,165

307,872

NVR,

Inc.*

158

629,959

PulteGroup,

Inc.

13,879

520,462

Whirlpool

Corp.(a)

3,235

436,110

4,913,793

Household

Products

1.2%

Church

&

Dwight

Co.,

Inc.

13,514

965,440

Clorox

Co.

(The)

6,741

865,477

Colgate-Palmolive

Co.

45,793

3,216,958

Kimberly-Clark

Corp.

18,335

2,063,421

Procter

&

Gamble

Co.

(The)

131,039

16,543,674

23,654,970

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

38,090

860,834

Industrial

Conglomerates

0.7%

3M

Co.

30,161

3,332,791

General

Electric

Co.

59,751

3,699,184

Honeywell

International,

Inc.

36,730

6,132,808

13,164,783

Insurance

1.9%

Aflac,

Inc.

31,557

1,773,503

Allstate

Corp.

(The)

15,009

1,869,071

American

International

Group,

Inc.

41,228

1,957,505

Aon

plc,

Class

A

11,472

3,073,005

Arthur

J

Gallagher

&

Co.

11,700

2,003,274

Assurant,

Inc.

3,086

448,303

Brown

&

Brown,

Inc.

12,057

729,207

Chubb

Ltd.

22,907

4,166,325

Cincinnati

Financial

Corp.

8,930

799,860

Common

Stocks

Shares

Value

($)

Insurance

Everest

Re

Group

Ltd.

2,000

524,880

Globe

Life,

Inc.

4,556

454,233

Hartford

Financial

Services

Group,

Inc.

(The)

17,754

1,099,683

Lincoln

National

Corp.

9,086

398,966

Loews

Corp.

10,873

541,910

Marsh

&

McLennan

Cos.,

Inc.

27,303

4,076,065

MetLife,

Inc.

36,724

2,232,085

Principal

Financial

Group,

Inc.

(a)

12,433

897,041

Progressive

Corp.

(The)

32,031

3,722,323

Prudential

Financial,

Inc.

20,257

1,737,646

Travelers

Cos.,

Inc.

(The)

12,873

1,972,144

W

R

Berkley

Corp.

11,292

729,237

Willis

Towers

Watson

plc

6,190

1,243,819

36,450,085

Interactive

Media

&

Services

4.1%

Alphabet,

Inc.,

Class

A*

327,361

31,312,079

Alphabet,

Inc.,

Class

C*

294,919

28,356,462

Match

Group,

Inc.*(a)

14,516

693,139

Meta

Platforms,

Inc.,

Class

A*

124,676

16,916,040

Twitter,

Inc.*

36,786

1,612,698

78,890,418

Internet

&

Direct

Marketing

Retail

3.0%

Amazon.com,

Inc.*

485,312

54,840,256

eBay,

Inc.

30,990

1,140,742

Etsy,

Inc.*

6,516

652,447

56,633,445

IT

Services

3.8%

Accenture

plc,

Class

A

34,627

8,909,527

Akamai

Technologies,

Inc.*(a)

8,641

694,045

Automatic

Data

Processing,

Inc.

22,821

5,161,882

Broadridge

Financial

Solutions,

Inc.

6,382

921,050

Cognizant

Technology

Solutions

Corp.,

Class

A

28,442

1,633,709

DXC

Technology

Co.*

11,047

270,431

EPAM

Systems,

Inc.*

3,134

1,135,103

Fidelity

National

Information

Services,

Inc.

33,449

2,527,741

Fiserv,

Inc.*

34,943

3,269,617

FleetCor

Technologies,

Inc.*

4,038

711,374

Gartner,

Inc.*

4,247

1,175,102

Global

Payments,

Inc.(a)

15,046

1,625,720

International

Business

Machines

Corp.(a)

49,145

5,838,917

Jack

Henry

&

Associates,

Inc.

3,821

696,454

Mastercard

,

Inc.,

Class

A

46,690

13,275,835

Paychex,

Inc.

17,415

1,954,137

PayPal

Holdings,

Inc.*

63,768

5,488,512

VeriSign,

Inc.*

4,882

848,003

Visa,

Inc.,

Class

A(a)

89,475

15,895,234

72,032,393

Leisure

Products

0.0%

†

Hasbro,

Inc.

7,562

509,830

Life

Sciences

Tools

&

Services

1.6%

Agilent

Technologies,

Inc.

16,292

1,980,292

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,259

525,179

Bio-

Techne

Corp.

2,270

644,680

Charles

River

Laboratories

International,

Inc.*

2,951

580,757

Danaher

Corp.

35,762

9,236,967

Illumina,

Inc.*

8,611

1,642,893

IQVIA

Holdings,

Inc.*

10,363

1,877,154

Mettler

-Toledo

International,

Inc.*

1,222

1,324,795

PerkinElmer,

Inc.

6,733

810,182

Thermo

Fisher

Scientific,

Inc.

21,383

10,845,244

Waters

Corp.*

3,287

885,945

West

Pharmaceutical

Services,

Inc.

4,150

1,021,232

31,375,320

Machinery

1.4%

Caterpillar,

Inc.

28,702

4,709,424

Cummins,

Inc.

7,593

1,545,251

Deere

&

Co.

15,143

5,056,096

Dover

Corp.(a)

8,018

934,739

Fortive

Corp.

19,377

1,129,679

IDEX

Corp.

3,907

780,814

Illinois

Tool

Works,

Inc.

15,579

2,814,346

Ingersoll

Rand,

Inc.

21,515

930,739

Nordson

Corp.

3,105

659,098

Otis

Worldwide

Corp.

22,643

1,444,623

PACCAR,

Inc.

19,031

1,592,704

Parker-Hannifin

Corp.

6,945

1,682,843

Pentair

plc

9,695

393,908

Snap-on,

Inc.

2,719

547,471

Stanley

Black

&

Decker,

Inc.

8,255

620,859

Westinghouse

Air

Brake

Technologies

Corp.

10,377

844,169

Xylem,

Inc.

10,354

904,526

26,591,289

Media

0.6%

Charter

Communications,

Inc.,

Class

A*

6,012

1,823,740

Comcast

Corp.,

Class

A

240,701

7,059,760

DISH

Network

Corp.,

Class

A*(a)

14,567

201,462

Fox

Corp.,

Class

A

16,219

497,599

Fox

Corp.,

Class

B

7,090

202,065

Interpublic

Group

of

Cos.,

Inc.

(The)

23,062

590,387

News

Corp.,

Class

A

22,880

345,717

News

Corp.,

Class

B

5,435

83,807

Omnicom

Group,

Inc.

10,450

659,291

Paramount

Global,

Class

B(a)

27,345

520,649

11,984,477

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

77,788

2,125,946

Newmont

Corp.

44,101

1,853,565

Nucor

Corp.

14,146

1,513,481

5,492,992

Multiline

Retail

0.4%

Dollar

General

Corp.

12,323

2,955,795

Common

Stocks

Shares

Value

($)

Multiline

Retail

Dollar

Tree,

Inc.*

11,519

1,567,736

Target

Corp.

25,583

3,796,261

8,319,792

Multi-Utilities

0.8%

Ameren

Corp.

14,343

1,155,329

CenterPoint

Energy,

Inc.(a)

34,731

978,720

CMS

Energy

Corp.

15,624

909,942

Consolidated

Edison,

Inc.

19,051

1,633,814

Dominion

Energy,

Inc.

43,830

3,029,091

DTE

Energy

Co.

10,850

1,248,292

NiSource,

Inc.

23,022

579,924

Public

Service

Enterprise

Group,

Inc.

26,824

1,508,314

Sempra

Energy

17,444

2,615,553

WEC

Energy

Group,

Inc.

17,742

1,586,667

15,245,646

Oil,

Gas

&

Consumable

Fuels

3.7%

APA

Corp.

19,367

662,158

Chevron

Corp.

98,785

14,192,441

ConocoPhillips

69,899

7,153,464

Coterra

Energy,

Inc.(a)

44,129

1,152,649

Devon

Energy

Corp.

35,819

2,153,796

Diamondback

Energy,

Inc.

9,844

1,185,808

EOG

Resources,

Inc.

31,682

3,539,830

EQT

Corp.

18,152

739,694

Exxon

Mobil

Corp.

228,816

19,977,925

Hess

Corp.

15,496

1,688,909

Kinder

Morgan,

Inc.

105,345

1,752,941

Marathon

Oil

Corp.

35,526

802,177

Marathon

Petroleum

Corp.

27,505

2,732,072

Occidental

Petroleum

Corp.(a)

40,886

2,512,445

ONEOK,

Inc.

23,688

1,213,773

Phillips

66(a)

26,571

2,144,811

Pioneer

Natural

Resources

Co.(a)

13,059

2,827,665

Valero

Energy

Corp.

21,640

2,312,234

Williams

Cos.,

Inc.

(The)

66,058

1,891,241

70,636,033

Personal

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

12,689

2,739,555

Pharmaceuticals

4.0%

Bristol-Myers

Squibb

Co.

117,674

8,365,445

Catalent

,

Inc.*

10,205

738,434

Eli

Lilly

&

Co.

43,123

13,943,822

Johnson

&

Johnson

143,925

23,511,588

Merck

&

Co.,

Inc.

138,147

11,897,220

Organon

&

Co.

14,879

348,168

Pfizer,

Inc.

306,375

13,406,970

Viatris

,

Inc.

70,704

602,398

Zoetis,

Inc.

25,612

3,798,003

76,612,048

Professional

Services

0.3%

CoStar

Group,

Inc.*

21,492

1,496,918

Equifax,

Inc.

6,370

1,092,009

Jacobs

Solutions,

Inc.

6,895

748,039

Leidos

Holdings,

Inc.

7,672

671,070

Nielsen

Holdings

plc

21,031

582,979

10

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Robert

Half

International,

Inc.

5,613

429,394

Verisk

Analytics,

Inc.

8,532

1,454,962

6,475,371

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

17,582

1,186,961

Road

&

Rail

0.8%

CSX

Corp.

117,648

3,134,143

JB

Hunt

Transport

Services,

Inc.

4,606

720,470

Norfolk

Southern

Corp.

12,892

2,702,808

Old

Dominion

Freight

Line,

Inc.(a)

4,931

1,226,685

Union

Pacific

Corp.

34,072

6,637,907

14,422,013

Semiconductors

&

Semiconductor

Equipment

4.2%

Advanced

Micro

Devices,

Inc.*

88,590

5,613,062

Analog

Devices,

Inc.

29,073

4,051,032

Applied

Materials,

Inc.

48,372

3,963,118

Broadcom,

Inc.

22,112

9,817,949

Enphase

Energy,

Inc.*

7,314

2,029,416

Intel

Corp.

223,004

5,746,813

KLA

Corp.

7,889

2,387,448

Lam

Research

Corp.

7,537

2,758,542

Microchip

Technology,

Inc.

31,122

1,899,376

Micron

Technology,

Inc.

60,118

3,011,912

Monolithic

Power

Systems,

Inc.

2,320

843,088

NVIDIA

Corp.

136,761

16,601,418

NXP

Semiconductors

NV

13,952

2,058,059

ON

Semiconductor

Corp.*(a)

23,680

1,475,974

Qorvo

,

Inc.*

6,016

477,730

QUALCOMM,

Inc.

61,148

6,908,501

Skyworks

Solutions,

Inc.

8,254

703,819

SolarEdge

Technologies,

Inc.*(a)

2,886

667,994

Teradyne,

Inc.(a)

7,946

597,142

Texas

Instruments,

Inc.

50,277

7,781,874

79,394,267

Software

7.4%

Adobe,

Inc.*

25,857

7,115,846

ANSYS,

Inc.*

4,892

1,084,556

Autodesk,

Inc.*(a)

11,962

2,234,502

Cadence

Design

Systems,

Inc.*

15,069

2,462,727

Ceridian

HCM

Holding,

Inc.*(a)

7,900

441,452

Fortinet,

Inc.*

36,634

1,799,829

Intuit,

Inc.

15,534

6,016,629

Microsoft

Corp.

408,518

95,143,842

NortonLifeLock

,

Inc.

30,045

605,106

Oracle

Corp.

83,461

5,096,963

Paycom

Software,

Inc.*

2,616

863,254

PTC,

Inc.*

5,370

561,702

Roper

Technologies,

Inc.

5,753

2,069,009

Salesforce,

Inc.*

54,424

7,828,348

ServiceNow

,

Inc.*

11,038

4,168,059

Synopsys,

Inc.*

8,361

2,554,369

Tyler

Technologies,

Inc.*

2,113

734,268

140,780,461

Common

Stocks

Shares

Value

($)

Specialty

Retail

1.9%

Advance

Auto

Parts,

Inc.

3,456

540,311

AutoZone,

Inc.*

1,067

2,285,439

Bath

&

Body

Works,

Inc.

13,606

443,556

Best

Buy

Co.,

Inc.(a)

11,063

700,730

CarMax,

Inc.*(a)

8,905

587,908

Home

Depot,

Inc.

(The)

56,396

15,561,912

Lowe's

Cos.,

Inc.

34,956

6,565,086

O'Reilly

Automotive,

Inc.*

3,490

2,454,692

Ross

Stores,

Inc.

18,891

1,591,945

TJX

Cos.,

Inc.

(The)

64,743

4,021,835

Tractor

Supply

Co.

6,271

1,165,654

Ulta

Beauty,

Inc.*

2,812

1,128,146

37,047,214

Technology

Hardware,

Storage

&

Peripherals

6.2%

Apple,

Inc.

827,593

114,373,353

Hewlett

Packard

Enterprise

Co.

72,669

870,575

HP,

Inc.

49,818

1,241,465

NetApp,

Inc.

11,712

724,387

Seagate

Technology

Holdings

plc(a)

10,740

571,690

Western

Digital

Corp.*

18,081

588,536

118,370,006

Textiles,

Apparel

&

Luxury

Goods

0.4%

NIKE,

Inc.,

Class

B

69,390

5,767,697

Ralph

Lauren

Corp.(a)

2,288

194,320

Tapestry,

Inc.(a)

13,317

378,602

VF

Corp.

17,190

514,153

6,854,772

Tobacco

0.6%

Altria

Group,

Inc.

97,897

3,953,081

Philip

Morris

International,

Inc.

84,579

7,020,903

10,973,984

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

32,409

1,492,110

United

Rentals,

Inc.*(a)

3,923

1,059,681

WW

Grainger,

Inc.(a)

2,383

1,165,740

3,717,531

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

10,219

1,330,105

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

33,071

4,437,136

Total

Common

Stocks

(cost

$1,367,399,243)

1,650,394,253

Purchased

Options

0.2%

Number

of

Contracts

Call

Options

0.2%

Future

Equity

Index

Options:

0.2%

S&P

500

E-Mini

Index

12/16/2022

at

USD

3,890.00,

American

Style

Notional

Amount:

USD

96,632,459

Exchange

Traded

539

1,515,937

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

S&P

500

E-Mini

Index

12/16/2022

at

USD

4,150.00,

American

Style

Notional

Amount:

USD

96,632,459

Exchange

Traded

539

363,825

S&P

500

E-Mini

Index

11/18/2022

at

USD

3,900.00,

European

Style

Notional

Amount:

USD

96,632,459

Exchange

Traded

539

869,138

Total

Purchased

Options

(cost

$5,291,345)

2,748,900

Short-Term

Investments

9.1%

Shares

U.S.

Treasury

Obligation

9.1%

U.S.

Treasury

Bills

1.37%

12/1/2022(a)(b)

175,000,000

174,166,113

3.14%

12/15/2022(b)(c)

6,000

5,966

Total

U.S.

Treasury

Obligation

(cost

$174,601,201)

174,172,079

Total

Short-Term

Investment

(cost

$174,601,201)

174,172,079

Repurchase

Agreements

0.1%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$987,122,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$1,006,608.(d)

986,871

986,871

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,263,786,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$1,288,733.(d)

1,263,464

1,263,464

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$153,599,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$156,670.(d)

153,560

153,560

Total

Repurchase

Agreements

(cost

$2,403,895)

2,403,895

Total

Investments

(cost

$1,549,695,684)

—

95.7%

1,829,719,127

Other

assets

in

excess

of

liabilities

—

4.3%

82,763,972

NET

ASSETS

—

100.0%

$

1,912,483,099

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$219,613,759,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,403,895

and

by

$222,751,430

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/15/2022

–

5/15/2052,

a

total

value

of

$225,155,325.

(b)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(c)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$2,403,895.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

S&P

500

E-Mini

Index

(26)

12/2022

USD

(4,681,950)

50,003

Net

contracts

50,003

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

13

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.

14

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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.

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,650,394,253

$

–

$

–

$

1,650,394,253

Futures

Contracts

50,003

–

–

50,003

Purchased

Option

2,748,900

–

–

2,748,900

Repurchase

Agreements

–

2,403,895

–

2,403,895

Short-Term

Investments

–

174,172,079

–

174,172,079

Total

$

1,653,193,156

$

176,575,974

$

–

$

1,829,769,130

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

15

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

managing

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

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,748,900

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

50,003

Total

$

2,798,903

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

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

88.4%

Shares

Value

($)

Aerospace

&

Defense

4.7%

Howmet

Aerospace,

Inc.

72,743

2,249,941

L3Harris

Technologies,

Inc.

25,402

5,279,298

Northrop

Grumman

Corp.

9,464

4,451,108

Raytheon

Technologies

Corp.

143,424

11,740,689

23,721,036

Automobiles

1.0%

General

Motors

Co.

153,277

4,918,659

Banks

6.6%

Bank

of

America

Corp.

148,767

4,492,763

Comerica,

Inc.

166,312

11,824,783

JPMorgan

Chase

&

Co.

78,249

8,177,021

PNC

Financial

Services

Group,

Inc.

(The)

15,374

2,297,183

US

Bancorp

159,637

6,436,564

33,228,314

Beverages

0.7%

PepsiCo,

Inc.

22,513

3,675,472

Biotechnology

1.7%

AbbVie,

Inc.

45,098

6,052,602

Gilead

Sciences,

Inc.

37,007

2,282,962

8,335,564

Capital

Markets

6.7%

Ameriprise

Financial,

Inc.

18,127

4,567,098

Charles

Schwab

Corp.

(The)

74,573

5,359,562

CME

Group,

Inc.

36,647

6,491,283

Goldman

Sachs

Group,

Inc.

(The)

23,022

6,746,597

Morgan

Stanley(a)

136,625

10,794,741

33,959,281

Communications

Equipment

2.2%

Cisco

Systems,

Inc.

274,495

10,979,800

Construction

&

Engineering

0.7%

Quanta

Services,

Inc.(a)

28,786

3,667,049

Diversified

Financial

Services

5.1%

Berkshire

Hathaway,

Inc.,

Class

B*

68,089

18,181,125

Voya

Financial,

Inc.(a)

126,067

7,627,053

25,808,178

Electric

Utilities

4.4%

Constellation

Energy

Corp.(a)

163,805

13,626,938

Exelon

Corp.

230,232

8,624,491

22,251,429

Electrical

Equipment

4.0%

Eaton

Corp.

plc

60,468

8,064,012

Hubbell,

Inc.

39,493

8,806,939

Regal

Rexnord

Corp.

22,144

3,108,132

19,979,083

Electronic

Equipment,

Instruments

&

Components

0.8%

Corning,

Inc.

136,525

3,961,955

Energy

Equipment

&

Services

0.9%

Halliburton

Co.

85,646

2,108,604

Schlumberger

NV

69,231

2,485,393

4,593,997

Common

Stocks

Shares

Value

($)

Food

Products

1.9%

Archer-Daniels-Midland

Co.(a)

59,601

4,794,901

Bunge

Ltd.

55,969

4,621,360

9,416,261

Health

Care

Equipment

&

Supplies

4.6%

Becton

Dickinson

and

Co.(a)

62,157

13,850,445

Medtronic

plc

115,955

9,363,366

23,213,811

Health

Care

Providers

&

Services

4.8%

Humana,

Inc.

11,537

5,597,637

Laboratory

Corp.

of

America

Holdings

17,941

3,674,496

McKesson

Corp.

20,272

6,889,845

UnitedHealth

Group,

Inc.

16,343

8,253,869

24,415,847

Hotels,

Restaurants

&

Leisure

1.3%

International

Game

Technology

plc(a)

412,561

6,518,464

Independent

Power

and

Renewable

Electricity

Producers

0.7%

NextEra

Energy

Partners

LP(a)

48,766

3,526,269

Insurance

7.8%

Aon

plc,

Class

A

14,744

3,949,475

Assurant,

Inc.(a)

62,356

9,058,456

Chubb

Ltd.

48,025

8,734,787

Hartford

Financial

Services

Group,

Inc.

(The)

49,357

3,057,173

MetLife,

Inc.

132,905

8,077,966

Progressive

Corp.

(The)

54,431

6,325,426

39,203,283

Interactive

Media

&

Services

0.8%

Alphabet,

Inc.,

Class

A*

43,583

4,168,714

Life

Sciences

Tools

&

Services

1.5%

Danaher

Corp.

28,598

7,386,577

Machinery

2.3%

Caterpillar,

Inc.

28,216

4,629,681

Ingersoll

Rand,

Inc.

154,812

6,697,167

11,326,848

Media

3.5%

Comcast

Corp.,

Class

A

281,994

8,270,884

Interpublic

Group

of

Cos.,

Inc.

(The)

228,701

5,854,746

Omnicom

Group,

Inc.

56,390

3,557,645

17,683,275

Metals

&

Mining

1.1%

Freeport-McMoRan,

Inc.

203,400

5,558,922

Oil,

Gas

&

Consumable

Fuels

9.1%

ConocoPhillips

35,004

3,582,309

Devon

Energy

Corp.

74,002

4,449,740

EOG

Resources,

Inc.

20,354

2,274,152

EQT

Corp.

57,738

2,352,824

Exxon

Mobil

Corp.

219,850

19,195,104

Hess

Corp.(a)

55,836

6,085,566

Marathon

Petroleum

Corp.

79,983

7,944,711

45,884,406

18

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

4.7%

Eli

Lilly

&

Co.

20,381

6,590,196

Merck

&

Co.,

Inc.

57,186

4,924,858

Organon

&

Co.

151,116

3,536,115

Sanofi,

ADR-FR

231,537

8,803,037

23,854,206

Semiconductors

&

Semiconductor

Equipment

1.5%

Applied

Materials,

Inc.

36,161

2,962,671

QUALCOMM,

Inc.

39,324

4,442,825

7,405,496

Software

0.9%

Dolby

Laboratories,

Inc.,

Class

A

65,946

4,296,382

Technology

Hardware,

Storage

&

Peripherals

1.1%

Hewlett

Packard

Enterprise

Co.

467,503

5,600,686

Tobacco

0.9%

British

American

Tobacco

plc,

ADR-UK

133,089

4,724,660

Wireless

Telecommunication

Services

0.4%

Vodafone

Group

plc,

ADR-UK

168,327

1,907,145

Total

Common

Stocks

(cost

$410,060,506)

445,171,069

Purchased

Options

0.1%

Number

of

Contracts

Call

Options

0.1%

Future

Equity

Index

Options:

0.1%

S&P

500

E-Mini

Index

12/16/2022

at

USD

3,890.00,

American

Style

Notional

Amount:

USD

24,202,935

Exchange

Traded

135

379,687

S&P

500

E-Mini

Index

12/16/2022

at

USD

4,150.00,

American

Style

Notional

Amount:

USD

24,202,935

Exchange

Traded

135

91,125

S&P

500

E-Mini

Index

11/18/2022

at

USD

3,900.00,

European

Style

Notional

Amount:

USD

24,202,935

Exchange

Traded

135

217,688

Total

Purchased

Options

(cost

$1,325,290)

688,500

Short-Term

Investments

3.4%

Shares

U.S.

Treasury

Obligation

3.4%

U.S.

Treasury

Bills

1.94%

12/1/2022(b)

16,000,000

15,923,759

Short-Term

Investments

Shares

Value

($)

3.14%

12/15/2022(b)(c)

1,201,000

1,194,146

Total

U.S.

Treasury

Obligation

(cost

$17,141,024)

17,117,905

Total

Short-Term

Investment

(cost

$17,141,024)

17,117,905

Repurchase

Agreements

1.1%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$250,064,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$255,000.(d)

250,000

250,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$210,767,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$214,927.(d)

210,713

210,713

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,271,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$5,102,473.(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$5,460,713)

5,460,713

Total

Investments

(cost

$433,987,533)

—

93.0%

468,438,187

Other

assets

in

excess

of

liabilities

—

7.0%

34,999,967

NET

ASSETS

—

100.0%

$

503,438,154

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

19

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$27,264,717,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,460,713

and

by

$22,582,379

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

11/15/2022

–

11/15/2051,

a

total

value

of

$28,043,092.

(b)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(c)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$5,460,713.

ADR

American

Depositary

Receipt

FR

France

UK

United

Kingdom

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

642

12/2022

USD

43,129,560

(6,135,375)

Total

long

contracts

(6,135,375)

Short

Contracts

S&P

500

E-Mini

Index

(354)

12/2022

USD

(63,746,550)

7,345,064

Total

short

contracts

7,345,064

Net

contracts

1,209,689

Currency:

USD

United

States

Dollar

20

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

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.

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.

Equity

Income

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

21

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

445,171,069

$

–

$

–

$

445,171,069

Futures

Contracts

7,345,064

–

–

7,345,064

Purchased

Option

688,500

–

–

688,500

Repurchase

Agreements

–

5,460,713

–

5,460,713

Short-Term

Investments

–

17,117,905

–

17,117,905

Total

Assets

$

453,204,633

$

22,578,618

$

–

$

475,783,251

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(6,135,375)

$

–

$

–

$

(6,135,375)

Total

Liabilities

$

(6,135,375)

$

–

$

–

$

(6,135,375)

Total

$

447,069,258

$

22,578,618

$

–

$

469,647,876

22

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

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

managing

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

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

23

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

688,500

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

7,345,064

Total

$

8,033,564

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(6,135,375)

Total

$

(6,135,375)

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

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

Common

Stocks

99.5%

Shares

Value

($)

Banks

3.7%

First

Republic

Bank

12,249

1,599,107

JPMorgan

Chase

&

Co.

18,505

1,933,772

3,532,879

Beverages

3.8%

PepsiCo,

Inc.

21,766

3,553,517

Biotechnology

2.1%

AbbVie,

Inc.

15,149

2,033,147

Building

Products

2.6%

Trane

Technologies

plc

17,055

2,469,735

Capital

Markets

2.7%

Goldman

Sachs

Group,

Inc.

(The)

8,805

2,580,305

Chemicals

5.8%

Albemarle

Corp.

8,253

2,182,423

CF

Industries

Holdings,

Inc.

17,024

1,638,560

Ecolab,

Inc.

11,475

1,657,220

5,478,203

Diversified

Telecommunication

Services

2.3%

Verizon

Communications,

Inc.

57,133

2,169,340

Electric

Utilities

4.6%

Eversource

Energy

25,088

1,955,860

NextEra

Energy,

Inc.

30,734

2,409,853

4,365,713

Electronic

Equipment,

Instruments

&

Components

2.3%

TE

Connectivity

Ltd.

19,865

2,192,301

Food

&

Staples

Retailing

2.9%

Costco

Wholesale

Corp.

5,897

2,784,976

Food

Products

1.5%

Darling

Ingredients,

Inc.*

20,937

1,384,983

Health

Care

Equipment

&

Supplies

8.7%

Abbott

Laboratories

16,139

1,561,610

Cooper

Cos.,

Inc.

(The)

8,095

2,136,270

Edwards

Lifesciences

Corp.*

24,836

2,052,199

Medtronic

plc

31,193

2,518,835

8,268,914

Insurance

4.5%

Chubb

Ltd.

15,701

2,855,698

Progressive

Corp.

(The)

12,263

1,425,083

4,280,781

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

4.2%

Alphabet,

Inc.,

Class

A*

41,620

3,980,953

Internet

&

Direct

Marketing

Retail

5.3%

Amazon.com,

Inc.*

44,502

5,028,726

IT

Services

6.6%

Accenture

plc,

Class

A

9,063

2,331,910

Fidelity

National

Information

Services,

Inc.

16,898

1,276,982

Mastercard

,

Inc.,

Class

A

9,343

2,656,588

6,265,480

Machinery

2.5%

Ingersoll

Rand,

Inc.

53,637

2,320,337

Multi-Utilities

1.9%

CMS

Energy

Corp.

30,598

1,782,028

Pharmaceuticals

4.1%

Eli

Lilly

&

Co.

8,218

2,657,290

Merck

&

Co.,

Inc.

14,073

1,211,967

3,869,257

Road

&

Rail

1.9%

Norfolk

Southern

Corp.

8,483

1,778,461

Semiconductors

&

Semiconductor

Equipment

4.7%

Applied

Materials,

Inc.

10,253

840,028

SolarEdge

Technologies,

Inc.*

5,068

1,173,039

Texas

Instruments,

Inc.

15,787

2,443,512

4,456,579

Software

11.6%

Intuit,

Inc.

5,442

2,107,796

Microsoft

Corp.

28,451

6,626,238

Salesforce,

Inc.*

15,936

2,292,234

11,026,268

Technology

Hardware,

Storage

&

Peripherals

7.0%

Apple,

Inc.

47,905

6,620,471

Textiles,

Apparel

&

Luxury

Goods

2.2%

NIKE,

Inc.,

Class

B

25,116

2,087,642

Total

Investments

(cost

$84,615,582)

—

99.5%

94,310,996

Other

assets

in

excess

of

liabilities

—

0.5%

476,461

NET

ASSETS

—

100.0%

$

94,787,457

*

Denotes

a

non-income

producing

security.

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

-

September

30,

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

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

94,310,996

$

–

$

–

$

94,310,996

Total

$

94,310,996

$

–

$

–

$

94,310,996

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

Digital

Evolution

Strategy

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

94.9%

Shares

Value

($)

Communications

Equipment

1.3%

Arista

Networks,

Inc.*

328

37,028

Interactive

Media

&

Services

11.4%

Alphabet,

Inc.,

Class

A*

1,111

106,267

Match

Group,

Inc.*

867

41,399

Meta

Platforms,

Inc.,

Class

A*

935

126,861

ZoomInfo

Technologies,

Inc.,

Class

A*

978

40,744

315,271

Internet

&

Direct

Marketing

Retail

12.0%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

1,000

79,990

Amazon.com,

Inc.*

2,231

252,103

332,093

IT

Services

16.7%

FleetCor

Technologies,

Inc.*

187

32,944

Mastercard,

Inc.,

Class

A

182

51,750

MongoDB,

Inc.*

217

43,087

Pagseguro

Digital

Ltd.,

Class

A*

2,959

39,148

PayPal

Holdings,

Inc.*

880

75,742

Shift4

Payments,

Inc.,

Class

A*

841

37,517

Shopify,

Inc.,

Class

A*

1,271

34,241

Toast,

Inc.,

Class

A*

1,931

32,286

Visa,

Inc.,

Class

A

647

114,939

461,654

Road

&

Rail

3.3%

Lyft,

Inc.,

Class

A*

2,842

37,429

Uber

Technologies,

Inc.*

1,996

52,894

90,323

Semiconductors

&

Semiconductor

Equipment

20.8%

Advanced

Micro

Devices,

Inc.*

1,300

82,368

Analog

Devices,

Inc.

289

40,269

Lam

Research

Corp.

148

54,168

Marvell

Technology,

Inc.

1,236

53,037

Micron

Technology,

Inc.

662

33,166

NVIDIA

Corp.

920

111,679

NXP

Semiconductors

NV

458

67,560

QUALCOMM,

Inc.

281

31,748

SolarEdge

Technologies,

Inc.*

129

29,858

Wolfspeed,

Inc.*

689

71,215

575,068

Software

24.6%

Adobe,

Inc.*

101

27,795

Alteryx,

Inc.,

Class

A*

478

26,691

Confluent,

Inc.,

Class

A*

1,310

31,139

Crowdstrike

Holdings,

Inc.,

Class

A*

201

33,127

Elastic

NV*

464

33,287

Intuit,

Inc.

177

68,556

Microsoft

Corp.

803

187,019

Paycom

Software,

Inc.*

124

40,919

Salesforce,

Inc.*

526

75,660

Trade

Desk,

Inc.

(The),

Class

A*

1,159

69,250

Workday,

Inc.,

Class

A*

415

63,171

Common

Stocks

Shares

Value

($)

Software

Zoom

Video

Communications,

Inc.,

Class

A*

336

24,726

681,340

Technology

Hardware,

Storage

&

Peripherals

4.8%

Apple,

Inc.

966

133,501

Total

Investments

(cost

$3,156,460)

—

94.9%

2,626,278

Other

assets

in

excess

of

liabilities

—

5.1%

140,246

NET

ASSETS

—

100.0%

$

2,766,524

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

CN

China

28

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,626,278

$

–

$

–

$

2,626,278

Total

$

2,626,278

$

–

$

–

$

2,626,278

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

Innovators

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

94.8%

Shares

Value

($)

Aerospace

&

Defense

2.1%

L3Harris

Technologies,

Inc.

299

62,141

Automobiles

5.6%

Tesla,

Inc.*

621

164,720

Banks

3.2%

SVB

Financial

Group*

69

23,169

Truist

Financial

Corp.

1,657

72,146

95,315

Biotechnology

1.4%

Horizon

Therapeutics

plc*

667

41,281

Building

Products

2.2%

Trane

Technologies

plc

438

63,427

Capital

Markets

3.4%

MarketAxess

Holdings,

Inc.

138

30,704

S&P

Global,

Inc.

230

70,230

100,934

Chemicals

1.4%

PPG

Industries,

Inc.

368

40,734

Electric

Utilities

3.4%

NextEra

Energy,

Inc.

1,289

101,070

Energy

Equipment

&

Services

0.8%

Schlumberger

NV

690

24,771

Entertainment

1.5%

Netflix,

Inc.*

184

43,321

Health

Care

Equipment

&

Supplies

4.5%

Dexcom

,

Inc.*

529

42,606

Intuitive

Surgical,

Inc.*

253

47,422

Stryker

Corp.

207

41,926

131,954

Health

Care

Providers

&

Services

5.1%

Elevance

Health,

Inc.

184

83,580

Humana,

Inc.

138

66,956

150,536

Hotels,

Restaurants

&

Leisure

3.6%

Chipotle

Mexican

Grill,

Inc.*

23

34,563

Marriott

International,

Inc.,

Class

A

437

61,241

Travel

+

Leisure

Co.

323

11,021

106,825

Industrial

Conglomerates

2.7%

Honeywell

International,

Inc.

483

80,646

Insurance

2.2%

Progressive

Corp.

(The)

552

64,148

Interactive

Media

&

Services

5.9%

Alphabet,

Inc.,

Class

A*

690

65,998

Bumble,

Inc.,

Class

A*

1,634

35,115

Meta

Platforms,

Inc.,

Class

A*

529

71,775

172,888

Internet

&

Direct

Marketing

Retail

7.7%

Amazon.com,

Inc.*

1,565

176,845

JD.com,

Inc.,

ADR-CN

1,013

50,954

227,799

IT

Services

4.5%

Block,

Inc.,

Class

A*

759

41,737

Common

Stocks

Shares

Value

($)

IT

Services

Mastercard

,

Inc.,

Class

A

322

91,558

133,295

Machinery

1.5%

Oshkosh

Corp.

621

43,650

Oil,

Gas

&

Consumable

Fuels

0.5%

Ovintiv

,

Inc.

347

15,962

Personal

Products

2.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

322

69,520

Pharmaceuticals

2.8%

Eli

Lilly

&

Co.

161

52,059

Zoetis,

Inc.

206

30,548

82,607

Professional

Services

1.5%

Verisk

Analytics,

Inc.

253

43,144

Road

&

Rail

2.9%

Uber

Technologies,

Inc.*

3,245

85,992

Semiconductors

&

Semiconductor

Equipment

7.3%

Advanced

Micro

Devices,

Inc.*

759

48,090

ASML

Holding

NV

(Registered),

NYRS-NL

115

47,765

Marvell

Technology,

Inc.

1,059

45,442

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

1,081

74,114

215,411

Software

11.5%

Dynatrace

,

Inc.*

1,220

42,468

HashiCorp

,

Inc.,

Class

A*

1,450

46,675

HubSpot

,

Inc.*

138

37,277

Lightspeed

Commerce,

Inc.*

2,117

37,217

Microsoft

Corp.

414

96,421

ServiceNow

,

Inc.*

115

43,425

Unity

Software,

Inc.*(a)

1,151

36,671

340,154

Technology

Hardware,

Storage

&

Peripherals

3.2%

Apple,

Inc.

690

95,358

Total

Common

Stocks

(cost

$3,245,056)

2,797,603

30

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

Fund

Repurchase

Agreement

1.2%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$36,377,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$37,095.(b)

36,368

36,368

Total

Repurchase

Agreement

(cost

$36,368)

36,368

Total

Investments

(cost

$3,281,424)

—

96.0%

2,833,971

Other

assets

in

excess

of

liabilities

—

4.0%

119,068

NET

ASSETS

—

100.0%

$

2,953,039

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$35,651,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$36,368.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$36,368.

ADR

American

Depositary

Receipt

CN

China

NL

Netherlands

NYRS

New

York

Registry

Shares

TW

Taiwan

NVIT

J.P.

Morgan

Innovators

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

31

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,797,603

$

–

$

–

$

2,797,603

Repurchase

Agreement

–

36,368

–

36,368

Total

$

2,797,603

$

36,368

$

–

$

2,833,971

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

-

September

30,

2022

(Unaudited)

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Common

Stocks

93.8%

Shares

Value

($)

Air

Freight

&

Logistics

1.5%

United

Parcel

Service,

Inc.,

Class

B

326

52,662

Automobiles

4.5%

Tesla,

Inc.*

597

158,354

Banks

1.1%

SVB

Financial

Group*

111

37,272

Beverages

3.5%

Coca-Cola

Co.

(The)

1,800

100,836

Monster

Beverage

Corp.*

275

23,914

124,750

Biotechnology

8.0%

AbbVie,

Inc.

872

117,031

Alnylam

Pharmaceuticals,

Inc.*

40

8,006

Amgen,

Inc.

187

42,150

Exact

Sciences

Corp.*

89

2,892

Moderna,

Inc.*

20

2,365

Regeneron

Pharmaceuticals,

Inc.*

126

86,798

Seagen,

Inc.*

168

22,987

282,229

Building

Products

0.7%

Trane

Technologies

plc

166

24,038

Capital

Markets

5.0%

Blackstone,

Inc.,

Class

A

604

50,555

Charles

Schwab

Corp.

(The)

1,061

76,254

Morgan

Stanley

523

41,322

MSCI,

Inc.

23

9,701

177,832

Chemicals

0.6%

Sherwin-Williams

Co.

(The)

110

22,522

Consumer

Finance

0.4%

Capital

One

Financial

Corp.

139

12,812

Electrical

Equipment

0.5%

Rockwell

Automation,

Inc.

85

18,284

Electronic

Equipment,

Instruments

&

Components

1.1%

Amphenol

Corp.,

Class

A

600

40,176

Health

Care

Equipment

&

Supplies

1.0%

Dexcom,

Inc.*

143

11,517

Intuitive

Surgical,

Inc.*

119

22,306

33,823

Health

Care

Providers

&

Services

8.0%

CVS

Health

Corp.

633

60,369

HCA

Healthcare,

Inc.

248

45,580

McKesson

Corp.

302

102,641

UnitedHealth

Group,

Inc.

147

74,241

282,831

Hotels,

Restaurants

&

Leisure

2.0%

Airbnb,

Inc.,

Class

A*

8

841

Chipotle

Mexican

Grill,

Inc.*

20

30,055

Marriott

International,

Inc.,

Class

A

286

40,080

70,976

Interactive

Media

&

Services

5.7%

Alphabet,

Inc.,

Class

C*

1,969

189,319

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Match

Group,

Inc.*

53

2,531

Meta

Platforms,

Inc.,

Class

A*

71

9,633

Snap,

Inc.,

Class

A*

51

501

201,984

Internet

&

Direct

Marketing

Retail

2.6%

Amazon.com,

Inc.*

764

86,332

Etsy,

Inc.*

32

3,204

MercadoLibre,

Inc.*

2

1,656

Wayfair,

Inc.,

Class

A*

11

358

91,550

IT

Services

2.6%

Automatic

Data

Processing,

Inc.

136

30,762

Block,

Inc.,

Class

A*

19

1,045

Cognizant

Technology

Solutions

Corp.,

Class

A

527

30,271

International

Business

Machines

Corp.

205

24,356

MongoDB,

Inc.*

25

4,964

Shopify,

Inc.,

Class

A*

10

269

91,667

Life

Sciences

Tools

&

Services

0.7%

Thermo

Fisher

Scientific,

Inc.

49

24,852

Machinery

2.5%

Deere

&

Co.

268

89,482

Metals

&

Mining

1.0%

Freeport-McMoRan,

Inc.

1,312

35,857

Multiline

Retail

0.8%

Target

Corp.

179

26,562

Oil,

Gas

&

Consumable

Fuels

2.4%

ConocoPhillips

826

84,533

Personal

Products

0.6%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

91

19,647

Pharmaceuticals

1.8%

Eli

Lilly

&

Co.

200

64,670

Professional

Services

1.7%

Equifax,

Inc.

120

20,572

Verisk

Analytics,

Inc.

233

39,733

60,305

Semiconductors

&

Semiconductor

Equipment

4.7%

Advanced

Micro

Devices,

Inc.*

672

42,578

ASML

Holding

NV

(Registered),

NYRS-NL

51

21,183

Enphase

Energy,

Inc.*

34

9,434

Lam

Research

Corp.

37

13,542

NVIDIA

Corp.

371

45,035

Texas

Instruments,

Inc.

215

33,278

165,050

Software

13.0%

HubSpot,

Inc.*

5

1,351

Intuit,

Inc.

92

35,634

Microsoft

Corp.

1,202

279,946

Oracle

Corp.

948

57,894

Salesforce,

Inc.*

193

27,761

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Software

Synopsys,

Inc.*

157

47,965

Trade

Desk,

Inc.

(The),

Class

A*

32

1,912

Workday,

Inc.,

Class

A*

37

5,632

458,095

Specialty

Retail

5.7%

AutoZone,

Inc.*

52

111,381

Carvana

Co.*(a)

21

426

Lowe's

Cos.,

Inc.

474

89,022

200,829

Technology

Hardware,

Storage

&

Peripherals

9.6%

Apple,

Inc.

2,447

338,175

Textiles,

Apparel

&

Luxury

Goods

0.5%

Tapestry,

Inc.

607

17,257

Total

Common

Stocks

(cost

$3,676,140)

3,309,076

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$445,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$454.(b)

445

445

Total

Repurchase

Agreement

(cost

$445)

445

Total

Investments

(cost

$3,676,585)

—

93.8%

3,309,521

Other

assets

in

excess

of

liabilities

—

6.2%

217,716

NET

ASSETS

—

100.0%

$

3,527,237

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$406,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$445.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$445.

NL

Netherlands

NYRS

New

York

Registry

Shares

34

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

J.P.

Morgan

Large

Cap

Growth

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

3,309,076

$

–

$

–

$

3,309,076

Repurchase

Agreement

–

445

–

445

Total

$

3,309,076

$

445

$

–

$

3,309,521

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

US

Technology

Leaders

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

95.3%

Shares

Value

($)

Automobiles

4.6%

Tesla,

Inc.*

510

135,277

Communications

Equipment

1.4%

F5,

Inc.*

292

42,261

Electronic

Equipment,

Instruments

&

Components

1.7%

Amphenol

Corp.,

Class

A

733

49,082

Entertainment

4.5%

Netflix,

Inc.*

256

60,272

Take-Two

Interactive

Software,

Inc.*

391

42,619

Walt

Disney

Co.

(The)*

302

28,488

131,379

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Equinix

,

Inc.

67

38,112

SBA

Communications

Corp.

130

37,005

75,117

Health

Care

Equipment

&

Supplies

1.5%

Dexcom

,

Inc.*

526

42,364

Health

Care

Technology

0.8%

Veeva

Systems,

Inc.,

Class

A*

135

22,259

Hotels,

Restaurants

&

Leisure

2.3%

Booking

Holdings,

Inc.*

40

65,728

Interactive

Media

&

Services

7.0%

Alphabet,

Inc.,

Class

C*

1,205

115,861

Meta

Platforms,

Inc.,

Class

A*

408

55,357

Snap,

Inc.,

Class

A*

924

9,074

Twitter,

Inc.*

566

24,813

205,105

Internet

&

Direct

Marketing

Retail

3.9%

Amazon.com,

Inc.*

700

79,100

MercadoLibre

,

Inc.*

43

35,595

114,695

IT

Services

4.6%

Block,

Inc.,

Class

A*

170

9,348

Globant

SA*

141

26,378

MongoDB,

Inc.*

167

33,160

Okta

,

Inc.*

334

18,995

Shopify,

Inc.,

Class

A*

533

14,359

Snowflake,

Inc.,

Class

A*

113

19,205

Twilio

,

Inc.,

Class

A*

176

12,169

133,614

Road

&

Rail

1.5%

Uber

Technologies,

Inc.*

1,671

44,281

Semiconductors

&

Semiconductor

Equipment

26.1%

Advanced

Micro

Devices,

Inc.*

1,512

95,800

Analog

Devices,

Inc.

519

72,317

ASML

Holding

NV

(Registered),

NYRS-NL

95

39,458

Enphase

Energy,

Inc.*

278

77,137

Entegris

,

Inc.

353

29,306

GLOBALFOUNDRIES,

Inc.*(a)

510

24,659

Lam

Research

Corp.

163

59,658

Marvell

Technology,

Inc.

1,188

50,977

MKS

Instruments,

Inc.

407

33,634

Monolithic

Power

Systems,

Inc.

100

36,340

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

NVIDIA

Corp.

509

61,788

QUALCOMM,

Inc.

507

57,281

Teradyne,

Inc.

492

36,974

Universal

Display

Corp.

207

19,530

Wolfspeed

,

Inc.*

624

64,497

759,356

Software

29.9%

Atlassian

Corp.

plc,

Class

A*

104

21,901

Confluent,

Inc.,

Class

A*

1,093

25,981

Crowdstrike

Holdings,

Inc.,

Class

A*

142

23,403

Datadog

,

Inc.,

Class

A*

202

17,934

Elastic

NV*

582

41,753

HashiCorp

,

Inc.,

Class

A*

379

12,200

HubSpot

,

Inc.*

133

35,926

Intuit,

Inc.

173

67,006

Microsoft

Corp.

445

103,640

Oracle

Corp.

1,329

81,162

Salesforce,

Inc.*

644

92,633

ServiceNow

,

Inc.*

132

49,845

Synopsys,

Inc.*

412

125,870

Trade

Desk,

Inc.

(The),

Class

A*

800

47,800

Workday,

Inc.,

Class

A*

445

67,738

Zoom

Video

Communications,

Inc.,

Class

A*

310

22,813

Zscaler

,

Inc.*

187

30,737

868,342

Technology

Hardware,

Storage

&

Peripherals

2.9%

Apple,

Inc.

604

83,473

Total

Common

Stocks

(cost

$3,284,538)

2,772,333

Repurchase

Agreement

0.9%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$25,837,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$26,347.(b)

25,830

25,830

Total

Repurchase

Agreement

(cost

$25,830)

25,830

Total

Investments

(cost

$3,310,368)

—

96.2%

2,798,163

Other

assets

in

excess

of

liabilities

—

3.8%

109,735

NET

ASSETS

—

100.0%

$

2,907,898

36

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$24,368,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$25,830.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$25,830.

NL

Netherlands

NYRS

New

York

Registry

Shares

REIT

Real

Estate

Investment

Trust

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

September

30,

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,772,333

$

–

$

–

$

2,772,333

Repurchase

Agreement

–

25,830

–

25,830

Total

$

2,772,333

$

25,830

$

–

$

2,798,163

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

Equity

Dividend

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

92.2%

Shares

Value

($)

Aerospace

&

Defense

2.8%

Airbus

SE

38,052

3,287,399

BAE

Systems

plc

550,808

4,839,306

L3Harris

Technologies,

Inc.

22,620

4,701,114

12,827,819

Auto

Components

0.5%

Lear

Corp.

19,311

2,311,334

Automobiles

2.3%

General

Motors

Co.

320,037

10,269,987

Banks

11.2%

Bank

of

America

Corp.

166,911

5,040,712

Citigroup,

Inc.

290,074

12,087,384

First

Citizens

BancShares

,

Inc.,

Class

A

11,869

9,464,697

JPMorgan

Chase

&

Co.

89,193

9,320,668

Wells

Fargo

&

Co.

362,744

14,589,564

50,503,025

Beverages

1.1%

Constellation

Brands,

Inc.,

Class

A

21,885

5,026,547

Capital

Markets

1.3%

Charles

Schwab

Corp.

(The)

36,203

2,601,909

Raymond

James

Financial,

Inc.(a)

32,563

3,217,876

5,819,785

Chemicals

1.0%

PPG

Industries,

Inc.

41,599

4,604,593

Communications

Equipment

2.3%

Cisco

Systems,

Inc.

257,708

10,308,320

Consumer

Finance

0.5%

Capital

One

Financial

Corp.

25,058

2,309,596

Containers

&

Packaging

0.9%

Sealed

Air

Corp.

88,966

3,959,877

Diversified

Financial

Services

1.2%

Apollo

Global

Management,

Inc.

79,686

3,705,399

Equitable

Holdings,

Inc.

67,377

1,775,384

5,480,783

Diversified

Telecommunication

Services

1.6%

Verizon

Communications,

Inc.

195,124

7,408,858

Electric

Utilities

1.2%

American

Electric

Power

Co.,

Inc.

35,843

3,098,627

Edison

International

38,208

2,161,809

5,260,436

Entertainment

0.7%

Activision

Blizzard,

Inc.

40,081

2,979,622

Food

&

Staples

Retailing

1.4%

Walmart,

Inc.

48,500

6,290,450

Food

Products

0.8%

Kraft

Heinz

Co.

(The)

68,010

2,268,134

Mondelez

International,

Inc.,

Class

A

28,235

1,548,125

3,816,259

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

6.3%

Alcon,

Inc.

16,081

931,251

Baxter

International,

Inc.

45,487

2,449,930

Dentsply

Sirona,

Inc.

13,691

388,140

Koninklijke

Philips

NV

310,881

4,802,037

Medtronic

plc

152,023

12,275,857

Zimmer

Biomet

Holdings,

Inc.

74,363

7,774,652

28,621,867

Health

Care

Providers

&

Services

9.1%

AmerisourceBergen

Corp.

17,442

2,360,426

Cardinal

Health,

Inc.(a)

83,250

5,551,110

Cigna

Corp.

27,467

7,621,268

Elevance

Health,

Inc.

18,388

8,352,565

Humana,

Inc.

16,779

8,141,003

Laboratory

Corp.

of

America

Holdings

43,649

8,939,752

40,966,124

Household

Durables

1.6%

Newell

Brands,

Inc.

236,205

3,280,887

Panasonic

Holdings

Corp.(a)

592,200

4,158,734

7,439,621

Industrial

Conglomerates

0.8%

Siemens

AG

(Registered)

37,618

3,723,184

Insurance

6.4%

Allstate

Corp.

(The)(a)

19,552

2,434,810

American

International

Group,

Inc.

204,343

9,702,206

Fidelity

National

Financial,

Inc.

135,279

4,897,100

Prudential

plc

311,302

3,058,566

Willis

Towers

Watson

plc

43,339

8,708,539

28,801,221

IT

Services

7.0%

Cognizant

Technology

Solutions

Corp.,

Class

A

185,165

10,635,878

Fidelity

National

Information

Services,

Inc.

120,537

9,108,981

SS&C

Technologies

Holdings,

Inc.

156,633

7,479,226

Visa,

Inc.,

Class

A(a)

23,688

4,208,173

31,432,258

Machinery

1.2%

Fortive

Corp.

19,590

1,142,097

Komatsu

Ltd.(a)

238,000

4,303,971

5,446,068

Media

2.9%

Comcast

Corp.,

Class

A

275,184

8,071,146

Fox

Corp.,

Class

A

160,357

4,919,753

12,990,899

Multiline

Retail

1.1%

Dollar

General

Corp.

20,632

4,948,791

Multi-Utilities

2.3%

Public

Service

Enterprise

Group,

Inc.

98,037

5,512,621

Sempra

Energy

33,048

4,955,217

10,467,838

Oil,

Gas

&

Consumable

Fuels

6.3%

BP

plc

2,552,207

12,136,648

2

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

ConocoPhillips

52,729

5,396,286

EQT

Corp.

110,599

4,506,909

Hess

Corp.

29,991

3,268,719

Shell

plc

134,960

3,357,845

28,666,407

Personal

Products

2.0%

Unilever

plc,

ADR-UK(a)

210,029

9,207,671

Pharmaceuticals

5.7%

AstraZeneca

plc

76,505

8,413,260

Bayer

AG

(Registered)

150,360

6,938,802

Novo

Nordisk

A/S,

ADR-DK

23,210

2,312,412

Sanofi

104,161

7,949,596

25,614,070

Professional

Services

1.5%

Leidos

Holdings,

Inc.

59,629

5,215,749

Robert

Half

International,

Inc.

22,830

1,746,495

6,962,244

Road

&

Rail

0.4%

Union

Pacific

Corp.

9,306

1,812,995

Semiconductors

&

Semiconductor

Equipment

0.5%

Analog

Devices,

Inc.

16,140

2,248,948

Software

1.2%

Microsoft

Corp.

23,535

5,481,301

Specialty

Retail

1.5%

Ross

Stores,

Inc.

79,890

6,732,330

Technology

Hardware,

Storage

&

Peripherals

1.3%

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S(a)

6,255

5,670,390

Textiles,

Apparel

&

Luxury

Goods

0.7%

Ralph

Lauren

Corp.(a)

34,946

2,967,964

Tobacco

1.0%

Altria

Group,

Inc.

109,163

4,408,002

Wireless

Telecommunication

Services

0.6%

Rogers

Communications,

Inc.,

Class

B

68,486

2,638,100

Total

Common

Stocks

(cost

$426,834,108)

416,425,584

Master

Limited

Partnership

2.4%

Oil,

Gas

&

Consumable

Fuels

2.4%

Enterprise

Products

Partners

LP

463,303

11,017,346

Total

Master

Limited

Partnership

(cost  $10,603,189)

11,017,346

Repurchase

Agreements

1.5%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,991,611,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$3,050,667.(b)

2,990,850

2,990,850

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,603,763,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$3,674,904.(b)

3,602,847

3,602,847

Total

Repurchase

Agreements

(cost

$6,593,697)

6,593,697

Total

Investments

(cost

$444,030,994)

—

96.1%

434,036,627

Other

assets

in

excess

of

liabilities

—

3.9%

17,812,527

NET

ASSETS

—

100.0%

$

451,849,154

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$30,348,378,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,593,697

and

by

$25,262,018

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/15/2022

–

5/15/2052,

a

total

value

of

$31,855,715.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$6,593,697.

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

NVIT

BlackRock

Equity

Dividend

Fund

-

September

30,

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

-

September

30,

2022

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

4,701,114

$

8,126,705

$

–

$

12,827,819

Auto

Components

2,311,334

–

–

2,311,334

Automobiles

10,269,987

–

–

10,269,987

Banks

50,503,025

–

–

50,503,025

Beverages

5,026,547

–

–

5,026,547

Capital

Markets

5,819,785

–

–

5,819,785

Chemicals

4,604,593

–

–

4,604,593

Communications

Equipment

10,308,320

–

–

10,308,320

Consumer

Finance

2,309,596

–

–

2,309,596

Containers

&

Packaging

3,959,877

–

–

3,959,877

Diversified

Financial

Services

5,480,783

–

–

5,480,783

Diversified

Telecommunication

Services

7,408,858

–

–

7,408,858

Electric

Utilities

5,260,436

–

–

5,260,436

Entertainment

2,979,622

–

–

2,979,622

Food

&

Staples

Retailing

6,290,450

–

–

6,290,450

Food

Products

3,816,259

–

–

3,816,259

Health

Care

Equipment

&

Supplies

22,888,579

5,733,288

–

28,621,867

Health

Care

Providers

&

Services

40,966,124

–

–

40,966,124

Household

Durables

3,280,887

4,158,734

–

7,439,621

Industrial

Conglomerates

–

3,723,184

–

3,723,184

Insurance

25,742,655

3,058,566

–

28,801,221

IT

Services

31,432,258

–

–

31,432,258

Machinery

1,142,097

4,303,971

–

5,446,068

Media

12,990,899

–

–

12,990,899

Multiline

Retail

4,948,791

–

–

4,948,791

Multi-Utilities

10,467,838

–

–

10,467,838

Oil,

Gas

&

Consumable

Fuels

13,171,914

15,494,493

–

28,666,407

Personal

Products

9,207,671

–

–

9,207,671

Pharmaceuticals

2,312,412

23,301,658

–

25,614,070

Professional

Services

6,962,244

–

–

6,962,244

Road

&

Rail

1,812,995

–

–

1,812,995

Semiconductors

&

Semiconductor

Equipment

2,248,948

–

–

2,248,948

Software

5,481,301

–

–

5,481,301

Specialty

Retail

6,732,330

–

–

6,732,330

Technology

Hardware,

Storage

&

Peripherals

–

5,670,390

–

5,670,390

Textiles,

Apparel

&

Luxury

Goods

2,967,964

–

–

2,967,964

Tobacco

4,408,002

–

–

4,408,002

Wireless

Telecommunication

Services

2,638,100

–

–

2,638,100

Total

Common

Stocks

$

342,854,595

$

73,570,989

$

–

$

416,425,584

Master

Limited

Partnership

11,017,346

–

–

11,017,346

Repurchase

Agreements

–

6,593,697

–

6,593,697

Total

$

353,871,941

$

80,164,686

$

–

$

434,036,627

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.

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

99.6%

Shares

Value

($)

Aerospace

&

Defense

3.1%

Raytheon

Technologies

Corp.

72,000

5,893,920

Banks

2.8%

JPMorgan

Chase

&

Co.

52,000

5,434,000

Capital

Markets

8.3%

Brookfield

Asset

Management,

Inc.,

Class

A

186,000

7,605,540

Charles

Schwab

Corp.

(The)

75,000

5,390,250

Intercontinental

Exchange,

Inc.

33,000

2,981,550

15,977,340

Chemicals

1.4%

Sherwin-Williams

Co.

(The)

13,000

2,661,750

Communications

Equipment

6.4%

Cisco

Systems,

Inc.

103,000

4,120,000

Motorola

Solutions,

Inc.

36,000

8,062,920

12,182,920

Construction

Materials

1.5%

Eagle

Materials,

Inc.

27,000

2,893,860

Containers

&

Packaging

5.0%

Ball

Corp.

70,000

3,382,400

Graphic

Packaging

Holding

Co.

317,000

6,257,580

9,639,980

Diversified

Financial

Services

7.1%

Apollo

Global

Management,

Inc.

62,000

2,883,000

Berkshire

Hathaway,

Inc.,

Class

B*

40,500

10,814,310

13,697,310

Electrical

Equipment

1.5%

Rockwell

Automation,

Inc.

13,500

2,903,985

Entertainment

1.4%

Walt

Disney

Co.

(The)*

29,000

2,735,570

Food

&

Staples

Retailing

3.9%

BJ's

Wholesale

Club

Holdings,

Inc.*

50,000

3,640,500

US

Foods

Holding

Corp.*

145,000

3,833,800

7,474,300

Food

Products

3.0%

Lamb

Weston

Holdings,

Inc.

22,000

1,702,360

Mondelez

International,

Inc.,

Class

A

61,000

3,344,630

Simply

Good

Foods

Co.

(The)*

20,000

639,800

5,686,790

Health

Care

Equipment

&

Supplies

1.6%

Becton

Dickinson

and

Co.

13,500

3,008,205

Health

Care

Providers

&

Services

3.6%

HCA

Healthcare,

Inc.

37,000

6,800,230

Hotels,

Restaurants

&

Leisure

6.3%

Aramark

165,000

5,148,000

Booking

Holdings,

Inc.*

1,200

1,971,852

McDonald's

Corp.

21,500

4,960,910

12,080,762

Common

Stocks

Shares

Value

($)

Household

Products

0.4%

WD-40

Co.

4,000

702,960

Independent

Power

and

Renewable

Electricity

Producers

1.4%

Brookfield

Renewable

Corp.

83,000

2,712,440

Insurance

2.8%

Chubb

Ltd.

29,000

5,274,520

Interactive

Media

&

Services

4.1%

Alphabet,

Inc.,

Class

C*

82,000

7,884,300

Internet

&

Direct

Marketing

Retail

2.8%

Amazon.com,

Inc.*

48,000

5,424,000

IT

Services

1.1%

PayPal

Holdings,

Inc.*

24,500

2,108,715

Leisure

Products

0.8%

Brunswick

Corp.

23,000

1,505,350

Machinery

5.2%

Deere

&

Co.

7,500

2,504,175

Nordson

Corp.

18,000

3,820,860

Stanley

Black

&

Decker,

Inc.

19,000

1,428,990

Westinghouse

Air

Brake

Technologies

Corp.

28,000

2,277,800

10,031,825

Pharmaceuticals

2.4%

Pfizer,

Inc.

105,000

4,594,800

Road

&

Rail

3.2%

CSX

Corp.

228,000

6,073,920

Semiconductors

&

Semiconductor

Equipment

0.9%

QUALCOMM,

Inc.

15,000

1,694,700

Software

4.6%

Microsoft

Corp.

38,000

8,850,200

Specialty

Retail

3.6%

Lowe's

Cos.,

Inc.

22,000

4,131,820

TJX

Cos.,

Inc.

(The)

43,000

2,671,160

6,802,980

Technology

Hardware,

Storage

&

Peripherals

4.8%

Apple,

Inc.

66,000

9,121,200

Textiles,

Apparel

&

Luxury

Goods

2.1%

Columbia

Sportswear

Co.

22,000

1,480,600

NIKE,

Inc.,

Class

B

31,000

2,576,720

4,057,320

Wireless

Telecommunication

Services

2.5%

T-Mobile

US,

Inc.*

36,000

4,830,120

Total

Investments

(cost

$124,815,708)

—

99.6%

190,740,272

Other

assets

in

excess

of

liabilities

—

0.4%

857,395

NET

ASSETS

—

100.0%

$

191,597,667

*

Denotes

a

non-income

producing

security.

6

-

Statement

of

Investments

-

September

30,

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

7

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

190,740,272

$

–

$

–

$

190,740,272

Total

$

190,740,272

$

–

$

–

$

190,740,272

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

-

September

30,

2022

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

98.6%

Shares

Value

($)

Aerospace

&

Defense

0.2%

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

61,690

1,352,245

Air

Freight

&

Logistics

2.6%

CH

Robinson

Worldwide,

Inc.

(a)

75,716

7,292,208

Expeditors

International

of

Washington,

Inc.

68,492

6,048,528

United

Parcel

Service,

Inc.,

Class

B

15,618

2,522,932

15,863,668

Airlines

0.2%

United

Airlines

Holdings,

Inc.*

32,066

1,043,107

Banks

2.9%

Citigroup,

Inc.

21,161

881,779

First

Citizens

BancShares

,

Inc.,

Class

A

860

685,790

JPMorgan

Chase

&

Co.

66,778

6,978,301

Signature

Bank

1,021

154,171

SVB

Financial

Group*

5,878

1,973,715

Wells

Fargo

&

Co.

165,295

6,648,165

Western

Alliance

Bancorp(a)

4,937

324,558

17,646,479

Beverages

3.9%

Brown-Forman

Corp.,

Class

B

4,946

329,255

Coca-Cola

Co.

(The)

114,567

6,418,044

Monster

Beverage

Corp.*

88,768

7,719,265

PepsiCo,

Inc.

56,889

9,287,698

23,754,262

Biotechnology

5.0%

AbbVie,

Inc.

10,795

1,448,797

Amgen,

Inc.

38,956

8,780,682

Biogen,

Inc.*

8,424

2,249,208

Moderna

,

Inc.*

4,428

523,611

Regeneron

Pharmaceuticals,

Inc.*

15,658

10,786,327

United

Therapeutics

Corp.*

13,080

2,738,690

Vertex

Pharmaceuticals,

Inc.*

14,951

4,328,913

30,856,228

Building

Products

0.2%

Carrier

Global

Corp.

27,047

961,791

Capital

Markets

3.9%

BlackRock,

Inc.

2,648

1,457,141

Charles

Schwab

Corp.

(The)

109,395

7,862,218

CME

Group,

Inc.

19,698

3,489,107

LPL

Financial

Holdings,

Inc.

38,741

8,464,134

MarketAxess

Holdings,

Inc.

2,112

469,899

T.

Rowe

Price

Group,

Inc.(a)

22,170

2,328,072

24,070,571

Chemicals

4.6%

Air

Products

&

Chemicals,

Inc.

4,353

1,013,074

Celanese

Corp.

34,436

3,110,948

CF

Industries

Holdings,

Inc.

18,817

1,811,136

Chemours

Co.

(The)

74,432

1,834,749

Corteva

,

Inc.

41,820

2,390,013

Ecolab,

Inc.

48,904

7,062,716

Common

Stocks

Shares

Value

($)

Chemicals

LyondellBasell

Industries

NV,

Class

A

108,863

8,195,207

Olin

Corp.

5,691

244,030

PPG

Industries,

Inc.

11,451

1,267,511

Sherwin-Williams

Co.

(The)

7,202

1,474,609

28,403,993

Commercial

Services

&

Supplies

3.0%

Copart

,

Inc.*

15,158

1,612,811

Republic

Services,

Inc.

46,426

6,315,793

Waste

Management,

Inc.

63,354

10,149,945

18,078,549

Communications

Equipment

0.7%

Cisco

Systems,

Inc.

102,561

4,102,440

Containers

&

Packaging

0.5%

AptarGroup,

Inc.

2,115

200,989

Ball

Corp.(a)

3,635

175,643

Packaging

Corp.

of

America

14,863

1,668,966

Westrock

Co.

35,736

1,103,885

3,149,483

Diversified

Telecommunication

Services

1.2%

Verizon

Communications,

Inc.

187,113

7,104,681

Electric

Utilities

4.1%

Alliant

Energy

Corp.

5,271

279,310

American

Electric

Power

Co.,

Inc.

50,073

4,328,811

Avangrid

,

Inc.

36,454

1,520,132

Duke

Energy

Corp.

44,721

4,159,947

Evergy

,

Inc.

38,619

2,293,969

Eversource

Energy

42,108

3,282,740

IDACORP,

Inc.

11,736

1,161,981

Pinnacle

West

Capital

Corp.

51,644

3,331,554

Xcel

Energy,

Inc.

76,481

4,894,784

25,253,228

Electrical

Equipment

0.9%

Eaton

Corp.

plc

26,238

3,499,100

Emerson

Electric

Co.

3,482

254,952

Rockwell

Automation,

Inc.

8,297

1,784,767

5,538,819

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.,

Class

A

4,939

330,715

Entertainment

0.3%

Electronic

Arts,

Inc.

8,931

1,033,406

Take-Two

Interactive

Software,

Inc.*

5,816

633,944

1,667,350

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Life

Storage,

Inc.

7,929

878,216

Public

Storage

16,657

4,877,336

5,755,552

Food

&

Staples

Retailing

3.0%

Costco

Wholesale

Corp.

18,820

8,888,122

Walmart,

Inc.

71,482

9,271,215

18,159,337

Food

Products

5.9%

Archer-Daniels-Midland

Co.

8,856

712,465

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

Food

Products

Campbell

Soup

Co.(a)

19,202

904,798

Flowers

Foods,

Inc.

112,210

2,770,465

General

Mills,

Inc.(a)

50,887

3,898,453

Hershey

Co.

(The)

43,957

9,691,200

Hormel

Foods

Corp.(a)

152,248

6,918,149

J

M

Smucker

Co.

(The)

16,201

2,226,179

Kellogg

Co.

17,824

1,241,620

McCormick

&

Co.,

Inc.

(Non-Voting)

33,254

2,370,013

Mondelez

International,

Inc.,

Class

A

95,057

5,211,975

35,945,317

Health

Care

Equipment

&

Supplies

2.5%

Abbott

Laboratories

84,286

8,155,513

Becton

Dickinson

and

Co.

12,973

2,890,774

Medtronic

plc

32,422

2,618,076

Stryker

Corp.

9,439

1,911,775

15,576,138

Health

Care

Providers

&

Services

3.0%

Chemed

Corp.

6,155

2,687,027

Elevance

Health,

Inc.

9,894

4,494,250

Quest

Diagnostics,

Inc.

10,333

1,267,756

UnitedHealth

Group,

Inc.

19,024

9,607,881

18,056,914

Hotels,

Restaurants

&

Leisure

0.2%

Carnival

Corp.*(a)

203,029

1,427,294

Household

Durables

0.3%

Garmin

Ltd.

20,795

1,670,046

Household

Products

3.5%

Church

&

Dwight

Co.,

Inc.

34,129

2,438,176

Clorox

Co.

(The)

41,477

5,325,232

Colgate-Palmolive

Co.

76,648

5,384,522

Kimberly-Clark

Corp.

1,731

194,807

Procter

&

Gamble

Co.

(The)

66,288

8,368,860

21,711,597

Industrial

Conglomerates

0.6%

3M

Co.

25,461

2,813,441

Honeywell

International,

Inc.

6,562

1,095,657

3,909,098

Insurance

5.0%

Allstate

Corp.

(The)

29,593

3,685,216

Aon

plc,

Class

A

1,560

417,877

Brighthouse

Financial,

Inc.*

34,279

1,488,394

Chubb

Ltd.

15,976

2,905,715

Erie

Indemnity

Co.,

Class

A

4,547

1,010,843

Everest

Re

Group

Ltd.

5,518

1,448,144

Marsh

&

McLennan

Cos.,

Inc.

21,592

3,223,470

Progressive

Corp.

(The)

74,876

8,701,340

Travelers

Cos.,

Inc.

(The)

25,638

3,927,742

Unum

Group

98,751

3,831,539

30,640,280

Interactive

Media

&

Services

1.5%

Alphabet,

Inc.,

Class

A*

58,060

5,553,439

IAC,

Inc.*

3,033

167,968

Meta

Platforms,

Inc.,

Class

A*

27,559

3,739,205

9,460,612

Common

Stocks

Shares

Value

($)

IT

Services

3.0%

Accenture

plc,

Class

A

14,065

3,618,925

Automatic

Data

Processing,

Inc.

13,213

2,988,649

Concentrix

Corp.

10,883

1,214,869

Euronet

Worldwide,

Inc.*

11,294

855,633

Mastercard

,

Inc.,

Class

A

8,059

2,291,496

Paychex,

Inc.

2,348

263,469

Visa,

Inc.,

Class

A(a)

40,520

7,198,378

18,431,419

Life

Sciences

Tools

&

Services

4.7%

Agilent

Technologies,

Inc.

3,763

457,393

Bio-Rad

Laboratories,

Inc.,

Class

A*

5,527

2,305,533

Bio-

Techne

Corp.

1,164

330,576

Charles

River

Laboratories

International,

Inc.*

2,189

430,795

Danaher

Corp.

13,614

3,516,360

Illumina,

Inc.*

6,152

1,173,740

Mettler

-Toledo

International,

Inc.*

5,499

5,961,576

PerkinElmer,

Inc.

31,658

3,809,407

QIAGEN

NV*

5,163

213,129

Thermo

Fisher

Scientific,

Inc.

17,616

8,934,659

Waters

Corp.*

4,579

1,234,178

West

Pharmaceutical

Services,

Inc.

1,191

293,081

28,660,427

Machinery

1.4%

Caterpillar,

Inc.

20,686

3,394,159

IDEX

Corp.

6,181

1,235,273

Illinois

Tool

Works,

Inc.

23,267

4,203,183

8,832,615

Media

0.7%

Charter

Communications,

Inc.,

Class

A*

5,977

1,813,123

New

York

Times

Co.

(The),

Class

A

93,951

2,701,091

4,514,214

Metals

&

Mining

0.9%

Alcoa

Corp.

53,648

1,805,792

Newmont

Corp.

78,701

3,307,803

Royal

Gold,

Inc.

3,893

365,241

5,478,836

Multiline

Retail

1.0%

Dollar

General

Corp.

2,901

695,834

Target

Corp.

38,141

5,659,743

6,355,577

Multi-Utilities

4.0%

Ameren

Corp.

60,196

4,848,788

Consolidated

Edison,

Inc.

37,368

3,204,680

Dominion

Energy,

Inc.

51,756

3,576,857

DTE

Energy

Co.

37,547

4,319,782

Public

Service

Enterprise

Group,

Inc.

55,811

3,138,252

WEC

Energy

Group,

Inc.

59,197

5,293,988

24,382,347

10

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

5.2%

ConocoPhillips

27,796

2,844,643

Coterra

Energy,

Inc.(a)

43,458

1,135,123

Devon

Energy

Corp.

54,718

3,290,193

EOG

Resources,

Inc.

65,744

7,345,577

Exxon

Mobil

Corp.

17,250

1,506,098

Hess

Corp.

5,279

575,358

Marathon

Oil

Corp.

279,518

6,311,516

Marathon

Petroleum

Corp.

34,436

3,420,528

Occidental

Petroleum

Corp.(a)

74,093

4,553,015

Phillips

66(a)

12,246

988,497

31,970,548

Personal

Products

0.5%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

15,182

3,277,794

Pharmaceuticals

4.5%

Eli

Lilly

&

Co.

22,817

7,377,877

Johnson

&

Johnson

53,952

8,813,599

Merck

&

Co.,

Inc.

89,891

7,741,413

Pfizer,

Inc.

72,491

3,172,206

Zoetis,

Inc.

2,828

419,364

27,524,459

Professional

Services

0.8%

FTI

Consulting,

Inc.*(a)

9,406

1,558,668

Robert

Half

International,

Inc.

44,233

3,383,825

4,942,493

Road

&

Rail

2.6%

AMERCO

4,562

2,323,061

JB

Hunt

Transport

Services,

Inc.

22,716

3,553,237

Landstar

System,

Inc.(a)

27,300

3,941,301

Old

Dominion

Freight

Line,

Inc.(a)

17,387

4,325,364

Union

Pacific

Corp.

9,445

1,840,075

15,983,038

Semiconductors

&

Semiconductor

Equipment

0.9%

Broadcom,

Inc.

3,981

1,767,604

Texas

Instruments,

Inc.

22,233

3,441,224

5,208,828

Software

2.4%

Dolby

Laboratories,

Inc.,

Class

A

3,451

224,833

Intuit,

Inc.

3,833

1,484,598

Microsoft

Corp.

34,828

8,111,441

NortonLifeLock

,

Inc.

75,468

1,519,925

Oracle

Corp.

47,828

2,920,856

Tyler

Technologies,

Inc.*

802

278,695

14,540,348

Specialty

Retail

2.7%

AutoZone,

Inc.*

4,133

8,852,597

Home

Depot,

Inc.

(The)

25,156

6,941,546

O'Reilly

Automotive,

Inc.*

1,374

966,403

16,760,546

Textiles,

Apparel

&

Luxury

Goods

0.2%

NIKE,

Inc.,

Class

B

15,532

1,291,020

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

0.0%

†

TFS

Financial

Corp.

15,133

196,729

Tobacco

0.7%

Altria

Group,

Inc.

23,615

953,574

Philip

Morris

International,

Inc.

43,221

3,587,775

4,541,349

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

21,286

660,079

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

1,292

168,167

Essential

Utilities,

Inc.

4,199

173,754

341,921

Wireless

Telecommunication

Services

1.5%

T-Mobile

US,

Inc.*

69,704

9,352,186

Total

Common

Stocks

(cost

$498,933,468)

604,736,567

Repurchase

Agreement

0.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$903,443,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$921,277.(b)

903,213

903,213

Total

Repurchase

Agreement

(cost

$903,213)

903,213

Total

Investments

(cost

$499,836,681)

—

98.7%

605,639,780

Other

assets

in

excess

of

liabilities

—

1.3%

7,881,099

NET

ASSETS

—

100.0%

$

613,520,879

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$41,851,097,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$903,213

and

by

$42,851,888

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

10/15/2022

–

5/15/2052,

a

total

value

of

$43,755,101.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$903,213.

REIT

Real

Estate

Investment

Trust

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

22

12/2022

USD

3,961,650

(463,947)

Net

contracts

(463,947)

As

of

September

30,

2022,

the

Fund

had

$220,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

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

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

managing

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

604,736,567

$

–

$

–

$

604,736,567

Repurchase

Agreement

–

903,213

–

903,213

Total

Assets

$

604,736,567

$

903,213

$

–

$

605,639,780

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(463,947)

$

–

$

–

$

(463,947)

Total

Liabilities

$

(463,947)

$

–

$

–

$

(463,947)

Total

$

604,272,620

$

903,213

$

–

$

605,175,833

14

-

Statement

of

Investments

-

September

30,

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:       

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(463,947

)

Total

$

(463,947

)

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

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

96.6%

Shares

Value

($)

Aerospace

&

Defense

0.7%

Aerojet

Rocketdyne

Holdings,

Inc.*

36,477

1,458,715

Air

Freight

&

Logistics

0.9%

Expeditors

International

of

Washington,

Inc.

23,432

2,069,280

Airlines

0.1%

Delta

Air

Lines,

Inc.*

10,360

290,702

Automobiles

1.7%

Tesla,

Inc.*

14,235

3,775,834

Banks

0.7%

Western

Alliance

Bancorp

23,396

1,538,053

Beverages

0.5%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

3,725

1,205,596

Biotechnology

6.0%

ACADIA

Pharmaceuticals,

Inc.*

14,350

234,766

Exelixis

,

Inc.*

66,504

1,042,783

Incyte

Corp.*

36,717

2,446,821

Ionis

Pharmaceuticals,

Inc.*(a)

37,508

1,658,979

PTC

Therapeutics,

Inc.*(a)

26,443

1,327,439

Sarepta

Therapeutics,

Inc.*(a)

17,010

1,880,285

Seagen

,

Inc.*

14,121

1,932,176

Ultragenyx

Pharmaceutical,

Inc.*

2,480

102,697

Vertex

Pharmaceuticals,

Inc.*

10,056

2,911,614

13,537,560

Capital

Markets

3.6%

FactSet

Research

Systems,

Inc.

5,492

2,197,404

LPL

Financial

Holdings,

Inc.

10,945

2,391,264

MarketAxess

Holdings,

Inc.(a)

7,534

1,676,240

Raymond

James

Financial,

Inc.(a)

18,086

1,787,258

8,052,166

Chemicals

0.1%

CF

Industries

Holdings,

Inc.

3,146

302,803

Communications

Equipment

1.2%

Arista

Networks,

Inc.*(a)

23,509

2,653,931

Construction

Materials

0.1%

Eagle

Materials,

Inc.

2,584

276,953

Consumer

Finance

0.8%

American

Express

Co.

12,475

1,683,002

Containers

&

Packaging

0.9%

Ball

Corp.(a)

41,132

1,987,498

Diversified

Consumer

Services

0.2%

Chegg

,

Inc.*(a)

21,220

447,105

Electrical

Equipment

0.8%

Vertiv

Holdings

Co.

193,360

1,879,459

Electronic

Equipment,

Instruments

&

Components

1.0%

Jabil,

Inc.(a)

38,819

2,240,245

Entertainment

1.4%

Netflix,

Inc.*

13,186

3,104,512

Common

Stocks

Shares

Value

($)

Entertainment

Playtika

Holding

Corp.*

12,050

113,149

3,217,661

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Camden

Property

Trust

16,185

1,933,298

Food

Products

1.1%

Lamb

Weston

Holdings,

Inc.

31,400

2,429,732

Health

Care

Equipment

&

Supplies

0.2%

Inspire

Medical

Systems,

Inc.*

2,420

429,235

Health

Care

Providers

&

Services

6.6%

Cigna

Corp.

13,812

3,832,416

HCA

Healthcare,

Inc.

11,670

2,144,829

Humana,

Inc.

8,995

4,364,284

McKesson

Corp.

10,808

3,673,315

UnitedHealth

Group,

Inc.

1,360

686,854

14,701,698

Health

Care

Technology

0.4%

Evolent

Health,

Inc.,

Class

A*(a)

21,721

780,436

Hotels,

Restaurants

&

Leisure

3.1%

Booking

Holdings,

Inc.*

1,475

2,423,735

Expedia

Group,

Inc.*

4,470

418,794

Hilton

Worldwide

Holdings,

Inc.

19,944

2,405,645

SeaWorld

Entertainment,

Inc.*

3,664

166,749

Travel

+

Leisure

Co.

47,269

1,612,818

7,027,741

Household

Durables

0.2%

Skyline

Champion

Corp.*

4,456

235,589

Sonos

,

Inc.*

10,602

147,368

382,957

Household

Products

0.8%

Clorox

Co.

(The)

14,573

1,871,027

Independent

Power

and

Renewable

Electricity

Producers

0.9%

Vistra

Corp.

93,145

1,956,045

Insurance

2.3%

Everest

Re

Group

Ltd.

6,165

1,617,942

Lincoln

National

Corp.

27,992

1,229,129

RenaissanceRe

Holdings

Ltd.

16,095

2,259,577

5,106,648

Interactive

Media

&

Services

7.9%

Alphabet,

Inc.,

Class

C*

162,093

15,585,242

Meta

Platforms,

Inc.,

Class

A*

15,562

2,111,452

17,696,694

Internet

&

Direct

Marketing

Retail

4.3%

Amazon.com,

Inc.*

85,198

9,627,374

IT

Services

3.7%

CSG

Systems

International,

Inc.

20,941

1,107,360

EPAM

Systems,

Inc.*

853

308,948

GoDaddy

,

Inc.,

Class

A*

30,883

2,188,987

Snowflake,

Inc.,

Class

A*(a)

1,389

236,075

VeriSign,

Inc.*

12,881

2,237,430

WEX,

Inc.*

4,213

534,798

16

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

IT

Services

Wix.com

Ltd.*

22,422

1,754,073

8,367,671

Life

Sciences

Tools

&

Services

0.5%

Medpace

Holdings,

Inc.*(a)

7,466

1,173,431

Machinery

1.1%

AGCO

Corp.

1,457

140,120

Allison

Transmission

Holdings,

Inc.

68,932

2,327,144

2,467,264

Metals

&

Mining

0.1%

MP

Materials

Corp.*(a)

5,526

150,860

Multiline

Retail

1.7%

Target

Corp.

25,945

3,849,979

Oil,

Gas

&

Consumable

Fuels

2.0%

Cheniere

Energy,

Inc.

24,632

4,086,695

Delek

US

Holdings,

Inc.

11,121

301,824

4,388,519

Paper

&

Forest

Products

0.8%

Louisiana-Pacific

Corp.(a)

36,934

1,890,651

Professional

Services

0.9%

Insperity

,

Inc.(a)

19,607

2,001,679

Real

Estate

Management

&

Development

0.2%

Zillow

Group,

Inc.,

Class

A*

18,380

526,219

Road

&

Rail

0.3%

Lyft,

Inc.,

Class

A*(a)

53,828

708,915

Semiconductors

&

Semiconductor

Equipment

3.5%

Impinj

,

Inc.*

2,440

195,273

Lam

Research

Corp.

9,334

3,416,244

Micron

Technology,

Inc.

48,020

2,405,802

ON

Semiconductor

Corp.*

3,214

200,329

Semtech

Corp.*

44,321

1,303,481

Teradyne,

Inc.(a)

4,081

306,687

7,827,816

Software

17.1%

Atlassian

Corp.

plc,

Class

A*

12,543

2,641,430

Box,

Inc.,

Class

A*

72,224

1,761,543

CommVault

Systems,

Inc.*

32,587

1,728,414

Crowdstrike

Holdings,

Inc.,

Class

A*

16,687

2,750,184

DocuSign,

Inc.*(a)

21,766

1,163,828

Dropbox,

Inc.,

Class

A*(a)

39,311

814,524

Fortinet,

Inc.*

68,840

3,382,109

Informatica

,

Inc.,

Class

A*(a)

51,019

1,023,951

Jamf

Holding

Corp.*(a)

15,236

337,630

Microsoft

Corp.

66,562

15,502,290

New

Relic,

Inc.*

6,849

392,996

Nutanix

,

Inc.,

Class

A*(a)

72,077

1,501,364

Palo

Alto

Networks,

Inc.*

5,676

929,672

Pegasystems

,

Inc.(a)

25,777

828,473

Qualys

,

Inc.*(a)

8,928

1,244,474

Splunk

,

Inc.*

4,513

339,378

Tenable

Holdings,

Inc.*

23,542

819,262

Zscaler

,

Inc.*(a)

7,573

1,244,774

38,406,296

Common

Stocks

Shares

Value

($)

Specialty

Retail

4.8%

AutoZone,

Inc.*

1,725

3,694,829

O'Reilly

Automotive,

Inc.*

5,025

3,534,334

Tractor

Supply

Co.

13,396

2,490,049

Ulta

Beauty,

Inc.*

2,344

940,389

10,659,601

Technology

Hardware,

Storage

&

Peripherals

9.5%

Apple,

Inc.

136,373

18,846,749

Dell

Technologies,

Inc.,

Class

C

39,538

1,351,013

NetApp,

Inc.

3,284

203,115

Pure

Storage,

Inc.,

Class

A*

28,480

779,498

21,180,375

Trading

Companies

&

Distributors

1.0%

Boise

Cascade

Co.

32,242

1,917,109

GMS,

Inc.*

8,846

353,929

2,271,038

Total

Common

Stocks

(cost

$185,771,289)

216,429,762

Repurchase

Agreements

0.4%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$719,492,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$733,695.(b)

719,309

719,309

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$79,321,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$80,925.(b)

79,300

79,300

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,851,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$3,927.

(b)

3,850

3,850

Total

Repurchase

Agreements

(cost

$802,459)

802,459

Total

Investments

(cost

$186,573,748)

—

97.0%

217,232,221

Other

assets

in

excess

of

liabilities

—

3.0%

6,760,370

NET

ASSETS

—

100.0%

$

223,992,591

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$21,663,030,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$802,459

and

by

$21,566,013

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/15/2022

–

5/15/2052,

a

total

value

of

$22,368,472.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$802,459.

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2022

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Air

Transport

Services

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

11/30/2023

31,153

6,873

6,873

Alnylam

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

9/29/2023

5,639

59,773

59,773

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

5/31/2023

24,898

78,429

78,429

Appfolio

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

7,467

2,837

2,837

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

9/29/2023

2,780

5,921

5,921

18

-

Statement

of

Investments

-

September

30,

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

($)

Applied

Industrial

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

3,192

–

–

AppLovin

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

35,687

67,092

67,092

Arch

Resources,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

5,719

16,642

16,642

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

9/29/2023

2,600

6,942

6,942

Asbury

Automotive

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

10/31/2023

5,399

34,716

34,716

ASGN,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

9,104

16,660

16,660

Aspen

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

157

228

228

ATI,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

26,427

52,590

52,590

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

8/31/2023

34,191

34,875

34,875

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

10/31/2023

13,609

31,437

31,437

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

7/31/2023

4,447

7,382

7,382

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

119

119

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

9/29/2023

3,353

11,963

11,963

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

5/31/2023

17,089

38,279

38,279

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

6/30/2023

28,996

15,948

15,948

CarMax,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

14,141

288,476

288,476

Carvana

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

32,939

216,409

216,409

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

8/31/2023

6,285

13,136

13,136

CoStar

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

9/29/2023

17,646

45,527

45,527

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

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

($)

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

45,460

24,548

24,548

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

5/31/2023

5,019

38,646

38,646

DoubleVerify

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

7/31/2023

50,173

25,086

25,086

Energizer

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

9/29/2023

24,061

24,542

24,542

Ensign

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

12,321

17,804

17,804

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

9/29/2023

2,875

13,369

13,369

FactSet

Research

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

10/31/2023

405

2,855

2,855

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

5/31/2023

13,334

66,137

66,137

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

10/31/2023

28,058

6,734

6,734

GATX

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

12,633

57,228

57,228

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

9/29/2023

30,604

61,514

61,514

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

10/31/2023

26,797

32,960

32,960

Hilton

Grand

Vacations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

19,178

43,726

43,726

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

9/29/2023

7,389

15,812

15,812

Intuit,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

2,859

15,179

15,179

Karuna

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

9/29/2023

2,034

1,403

1,403

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

10/31/2023

30,767

67,380

67,380

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

7/31/2023

10,779

40,206

40,206

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

38,455

13,844

13,844

20

-

Statement

of

Investments

-

September

30,

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

($)

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

11/30/2023

14,485

57,975

57,975

Liberty

Media

Corp-

Liberty

SiriusXM

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

29,059

4,068

4,068

Maximus,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

20,088

9,040

9,040

McDonald's

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

4,825

23,256

23,256

Medpace

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

9/29/2023

2,111

1,604

1,604

Mister

Car

Wash,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

122,700

88,344

88,344

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

6/30/2023

37,849

50,718

50,718

New

Fortress

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

10/31/2023

12,351

10,128

10,128

New

Relic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

24,821

39,465

39,465

NexTier

Oilfield

Solutions,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

24,252

728

728

Norwegian

Cruise

Line

Holdings

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

65,562

215,043

215,043

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

10/31/2023

23,732

6,882

6,882

Option

Care

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

8/31/2023

15,193

14,129

14,129

Oxford

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

11/30/2023

7,571

–

–

Patterson

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

36,140

28,189

28,189

PJT

Partners,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

2,745

1,071

1,071

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

7/31/2023

3,103

4,624

4,624

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

10/31/2023

3,657

39,971

39,971

Procore

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

9/29/2023

13,467

40,670

40,670

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

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

($)

Progyny

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

16,854

33,877

33,877

PTC,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

10,672

16,968

16,968

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

8,487

79,778

79,778

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

8/31/2023

45,720

25,146

25,146

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

7/31/2023

6,396

43,301

43,301

Regeneron

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

10/31/2023

1,697

28,085

28,085

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

7/31/2023

2,179

3,813

3,813

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

6/30/2023

6,849

11,369

11,369

ResMed

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

4,480

2,016

2,016

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

1,659

1,659

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

6/30/2023

23,511

28,213

28,213

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

25,160

11,574

11,574

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

97,380

20,450

20,450

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

8/31/2023

5,962

30,943

30,943

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

7/31/2023

23,364

66,587

66,587

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

10/31/2023

2,213

22,908

22,908

Trupanion

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

8,302

32,793

32,793

Verra

Mobility

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

46,090

22,584

22,584

Walt

Disney

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

11/30/2023

11,642

52,147

52,147

22

-

Statement

of

Investments

-

September

30,

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

($)

Warner

Bros

Discovery,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

78,766

22,842

22,842

Wayfair,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2023

931

4,953

4,953

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

9/29/2023

6,989

57,659

57,659

World

Wrestling

Entertainment,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

8,379

12,568

12,568

YETI

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

8/31/2023

25,691

43,161

43,161

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

6/30/2023

16,167

45,753

45,753

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

7/31/2023

32,232

20,306

20,306

–

–

Total

unrealized

appreciation

2,998,585

2,998,585

–

–

ACADIA

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

10/31/2023

43,119

(18,541)

(18,541)

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

6/30/2023

19,530

(7,812)

(7,812)

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

8/31/2023

21,573

(23,515)

(23,515)

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

(1,835)

(1,835)

Alphabet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,032

(9,327)

(9,327)

Aon

plc

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

5,468

(40,463)

(40,463)

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

(149,760)

(149,760)

Arista

Networks,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

3,825

(14,535)

(14,535)

Armstrong

World

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

9/29/2023

16,623

(24,768)

(24,768)

Atlassian

Corp.

plc

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

5,007

(37,803)

(37,803)

Axcelis

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

9/29/2023

3,034

(6,129)

(6,129)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

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

($)

Axonics

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

3,900

(2,067)

(2,067)

Booking

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

9/29/2023

899

(75,219)

(75,219)

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

(19,141)

(19,141)

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

(1,408)

(1,408)

Certara

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

14,713

(147)

(147)

CF

Industries

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

7/31/2023

25,173

(89,616)

(89,616)

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

9,075

(8,122)

(8,122)

Delek

US

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

7/31/2023

59,369

(34,434)

(34,434)

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

5/31/2023

68,419

(97,839)

(97,839)

DocuSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

9,986

(18,374)

(18,374)

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

7/31/2023

73,847

(739)

(739)

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

7/31/2023

6,674

(55,661)

(55,661)

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

10/31/2023

51,160

(26,092)

(26,092)

Expedia

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

6/30/2023

20,117

(44,660)

(44,660)

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

7/31/2023

3,220

(2,705)

(2,705)

FTI

Consulting,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

7,620

(7,925)

(7,925)

HCA

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

5/31/2023

5,473

(30,594)

(30,594)

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

(16,768)

(16,768)

Impinj

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

3,940

(17,415)

(17,415)

24

-

Statement

of

Investments

-

September

30,

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

($)

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

10/31/2023

1,816

(1,852)

(1,852)

Informatica

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

10,421

(7,295)

(7,295)

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

7/31/2023

4,204

(799)

(799)

iRhythm

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

8/31/2023

3,017

(8,810)

(8,810)

Jamf

Holding

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

13,112

(11,014)

(11,014)

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

427

(5,946)

(5,946)

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

8/31/2023

16,820

(25,062)

(25,062)

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

(927)

(927)

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

8/31/2023

42,774

(56,889)

(56,889)

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

6/30/2023

15,908

(94,334)

(94,334)

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

8,755

(32,919)

(32,919)

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

5/31/2023

12,060

(26,773)

(26,773)

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

7/31/2023

32,693

(60,482)

(60,482)

Netflix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,238

(21,843)

(21,843)

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

7/31/2023

36,715

(20,560)

(20,560)

Palo

Alto

Networks,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

18,717

(56,338)

(56,338)

PBF

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

8/31/2023

30,054

(8,415)

(8,415)

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

10/31/2023

28,720

(49,398)

(49,398)

Pioneer

Natural

Resources

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

5,629

(56,065)

(56,065)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

10/31/2023

17,229

(16,884)

(16,884)

Pure

Storage,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

46,872

(13,593)

(13,593)

Qualys

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

4,810

(23,088)

(23,088)

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

7/31/2023

5,242

(9,488)

(9,488)

SeaWorld

Entertainment,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

16,103

(28,824)

(28,824)

Shoals

Technologies

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

8/31/2023

19,375

(3,294)

(3,294)

Skyline

Champion

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

2,493

(5,809)

(5,809)

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

9/29/2023

64,105

(31,411)

(31,411)

Splunk

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

23,340

(159,879)

(159,879)

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

(7,516)

(7,516)

Tenable

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

9/29/2023

8,633

(4,748)

(4,748)

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

6/30/2023

24,135

(89,058)

(89,058)

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

8/31/2023

47,650

(20,490)

(20,490)

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

10/31/2023

13,861

(312,704)

(312,704)

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

8/31/2023

6,074

(13,120)

(13,120)

Ulta

Beauty,

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

4,493

(36,034)

(36,034)

UnitedHealth

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

10/31/2023

767

(6,265)

(6,265)

Vertiv

Holdings

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

37,999

(23,559)

(23,559)

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

9/29/2023

3,399

(12,135)

(12,135)

26

-

Statement

of

Investments

-

September

30,

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

($)

Zillow

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

7/31/2023

19,524

(23,429)

(23,429)

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

9/29/2023

3,417

(15,069)

(15,069)

–

–

Total

unrealized

depreciation

(2,285,532)

(2,285,532)

–

–

Net

unrealized

appreciation

713,053

713,053

Financing

Costs

of

Swap

Contracts

(41,500)

(41,500)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

671,553

671,553

OBFR

Overnight

Bank

Funding

Rate

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

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

-

September

30,

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

September

30,

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.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

216,429,762

$

–

$

–

$

216,429,762

Repurchase

Agreements

–

802,459

–

802,459

Total

Return

Swaps†

–

2,998,585

–

2,998,585

Total

Assets

$

216,429,762

$

3,801,044

$

–

$

220,230,806

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps†

$

–

$

(2,327,032)

$

–

$

(2,327,032)

Total

Liabilities

$

–

$

(2,327,032)

$

–

$

(2,327,032)

Total

$

216,429,762

$

1,474,012

$

–

$

217,903,774

†

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).

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

2,998,585

Total

$

2,998,585

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(2,327,032

)

Total

$

(2,327,032

)

†

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.

30

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

96.2%

Shares

Value

($)

Aerospace

&

Defense

1.7%

Huntington

Ingalls

Industries,

Inc.

13,068

2,894,562

Textron,

Inc.

38,950

2,269,227

5,163,789

Air

Freight

&

Logistics

0.2%

FedEx

Corp.(a)

4,700

697,809

Airlines

1.0%

Alaska

Air

Group,

Inc.*

39,300

1,538,595

Southwest

Airlines

Co.*

47,557

1,466,658

3,005,253

Auto

Components

1.8%

Aptiv

plc*

21,346

1,669,471

BorgWarner,

Inc.

105,749

3,320,519

Cie

Generale

des

Etablissements

Michelin

SCA

21,370

476,100

5,466,090

Banks

4.4%

First

Citizens

BancShares

,

Inc.,

Class

A(a)

2,389

1,905,060

First

Hawaiian,

Inc.(a)

58,037

1,429,451

First

Republic

Bank

6,900

900,795

Huntington

Bancshares,

Inc.

(a)

87,900

1,158,522

Prosperity

Bancshares,

Inc.

47,295

3,153,631

Truist

Financial

Corp.

34,735

1,512,362

US

Bancorp

15,948

643,023

Westamerica

Bancorp(a)

10,974

573,831

Zions

Bancorp

NA

46,250

2,352,275

13,628,950

Beverages

0.5%

Molson

Coors

Beverage

Co.,

Class

B

34,860

1,672,931

Biotechnology

0.2%

United

Therapeutics

Corp.*

2,715

568,467

Building

Products

0.9%

Builders

FirstSource

,

Inc.*

12,700

748,284

Cie

de

Saint-Gobain

20,613

735,139

Owens

Corning

16,400

1,289,204

2,772,627

Capital

Markets

2.9%

Ameriprise

Financial,

Inc.

3,367

848,316

Bank

of

New

York

Mellon

Corp.

(The)

112,116

4,318,708

Northern

Trust

Corp.

28,523

2,440,428

T.

Rowe

Price

Group,

Inc.(a)

14,521

1,524,850

9,132,302

Chemicals

2.6%

Akzo

Nobel

NV

15,425

869,910

Axalta

Coating

Systems

Ltd.*

38,472

810,220

Corteva

,

Inc.

22,600

1,291,590

Mosaic

Co.

(The)

17,900

865,107

Olin

Corp.

29,300

1,256,384

RPM

International,

Inc.(a)

18,425

1,534,987

Common

Stocks

Shares

Value

($)

Chemicals

Westlake

Corp.

17,250

1,498,680

8,126,878

Commercial

Services

&

Supplies

0.4%

Republic

Services,

Inc.

9,447

1,285,170

Communications

Equipment

0.9%

F5,

Inc.*

7,466

1,080,554

Juniper

Networks,

Inc.

14,209

371,139

Motorola

Solutions,

Inc.

5,925

1,327,023

2,778,716

Construction

&

Engineering

0.2%

Vinci

SA

9,163

736,022

Consumer

Finance

0.4%

Ally

Financial,

Inc.

41,820

1,163,851

Containers

&

Packaging

4.0%

Amcor

plc

53,466

573,690

AptarGroup,

Inc.(a)

17,500

1,663,025

Avery

Dennison

Corp.

11,675

1,899,522

Berry

Global

Group,

Inc.*(a)

8,820

410,395

Crown

Holdings,

Inc.

19,000

1,539,570

Graphic

Packaging

Holding

Co.

71,920

1,419,701

Packaging

Corp.

of

America

28,113

3,156,809

Sealed

Air

Corp.

27,000

1,201,770

Sonoco

Products

Co.(a)

9,426

534,737

12,399,219

Distributors

0.6%

LKQ

Corp.

38,455

1,813,153

Diversified

Telecommunication

Services

0.4%

Liberty

Global

plc,

Class

A*

89,440

1,394,370

Electric

Utilities

3.3%

Alliant

Energy

Corp.

35,600

1,886,444

Duke

Energy

Corp.

999

92,927

Edison

International

26,811

1,516,967

Evergy

,

Inc.

30,662

1,821,323

Eversource

Energy

4,367

340,451

OGE

Energy

Corp.

43,680

1,592,573

Pinnacle

West

Capital

Corp.

16,781

1,082,542

Xcel

Energy,

Inc.

30,500

1,952,000

10,285,227

Electrical

Equipment

2.0%

Atkore

,

Inc.*

5,456

424,531

Emerson

Electric

Co.

27,269

1,996,636

Hubbell,

Inc.

10,306

2,298,238

nVent

Electric

plc

47,693

1,507,576

6,226,981

Electronic

Equipment,

Instruments

&

Components

2.3%

Amphenol

Corp.,

Class

A

29,200

1,955,232

Flex

Ltd.*

183,900

3,063,774

TE

Connectivity

Ltd.

7,969

879,459

Vontier

Corp.

69,069

1,154,143

7,052,608

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

30,100

630,896

Entertainment

0.9%

Electronic

Arts,

Inc.

1,623

187,797

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.*(a)

19,700

1,497,988

Warner

Bros

Discovery,

Inc.*

83,740

963,010

2,648,795

Equity

Real

Estate

Investment

Trusts

(REITs)

7.0%

Alexandria

Real

Estate

Equities,

Inc.

18,400

2,579,496

American

Homes

4

Rent,

Class

A(a)

41,900

1,374,739

Camden

Property

Trust

9,200

1,098,940

Equinix

,

Inc.

2,146

1,220,731

Equity

LifeStyle

Properties,

Inc.

29,900

1,878,916

Essex

Property

Trust,

Inc.

4,533

1,098,028

Gaming

and

Leisure

Properties,

Inc.

27,340

1,209,522

Healthcare

Realty

Trust,

Inc.

11,332

236,272

Healthpeak

Properties,

Inc.

60,238

1,380,655

JBG

SMITH

Properties

80,608

1,497,697

Lamar

Advertising

Co.,

Class

A

25,100

2,070,499

National

Retail

Properties,

Inc.

50,000

1,993,000

Public

Storage

1,976

578,592

Realty

Income

Corp.(a)

20,679

1,203,518

Regency

Centers

Corp.(a)

21,794

1,173,607

VICI

Properties,

Inc.

9,989

298,172

Weyerhaeuser

Co.

9,111

260,210

WP

Carey,

Inc.

7,030

490,694

21,643,288

Food

&

Staples

Retailing

1.5%

Koninklijke

Ahold

Delhaize

NV

65,912

1,678,380

Sysco

Corp.

42,700

3,019,317

4,697,697

Food

Products

3.1%

Archer-Daniels-Midland

Co.

17,300

1,391,785

Conagra

Brands,

Inc.

52,206

1,703,482

J

M

Smucker

Co.

(The)

10,003

1,374,512

Kraft

Heinz

Co.

(The)

22,680

756,378

Orkla

ASA

37,434

271,805

Post

Holdings,

Inc.*(a)

26,960

2,208,294

Tyson

Foods,

Inc.,

Class

A

28,700

1,892,191

9,598,447

Gas

Utilities

1.0%

Atmos

Energy

Corp.(a)

2,210

225,089

Spire,

Inc.(a)

25,942

1,616,965

UGI

Corp.

40,695

1,315,669

3,157,723

Health

Care

Equipment

&

Supplies

3.3%

Baxter

International,

Inc.

10,093

543,609

Becton

Dickinson

and

Co.

2,263

504,264

Cooper

Cos.,

Inc.

(The)(a)

6,100

1,609,790

Dentsply

Sirona,

Inc.

21,020

595,917

Embecta

Corp.(a)

26,892

774,221

Hologic

,

Inc.*

32,439

2,092,964

Koninklijke

Philips

NV,

NYRS-NL

85,120

1,309,997

Zimmer

Biomet

Holdings,

Inc.

27,853

2,912,031

10,342,793

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

5.1%

AmerisourceBergen

Corp.

23,110

3,127,476

Cardinal

Health,

Inc.(a)

7,419

494,699

Centene

Corp.*

18,480

1,437,929

HCA

Healthcare,

Inc.

505

92,814

Henry

Schein,

Inc.*

25,958

1,707,258

Laboratory

Corp.

of

America

Holdings

8,219

1,683,333

Molina

Healthcare,

Inc.*

4,900

1,616,216

Quest

Diagnostics,

Inc.

33,916

4,161,154

Universal

Health

Services,

Inc.,

Class

B

16,178

1,426,576

15,747,455

Hotels,

Restaurants

&

Leisure

1.6%

Hilton

Worldwide

Holdings,

Inc.

15,275

1,842,471

Sodexo

SA

11,173

840,313

Yum!

Brands,

Inc.

20,800

2,211,872

4,894,656

Household

Durables

0.4%

Newell

Brands,

Inc.(a)

89,700

1,245,933

Household

Products

0.7%

Henkel

AG

&

Co.

KGaA

(Preference)

14,080

841,594

Kimberly-Clark

Corp.

12,626

1,420,930

2,262,524

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Vistra

Corp.

76,660

1,609,860

Insurance

10.5%

Aflac,

Inc.

16,529

928,930

Alleghany

Corp.*

7,202

6,045,142

Allstate

Corp.

(The)(a)

43,361

5,399,745

American

Financial

Group,

Inc.

16,400

2,016,052

Arch

Capital

Group

Ltd.*

40,340

1,837,084

Chubb

Ltd.

2,517

457,792

Everest

Re

Group

Ltd.

6,750

1,771,470

Fidelity

National

Financial,

Inc.

46,538

1,684,675

Hanover

Insurance

Group,

Inc.

(The)

6,052

775,503

Loews

Corp.

15,557

775,361

Markel

Corp.*

1,280

1,387,802

Old

Republic

International

Corp.(a)

127,960

2,678,203

Progressive

Corp.

(The)

22,300

2,591,483

Reinsurance

Group

of

America,

Inc.

10,657

1,340,757

W

R

Berkley

Corp.

29,500

1,905,110

Willis

Towers

Watson

plc

4,700

944,418

32,539,527

Interactive

Media

&

Services

0.4%

IAC,

Inc.*(a)

24,840

1,375,639

IT

Services

3.8%

Amdocs

Ltd.

9,721

772,333

DXC

Technology

Co.*

53,000

1,297,440

Euronet

Worldwide,

Inc.*

1,573

119,171

FleetCor

Technologies,

Inc.*

9,240

1,627,811

Genpact

Ltd.

53,000

2,319,810

32

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

IT

Services

Global

Payments,

Inc.

32,100

3,468,405

Maximus,

Inc.(a)

32,300

1,869,201

SS&C

Technologies

Holdings,

Inc.

9,516

454,389

11,928,560

Leisure

Products

0.0%

†

Polaris,

Inc.(a)

1,010

96,606

Machinery

5.2%

AGCO

Corp.

19,500

1,875,315

CNH

Industrial

NV

66,500

742,805

Cummins,

Inc.

4,317

878,552

IMI

plc

35,532

440,835

Lincoln

Electric

Holdings,

Inc.

10,800

1,357,776

Middleby

Corp.

(The)*(a)

14,800

1,896,916

Oshkosh

Corp.

37,623

2,644,521

PACCAR,

Inc.

5,068

424,141

Parker-Hannifin

Corp.

7,025

1,702,228

Stanley

Black

&

Decker,

Inc.

(a)

4,105

308,737

Toro

Co.

(The)

27,100

2,343,608

Xylem,

Inc.

17,300

1,511,328

16,126,762

Media

3.1%

Altice

USA,

Inc.,

Class

A*(a)

101,720

593,028

DISH

Network

Corp.,

Class

A*(a)

98,460

1,361,702

Fox

Corp.,

Class

A

42,840

1,314,331

Fox

Corp.,

Class

B

48,348

1,377,918

Liberty

Broadband

Corp.,

Class

C*

30,963

2,285,069

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C*

50,700

1,911,897

News

Corp.,

Class

A

60,900

920,199

9,764,144

Metals

&

Mining

1.9%

Cleveland-Cliffs,

Inc.*(a)

54,000

727,380

Franco-Nevada

Corp.

11,400

1,362,072

Reliance

Steel

&

Aluminum

Co.

7,700

1,342,957

Steel

Dynamics,

Inc.

18,300

1,298,385

United

States

Steel

Corp.

59,340

1,075,241

5,806,035

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.4%

Annaly

Capital

Management,

Inc.(a)

67,930

1,165,679

Multiline

Retail

1.0%

Dollar

Tree,

Inc.*

22,514

3,064,155

Multi-Utilities

1.3%

CenterPoint

Energy,

Inc.

41,780

1,177,360

NiSource,

Inc.

63,620

1,602,588

NorthWestern

Corp.(a)

26,915

1,326,371

4,106,319

Oil,

Gas

&

Consumable

Fuels

4.5%

Chesapeake

Energy

Corp.(a)

11,820

1,113,562

Coterra

Energy,

Inc.(a)

77,700

2,029,524

Devon

Energy

Corp.

50,453

3,033,739

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Diamondback

Energy,

Inc.

12,842

1,546,947

EQT

Corp.

26,425

1,076,819

HF

Sinclair

Corp.

21,640

1,165,098

Kinder

Morgan,

Inc.

92,600

1,540,864

Phillips

66(a)

5,713

461,153

Pioneer

Natural

Resources

Co.(a)

1,560

337,787

Williams

Cos.,

Inc.

(The)

63,160

1,808,271

14,113,764

Paper

&

Forest

Products

0.5%

Louisiana-Pacific

Corp.

18,900

967,491

Mondi

plc

28,364

438,127

1,405,618

Pharmaceuticals

0.8%

Organon

&

Co.

36,340

850,356

Perrigo

Co.

plc

48,820

1,740,921

2,591,277

Professional

Services

1.0%

Leidos

Holdings,

Inc.

24,200

2,116,774

ManpowerGroup

,

Inc.

15,425

997,843

3,114,617

Road

&

Rail

1.0%

Heartland

Express,

Inc.

46,337

663,082

JB

Hunt

Transport

Services,

Inc.

7,550

1,180,971

Landstar

System,

Inc.(a)

9,400

1,357,078

3,201,131

Semiconductors

&

Semiconductor

Equipment

1.0%

Applied

Materials,

Inc.

4,499

368,603

MKS

Instruments,

Inc.

19,700

1,628,008

Skyworks

Solutions,

Inc.(a)

10,200

869,754

Teradyne,

Inc.(a)

4,000

300,600

3,166,965

Software

0.1%

Open

Text

Corp.

16,347

432,215

Specialty

Retail

1.6%

Advance

Auto

Parts,

Inc.

9,731

1,521,344

Ross

Stores,

Inc.

41,540

3,500,576

5,021,920

Technology

Hardware,

Storage

&

Peripherals

1.1%

Hewlett

Packard

Enterprise

Co.

94,900

1,136,902

HP,

Inc.(a)

31,632

788,269

Western

Digital

Corp.*

43,980

1,431,549

3,356,720

Thrifts

&

Mortgage

Finance

0.1%

Capitol

Federal

Financial,

Inc.

(a)

47,089

390,839

Trading

Companies

&

Distributors

0.9%

Beacon

Roofing

Supply,

Inc.*(a)

5,511

301,562

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

19,234

1,400,427

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

United

Rentals,

Inc.*(a)

3,975

1,073,727

2,775,716

Total

Common

Stocks

(cost

$316,424,365)

299,394,688

Exchange

Traded

Fund

0.6%

Equity

Fund

0.6%

iShares

Russell

Mid-Cap

Value

ETF

17,580

1,688,559

Total

Exchange

Traded

Fund

(cost

$1,851,762)

1,688,559

Master

Limited

Partnership

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Enterprise

Products

Partners

LP

44,282

1,053,026

Total

Master

Limited

Partnership

(cost  $1,080,629)

1,053,026

Repurchase

Agreements

0.4%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,000,255,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$343,666,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$350,450.(b)

343,578

343,578

Total

Repurchase

Agreements

(cost

$1,343,578)

1,343,578

Total

Investments

(cost

$320,700,334)

—

97.5%

303,479,851

Other

assets

in

excess

of

liabilities

—

2.5%

7,692,638

NET

ASSETS

—

100.0%

$

311,172,489

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$32,653,060,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,343,578

and

by

$32,411,526

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/15/2022

–

5/15/2052,

a

total

value

of

$33,755,104.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$1,343,578.

ETF

Exchange

Traded

Fund

NL

Netherlands

NYRS

New

York

Registry

Shares

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.

REIT

Real

Estate

Investment

Trust

34

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

EUR

185,104

USD

179,121

JPMorgan

Chase

Bank

12/30/2022

3,625

GBP

21,423

USD

22,913

Bank

of

America

NA

12/30/2022

1,041

USD

774,476

GBP

685,392

Bank

of

America

NA

12/30/2022

8,094

USD

267,781

NOK

2,776,703

Goldman

Sachs

International

12/30/2022

12,177

Total

unrealized

appreciation

24,937

NOK

301,192

USD

28,154

UBS

AG

12/30/2022

(428)

USD

5,527,060

EUR

5,625,535

JPMorgan

Chase

Bank

12/30/2022

(

26,797)

Total

unrealized

depreciation

(27,225)

Net

unrealized

depreciation

(2,288)

Currency:

EUR

Euro

GBP

British

pound

NOK

Norwegian

krone

USD

United

States

dollar

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

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.

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.

36

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

5,163,789

$

–

$

–

$

5,163,789

Air

Freight

&

Logistics

697,809

–

–

697,809

Airlines

3,005,253

–

–

3,005,253

Auto

Components

4,989,990

476,100

–

5,466,090

Banks

13,628,950

–

–

13,628,950

Beverages

1,672,931

–

–

1,672,931

Biotechnology

568,467

–

–

568,467

Building

Products

2,037,488

735,139

–

2,772,627

Capital

Markets

9,132,302

–

–

9,132,302

Chemicals

7,256,968

869,910

–

8,126,878

Commercial

Services

&

Supplies

1,285,170

–

–

1,285,170

Communications

Equipment

2,778,716

–

–

2,778,716

Construction

&

Engineering

–

736,022

–

736,022

Consumer

Finance

1,163,851

–

–

1,163,851

Containers

&

Packaging

12,399,219

–

–

12,399,219

Distributors

1,813,153

–

–

1,813,153

Diversified

Telecommunication

Services

1,394,370

–

–

1,394,370

Electric

Utilities

10,285,227

–

–

10,285,227

Electrical

Equipment

6,226,981

–

–

6,226,981

Electronic

Equipment,

Instruments

&

Components

7,052,608

–

–

7,052,608

Energy

Equipment

&

Services

630,896

–

–

630,896

Entertainment

2,648,795

–

–

2,648,795

Equity

Real

Estate

Investment

Trusts

(REITs)

21,643,288

–

–

21,643,288

Food

&

Staples

Retailing

3,019,317

1,678,380

–

4,697,697

Food

Products

9,326,642

271,805

–

9,598,447

Gas

Utilities

3,157,723

–

–

3,157,723

Health

Care

Equipment

&

Supplies

10,342,793

–

–

10,342,793

Health

Care

Providers

&

Services

15,747,455

–

–

15,747,455

Hotels,

Restaurants

&

Leisure

4,054,343

840,313

–

4,894,656

Household

Durables

1,245,933

–

–

1,245,933

Household

Products

1,420,930

841,594

–

2,262,524

Independent

Power

and

Renewable

Electricity

Producers

1,609,860

–

–

1,609,860

Insurance

32,539,527

–

–

32,539,527

Interactive

Media

&

Services

1,375,639

–

–

1,375,639

IT

Services

11,928,560

–

–

11,928,560

Leisure

Products

96,606

–

–

96,606

Machinery

15,685,927

440,835

–

16,126,762

Media

9,764,144

–

–

9,764,144

Metals

&

Mining

5,806,035

–

–

5,806,035

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1,165,679

–

–

1,165,679

Multiline

Retail

3,064,155

–

–

3,064,155

Multi-Utilities

4,106,319

–

–

4,106,319

Oil,

Gas

&

Consumable

Fuels

14,113,764

–

–

14,113,764

Paper

&

Forest

Products

967,491

438,127

–

1,405,618

Pharmaceuticals

2,591,277

–

–

2,591,277

Professional

Services

3,114,617

–

–

3,114,617

Road

&

Rail

3,201,131

–

–

3,201,131

Semiconductors

&

Semiconductor

Equipment

3,166,965

–

–

3,166,965

Software

432,215

–

–

432,215

Specialty

Retail

5,021,920

–

–

5,021,920

Technology

Hardware,

Storage

&

Peripherals

3,356,720

–

–

3,356,720

Thrifts

&

Mortgage

Finance

390,839

–

–

390,839

Trading

Companies

&

Distributors

2,775,716

–

–

2,775,716

Total

Common

Stocks

$

292,066,463

$

7,328,225

$

–

$

299,394,688

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

37

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Fund

$

1,688,559

$

–

$

–

$

1,688,559

Forward

Foreign

Currency

Contracts

–

24,937

–

24,937

Master

Limited

Partnership

1,053,026

–

–

1,053,026

Repurchase

Agreements

–

1,343,578

–

1,343,578

Total

Assets

$

294,808,048

$

8,696,740

$

–

$

303,504,788

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(27,225)

$

–

$

(27,225)

Total

Liabilities

$

–

$

(27,225)

$

–

$

(27,225)

Total

$

294,808,048

$

8,669,515

$

–

$

303,477,563

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

24,937

Total

$

24,937

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(27,225)

Total

$

(27,225)

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.

38

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

96.6%

Shares

Value

($)

Aerospace

&

Defense

1.2%

Curtiss-Wright

Corp.

9,854

1,371,283

Auto

Components

0.9%

Fox

Factory

Holding

Corp.*

5,598

442,690

Patrick

Industries,

Inc.

6,169

270,449

Visteon

Corp.*

3,176

336,846

1,049,985

Automobiles

0.3%

Thor

Industries,

Inc.

3,995

279,570

Banks

1.8%

Pinnacle

Financial

Partners,

Inc.

7,164

581,000

Synovus

Financial

Corp.

8,848

331,889

Triumph

Bancorp,

Inc.*(a)

5,130

278,816

Western

Alliance

Bancorp

3,589

235,941

Wintrust

Financial

Corp.

7,735

630,789

2,058,435

Beverages

1.6%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

628

203,252

Celsius

Holdings,

Inc.*(a)

9,259

839,606

MGP

Ingredients,

Inc.(a)

6,855

727,727

1,770,585

Biotechnology

5.5%

Apellis

Pharmaceuticals,

Inc.*

6,663

455,083

Blueprint

Medicines

Corp.*

5,044

332,349

Celldex

Therapeutics,

Inc.*

6,592

185,301

Crinetics

Pharmaceuticals,

Inc.*(a)

8,902

174,835

Cytokinetics,

Inc.*

10,144

491,477

Halozyme

Therapeutics,

Inc.*(a)

29,754

1,176,473

ImmunoGen,

Inc.*

36,417

174,073

Inhibrx,

Inc.*(a)

6,970

125,112

Karuna

Therapeutics,

Inc.*

3,027

680,863

Kymera

Therapeutics,

Inc.*(a)

6,458

140,591

Mirati

Therapeutics,

Inc.*

2,249

157,070

Morphic

Holding,

Inc.*

7,539

213,354

Myovant

Sciences

Ltd.*

8,830

158,587

Neurocrine

Biosciences,

Inc.*(a)

1,524

161,864

PTC

Therapeutics,

Inc.*(a)

5,734

287,847

REVOLUTION

Medicines,

Inc.*

9,128

180,004

Sage

Therapeutics,

Inc.*(a)

4,232

165,725

Stoke

Therapeutics,

Inc.*

8,085

103,811

Syndax

Pharmaceuticals,

Inc.*

8,627

207,307

United

Therapeutics

Corp.*(a)

801

167,713

Vaxcyte,

Inc.*(a)

7,955

190,920

Veracyte,

Inc.*(a)

6,718

111,519

Zentalis

Pharmaceuticals,

Inc.*

6,537

141,592

6,183,470

Building

Products

2.0%

Advanced

Drainage

Systems,

Inc.(a)

10,201

1,268,698

Armstrong

World

Industries,

Inc.

4,404

348,929

Common

Stocks

Shares

Value

($)

Building

Products

Zurn

Elkay

Water

Solutions

Corp.(a)

23,502

575,799

2,193,426

Capital

Markets

2.7%

Cohen

&

Steers,

Inc.

3,158

197,786

Hamilton

Lane,

Inc.,

Class

A

16,195

965,384

LPL

Financial

Holdings,

Inc.

6,863

1,499,428

Stifel

Financial

Corp.

6,513

338,090

3,000,688

Chemicals

2.6%

Axalta

Coating

Systems

Ltd.*

19,070

401,614

Cabot

Corp.(a)

5,770

368,645

Ingevity

Corp.*

3,150

190,985

Livent

Corp.*(a)

44,626

1,367,787

Olin

Corp.

12,614

540,888

2,869,919

Commercial

Services

&

Supplies

3.6%

Casella

Waste

Systems,

Inc.,

Class

A*(a)

29,044

2,218,671

Clean

Harbors,

Inc.*

10,651

1,171,397

Driven

Brands

Holdings,

Inc.*

11,296

316,062

Tetra

Tech,

Inc.

2,365

303,974

4,010,104

Communications

Equipment

0.3%

Lumentum

Holdings,

Inc.*(a)

5,193

356,084

Construction

&

Engineering

3.8%

Ameresco,

Inc.,

Class

A*(a)

4,776

317,509

Comfort

Systems

USA,

Inc.

3,746

364,598

Valmont

Industries,

Inc.(a)

3,603

967,838

WillScot

Mobile

Mini

Holdings

Corp.*

63,512

2,561,439

4,211,384

Consumer

Finance

0.3%

OneMain

Holdings,

Inc.

9,461

279,289

Containers

&

Packaging

0.5%

Graphic

Packaging

Holding

Co.

26,179

516,773

Diversified

Consumer

Services

0.3%

Duolingo,

Inc.*

4,041

384,824

Electrical

Equipment

0.1%

Stem,

Inc.*

10,469

139,656

Electronic

Equipment,

Instruments

&

Components

1.5%

Fabrinet*

4,984

475,723

Insight

Enterprises,

Inc.*(a)

4,317

355,764

Novanta,

Inc.*

7,652

884,954

1,716,441

Energy

Equipment

&

Services

0.3%

Helmerich

&

Payne,

Inc.

9,433

348,738

Entertainment

0.5%

World

Wrestling

Entertainment,

Inc.,

Class

A(a)

8,208

575,955

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Agree

Realty

Corp.(a)

2,667

180,236

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Essential

Properties

Realty

Trust,

Inc.

16,718

325,165

Independence

Realty

Trust,

Inc.(a)

19,456

325,499

National

Storage

Affiliates

Trust

18,274

759,833

Outfront

Media,

Inc.

18,955

287,926

Phillips

Edison

&

Co.,

Inc.

10,418

292,225

Ryman

Hospitality

Properties,

Inc.

4,454

327,770

2,498,654

Food

&

Staples

Retailing

2.2%

BJ's

Wholesale

Club

Holdings,

Inc.*

12,519

911,508

Grocery

Outlet

Holding

Corp.*

11,693

389,260

Performance

Food

Group

Co.*

26,519

1,138,991

2,439,759

Food

Products

1.1%

Freshpet,

Inc.*(a)

4,916

246,242

Lancaster

Colony

Corp.(a)

2,692

404,554

Simply

Good

Foods

Co.

(The)*

8,788

281,128

Sovos

Brands,

Inc.*

24,782

352,896

1,284,820

Health

Care

Equipment

&

Supplies

9.1%

AtriCure,

Inc.*(a)

18,643

728,941

Axonics,

Inc.*

20,762

1,462,475

CONMED

Corp.(a)

4,191

335,993

CryoPort,

Inc.*

7,866

191,616

Glaukos

Corp.*

6,163

328,118

Globus

Medical,

Inc.,

Class

A*(a)

20,954

1,248,230

Haemonetics

Corp.*

7,378

546,193

Inari

Medical,

Inc.*(a)

12,622

916,862

Inspire

Medical

Systems,

Inc.*(a)

6,331

1,122,929

Integra

LifeSciences

Holdings

Corp.*

7,790

329,984

iRhythm

Technologies,

Inc.*

3,086

386,614

Lantheus

Holdings,

Inc.*

2,250

158,243

Nevro

Corp.*(a)

3,305

154,013

Omnicell,

Inc.*(a)

4,791

416,961

Shockwave

Medical,

Inc.*

5,852

1,627,266

Tandem

Diabetes

Care,

Inc.*(a)

6,417

307,053

10,261,491

Health

Care

Providers

&

Services

5.2%

Acadia

Healthcare

Co.,

Inc.*

10,094

789,149

Amedisys,

Inc.*(a)

1,657

160,381

AMN

Healthcare

Services,

Inc.*(a)

6,069

643,071

Covetrus,

Inc.*

13,674

285,513

HealthEquity,

Inc.*

9,545

641,138

LHC

Group,

Inc.*

1,053

172,334

ModivCare,

Inc.*

1,607

160,186

Option

Care

Health,

Inc.*

19,465

612,563

Owens

&

Minor,

Inc.

13,836

333,448

Privia

Health

Group,

Inc.*

13,413

456,847

R1

RCM,

Inc.*

34,022

630,428

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Surgery

Partners,

Inc.*(a)

23,053

539,440

Tenet

Healthcare

Corp.*

8,988

463,601

5,888,099

Health

Care

Technology

0.8%

Doximity,

Inc.,

Class

A*(a)

6,933

209,515

Evolent

Health,

Inc.,

Class

A*(a)

16,709

600,354

Health

Catalyst,

Inc.*(a)

9,438

91,549

901,418

Hotels,

Restaurants

&

Leisure

3.5%

Churchill

Downs,

Inc.

1,817

334,601

DraftKings,

Inc.,

Class

A*(a)

20,699

313,383

Penn

Entertainment,

Inc.*(a)

7,593

208,883

Planet

Fitness,

Inc.,

Class

A*

9,251

533,413

Red

Rock

Resorts,

Inc.,

Class

A

21,702

743,510

Sweetgreen,

Inc.,

Class

A*(a)

12,398

229,363

Texas

Roadhouse,

Inc.

8,430

735,602

Wingstop,

Inc.(a)

6,913

867,028

3,965,783

Household

Durables

0.2%

TopBuild

Corp.*

1,321

217,674

Insurance

1.3%

Hanover

Insurance

Group,

Inc.

(The)

1,976

253,205

James

River

Group

Holdings

Ltd.

8,062

183,894

Kinsale

Capital

Group,

Inc.(a)

3,859

985,666

1,422,765

Interactive

Media

&

Services

0.5%

Bumble,

Inc.,

Class

A*(a)

9,006

193,539

Ziff

Davis,

Inc.*

6,096

417,454

610,993

IT

Services

4.3%

Concentrix

Corp.

3,403

379,877

DigitalOcean

Holdings,

Inc.*(a)

5,965

215,754

ExlService

Holdings,

Inc.*

9,248

1,362,785

Globant

SA*

4,192

784,239

Perficient,

Inc.*(a)

6,207

403,579

Repay

Holdings

Corp.*(a)

19,861

140,219

Shift4

Payments,

Inc.,

Class

A*(a)

8,550

381,415

Verra

Mobility

Corp.*(a)

39,010

599,584

WNS

Holdings

Ltd.,

ADR-IN*

6,833

559,213

4,826,665

Leisure

Products

0.2%

YETI

Holdings,

Inc.*

9,480

270,370

Life

Sciences

Tools

&

Services

2.3%

Medpace

Holdings,

Inc.*(a)

6,558

1,030,721

NanoString

Technologies,

Inc.*(a)

8,188

104,561

Repligen

Corp.*

7,934

1,484,530

2,619,812

Machinery

4.2%

Altra

Industrial

Motion

Corp.

6,424

215,975

Chart

Industries,

Inc.*(a)

13,409

2,471,949

40

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Machinery

Evoqua

Water

Technologies

Corp.*

24,419

807,536

ITT,

Inc.

5,237

342,186

John

Bean

Technologies

Corp.

(a)

4,824

414,864

SPX

Technologies,

Inc.*(a)

7,970

440,103

4,692,613

Media

0.1%

Cardlytics,

Inc.*(a)

7,834

73,640

Multiline

Retail

0.6%

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

13,270

684,732

Oil,

Gas

&

Consumable

Fuels

5.1%

Chord

Energy

Corp.(a)

3,770

515,623

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

22,133

438,455

Matador

Resources

Co.(a)

25,843

1,264,239

New

Fortress

Energy,

Inc.(a)

10,511

459,436

Ovintiv,

Inc.(a)

9,060

416,760

PBF

Energy,

Inc.,

Class

A*(a)

9,856

346,537

PDC

Energy,

Inc.

18,916

1,093,156

SM

Energy

Co.

31,030

1,167,038

5,701,244

Paper

&

Forest

Products

0.1%

Louisiana-Pacific

Corp.

2,029

103,865

Personal

Products

0.6%

Beauty

Health

Co.

(The)*(a)

20,368

240,139

elf

Beauty,

Inc.*

12,266

461,447

701,586

Pharmaceuticals

1.6%

Aclaris

Therapeutics,

Inc.*

12,922

203,392

Harmony

Biosciences

Holdings,

Inc.*(a)

12,160

538,567

Intra-Cellular

Therapies,

Inc.*

15,625

727,031

Pacira

BioSciences,

Inc.*

5,200

276,588

1,745,578

Professional

Services

2.7%

ASGN,

Inc.*

6,081

549,540

CACI

International,

Inc.,

Class

A*(a)

2,104

549,270

Exponent,

Inc.

3,325

291,503

Insperity,

Inc.

4,917

501,977

KBR,

Inc.(a)

25,665

1,109,241

3,001,531

Road

&

Rail

0.4%

Saia,

Inc.*(a)

2,171

412,490

Semiconductors

&

Semiconductor

Equipment

4.7%

Axcelis

Technologies,

Inc.*

5,856

354,639

Cirrus

Logic,

Inc.*

5,086

349,917

Impinj,

Inc.*(a)

12,725

1,018,382

Lattice

Semiconductor

Corp.*

30,317

1,491,900

MACOM

Technology

Solutions

Holdings,

Inc.*

8,409

435,502

MKS

Instruments,

Inc.

2,474

204,451

Nova

Ltd.*(a)

4,196

357,919

Power

Integrations,

Inc.(a)

6,062

389,908

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Silicon

Laboratories,

Inc.*

2,994

369,579

Synaptics,

Inc.*

3,540

350,495

5,322,692

Software

9.3%

Alarm.com

Holdings,

Inc.*(a)

5,734

371,907

Blackbaud,

Inc.*

5,421

238,849

Box,

Inc.,

Class

A*

13,358

325,802

Ceridian

HCM

Holding,

Inc.*

3,755

209,829

Confluent,

Inc.,

Class

A*(a)

9,353

222,321

Consensus

Cloud

Solutions,

Inc.*

2,970

140,481

CyberArk

Software

Ltd.*

9,949

1,491,753

Five9,

Inc.*(a)

3,455

259,056

Gitlab,

Inc.,

Class

A*(a)

4,487

229,824

HashiCorp,

Inc.,

Class

A*(a)

5,777

185,962

LiveRamp

Holdings,

Inc.*

3,761

68,300

Manhattan

Associates,

Inc.*

16,662

2,216,546

Olo,

Inc.,

Class

A*(a)

14,909

117,781

Paylocity

Holding

Corp.*

7,778

1,879,009

Rapid7,

Inc.*(a)

5,922

254,054

Samsara,

Inc.,

Class

A*(a)

17,028

205,528

Sprout

Social,

Inc.,

Class

A*(a)

19,531

1,185,141

Tenable

Holdings,

Inc.*

7,136

248,333

Varonis

Systems,

Inc.*

10,797

286,336

Workiva,

Inc.*

4,019

312,678

10,449,490

Specialty

Retail

0.7%

Boot

Barn

Holdings,

Inc.*

13,782

805,696

Textiles,

Apparel

&

Luxury

Goods

2.0%

Crocs,

Inc.*

7,483

513,783

Deckers

Outdoor

Corp.*(a)

1,373

429,214

On

Holding

AG,

Class

A*(a)

19,767

317,260

Oxford

Industries,

Inc.

10,618

953,284

2,213,541

Thrifts

&

Mortgage

Finance

0.3%

MGIC

Investment

Corp.

30,422

390,010

Trading

Companies

&

Distributors

1.5%

Applied

Industrial

Technologies,

Inc.

7,249

745,052

Boise

Cascade

Co.

3,047

181,175

Herc

Holdings,

Inc.

6,998

726,952

1,653,179

Total

Common

Stocks

(cost

$97,303,884)

108,476,799

Exchange

Traded

Fund

0.4%

Equity

Fund

0.4%

iShares

Russell

2000

Growth

ETF(a)

1,780

367,730

Total

Exchange

Traded

Fund

(cost

$361,764)

367,730

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Repurchase

Agreements

4.6%

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,293,382,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.00%,

maturing

6/20/2051

-

3/20/2052;

total

market

value

$1,318,914.(b)

1,293,053

1,293,053

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,501,411,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$3,570,531.(b)

3,500,520

3,500,520

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$415,753,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$424,165.(b)

415,647

415,647

Total

Repurchase

Agreements

(cost

$5,209,220)

5,209,220

Total

Investments

(cost

$102,874,868)

—

101.6%

114,053,749

Liabilities

in

excess

of

other

assets

—

(1.6)%

(1,777,331)

NET

ASSETS

—

100.0%

$

112,276,418

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$30,142,588,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,209,220

and

by

$25,849,578

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$31,058,798.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$5,209,220.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

IN

India

REIT

Real

Estate

Investment

Trust

42

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

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

Small

Cap

Growth

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

43

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2022.

Please

refer

t

o

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

108,476,799

$

–

$

–

$

108,476,799

Exchange

Traded

Fund

367,730

–

–

367,730

Repurchase

Agreements

–

5,209,220

–

5,209,220

Total

$

108,844,529

$

5,209,220

$

–

$

114,053,749

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.

44

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

97.5%

Shares

Value

($)

Aerospace

&

Defense

0.5%

AerSale

Corp.*(a)

7,222

133,896

Astronics

Corp.*

12,244

96,238

Parsons

Corp.*(a)

17,244

675,965

906,099

Air

Freight

&

Logistics

0.4%

GXO

Logistics,

Inc.*

18,455

647,032

Radiant

Logistics,

Inc.*

18,988

108,042

755,074

Auto

Components

2.7%

American

Axle

&

Manufacturing

Holdings,

Inc.*(a)

116,116

793,073

Dorman

Products,

Inc.*

33,600

2,759,232

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

127,103

1,282,469

Modine

Manufacturing

Co.*

20,667

267,431

5,102,205

Banks

10.2%

1st

Source

Corp.

1,590

73,617

Amalgamated

Financial

Corp.

8,513

191,968

American

National

Bankshares

,

Inc.

1,100

35,145

Associated

Banc-Corp.

76,794

1,542,023

Atlantic

Union

Bankshares

Corp.

4,410

133,976

Banc

of

California,

Inc.(a)

27,143

433,474

Bank

of

Marin

Bancorp

3,540

106,023

BankUnited

,

Inc.

20,860

712,786

Bankwell

Financial

Group,

Inc.

(a)

1,958

56,997

Banner

Corp.

7,314

432,111

Bar

Harbor

Bankshares

242

6,418

BayCom

Corp.(a)

1,153

20,270

BCB

Bancorp,

Inc.

3,196

53,789

Berkshire

Hills

Bancorp,

Inc.

18,504

505,159

Business

First

Bancshares,

Inc.

1,373

29,561

Byline

Bancorp,

Inc.

4,565

92,441

Camden

National

Corp.

2,300

97,980

Capital

Bancorp,

Inc.

3,073

70,986

Capital

City

Bank

Group,

Inc.

3,672

114,236

Capstar

Financial

Holdings,

Inc.

7,212

133,638

Carter

Bankshares

,

Inc.*

4,632

74,575

CBTX,

Inc.(a)

2,567

75,085

Central

Pacific

Financial

Corp.

26,516

548,616

Central

Valley

Community

Bancorp

4,004

70,911

Chemung

Financial

Corp.(a)

843

35,296

CNB

Financial

Corp.

2,663

62,767

Comerica,

Inc.

2,627

186,780

Community

Trust

Bancorp,

Inc.

6,849

277,727

Customers

Bancorp,

Inc.*

14,536

428,521

Eagle

Bancorp,

Inc.

18,847

844,722

FB

Financial

Corp.

9,159

349,965

Financial

Institutions,

Inc.

6,112

147,116

First

Bancorp

57,007

779,856

First

Bancshares,

Inc.

(The)

100

2,987

Common

Stocks

Shares

Value

($)

Banks

First

Business

Financial

Services,

Inc.

801

25,880

First

Commonwealth

Financial

Corp.

7,430

95,401

First

Financial

Corp.

7,721

348,912

First

Internet

Bancorp

2,632

89,119

First

of

Long

Island

Corp.

(The)

3,925

67,667

First

Savings

Financial

Group,

Inc.

1,240

28,495

First

Western

Financial,

Inc.*

1,180

29,087

Great

Southern

Bancorp,

Inc.

3,899

222,516

Guaranty

Bancshares,

Inc.

3,052

105,569

Hanmi

Financial

Corp.

18,795

445,066

HarborOne

Bancorp,

Inc.

23,385

313,827

HBT

Financial,

Inc.(a)

4,664

84,652

Heartland

Financial

USA,

Inc.

3,358

145,603

Heritage

Commerce

Corp.

3,525

39,973

Heritage

Financial

Corp.

6,566

173,802

HomeStreet

,

Inc.

14,602

420,684

HomeTrust

Bancshares,

Inc.

5,589

123,517

Horizon

Bancorp,

Inc.

3,400

61,064

Independent

Bank

Corp.

8,807

168,214

Investar

Holding

Corp.

2,331

46,387

Lakeland

Bancorp,

Inc.

3,058

48,959

Macatawa

Bank

Corp.

3,688

34,151

Mercantile

Bank

Corp.

2,120

62,985

Midland

States

Bancorp,

Inc.

7,844

184,883

MidWestOne

Financial

Group,

Inc.

3,184

86,891

National

Bank

Holdings

Corp.,

Class

A

2,200

81,378

NBT

Bancorp,

Inc.

4,581

173,849

Nicolet

Bankshares

,

Inc.*(a)

3,688

259,783

Northrim

Bancorp,

Inc.

3,605

149,824

OceanFirst

Financial

Corp.

24,625

459,010

OFG

Bancorp

31,207

784,232

Old

Second

Bancorp,

Inc.(a)

6,702

87,461

Pathward

Financial,

Inc.

17,093

563,385

Peapack

-Gladstone

Financial

Corp.

5,163

173,735

Preferred

Bank

1,635

106,651

Primis

Financial

Corp.

5,970

72,416

QCR

Holdings,

Inc.(a)

6,533

332,791

RBB

Bancorp

3,770

78,341

S&T

Bancorp,

Inc.

2,174

63,720

Sierra

Bancorp

2,845

56,189

Silvergate

Capital

Corp.,

Class

A*

1,367

103,003

SmartFinancial

,

Inc.

3,843

94,960

South

Plains

Financial,

Inc.

1,860

51,262

Southern

First

Bancshares,

Inc.*

514

21,413

Texas

Capital

Bancshares,

Inc.*

25,357

1,496,824

Third

Coast

Bancshares,

Inc.*(a)

1,560

26,692

Towne

Bank

4,560

122,345

UMB

Financial

Corp.

8,064

679,715

Washington

Federal,

Inc.

24,026

720,299

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

6,390

324,995

19,265,099

Beverages

0.2%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

1,165

377,052

Biotechnology

4.8%

2seventy

bio,

Inc.*(a)

16,054

233,586

Adverum

Biotechnologies,

Inc.*(a)

20,384

19,365

Agios

Pharmaceuticals,

Inc.*

34,834

985,106

Akebia

Therapeutics,

Inc.*(a)

172,300

54,481

Allogene

Therapeutics,

Inc.*(a)

29,973

323,708

Alpine

Immune

Sciences,

Inc.*(a)

2,500

18,000

Arbutus

Biopharma

Corp.*

22,582

43,132

Atara

Biotherapeutics

,

Inc.*

19,000

71,820

BioCryst

Pharmaceuticals,

Inc.*(a)

34,036

428,854

Bluebird

Bio,

Inc.*

1,319

8,349

Bridgebio

Pharma,

Inc.*

24,600

244,524

C4

Therapeutics,

Inc.*(a)

37,989

333,164

Chimerix

,

Inc.*

7,900

15,247

CytomX

Therapeutics,

Inc.*

48,500

70,325

Deciphera

Pharmaceuticals,

Inc.*

39,634

733,229

Dyne

Therapeutics,

Inc.*

15,520

197,104

Emergent

BioSolutions

,

Inc.*

36,339

762,756

Enanta

Pharmaceuticals,

Inc.*(a)

15,677

813,166

Exelixis

,

Inc.*

23,623

370,409

FibroGen

,

Inc.*(a)

13,650

177,586

Generation

Bio

Co.*

7,100

37,701

Gritstone

bio,

Inc.*(a)

33,500

86,095

Icosavax

,

Inc.*(a)

4,147

13,105

Invivyd

,

Inc.*(a)

5,700

17,841

Ionis

Pharmaceuticals,

Inc.*(a)

2,838

125,525

Iovance

Biotherapeutics

,

Inc.*

17,150

164,297

iTeos

Therapeutics,

Inc.*

13,909

264,966

Jounce

Therapeutics,

Inc.*

7,251

16,967

Kezar

Life

Sciences,

Inc.*(a)

11,136

95,881

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

21,511

276,201

Kodiak

Sciences,

Inc.*

8,200

63,468

Lineage

Cell

Therapeutics,

Inc.*(a)

26,100

29,493

Mersana

Therapeutics,

Inc.*

22,044

149,017

MiMedx

Group,

Inc.*(a)

14,400

41,328

Praxis

Precision

Medicines,

Inc.*

35,353

80,251

Protagonist

Therapeutics,

Inc.*

5,350

45,101

REGENXBIO,

Inc.*

1,903

50,296

Silverback

Therapeutics,

Inc.*(a)

28,096

148,347

Sutro

Biopharma,

Inc.*

50,017

277,594

Tango

Therapeutics,

Inc.*(a)

17,202

62,271

TCR2

Therapeutics,

Inc.*

9,002

16,204

Tenaya

Therapeutics,

Inc.*

3,700

10,730

Travere

Therapeutics,

Inc.*(a)

19,633

483,757

Common

Stocks

Shares

Value

($)

Biotechnology

Ultragenyx

Pharmaceutical,

Inc.*

1,980

81,992

Vanda

Pharmaceuticals,

Inc.*

46,955

463,915

9,006,254

Building

Products

3.0%

American

Woodmark

Corp.*

52,900

2,320,194

AZEK

Co.,

Inc.

(The)*

68,000

1,130,160

CSW

Industrials,

Inc.

9,600

1,150,080

Hayward

Holdings,

Inc.*(a)

78,400

695,408

Quanex

Building

Products

Corp.(a)

15,320

278,211

5,574,053

Capital

Markets

3.5%

Evercore

,

Inc.,

Class

A

7,140

587,265

Focus

Financial

Partners,

Inc.,

Class

A*

101,500

3,198,265

StoneX

Group,

Inc.*

5,975

495,566

Virtus

Investment

Partners,

Inc.

14,219

2,268,215

6,549,311

Chemicals

2.5%

AdvanSix

,

Inc.

18,522

594,556

American

Vanguard

Corp.

3,651

68,274

Ecovyst

,

Inc.*

40,863

344,884

Element

Solutions,

Inc.

209,588

3,409,997

Koppers

Holdings,

Inc.

8,042

167,113

Trinseo

plc

5,720

104,790

Valhi,

Inc.

1,951

49,087

4,738,701

Commercial

Services

&

Supplies

2.9%

ACCO

Brands

Corp.

56,741

278,031

BrightView

Holdings,

Inc.*

11,700

92,898

CoreCivic

,

Inc.*

123,461

1,091,395

Kimball

International,

Inc.,

Class

B

22,971

144,488

Matthews

International

Corp.,

Class

A

4,027

90,245

SP

Plus

Corp.*

40,600

1,271,592

Steelcase,

Inc.,

Class

A(a)

34,858

227,274

UniFirst

Corp.(a)

13,350

2,245,870

5,441,793

Communications

Equipment

0.6%

ADTRAN

Holdings,

Inc.

11,990

234,764

Aviat

Networks,

Inc.*(a)

5,240

143,471

Comtech

Telecommunications

Corp.

6,341

63,474

EMCORE

Corp.*

22,978

38,373

KVH

Industries,

Inc.*(a)

3,350

30,887

NETGEAR,

Inc.*

24,202

485,008

NetScout

Systems,

Inc.*

3,223

100,944

Ribbon

Communications,

Inc.*

39,020

86,625

1,183,546

Construction

&

Engineering

2.5%

API

Group

Corp.*

50,550

670,799

Argan

,

Inc.

8,438

271,450

EMCOR

Group,

Inc.(a)

26,813

3,096,365

46

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Great

Lakes

Dredge

&

Dock

Corp.*

6,850

51,923

Matrix

Service

Co.*

13,700

56,718

Primoris

Services

Corp.

26,158

425,068

Tutor

Perini

Corp.*

35,573

196,363

4,768,686

Consumer

Finance

2.5%

Encore

Capital

Group,

Inc.*

6,790

308,809

Enova

International,

Inc.*

17,888

523,582

EZCORP,

Inc.,

Class

A*(a)

31,279

241,161

Green

Dot

Corp.,

Class

A*

33,978

644,903

Navient

Corp.

95,519

1,403,174

Oportun

Financial

Corp.*

7,462

32,609

PROG

Holdings,

Inc.*

58,931

882,786

SLM

Corp.

12,859

179,897

World

Acceptance

Corp.*(a)

4,299

416,229

4,633,150

Containers

&

Packaging

0.0%

†

Pactiv

Evergreen,

Inc.

753

6,574

Diversified

Consumer

Services

1.7%

2U,

Inc.*(a)

66,629

416,431

Adtalem

Global

Education,

Inc.*(a)

23,650

862,043

American

Public

Education,

Inc.*

13,459

123,015

European

Wax

Center,

Inc.,

Class

A(a)

8,930

164,759

Frontdoor

,

Inc.*

50,262

1,024,842

Grand

Canyon

Education,

Inc.*

2,200

180,950

Perdoceo

Education

Corp.*

48,823

502,877

3,274,917

Diversified

Financial

Services

0.6%

Alerus

Financial

Corp.

840

18,564

Jackson

Financial,

Inc.,

Class

A(a)

42,126

1,168,996

1,187,560

Diversified

Telecommunication

Services

0.2%

Bandwidth,

Inc.,

Class

A*

27,702

329,654

Electric

Utilities

1.0%

ALLETE,

Inc.

4,410

220,720

Portland

General

Electric

Co.

36,149

1,571,036

1,791,756

Electrical

Equipment

1.0%

Encore

Wire

Corp.(a)

11,831

1,366,954

Powell

Industries,

Inc.

4,360

91,909

Vertiv

Holdings

Co.

42,135

409,552

1,868,415

Electronic

Equipment,

Instruments

&

Components

3.3%

Avnet,

Inc.

6,588

237,958

Belden,

Inc.(a)

8,140

488,563

Benchmark

Electronics,

Inc.

19,376

480,137

Daktronics,

Inc.*

15,700

42,547

ePlus

,

Inc.*

87,100

3,618,134

FARO

Technologies,

Inc.*

6,204

170,238

Itron

,

Inc.*

19,080

803,459

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

PC

Connection,

Inc.

2,833

127,740

ScanSource

,

Inc.*

9,268

244,768

6,213,544

Energy

Equipment

&

Services

0.4%

ProPetro

Holding

Corp.*

83,100

668,955

US

Silica

Holdings,

Inc.*

7,350

80,482

749,437

Entertainment

0.2%

Playtika

Holding

Corp.*

35,736

335,561

Equity

Real

Estate

Investment

Trusts

(REITs)

4.0%

Apple

Hospitality

REIT,

Inc.

93,889

1,320,079

Armada

Hoffler

Properties,

Inc.

(a)

17,138

177,893

Braemar

Hotels

&

Resorts,

Inc.(a)

42,168

181,322

Brandywine

Realty

Trust(a)

45,724

308,637

Chatham

Lodging

Trust*

3,600

35,532

CTO

Realty

Growth,

Inc.

12,087

226,510

Equity

Commonwealth(a)

56,767

1,382,844

Hersha

Hospitality

Trust,

Class

A

600

4,788

Industrial

Logistics

Properties

Trust

8,940

49,170

Park

Hotels

&

Resorts,

Inc.

5,062

56,998

Pebblebrook

Hotel

Trust(a)

9,100

132,041

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

71,638

756,497

RLJ

Lodging

Trust

113,413

1,147,740

Sunstone

Hotel

Investors,

Inc.

93,541

881,156

Whitestone

REIT

14,422

122,010

Xenia

Hotels

&

Resorts,

Inc.

49,250

679,158

7,462,375

Food

&

Staples

Retailing

2.5%

Albertsons

Cos.,

Inc.,

Class

A

7,492

186,251

Andersons,

Inc.

(The)(a)

18,927

587,305

Grocery

Outlet

Holding

Corp.*

96,534

3,213,617

Rite

Aid

Corp.*(a)

18,075

89,471

SpartanNash

Co.

22,630

656,723

4,733,367

Food

Products

1.3%

Fresh

Del

Monte

Produce,

Inc.

(a)

8,792

204,326

Hain

Celestial

Group,

Inc.

(The)*

24,940

420,987

Lancaster

Colony

Corp.(a)

10,100

1,517,828

Sovos

Brands,

Inc.*

21,013

299,225

2,442,366

Gas

Utilities

0.3%

Northwest

Natural

Holding

Co.

13,744

596,215

Health

Care

Equipment

&

Supplies

1.8%

Avanos

Medical,

Inc.*(a)

2,560

55,757

ICU

Medical,

Inc.*

18,600

2,801,160

OraSure

Technologies,

Inc.*

74,162

281,074

Orthofix

Medical,

Inc.*

7,085

135,394

SeaSpine

Holdings

Corp.*

4,832

27,446

Tactile

Systems

Technology,

Inc.*

8,356

65,093

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Zimvie

,

Inc.*

4,200

41,454

3,407,378

Health

Care

Providers

&

Services

3.1%

Addus

HomeCare

Corp.*(a)

58,884

5,608,112

Cross

Country

Healthcare,

Inc.*

9,175

260,295

5,868,407

Health

Care

Technology

1.2%

Allscripts

Healthcare

Solutions,

Inc.*

84,046

1,280,021

Certara

,

Inc.*

11,411

151,538

Computer

Programs

&

Systems,

Inc.*

11,701

326,224

Health

Catalyst,

Inc.*(a)

34,990

339,403

NextGen

Healthcare,

Inc.*

10,750

190,275

2,287,461

Hotels,

Restaurants

&

Leisure

1.6%

Bluegreen

Vacations

Holding

Corp.

5,240

86,565

SeaWorld

Entertainment,

Inc.*

16,823

765,615

Wyndham

Hotels

&

Resorts,

Inc.

34,000

2,085,900

Xponential

Fitness,

Inc.,

Class

A*

6,300

115,038

3,053,118

Household

Durables

0.7%

Bassett

Furniture

Industries,

Inc.

7,673

120,313

Beazer

Homes

USA,

Inc.*

40,517

391,799

GoPro,

Inc.,

Class

A*(a)

113,067

557,420

Hooker

Furnishings

Corp.

2,624

35,398

Universal

Electronics,

Inc.*

6,349

124,885

VOXX

International

Corp.*(a)

13,003

98,953

1,328,768

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Infinity

Bio-energy

Ltd.*^∞

155,500

0

Insurance

5.2%

American

Equity

Investment

Life

Holding

Co.

34,448

1,284,566

Argo

Group

International

Holdings

Ltd.

11,932

229,810

Bright

Health

Group,

Inc.*(a)

11,400

11,970

Brighthouse

Financial,

Inc.*

8,898

386,351

CNO

Financial

Group,

Inc.

61,352

1,102,496

Donegal

Group,

Inc.,

Class

A

8,677

117,053

eHealth,

Inc.*

10,800

42,228

Employers

Holdings,

Inc.(a)

16,815

579,949

Enstar

Group

Ltd.*

14,500

2,459,055

Genworth

Financial,

Inc.,

Class

A*

212,400

743,400

Greenlight

Capital

Re

Ltd.,

Class

A*

11,793

87,740

Horace

Mann

Educators

Corp.

2,540

89,637

James

River

Group

Holdings

Ltd.

7,206

164,369

Oscar

Health,

Inc.,

Class

A*

47,300

236,027

Common

Stocks

Shares

Value

($)

Insurance

ProAssurance

Corp.

21,387

417,260

Reinsurance

Group

of

America,

Inc.

5,551

698,371

Root,

Inc.,

Class

A*(a)

8,730

68,792

Selectquote

,

Inc.*

24,238

17,694

SiriusPoint

Ltd.*

49,479

244,921

Stewart

Information

Services

Corp.

8,487

370,373

Trean

Insurance

Group,

Inc.*

10,215

34,731

United

Fire

Group,

Inc.(a)

8,746

251,273

Universal

Insurance

Holdings,

Inc.

22,026

216,956

9,855,022

Interactive

Media

&

Services

0.0%

†

TrueCar

,

Inc.*

53,080

80,151

Internet

&

Direct

Marketing

Retail

0.2%

Poshmark

,

Inc.,

Class

A*

9,600

150,432

Quotient

Technology,

Inc.*

87,670

202,518

352,950

IT

Services

2.2%

Paysafe

Ltd.*

95,900

132,342

SolarWinds

Corp.*

2,550

19,762

Thoughtworks

Holding,

Inc.*

34,500

361,905

Unisys

Corp.*

2,265

17,101

Verra

Mobility

Corp.*(a)

232,665

3,576,061

4,107,171

Leisure

Products

0.2%

American

Outdoor

Brands,

Inc.*

13,062

114,554

Smith

&

Wesson

Brands,

Inc.

30,204

313,215

427,769

Life

Sciences

Tools

&

Services

0.2%

Berkeley

Lights,

Inc.*(a)

76,631

219,165

Harvard

Bioscience,

Inc.*(a)

8,300

21,248

Personalis

,

Inc.*

19,500

57,915

298,328

Machinery

2.6%

AGCO

Corp.

2,450

235,616

Astec

Industries,

Inc.

8,125

253,419

Crane

Holdings

Co.

17,100

1,496,934

Hillman

Solutions

Corp.*(a)

203,700

1,535,898

Hyster

-Yale

Materials

Handling,

Inc.

6,952

149,537

Manitowoc

Co.,

Inc.

(The)*

35,492

275,063

Park-Ohio

Holdings

Corp.

1,502

16,988

REV

Group,

Inc.(a)

22,622

249,521

Trinity

Industries,

Inc.

15,260

325,801

Wabash

National

Corp.

26,567

413,383

4,952,160

Media

0.1%

comScore,

Inc.*

35,402

58,413

Entravision

Communications

Corp.,

Class

A

8,913

35,385

Loyalty

Ventures,

Inc.*(a)

1,715

2,075

95,873

48

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Metals

&

Mining

1.0%

Arconic

Corp.*(a)

3,960

67,478

Schnitzer

Steel

Industries,

Inc.,

Class

A

24,619

700,657

SunCoke

Energy,

Inc.

79,084

459,478

Warrior

Met

Coal,

Inc.

22,648

644,109

1,871,722

Multiline

Retail

1.2%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

42,200

2,177,520

Oil,

Gas

&

Consumable

Fuels

1.9%

CONSOL

Energy,

Inc.(a)

1,254

80,686

Dorian

LPG

Ltd.

11,615

157,616

PBF

Energy,

Inc.,

Class

A*(a)

24,952

877,312

Plains

GP

Holdings

LP,

Class

A*

19,750

215,473

REX

American

Resources

Corp.*

10,353

289,056

Teekay

Tankers

Ltd.,

Class

A*

23,171

638,129

W&T

Offshore,

Inc.*(a)

28,850

169,061

World

Fuel

Services

Corp.

46,119

1,081,029

3,508,362

Paper

&

Forest

Products

0.6%

Clearwater

Paper

Corp.*

14,260

536,176

Glatfelter

Corp.

22,607

70,308

Louisiana-Pacific

Corp.

1,495

76,529

Mercer

International,

Inc.

6,159

75,755

Sylvamo

Corp.

8,032

272,285

1,031,053

Personal

Products

2.8%

Edgewell

Personal

Care

Co.(a)

25,132

939,937

Herbalife

Nutrition

Ltd.*(a)

52,563

1,045,478

Inter

Parfums

,

Inc.(a)

42,000

3,169,320

Nature's

Sunshine

Products,

Inc.*

4,570

37,657

5,192,392

Pharmaceuticals

0.3%

Atea

Pharmaceuticals,

Inc.*(a)

13,200

75,108

Athira

Pharma,

Inc.*

21,200

62,964

Nektar

Therapeutics*

24,700

79,040

Organon

&

Co.

5,516

129,074

Reata

Pharmaceuticals,

Inc.,

Class

A*(a)

2,137

53,703

Tarsus

Pharmaceuticals,

Inc.*

2,000

34,240

Tricida

,

Inc.*(a)

16,569

173,643

607,772

Professional

Services

0.8%

Barrett

Business

Services,

Inc.

3,180

248,040

Heidrick

&

Struggles

International,

Inc.

8,227

213,820

Kelly

Services,

Inc.,

Class

A

27,145

368,901

Mistras

Group,

Inc.*(a)

2,100

9,366

Resources

Connection,

Inc.

12,422

224,465

TrueBlue

,

Inc.*

25,429

485,185

1,549,777

Real

Estate

Management

&

Development

1.4%

Cushman

&

Wakefield

plc*(a)

200,734

2,298,404

Douglas

Elliman

,

Inc.

10,600

43,460

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Forestar

Group,

Inc.*

9,300

104,067

Zillow

Group,

Inc.,

Class

A*

7,916

226,635

2,672,566

Road

&

Rail

2.8%

ArcBest

Corp.(a)

17,717

1,288,557

Covenant

Logistics

Group,

Inc.

16,256

466,547

Landstar

System,

Inc.(a)

17,846

2,576,427

Lyft,

Inc.,

Class

A*

45,894

604,424

Werner

Enterprises,

Inc.

10,903

409,953

5,345,908

Semiconductors

&

Semiconductor

Equipment

0.4%

Cirrus

Logic,

Inc.*(a)

7,034

483,939

Impinj

,

Inc.*(a)

4,390

351,332

835,271

Software

3.6%

CCC

Intelligent

Solutions

Holdings,

Inc.*(a)

58,756

534,680

Cerence

,

Inc.*(a)

33,186

522,679

Consensus

Cloud

Solutions,

Inc.*

7,940

375,562

E2open

Parent

Holdings,

Inc.*(a)

273,100

1,657,717

Embark

Technology,

Inc.*(a)

23,056

171,308

EverCommerce

,

Inc.*(a)

15,207

166,212

Informatica

,

Inc.,

Class

A*(a)

23,652

474,696

Instructure

Holdings,

Inc.*(a)

15,968

355,767

Jamf

Holding

Corp.*(a)

9,139

202,520

MeridianLink

,

Inc.*(a)

79,700

1,297,516

Nutanix

,

Inc.,

Class

A*(a)

30,081

626,587

ON24,

Inc.*

6,096

53,645

SecureWorks

Corp.,

Class

A*

7,792

62,726

Upland

Software,

Inc.*

27,922

227,006

6,728,621

Specialty

Retail

3.7%

Aaron's

Co.,

Inc.

(The)

29,988

291,483

Academy

Sports

&

Outdoors,

Inc.(a)

2,725

114,940

America's

Car-Mart,

Inc.*(a)

30,500

1,861,110

Container

Store

Group,

Inc.

(The)*

19,935

97,682

Foot

Locker,

Inc.(a)

20,840

648,749

Genesco,

Inc.*(a)

12,609

495,786

Haverty

Furniture

Cos.,

Inc.

9,531

237,322

Leslie's,

Inc.*(a)

208,000

3,059,680

Tilly's,

Inc.,

Class

A

23,750

164,350

6,971,102

Technology

Hardware,

Storage

&

Peripherals

0.8%

Avid

Technology,

Inc.*(a)

13,540

314,940

Diebold

Nixdorf,

Inc.*

9,900

24,156

Quantum

Corp.*

11,600

12,528

Xerox

Holdings

Corp.(a)

88,086

1,152,165

1,503,789

Textiles,

Apparel

&

Luxury

Goods

0.3%

Movado

Group,

Inc.

13,884

391,251

Unifi,

Inc.*

9,616

91,448

Vera

Bradley,

Inc.*

22,434

67,527

550,226

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

0.5%

Bridgewater

Bancshares,

Inc.*

1,334

21,971

FS

Bancorp,

Inc.

1,620

44,161

Home

Bancorp,

Inc.

843

32,868

Luther

Burbank

Corp.

901

10,470

Merchants

Bancorp(a)

11,409

263,206

Northfield

Bancorp,

Inc.

6,713

96,063

Ocwen

Financial

Corp.*(a)

3,310

77,024

PennyMac

Financial

Services,

Inc.

4,330

185,757

Radian

Group,

Inc.

2,280

43,981

Southern

Missouri

Bancorp,

Inc.(a)

700

35,721

TrustCo

Bank

Corp.

720

22,622

Waterstone

Financial,

Inc.

9,414

152,130

Western

New

England

Bancorp,

Inc.

2,174

17,675

1,003,649

Trading

Companies

&

Distributors

2.9%

Alta

Equipment

Group,

Inc.

3,102

34,153

Beacon

Roofing

Supply,

Inc.*(a)

50,400

2,757,888

Boise

Cascade

Co.

25,754

1,531,333

NOW,

Inc.*

67,015

673,501

Titan

Machinery,

Inc.*

14,378

406,322

5,403,197

Wireless

Telecommunication

Services

0.6%

Telephone

&

Data

Systems,

Inc.

56,627

787,115

United

States

Cellular

Corp.*

11,800

307,154

1,094,269

Total

Common

Stocks

(cost

$200,677,052)

183,454,516

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,406

0

Total

Rights

(cost

$6,109)

0

Repurchase

Agreements

4.0%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,509,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,260,649,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$4,344,757.(b)

4,259,566

4,259,566

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$200,050,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$204,051.(b)

200,000

200,000

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$98,205,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$100,192.(b)

98,180

98,180

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,000,257,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$7,557,746)

7,557,746

Total

Investments

(cost

$208,240,907)

—

101.5%

191,012,262

Liabilities

in

excess

of

other

assets

—

(1.5)%

(2,779,838)

NET

ASSETS

—

100.0%

$

188,232,424

50

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$36,714,032,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,557,746

and

by

$30,506,519

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$38,064,265.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$7,557,746.

CVR

Contingent

Value

Rights

GP

General

Partnership

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

51

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.

52

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

906,099

$

–

$

–

$

906,099

Air

Freight

&

Logistics

755,074

–

–

755,074

Auto

Components

5,102,205

–

–

5,102,205

Banks

19,265,099

–

–

19,265,099

Beverages

377,052

–

–

377,052

Biotechnology

9,006,254

–

–

9,006,254

Building

Products

5,574,053

–

–

5,574,053

Capital

Markets

6,549,311

–

–

6,549,311

Chemicals

4,738,701

–

–

4,738,701

Commercial

Services

&

Supplies

5,441,793

–

–

5,441,793

Communications

Equipment

1,183,546

–

–

1,183,546

Construction

&

Engineering

4,768,686

–

–

4,768,686

Consumer

Finance

4,633,150

–

–

4,633,150

Containers

&

Packaging

6,574

–

–

6,574

Diversified

Consumer

Services

3,274,917

–

–

3,274,917

Diversified

Financial

Services

1,187,560

–

–

1,187,560

Diversified

Telecommunication

Services

329,654

–

–

329,654

Electric

Utilities

1,791,756

–

–

1,791,756

Electrical

Equipment

1,868,415

–

–

1,868,415

Electronic

Equipment,

Instruments

&

Components

6,213,544

–

–

6,213,544

Energy

Equipment

&

Services

749,437

–

–

749,437

Entertainment

335,561

–

–

335,561

Equity

Real

Estate

Investment

Trusts

(REITs)

7,462,375

–

–

7,462,375

Food

&

Staples

Retailing

4,733,367

–

–

4,733,367

Food

Products

2,442,366

–

–

2,442,366

Gas

Utilities

596,215

–

–

596,215

Health

Care

Equipment

&

Supplies

3,407,378

–

–

3,407,378

Health

Care

Providers

&

Services

5,868,407

–

–

5,868,407

Health

Care

Technology

2,287,461

–

–

2,287,461

Hotels,

Restaurants

&

Leisure

3,053,118

–

–

3,053,118

Household

Durables

1,328,768

–

–

1,328,768

Independent

Power

and

Renewable

Electricity

Producers

–

–

–

–

Insurance

9,855,022

–

–

9,855,022

Interactive

Media

&

Services

80,151

–

–

80,151

Internet

&

Direct

Marketing

Retail

352,950

–

–

352,950

IT

Services

4,107,171

–

–

4,107,171

Leisure

Products

427,769

–

–

427,769

Life

Sciences

Tools

&

Services

298,328

–

–

298,328

Machinery

4,952,160

–

–

4,952,160

Media

95,873

–

–

95,873

Metals

&

Mining

1,871,722

–

–

1,871,722

Multiline

Retail

2,177,520

–

–

2,177,520

Oil,

Gas

&

Consumable

Fuels

3,508,362

–

–

3,508,362

Paper

&

Forest

Products

1,031,053

–

–

1,031,053

Personal

Products

5,192,392

–

–

5,192,392

Pharmaceuticals

607,772

–

–

607,772

Professional

Services

1,549,777

–

–

1,549,777

Real

Estate

Management

&

Development

2,672,566

–

–

2,672,566

Road

&

Rail

5,345,908

–

–

5,345,908

Semiconductors

&

Semiconductor

Equipment

835,271

–

–

835,271

Software

6,728,621

–

–

6,728,621

Specialty

Retail

6,971,102

–

–

6,971,102

Technology

Hardware,

Storage

&

Peripherals

1,503,789

–

–

1,503,789

Textiles,

Apparel

&

Luxury

Goods

550,226

–

–

550,226

Thrifts

&

Mortgage

Finance

1,003,649

–

–

1,003,649

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

53

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:

Trading

Companies

&

Distributors

$

5,403,197

$

–

$

–

$

5,403,197

Wireless

Telecommunication

Services

1,094,269

–

–

1,094,269

Total

Common

Stocks

$

183,454,516

$

–

$

–

$

183,454,516

Repurchase

Agreements

–

7,557,746

–

7,557,746

Rights

–

–

–

–

Total

$

183,454,516

$

7,557,746

$

–

$

191,012,262

As

of

September

30,

2022,

the

Fund

held

one

common

stock

investment

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Rights

Total

Balance

as

of

12/31/2021

$

—

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

—

—

—

Purchases

—

—

—

Sales

—

(1,109)

(1,109)

Change

in

Unrealized

Appreciation/Depreciation

—

1,109

1,109

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

9/30/2022

$

—

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2022

$

—

$

1,109

$

1,109

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.

54

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

97.7%

Shares

Value

($)

AUSTRALIA

0.0%

†

Capital

Markets

0.0%

†

Aet

&

D

Holdings

No.

1

*^∞

106,305

0

BERMUDA

0.5%

Insurance

0.1%

SiriusPoint

Ltd.

*

88,568

438,412

Oil,

Gas

&

Consumable

Fuels

0.4%

Teekay

Tankers

Ltd.

,

Class

A

*

48,390

1,332,660

1,771,072

GERMANY

0.0%

†

Paper

&

Forest

Products

0.0%

†

Mercer

International,

Inc.

12,114

149,002

INDIA

0.3%

IT

Services

0.3%

WNS

Holdings

Ltd.,

ADR

*

11,435

935,840

ISRAEL

0.2%

Semiconductors

&

Semiconductor

Equipment

0.2%

Nova

Ltd.

*(a)

7,171

611,686

PUERTO

RICO

0.9%

Banks

0.9%

First

Bancorp

103,920

1,421,626

OFG

Bancorp

61,143

1,536,523

2,958,149

SWITZERLAND

0.2%

Textiles,

Apparel

&

Luxury

Goods

0.2%

On

Holding

AG

,

Class

A

*(a)

32,907

528,157

UNITED

KINGDOM

0.0%

†

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Infinity

Bio-energy

Ltd.

*^∞

94,500

0

UNITED

STATES

95.6%

Aerospace

&

Defense

1.1%

Aerojet

Rocketdyne

Holdings,

Inc.

*

7,626

304,964

AerSale

Corp.

*(a)

12,957

240,223

Astronics

Corp.

*

29,967

235,541

Curtiss-Wright

Corp.

11,227

1,562,348

Parsons

Corp.

*(a)

33,744

1,322,765

3,665,841

Air

Freight

&

Logistics

0.4%

GXO

Logistics,

Inc.

*

34,188

1,198,631

Radiant

Logistics,

Inc.

*

24,459

139,172

1,337,803

Auto

Components

1.5%

American

Axle

&

Manufacturing

Holdings,

Inc.

*(a)

206,813

1,412,533

Goodyear

Tire

&

Rubber

Co.

(The)

*(a)

249,758

2,520,058

Modine

Manufacturing

Co.

*

38,835

502,525

Visteon

Corp.

*(a)

5,385

571,133

5,006,249

Banks

11.7%

1st

Source

Corp.

4,069

188,395

Amalgamated

Financial

Corp.

13,968

314,978

American

National

Bankshares,

Inc.

1,427

45,593

Associated

Banc-Corp.

147,304

2,957,863

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Atlantic

Union

Bankshares

Corp.

(a)

9,947

302,190

Banc

of

California,

Inc.

(a)

49,818

795,593

Bank

of

Marin

Bancorp

(a)

2,803

83,950

BankUnited,

Inc.

43,183

1,475,563

Bankwell

Financial

Group,

Inc.

(a)

3,638

105,902

Bar

Harbor

Bankshares

1,400

37,128

BCB

Bancorp,

Inc.

7,431

125,064

Berkshire

Hills

Bancorp,

Inc.

51,754

1,412,884

Business

First

Bancshares,

Inc.

1,981

42,651

Byline

Bancorp,

Inc.

16,072

325,458

Camden

National

Corp.

3,705

157,833

Capital

Bancorp,

Inc.

3,180

73,458

Capital

City

Bank

Group,

Inc.

6,687

208,033

Capstar

Financial

Holdings,

Inc.

10,321

191,248

Carter

Bankshares,

Inc.

*

8,467

136,319

CBTX,

Inc.

(a)

6,225

182,081

Central

Pacific

Financial

Corp.

64,239

1,329,105

Central

Valley

Community

Bancorp

4,876

86,354

Chemung

Financial

Corp.

1,193

49,951

CNB

Financial

Corp.

4,737

111,651

Comerica,

Inc.

5,189

368,938

Community

Trust

Bancorp,

Inc.

12,640

512,552

Customers

Bancorp,

Inc.

*

31,052

915,413

Eagle

Bancorp,

Inc.

41,824

1,874,552

FB

Financial

Corp.

12,149

464,213

Financial

Institutions,

Inc.

11,604

279,308

First

Bancshares,

Inc.

(The)

600

17,922

First

Business

Financial

Services,

Inc.

2,800

90,468

First

Commonwealth

Financial

Corp.

(a)

13,185

169,295

First

Financial

Corp.

15,131

683,770

First

Internet

Bancorp

4,660

157,788

First

of

Long

Island

Corp.

(The)

7,569

130,490

First

Savings

Financial

Group,

Inc.

(a)

1,840

42,283

First

Western

Financial,

Inc.

*

2,221

54,748

Great

Southern

Bancorp,

Inc.

8,010

457,131

Guaranty

Bancshares,

Inc.

3,415

118,125

Hanmi

Financial

Corp.

41,355

979,286

HarborOne

Bancorp,

Inc.

36,551

490,514

HBT

Financial,

Inc.

(a)

7,168

130,099

Heartland

Financial

USA,

Inc.

6,600

286,176

Heritage

Commerce

Corp.

11,024

125,012

Heritage

Financial

Corp.

13,587

359,648

HomeStreet,

Inc.

27,097

780,665

HomeTrust

Bancshares,

Inc.

12,387

273,753

Horizon

Bancorp,

Inc.

7,468

134,125

Independent

Bank

Corp.

18,800

359,080

Investar

Holding

Corp.

4,167

82,923

Lakeland

Bancorp,

Inc.

5,459

87,399

Macatawa

Bank

Corp.

13,797

127,760

Mercantile

Bank

Corp.

4,601

136,696

Midland

States

Bancorp,

Inc.

14,801

348,860

MidWestOne

Financial

Group,

Inc.

2,182

59,547

National

Bank

Holdings

Corp.

,

Class

A

5,034

186,208

NBT

Bancorp,

Inc.

12,452

472,553

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Nicolet

Bankshares,

Inc.

*(a)

7,668

540,134

Northrim

Bancorp,

Inc.

4,095

170,188

OceanFirst

Financial

Corp.

44,840

835,818

Old

Second

Bancorp,

Inc.

(a)

17,287

225,595

Pathward

Financial,

Inc.

35,379

1,166,092

Peapack-Gladstone

Financial

Corp.

10,049

338,149

Pinnacle

Financial

Partners,

Inc.

12,374

1,003,531

Preferred

Bank

4,084

266,399

Primis

Financial

Corp.

(a)

10,826

131,319

QCR

Holdings,

Inc.

14,167

721,667

RBB

Bancorp

10,692

222,180

S&T

Bancorp,

Inc.

3,806

111,554

Sierra

Bancorp

(a)

3,626

71,614

Silvergate

Capital

Corp.

,

Class

A

*

2,692

202,842

SmartFinancial,

Inc.

4,200

103,782

South

Plains

Financial,

Inc.

985

27,147

Southern

First

Bancshares,

Inc.

*

1,229

51,200

Texas

Capital

Bancshares,

Inc.

*

50,090

2,956,813

Third

Coast

Bancshares,

Inc.

*(a)

3,342

57,182

Towne

Bank

3,120

83,710

TriCo

Bancshares

48,584

2,169,276

UMB

Financial

Corp.

22,538

1,899,728

Washington

Federal,

Inc.

54,180

1,624,316

Wintrust

Financial

Corp.

13,006

1,060,639

Zions

Bancorp

NA

12,550

638,293

39,175,713

Beverages

0.9%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

*(a)

2,297

743,424

Celsius

Holdings,

Inc.

*

9,906

898,276

MGP

Ingredients,

Inc.

(a)

11,581

1,229,439

2,871,139

Biotechnology

6.0%

2seventy

bio,

Inc.

*(a)

25,409

369,701

Adverum

Biotechnologies,

Inc.

*(a)

37,311

35,445

Agios

Pharmaceuticals,

Inc.

*(a)

61,291

1,733,310

Akebia

Therapeutics,

Inc.

*(a)

252,430

79,818

Allogene

Therapeutics,

Inc.

*

59,109

638,377

Alpine

Immune

Sciences,

Inc.

*(a)

5,885

42,372

Arbutus

Biopharma

Corp.

*(a)

44,426

84,854

Atara

Biotherapeutics,

Inc.

*

37,581

142,056

BioCryst

Pharmaceuticals,

Inc.

*(a)

67,324

848,282

Bluebird

Bio,

Inc.

*

1,366

8,647

Bridgebio

Pharma,

Inc.

*

44,754

444,855

C4

Therapeutics,

Inc.

*(a)

49,047

430,142

Chimerix,

Inc.

*

15,639

30,183

Cytokinetics,

Inc.

*

6,249

302,764

CytomX

Therapeutics,

Inc.

*

91,941

133,314

Deciphera

Pharmaceuticals,

Inc.

*(a)

79,774

1,475,819

Dyne

Therapeutics,

Inc.

*

33,343

423,456

Emergent

BioSolutions,

Inc.

*

74,011

1,553,491

Enanta

Pharmaceuticals,

Inc.

*(a)

31,217

1,619,227

Exelixis,

Inc.

*

46,664

731,692

FibroGen,

Inc.

*(a)

36,565

475,711

Generation

Bio

Co.

*

16,188

85,958

Gritstone

bio,

Inc.

*(a)

66,082

169,831

Halozyme

Therapeutics,

Inc.

*(a)

44,516

1,760,164

Common

Stocks

Shares

Value

($)

UNITED

STATES

Biotechnology

Icosavax,

Inc.

*(a)

7,500

23,700

Invivyd,

Inc.

*(a)

13,169

41,219

Ionis

Pharmaceuticals,

Inc.

*(a)

3,780

167,189

Iovance

Biotherapeutics,

Inc.

*

33,698

322,827

iTeos

Therapeutics,

Inc.

*

30,847

587,635

Jounce

Therapeutics,

Inc.

*

12,413

29,046

Karuna

Therapeutics,

Inc.

*

2,165

486,973

Kiniksa

Pharmaceuticals

Ltd.

,

Class

A

*

43,579

559,554

Kodiak

Sciences,

Inc.

*

16,197

125,365

Lineage

Cell

Therapeutics,

Inc.

*(a)

46,743

52,820

Mersana

Therapeutics,

Inc.

*

25,064

169,433

MiMedx

Group,

Inc.

*

25,282

72,559

Praxis

Precision

Medicines,

Inc.

*

71,513

162,335

Protagonist

Therapeutics,

Inc.

*

11,550

97,367

REGENXBIO,

Inc.

*

2,882

76,171

Silverback

Therapeutics,

Inc.

*(a)

49,621

261,999

Sutro

Biopharma,

Inc.

*

94,377

523,792

Tango

Therapeutics,

Inc.

*(a)

34,173

123,706

TCR2

Therapeutics,

Inc.

*

20,054

36,097

Tenaya

Therapeutics,

Inc.

*

7,344

21,298

Travere

Therapeutics,

Inc.

*(a)

74,032

1,824,149

Ultragenyx

Pharmaceutical,

Inc.

*

3,140

130,027

Vanda

Pharmaceuticals,

Inc.

*

93,490

923,681

20,438,411

Building

Products

0.7%

Advanced

Drainage

Systems,

Inc.

16,402

2,039,917

Quanex

Building

Products

Corp.

(a)

22,656

411,433

2,451,350

Capital

Markets

1.8%

Cohen

&

Steers,

Inc.

5,017

314,215

Evercore,

Inc.

,

Class

A

10,710

880,898

Hamilton

Lane,

Inc.

,

Class

A

26,973

1,607,861

LPL

Financial

Holdings,

Inc.

11,279

2,464,235

StoneX

Group,

Inc.

*

9,582

794,731

6,061,940

Chemicals

1.5%

AdvanSix,

Inc.

39,779

1,276,906

Ecovyst,

Inc.

*

77,553

654,547

Koppers

Holdings,

Inc.

16,517

343,223

Livent

Corp.

*(a)

46,107

1,413,180

Olin

Corp.

20,499

878,997

Trinseo

plc

(a)

9,294

170,266

Valhi,

Inc.

3,770

94,853

4,831,972

Commercial

Services

&

Supplies

2.6%

ACCO

Brands

Corp.

88,176

432,062

BrightView

Holdings,

Inc.

*

23,012

182,715

Casella

Waste

Systems,

Inc.

,

Class

A

*

40,129

3,065,455

Clean

Harbors,

Inc.

*

14,422

1,586,132

CoreCivic,

Inc.

*

240,972

2,130,193

Driven

Brands

Holdings,

Inc.

*

18,893

528,626

Kimball

International,

Inc.

,

Class

B

43,118

271,212

Matthews

International

Corp.

,

Class

A

6,406

143,558

56

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Commercial

Services

&

Supplies

Steelcase,

Inc.

,

Class

A

(a)

67,991

443,301

8,783,254

Communications

Equipment

0.9%

ADTRAN

Holdings,

Inc.

(a)

45,976

900,210

Aviat

Networks,

Inc.

*(a)

9,887

270,706

Comtech

Telecommunications

Corp.

(a)

15,269

152,843

EMCORE

Corp.

*

47,445

79,233

KVH

Industries,

Inc.

*(a)

6,856

63,212

NETGEAR,

Inc.

*

49,964

1,001,279

NetScout

Systems,

Inc.

*

12,221

382,762

Ribbon

Communications,

Inc.

*

77,509

172,070

3,022,315

Construction

&

Engineering

2.1%

Argan,

Inc.

16,900

543,673

Comfort

Systems

USA,

Inc.

6,266

609,870

Great

Lakes

Dredge

&

Dock

Corp.

*

11,455

86,829

Matrix

Service

Co.

*

21,623

89,519

Primoris

Services

Corp.

47,618

773,793

Tutor

Perini

Corp.

*

55,451

306,090

Valmont

Industries,

Inc.

(a)

5,917

1,589,425

WillScot

Mobile

Mini

Holdings

Corp.

*

74,649

3,010,593

7,009,792

Consumer

Finance

2.6%

Encore

Capital

Group,

Inc.

*

11,890

540,757

Enova

International,

Inc.

*

34,980

1,023,865

EZCORP,

Inc.

,

Class

A

*(a)

64,899

500,371

Green

Dot

Corp.

,

Class

A

*

50,542

959,287

Navient

Corp.

187,835

2,759,297

Oportun

Financial

Corp.

*

3,904

17,060

PROG

Holdings,

Inc.

*

122,406

1,833,643

SLM

Corp.

(a)

26,369

368,902

World

Acceptance

Corp.

*(a)

6,764

654,890

8,658,072

Containers

&

Packaging

0.3%

Graphic

Packaging

Holding

Co.

42,684

842,582

Diversified

Consumer

Services

2.0%

2U,

Inc.

*(a)

129,607

810,044

Adtalem

Global

Education,

Inc.

*

25,028

912,271

American

Public

Education,

Inc.

*

27,318

249,687

Duolingo,

Inc.

*(a)

6,864

653,659

European

Wax

Center,

Inc.

,

Class

A

(a)

29,495

544,183

Frontdoor,

Inc.

*(a)

98,607

2,010,596

Grand

Canyon

Education,

Inc.

*

4,534

372,922

Perdoceo

Education

Corp.

*

96,554

994,505

6,547,867

Diversified

Financial

Services

0.7%

Alerus

Financial

Corp.

1,096

24,222

Jackson

Financial,

Inc.

,

Class

A

(a)

82,915

2,300,891

2,325,113

Diversified

Telecommunication

Services

0.2%

Bandwidth,

Inc.

,

Class

A

*

54,351

646,777

Electric

Utilities

1.0%

ALLETE,

Inc.

10,814

541,241

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electric

Utilities

Portland

General

Electric

Co.

67,416

2,929,899

3,471,140

Electrical

Equipment

1.1%

Encore

Wire

Corp.

(a)

23,424

2,706,409

Powell

Industries,

Inc.

8,703

183,459

Vertiv

Holdings

Co.

79,910

776,725

3,666,593

Electronic

Equipment,

Instruments

&

Components

2.1%

Avnet,

Inc.

11,216

405,122

Belden,

Inc.

(a)

23,147

1,389,283

Benchmark

Electronics,

Inc.

53,798

1,333,114

Daktronics,

Inc.

*

34,354

93,099

FARO

Technologies,

Inc.

*

16,607

455,696

Itron,

Inc.

*

35,436

1,492,211

Novanta,

Inc.

*

12,302

1,422,726

PC

Connection,

Inc.

(a)

3,453

155,696

ScanSource,

Inc.

*

13,225

349,272

7,096,219

Energy

Equipment

&

Services

0.5%

ProPetro

Holding

Corp.

*

163,409

1,315,442

US

Silica

Holdings,

Inc.

*

17,920

196,224

1,511,666

Entertainment

0.5%

Playtika

Holding

Corp.

*

70,926

665,995

World

Wrestling

Entertainment,

Inc.

,

Class

A

13,702

961,469

1,627,464

Equity

Real

Estate

Investment

Trusts

(REITs)

4.6%

Apple

Hospitality

REIT,

Inc.

189,002

2,657,367

Armada

Hoffler

Properties,

Inc.

(a)

33,837

351,228

Braemar

Hotels

&

Resorts,

Inc.

(a)

78,623

338,079

Brandywine

Realty

Trust

(a)

55,670

375,773

Chatham

Lodging

Trust

*

6,055

59,763

CTO

Realty

Growth,

Inc.

24,957

467,694

Equity

Commonwealth

103,115

2,511,881

Hersha

Hospitality

Trust

,

Class

A

6,650

53,067

Industrial

Logistics

Properties

Trust

13,369

73,530

National

Storage

Affiliates

Trust

29,875

1,242,203

Outfront

Media,

Inc.

30,957

470,237

Park

Hotels

&

Resorts,

Inc.

10,744

120,977

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

139,425

1,472,328

RLJ

Lodging

Trust

219,841

2,224,791

Sunstone

Hotel

Investors,

Inc.

152,663

1,438,085

Whitestone

REIT

19,191

162,356

Xenia

Hotels

&

Resorts,

Inc.

99,611

1,373,636

15,392,995

Food

&

Staples

Retailing

1.9%

Albertsons

Cos.,

Inc.

,

Class

A

14,739

366,412

Andersons,

Inc.

(The)

(a)

30,596

949,394

BJ's

Wholesale

Club

Holdings,

Inc.

*

20,447

1,488,745

Grocery

Outlet

Holding

Corp.

*(a)

19,738

657,078

Performance

Food

Group

Co.

*

30,286

1,300,784

Rite

Aid

Corp.

*(a)

13,380

66,231

SpartanNash

Co.

(a)

46,993

1,363,737

6,192,381

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

UNITED

STATES

Food

Products

0.5%

Fresh

Del

Monte

Produce,

Inc.

14,687

341,326

Hain

Celestial

Group,

Inc.

(The)

*

39,040

658,995

Sovos

Brands,

Inc.

*

42,098

599,476

1,599,797

Gas

Utilities

0.3%

Northwest

Natural

Holding

Co.

23,505

1,019,647

Health

Care

Equipment

&

Supplies

4.0%

AtriCure,

Inc.

*(a)

22,822

892,340

Avanos

Medical,

Inc.

*(a)

1,553

33,824

Axonics,

Inc.

*

34,369

2,420,952

CONMED

Corp.

(a)

6,838

548,202

CryoPort,

Inc.

*(a)

13,846

337,289

Globus

Medical,

Inc.

,

Class

A

*(a)

21,805

1,298,924

Inari

Medical,

Inc.

*(a)

13,128

953,618

Inspire

Medical

Systems,

Inc.

*(a)

10,542

1,869,835

iRhythm

Technologies,

Inc.

*

5,160

646,445

Lantheus

Holdings,

Inc.

*

3,766

264,863

OraSure

Technologies,

Inc.

*

161,338

611,471

Orthofix

Medical,

Inc.

*

9,489

181,335

SeaSpine

Holdings

Corp.

*

8,801

49,990

Shockwave

Medical,

Inc.

*

9,645

2,681,984

Tactile

Systems

Technology,

Inc.

*

17,591

137,034

Tandem

Diabetes

Care,

Inc.

*(a)

5,065

242,360

Zimvie,

Inc.

*

8,218

81,112

13,251,578

Health

Care

Providers

&

Services

2.2%

Acadia

Healthcare

Co.,

Inc.

*

16,981

1,327,574

AMN

Healthcare

Services,

Inc.

*(a)

9,684

1,026,117

Cross

Country

Healthcare,

Inc.

*

12,945

367,250

HealthEquity,

Inc.

*

15,865

1,065,652

Option

Care

Health,

Inc.

*

32,044

1,008,425

Privia

Health

Group,

Inc.

*

22,652

771,527

Surgery

Partners,

Inc.

*(a)

37,486

877,172

Tenet

Healthcare

Corp.

*

14,886

767,820

7,211,537

Health

Care

Technology

1.7%

Allscripts

Healthcare

Solutions,

Inc.

*

158,525

2,414,336

Certara,

Inc.

*

21,333

283,302

Computer

Programs

&

Systems,

Inc.

*

20,172

562,395

Doximity,

Inc.

,

Class

A

*(a)

11,765

355,538

Evolent

Health,

Inc.

,

Class

A

*(a)

27,405

984,662

Health

Catalyst,

Inc.

*(a)

63,300

614,010

HealthStream,

Inc.

*

1,000

21,260

NextGen

Healthcare,

Inc.

*

24,511

433,845

5,669,348

Hotels,

Restaurants

&

Leisure

1.6%

Bluegreen

Vacations

Holding

Corp.

8,641

142,749

DraftKings,

Inc.

,

Class

A

*(a)

35,161

532,338

Planet

Fitness,

Inc.

,

Class

A

*(a)

15,195

876,144

Red

Rock

Resorts,

Inc.

,

Class

A

37,237

1,275,740

SeaWorld

Entertainment,

Inc.

*

33,316

1,516,211

Sweetgreen,

Inc.

,

Class

A

*(a)

21,025

388,963

Wingstop,

Inc.

(a)

1,865

233,908

Xponential

Fitness,

Inc.

,

Class

A

*

11,436

208,821

5,174,874

Common

Stocks

Shares

Value

($)

UNITED

STATES

Household

Durables

0.7%

Bassett

Furniture

Industries,

Inc.

13,705

214,894

Beazer

Homes

USA,

Inc.

*

59,985

580,055

GoPro,

Inc.

,

Class

A

*(a)

210,512

1,037,824

Hooker

Furnishings

Corp.

6,891

92,960

Universal

Electronics,

Inc.

*

9,182

180,610

VOXX

International

Corp.

*(a)

14,698

111,852

2,218,195

Insurance

4.9%

American

Equity

Investment

Life

Holding

Co.

72,565

2,705,948

Argo

Group

International

Holdings

Ltd.

26,750

515,205

Bright

Health

Group,

Inc.

*(a)

23,644

24,826

Brighthouse

Financial,

Inc.

*

16,800

729,456

CNO

Financial

Group,

Inc.

116,381

2,091,366

Donegal

Group,

Inc.

,

Class

A

(a)

13,640

184,004

eHealth,

Inc.

*

24,434

95,537

Employers

Holdings,

Inc.

32,578

1,123,615

Genworth

Financial,

Inc.

,

Class

A

*

449,093

1,571,825

Greenlight

Capital

Re

Ltd.

,

Class

A

*

15,046

111,942

Hanover

Insurance

Group,

Inc.

(The)

(a)

3,292

421,837

James

River

Group

Holdings

Ltd.

12,318

280,974

Kinsale

Capital

Group,

Inc.

(a)

6,292

1,607,102

Oscar

Health,

Inc.

,

Class

A

*

92,444

461,296

ProAssurance

Corp.

39,247

765,709

Reinsurance

Group

of

America,

Inc.

10,733

1,350,319

Root,

Inc.

,

Class

A

*(a)

9,245

72,851

Selectquote,

Inc.

*

47,083

34,371

Stewart

Information

Services

Corp.

30,901

1,348,520

Trean

Insurance

Group,

Inc.

*

10,414

35,408

United

Fire

Group,

Inc.

(a)

11,247

323,126

Universal

Insurance

Holdings,

Inc.

45,685

449,997

16,305,234

Interactive

Media

&

Services

0.1%

TrueCar,

Inc.

*

132,287

199,753

Internet

&

Direct

Marketing

Retail

0.2%

Poshmark,

Inc.

,

Class

A

*(a)

23,939

375,124

Quotient

Technology,

Inc.

*(a)

172,911

399,425

774,549

IT

Services

1.2%

ExlService

Holdings,

Inc.

*

10,671

1,572,478

Globant

SA

*

7,275

1,361,007

Kyndryl

Holdings,

Inc.

*

84,628

699,874

Paysafe

Ltd.

*(a)

154,900

213,762

SolarWinds

Corp.

*

6,100

47,275

Unisys

Corp.

*

6,282

47,429

3,941,825

Leisure

Products

0.3%

American

Outdoor

Brands,

Inc.

*

26,470

232,142

Smith

&

Wesson

Brands,

Inc.

59,506

617,077

849,219

Life

Sciences

Tools

&

Services

1.5%

Berkeley

Lights,

Inc.

*

150,701

431,005

Harvard

Bioscience,

Inc.

*

18,226

46,659

Medpace

Holdings,

Inc.

*(a)

10,798

1,697,121

Personalis,

Inc.

*

43,711

129,822

58

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Life

Sciences

Tools

&

Services

Repligen

Corp.

*

15,134

2,831,722

5,136,329

Machinery

2.5%

AGCO

Corp.

5,425

521,722

Astec

Industries,

Inc.

(a)

14,262

444,832

Chart

Industries,

Inc.

*(a)

16,613

3,062,607

Evoqua

Water

Technologies

Corp.

*

39,852

1,317,906

Hyster-Yale

Materials

Handling,

Inc.

13,895

298,881

Manitowoc

Co.,

Inc.

(The)

*

84,636

655,929

Park-Ohio

Holdings

Corp.

1,820

20,584

REV

Group,

Inc.

44,960

495,909

Trinity

Industries,

Inc.

32,828

700,878

Wabash

National

Corp.

55,299

860,452

8,379,700

Media

0.0%

†

comScore,

Inc.

*(a)

45,168

74,526

Entravision

Communications

Corp.

,

Class

A

(a)

5,813

23,078

Loyalty

Ventures,

Inc.

*

2,350

2,844

100,448

Metals

&

Mining

1.1%

Arconic

Corp.

*(a)

5,641

96,123

Schnitzer

Steel

Industries,

Inc.

,

Class

A

49,513

1,409,140

SunCoke

Energy,

Inc.

122,906

714,084

Warrior

Met

Coal,

Inc.

51,925

1,476,746

3,696,093

Multiline

Retail

0.2%

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

13,367

689,737

Oil,

Gas

&

Consumable

Fuels

3.5%

CONSOL

Energy,

Inc.

2,473

159,063

Dorian

LPG

Ltd.

22,328

302,991

Matador

Resources

Co.

(a)

43,923

2,148,713

New

Fortress

Energy,

Inc.

(a)

17,203

751,943

PBF

Energy,

Inc.

,

Class

A

*(a)

65,697

2,309,908

PDC

Energy,

Inc.

20,093

1,161,174

Plains

GP

Holdings

LP

,

Class

A

*

49,878

544,169

REX

American

Resources

Corp.

*

22,326

623,342

SM

Energy

Co.

32,222

1,211,869

W&T

Offshore,

Inc.

*(a)

51,758

303,302

World

Fuel

Services

Corp.

87,327

2,046,945

11,563,419

Paper

&

Forest

Products

0.5%

Clearwater

Paper

Corp.

*

24,956

938,346

Glatfelter

Corp.

46,946

146,002

Sylvamo

Corp.

17,069

578,639

1,662,987

Personal

Products

1.5%

Edgewell

Personal

Care

Co.

(a)

54,570

2,040,918

elf

Beauty,

Inc.

*

20,475

770,270

Herbalife

Nutrition

Ltd.

*(a)

102,972

2,048,113

Nature's

Sunshine

Products,

Inc.

*

9,426

77,670

4,936,971

Pharmaceuticals

0.8%

Atea

Pharmaceuticals,

Inc.

*(a)

25,852

147,098

Athira

Pharma,

Inc.

*(a)

44,275

131,497

Common

Stocks

Shares

Value

($)

UNITED

STATES

Pharmaceuticals

Harmony

Biosciences

Holdings,

Inc.

*

13,253

586,975

Intra-Cellular

Therapies,

Inc.

*(a)

14,718

684,829

Nektar

Therapeutics

*

81,608

261,146

Organon

&

Co.

10,852

253,937

Reata

Pharmaceuticals,

Inc.

,

Class

A

*(a)

4,188

105,244

Tarsus

Pharmaceuticals,

Inc.

*(a)

7,359

125,986

Tricida,

Inc.

*(a)

27,692

290,212

2,586,924

Professional

Services

1.4%

Barrett

Business

Services,

Inc.

6,809

531,102

Heidrick

&

Struggles

International,

Inc.

14,394

374,100

KBR,

Inc.

(a)

32,309

1,396,394

Kelly

Services,

Inc.

,

Class

A

61,637

837,647

Mistras

Group,

Inc.

*

3,321

14,812

Resources

Connection,

Inc.

(a)

21,661

391,414

TrueBlue,

Inc.

*

53,107

1,013,282

4,558,751

Real

Estate

Management

&

Development

0.2%

Douglas

Elliman,

Inc.

21,114

86,567

Forestar

Group,

Inc.

*

17,186

192,311

Zillow

Group,

Inc.

,

Class

A

*

15,597

446,543

725,421

Road

&

Rail

1.8%

ArcBest

Corp.

(a)

34,986

2,544,532

Covenant

Logistics

Group,

Inc.

32,181

923,595

Lyft,

Inc.

,

Class

A

*

91,314

1,202,605

Saia,

Inc.

*(a)

3,770

716,300

Schneider

National,

Inc.

,

Class

B

5,840

118,552

Werner

Enterprises,

Inc.

12,304

462,630

5,968,214

Semiconductors

&

Semiconductor

Equipment

1.8%

Cirrus

Logic,

Inc.

*(a)

13,861

953,637

Impinj,

Inc.

*(a)

29,365

2,350,080

Lattice

Semiconductor

Corp.

*

40,417

1,988,921

MACOM

Technology

Solutions

Holdings,

Inc.

*

13,800

714,702

6,007,340

Software

6.0%

Box,

Inc.

,

Class

A

*

22,326

544,531

CCC

Intelligent

Solutions

Holdings,

Inc.

*(a)

144,232

1,312,511

Cerence,

Inc.

*(a)

64,233

1,011,670

Confluent,

Inc.

,

Class

A

*(a)

15,264

362,825

Consensus

Cloud

Solutions,

Inc.

*

15,964

755,097

CyberArk

Software

Ltd.

*

16,434

2,464,114

Embark

Technology,

Inc.

*(a)

45,990

341,708

EverCommerce,

Inc.

*(a)

27,079

295,973

Gitlab,

Inc.

,

Class

A

*(a)

7,369

377,440

HashiCorp,

Inc.

,

Class

A

*(a)

9,602

309,088

Informatica,

Inc.

,

Class

A

*(a)

46,820

939,677

Instructure

Holdings,

Inc.

*(a)

30,667

683,261

Jamf

Holding

Corp.

*(a)

22,806

505,381

Manhattan

Associates,

Inc.

*

20,630

2,744,409

Nutanix,

Inc.

,

Class

A

*

59,383

1,236,948

ON24,

Inc.

*

12,500

110,000

Paylocity

Holding

Corp.

*

12,860

3,106,718

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

UNITED

STATES

Software

Samsara,

Inc.

,

Class

A

*(a)

28,870

348,461

SecureWorks

Corp.

,

Class

A

*

18,654

150,165

Sprout

Social,

Inc.

,

Class

A

*

23,898

1,450,131

Tenable

Holdings,

Inc.

*

11,747

408,796

Upland

Software,

Inc.

*

61,304

498,402

19,957,306

Specialty

Retail

1.9%

Aaron's

Co.,

Inc.

(The)

55,911

543,455

Boot

Barn

Holdings,

Inc.

*

23,511

1,374,453

Container

Store

Group,

Inc.

(The)

*

39,268

192,413

Foot

Locker,

Inc.

(a)

78,736

2,451,052

Genesco,

Inc.

*

25,185

990,274

Haverty

Furniture

Cos.,

Inc.

18,633

463,962

Tilly's,

Inc.

,

Class

A

55,696

385,416

6,401,025

Technology

Hardware,

Storage

&

Peripherals

0.9%

Avid

Technology,

Inc.

*(a)

27,333

635,766

Diebold

Nixdorf,

Inc.

*

18,007

43,937

Quantum

Corp.

*

22,842

24,669

Xerox

Holdings

Corp.

(a)

173,634

2,271,133

2,975,505

Textiles,

Apparel

&

Luxury

Goods

0.8%

Movado

Group,

Inc.

26,966

759,902

Oxford

Industries,

Inc.

17,770

1,595,391

Unifi,

Inc.

*(a)

19,221

182,792

Vera

Bradley,

Inc.

*

43,344

130,465

2,668,550

Thrifts

&

Mortgage

Finance

0.6%

Bridgewater

Bancshares,

Inc.

*

1,464

24,112

FS

Bancorp,

Inc.

2,350

64,061

Home

Bancorp,

Inc.

1,500

58,485

Luther

Burbank

Corp.

2,200

25,564

Merchants

Bancorp

17,284

398,742

Northfield

Bancorp,

Inc.

4,561

65,268

Ocwen

Financial

Corp.

*(a)

4,879

113,534

PennyMac

Financial

Services,

Inc.

12,204

523,552

Radian

Group,

Inc.

17,680

341,047

Southern

Missouri

Bancorp,

Inc.

(a)

121

6,175

TrustCo

Bank

Corp.

1,535

48,230

Waterstone

Financial,

Inc.

(a)

12,028

194,372

Western

New

England

Bancorp,

Inc.

2,823

22,951

1,886,093

Trading

Companies

&

Distributors

1.9%

Alta

Equipment

Group,

Inc.

5,067

55,788

Boise

Cascade

Co.

(a)

47,141

2,803,003

Herc

Holdings,

Inc.

8,790

913,105

NOW,

Inc.

*

181,033

1,819,382

Titan

Machinery,

Inc.

*

30,600

864,756

6,456,034

Wireless

Telecommunication

Services

0.3%

Telephone

&

Data

Systems,

Inc.

51,103

710,332

United

States

Cellular

Corp.

*(a)

17,074

444,436

1,154,768

318,361,819

Total

Common

Stocks

(cost

$336,359,752)

325,315,725

Rights

0.0%

†

Number

of

Rights

Value

($)

UNITED

STATES

0.0%

†

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

4,756

0

Total

Rights

(cost

$12,075)

0

Repurchase

Agreements

4.6%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,001,017,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,232,800,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$2,276,877.(b)

2,232,233

2,232,233

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,000,743,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$3,060,758.(b)

3,000,000

3,000,000

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,988,530,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$4,069,239.(b)

3,987,516

3,987,516

60

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,514,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$15,219,749)

15,219,749

Total

Investments

(cost

$351,591,576)

—

102.3%

340,535,474

Liabilities

in

excess

of

other

assets

—

(2.3)%

(7,630,066)

NET

ASSETS

—

100.0%

$

332,905,408

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

61

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$62,660,188,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,219,749

and

by

$50,007,302

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$65,227,051.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$15,219,749.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

GP

General

Partnership

REIT

Real

Estate

Investment

Trust

62

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

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

Small

Company

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

63

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

3,665,841

$

–

$

–

$

3,665,841

Air

Freight

&

Logistics

1,337,803

–

–

1,337,803

Auto

Components

5,006,249

–

–

5,006,249

Banks

42,133,862

–

–

42,133,862

Beverages

2,871,139

–

–

2,871,139

Biotechnology

20,438,411

–

–

20,438,411

Building

Products

2,451,350

–

–

2,451,350

Capital

Markets

6,061,940

–

–

6,061,940

Chemicals

4,831,972

–

–

4,831,972

Commercial

Services

&

Supplies

8,783,254

–

–

8,783,254

Communications

Equipment

3,022,315

–

–

3,022,315

Construction

&

Engineering

7,009,792

–

–

7,009,792

Consumer

Finance

8,658,072

–

–

8,658,072

Containers

&

Packaging

842,582

–

–

842,582

Diversified

Consumer

Services

6,547,867

–

–

6,547,867

Diversified

Financial

Services

2,325,113

–

–

2,325,113

Diversified

Telecommunication

Services

646,777

–

–

646,777

Electric

Utilities

3,471,140

–

–

3,471,140

Electrical

Equipment

3,666,593

–

–

3,666,593

Electronic

Equipment,

Instruments

&

Components

7,096,219

–

–

7,096,219

Energy

Equipment

&

Services

1,511,666

–

–

1,511,666

Entertainment

1,627,464

–

–

1,627,464

Equity

Real

Estate

Investment

Trusts

(REITs)

15,392,995

–

–

15,392,995

Food

&

Staples

Retailing

6,192,381

–

–

6,192,381

Food

Products

1,599,797

–

–

1,599,797

Gas

Utilities

1,019,647

–

–

1,019,647

Health

Care

Equipment

&

Supplies

13,251,578

–

–

13,251,578

Health

Care

Providers

&

Services

7,211,537

–

–

7,211,537

Health

Care

Technology

5,669,348

–

–

5,669,348

Hotels,

Restaurants

&

Leisure

5,174,874

–

–

5,174,874

Household

Durables

2,218,195

–

–

2,218,195

Independent

Power

and

Renewable

Electricity

Producers

–

–

–

–

Insurance

16,743,646

–

–

16,743,646

Interactive

Media

&

Services

199,753

–

–

199,753

Internet

&

Direct

Marketing

Retail

774,549

–

–

774,549

IT

Services

4,877,665

–

–

4,877,665

Leisure

Products

849,219

–

–

849,219

Life

Sciences

Tools

&

Services

5,136,329

–

–

5,136,329

Machinery

8,379,700

–

–

8,379,700

Media

100,448

–

–

100,448

Metals

&

Mining

3,696,093

–

–

3,696,093

Multiline

Retail

689,737

–

–

689,737

Oil,

Gas

&

Consumable

Fuels

12,896,079

–

–

12,896,079

Paper

&

Forest

Products

1,811,989

–

–

1,811,989

Personal

Products

4,936,971

–

–

4,936,971

Pharmaceuticals

2,586,924

–

–

2,586,924

Professional

Services

4,558,751

–

–

4,558,751

Real

Estate

Management

&

Development

725,421

–

–

725,421

Road

&

Rail

5,968,214

–

–

5,968,214

Semiconductors

&

Semiconductor

Equipment

6,619,026

–

–

6,619,026

Software

19,957,306

–

–

19,957,306

Specialty

Retail

6,401,025

–

–

6,401,025

Technology

Hardware,

Storage

&

Peripherals

2,975,505

–

–

2,975,505

Textiles,

Apparel

&

Luxury

Goods

3,196,707

–

–

3,196,707

Thrifts

&

Mortgage

Finance

1,886,093

–

–

1,886,093

64

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

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. 

Level

1

Level

2

Level

3

Total

Assets:

Trading

Companies

&

Distributors

$

6,456,034

$

–

$

–

$

6,456,034

Wireless

Telecommunication

Services

1,154,768

–

–

1,154,768

Total

Common

Stocks

$

325,315,725

$

–

$

–

$

325,315,725

Repurchase

Agreements

–

15,219,749

–

15,219,749

Rights

–

–

–

–

Total

$

325,315,725

$

15,219,749

$

–

$

340,535,474

As

of

September

30,

2022,

the

Fund

held

two

common

stocks

and

one

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Corporate

Bonds

Rights

Total

Balance

as

of

12/31/2021

$

—

$

—

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

—

—

Realized

Gains

(Losses)

(109,333)

(43,259)

—

(152,592)

Purchases

—

—

—

—

Sales

—

—

(2,193)

(2,193)

Change

in

Unrealized

Appreciation/Depreciation

109,333

43,259

2,193

154,785

Transfers

into

Level

3

—

—

—

—

Transfers

out

of

Level

3

—

—

—

—

Balance

as

of

9/30/2022

$

—

$

—

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2022

$

—

$

—

$

2,193

$

2,193

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

Real

Estate

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

99.0%

Shares

Value

($)

Construction

&

Engineering

1.7%

WillScot

Mobile

Mini

Holdings

Corp.*

85,075

3,431,075

Equity

Real

Estate

Investment

Trusts

(REITs)

94.3%

Agree

Realty

Corp.

79,816

5,393,965

Alexandria

Real

Estate

Equities,

Inc.

13,700

1,920,603

American

Homes

4

Rent,

Class

A

113,951

3,738,732

American

Tower

Corp.

40,452

8,685,044

Americold

Realty

Trust,

Inc.

84,841

2,087,089

AvalonBay

Communities,

Inc.

68,482

12,613,700

Boston

Properties,

Inc.

31,185

2,337,939

Brixmor

Property

Group,

Inc.

269,092

4,970,129

CareTrust

REIT,

Inc.

142,101

2,573,449

Corporate

Office

Properties

Trust

137,892

3,203,231

CubeSmart

60,897

2,439,534

Douglas

Emmett,

Inc.

115,256

2,066,540

Equinix

,

Inc.

15,765

8,967,763

Equity

Residential

148,441

9,978,204

First

Industrial

Realty

Trust,

Inc.

45,901

2,056,824

Healthpeak

Properties,

Inc.

150,441

3,448,108

Host

Hotels

&

Resorts,

Inc.

266,661

4,234,577

Independence

Realty

Trust,

Inc.

143,556

2,401,692

Iron

Mountain,

Inc.

70,512

3,100,413

Kimco

Realty

Corp.

308,960

5,687,954

Life

Storage,

Inc.

67,124

7,434,654

LTC

Properties,

Inc.

104,963

3,930,864

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Phillips

Edison

&

Co.,

Inc.

167,425

4,696,271

Plymouth

Industrial

REIT,

Inc.

172,642

2,902,112

Prologis,

Inc.

186,688

18,967,501

Public

Storage

42,000

12,298,020

Rexford

Industrial

Realty,

Inc.

127,470

6,628,440

Ryman

Hospitality

Properties,

Inc.

40,979

3,015,645

SBA

Communications

Corp.

14,472

4,119,455

Sun

Communities,

Inc.

55,959

7,572,931

Tanger

Factory

Outlet

Centers,

Inc.

123,053

1,683,365

Veris

Residential,

Inc.*

77,138

877,059

VICI

Properties,

Inc.

285,950

8,535,607

Welltower

,

Inc.

170,566

10,970,805

WP

Carey,

Inc.

105,761

7,382,118

192,920,337

Hotels,

Restaurants

&

Leisure

1.1%

Hyatt

Hotels

Corp.,

Class

A*

27,298

2,210,046

Real

Estate

Management

&

Development

1.9%

Colliers

International

Group,

Inc.

11,818

1,083,238

Tricon

Residential,

Inc.

339,469

2,936,732

4,019,970

Total

Investments

(cost

$199,246,461)

—

99.0%

202,581,428

Other

assets

in

excess

of

liabilities

—

1.0%

1,993,179

NET

ASSETS

—

100.0%

$

204,574,607

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

66

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Real

Estate

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

202,581,428

$

–

$

–

$

202,581,428

Total

$

202,581,428

$

–

$

–

$

202,581,428

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

Allspring

Discovery

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

95.8%

Shares

Value

($)

BRAZIL

2.6%

Internet

&

Direct

Marketing

Retail

1.9%

MercadoLibre,

Inc.

*

9,438

7,812,587

IT

Services

0.7%

StoneCo

Ltd.

,

Class

A

*

313,884

2,991,315

10,803,902

CANADA

0.7%

Commercial

Services

&

Supplies

0.7%

Ritchie

Bros

Auctioneers,

Inc.

47,100

2,942,808

DENMARK

0.8%

Biotechnology

0.8%

Ascendis

Pharma

A/S,

ADR

*(a)

33,214

3,429,678

INDIA

2.8%

IT

Services

2.8%

WNS

Holdings

Ltd.,

ADR

*

136,812

11,196,694

ISRAEL

1.3%

Internet

&

Direct

Marketing

Retail

1.3%

Global-e

Online

Ltd.

*(a)

202,328

5,414,297

SWITZERLAND

1.4%

Biotechnology

0.6%

CRISPR

Therapeutics

AG

*(a)

34,912

2,281,499

Textiles,

Apparel

&

Luxury

Goods

0.8%

On

Holding

AG

,

Class

A

*(a)

211,952

3,401,830

5,683,329

UNITED

STATES

86.2%

Aerospace

&

Defense

2.5%

Axon

Enterprise,

Inc.

*

87,739

10,155,789

Banks

0.8%

Silvergate

Capital

Corp.

,

Class

A

*

44,515

3,354,205

Biotechnology

1.8%

Mirati

Therapeutics,

Inc.

*

32,187

2,247,940

Sarepta

Therapeutics,

Inc.

*(a)

36,629

4,048,970

Zentalis

Pharmaceuticals,

Inc.

*(a)

50,080

1,084,733

7,381,643

Building

Products

3.1%

Advanced

Drainage

Systems,

Inc.

75,596

9,401,875

Trex

Co.,

Inc.

*

77,880

3,422,047

12,823,922

Capital

Markets

1.5%

MarketAxess

Holdings,

Inc.

27,319

6,078,204

Commercial

Services

&

Supplies

6.1%

Casella

Waste

Systems,

Inc.

,

Class

A

*

135,512

10,351,762

Rollins,

Inc.

211,038

7,318,798

Tetra

Tech,

Inc.

57,323

7,367,725

25,038,285

Diversified

Consumer

Services

0.9%

Mister

Car

Wash,

Inc.

*(a)

429,078

3,681,489

Electrical

Equipment

1.0%

Generac

Holdings,

Inc.

*(a)

22,798

4,061,236

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electronic

Equipment,

Instruments

&

Components

5.6%

Novanta,

Inc.

*

64,373

7,444,737

Teledyne

Technologies,

Inc.

*

36,987

12,482,003

Zebra

Technologies

Corp.

,

Class

A

*

11,500

3,013,115

22,939,855

Entertainment

2.7%

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

*

106,241

6,215,099

Warner

Music

Group

Corp.

,

Class

A

209,245

4,856,576

11,071,675

Equity

Real

Estate

Investment

Trusts

(REITs)

3.7%

Equity

LifeStyle

Properties,

Inc.

117,692

7,395,765

Rexford

Industrial

Realty,

Inc.

149,876

7,793,552

15,189,317

Health

Care

Equipment

&

Supplies

11.9%

ABIOMED,

Inc.

*

20,744

5,095,971

Dexcom,

Inc.

*

73,164

5,892,629

ICU

Medical,

Inc.

*(a)

24,180

3,641,508

Inari

Medical,

Inc.

*(a)

98,322

7,142,111

Inspire

Medical

Systems,

Inc.

*

37,620

6,672,659

Insulet

Corp.

*(a)

25,901

5,941,689

iRhythm

Technologies,

Inc.

*

39,736

4,978,126

Shockwave

Medical,

Inc.

*

34,471

9,585,352

48,950,045

Health

Care

Providers

&

Services

4.2%

Amedisys,

Inc.

*

40,563

3,926,093

HealthEquity,

Inc.

*

77,900

5,232,543

Option

Care

Health,

Inc.

*

250,152

7,872,283

17,030,919

Hotels,

Restaurants

&

Leisure

6.7%

Chipotle

Mexican

Grill,

Inc.

*

5,200

7,814,352

Domino's

Pizza,

Inc.

12,424

3,853,925

Hyatt

Hotels

Corp.

,

Class

A

*

38,455

3,113,317

MGM

Resorts

International

113,000

3,358,360

Wingstop,

Inc.

(a)

73,378

9,203,068

27,343,022

Insurance

0.8%

Goosehead

Insurance,

Inc.

,

Class

A

*

87,625

3,122,955

Interactive

Media

&

Services

3.8%

Bumble,

Inc.

,

Class

A

*(a)

201,853

4,337,821

IAC,

Inc.

*(a)

65,999

3,655,025

ZoomInfo

Technologies,

Inc.

,

Class

A

*

177,931

7,412,605

15,405,451

IT

Services

4.5%

Globant

SA

*

47,575

8,900,331

Marqeta,

Inc.

,

Class

A

*

485,053

3,453,577

MongoDB,

Inc.

*

29,839

5,924,832

18,278,740

Leisure

Products

1.4%

Topgolf

Callaway

Brands

Corp.

*(a)

287,974

5,546,379

Life

Sciences

Tools

&

Services

4.3%

Azenta,

Inc.

66,034

2,830,217

68

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.

,

Class

A

*

14,748

6,151,981

Bio-Techne

Corp.

(a)

29,814

8,467,176

17,449,374

Professional

Services

0.6%

Clarivate

plc

*(a)

253,819

2,383,360

Road

&

Rail

2.7%

JB

Hunt

Transport

Services,

Inc.

30,700

4,802,094

Saia,

Inc.

*(a)

32,861

6,243,590

11,045,684

Semiconductors

&

Semiconductor

Equipment

4.9%

Enphase

Energy,

Inc.

*

27,417

7,607,395

Impinj,

Inc.

*(a)

86,016

6,883,860

Wolfspeed,

Inc.

*(a)

54,200

5,602,112

20,093,367

Software

9.1%

Bill.com

Holdings,

Inc.

*(a)

56,065

7,421,324

Black

Knight,

Inc.

*

60,487

3,915,324

CCC

Intelligent

Solutions

Holdings,

Inc.

*(a)

495,904

4,512,726

Crowdstrike

Holdings,

Inc.

,

Class

A

*

43,780

7,215,382

Five9,

Inc.

*(a)

99,171

7,435,842

HubSpot,

Inc.

*(a)

14,472

3,909,177

Olo,

Inc.

,

Class

A

*(a)

417,329

3,296,899

37,706,674

Trading

Companies

&

Distributors

1.6%

SiteOne

Landscape

Supply,

Inc.

*(a)

63,632

6,626,636

352,758,226

Total

Common

Stocks

(cost

$416,175,904)

392,228,934

Repurchase

Agreements

4.0%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$8,208,691,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$8,370,736.(b)

8,206,604

8,206,604

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,000,255,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.00%,

maturing

6/20/2051

-

3/20/2052;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$7,347,156,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$7,492,195.(b)

7,345,289

7,345,289

Total

Repurchase

Agreements

(cost

$16,551,893)

16,551,893

Total

Investments

(cost

$432,727,797)

—

99.8%

408,780,827

Other

assets

in

excess

of

liabilities

—

0.2%

775,323

NET

ASSETS

—

100.0%

$

409,556,150

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$76,473,023,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,551,893

and

by

$62,859,532

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$79,411,425.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$16,551,893.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

NVIT

Allspring

Discovery

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

69

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.

70

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

392,228,934

$

–

$

–

$

392,228,934

Repurchase

Agreements

–

16,551,893

–

16,551,893

Total

$

392,228,934

$

16,551,893

$

–

$

408,780,827

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

.

Asset-Backed

Securities

11.9%

Principal

Amount

($)

Value

($)

Airlines

2.4%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

6,115,428

6,040,489

American

Airlines

Pass-

Through

Trust

Series

2017-1,

Class

B,

4.95%,

2/15/2025

1,804,250

1,640,519

Series

2021-1,

Class

B,

3.95%,

7/11/2030

3,950,000

3,204,149

British

Airways

Pass-Through

Trust

Series

2013-1,

Class

A,

4.63%,

6/20/2024(a)

3,963,100

3,852,545

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

8,125,753

6,849,822

Series

2021-1,

Class

A,

2.90%,

3/15/2035(a)

2,844,134

2,311,259

United

Airlines

Pass-Through

Trust

Series

2016-1,

Class

B,

3.65%,

1/7/2026

3,994,792

3,501,097

Series

2020-1,

Class

A,

5.88%,

10/15/2027

5,157,259

4,974,337

Series

2019-2,

Class

B,

3.50%,

5/1/2028

143,446

118,788

32,493,005

Food

&

Staples

Retailing

0.6%

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

7,271,593

7,487,016

Home

Equity

0.2%

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

4.33%,

1/25/2036(b)

593,507

588,406

RASC

Trust,

Series

2005-

KS12,

Class

M2,

3.77%,

1/25/2036(b)

2,336,971

2,323,201

2,911,607

Other

8.7%

AMMC

CLO

22

Ltd.,

Series

2018-22A,

Class

A,

3.81%,

4/25/2031(a)(b)

9,000,000

8,780,553

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

3.77%,

4/20/2031(a)(b)

5,000,000

4,871,560

Apidos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

3.86%,

1/20/2035(a)(b)

4,100,000

3,922,326

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

3.94%,

10/25/2034(a)(b)

2,050,000

1,964,984

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

2.27%,

4/20/2035(a)(b)

5,000,000

4,819,355

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

ARES

XLIV

CLO

Ltd.,

Series

2017-44A,

Class

A1R,

3.59%,

4/15/2034(a)(b)

5,000,000

4,785,920

Broad

River

Bsl

Funding

CLO

Ltd.,

Series

2020-1A,

Class

AR,

3.88%,

7/20/2034(a)(b)

6,600,000

6,289,807

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

3.85%,

4/20/2034(a)(b)

800,000

761,516

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1R,

3.89%,

10/17/2034(a)(b)

1,800,000

1,718,701

Dryden

77

CLO

Ltd.,

Series

2020-77A,

Class

AR,

4.10%,

5/20/2034(a)(b)

6,600,000

6,305,290

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

761,145

666,513

FCI

Funding

LLC

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

80,276

80,240

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

1,168,758

1,133,310

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

2,080,655

1,881,721

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

4,162,238

3,527,935

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

1,559,134

1,405,552

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

380,738

350,023

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

1,801,036

1,764,801

Series

2014-2A,

Class

A,

3.99%,

9/21/2040(a)

627,974

581,572

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

752,913

734,503

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

3.51%,

4/15/2034(a)(b)

1,550,000

1,463,493

Series

2021-2A,

Class

A,

3.63%,

7/15/2034(a)(b)

5,000,000

4,749,875

LCM

37

Ltd.,

Series

37A,

Class

A1,

2.51%,

4/15/2034(a)(b)

1,900,000

1,850,397

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

3.84%,

1/20/2035(a)(b)

5,000,000

4,765,150

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

2.07%,

4/15/2035(a)(b)

5,000,000

4,804,770

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

AR,

3.73%,

1/20/2032(a)(b)

1,000,000

972,583

2

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

AR,

3.85%,

10/20/2035(a)(b)

5,000,000

4,796,885

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

2,920,000

2,914,645

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

440,000

439,256

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,500,000

1,431,302

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

190,095

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

3.64%,

10/15/2034(a)(b)

1,550,000

1,476,916

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

2,808,331

2,560,789

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

3.66%,

7/15/2035(a)(b)

5,000,000

4,795,615

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

12,930,684

12,621,188

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,591,490

6,980,041

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

3.61%,

7/15/2034(a)(b)

5,000,000

4,788,640

117,947,822

Total

Asset-Backed

Securities

(cost

$171,422,111)

160,839,450

Collateralized

Mortgage

Obligations

1.1%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

1,046,130

989,229

Chase

Mortgage

Finance

Corp.

Series

2016-SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

756,674

639,840

Series

2016-SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

4,907,245

4,318,076

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

369,094

358,115

FNMA

REMICS

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

39,206

38,368

Series

2009-78,

Class

BM,

4.00%,

6/25/2039

41,984

41,861

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

New

Residential

Mortgage

Loan

Trust,

Series

2014-

2A,

Class

A3,

3.75%,

5/25/2054(a)(b)

538,000

497,050

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

2,723,000

2,257,216

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

2,723,000

2,252,084

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

1,839,000

1,504,095

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

971,370

893,646

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

730,381

669,390

Total

Collateralized

Mortgage

Obligations

(cost

$16,745,334)

14,458,970

Commercial

Mortgage-Backed

Securities

2.1%

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

3.53%,

1/16/2037(a)(b)

2,214,764

2,129,239

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.25%,

7/5/2040(a)(b)

1,400,000

1,261,341

BB-UBS

Trust,

Series

2012-

SHOW,

Class

B,

3.88%,

11/5/2036(a)

5,000,000

4,677,834

BXP

Trust,

Series

2017-

GM,

Class

B,

3.54%,

6/13/2039(a)(b)

3,900,000

3,379,827

CityLine

Commercial

Mortgage

Trust,

Series

2016-CLNE,

Class

A,

2.87%,

11/10/2031(a)(b)

7,388,000

7,113,308

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C18,

Class

300B,

4.00%,

8/15/2031

10,500,000

9,698,581

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

850,000

762,189

Total

Commercial

Mortgage-Backed

Securities

(cost

$31,704,482)

29,022,319

Corporate

Bonds

29.0%

Aerospace

&

Defense

0.8%

Boeing

Co.

(The)

,

2.95%,

2/1/2030(d)

4,775,000

3,838,785

3.25%,

2/1/2035

2,000,000

1,412,506

Huntington

Ingalls

Industries,

Inc.

,

4.20%,

5/1/2030

3,980,000

3,511,796

NVIT

Core

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Moog,

Inc.

,

4.25%,

12/15/2027(a)

865,000

765,949

Raytheon

Technologies

Corp.

,

4.15%,

5/15/2045

2,000,000

1,602,855

11,131,891

Automobiles

0.5%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)

5,080,000

4,240,908

1.80%,

1/10/2028(a)

672,000

535,282

6.38%,

4/8/2030(a)(d)

1,730,000

1,733,699

6,509,889

Banks

3.2%

Bank

of

America

Corp.

,

4.25%,

10/22/2026

3,000,000

2,850,074

Series

L,

4.18%,

11/25/2027(d)

4,000,000

3,705,766

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(e)

2,340,000

2,082,931

(SOFR

+

1.53%),

1.90%,

7/23/2031(e)

2,500,000

1,861,524

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(e)

4,750,000

3,542,082

Citigroup,

Inc.

,

(SOFR

+

3.91%),

4.41%,

3/31/2031(e)

3,250,000

2,915,669

(SOFR

+

1.94%),

3.79%,

3/17/2033(e)

1,650,000

1,383,125

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(d)

6,200,000

4,520,251

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)

4,000,000

3,187,765

HSBC

Holdings

plc

,

(SOFR

+

1.29%),

1.59%,

5/24/2027(e)

3,500,000

2,925,108

ING

Groep

NV

,

3.95%,

3/29/2027

3,000,000

2,759,401

(SOFR

+

1.83%),

4.02%,

3/28/2028(d)(e)

3,400,000

3,087,111

(SOFR

+

2.07%),

4.25%,

3/28/2033(e)

1,000,000

847,631

JPMorgan

Chase

&

Co.

,

Series

I,

(ICE

LIBOR

USD

3

Month

+

3.47%),

6.28%,

1/30/2023(e)(f)

488,000

487,993

(SOFR

+

2.58%),

5.72%,

9/14/2033(e)

2,075,000

1,962,212

(SOFR

+

1.51%),

2.53%,

11/19/2041(e)

1,850,000

1,154,929

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(e)

4,750,000

3,475,026

42,748,598

Beverages

0.7%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

2,000,000

1,738,160

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

1,435,000

1,182,483

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

2,325,000

1,977,616

PepsiCo,

Inc.

,

3.90%,

7/18/2032

5,000,000

4,621,934

9,520,193

Biotechnology

1.3%

AbbVie,

Inc.

,

3.20%,

11/21/2029

2,115,000

1,851,626

4.25%,

11/21/2049

1,350,000

1,083,736

Amgen,

Inc.

,

4.05%,

8/18/2029

6,675,000

6,142,258

CSL

Finance

plc

,

4.25%,

4/27/2032(a)(d)

7,000,000

6,390,457

Gilead

Sciences,

Inc.

,

4.80%,

4/1/2044

2,775,000

2,413,023

17,881,100

Capital

Markets

2.6%

Credit

Suisse

Group

AG

,

3.87%,

1/12/2029(a)

3,000,000

2,446,839

(SOFR

+

3.73%),

4.19%,

4/1/2031(a)(e)

1,000,000

786,563

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(e)

2,250,000

2,022,184

FMR

LLC

,

6.50%,

12/14/2040(a)

2,000,000

2,064,207

5.15%,

2/1/2043(a)

1,000,000

896,014

Moody's

Corp.

,

3.25%,

5/20/2050

2,600,000

1,761,894

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(e)

5,000,000

4,497,950

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(e)

5,000,000

4,496,709

(SOFR

+

2.62%),

5.30%,

4/20/2037(e)

2,400,000

2,156,539

S&P

Global,

Inc.

,

2.90%,

3/1/2032(a)(d)

5,500,000

4,588,600

4

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.75%,

5/12/2028(a)(d)(e)

10,000,000

9,387,168

35,104,667

Chemicals

0.4%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

5,750,000

5,482,444

Commercial

Services

&

Supplies

0.4%

Stericycle,

Inc.

,

3.88%,

1/15/2029(a)

875,000

724,610

Waste

Connections,

Inc.

,

4.20%,

1/15/2033

5,000,000

4,529,808

5,254,418

Communications

Equipment

0.1%

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)(d)

875,000

727,974

Consumer

Finance

1.2%

Ford

Motor

Credit

Co.

LLC

,

4.00%,

11/13/2030(d)

870,000

678,600

Navient

Solutions

LLC

,

0.00%,

10/3/2022(g)

14,956,000

14,956,000

15,634,600

Containers

&

Packaging

0.1%

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

2,350,000

2,006,054

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

,

3.65%,

6/1/2051

6,120,000

4,134,406

CCO

Holdings

LLC

,

4.50%,

5/1/2032(d)

1,160,000

884,697

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

575,000

475,859

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

3,000,000

2,395,284

4.00%,

3/22/2050

3,345,000

2,553,744

Virgin

Media

Secured

Finance

plc

,

4.50%,

8/15/2030(a)

535,000

417,541

10,861,531

Electric

Utilities

4.5%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)(d)

7,525,000

6,932,939

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

2,845,000

2,561,090

Series

Z,

3.70%,

5/1/2050(d)

2,805,000

1,984,154

Duke

Energy

Corp.

,

4.30%,

3/15/2028

6,055,000

5,699,683

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

3,750,000

3,491,382

Evergy

Missouri

West,

Inc.

,

3.75%,

3/15/2032(a)

3,140,000

2,825,611

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Evergy

,

Inc.

,

2.90%,

9/15/2029

3,505,000

2,895,614

Exelon

Corp.

,

4.05%,

4/15/2030

695,000

629,918

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

13,750,000

12,249,285

Georgia

Power

Co.

,

4.70%,

5/15/2032

4,750,000

4,448,507

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)

2,220,000

2,165,787

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

2,000,000

1,919,865

2.75%,

3/1/2032(a)

170,000

134,881

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

6,000,000

5,600,258

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)(d)

865,000

674,700

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030(d)

472,000

426,635

Vistra

Operations

Co.

LLC

,

3.70%,

1/30/2027(a)

6,000,000

5,313,954

4.30%,

7/15/2029(a)

1,403,000

1,195,485

61,149,748

Electrical

Equipment

0.0%

†

Sensata

Technologies

BV

,

4.00%,

4/15/2029(a)

800,000

661,992

Electronic

Equipment,

Instruments

&

Components

0.1%

Sensata

Technologies,

Inc.

,

3.75%,

2/15/2031(a)

865,000

681,365

Energy

Equipment

&

Services

0.3%

Schlumberger

Holdings

Corp.

,

4.00%,

12/21/2025(a)

321,000

309,460

3.90%,

5/17/2028(a)

4,389,000

3,958,173

4,267,633

Entertainment

0.4%

Warnermedia

Holdings,

Inc.

,

4.28%,

3/15/2032(a)(d)

7,050,000

5,799,911

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

5,525,000

3,897,603

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030

2,124,000

1,846,122

LXP

Industrial

Trust

,

2.70%,

9/15/2030(d)

5,000,000

3,846,677

Piedmont

Operating

Partnership

LP

,

4.45%,

3/15/2024

9,050,000

8,906,033

2.75%,

4/1/2032(d)

985,000

701,209

Spirit

Realty

LP

,

2.10%,

3/15/2028

3,500,000

2,781,129

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

4,226,000

3,391,781

NVIT

Core

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

VICI

Properties

LP

,

5.13%,

5/15/2032(d)

3,900,000

3,456,959

WP

Carey,

Inc.

,

2.45%,

2/1/2032

4,750,000

3,544,678

32,372,191

Food

&

Staples

Retailing

0.6%

CVS

Pass-Through

Trust

,

6.04%,

12/10/2028

3,846,978

3,820,278

Walmart,

Inc.

,

4.15%,

9/9/2032(d)

5,000,000

4,789,472

8,609,750

Food

Products

0.1%

JBS

USA

LUX

SA

,

4.38%,

2/2/2052(a)

3,000,000

2,010,780

Health

Care

Providers

&

Services

0.7%

CVS

Health

Corp.

,

4.25%,

4/1/2050

115,000

90,004

Dignity

Health

,

3.13%,

11/1/2022

6,000,000

5,993,420

3.81%,

11/1/2024

4,000,000

3,872,165

9,955,589

Hotels,

Restaurants

&

Leisure

0.1%

International

Game

Technology

plc

,

5.25%,

1/15/2029(a)(d)

870,000

770,620

Household

Durables

0.1%

Newell

Brands,

Inc.

,

5.75%,

4/1/2046(c)

1,200,000

939,000

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Corp.

,

4.50%,

2/15/2028(a)

865,000

762,056

Industrial

Conglomerates

0.2%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032(d)

2,250,000

2,084,792

Insurance

0.1%

MassMutual

Global

Funding

II

,

1.55%,

10/9/2030(a)

2,000,000

1,509,754

IT

Services

0.3%

International

Business

Machines

Corp.

,

4.40%,

7/27/2032(d)

4,150,000

3,831,303

Machinery

0.1%

Amsted

Industries,

Inc.

,

4.63%,

5/15/2030(a)

870,000

720,099

Media

0.6%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

1,450,000

1,170,309

3.70%,

4/1/2051

600,000

363,630

Comcast

Corp.

,

2.65%,

2/1/2030

3,905,000

3,273,550

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Comcast

Corp.,

2.94%,

11/1/2056

5,432,000

3,242,222

CSC

Holdings

LLC

,

3.38%,

2/15/2031(a)

860,000

606,300

8,656,011

Metals

&

Mining

0.0%

†

Glencore

Funding

LLC

,

1.63%,

9/1/2025(a)

420,000

377,935

Multi-Utilities

0.9%

Black

Hills

Corp.

,

3.05%,

10/15/2029

1,350,000

1,131,014

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049(d)

3,500,000

2,946,096

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

7,000,000

6,698,368

3.25%,

6/15/2026

1,250,000

1,158,304

11,933,782

Oil,

Gas

&

Consumable

Fuels

2.2%

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051(d)

1,800,000

1,143,159

Continental

Resources,

Inc.

,

4.38%,

1/15/2028(d)

865,000

776,316

5.75%,

1/15/2031(a)

1,310,000

1,184,055

2.88%,

4/1/2032(a)

3,155,000

2,310,391

Energy

Transfer

LP

,

6.50%,

2/1/2042

2,350,000

2,186,959

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

2,250,000

1,675,448

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

450,000

392,040

3.25%,

8/1/2050

395,000

248,498

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

5,400,000

4,228,409

ONEOK,

Inc.

,

7.15%,

1/15/2051

2,000,000

1,910,362

Targa

Resources

Partners

LP

,

5.00%,

1/15/2028

1,500,000

1,387,552

4.88%,

2/1/2031

1,905,000

1,638,300

4.00%,

1/15/2032(d)

4,420,000

3,645,196

Valero

Energy

Corp.

,

4.90%,

3/15/2045

600,000

499,833

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

320,000

303,597

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

6,465,623

6,164,465

29,694,580

Pharmaceuticals

0.1%

Takeda

Pharmaceutical

Co.

Ltd.

,

3.18%,

7/9/2050(d)

2,385,000

1,582,207

Road

&

Rail

0.7%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

6,500,000

5,703,197

6

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Ashtead

Capital,

Inc.,

4.25%,

11/1/2029(a)(d)

1,730,000

1,509,608

Union

Pacific

Corp.

,

3.84%,

3/20/2060

2,800,000

2,079,123

9,291,928

Semiconductors

&

Semiconductor

Equipment

0.1%

Intel

Corp.

,

4.15%,

8/5/2032(d)

2,085,000

1,898,686

Software

0.1%

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

855,000

682,812

PTC,

Inc.

,

4.00%,

2/15/2028(a)(d)

855,000

747,770

1,430,582

Specialty

Retail

0.3%

AutoZone,

Inc.

,

4.75%,

8/1/2032(d)

5,000,000

4,689,414

Technology

Hardware,

Storage

&

Peripherals

0.6%

Apple,

Inc.

,

3.35%,

8/8/2032(d)

8,350,000

7,436,676

HP,

Inc.

,

3.40%,

6/17/2030

1,000,000

807,576

8,244,252

Thrifts

&

Mortgage

Finance

0.4%

BPCE

SA

,

5.70%,

10/22/2023(a)

3,000,000

2,966,111

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(e)

3,750,000

2,682,799

5,648,910

Tobacco

0.2%

BAT

Capital

Corp.

,

4.74%,

3/16/2032(d)

3,800,000

3,178,849

Trading

Companies

&

Distributors

0.4%

GATX

Corp.

,

1.90%,

6/1/2031

2,000,000

1,444,159

3.50%,

6/1/2032(d)

3,150,000

2,533,061

4.50%,

3/30/2045

1,315,000

981,097

4,958,317

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051

3,960,000

2,579,935

Total

Corporate

Bonds

(cost

$465,129,400)

393,155,330

Loan

Participation

0.1%

Principal

Amount

($)

Value

($)

Electrical

Equipment

0.1%

Sensata

Technologies

B.V.,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

1.75%),

5.87%,

9/20/2026

(e)

989,207

981,789

0

Total

Loan

Participation

(cost

$990,284)

981,789

Mortgage-Backed

Securities

30.0%

FHLMC

UMBS

Pool

Pool#

SB8000

3.00%,

7/1/2034

4,380,204

4,079,091

Pool#

SB8083

1.50%,

1/1/2036

14,988,956

12,873,569

Pool#

SB8088

1.50%,

2/1/2036

18,985,898

16,306,072

Pool#

SD8018

4.00%,

10/1/2049

2,017,739

1,897,978

Pool#

SD8080

2.00%,

6/1/2050

3,537,711

2,881,469

Pool#

SD8079

2.00%,

7/1/2050

8,862,363

7,218,388

Pool#

SD8084

3.00%,

8/1/2050

8,652,063

7,580,549

Pool#

SD8178

2.50%,

11/1/2051

30,701,226

25,858,554

Pool#

SD8181

1.50%,

12/1/2051

7,704,777

5,917,632

Pool#

RA6433

2.50%,

12/1/2051

10,000,000

8,422,740

Pool#

SD8199

2.00%,

3/1/2052

53,368,708

43,297,035

Pool#

SD8200

2.50%,

3/1/2052

14,458,980

12,164,437

Pool#

QE0799

2.50%,

4/1/2052

9,728,912

8,181,428

Pool#

SD8213

3.00%,

5/1/2052

4,894,321

4,270,224

Pool#

QE6924

4.00%,

8/1/2052

30,000,000

27,850,807

Pool#

SD8255

3.50%,

10/1/2052

16,000,000

14,417,662

FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,287,598

2,277,374

Pool#

468516

5.17%,

6/1/2028

820,513

815,526

Pool#

AM7073

6.41%,

1/1/2030

1,477,376

1,611,161

Pool#

468127

5.70%,

5/1/2041

1,103,094

1,066,285

FNMA

UMBS

Pool

Pool#

MA4582

2.00%,

4/1/2037

11,000,004

9,703,367

Pool#

AR9398

3.50%,

6/1/2043

877,452

806,001

Pool#

BC0180

4.00%,

1/1/2046

2,457,124

2,321,653

NVIT

Core

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS7908

3.00%,

9/1/2046

5,451,564

4,849,350

Pool#

AS8483

3.00%,

12/1/2046

2,325,238

2,074,834

Pool#

MA2863

3.00%,

1/1/2047

7,135,459

6,330,575

Pool#

AS8784

3.00%,

2/1/2047

2,404,366

2,134,365

Pool#

BE7557

3.50%,

2/1/2047

4,406,485

4,041,827

Pool#

BM2003

4.00%,

10/1/2047

3,707,616

3,511,189

Pool#

BJ3716

3.50%,

12/1/2047

2,227,376

2,038,034

Pool#

MA3210

3.50%,

12/1/2047

936,011

853,557

Pool#

BM3355

3.50%,

2/1/2048

1,496,754

1,368,880

Pool#

CA1532

3.50%,

4/1/2048

4,771,622

4,373,172

Pool#

CA2208

4.50%,

8/1/2048

1,074,764

1,038,478

Pool#

CA2469

4.00%,

10/1/2048

1,995,680

1,886,915

Pool#

MA3745

3.50%,

8/1/2049

5,198,285

4,757,000

Pool#

FS2041

2.00%,

8/1/2051

8,817,793

7,176,868

Pool#

FS1080

2.50%,

2/1/2052

34,257,398

28,848,753

Pool#

BU8883

3.00%,

3/1/2052

20,155,592

17,589,594

Pool#

MA4577

2.00%,

4/1/2052

44,028,567

35,731,236

Pool#

BV8011

3.00%,

8/1/2052

10,000,001

8,717,195

Pool#

MA4733

4.50%,

9/1/2052

19,897,547

19,008,948

Pool#

MA4782

3.50%,

10/1/2052

15,000,000

13,521,270

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

3.50%,

10/25/2037

15,000,000

14,175,000

Total

Mortgage-Backed

Securities

(cost

$456,518,129)

405,846,042

Municipal

Bonds

1.1%

California

0.4

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

3,885,000

4,552,332

District

of

Columbia

0.7

%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue,

RB

Series

D,

7.46%,

10/1/2046

6,000,000

7,359,422

Municipal

Bonds

Principal

Amount

($)

Value

($)

District

of

Columbia

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue,

RB

(continued)

Series

D,

8.00%,

10/1/2047

2,000,000

2,548,704

9,908,126

Total

Municipal

Bonds

(cost

$14,166,498)

14,460,458

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

210,000,000

Exchange

Traded

840

5,250

3

Month

Eurodollar

12/19/2022

at

USD

98.25,

American

Style,

Notional

Amount:

USD

225,000,000

Exchange

Traded

900

16,875

0

Total

Purchased

Options

(cost

$1,013,403)

22,125

U.S.

Government

Agency

Security

1.0%

Principal

Amount

($)

Tennessee

Valley

Authority,

5.88%,

4/1/2036

11,793,000

13,161,281

Total

U.S.

Government

Agency

Security

(cost

$13,882,532)

13,161,281

U.S.

Treasury

Obligations

24.2%

U.S.

Treasury

Bonds

7.13%,

2/15/2023

(d)

1,000,000

1,011,875

2.00%,

11/15/2041

18,000,000

12,882,656

2.38%,

2/15/2042

55,000,000

42,143,750

3.25%,

5/15/2042

11,500,000

10,206,250

3.13%,

2/15/2043

23,000,000

19,769,219

2.25%,

8/15/2046

7,000,000

5,040,547

2.25%,

2/15/2052

54,800,000

39,815,625

2.88%,

5/15/2052

6,375,000

5,346,035

U.S.

Treasury

Notes

0.13%,

10/15/2023

1,000,000

957,891

0.25%,

3/15/2024

(d)

15,000,000

14,145,117

0.38%,

4/15/2024

8,000,000

7,532,187

3.00%,

6/30/2024

(d)

10,000,000

9,782,031

1.00%,

12/15/2024

50,000,000

46,591,797

2.88%,

6/15/2025

9,000,000

8,679,726

3.00%,

7/15/2025

22,000,000

21,264,375

0.25%,

8/31/2025

20,000,000

17,816,406

8

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.25%,

12/31/2026

(d)

26,000,000

23,094,297

2.25%,

2/15/2027

2,000,000

1,848,594

0.50%,

4/30/2027

1,000,000

850,586

3.25%,

6/30/2027

(d)

7,000,000

6,746,250

2.25%,

8/15/2027

15,000,000

13,788,281

1.50%,

11/30/2028

11,000,000

9,481,055

2.75%,

5/31/2029

6,000,000

5,556,328

3.25%,

6/30/2029

(d)

2,000,000

1,911,641

2.88%,

5/15/2032

1,500,000

1,386,797

Total

U.S.

Treasury

Obligations

(cost

$348,843,893)

327,649,316

Repurchase

Agreements

3.3%

Bank

of

America

NA

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$10,002,542,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$10,200,000.

(h)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$12,790,361,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$13,042,853.

(h)

12,787,110

12,787,110

Credit

Suisse

AG

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$15,003,713,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$15,303,788.

(h)

15,000,000

15,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$7,001,797,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$7,140,000.

(h)

7,000,000

7,000,000

Total

Repurchase

Agreements

(cost

$44,787,110)

44,787,110

Total

Investments

(cost

$1,565,203,176)

—

103.8%

1,404,384,190

Liabilities

in

excess

of

other

assets

—

(3.8)%

(51,236,150)

NET

ASSETS

—

100.0%

$

1,353,148,040

NVIT

Core

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

9

†

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

September

30,

2022

was

$301,440,532

which

represents

22.28%

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

September

30,

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

September

30,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$76,923,926,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$44,787,110

and

by

$34,422,680

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.75%,

and

maturity

dates

ranging

from

10/31/2022

–

11/15/2050,

a

total

value

of

$79,209,790.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2022.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2022.

The

maturity

date

reflects

the

next

call

date.

(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

September

30,

2022

was

$44,787,110.

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

September

30,

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

39-V1

1.00

Quarterly

12/20/2027

1.09

USD

104,300,000

(157,425)

500,300

342,875

(157,425)

500,300

342,875

As

of

September

30,

2022,

the

Fund

had

$1,639,422

segregated

as

collateral

for

credit

default

swap

contracts.

10

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

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

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

3

Month

Eurodollar

240

12/2022

USD

57,186,000

(2,139,000)

U.S.

Treasury

2

Year

Note

495

12/2022

USD

101,668,360

(442,281)

U.S.

Treasury

5

Year

Note

158

12/2022

USD

16,986,235

(301,567)

U.S.

Treasury

10

Year

Note

300

12/2022

USD

33,618,750

(174,609)

Total

long

contracts

(3,057,457)

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(239)

12/2022

USD

(28,317,766)

625,973

U.S.

Treasury

Long

Bond

(176)

12/2022

USD

(22,247,500)

299,328

U.S.

Treasury

Ultra

Bond

(14)

12/2022

USD

(1,918,000)

159,654

Total

short

contracts

1,084,955

Net

contracts

(1,972,502)

As

of

September

30,

2022,

the

Fund

had

$844,223

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Written

Call

Options

Contracts

as

of

September

30,

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

(22,500)

3

Month

Eurodollar

Exchange

Traded

840

USD

210,000,000

USD

99.63

12/19/2022

(5,250)

Total

written

call

options

contracts

(27,750)

Total

Written

Options

Contracts

(Premiums

Received

($800,098))

(27,750)

Currency:

USD

United

States

dollar

NVIT

Core

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

11

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

September

30,

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

$

–

$

160,839,450

$

–

$

160,839,450

Collateralized

Mortgage

Obligations

–

14,458,970

–

14,458,970

Commercial

Mortgage-Backed

Securities

–

29,022,319

–

29,022,319

Corporate

Bonds

–

393,155,330

–

393,155,330

Credit

Default

Swaps†

–

500,300

–

500,300

Futures

Contracts

1,084,955

–

–

1,084,955

Loan

Participation

–

981,789

–

981,789

Mortgage-Backed

Securities

–

405,846,042

–

405,846,042

12

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts,

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.

Level

1

Level

2

Level

3

Total

Assets:

Municipal

Bonds

$

–

$

14,460,458

$

–

$

14,460,458

Purchased

Option

22,125

–

–

22,125

Repurchase

Agreements

–

44,787,110

–

44,787,110

U.S.

Government

Agency

Security

–

13,161,281

–

13,161,281

U.S.

Treasury

Obligations

–

327,649,316

–

327,649,316

Total

Assets

$

1,107,080

$

1,404,862,365

$

–

$

1,405,969,445

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(3,057,457)

$

–

$

–

$

(3,057,457)

Written

Options

(27,750)

–

–

(27,750)

Total

Liabilities

$

(3,085,207)

$

–

$

–

$

(3,085,207)

Total

$

(1,978,127)

$

1,404,862,365

$

–

$

1,402,884,238

†

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

Core

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

13

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)

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.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

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

14

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Core

Bond

Fund

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

September

30,

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

managing

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.

NVIT

Core

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

15

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

22,125

Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

500,300

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

1,084,955

Total

$

1,607,380

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(27,750)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(3,057,457)

Total

$

(3,085,207)

†

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.

16

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Asset-Backed

Securities

7.8%

Principal

Amount

($)

Value

($)

Airlines

0.2%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

300,000

243,353

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

284,172

265,409

508,762

Automobiles

1.9%

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(a)

600,000

542,648

Series

2021-2,

Class

F,

4.19%,

2/15/2029(a)

490,000

443,865

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(a)

1,560,000

1,441,223

Series

2021-3,

Class

F,

3.69%,

2/26/2029(a)

1,000,000

903,308

Santander

Bank

Auto

Credit-

Linked

Notes,

Series

2022-A,

Class

D,

9.97%,

5/15/2032(a)

1,075,000

1,046,021

4,377,065

Credit

Card

0.5%

Continental

Credit

Card

ABS

LLC,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026(a)

1,200,000

1,154,410

Equipment

Loans

&

Leases

0.7%

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

2,252,597

1,691,062

Other

4.5%

AMSR

Trust

Series

2022-SFR3,

Class

E1,

4.00%,

10/17/2039(a)

900,000

744,184

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

E,

6.22%,

11/15/2036(a)(b)

1,500,000

1,420,328

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

5.54%,

10/16/2036(a)(b)

1,600,000

1,524,762

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

2,100,000

1,738,965

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

1,710,000

1,393,057

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(a)

780,000

617,696

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

5.03%,

2/20/2030(a)(b)

650,000

607,509

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2019-1A,

Class

D,

4.75%,

1/20/2036(a)

187,600

180,357

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

888,929

Tricon

American

Homes

Trust,

Series

2017-SFR2,

Class

F,

5.10%,

1/17/2036(a)

1,300,000

1,269,135

10,384,922

Total

Asset-Backed

Securities

(cost

$20,321,950)

18,116,221

Collateralized

Mortgage

Obligations

11.5%

Bellemeade

RE

Ltd.,

Series

2021-3A,

Class

B1,

6.13%,

9/25/2031(a)(b)

2,100,000

1,792,033

Connecticut

Avenue

Securities

Trust,

Series

2022-

R01,

Class

1B2,

8.28%,

12/25/2041(a)(b)

1,650,000

1,414,515

Eagle

RE

Ltd.,

Series

2021-

2,

Class

M2,

6.53%,

4/25/2034(a)(b)

2,690,000

2,507,203

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.24%,

7/25/2051(a)(b)

651,334

443,209

FHLMC

STACR

REMIC

Trust

Series

2022-DNA1,

Class

B2,

9.38%,

1/25/2042(a)(b)

1,770,000

1,464,434

Series

2022-DNA6,

Class

M1B,

5.99%,

9/25/2042(a)

(b)

960,000

932,401

Series

2020-DNA5,

Class

B2,

13.78%,

10/25/2050(a)

(b)

260,000

292,978

Series

2020-DNA6,

Class

B2,

7.93%,

12/25/2050(a)(b)

2,115,000

1,739,127

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

14.08%,

10/25/2048(a)

(b)

2,800,000

3,091,155

Series

2019-DNA3,

Class

B2,

11.23%,

7/25/2049(a)(b)

1,360,000

1,347,485

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2020-HQA5,

Class

B2,

9.68%,

11/25/2050(a)(b)

1,140,000

1,027,830

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.21%,

6/1/2051(a)(b)

89,098,418

865,226

FNMA,

Series

2021-R02,

Class

2B2,

8.48%,

11/25/2041(a)(b)

590,000

503,618

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

2,106,116

394,292

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

1,076,134

189,712

Home

RE

Ltd.,

Series

2020-

1,

Class

B1,

10.08%,

10/25/2030(a)(b)

300,000

301,983

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.22%,

7/25/2051(a)(b)

29,896,408

334,101

JP

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

55,770,998

296,740

Series

2021-8,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

50,121,329

269,252

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

7.43%,

7/25/2029(a)(b)

3,270,000

3,219,857

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

6.68%,

4/25/2034(a)(b)

1,390,000

1,221,301

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

13.58%,

2/25/2047(a)(b)

2,000,000

2,137,766

Traingle

Re

Ltd.,

Series

2020-1,

Class

B1,

10.83%,

10/25/2030(a)(b)

250,000

251,180

Triangle

Re

Ltd.,

Series

2021-3,

Class

B1,

7.23%,

2/25/2034(a)(b)

910,000

807,108

Total

Collateralized

Mortgage

Obligations

(cost

$28,117,473)

26,844,506

Commercial

Mortgage-Backed

Securities

9.8%

BX

Commercial

Mortgage

Trust,

Series

2021-

VOLT,

Class

F,

5.22%,

9/15/2036(a)(b)

1,000,000

919,380

BX

Trust,

Series

2021-

ARIA,

Class

D,

4.71%,

10/15/2036(a)(b)

3,000,000

2,782,040

Commercial

Mortgage

Trust,

Series

2015-CR26,

Class

D,

3.62%,

10/10/2048(b)

3,000,000

2,495,941

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

6.03%,

1/25/2051(a)(b)

1,275,000

1,169,541

Series

2021-MN3,

Class

M2,

6.28%,

11/25/2051(a)

(b)

1,615,000

1,432,518

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

4.92%,

10/15/2036(a)(b)

700,000

651,404

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2021-IP,

Class

E,

6.37%,

10/15/2036(a)(b)

300,000

277,506

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C2,

Class

D,

3.49%,

6/15/2049(a)(b)

2,500,000

1,559,258

Med

Trust,

Series

2021-

MDLN,

Class

F,

6.82%,

11/15/2038(a)(b)

1,865,000

1,715,966

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.35%,

4/15/2048(a)(b)

2,000,000

1,611,400

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,470,913

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

1,400,000

1,122,176

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

CE,

11.83%,

10/25/2049(a)(b)

2,136,000

2,110,980

SLG

Office

Trust,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(a)

3,425,000

2,417,541

Total

Commercial

Mortgage-Backed

Securities

(cost

$25,845,287)

22,736,564

Common

Stocks

0.2%

Shares

Airlines

0.2%

Grupo

Aeromexico

SAB

de

CV

*

43,743

377,928

Paper

&

Forest

Products

0.0%

†

Catalyst

Paper

Corp.

*^∞

344,368

0

Total

Common

Stocks

(cost

$729,291)

377,928

Convertible

Bonds

1.4%

Principal

Amount

($)

Airlines

0.6%

Air

Canada,

4.00%,

7/1/2025

1,377,000

1,443,784

Hotels,

Restaurants

&

Leisure

0.5%

DraftKings

Holdings,

Inc.,

0.00%,

3/15/2028(c)

1,789,000

1,154,688

Pharmaceuticals

0.3%

Tricida

,

Inc.,

3.50%,

5/15/2027

1,260,000

674,730

Total

Convertible

Bonds

(cost

$4,450,322)

3,273,202

18

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Convertible

Preferred

Stock

1.0%

Principal

Amount

($)

Value

($)

Banks

1.0%

Wells

Fargo

&

Co.,

7.50%,

1,926

2,318,904

Total

Convertible

Preferred

Stock

(cost

$2,766,608)

2,318,904

Corporate

Bonds

53.1%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

5.81%,

5/1/2050

1,040,000

903,752

Air

Freight

&

Logistics

0.6%

Western

Global

Airlines

LLC

,

10.38%,

8/15/2025(a)

1,530,000

1,365,602

Airlines

2.7%

Allegiant

Travel

Co.

,

7.25%,

8/15/2027(a)

295,000

278,037

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)

345,000

301,013

Gol

Finance

SA

,

8.00%,

6/30/2026(a)

3,225,000

1,968,460

Grupo

Aeromexico

SAB

de

CV

,

8.50%,

3/17/2027(a)

2,365,000

2,069,255

Transportes

Aereos

Portugueses

SA

,

Reg.

S,

5.63%,

12/2/2024

EUR

2,000,000

1,754,205

6,370,970

Auto

Components

0.9%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)(c)

1,247,000

1,097,387

Iochpe-Maxion

Austria

GmbH

,

5.00%,

5/7/2028(a)

1,280,000

976,000

2,073,387

Banks

10.5%

ANZ

Bank

New

Zealand

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

5.55%,

8/11/2032(a)(c)(d)

525,000

506,859

Bank

of

Nova

Scotia

(The)

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

4.59%,

5/4/2037(d)

2,695,000

2,259,614

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.00%),

5.75%,

8/9/2033(c)(d)

1,155,000

1,049,252

Comerica

Bank

,

(SOFR

+

2.61%),

5.33%,

8/25/2033(d)

2,035,000

1,893,540

HSBC

Holdings

plc

,

(SOFR

+

2.87%),

5.40%,

8/11/2033(c)(d)

1,200,000

1,067,032

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

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

1,460,452

JPMorgan

Chase

&

Co.

,

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)(d)

1,780,000

1,641,437

KeyBank

NA

,

4.90%,

8/8/2032

890,000

800,316

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

4.98%,

8/11/2033(d)

855,000

747,097

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.40%),

5.67%,

9/13/2033(d)

1,730,000

1,663,779

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(d)

1,815,000

1,286,046

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

620,549

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.20%),

6.22%,

6/15/2033(a)(d)

2,300,000

2,038,913

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

4.03%,

1/21/2043(a)(d)

1,255,000

777,434

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)(d)

2,350,000

2,124,201

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(d)

3,000,000

2,470,671

US

Bancorp

,

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)(d)

1,240,000

1,157,935

Wells

Fargo

&

Co.

,

(SOFR

+

1.50%),

3.35%,

3/2/2033(d)

1,063,000

862,059

24,427,186

Biotechnology

0.6%

Cidron

Aida

Finco

Sarl

,

5.00%,

4/1/2028(a)

EUR

1,800,000

1,444,437

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

0.7%

Fortune

Brands

Home

&

Security,

Inc.

,

4.50%,

3/25/2052

335,000

230,282

MIWD

Holdco

II

LLC

,

5.50%,

2/1/2030(a)

125,000

92,578

Standard

Industries,

Inc.

,

4.38%,

7/15/2030(a)(c)

1,815,000

1,388,475

1,711,335

Capital

Markets

2.0%

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(d)

1,310,000

1,177,111

Nomura

Holdings,

Inc.

,

5.61%,

7/6/2029

3,550,000

3,378,338

4,555,449

Chemicals

2.0%

Albemarle

Corp.

,

5.65%,

6/1/2052(c)

1,746,000

1,547,685

Celanese

US

Holdings

LLC

,

6.38%,

7/15/2032(c)

695,000

645,843

INEOS

Finance

plc

,

2.88%,

5/1/2026(a)

EUR

1,685,000

1,379,890

NOVA

Chemicals

Corp.

,

5.25%,

6/1/2027(a)(c)

1,355,000

1,151,750

4,725,168

Commercial

Services

&

Supplies

1.2%

Allied

Universal

Holdco

LLC

,

3.63%,

6/1/2028(a)

850,000

619,284

4.63%,

6/1/2028(a)

590,000

454,489

4.63%,

6/1/2028(a)(c)

390,000

294,450

6.00%,

6/1/2029(a)(c)

520,000

335,594

GFL

Environmental,

Inc.

,

4.38%,

8/15/2029(a)(c)

1,170,000

975,523

2,679,340

Communications

Equipment

1.1%

Motorola

Solutions,

Inc.

,

5.60%,

6/1/2032(c)

2,680,000

2,562,057

Construction

&

Engineering

1.4%

Artera

Services

LLC

,

9.03%,

12/4/2025(a)

1,055,000

849,275

Promontoria

Holding

264

BV

,

6.38%,

3/1/2027(a)

1,355,000

1,225,847

7.88%,

3/1/2027(a)

1,255,000

1,156,887

3,232,009

Consumer

Finance

2.9%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

1,090,000

819,754

Avation

Capital

SA

,

6.50%,

10/31/2026(a)(f)

2,032,030

1,594,077

Ford

Motor

Credit

Co.

LLC

,

2.90%,

2/10/2029

3,000,000

2,272,500

3.63%,

6/17/2031

600,000

445,770

VistaJet

Malta

Finance

plc

,

7.88%,

5/1/2027(a)(c)

810,000

728,190

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

VistaJet

Malta

Finance

plc,

6.38%,

2/1/2030(a)(c)

1,192,000

974,460

6,834,751

Diversified

Telecommunication

Services

1.5%

Altice

France

SA

,

5.13%,

1/15/2029(a)(c)

200,000

147,548

5.13%,

7/15/2029(a)

1,785,000

1,333,591

Total

Play

Telecomunicaciones

SA

de

CV

,

6.38%,

9/20/2028(a)

1,355,000

962,093

Windstream

Escrow

LLC

,

7.75%,

8/15/2028(a)(c)

1,135,000

940,505

3,383,737

Electric

Utilities

2.7%

Duke

Energy

Corp.

,

5.00%,

8/15/2052

2,080,000

1,772,680

Enel

Finance

International

NV

,

5.00%,

6/15/2032(a)(c)

3,260,000

2,779,322

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

405,000

352,203

Light

Servicos

de

Eletricidade

SA

,

4.38%,

6/18/2026(a)

1,730,000

1,436,886

6,341,091

Electrical

Equipment

0.5%

Eaton

Corp.

,

4.70%,

8/23/2052

490,000

430,382

Energizer

Gamma

Acquisition

BV

,

3.50%,

6/30/2029(a)

EUR

1,080,000

750,875

1,181,257

Electronic

Equipment,

Instruments

&

Components

0.6%

Belden,

Inc.

,

3.38%,

7/15/2031(a)

1,925,000

1,339,483

Energy

Equipment

&

Services

0.5%

Transocean

Sentry

Ltd.

,

5.38%,

5/15/2023(a)

1,294,402

1,255,570

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

HAT

Holdings

I

LLC

,

3.38%,

6/15/2026(a)

1,022,000

820,155

Uniti

Group

LP

,

6.00%,

1/15/2030(a)(c)

2,200,000

1,397,661

2,217,816

Food

Products

1.5%

JBS

USA

LUX

SA

,

5.75%,

4/1/2033(a)

645,000

582,525

6.50%,

12/1/2052(a)

1,285,000

1,141,649

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)(c)

2,245,000

1,700,588

3,424,762

Hotels,

Restaurants

&

Leisure

1.5%

Deuce

Finco

plc

,

5.50%,

6/15/2027(a)

GBP

655,000

544,848

20

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Grupo

Posadas

SAB

de

CV

,

2.00%,

12/30/2027(a)(c)(f)

(g)

779,690

551,436

Marriott

International,

Inc.

,

5.00%,

10/15/2027

1,860,000

1,796,267

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5.63%,

2/15/2029(a)(c)

910,000

707,525

3,600,076

Insurance

1.5%

Farmers

Exchange

Capital

III

,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(d)

2,010,000

1,852,397

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

827,322

MetLife,

Inc.

,

5.00%,

7/15/2052

835,000

761,154

Mutual

of

Omaha

Insurance

Co.

,

(ICE

LIBOR

USD

3

Month

+

2.64%),

4.30%,

7/15/2054(a)(d)

170,000

160,357

3,601,230

Machinery

0.2%

Park-Ohio

Industries,

Inc.

,

6.63%,

4/15/2027

590,000

442,500

Marine

1.2%

Hidrovias

International

Finance

SARL

,

4.95%,

2/8/2031(a)

970,000

747,938

Seaspan

Corp.

,

Reg.

S,

6.50%,

4/29/2026(a)

1,800,000

1,728,000

5.50%,

8/1/2029(a)

380,000

292,625

2,768,563

Media

1.7%

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)(c)

2,930,000

2,124,250

CSC

Holdings

LLC

,

4.63%,

12/1/2030(a)

1,400,000

952,000

5.00%,

11/15/2031(a)

300,000

198,162

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)

693,000

48,510

Stagwell

Global

LLC

,

5.63%,

8/15/2029(a)(c)

846,000

695,894

4,018,816

Metals

&

Mining

1.3%

Anglo

American

Capital

plc

,

4.75%,

3/16/2052(a)(c)

1,065,000

815,789

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

860,000

649,808

FMG

Resources

August

2006

Pty.

Ltd.

,

6.13%,

4/15/2032(a)(c)

1,280,000

1,099,840

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Novelis

Corp.

,

3.88%,

8/15/2031(a)(c)

420,000

313,286

TMS

International

Corp.

,

6.25%,

4/15/2029(a)

346,000

245,608

3,124,331

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)(d)

1,330,000

1,086,304

Oil,

Gas

&

Consumable

Fuels

6.0%

Boardwalk

Pipelines

LP

,

3.60%,

9/1/2032(c)

340,000

268,849

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)

2,321,000

1,906,804

EnLink

Midstream

LLC

,

6.50%,

9/1/2030(a)(c)

625,000

610,312

EnLink

Midstream

Partners

LP

,

5.60%,

4/1/2044

540,000

410,777

5.05%,

4/1/2045

420,000

294,363

5.45%,

6/1/2047

1,620,000

1,183,360

Golar

LNG

Ltd.

,

7.00%,

10/20/2025(a)

688,751

653,625

Harbour

Energy

plc

,

5.50%,

10/15/2026(a)

1,245,000

1,114,275

International

Petroleum

Corp.

,

Reg.

S,

7.25%,

2/1/2027(a)

1,154,000

1,047,255

MC

Brazil

Downstream

Trading

SARL

,

7.25%,

6/30/2031(a)

2,190,000

1,647,975

Midwest

Connector

Capital

Co.

LLC

,

4.63%,

4/1/2029(a)

1,467,000

1,308,936

Petroleos

Mexicanos

,

6.70%,

2/16/2032

2,047,000

1,436,226

6.75%,

9/21/2047

508,000

283,210

SCC

Power

plc

,

4.00%,

12/31/2028(a)(f)

1,828

,

170

686,884

0.00%,

5/17/2032(a)(f)

990

,

259

72,289

Tullow

Oil

plc

,

10.25%,

5/15/2026(a)

1,306,000

1,103,570

14,028,710

Pharmaceuticals

0.7%

Gruenenthal

GmbH

,

4.13%,

5/15/2028(a)

EUR

2,100,000

1,704,440

Professional

Services

0.2%

CoreLogic

,

Inc.

,

4.50%,

5/1/2028(a)

680,000

462,400

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Real

Estate

Management

&

Development

0.4%

Kennedy-Wilson,

Inc.

,

4.75%,

2/1/2030

1,160,000

860,372

Road

&

Rail

0.3%

Ashtead

Capital,

Inc.

,

5.50%,

8/11/2032(a)

630,000

584,712

Software

0.1%

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)(c)

395,000

312,275

Specialty

Retail

1.1%

AutoNation,

Inc.

,

3.85%,

3/1/2032

1,750,000

1,382,795

Shiba

Bidco

SpA

,

4.50%,

10/31/2028(a)

EUR

1,710,000

1,290,013

2,672,808

Thrifts

&

Mortgage

Finance

0.3%

United

Wholesale

Mortgage

LLC

,

5.50%,

4/15/2029(a)(c)

850,000

646,000

Trading

Companies

&

Distributors

0.3%

Beacon

Roofing

Supply,

Inc.

,

4.13%,

5/15/2029(a)

805,000

651,978

Wireless

Telecommunication

Services

0.5%

T-Mobile

USA,

Inc.

,

5.20%,

1/15/2033(c)

690,000

659,920

5.65%,

1/15/2053

425,000

401,461

1,061,381

Total

Corporate

Bonds

(cost

$152,219,854)

123,656,055

Foreign

Government

Security

0.3%

SERBIA

0.3%

Republic

of

Serbia,

2.05%,

9/23/2036(a)

EUR

1,225,000

627,293

Total

Foreign

Government

Security

(cost

$1,397,988)

627,293

Loan

Participations

3.7%

Airlines

0.5%

LaserShip

,

Inc.,

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.50%),

7.38%,

5/7/2028

(d)

653,400

548,451

Propulsion

(BC)

Newco

LLC,

Initial

Term

Loan,

(SOFR

+

4.00%),

7.18%,

9/14/2029

(d)

780,000

739,050

1,287,501

0

Loan

Participations

Principal

Amount

($)

Value

($)

Construction

Machinery

0.2%

PECF

USS

Intermediate

Holding

III

Corp.,

Initial

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

4.25%),

7.37%,

12/15/2028

(d)

535,950

456,002

0

Homefurnishing

Retail

0.4%

Osmosis

Buyer

Ltd.,

Term

Loan,

(SOFR

+

4.00%),

0.00%,

7/31/2028

(d)

1,112,222

1,032,287

0

Media

0.7%

Radiate

Holdco

LLC,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.25%),

6.37%,

9/25/2026

(d)

1,672,363

1,543,390

0

Metal

Fabrication/Hardware

0.5%

Grinding

Media,

Inc.

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

7.14%,

10/12/2028

(d)

1,386,000

1,233,540

0

Oil

&

Gas

Services

1.4%

ProFrac

Holdings

II,

LLC,

1st

Leam

Term

Loan,

(SOFR

+

8.50%),

10.01%,

3/4/2025

(d)

3,099,535

3,177,023

0

Total

Loan

Participations

(cost

$9,195,762)

8,729,743

Municipal

Bond

0.4%

Arizona

0.4

%

Arizona

Industrial

Development

Authority,

RB,

Series

A,

3.00%,

2/1/2045

1,300,000

901,151

Total

Municipal

Bond

(cost

$1,107,426)

901,151

Warrants

0.0%

†

Number

of

Warrants

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026

*∞

35,000

0

Total

Warrants

(cost

$0)

0

22

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Repurchase

Agreements

4.0%

Principal

Amount

($)

Value

($)

Bank

of

America

NA

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$985,874,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$1,005,335.

(h)

985,623

985,623

Cantor

Fitzgerald

&

Co.

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,318,514,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$5,423,506.

(h)

5,317,162

5,317,162

MetLife,

Inc.

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,027,795,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$3,089,063.

(h)

3,027,025

3,027,025

Total

Repurchase

Agreements

(cost

$9,329,810)

9,329,810

Total

Investments

(cost

$255,481,771)

—

93.2%

216,911,377

Other

assets

in

excess

of

liabilities

—

6.8%

15,806,407

NET

ASSETS

—

100.0%

$

232,717,784

*

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

September

30,

2022

was

$138,912,248

which

represents

59.69%

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

September

30,

2022.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$22,140,607,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$9,329,810

and

by

$13,673,086

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.75%,

and

maturity

dates

ranging

from

10/31/2022

–

11/15/2050,

a

total

value

of

$23,002,896.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2022.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2022.

The

maturity

date

reflects

the

next

call

date.

(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.

(g)

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

September

30,

2022.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$9,329,810.

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

RB

Revenue

Bond

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

USD

United

States

Dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

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

38-V1

5.00

Quarterly

6/20/2027

5.66

USD

83,000,000

(909,267)

2,662,700

1,753,433

Markit

CDX

North

American

Investment

Grade

Index

Series

38-V1

1.00

Quarterly

6/20/2027

1.01

USD

61,000,000

(869,150)

843,847

(25,303)

(1,778,417)

3,506,547

1,728,130

As

of

September

30,

2022,

the

Fund

had

$5,884,021

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

24

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

EUR

234,540

USD

226,503

HSBC

Bank

PLC

10/26/2022

3,716

EUR

263,435

USD

257,275

Morgan

Stanley

Co.,

Inc.

10/26/2022

1,306

USD

13,032,935

EUR

13,165,156

HSBC

Bank

PLC

10/26/2022

110,336

USD

637,905

GBP

561,987

Brown

Brothers

Harriman

Co.

10/26/2022

10,111

USD

638,625

GBP

562,000

Morgan

Stanley

Co.,

Inc.

12/15/2022

10,448

USD

440,476

MXN

8,943,683

Morgan

Stanley

Co.,

Inc.

12/15/2022

2,291

Total

unrealized

appreciation

138,208

GBP

562,000

USD

636,938

Brown

Brothers

Harriman

Co.

10/26/2022

(9,129)

Total

unrealized

depreciation

(9,129)

Net

unrealized

appreciation

129,079

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

86

12/2022

USD

17,663,594

(285,092)

U.S.

Treasury

Long

Bond

32

12/2022

USD

4,045,000

(304,256)

Total

long

contracts

(589,348)

Short

Contracts

Euro-

Bobl

(16)

12/2022

EUR

(1,877,776)

45,556

Euro-Bund

(30)

12/2022

EUR

(4,071,814)

185,339

U.S.

Treasury

5

Year

Note

(243)

12/2022

USD

(26,124,399)

882,291

U.S.

Treasury

10

Year

Note

(163)

12/2022

USD

(18,266,187)

861,486

U.S.

Treasury

10

Year

Ultra

Note

(371)

12/2022

USD

(43,957,703)

2,525,990

U.S.

Treasury

Ultra

Bond

(73)

12/2022

USD

(10,001,000)

777,057

Total

short

contracts

5,277,719

Net

contracts

4,688,371

As

of

September

30,

2022,

the

Fund

had

$2,298,677

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

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

-

September

30,

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

September

30,

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

September

30,

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

$

–

$

18,116,221

$

–

$

18,116,221

Collateralized

Mortgage

Obligations

–

26,844,506

–

26,844,506

Commercial

Mortgage-Backed

Securities

–

22,736,564

–

22,736,564

  Common

Stocks

Airlines

377,928

–

–

377,928

Paper

&

Forest

Products

–

–

–

–

Total

Common

Stocks

$

377,928

$

–

$

–

$

377,928

Convertible

Bonds

–

3,273,202

–

3,273,202

Convertible

Preferred

Stock

2,318,904

–

–

2,318,904

Corporate

Bonds

–

123,656,055

–

123,656,055

Credit

Default

Swaps†

–

3,506,547

–

3,506,547

Foreign

Government

Security

–

627,293

–

627,293

Forward

Foreign

Currency

Contracts

–

138,208

–

138,208

Futures

Contracts

5,277,719

–

–

5,277,719

Loan

Participations

–

8,729,743

–

8,729,743

Municipal

Bond

–

901,151

–

901,151

Repurchase

Agreements

–

9,329,810

–

9,329,810

Warrants

–

–

–

–

Total

Assets

$

7,974,551

$

217,859,300

$

–

$

225,833,851

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(9,129)

$

–

$

(9,129)

Futures

Contracts

(589,348)

–

–

(589,348)

Total

Liabilities

$

(589,348)

$

(9,129)

$

–

$

(598,477)

Total

$

7,385,203

$

217,850,171

$

–

$

225,235,374

†

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).

As

of

September

30,

2022,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Common

Stocks

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

9/30/2022

$

—

$

–

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2022

$

—

$

–

$

—

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

27

(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

September

30,

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.

28

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

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).

(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

managing

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

$

3,506,547

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

138,208

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

5,277,719

Total

$

8,922,474

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(9,129)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(589,348)

Total

$

(598,477)

†

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.

30

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Government

Bond

Fund

Asset-Backed

Securities

2.3%

Principal

Amount

($)

Value

($)

Other

2.3%

Goodgreen,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

798,352

719,710

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

2,180,000

2,083,812

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

237,856

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

237,725

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

160,000

159,707

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

2,200,000

2,099,242

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

190,095

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

2,310,000

2,032,064

Total

Asset-Backed

Securities

(cost

$8,347,634)

7,760,211

Collateralized

Mortgage

Obligations

10.0%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

316,672

299,447

Barclays

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A1,

4.47%,

2/25/2062(a)(c)

1,009,888

961,871

FHLMC

REMICS,

Series

2985,

Class

JR,

4.50%,

6/15/2025

758,033

750,497

FNMA

REMICS

Series

2003-64,

Class

HQ,

5.00%,

7/25/2023

69,735

69,609

Series

1993-149,

Class

M,

7.00%,

8/25/2023

27,552

27,683

Series

2005-40,

Class

YG,

5.00%,

5/25/2025

658,984

653,907

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

2,861,301

2,616,559

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

10,996,547

10,145,918

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

2,109,611

1,948,884

GCAT

Trust,

Series

2022-

HX1,

Class

A1,

2.89%,

12/27/2066(a)(b)

1,559,734

1,412,912

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(b)

744,842

700,922

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(b)

2,172,241

2,018,332

Starwood

Mortgage

Residential

Trust,

Series

2022-3,

Class

A1,

4.16%,

3/25/2067(a)(b)

1,588,105

1,514,713

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

5,900,000

5,291,557

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

5,900,000

5,313,006

Verus

Securitization

Trust,

Series

2022-4,

Class

A1,

4.47%,

4/25/2067(a)(c)

910,199

867,756

Total

Collateralized

Mortgage

Obligations

(cost

$38,350,403)

34,593,573

Corporate

Bonds

13.3%

Diversified

Financial

Services

13.3%

Private

Export

Funding

Corp.

,

Series

II,

2.05%,

11/15/2022

5,000,000

4,991,460

Series

GG,

2.45%,

7/15/2024

5,500,000

5,304,648

Series

OO,

1.75%,

11/15/2024

10,000,000

9,386,536

Series

NN,

3.25%,

6/15/2025

14,000,000

13,478,447

Series

PP,

1.40%,

7/15/2028

15,000,000

12,742,120

Total

Corporate

Bonds

(cost

$49,461,561)

45,903,211

Mortgage-Backed

Securities

41.7%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

2,092,130

1,981,149

Pool#

G08881

3.50%,

6/1/2049

1,312,506

1,195,492

FHLMC

Non

Gold

Pool

Pool#

847558

,

3.55%,

6/1/2035

(b)

476,718

483,162

FHLMC

UMBS

Pool

Pool#

QN1359

3.00%,

1/1/2035

2,159,647

2,011,119

Pool#

SB8083

1.50%,

1/1/2036

8,243,926

7,080,463

Pool#

QO0449

2.00%,

6/1/2037

3,000,000

2,646,338

Pool#

SD8025

3.50%,

11/1/2049

2,899,097

2,641,235

Pool#

SD8030

3.00%,

12/1/2049

1,530,001

1,342,943

Pool#

SD8050

3.00%,

3/1/2050

2,245,993

1,970,964

NVIT

Government

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8080

2.00%,

6/1/2050

2,572,881

2,095,614

Pool#

SD8171

1.50%,

10/1/2051

3,169,457

2,434,303

Pool#

SD8182

2.00%,

12/1/2051

4,282,502

3,478,692

Pool#

RA6433

2.50%,

12/1/2051

3,000,000

2,526,822

Pool#

SD8199

2.00%,

3/1/2052

5,336,871

4,329,703

Pool#

QE0958

2.00%,

3/1/2052

4,000,000

3,239,230

Pool#

SD8200

2.50%,

3/1/2052

4,337,694

3,649,331

Pool#

QE0799

2.50%,

4/1/2052

2,918,673

2,454,428

Pool#

SD8244

4.00%,

9/1/2052

2,987,994

2,773,938

FNMA

Pool

Pool#

745684

2.53%,

4/1/2034(b)

1,174,625

1,188,836

Pool#

790760

3.92%,

9/1/2034(b)

380,379

377,991

Pool#

799144

2.16%,

4/1/2035(b)

68,135

66,964

Pool#

822705

2.96%,

4/1/2035(b)

177,166

175,703

Pool#

815217

2.81%,

5/1/2035(b)

547,448

542,763

Pool#

783609

2.99%,

5/1/2035(b)

417,932

414,105

Pool#

821377

3.84%,

5/1/2035(b)

208,298

206,053

Pool#

826181

3.85%,

7/1/2035(b)

612,255

607,387

Pool#

873932

6.31%,

8/1/2036

5,965,173

5,952,030

Pool#

745866

4.11%,

9/1/2036(b)

1,538,849

1,582,409

FNMA

UMBS

Pool

Pool#

MA4228

1.50%,

1/1/2036

4,564,616

3,920,408

Pool#

BM5426

3.00%,

12/1/2047

9,758,985

8,681,453

Pool#

CA1564

4.50%,

4/1/2048

1,360,260

1,315,715

Pool#

BM5267

4.50%,

12/1/2048

3,511,365

3,397,524

Pool#

MA3664

4.00%,

5/1/2049

1,254,412

1,183,170

Pool#

MA3746

4.00%,

8/1/2049

1,314,322

1,236,286

Pool#

BP5843

2.50%,

5/1/2050

5,814,645

4,917,450

Pool#

MA4096

2.50%,

8/1/2050

3,855,348

3,263,511

Pool#

MA4119

2.00%,

9/1/2050

4,676,867

3,814,111

Pool#

MA4183

2.50%,

11/1/2050

3,244,175

2,742,828

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4492

2.00%,

12/1/2051

5,244,586

4,251,161

Pool#

FS1648

2.50%,

1/1/2052

3,382,969

2,844,589

Pool#

FS1476

3.00%,

3/1/2052

1,949,687

1,702,514

Pool#

MA4577

2.00%,

4/1/2052

13,697,777

11,116,384

Pool#

FS1749

2.50%,

4/1/2052

4,347,225

3,659,842

Pool#

MA4656

4.50%,

7/1/2052

3,966,860

3,789,705

Pool#

MA4698

3.00%,

8/1/2052

2,000,001

1,745,067

Pool#

MA4732

4.00%,

9/1/2052

6,000,000

5,570,166

Pool#

MA4782

3.50%,

10/1/2052

10,000,000

9,014,180

Pool#

MA4785

5.00%,

10/1/2052

5,000,000

4,875,909

GNMA

I

Pool

Pool#

748484

3.50%,

8/15/2025

71,102

66,909

Pool#

682492

3.50%,

10/15/2025

141,295

132,937

Pool#

719433

3.50%,

10/15/2025

109,161

102,701

Pool#

733504

3.50%,

11/15/2025

182,453

171,618

Pool#

682497

3.50%,

11/15/2025

176,025

165,552

Pool#

740930

3.50%,

11/15/2025

112,504

105,818

Pool#

749618

3.50%,

11/15/2025

61,347

57,722

Pool#

742371

3.50%,

11/15/2025

36,277

34,410

Pool#

705178

3.50%,

11/15/2025

19,418

18,491

Pool#

750403

3.50%,

11/15/2025

17,788

16,734

Pool#

755650

3.50%,

12/15/2025

398,397

378,592

Pool#

682502

3.50%,

12/15/2025

128,919

121,314

Total

Mortgage-Backed

Securities

(cost

$160,818,720)

143,863,938

U.S.

Government

Agency

Securities

19.3%

FFCB

3.14%,

7/2/2026

13,500,000

12,964,440

2.75%,

11/6/2026

2,000,000

1,898,432

1.95%,

11/27/2029

1,500,000

1,290,369

2.38%,

3/16/2032

15,000,000

12,875,065

3.19%,

3/9/2033

2,475,000

2,237,085

FHLB,

2.13%,

12/14/2029

2,590,000

2,260,412

32

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Government

Bond

Fund

U.S.

Government

Agency

Securities

Principal

Amount

($)

Value

($)

FFCB

Hashemite

Kingdom

of

Jordan

AID

Bond,

3.00%,

6/30/2025

2,125,000

2,043,350

State

of

Israel

AID

Bond,

5.50%,

9/18/2033

6,024,000

6,643,158

Tennessee

Valley

Authority,

7.13%,

5/1/2030

20,721,000

24,573,118

Total

U.S.

Government

Agency

Securities

(cost

$73,731,645)

66,785,429

U.S.

Treasury

Obligations

10.8%

U.S.

Treasury

Bonds

2.50%,

2/15/2045

14,600,000

11,130,789

2.50%,

2/15/2046

10,000,000

7,592,578

2.25%,

8/15/2046

14,500,000

10,441,133

1.25%,

5/15/2050

6,900,000

3,861,844

U.S.

Treasury

Notes

0.75%,

5/31/2026

2,500,000

2,207,812

1.13%,

10/31/2026

2,500,000

2,216,504

Total

U.S.

Treasury

Obligations

(cost

$44,841,244)

37,450,660

Short-Term

Investment

2.1%

U.S.

Government

Agency

Security

2.1%

Resolution

Funding

Corp.,

1.30%,

1/15/2030(d)

10,000,000

7,338,944

Total

Short-Term

Investment

(cost

$9,111,403)

7,338,944

Total

Investments

(cost

$384,662,610)

—

99.5%

343,695,966

Other

assets

in

excess

of

liabilities

—

0.5%

1,682,584

NET

ASSETS

—

100.0%

$

345,378,550

(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

September

30,

2022

was

$26,140,727

which

represents

7.57%

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

September

30,

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

September

30,

2022.

(d)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

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

PO

Principal

only

security—This

security

entitles

the

holder

to

receive

principal

payments

from

an

underlying

pool

of

assets

or

on

the

security

itself.

In

the

case

of

asset-backed

securities,

high

prepayments

return

principal

faster

than

expected

and

cause

the

yield

to

increase.

Low

prepayments

return

principal

slower

than

expected

and

cause

the

yield

to

decrease.

REMICS

Real

Estate

Mortgage

Investment

Conduits

UMBS

Uniform

Mortgage-Backed

Securities

NVIT

Government

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(111)

12/2022

USD

(13,151,766)

748,984

Net

contracts

748,984

As

of

September

30,

2022,

the

Fund

had

$305,250

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

34

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Government

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

September

30,

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

$

–

$

7,760,211

$

–

$

7,760,211

Collateralized

Mortgage

Obligations

–

34,593,573

–

34,593,573

Corporate

Bonds

–

45,903,211

–

45,903,211

Futures

Contracts

748,984

–

–

748,984

Mortgage-Backed

Securities

–

143,863,938

–

143,863,938

Short-Term

Investment

–

7,338,944

–

7,338,944

U.S.

Government

Agency

Securities

–

66,785,429

–

66,785,429

NVIT

Government

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

35

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

managing

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Treasury

Obligations

$

–

$

37,450,660

$

–

$

37,450,660

Total

$

748,984

$

343,695,966

$

–

$

344,444,950

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

748,984

Total

$

748,984

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.

36

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Asset-Backed

Securities

18.0%

Principal

Amount

($)

Value

($)

Automobiles

0.1%

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

250,000

234,752

Equipment

Loans

&

Leases

0.9%

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

703,937

528,457

Sprite

Ltd.,

Series

2021-

1,

Class

A,

3.75%,

11/15/2046(a)

462,120

390,129

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

773,746

639,904

1,558,490

Home

Equity

7.3%

Aegis

Asset-Backed

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2003-2,

Class

M2,

5.63%,

11/25/2033(b)

1,083,415

982,420

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE2,

Class

A4,

3.31%,

5/25/2037(b)

1,468,088

1,047,076

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB4,

Class

AV3,

3.38%,

5/25/2036(b)

2,356,609

1,601,414

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-

NC1,

Class

A3,

3.26%,

4/25/2037(b)

455,821

321,252

JP

Morgan

Mortgage

Acquisition

Trust

Series

2006-RM1,

Class

A5,

3.56%,

8/25/2036(b)

1,652,502

756,973

Series

2007-CH3,

Class

M2,

3.40%,

3/25/2037(b)

1,500,000

1,314,258

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

3.29%,

5/25/2037(b)

1,289,002

1,215,465

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-HE3,

Class

A4,

3.58%,

6/25/2037(b)

2,159,597

604,842

New

Century

Home

Equity

Loan

Trust,

Series

2006-

1,

Class

A2C,

3.64%,

5/25/2036(b)

1,500,000

1,324,467

Option

One

Mortgage

Loan

Trust,

Series

2006-1,

Class

M2,

3.65%,

1/25/2036(b)

2,049,000

1,502,672

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Home

Equity

Renaissance

Home

Equity

Loan

Trust,

Series

2007-

1,

Class

AF4,

5.76%,

4/25/2037(c)

2,781,357

875,097

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-FR4,

Class

A2B,

3.42%,

8/25/2036(b)

4,101,648

1,348,606

12,894,542

Other

9.4%

Affirm

Asset

Securitization

Trust,

Series

2020-

Z1,

Class

A,

3.46%,

10/15/2024(a)

38,775

38,470

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

A,

3.81%,

1/15/2033(a)(b)

1,000,000

979,370

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A1A,

3.94%,

7/20/2034(a)(b)

500,000

477,229

Capital

Four

US

CLO

I

Ltd.,

Series

2021-1A,

Class

A,

3.95%,

1/18/2035(a)(b)

500,000

473,619

Cathedral

Lake

VIII

Ltd.,

Series

2021-8A,

Class

A1,

3.93%,

1/20/2035(a)(b)

500,000

476,956

CLNC

Ltd.,

Series

2019-

FL1,

Class

A,

4.38%,

8/20/2035(a)(b)

116,854

115,202

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(b)

1,000,000

858,929

Franklin

Park

Place

CLO

I

LLC,

Series

2022-1A,

Class

A,

2.17%,

4/14/2035(a)(b)

500,000

476,358

FS

RIALTO,

Series

2021-

FL2,

Class

A,

4.16%,

5/16/2038(a)(b)

375,000

363,740

FS

Rialto

Issuer

LLC,

Series

2022-FL4,

Class

AS,

4.68%,

1/19/2039(a)(b)

200,000

196,057

Generate

CLO

9

Ltd.,

Series

9A,

Class

A,

3.91%,

10/20/2034(a)(b)

500,000

476,314

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-5CS,

Class

C,

3.50%,

10/20/2048(a)

462,835

380,164

Gulf

Stream

Meridian

3

Ltd.,

Series

2021-IIIA,

Class

A1,

3.83%,

4/15/2034(a)(b)

500,000

481,752

Home

Partners

of

America

Trust

Series

2021-1,

Class

D,

2.48%,

9/17/2041(a)

1,064,245

869,169

Series

2021-1,

Class

F,

3.33%,

9/17/2041(a)

625,399

497,305

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

LCM

XV

LP,

Series

15A,

Class

DR,

6.41%,

7/20/2030(a)(b)

250,000

222,140

LoanCore

Issuer

Ltd.,

Series

2019-CRE2,

Class

AS,

4.32%,

5/15/2036(a)(b)

165,953

165,095

Marble

Point

CLO

XIV

Ltd.,

Series

2018-2A,

Class

A1R,

3.99%,

1/20/2032(a)(b)

500,000

480,709

Marble

Point

CLO

XXII

Ltd.,

Series

2021-2A,

Class

A,

3.98%,

7/25/2034(a)(b)

500,000

473,069

Marlette

Funding

Trust,

Series

2019-4A,

Class

C,

3.76%,

12/17/2029(a)

392,803

385,482

ME

Funding

LLC,

Series

2019-1,

Class

A2,

6.45%,

7/30/2049(a)

729,375

713,873

Ocean

Trails

CLO

X,

Series

2020-10A,

Class

AR,

3.73%,

10/15/2034(a)(b)

500,000

476,030

Pagaya

AI

Debt

Selection

Trust

Series

2021-1,

Class

B,

2.13%,

11/15/2027(a)

349,856

326,030

Series

2021-3,

Class

B,

1.74%,

5/15/2029(a)

499,973

457,589

Pagaya

AI

Debt

Trust,

Series

2022-1,

Class

B,

3.34%,

10/15/2029(a)

499,934

444,277

PMT

Issuer

Trust-FMSR,

Series

2021-FT1,

Class

A,

6.08%,

3/25/2026(a)(b)

850,000

793,775

PRET

LLC,

Series

2021-

NPL5,

Class

A1,

2.49%,

10/25/2051(a)(c)

863,942

799,492

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

3.90%,

10/20/2030(a)(b)

500,000

489,737

Sunnova

Helios

V

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048(a)

431,434

346,893

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

462,083

409,039

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

3.82%,

1/17/2032(a)

(b)

500,000

483,393

Trimaran

Cavu

Ltd.,

Series

2021-3A,

Class

A,

3.95%,

1/18/2035(a)(b)

500,000

475,090

Upstart

Pass-Through

Trust

Series

2021-ST3,

Class

A,

2.00%,

5/20/2027(a)

246,425

232,746

Series

2021-ST4,

Class

A,

2.00%,

7/20/2027(a)

192,580

179,834

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

413,483

335,287

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

VOLT

XCVI

LLC,

Series

2021-

NPL5,

Class

A1,

2.12%,

3/27/2051(a)(c)

397,637

364,659

Wellfleet

CLO

X

Ltd.,

Series

2019-XA,

Class

A2R,

4.46%,

7/20/2032(a)(b)

500,000

466,485

16,681,358

Student

Loan

0.3%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

500,000

466,047

Total

Asset-Backed

Securities

(cost

$36,410,873)

31,835,189

Collateralized

Mortgage

Obligations

16.7%

Alternative

Loan

Trust

Series

2005-64CB,

Class

1A12,

3.88%,

12/25/2035(b)

1,067,877

920,997

Series

2006-13T1,

Class

A1,

6.00%,

5/25/2036

1,896,699

920,096

Series

2006-OA7,

Class

1A2,

2.04%,

6/25/2046(b)

1,535,718

1,331,332

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

3.56%,

2/25/2036(b)

1,273,599

1,249,748

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1,548,153

758,621

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,152,085

607,359

COLT

Mortgage

Loan

Trust,

Series

2022-4,

Class

A1,

4.30%,

3/25/2067(a)(b)

947,669

907,328

FHLMC

REMICS

Series

4749,

Class

LV,

3.50%,

4/15/2038

249,748

249,501

Series

5004,

Class

LS,

IO,

3.07%,

7/25/2050(b)

3,090,986

380,921

Series

5198,

Class

KZ,

2.00%,

2/25/2052

2,225,795

1,347,446

FNMA

REMICS

Series

2013-20,

Class

MA,

2.50%,

3/25/2033

1,628,617

1,506,754

Series

2014-11,

Class

KZ,

2.50%,

10/25/2041

2,264,088

2,009,767

Series

2018-33,

Class

A,

3.00%,

5/25/2048

683,898

614,945

Series

2019-64,

Class

D,

2.50%,

11/25/2049

445,404

389,983

Series

2020-77,

Class

S,

IO,

1.87%,

11/25/2050(b)

6,085,757

346,965

Series

2021-61,

Class

KZ,

2.50%,

9/25/2051

3,082,273

1,891,112

38

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(b)

700,000

584,363

GNMA

,

3.50%,

12/31/2049

4,267,000

3,642,118

GNMA

REMICS

Series

2019-84,

Class

SA,

IO,

0.39%,

7/20/2049(b)

5,258,227

49,057

Series

2020-151,

Class

MI,

IO,

2.50%,

10/20/2050

3,349,781

420,587

Series

2021-57,

Class

IA,

IO,

2.50%,

12/20/2050

3,939,732

516,799

Series

2021-30,

Class

KI,

IO,

3.00%,

2/20/2051

3,050,358

479,757

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

3.44%,

7/25/2047(b)

709,591

498,581

JP

Morgan

Mortgage

Trust,

Series

2006-S1,

Class

2A9,

6.50%,

4/25/2036

357,362

350,845

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

A1,

2.69%,

10/25/2060(a)(b)

442,807

422,770

New

Residential

Mortgage

Loan

Trust,

Series

2021-

NQ1R,

Class

M1,

2.27%,

7/25/2055(a)(b)

550,000

418,111

PRPM

LLC,

Series

2022-

5,

Class

A1,

6.90%,

9/27/2027(a)(c)

1,900,000

1,882,964

RALI

Trust,

Series

2006-

QS17,

Class

A7,

6.00%,

12/25/2036

1,014,154

830,223

Seasoned

Credit

Risk

Transfer

Trust,

Series

2019-4,

Class

MV,

3.00%,

2/25/2059

1,908,222

1,688,139

Toorak

Mortgage

Corp.

Ltd.,

Series

2020-1,

Class

A2,

3.23%,

3/25/2023(a)(c)

1,100,000

1,077,131

Verus

Securitization

Trust

Series

2021-6,

Class

B1,

4.05%,

10/25/2066(a)(b)

600,000

408,254

Series

2022-4,

Class

A2,

4.74%,

4/25/2067(a)(b)

910,199

860,153

Total

Collateralized

Mortgage

Obligations

(cost

$35,719,890)

29,562,727

Commercial

Mortgage-Backed

Securities

7.4%

ACRE

Commercial

Mortgage

Ltd.,

Series

2021-

FL4,

Class

A,

3.82%,

12/18/2037(a)(b)

111,313

110,148

BANK

Series

2020-BN30,

Class

XB,

IO,

0.83%,

12/15/2053(b)

3,036,000

137,364

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2017-BNK6,

Class

XA,

IO,

0.91%,

7/15/2060(b)

4,188,511

116,450

Series

2018-BN10,

Class

XA,

IO,

0.84%,

2/15/2061(b)

2,791,516

82,527

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.17%,

2/15/2053(b)

1,979,377

106,910

Series

2021-C12,

Class

XA,

IO,

1.07%,

11/15/2054(b)

2,722,492

156,457

BB-UBS

Trust

Series

2012-SHOW,

Class

XB,

IO,

0.28%,

11/5/2036(a)

(b)

4,823,000

17,234

Series

2012-SHOW,

Class

XA,

IO,

0.73%,

11/5/2036(a)

(b)

8,760,000

100,999

Benchmark

Mortgage

Trust

Series

2020-B19,

Class

XA,

IO,

1.89%,

9/15/2053(b)

1,314,887

104,390

Series

2021-B27,

Class

XA,

IO,

1.38%,

7/15/2054(b)

2,002,766

145,135

BX

Commercial

Mortgage

Trust

Series

2021-VOLT,

Class

E,

4.82%,

9/15/2036(a)(b)

134,000

123,555

Series

2021-VOLT,

Class

F,

5.22%,

9/15/2036(a)(b)

134,000

123,197

Series

2021-21M,

Class

H,

6.83%,

10/15/2036(a)(b)

201,000

185,212

Series

2021-SOAR,

Class

A,

3.49%,

6/15/2038(a)(b)

198,496

189,793

BX

Trust

Series

2018-EXCL,

Class

A,

3.91%,

9/15/2037(a)(b)

7,691

7,528

Series

2019-OC11,

Class

E,

4.08%,

12/9/2041(a)(b)

211,000

160,476

Series

2019-OC11,

Class

D,

4.08%,

12/9/2041(a)(b)

100,000

81,617

BXMT

Ltd.,

Series

2021-

FL4,

Class

A,

3.87%,

5/15/2038(a)(b)

125,000

123,602

CD

Mortgage

Trust

Series

2017-CD6,

Class

XA,

IO,

1.02%,

11/13/2050(b)

5,138,900

150,662

Series

2017-CD6,

Class

C,

4.37%,

11/13/2050(b)

202,000

174,438

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XA,

IO,

1.77%,

5/10/2058(b)

1,942,403

82,926

Citigroup

Commercial

Mortgage

Trust

Series

2020-555,

Class

E,

3.62%,

12/10/2041(a)(b)

115,000

83,592

Series

2014-GC19,

Class

XA,

IO,

1.27%,

3/10/2047(b)

3,266,160

35,221

Series

2014-GC21,

Class

XA,

IO,

1.30%,

5/10/2047(b)

2,852,414

40,859

Series

2016-GC36,

Class

D,

2.85%,

2/10/2049(a)

139,000

80,106

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Commercial

Mortgage

Trust

Series

2017-PANW,

Class

E,

4.13%,

10/10/2029(a)(b)

254,000

228,129

Series

2017-PANW,

Class

D,

4.34%,

10/10/2029(a)(b)

152,000

140,468

Series

2014-CR20,

Class

XA,

IO,

1.10%,

11/10/2047(b)

5,392,075

83,533

Series

2015-CR23,

Class

C,

4.43%,

5/10/2048(b)

407,000

379,484

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

2.03%,

1/15/2049(b)

620,443

31,065

Series

2017-CX10,

Class

XA,

IO,

0.89%,

11/15/2050(b)

6,042,643

167,828

Series

2017-CX10,

Class

C,

4.32%,

11/15/2050(b)

247,000

213,385

Series

2019-C18,

Class

B,

3.59%,

12/15/2052

255,000

213,723

CSMC

Trust

Series

2017-CALI,

Class

F,

3.90%,

11/10/2032(a)(b)

250,000

217,112

Series

2020-NET,

Class

A,

2.26%,

8/15/2037(a)

158,571

143,512

Series

2021-B33,

Class

A1,

3.05%,

10/10/2043(a)

100,000

85,984

Series

2021-B33,

Class

A2,

3.17%,

10/10/2043(a)

157,000

127,628

CSWF,

Series

2018-

TOP,

Class

F,

5.57%,

8/15/2035(a)(b)

86,258

84,957

FNMA

ACES

REMICS

Series

2022-M4,

Class

A1X,

2.55%,

5/25/2030(b)

1,648,394

1,481,673

Series

2020-M7,

Class

X2,

IO,

1.33%,

3/25/2031(b)

5,179,434

369,219

GNMA

REMICS

Series

2021-35,

Class

,

IO,

0.99%,

12/16/2062(b)

4,625,050

348,313

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

4,846,956

299,800

Series

2021-129,

Class

,

IO,

0.99%,

6/16/2063(b)

5,480,439

406,777

Series

2021-65,

Class

,

IO,

0.88%,

8/16/2063(b)

5,064,886

352,615

Series

2021-79,

Class

,

IO,

0.91%,

8/16/2063(b)

5,299,591

376,887

Series

2022-49,

Class

,

IO,

0.76%,

3/16/2064(b)

6,720,806

449,665

Series

2021-208,

Class

,

IO,

0.75%,

6/16/2064(b)

6,624,933

421,938

GPMT

Ltd.,

Series

2021-

FL3,

Class

A,

4.24%,

7/16/2035(a)(b)

137,928

136,042

Great

Wolf

Trust

Series

2019-WOLF,

Class

E,

5.55%,

12/15/2036(a)(b)

100,000

94,973

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2019-WOLF,

Class

F,

5.95%,

12/15/2036(a)(b)

100,000

94,470

GS

Mortgage

Securities

Corp.

Trust,

Series

2018-

TWR,

Class

D,

4.67%,

7/15/2031(a)(b)

100,000

92,505

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.69%,

11/10/2049(b)

5,471,986

101,883

Series

2017-GS8,

Class

XA,

IO,

1.10%,

11/10/2050(b)

5,087,307

174,731

Series

2018-GS9,

Class

C,

4.50%,

3/10/2051(b)

175,000

149,982

HPLY

Trust,

Series

2019-

HIT,

Class

F,

5.97%,

11/15/2036(a)(b)

88,054

83,659

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

FFX,

5.54%,

7/5/2033(a)(b)

113,000

107,586

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

D,

4.13%,

9/15/2047(a)(b)

200,000

175,219

JPMDB

Commercial

Mortgage

Securities

Trust

Series

2020-COR7,

Class

XA,

IO,

1.78%,

5/13/2053(b)

1,352,120

106,076

Series

2020-COR7,

Class

B,

3.29%,

5/13/2053(b)

158,000

126,873

Med

Trust,

Series

2021-

MDLN,

Class

G,

8.07%,

11/15/2038(a)(b)

201,000

184,937

MHC

Commercial

Mortgage

Trust,

Series

2021-

MHC,

Class

A,

3.62%,

4/15/2038(a)(b)

200,000

192,491

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

XA,

IO,

1.41%,

5/15/2050(b)

2,451,006

101,584

Morgan

Stanley

Capital

I

Trust

Series

2017-ASHF,

Class

D,

5.02%,

11/15/2034(a)(b)

111,000

105,673

Series

2019-L3,

Class

XA,

IO,

0.76%,

11/15/2052(b)

3,028,096

104,787

Series

2020-L4,

Class

B,

3.08%,

2/15/2053

114,000

91,254

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

C,

5.02%,

1/15/2036(a)(b)

150,000

141,010

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

XA,

IO,

2.04%,

10/10/2048(b)

2,763,777

134,401

Soho

Trust,

Series

2021-

SOHO,

Class

B,

2.79%,

8/10/2038(a)(b)

202,000

152,851

40

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UBS

Commercial

Mortgage

Trust

Series

2017-C3,

Class

B,

4.09%,

8/15/2050(b)

194,000

164,349

Series

2017-C4,

Class

B,

4.24%,

10/15/2050(b)

161,000

143,122

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

XA,

IO,

0.72%,

5/15/2048(b)

8,355,976

98,552

Series

2016-C35,

Class

B,

3.44%,

7/15/2048

200,000

177,285

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(b)

161,000

138,723

Series

2020-C57,

Class

XA,

IO,

2.22%,

8/15/2053(b)

1,074,254

119,460

Series

2021-C59,

Class

XA,

IO,

1.67%,

4/15/2054(b)

1,669,771

143,311

Total

Commercial

Mortgage-Backed

Securities

(cost

$14,799,904)

12,981,882

Corporate

Bonds

13.7%

Aerospace

&

Defense

0.3%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

170,000

136,669

Raytheon

Technologies

Corp.

,

3.03%,

3/15/2052

100,000

65,239

Textron,

Inc.

,

2.45%,

3/15/2031

270,000

207,116

TransDigm,

Inc.

,

6.25%,

3/15/2026(a)

70,000

67,900

5.50%,

11/15/2027

45,000

39,137

516,061

Airlines

0.1%

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)

185,000

161,412

Auto

Components

0.1%

American

Axle

&

Manufacturing,

Inc.

,

5.00%,

10/1/2029

40,000

30,300

Clarios

Global

LP

,

6.25%,

5/15/2026(a)

49,000

46,795

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

35,000

30,801

Goodyear

Tire

&

Rubber

Co.

(The)

,

5.25%,

7/15/2031

70,000

56,000

Icahn

Enterprises

LP

,

5.25%,

5/15/2027

40,000

35,020

198,916

Automobiles

0.1%

Ford

Motor

Co.

,

3.25%,

2/12/2032

120,000

86,440

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

1.5%

Banco

Davivienda

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%,

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

200,000

145,798

Banco

Nacional

de

Comercio

Exterior

SNC

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

2.72%,

8/11/2031(e)

200,000

171,928

Bank

of

America

Corp.

,

(SOFR

+

1.11%),

3.84%,

4/25/2025(e)

30,000

29,185

(SOFR

+

1.75%),

4.83%,

7/22/2026(e)

45,000

43,996

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(e)

285,000

205,852

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(e)

185,000

137,955

Bank

of

Nova

Scotia

(The)

,

3.45%,

4/11/2025

265,000

253,818

BBVA

Bancomer

SA

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.12%,

1/18/2033(e)

200,000

165,503

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

3.67%,

7/24/2028(e)

315,000

283,587

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.99%),

4.85%,

7/25/2028(e)

75,000

72,013

(SOFR

+

1.25%),

2.58%,

4/22/2032(e)

180,000

139,527

(SOFR

+

1.26%),

2.96%,

1/25/2033(e)

175,000

137,565

Santander

Holdings

USA,

Inc.

,

3.40%,

1/18/2023

145,000

144,390

(SOFR

+

1.25%),

2.49%,

1/6/2028(e)

170,000

141,766

Toronto-Dominion

Bank

(The)

,

4.69%,

9/15/2027

230,000

222,339

Wells

Fargo

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.31%),

3.58%,

5/22/2028(e)

155,000

140,191

(SOFR

+

1.98%),

4.81%,

7/25/2028(e)

60,000

57,223

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(e)

185,000

135,343

2,627,979

Beverages

0.2%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

5.55%,

1/23/2049

145,000

136,371

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

60,000

51,543

2.88%,

5/1/2030

105,000

87,092

PepsiCo,

Inc.

,

3.60%,

2/18/2028

45,000

42,514

Primo

Water

Holdings,

Inc.

,

4.38%,

4/30/2029(a)

45,000

36,604

354,124

Biotechnology

0.1%

AbbVie,

Inc.

,

3.85%,

6/15/2024

80,000

78,538

3.80%,

3/15/2025

95,000

92,008

170,546

Building

Products

0.1%

Advanced

Drainage

Systems,

Inc.

,

6.38%,

6/15/2030(a)

25,000

24,221

Builders

FirstSource,

Inc.

,

6.38%,

6/15/2032(a)

50,000

44,412

Carrier

Global

Corp.

,

3.58%,

4/5/2050

95,000

65,767

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

34,400

168,800

Capital

Markets

0.5%

Blackstone

Holdings

Finance

Co.

LLC

,

2.00%,

1/30/2032(a)

225,000

166,549

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.17%),

4.08%,

5/15/2026(e)

274,000

271,847

Macquarie

Group

Ltd.

,

(SOFR

+

1.53%),

2.87%,

1/14/2033(a)(e)

205,000

154,045

Morgan

Stanley

,

(SOFR

+

1.36%),

2.48%,

9/16/2036(e)

385,000

275,902

868,343

Chemicals

0.5%

ASP

Unifrax

Holdings,

Inc.

,

5.25%,

9/30/2028(a)

70,000

53,759

Braskem

Idesa

SAPI

,

Reg.

S,

6.99%,

2/20/2032

200,000

133,500

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

CVR

Partners

LP

,

6.13%,

6/15/2028(a)

45,000

39,193

Equate

Petrochemical

BV

,

Reg.

S,

2.63%,

4/28/2028

200,000

169,250

EverArc

Escrow

Sarl

,

5.00%,

10/30/2029(a)

95,000

76,688

Sasol

Financing

USA

LLC

,

5.50%,

3/18/2031

200,000

151,000

UPL

Corp.

Ltd.

,

Reg.

S,

4.63%,

6/16/2030

200,000

159,892

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

50,000

37,500

820,782

Commercial

Services

&

Supplies

0.1%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

35,000

31,194

9.75%,

7/15/2027(a)

70,000

57,538

Garda

World

Security

Corp.

,

6.00%,

6/1/2029(a)

70,000

51,323

Madison

IAQ

LLC

,

4.13%,

6/30/2028(a)

55,000

44,176

WASH

Multifamily

Acquisition,

Inc.

,

5.75%,

4/15/2026(a)

55,000

50,705

234,936

Communications

Equipment

0.0%

†

CommScope,

Inc.

,

4.75%,

9/1/2029(a)

55,000

44,861

Construction

&

Engineering

0.2%

Bioceanico

Sovereign

Certificate

Ltd.

,

Reg.

S,

0.00%,

6/5/2034(f)

140,418

88,607

Pike

Corp.

,

5.50%,

9/1/2028(a)

125,000

101,250

Quanta

Services,

Inc.

,

2.35%,

1/15/2032

190,000

139,784

329,641

Construction

Materials

0.1%

Cemex

SAB

de

CV

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.12%,

6/08/2026(d)(e)

200,000

160,251

Consumer

Finance

0.5%

American

Express

Co.

,

3.95%,

8/1/2025

140,000

135,598

Avolon

Holdings

Funding

Ltd.

,

2.13%,

2/21/2026(a)

110,000

92,453

3.25%,

2/15/2027(a)

50,000

41,872

Capital

One

Financial

Corp.

,

(SOFR

+

2.16%),

4.98%,

7/24/2026(e)

145,000

141,759

Discover

Financial

Services

,

4.10%,

2/9/2027

155,000

142,511

42

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

90,000

71,129

3.10%,

1/12/2032

90,000

67,881

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(a)(g)

61,199

46,052

Navient

Corp.

,

5.00%,

3/15/2027

30,000

24,537

OneMain

Finance

Corp.

,

6.63%,

1/15/2028

70,000

60,060

823,852

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

0.95%,

2/15/2024

140,000

131,532

Clydesdale

Acquisition

Holdings,

Inc.

,

6.63%,

4/15/2029(a)

65,000

59,146

WRKCo,

Inc.

,

3.75%,

3/15/2025

150,000

144,519

335,197

Distributors

0.0%

†

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

60,000

52,027

Diversified

Consumer

Services

0.0%

†

Metis

Merger

Sub

LLC

,

6.50%,

5/15/2029(a)

80,000

62,400

Diversified

Financial

Services

0.1%

Inversiones

La

Construccion

SA

,

Reg.

S,

4.75%,

2/7/2032

200,000

148,186

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

,

2.75%,

6/1/2031

45,000

36,021

2.25%,

2/1/2032

175,000

132,331

CCO

Holdings

LLC

,

4.75%,

3/1/2030(a)

50,000

40,563

4.75%,

2/1/2032(a)

45,000

35,045

4.25%,

1/15/2034(a)

40,000

28,631

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(a)

15,000

13,443

5.00%,

5/1/2028(a)

30,000

25,746

6.00%,

1/15/2030(a)

45,000

35,353

Intelsat

Jackson

Holdings

SA

,

6.50%,

3/15/2030(a)

45,000

38,259

Lumen

Technologies,

Inc.

,

5.13%,

12/15/2026(a)

45,000

38,719

4.00%,

2/15/2027(a)

40,000

33,591

Network

i2i

Ltd.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.39%),

3.98%,

3/03/2026(d)(e)

200,000

162,375

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.

,

1.75%,

1/20/2031

300,000

224,989

845,066

Electric

Utilities

0.7%

AEP

Texas,

Inc.

,

Series

H,

3.45%,

1/15/2050

145,000

98,442

Duke

Energy

Carolinas

LLC

,

3.55%,

3/15/2052

40,000

29,128

Duke

Energy

Corp.

,

2.65%,

9/1/2026

235,000

213,198

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

50,000

43,482

Exelon

Corp.

,

4.10%,

3/15/2052(a)

20,000

15,431

JSW

Hydro

Energy

Ltd.

,

4.13%,

5/18/2031(a)

184,000

144,240

LLPL

Capital

Pte.

Ltd.

,

Reg.

S,

6.88%,

2/4/2039

170,640

137,193

Minejesa

Capital

BV

,

Reg.

S,

5.63%,

8/10/2037

200,000

143,000

Monongahela

Power

Co.

,

5.40%,

12/15/2043(a)

75,000

68,405

NextEra

Energy

Capital

Holdings,

Inc.

,

4.26%,

9/1/2024

65,000

64,066

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

80,000

62,400

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

95,000

69,127

PG&E

Corp.

,

5.00%,

7/1/2028

25,000

21,499

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

160,000

140,818

1,250,429

Electronic

Equipment,

Instruments

&

Components

0.2%

Arrow

Electronics,

Inc.

,

3.88%,

1/12/2028

135,000

121,983

Vontier

Corp.

,

1.80%,

4/1/2026

190,000

161,513

283,496

Energy

Equipment

&

Services

0.1%

Halliburton

Co.

,

2.92%,

3/1/2030

70,000

58,261

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(a)

65,625

60,047

USA

Compression

Partners

LP

,

6.88%,

9/1/2027

60,000

54,529

Weatherford

International

Ltd.

,

6.50%,

9/15/2028(a)

45,000

40,500

213,337

Entertainment

0.2%

Lions

Gate

Capital

Holdings

LLC

,

5.50%,

4/15/2029(a)

50,000

37,250

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(a)

55,000

52,924

4.75%,

10/15/2027(a)

75,000

65,114

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027(a)

155,000

138,679

293,967

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

245,000

172,194

Crown

Castle,

Inc.

,

4.30%,

2/15/2029

155,000

142,176

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

190,000

134,035

Iron

Mountain,

Inc.

,

4.50%,

2/15/2031(a)

30,000

23,195

Park

Intermediate

Holdings

LLC

,

4.88%,

5/15/2029(a)

50,000

40,500

Vornado

Realty

LP

,

2.15%,

6/1/2026

60,000

50,213

Welltower,

Inc.

,

2.05%,

1/15/2029

175,000

140,565

702,878

Food

&

Staples

Retailing

0.2%

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

55,000

49,985

4.25%,

8/1/2029(a)

40,000

33,304

Sysco

Corp.

,

3.25%,

7/15/2027

80,000

72,669

3.30%,

2/15/2050

75,000

49,226

3.15%,

12/14/2051

25,000

15,803

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

45,000

41,157

262,144

Food

Products

0.1%

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031

95,000

74,730

Post

Holdings,

Inc.

,

4.63%,

4/15/2030(a)

9,000

7,391

Smithfield

Foods,

Inc.

,

4.25%,

2/1/2027(a)

150,000

138,935

221,056

Gas

Utilities

0.1%

Ferrellgas

LP

,

5.38%,

4/1/2026(a)

35,000

30,800

Suburban

Propane

Partners

LP

,

5.00%,

6/1/2031(a)

140,000

114,912

Superior

Plus

LP

,

4.50%,

3/15/2029(a)

70,000

57,810

203,522

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

0.0%

†

Medline

Borrower

LP

,

5.25%,

10/1/2029(a)

95,000

71,725

Health

Care

Providers

&

Services

0.6%

AdaptHealth

LLC

,

5.13%,

3/1/2030(a)

95,000

78,330

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(a)

60,000

44,099

6.88%,

4/15/2029(a)

30,000

14,491

CVS

Health

Corp.

,

2.70%,

8/21/2040

155,000

101,747

Elevance

Health,

Inc.

,

3.30%,

1/15/2023

145,000

144,494

4.10%,

5/15/2032

155,000

140,000

HCA,

Inc.

,

4.13%,

6/15/2029

85,000

74,544

5.13%,

6/15/2039

80,000

67,134

Legacy

LifePoint

Health

LLC

,

6.75%,

4/15/2025(a)

30,000

28,387

4.38%,

2/15/2027(a)

40,000

33,053

ModivCare

Escrow

Issuer,

Inc.

,

5.00%,

10/1/2029(a)

70,000

56,875

Owens

&

Minor,

Inc.

,

6.63%,

4/1/2030(a)

70,000

61,600

Radiology

Partners,

Inc.

,

9.25%,

2/1/2028(a)

45,000

29,335

RP

Escrow

Issuer

LLC

,

5.25%,

12/15/2025(a)

90,000

74,376

Tenet

Healthcare

Corp.

,

6.13%,

10/1/2028(a)

45,000

39,424

6.13%,

6/15/2030(a)

85,000

77,860

1,065,749

Hotels,

Restaurants

&

Leisure

0.6%

Boyne

USA,

Inc.

,

4.75%,

5/15/2029(a)

125,000

104,717

Caesars

Entertainment,

Inc.

,

4.63%,

10/15/2029(a)

45,000

34,384

Carnival

Corp.

,

5.75%,

3/1/2027(a)

165,000

115,591

Cedar

Fair

LP

,

5.25%,

7/15/2029

40,000

34,324

Expedia

Group,

Inc.

,

5.00%,

2/15/2026

110,000

108,162

3.80%,

2/15/2028

200,000

177,617

Fertitta

Entertainment

LLC

,

6.75%,

1/15/2030(a)

75,000

56,960

Marriott

International,

Inc.

,

Series

HH,

2.85%,

4/15/2031

175,000

137,403

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

100,000

82,378

NCL

Corp.

Ltd.

,

5.88%,

2/15/2027(a)

45,000

37,462

Premier

Entertainment

Sub

LLC

,

5.63%,

9/1/2029(a)

50,000

34,612

44

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

85,000

68,136

Scientific

Games

International,

Inc.

,

7.25%,

11/15/2029(a)

45,000

41,882

Viking

Cruises

Ltd.

,

5.88%,

9/15/2027(a)

105,000

80,062

1,113,690

Household

Durables

0.0%

†

Mattamy

Group

Corp.

,

4.63%,

3/1/2030(a)

60,000

45,822

SWF

Escrow

Issuer

Corp.

,

6.50%,

10/1/2029(a)

30,000

17,775

63,597

Household

Products

0.1%

Energizer

Holdings,

Inc.

,

4.75%,

6/15/2028(a)

45,000

35,653

Kronos

Acquisition

Holdings,

Inc.

,

5.00%,

12/31/2026(a)

45,000

39,490

7.00%,

12/31/2027(a)

40,000

30,600

105,743

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Corp.

,

5.13%,

3/15/2028(a)

45,000

38,649

4.63%,

2/1/2029(a)

30,000

24,446

63,095

Insurance

0.4%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

40,000

34,472

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

75,000

62,255

Athene

Holding

Ltd.

,

3.95%,

5/25/2051

190,000

126,547

Brighthouse

Financial

Global

Funding

,

1.00%,

4/12/2024(a)

55,000

51,339

Brown

&

Brown,

Inc.

,

2.38%,

3/15/2031

130,000

97,093

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

45,000

41,398

Guardian

Life

Global

Funding

,

1.25%,

5/13/2026(a)

165,000

143,905

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(a)

140,000

95,507

NFP

Corp.

,

6.88%,

8/15/2028(a)

35,000

27,300

679,816

Machinery

0.0%

†

Parker-Hannifin

Corp.

,

4.25%,

9/15/2027

35,000

33,336

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

0.6%

Cengage

Learning,

Inc.

,

9.50%,

6/15/2024(a)

50,000

46,875

Charter

Communications

Operating

LLC

,

2.30%,

2/1/2032

245,000

174,952

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)

55,000

39,875

Comcast

Corp.

,

2.94%,

11/1/2056

212,000

126,537

Directv

Financing

LLC

,

5.88%,

8/15/2027(a)

40,000

34,484

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

45,000

34,008

5.13%,

6/1/2029

30,000

17,625

GCI

LLC

,

4.75%,

10/15/2028(a)

50,000

41,513

McGraw-Hill

Education,

Inc.

,

5.75%,

8/1/2028(a)

45,000

37,576

News

Corp.

,

5.13%,

2/15/2032(a)

30,000

26,325

Nexstar

Media,

Inc.

,

5.63%,

7/15/2027(a)

25,000

22,983

Omnicom

Group,

Inc.

,

2.45%,

4/30/2030

190,000

152,518

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

60,000

52,200

Sirius

XM

Radio,

Inc.

,

5.50%,

7/1/2029(a)

85,000

76,456

Univision

Communications,

Inc.

,

4.50%,

5/1/2029(a)

45,000

36,696

7.38%,

6/30/2030(a)

70,000

66,801

VTR

Comunicaciones

SpA

,

Reg.

S,

5.13%,

1/15/2028

200,000

135,000

1,122,424

Metals

&

Mining

0.4%

Arconic

Corp.

,

6.13%,

2/15/2028(a)

75,000

66,250

CAP

SA

,

Reg.

S,

3.90%,

4/27/2031

200,000

140,734

Freeport

Indonesia

PT

,

5.32%,

4/14/2032(a)

200,000

165,500

Freeport-McMoRan,

Inc.

,

4.63%,

8/1/2030

70,000

61,336

Glencore

Funding

LLC

,

1.63%,

4/27/2026(a)

100,000

86,464

3.38%,

9/23/2051(a)

85,000

51,740

JSW

Steel

Ltd.

,

Reg.

S,

5.05%,

4/5/2032

200,000

142,405

SunCoke

Energy,

Inc.

,

4.88%,

6/30/2029(a)

55,000

42,406

756,835

Multiline

Retail

0.2%

Dollar

General

Corp.

,

4.25%,

9/20/2024

70,000

69,159

3.50%,

4/3/2030

180,000

157,878

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multiline

Retail

Dollar

Tree,

Inc.

,

4.00%,

5/15/2025

135,000

130,795

357,832

Multi-Utilities

0.1%

DTE

Energy

Co.

,

4.22%,

11/1/2024(c)

70,000

68,630

Empresas

Publicas

de

Medellin

ESP

,

Reg.

S,

4.25%,

7/18/2029

200,000

145,064

213,694

Oil,

Gas

&

Consumable

Fuels

1.4%

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

24,000

22,197

Callon

Petroleum

Co.

,

7.50%,

6/15/2030(a)

60,000

52,530

Chesapeake

Energy

Corp.

,

5.88%,

2/1/2029(a)

65,000

60,279

CNX

Resources

Corp.

,

6.00%,

1/15/2029(a)

50,000

45,625

7.38%,

1/15/2031(a)

35,000

34,233

Continental

Resources,

Inc.

,

2.27%,

11/15/2026(a)

65,000

55,468

Ecopetrol

SA

,

5.88%,

11/2/2051

200,000

118,500

Energy

Transfer

LP

,

4.75%,

1/15/2026

85,000

81,896

5.00%,

5/15/2044(c)

90,000

69,405

Enterprise

Products

Operating

LLC

,

3.75%,

2/15/2025

150,000

145,239

EQM

Midstream

Partners

LP

,

4.75%,

1/15/2031(a)

85,000

67,469

Exxon

Mobil

Corp.

,

2.99%,

3/19/2025

125,000

119,892

Galaxy

Pipeline

Assets

Bidco

Ltd.

,

2.16%,

3/31/2034(a)

7,240

5,945

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

60,000

52,538

4.25%,

2/15/2030(a)

85,000

68,637

Hilcorp

Energy

I

LP

,

6.25%,

11/1/2028(a)

45,000

41,520

5.75%,

2/1/2029(a)

60,000

52,456

Hunt

Oil

Co.

of

Peru

LLC

Sucursal

Del

Peru

,

Reg.

S,

6.38%,

6/1/2028

183,200

163,277

MEG

Energy

Corp.

,

7.13%,

2/1/2027(a)

60,000

60,900

5.88%,

2/1/2029(a)

10,000

8,975

MPLX

LP

,

1.75%,

3/1/2026

75,000

65,624

NGL

Energy

Operating

LLC

,

7.50%,

2/1/2026(a)

70,000

62,273

NuStar

Logistics

LP

,

6.38%,

10/1/2030

45,000

38,505

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030

25,000

25,375

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Occidental

Petroleum

Corp.,

6.13%,

1/1/2031

40,000

39,400

6.45%,

9/15/2036

30,000

30,000

Oleoducto

Central

SA

,

Reg.

S,

4.00%,

7/14/2027

200,000

154,245

Parkland

Corp.

,

4.50%,

10/1/2029(a)

55,000

44,403

Petroleos

del

Peru

SA

,

Reg.

S,

4.75%,

6/19/2032

200,000

141,300

Petroleos

Mexicanos

,

6.75%,

9/21/2047

100,000

55,750

Pioneer

Natural

Resources

Co.

,

1.13%,

1/15/2026

100,000

87,427

Rattler

Midstream

LP

,

5.63%,

7/15/2025(a)

30,000

30,375

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

105,000

100,735

Southwestern

Energy

Co.

,

5.38%,

2/1/2029

40,000

36,272

4.75%,

2/1/2032

45,000

37,714

Sunoco

LP

,

6.00%,

4/15/2027

35,000

33,374

4.50%,

5/15/2029

20,000

16,591

TotalEnergies

Capital

International

SA

,

3.39%,

6/29/2060

105,000

69,941

Western

Midstream

Operating

LP

,

3.35%,

2/1/2025(c)

45,000

41,949

Williams

Cos.,

Inc.

(The)

,

3.75%,

6/15/2027

85,000

78,405

2,516,639

Paper

&

Forest

Products

0.1%

Georgia-Pacific

LLC

,

3.60%,

3/1/2025(a)

151,000

145,650

Glatfelter

Corp.

,

4.75%,

11/15/2029(a)

50,000

28,750

174,400

Personal

Products

0.0%

†

Coty,

Inc.

,

5.00%,

4/15/2026(a)

40,000

36,418

Pharmaceuticals

0.2%

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

35,000

24,226

6.25%,

2/15/2029(a)

35,000

13,059

Royalty

Pharma

plc

,

3.30%,

9/2/2040

205,000

137,525

Viatris,

Inc.

,

1.65%,

6/22/2025

45,000

40,004

3.85%,

6/22/2040

100,000

62,346

277,160

Real

Estate

Management

&

Development

0.0%

†

Realogy

Group

LLC

,

5.25%,

4/15/2030(a)

50,000

33,954

46

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

0.3%

CSX

Corp.

,

3.35%,

9/15/2049

200,000

140,723

Movida

Europe

SA

,

Reg.

S,

5.25%,

2/8/2031

200,000

141,851

NESCO

Holdings

II,

Inc.

,

5.50%,

4/15/2029(a)

15,000

12,502

Penske

Truck

Leasing

Co.

LP

,

4.20%,

4/1/2027(a)

85,000

79,062

Triton

Container

International

Ltd.

,

3.25%,

3/15/2032

180,000

133,102

Uber

Technologies,

Inc.

,

7.50%,

9/15/2027(a)

40,000

39,200

4.50%,

8/15/2029(a)

40,000

33,625

580,065

Semiconductors

&

Semiconductor

Equipment

0.2%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

188,000

143,485

Marvell

Technology,

Inc.

,

1.65%,

4/15/2026

120,000

104,819

NXP

BV

,

3.88%,

6/18/2026

115,000

107,329

Qorvo,

Inc.

,

1.75%,

12/15/2024(a)

50,000

46,091

401,724

Software

0.2%

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

75,000

59,293

Clarivate

Science

Holdings

Corp.

,

4.88%,

7/1/2029(a)

50,000

39,150

Microsoft

Corp.

,

2.92%,

3/17/2052

100,000

70,530

Oracle

Corp.

,

3.60%,

4/1/2050

160,000

100,112

VMware,

Inc.

,

2.20%,

8/15/2031

140,000

101,901

Workday,

Inc.

,

3.70%,

4/1/2029

70,000

62,780

433,766

Specialty

Retail

0.3%

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

40,000

24,719

Lowe's

Cos.,

Inc.

,

4.40%,

9/8/2025

170,000

167,406

Michaels

Cos.,

Inc.

(The)

,

5.25%,

5/1/2028(a)

45,000

31,589

Sonic

Automotive,

Inc.

,

4.63%,

11/15/2029(a)

90,000

70,650

SRS

Distribution,

Inc.

,

4.63%,

7/1/2028(a)

65,000

55,834

Staples,

Inc.

,

7.50%,

4/15/2026(a)

70,000

58,773

Victoria's

Secret

&

Co.

,

4.63%,

7/15/2029(a)

55,000

41,574

450,545

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

0.1%

NetApp,

Inc.

,

1.88%,

6/22/2025

120,000

109,578

Thrifts

&

Mortgage

Finance

0.1%

Nationstar

Mortgage

Holdings,

Inc.

,

5.75%,

11/15/2031(a)

115,000

84,338

PennyMac

Financial

Services,

Inc.

,

4.25%,

2/15/2029(a)

90,000

64,108

148,446

Tobacco

0.1%

BAT

Capital

Corp.

,

2.73%,

3/25/2031

185,000

137,679

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.25%,

3/1/2025

115,000

107,714

Transportation

Infrastructure

0.2%

Adani

International

Container

Terminal

Pvt

Ltd.

,

Reg.

S,

3.00%,

2/16/2031

192,000

147,483

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

Reg.

S,

4.38%,

7/3/2029

200,000

166,414

Rutas

2

and

7

Finance

Ltd.

,

Reg.

S,

0.00%,

9/30/2036(f)

193,333

116,000

429,897

Water

Utilities

0.1%

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

195,000

128,197

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

240,000

214,747

Total

Corporate

Bonds

(cost

$29,070,912)

24,269,114

Foreign

Government

Securities

0.4%

BRAZIL

0.1%

Federative

Republic

of

Brazil,

5.63%,

2/21/2047

200,000

153,895

CHILE

0.1%

Republic

of

Chile,

3.10%,

5/7/2041

200,000

135,511

COLOMBIA

0.0%

†

Republic

of

Colombia,

4.13%,

5/15/2051

250,000

134,229

PANAMA

0.1%

Republic

of

Panama,

2.25%,

9/29/2032

200,000

140,692

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

SOUTH

AFRICA

0.1%

Republic

of

South

Africa,

4.30%,

10/12/2028

200,000

166,242

Total

Foreign

Government

Securities

(cost

$1,029,778)

730,569

Mortgage-Backed

Securities

19.7%

FHLMC

Gold

Pool

Pool#

Q50135

3.50%,

8/1/2047

1,535,303

1,404,139

Pool#

G08775

4.00%,

8/1/2047

481,871

454,474

Pool#

Q51461

3.50%,

10/1/2047

646,630

591,734

FHLMC

UMBS

Pool

Pool#

SD0257

3.00%,

1/1/2050

1,705,758

1,496,247

Pool#

SD8257

4.50%,

10/1/2052

1,500,000

1,433,012

FNMA

Pool

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

1,760,792

Pool#

BL5315

2.44%,

1/1/2032

2,200,000

1,847,505

Pool#

BL5793

2.54%,

2/1/2032

2,113,000

1,803,736

Pool#

BS3020

1.96%,

9/1/2033

1,300,000

996,391

Pool#

BS3514

2.08%,

10/1/2033

5,900,000

4,548,661

FNMA

UMBS

Pool

Pool#

BE2453

3.00%,

12/1/2046

1,354,287

1,200,807

Pool#

MA2888

2.50%,

1/1/2047

1,118,788

947,739

Pool#

AS9937

3.00%,

7/1/2047

1,055,718

937,175

Pool#

MA4097

3.00%,

8/1/2050

2,887,381

2,533,610

Pool#

FM4865

2.50%,

11/1/2050

3,032,716

2,563,637

Pool#

FS1472

3.50%,

11/1/2050

2,697,373

2,453,550

Pool#

FM8215

2.50%,

3/1/2051

1,557,478

1,318,857

Pool#

FM7203

2.00%,

5/1/2051

2,703,311

2,203,630

Pool#

CB0705

3.00%,

6/1/2051

1,533,818

1,343,290

Pool#

FM8104

3.00%,

7/1/2051

1,704,267

1,493,532

Pool#

FM8579

2.50%,

9/1/2051

363,760

306,730

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4416

3.50%,

9/1/2051

1,360,043

1,227,631

Total

Mortgage-Backed

Securities

(cost

$41,614,447)

34,866,879

U.S.

Treasury

Obligations

17.4%

U.S.

Treasury

Bonds

2.88%,

5/15/2052

6,900,000

5,786,297

3.00%,

8/15/2052

4,600,000

3,969,656

U.S.

Treasury

Notes

3.00%,

7/31/2024

1,150,000

1,124,395

3.25%,

8/31/2024

850,000

834,660

2.88%,

6/15/2025

700,000

675,090

3.00%,

7/15/2025

1,700,000

1,643,156

3.13%,

8/15/2025

1,100,000

1,066,227

3.25%,

6/30/2027

1,400,000

1,349,250

2.75%,

7/31/2027

1,100,000

1,035,805

3.13%,

8/31/2027

1,000,000

959,219

2.63%,

7/31/2029

1,350,000

1,240,523

3.13%,

8/31/2029

1,000,000

949,063

2.88%,

5/15/2032

10,000,000

9,245,312

2.75%,

8/15/2032

950,000

868,656

Total

U.S.

Treasury

Obligations

(cost

$32,024,769)

30,747,309

Investment

Company

2.6%

Shares

Fixed

Income

Fund

2.6%

DoubleLine

Floating

Rate

Fund,

Class

I

512,339

4,518,827

Total

Investment

Company

(cost

$4,927,025)

4,518,827

Short-Term

Investment

0.7%

Principal

Amount

($)

U.S.

Treasury

Obligation

0.7%

U.S.

Treasury

Bills,

2.55%,

4/20/2023

1,250,000

1,225,285

Total

Short-Term

Investment

(cost

$1,232,574)

1,225,285

Total

Investments

(cost

$196,830,172)

—

96.6%

170,737,781

Other

assets

in

excess

of

liabilities

—

3.4%

6,031,503

NET

ASSETS

—

100.0%

$

176,769,284

48

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

†

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

September

30,

2022

was

$37,365,893

which

represents

21.14%

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

September

30,

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

September

30,

2022.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

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

September

30,

2022.

(f)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(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

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

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

49

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.

50

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

valu

e

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

31,835,189

$

–

$

31,835,189

Collateralized

Mortgage

Obligations

–

29,562,727

–

29,562,727

Commercial

Mortgage-Backed

Securities

–

12,981,882

–

12,981,882

Corporate

Bonds

–

24,269,114

–

24,269,114

Foreign

Government

Securities

–

730,569

–

730,569

Investment

Company

4,518,827

–

–

4,518,827

Mortgage-Backed

Securities

–

34,866,879

–

34,866,879

Short-Term

Investment

–

1,225,285

–

1,225,285

U.S.

Treasury

Obligations

–

30,747,309

–

30,747,309

Total

$

4,518,827

$

166,218,954

$

–

$

170,737,781

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

Federated

High

Income

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

0.6%

Shares

Value

($)

Media

Entertainment

0.0%

†

iHeartMedia,

Inc.,

Class A

*

4,485

32,875

Oil

Field

Services

0.4%

Superior

Energy

Services

LLC

*^∞

6,041

380,583

Pharmaceuticals

0.2%

Mallinckrodt

plc

*

10,735

182,495

Total

Common

Stocks

(cost

$513,559)

595,953

Corporate

Bonds

95.6%

Principal

Amount

($)

Aerospace

/

Defense

1.6%

TransDigm,

Inc.

,

6.25%,

3/15/2026(a)

475,000

460,750

5.50%,

11/15/2027

1,050,000

913,185

4.88%,

5/1/2029

150,000

121,246

1,495,181

Airlines

0.4%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

400,000

375,668

Automotive

5.6%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(a)

300,000

262,929

Clarios

Global

LP

,

6.75%,

5/15/2025(a)

23,000

22,522

Dana

Financing

Luxembourg

Sarl

,

5.75%,

4/15/2025(a)

50,000

47,587

Dana,

Inc.

,

4.50%,

2/15/2032

325,000

231,721

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%,

10/15/2029(a)

775,000

558,816

Ford

Motor

Credit

Co.

LLC

,

3.38%,

11/13/2025

750,000

662,630

4.39%,

1/8/2026

400,000

362,043

2.70%,

8/10/2026

200,000

165,878

4.27%,

1/9/2027

375,000

328,125

5.11%,

5/3/2029

475,000

412,158

4.00%,

11/13/2030

75,000

58,500

IHO

Verwaltungs

GmbH

,

6.00%,

5/15/2027(a)(b)

375,000

318,750

6.38%,

5/15/2029(a)(b)

200,000

172,000

KAR

Auction

Services,

Inc.

,

5.13%,

6/1/2025(a)

44,000

42,477

Panther

BF

Aggregator

2

LP

,

8.50%,

5/15/2027(a)

1,125,000

1,073,801

Real

Hero

Merger

Sub

2,

Inc.

,

6.25%,

2/1/2029(a)

850,000

613,785

5,333,722

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Materials

3.6%

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

4.00%,

1/15/2028(a)

75,000

65,608

Camelot

Return

Merger

Sub,

Inc.

,

8.75%,

8/1/2028(a)

325,000

267,866

CP

Atlas

Buyer,

Inc.

,

7.00%,

12/1/2028(a)

600,000

446,952

Foundation

Building

Materials,

Inc.

,

6.00%,

3/1/2029(a)

675,000

492,630

GYP

Holdings

III

Corp.

,

4.63%,

5/1/2029(a)

300,000

228,195

Interface,

Inc.

,

5.50%,

12/1/2028(a)

175,000

149,054

MIWD

Holdco

II

LLC

,

5.50%,

2/1/2030(a)

75,000

55,547

SRS

Distribution,

Inc.

,

6.13%,

7/1/2029(a)

150,000

120,465

6.00%,

12/1/2029(a)

525,000

418,698

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(a)

400,000

353,964

3.38%,

1/15/2031(a)

500,000

351,650

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(a)

425,000

346,783

White

Cap

Parent

LLC

,

8.25%,

3/15/2026(a)(b)

200,000

169,440

3,466,852

Cable

Satellite

8.1%

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

87,000

82,433

5.13%,

5/1/2027(a)

150,000

135,375

5.00%,

2/1/2028(a)

525,000

452,686

5.38%,

6/1/2029(a)

200,000

175,064

4.75%,

3/1/2030(a)

750,000

608,438

4.50%,

8/15/2030(a)

75,000

59,313

4.25%,

2/1/2031(a)

50,000

38,352

4.50%,

5/1/2032

400,000

305,068

4.50%,

6/1/2033(a)

125,000

92,346

4.25%,

1/15/2034(a)

50,000

35,789

CSC

Holdings

LLC

,

5.25%,

6/1/2024

200,000

185,000

5.50%,

4/15/2027(a)

400,000

352,000

7.50%,

4/1/2028(a)

250,000

203,993

5.75%,

1/15/2030(a)

775,000

550,843

4.50%,

11/15/2031(a)

475,000

356,810

Directv

Financing

LLC

,

5.88%,

8/15/2027(a)

275,000

237,080

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

150,000

113,361

5.13%,

6/1/2029

450,000

264,375

Doyla

Holdco

18

Designate

,

5.00%,

7/15/2028(a)

225,000

181,969

Intelsat

Jackson

Holdings

,

5.50%,

8/1/2023∞(c)

225,000

0

8.50%,

10/15/2024∞(a)(c)

75,000

0

9.75%,

7/15/2025∞(a)(c)

100,000

0

52

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Cable

Satellite

Sirius

XM

Radio,

Inc.

,

3.13%,

9/1/2026(a)

500,000

439,112

4.00%,

7/15/2028(a)

200,000

170,116

3.88%,

9/1/2031(a)

375,000

290,790

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%,

3/1/2028(a)

600,000

520,362

UPC

Broadband

Finco

BV

,

4.88%,

7/15/2031(a)

650,000

504,420

Virgin

Media

Secured

Finance

plc

,

5.50%,

5/15/2029(a)

225,000

192,636

Vmed

O2

UK

Financing

I

plc

,

4.75%,

7/15/2031(a)

700,000

540,047

VZ

Secured

Financing

BV

,

5.00%,

1/15/2032(a)

400,000

298,838

Ziggo

Bond

Co.

BV

,

6.00%,

1/15/2027(a)

250,000

208,750

5.13%,

2/28/2030(a)

200,000

143,000

7,738,366

Chemicals

3.4%

Axalta

Coating

Systems

LLC

,

4.75%,

6/15/2027(a)

175,000

155,896

3.38%,

2/15/2029(a)

150,000

117,593

Cheever

Escrow

Issuer

LLC

,

7.13%,

10/1/2027(a)

200,000

179,000

Compass

Minerals

International,

Inc.

,

4.88%,

7/15/2024(a)

425,000

399,505

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

225,000

181,170

HB

Fuller

Co.

,

4.25%,

10/15/2028

75,000

63,105

Herens

Holdco

Sarl

,

4.75%,

5/15/2028(a)

525,000

420,000

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

200,000

166,000

Koppers,

Inc.

,

6.00%,

2/15/2025(a)

500,000

447,500

Olympus

Water

US

Holding

Corp.

,

4.25%,

10/1/2028(a)

200,000

153,750

6.25%,

10/1/2029(a)

400,000

274,000

Polar

US

Borrower

LLC

,

6.75%,

5/15/2026(a)

525,000

288,745

SPCM

SA

,

3.38%,

3/15/2030(a)

200,000

156,130

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

275,000

206,250

3,208,644

Construction

Machinery

0.6%

H&E

Equipment

Services,

Inc.

,

3.88%,

12/15/2028(a)

350,000

274,750

United

Rentals

North

America,

Inc.

,

5.50%,

5/15/2027

37,000

35,755

4.88%,

1/15/2028

150,000

137,526

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Machinery

United

Rentals

North

America,

Inc.,

3.88%,

2/15/2031

100,000

81,328

529,359

Consumer

Cyclical

Services

2.4%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

300,000

267,375

9.75%,

7/15/2027(a)

800,000

657,585

6.00%,

6/1/2029(a)

200,000

129,075

Garda

World

Security

Corp.

,

9.50%,

11/1/2027(a)

782,000

686,068

6.00%,

6/1/2029(a)

400,000

293,277

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

150,000

138,153

Signal

Parent,

Inc.

,

6.13%,

4/1/2029(a)

175,000

84,922

2,256,455

Consumer

Products

1.9%

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

725,000

628,657

Diamond

BC

BV

,

4.63%,

10/1/2029(a)

575,000

400,096

Edgewell

Personal

Care

Co.

,

4.13%,

4/1/2029(a)

325,000

269,750

Energizer

Holdings,

Inc.

,

6.50%,

12/31/2027(a)

125,000

110,961

4.75%,

6/15/2028(a)

175,000

138,651

4.38%,

3/31/2029(a)

400,000

296,712

1,844,827

Diversified

Manufacturing

1.0%

Gates

Global

LLC

,

6.25%,

1/15/2026(a)

600,000

552,000

WESCO

Distribution,

Inc.

,

7.25%,

6/15/2028(a)

425,000

416,267

968,267

Finance

Companies

1.8%

Navient

Corp.

,

5.50%,

3/15/2029

500,000

380,074

Rocket

Mortgage

LLC

,

2.88%,

10/15/2026(a)

200,000

164,000

3.63%,

3/1/2029(a)

325,000

250,136

3.88%,

3/1/2031(a)

75,000

54,364

4.00%,

10/15/2033(a)

100,000

68,751

United

Wholesale

Mortgage

LLC

,

5.50%,

11/15/2025(a)

275,000

239,877

5.75%,

6/15/2027(a)

400,000

316,961

5.50%,

4/15/2029(a)

375,000

285,000

1,759,163

Food

&

Beverage

2.2%

Aramark

Services,

Inc.

,

6.38%,

5/1/2025(a)

300,000

294,000

BellRing

Brands,

Inc.

,

7.00%,

3/15/2030(a)

525,000

480,218

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Beverage

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

50,000

45,441

4.25%,

8/1/2029(a)

275,000

228,965

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(a)

280,000

267,067

5.50%,

12/15/2029(a)

325,000

280,963

US

Foods,

Inc.

,

4.75%,

2/15/2029(a)

450,000

385,200

4.63%,

6/1/2030(a)

175,000

144,813

2,126,667

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

305,700

Boyd

Gaming

Corp.

,

4.75%,

12/1/2027

100,000

88,501

4.75%,

6/15/2031(a)

75,000

60,727

CCM

Merger,

Inc.

,

6.38%,

5/1/2026(a)

50,000

45,627

Colt

Merger

Sub,

Inc.

,

5.75%,

7/1/2025(a)

25,000

24,123

6.25%,

7/1/2025(a)

175,000

168,656

8.13%,

7/1/2027(a)

375,000

358,157

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

250,000

205,944

Mohegan

Gaming

&

Entertainment

,

8.00%,

2/1/2026(a)

625,000

521,644

Penn

Entertainment,

Inc.

,

4.13%,

7/1/2029(a)

75,000

57,409

Raptor

Acquisition

Corp.

,

4.88%,

11/1/2026(a)

50,000

43,001

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

550,000

440,880

Scientific

Games

International,

Inc.

,

8.63%,

7/1/2025(a)

300,000

307,137

7.25%,

11/15/2029(a)

200,000

186,142

Station

Casinos

LLC

,

4.50%,

2/15/2028(a)

250,000

205,192

4.63%,

12/1/2031(a)

175,000

132,175

VICI

Properties

LP

,

5.63%,

5/1/2024(a)

150,000

147,412

3.50%,

2/15/2025(a)

25,000

23,109

4.25%,

12/1/2026(a)

150,000

135,389

3.88%,

2/15/2029(a)

50,000

41,945

4.63%,

12/1/2029(a)

175,000

151,820

4.13%,

8/15/2030(a)

75,000

62,642

3,713,332

Health

Insurance

0.6%

Centene

Corp.

,

4.25%,

12/15/2027

150,000

137,205

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Insurance

Centene

Corp.,

4.63%,

12/15/2029

400,000

359,440

3.38%,

2/15/2030

125,000

102,187

598,832

Healthcare

6.6%

AdaptHealth

LLC

,

4.63%,

8/1/2029(a)

100,000

80,145

5.13%,

3/1/2030(a)

225,000

185,518

AHP

Health

Partners,

Inc.

,

5.75%,

7/15/2029(a)

450,000

348,750

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

225,000

200,238

3.88%,

11/1/2029(a)

475,000

385,795

Charles

River

Laboratories

International,

Inc.

,

3.75%,

3/15/2029(a)

125,000

103,976

Community

Health

Systems,

Inc.

,

8.00%,

3/15/2026(a)

175,000

151,513

6.88%,

4/15/2029(a)

400,000

193,215

6.13%,

4/1/2030(a)

250,000

117,900

5.25%,

5/15/2030(a)

200,000

139,250

Embecta

Corp.

,

5.00%,

2/15/2030(a)

100,000

85,833

6.75%,

2/15/2030(a)

200,000

184,643

Garden

Spinco

Corp.

,

8.63%,

7/20/2030(a)

125,000

129,141

Global

Medical

Response,

Inc.

,

6.50%,

10/1/2025(a)

400,000

335,500

HCA,

Inc.

,

5.88%,

2/15/2026

225,000

221,964

IMS

Health,

Inc.

,

5.00%,

10/15/2026(a)

275,000

262,036

Medline

Borrower

LP

,

3.88%,

4/1/2029(a)

200,000

160,338

5.25%,

10/1/2029(a)

850,000

641,750

MEDNAX,

Inc.

,

5.38%,

2/15/2030(a)

200,000

165,751

MPH

Acquisition

Holdings

LLC

,

5.50%,

9/1/2028(a)

125,000

103,179

5.75%,

11/1/2028(a)

500,000

375,510

RegionalCare

Hospital

Partners

Holdings,

Inc.

,

9.75%,

12/1/2026(a)

400,000

357,920

Team

Health

Holdings,

Inc.

,

6.38%,

2/1/2025(a)

225,000

166,661

Teleflex,

Inc.

,

4.63%,

11/15/2027

75,000

67,569

4.25%,

6/1/2028(a)

25,000

21,744

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026(a)

175,000

162,622

6.25%,

2/1/2027(a)

250,000

233,288

5.13%,

11/1/2027(a)

175,000

157,025

4.63%,

6/15/2028(a)

25,000

21,849

6.13%,

10/1/2028(a)

75,000

65,707

4.25%,

6/1/2029(a)

200,000

165,650

54

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Healthcare

Tenet

Healthcare

Corp.,

6.13%,

6/15/2030(a)

300,000

274,800

6,266,780

Independent

Energy

4.8%

Antero

Resources

Corp.

,

7.63%,

2/1/2029(a)

13,000

12,976

5.38%,

3/1/2030(a)

125,000

112,384

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(a)

350,000

337,447

8.25%,

12/31/2028(a)

175,000

168,153

5.88%,

6/30/2029(a)

75,000

66,750

Berry

Petroleum

Co.

LLC

,

7.00%,

2/15/2026(a)

125,000

110,165

Callon

Petroleum

Co.

,

8.25%,

7/15/2025

125,000

121,522

7.50%,

6/15/2030(a)

75,000

65,663

Chesapeake

Energy

Corp.

,

7.00%,

10/1/2024(c)

200,000

5,000

5.50%,

2/1/2026(a)

25,000

23,937

5.88%,

2/1/2029(a)

25,000

23,184

Chord

Energy

Corp.

,

6.38%,

6/1/2026(a)

50,000

47,500

Comstock

Resources,

Inc.

,

6.75%,

3/1/2029(a)

375,000

345,866

5.88%,

1/15/2030(a)

150,000

130,643

CrownRock

LP

,

5.63%,

10/15/2025(a)

375,000

359,014

5.00%,

5/1/2029(a)

25,000

22,057

Endeavor

Energy

Resources

LP

,

5.75%,

1/30/2028(a)

50,000

47,556

EQT

Corp.

,

5.00%,

1/15/2029

100,000

93,304

Occidental

Petroleum

Corp.

,

8.00%,

7/15/2025

125,000

132,500

5.88%,

9/1/2025

475,000

476,437

8.88%,

7/15/2030

125,000

139,162

6.45%,

9/15/2036

50,000

50,000

PDC

Energy,

Inc.

,

6.13%,

9/15/2024

62,000

61,019

5.75%,

5/15/2026

100,000

92,514

Permian

Resources

Operating

LLC

,

6.88%,

4/1/2027(a)

275,000

266,050

Range

Resources

Corp.

,

4.88%,

5/15/2025

98,000

92,373

8.25%,

1/15/2029

125,000

127,187

4.75%,

2/15/2030(a)

75,000

65,042

Rockcliff

Energy

II

LLC

,

5.50%,

10/15/2029(a)

225,000

197,005

SM

Energy

Co.

,

6.75%,

9/15/2026

125,000

120,313

6.50%,

7/15/2028

125,000

118,790

Southwestern

Energy

Co.

,

8.38%,

9/15/2028

175,000

181,177

5.38%,

3/15/2030

50,000

45,053

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Energy

Tap

Rock

Resources

LLC

,

7.00%,

10/1/2026(a)

375,000

342,816

4,600,559

Industrial

-

Other

1.4%

Madison

IAQ

LLC

,

4.13%,

6/30/2028(a)

25,000

20,080

5.88%,

6/30/2029(a)

775,000

539,834

Redwood

Star

Merger

Sub

,

8.75%,

4/1/2030(a)

425,000

330,437

TK

Elevator

Holdco

GmbH

,

7.63%,

7/15/2028(a)

350,000

293,125

TK

Elevator

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)

200,000

170,042

1,353,518

Insurance

-

P&C

6.6%

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

550,000

456,534

Ardonagh

Midco

2

plc

,

12.75%,

1/15/2027(a)(b)

454,879

461,702

AssuredPartners,

Inc.

,

7.00%,

8/15/2025(a)

300,000

277,021

5.63%,

1/15/2029(a)

150,000

116,584

BroadStreet

Partners,

Inc.

,

5.88%,

4/15/2029(a)

950,000

748,125

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

500,000

459,972

HUB

International

Ltd.

,

7.00%,

5/1/2026(a)

1,200,000

1,138,098

5.63%,

12/1/2029(a)

675,000

563,625

NFP

Corp.

,

6.88%,

8/15/2028(a)

1,125,000

877,500

7.50%,

10/1/2030(a)

250,000

237,226

Ryan

Specialty

Group

LLC

,

4.38%,

2/1/2030(a)

275,000

233,238

USI,

Inc.

,

6.88%,

5/1/2025(a)

750,000

720,961

6,290,586

Leisure

0.4%

SeaWorld

Parks

&

Entertainment,

Inc.

,

5.25%,

8/15/2029(a)

425,000

352,920

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(a)

75,000

65,857

418,777

Lodging

0.2%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

75,000

73,302

4.88%,

1/15/2030

100,000

87,000

3.63%,

2/15/2032(a)

75,000

57,442

217,744

Media

Entertainment

7.8%

Audacy

Capital

Corp.

,

6.50%,

5/1/2027(a)

425,000

104,125

6.75%,

3/31/2029(a)

200,000

48,179

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Entertainment

CMG

Media

Corp.

,

8.88%,

12/15/2027(a)

700,000

534,776

Cumulus

Media

New

Holdings,

Inc.

,

6.75%,

7/1/2026(a)

263,000

221,853

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)

200,000

14,000

Gray

Escrow

II,

Inc.

,

5.38%,

11/15/2031(a)

175,000

137,274

Gray

Television,

Inc.

,

5.88%,

7/15/2026(a)

350,000

322,875

7.00%,

5/15/2027(a)

125,000

117,563

4.75%,

10/15/2030(a)

75,000

56,208

iHeartCommunications,

Inc.

,

6.38%,

5/1/2026

75,360

69,914

8.38%,

5/1/2027

845,964

711,384

4.75%,

1/15/2028(a)

125,000

104,188

Lamar

Media

Corp.

,

4.88%,

1/15/2029

75,000

66,851

3.63%,

1/15/2031

50,000

39,325

Match

Group

Holdings

II

LLC

,

5.00%,

12/15/2027(a)

275,000

245,438

4.13%,

8/1/2030(a)

325,000

266,906

Midas

Opco

Holdings,

LLC

,

5.63%,

8/15/2029(a)

850,000

699,184

News

Corp.

,

5.13%,

2/15/2032(a)

75,000

65,812

Nexstar

Media,

Inc.

,

5.63%,

7/15/2027(a)

325,000

298,775

4.75%,

11/1/2028(a)

375,000

318,750

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(a)

275,000

269,629

Nielsen

Finance

LLC

,

5.63%,

10/1/2028(a)

50,000

49,626

5.88%,

10/1/2030(a)

225,000

224,070

Outfront

Media

Capital

LLC

,

4.25%,

1/15/2029(a)

50,000

39,275

4.63%,

3/15/2030(a)

200,000

155,828

ROBLOX

Corp.

,

3.88%,

5/1/2030(a)

200,000

162,774

Scripps

Escrow

II,

Inc.

,

3.88%,

1/15/2029(a)

75,000

59,790

5.38%,

1/15/2031(a)

200,000

151,504

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

250,000

217,500

Sinclair

Television

Group,

Inc.

,

5.13%,

2/15/2027(a)

350,000

289,488

5.50%,

3/1/2030(a)

150,000

107,803

TEGNA,

Inc.

,

5.00%,

9/15/2029

575,000

529,311

Univision

Communications,

Inc.

,

4.50%,

5/1/2029(a)

100,000

81,547

7.38%,

6/30/2030(a)

125,000

119,287

Urban

One,

Inc.

,

7.38%,

2/1/2028(a)

400,000

339,964

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Entertainment

WMG

Acquisition

Corp.

,

3.75%,

12/1/2029(a)

225,000

186,930

7,427,706

Metals

&

Mining

0.5%

Cleveland-Cliffs,

Inc.

,

4.63%,

3/1/2029(a)

250,000

210,000

4.88%,

3/1/2031(a)

75,000

61,946

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

275,000

207,787

479,733

Midstream

6.4%

AmeriGas

Partners

LP

,

5.50%,

5/20/2025

75,000

69,632

5.88%,

8/20/2026

400,000

362,465

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

275,000

254,339

5.75%,

1/15/2028(a)

250,000

227,500

5.38%,

6/15/2029(a)

600,000

529,740

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

175,000

154,068

4.00%,

3/1/2031

150,000

125,772

3.25%,

1/31/2032

75,000

57,589

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

50,000

45,867

CNX

Midstream

Partners

LP

,

4.75%,

4/15/2030(a)

175,000

137,359

Crestwood

Midstream

Partners

LP

,

8.00%,

4/1/2029(a)

225,000

216,563

DT

Midstream,

Inc.

,

4.38%,

6/15/2031(a)

150,000

123,708

EQM

Midstream

Partners

LP

,

6.00%,

7/1/2025(a)

37,000

34,211

7.50%,

6/1/2027(a)

50,000

47,656

6.50%,

7/1/2027(a)

475,000

438,942

5.50%,

7/15/2028

75,000

64,105

4.50%,

1/15/2029(a)

125,000

100,710

4.75%,

1/15/2031(a)

325,000

257,969

6.50%,

7/15/2048

75,000

57,202

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

125,000

109,455

4.25%,

2/15/2030(a)

100,000

80,750

5.50%,

10/15/2030(a)

125,000

107,306

Holly

Energy

Partners

LP

,

6.38%,

4/15/2027(a)

75,000

71,625

5.00%,

2/1/2028(a)

275,000

242,272

NuStar

Logistics

LP

,

5.63%,

4/28/2027

325,000

283,377

Rattler

Midstream

LP

,

5.63%,

7/15/2025(a)

150,000

151,875

Solaris

Midstream

Holdings

LLC

,

7.63%,

4/1/2026(a)

125,000

120,000

Suburban

Propane

Partners

LP

,

5.88%,

3/1/2027

150,000

141,510

5.00%,

6/1/2031(a)

400,000

328,320

56

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Midstream

Targa

Resources

Partners

LP

,

6.50%,

7/15/2027

75,000

74,125

5.00%,

1/15/2028

50,000

46,252

5.50%,

3/1/2030

275,000

246,815

TransMontaigne

Partners

LP

,

6.13%,

2/15/2026

150,000

125,250

Western

Midstream

Operating

LP

,

4.50%,

3/1/2028

150,000

135,750

5.45%,

4/1/2044

250,000

205,086

5.30%,

3/1/2048

325,000

267,312

5.50%,

8/15/2048

100,000

80,875

6,123,352

Oil

Field

Services

2.1%

Archrock

Partners

LP

,

6.88%,

4/1/2027(a)

400,000

358,232

6.25%,

4/1/2028(a)

350,000

307,648

Nabors

Industries

Ltd.

,

7.25%,

1/15/2026(a)

200,000

174,024

7.50%,

1/15/2028(a)

150,000

122,445

Nabors

Industries,

Inc.

,

7.38%,

5/15/2027(a)

125,000

115,369

Precision

Drilling

Corp.

,

7.13%,

1/15/2026(a)

100,000

93,834

6.88%,

1/15/2029(a)

125,000

110,363

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

625,000

575,000

6.88%,

9/1/2027

175,000

159,044

2,015,959

Packaging

4.8%

ARD

Finance

SA

,

6.50%,

6/30/2027(a)(b)

450,000

308,115

Ardagh

Metal

Packaging

Finance

USA

LLC

,

4.00%,

9/1/2029(a)

400,000

292,941

Ardagh

Packaging

Finance

plc

,

5.25%,

8/15/2027(a)

375,000

234,649

5.25%,

8/15/2027(a)

625,000

391,081

Berry

Global,

Inc.

,

5.63%,

7/15/2027(a)

125,000

116,942

Bway

Holding

Co.

,

7.25%,

4/15/2025(a)

350,000

307,885

Clydesdale

Acquisition

Holdings,

Inc.

,

8.75%,

4/15/2030(a)

1,075,000

889,057

Crown

Americas

LLC

,

5.25%,

4/1/2030(a)

200,000

180,000

OI

European

Group

BV

,

4.75%,

2/15/2030(a)

150,000

119,250

Owens-Brockway

Glass

Container,

Inc.

,

5.88%,

8/15/2023(a)

37,000

36,537

5.38%,

1/15/2025(a)

100,000

92,250

6.63%,

5/13/2027(a)

207,000

187,588

Sealed

Air

Corp.

,

5.00%,

4/15/2029(a)

75,000

66,937

Corporate

Bonds

Principal

Amount

($)

Value

($)

Packaging

Trident

TPI

Holdings,

Inc.

,

9.25%,

8/1/2024(a)

325,000

298,237

6.63%,

11/1/2025(a)

450,000

387,712

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(d)

800,000

706,250

4,615,431

Paper

0.7%

Clearwater

Paper

Corp.

,

5.38%,

2/1/2025(a)

400,000

394,459

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

75,000

68,665

3.50%,

3/1/2029(a)

250,000

205,655

3.75%,

2/1/2030(a)

25,000

20,633

689,412

Pharmaceuticals

1.6%

Bausch

Health

Americas,

Inc.

,

9.25%,

4/1/2026(a)

100,000

59,250

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

150,000

103,823

5.00%,

2/15/2029(a)

725,000

281,119

6.25%,

2/15/2029(a)

100,000

37,313

7.25%,

5/30/2029(a)

400,000

153,122

5.25%,

1/30/2030(a)

300,000

112,044

5.25%,

2/15/2031(a)

125,000

47,006

Catalent

Pharma

Solutions,

Inc.

,

3.50%,

4/1/2030(a)

100,000

78,672

Grifols

Escrow

Issuer

SA

,

4.75%,

10/15/2028(a)

200,000

154,454

Mallinckrodt

International

Finance

SA

,

10.00%,

6/15/2029(a)

305,000

166,225

Organon

&

Co.

,

5.13%,

4/30/2031(a)

250,000

204,790

Syneos

Health,

Inc.

,

3.63%,

1/15/2029(a)

150,000

119,442

1,517,260

Restaurants

1.6%

1011778

BC

ULC

,

4.38%,

1/15/2028(a)

225,000

194,962

4.00%,

10/15/2030(a)

1,150,000

905,717

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

150,000

139,345

Yum!

Brands,

Inc.

,

4.75%,

1/15/2030(a)

200,000

174,782

4.63%,

1/31/2032

50,000

41,909

5.38%,

4/1/2032

50,000

44,332

1,501,047

Retailers

0.7%

Academy

Ltd.

,

6.00%,

11/15/2027(a)

125,000

113,437

Asbury

Automotive

Group,

Inc.

,

4.63%,

11/15/2029(a)

300,000

239,811

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Corporate

Bonds

Principal

Amount

($)

Value

($)

Retailers

Asbury

Automotive

Group,

Inc.,

5.00%,

2/15/2032(a)

75,000

57,755

Gap,

Inc.

(The)

,

3.63%,

10/1/2029(a)

150,000

97,500

3.88%,

10/1/2031(a)

50,000

31,786

Kontoor

Brands,

Inc.

,

4.13%,

11/15/2029(a)

150,000

119,509

William

Carter

Co.

(The)

,

5.63%,

3/15/2027(a)

50,000

46,747

706,545

Supermarkets

0.5%

Albertsons

Cos.,

Inc.

,

5.88%,

2/15/2028(a)

100,000

92,250

3.50%,

3/15/2029(a)

475,000

382,850

475,100

Technology

8.3%

Black

Knight

InfoServ

LLC

,

3.63%,

9/1/2028(a)

225,000

190,926

Boxer

Parent

Co.,

Inc.

,

9.13%,

3/1/2026(a)

100,000

96,100

Cars.com,

Inc.

,

6.38%,

11/1/2028(a)

275,000

234,437

Centerfield

Media

Parent

,

6.63%,

8/1/2026(a)

175,000

138,345

Central

Parent,

Inc.

,

7.25%,

6/15/2029(a)

400,000

380,278

Ciena

Corp.

,

4.00%,

1/31/2030(a)

50,000

41,750

Clarivate

Science

Holdings

Corp.

,

3.88%,

7/1/2028(a)

50,000

41,240

4.88%,

7/1/2029(a)

400,000

313,200

Coherent

Corp.

,

5.00%,

12/15/2029(a)

425,000

351,560

Consensus

Cloud

Solutions,

Inc.

,

6.00%,

10/15/2026(a)

150,000

132,179

6.50%,

10/15/2028(a)

300,000

254,662

Dun

&

Bradstreet

Corp.

(The)

,

5.00%,

12/15/2029(a)

250,000

206,250

Elastic

NV

,

4.13%,

7/15/2029(a)

425,000

335,682

Entegris

Escrow

Corp.

,

5.95%,

6/15/2030(a)

200,000

182,542

Fair

Isaac

Corp.

,

4.00%,

6/15/2028(a)

75,000

63,906

Gartner,

Inc.

,

4.50%,

7/1/2028(a)

125,000

111,775

GoTo

Group,

Inc.

,

5.50%,

9/1/2027(a)

400,000

245,327

HealthEquity,

Inc.

,

4.50%,

10/1/2029(a)

450,000

380,133

Helios

Software

Holdings,

Inc.

,

4.63%,

5/1/2028(a)

250,000

186,750

McAfee

Corp.

,

7.38%,

2/15/2030(a)

700,000

572,295

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Minerva

Merger

Sub,

Inc.

,

6.50%,

2/15/2030(a)

750,000

592,927

NCR

Corp.

,

5.75%,

9/1/2027(a)

75,000

67,950

5.13%,

4/15/2029(a)

350,000

262,507

5.25%,

10/1/2030(a)

350,000

264,130

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(a)

100,000

85,546

Open

Text

Corp.

,

3.88%,

12/1/2029(a)

175,000

134,790

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

125,000

99,826

Picard

Midco,

Inc.

,

6.50%,

3/31/2029(a)

150,000

126,705

Rackspace

Technology

Global,

Inc.

,

3.50%,

2/15/2028(a)

150,000

99,188

5.38%,

12/1/2028(a)

400,000

187,978

Rocket

Software,

Inc.

,

6.50%,

2/15/2029(a)

425,000

314,500

Science

Applications

International

Corp.

,

4.88%,

4/1/2028(a)

50,000

44,483

Seagate

HDD

Cayman

,

3.13%,

7/15/2029

200,000

146,546

3.38%,

7/15/2031

150,000

104,729

Sensata

Technologies

BV

,

5.88%,

9/1/2030(a)

200,000

187,132

Sensata

Technologies,

Inc.

,

4.38%,

2/15/2030(a)

50,000

41,775

3.75%,

2/15/2031(a)

75,000

59,078

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(a)

225,000

205,244

Synaptics,

Inc.

,

4.00%,

6/15/2029(a)

75,000

60,379

TTM

Technologies,

Inc.

,

4.00%,

3/1/2029(a)

175,000

140,933

Veritas

US,

Inc.

,

7.50%,

9/1/2025(a)

325,000

248,900

7,934,583

Transportation

Services

0.2%

Watco

Cos.

LLC

,

6.50%,

6/15/2027(a)

250,000

227,539

Utility

-

Electric

2.8%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

16,000

15,082

4.50%,

2/15/2028(a)

125,000

110,124

5.13%,

3/15/2028(a)

325,000

279,132

4.63%,

2/1/2029(a)

50,000

40,743

5.00%,

2/1/2031(a)

50,000

39,728

3.75%,

3/1/2031(a)

175,000

136,937

Enviva

Partners

LP

,

6.50%,

1/15/2026(a)

500,000

472,680

NRG

Energy,

Inc.

,

6.63%,

1/15/2027

76,000

74,424

3.38%,

2/15/2029(a)

150,000

121,446

5.25%,

6/15/2029(a)

300,000

262,500

3.88%,

2/15/2032(a)

75,000

58,504

58

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Utility

-

Electric

TerraForm

Power

Operating

LLC

,

5.00%,

1/31/2028(a)

325,000

286,335

4.75%,

1/15/2030(a)

225,000

190,975

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

150,000

139,125

5.63%,

2/15/2027(a)

300,000

280,875

5.00%,

7/31/2027(a)

175,000

158,069

2,666,679

Wireless

Communications

0.5%

Sprint

Corp.

,

7.13%,

6/15/2024

100,000

101,496

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

50,000

44,739

4.75%,

2/1/2028

150,000

141,601

2.63%,

2/15/2029

25,000

20,641

3.38%,

4/15/2029

200,000

172,796

481,273

Total

Corporate

Bonds

(cost

$110,296,510)

91,424,918

Rights

0.0%

†

Number

of

Rights

Cable

Satellite

0.0%

†

Intelsat

Jackson

Holdings

SA12/05/2025*^∞

394

1,773

Independent

Energy

0.0%

†

Media

General,

Inc.,

CVR*∞

104

0

Total

Rights

(cost

$0

)

1,773

Total

Investments

(cost

$110,810,069)

—

96.2%

92,022,644

Other

assets

in

excess

of

liabilities

—

3.8%

3,592,026

NET

ASSETS

—

100.0%

$

95,614,670

*

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

September

30,

2022

was

$78,209,890

which

represents

81.80%

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.

(d)

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

September

30,

2022.

CVR

Contingent

Value

Rights

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

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

-

September

30,

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Media

Entertainment

$

32,875

$

–

$

–

$

32,875

Oil

Field

Services

–

–

380,583

380,583

Pharmaceuticals

182,495

–

–

182,495

Total

Common

Stocks

$

215,370

$

–

$

380,583

$

595,953

  Corporate

Bonds

Aerospace

/

Defense

–

1,495,181

–

1,495,181

Airlines

–

375,668

–

375,668

Automotive

–

5,333,722

–

5,333,722

Building

Materials

–

3,466,852

–

3,466,852

Cable

Satellite

–

7,738,366

–

7,738,366

Chemicals

–

3,208,644

–

3,208,644

Construction

Machinery

–

529,359

–

529,359

Consumer

Cyclical

Services

–

2,256,455

–

2,256,455

Consumer

Products

–

1,844,827

–

1,844,827

Diversified

Manufacturing

–

968,267

–

968,267

Finance

Companies

–

1,759,163

–

1,759,163

Food

&

Beverage

–

2,126,667

–

2,126,667

Food

&

Staples

Retailing

–

–

–

–

Gaming

–

3,713,332

–

3,713,332

Health

Insurance

–

598,832

–

598,832

Healthcare

–

6,266,780

–

6,266,780

Independent

Energy

–

4,600,559

–

4,600,559

Industrial

-

Other

–

1,353,518

–

1,353,518

Insurance

-

P&C

–

6,290,586

–

6,290,586

Leisure

–

418,777

–

418,777

Lodging

–

217,744

–

217,744

Media

Entertainment

–

7,427,706

–

7,427,706

Metals

&

Mining

–

479,733

–

479,733

Midstream

–

6,123,352

–

6,123,352

Oil

Field

Services

–

2,015,959

–

2,015,959

Packaging

–

4,615,431

–

4,615,431

Paper

–

689,412

–

689,412

Pharmaceuticals

–

1,517,260

–

1,517,260

Restaurants

–

1,501,047

–

1,501,047

Retailers

–

706,545

–

706,545

Supermarkets

–

475,100

–

475,100

Technology

–

7,934,583

–

7,934,583

Transportation

Services

–

227,539

–

227,539

Utility

-

Electric

–

2,666,679

–

2,666,679

Wireless

Communications

–

481,273

–

481,273

Total

Corporate

Bonds

$

–

$

91,424,918

$

–

$

91,424,918

Rights  

–

–

1,773

1,773

Total

$

215,370

$

91,424,918

$

382,356

$

92,022,644

As

of

September

30,

2022,

the

Fund

held

one

corporate

bond

investment

that

was

categorized

as

Level

3

investment

which

was

valued

at

$0.

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

61

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. 

Common

Stocks

Corporate

Bonds

Rights

Total

Balance

as

of

12/31/2021

$

418,152

$

—

$

—

$

418,152

Accrued

Accretion/(Amortization)

—

—

—

—

Realized

Gains

(Losses)

97,875

(98,507)

—

(632)

Purchases

—

—

—

—

Sales

(211,410)

—

—

(211,410)

Change

in

Unrealized

Appreciation/Depreciation

75,966

98,507

1,773

176,246

Transfers

into

Level

3

—

—

—

—

Transfers

out

of

Level

3

—

—

—

—

Balance

as

of

9/30/2022

$

380,583

$

—

$

1,773

$

382,356

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2022

$

75,966

$

—

$

1,773

$

77,739

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.

62

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Asset-Backed

Securities

25.1%

Principal

Amount

($)

Value

($)

Airlines

1.9%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

5,390,985

5,324,924

American

Airlines

Pass-

Through

Trust

Series

2013-2,

Class

A,

4.95%,

1/15/2023

1,235,200

1,220,004

Series

2015-1,

Class

B,

3.70%,

5/1/2023

1,562,197

1,505,491

Series

2015-2,

Class

B,

4.40%,

9/22/2023

2,480,992

2,385,859

Series

2016-3,

Class

B,

3.75%,

10/15/2025

2,107,960

1,805,207

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

4,398,388

3,707,740

United

Airlines

Pass-Through

Trust

Series

2016-1,

Class

B,

3.65%,

1/7/2026

4,302,083

3,770,412

Series

2020-1,

Class

A,

5.88%,

10/15/2027

2,455,838

2,368,732

Series

2019-2,

Class

B,

3.50%,

5/1/2028

143,446

118,788

22,207,157

Automobiles

0.3%

Westlake

Automobile

Receivables

Trust

Series

2022-1A,

Class

B,

2.75%,

3/15/2027(a)

500,000

483,287

Series

2022-1A,

Class

C,

3.11%,

3/15/2027(a)

3,050,000

2,886,410

3,369,697

Credit

Card

0.8%

Avant

Credit

Card

Master

Trust,

Series

2021-

1A,

Class

A,

1.37%,

4/15/2027(a)

2,250,000

2,040,037

Mercury

Financial

Credit

Card

Master

Trust,

Series

2022-1A,

Class

A,

2.50%,

9/21/2026(a)

8,500,000

8,051,816

10,091,853

Equipment

Loans

&

Leases

0.2%

Atalaya

Equipment

Leasing

Trust

Series

2021-1A,

Class

A2,

1.23%,

5/15/2026(a)

1,978,786

1,921,757

Series

2021-1A,

Class

B,

2.08%,

2/15/2027(a)

600,000

559,547

2,481,304

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Home

Equity

0.5%

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-

NC1,

Class

A2C,

3.84%,

1/25/2035(b)

1,604,689

1,595,081

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

4.33%,

1/25/2036(b)

494,589

490,338

RASC

Trust,

Series

2005-

KS12,

Class

M2,

3.77%,

1/25/2036(b)

3,401,461

3,381,419

Soundview

Home

Loan

Trust,

Series

2006-WF2,

Class

M1,

3.41%,

12/25/2036(b)

207,815

207,632

5,674,470

Other

21.4%

37

Capital

CLO

I,

Series

2021-1A,

Class

A,

3.71%,

10/15/2034(a)(b)

9,400,000

8,878,657

AMSR

Trust

Series

2020-SFR3,

Class

E1,

2.56%,

9/17/2037(a)

2,082,000

1,869,484

Series

2020-SFR3,

Class

E2,

2.76%,

9/17/2037(a)

3,718,000

3,341,598

Apidos

CLO

XXXIII,

Series

2020-33A,

Class

AR,

3.93%,

10/24/2034(a)(b)

12,500,000

11,977,562

Apidos

CLO

XXXV,

Series

2021-35A,

Class

A,

3.76%,

4/20/2034(a)(b)

7,600,000

7,257,035

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

3.94%,

10/25/2034(a)(b)

2,700,000

2,588,028

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

2.27%,

4/20/2035(a)(b)

5,000,000

4,819,355

ARES

XLIV

CLO

Ltd.,

Series

2017-44A,

Class

A1R,

3.59%,

4/15/2034(a)(b)

10,500,000

10,050,432

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

3.85%,

4/20/2034(a)(b)

700,000

666,326

Carlyle

US

CLO

Ltd.

Series

2021-1A,

Class

A1,

3.65%,

4/15/2034(a)(b)

7,000,000

6,709,381

Series

2020-2A,

Class

A1R,

3.92%,

1/25/2035(a)(b)

150,000

142,678

Series

2020-2A,

Class

BR,

4.78%,

1/25/2035(a)(b)

150,000

132,168

Cedar

Funding

II

CLO

Ltd.,

Series

2013-1A,

Class

ARR,

3.79%,

4/20/2034(a)(b)

5,000,000

4,720,220

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

3.71%,

1/20/2031(a)(b)

3,000,000

2,934,711

NVIT

Short

Term

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

63

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1R,

3.89%,

10/17/2034(a)(b)

1,550,000

1,479,993

Cedar

Funding

X

CLO

Ltd.,

Series

2019-10A,

Class

AR,

3.81%,

10/20/2032(a)(b)

2,750,000

2,644,312

Cedar

Funding

XII

CLO

Ltd.

Series

2020-12A,

Class

A1R,

3.91%,

10/25/2034(a)

(b)

3,300,000

3,167,433

Series

2020-12A,

Class

BR,

4.38%,

10/25/2034(a)(b)

700,000

645,026

Dryden

76

CLO

Ltd.,

Series

2019-76A,

Class

A1R,

3.86%,

10/20/2034(a)(b)

200,000

191,114

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

1,330,807

1,165,350

FCI

Funding

LLC

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

80,276

80,240

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

1,752,286

1,699,139

FREED

ABS

Trust,

Series

2022-2CP,

Class

A,

3.03%,

5/18/2029(a)

1,125,892

1,111,012

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

606,962

548,930

GoldentTree

Loan

Management

US

CLO

1

Ltd.,

Series

2021-9A,

Class

A,

3.78%,

1/20/2033(a)(b)

10,000,000

9,636,950

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

5,302,738

4,494,629

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

2,225,992

2,006,722

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

267,446

245,871

HERO

Funding

Trust,

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

300,108

294,070

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

3.51%,

4/15/2034(a)(b)

1,350,000

1,274,655

Series

2021-2A,

Class

A,

3.63%,

7/15/2034(a)(b)

10,000,000

9,499,750

LCM

34

Ltd.,

Series

34A,

Class

A1,

3.88%,

10/20/2034(a)(b)

11,450,000

10,943,727

LCM

37

Ltd.,

Series

37A,

Class

A1,

2.51%,

4/15/2034(a)(b)

1,700,000

1,655,618

LL

ABS

Trust,

Series

2022-

1A,

Class

A,

3.76%,

11/15/2029(a)

2,218,533

2,176,872

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

3.84%,

1/20/2035(a)(b)

10,600,000

10,102,118

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

2.07%,

4/15/2035(a)(b)

10,000,000

9,609,540

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

AR,

3.73%,

1/20/2032(a)(b)

2,000,000

1,945,166

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

AR,

3.85%,

10/20/2035(a)(b)

9,300,000

8,922,206

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

A,

3.80%,

4/16/2033(a)(b)

5,000,000

4,853,815

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

2,640,000

2,635,159

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

360,000

359,391

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

9,000,000

8,587,809

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

600,000

570,286

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

4.78%,

5/20/2031(a)(b)

10,000,000

9,704,790

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

3.64%,

10/15/2034(a)(b)

1,300,000

1,238,704

Renew

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

1,872,221

1,707,192

Series

2017-2A,

Class

A,

3.22%,

9/22/2053(a)

1,663,696

1,518,279

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

3.66%,

7/15/2035(a)(b)

4,900,000

4,699,703

RR

19

Ltd.,

Series

2021-

19A,

Class

A1,

3.65%,

10/15/2035(a)(b)

8,750,000

8,397,314

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

A1R,

3.77%,

7/20/2032(a)(b)

5,000,000

4,822,195

Tricon

American

Homes,

Series

2020-SFR1,

Class

B,

2.05%,

7/17/2038(a)

4,760,000

4,090,779

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

13,130,772

12,816,487

Series

2018-SFR1,

Class

E,

4.56%,

5/17/2037(a)

6,250,000

5,889,011

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

5,162,949

4,747,105

64

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2019-SFR1,

Class

E,

3.40%,

3/17/2038(a)

2,000,000

1,801,580

Series

2020-SFR2,

Class

C,

2.03%,

11/17/2039(a)

1,000,000

827,375

Series

2020-SFR2,

Class

D,

2.28%,

11/17/2039(a)

5,764,000

4,760,011

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/2039(a)

2,826,000

2,334,386

Tricon

Residential

Trust,

Series

2022-SFR1,

Class

D,

4.75%,

4/17/2039(a)

2,250,000

2,067,903

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

3.61%,

7/15/2034(a)(b)

10,000,000

9,577,280

249,634,632

Total

Asset-Backed

Securities

(cost

$309,648,560)

293,459,113

Collateralized

Mortgage

Obligations

3.5%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

2,625,520

2,482,714

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

756,674

639,840

GS

Mortgage-Backed

Securities

Trust,

Series

2022-NQM1,

Class

A16,

4.00%,

5/25/2062(a)(b)

3,895,888

3,613,072

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

1,950

1,786

HomeBanc

Mortgage

Trust,

Series

2005-4,

Class

A2,

3.74%,

10/25/2035(b)

18,229

18,209

New

Residential

Mortgage

Loan

Trust,

Series

2016-

2A,

Class

A1,

3.75%,

11/26/2035(a)(b)

4,193,105

3,917,057

PRPM

LLC,

Series

2021-

RPL2,

Class

M1,

2.93%,

10/25/2051(a)(b)

1,900,000

1,629,947

RALI

Trust,

Series

2003-

QS20,

Class

CB,

5.00%,

11/25/2018

29,635

19,262

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

80,587

74,886

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

435,563

417,832

Verus

Securitization

Trust

Series

2022-1,

Class

A1,

2.72%,

1/25/2067(a)(c)

9,732,008

8,573,054

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2022-1,

Class

A2,

3.03%,

1/25/2067(a)(b)

3,238,160

2,825,416

Series

2022-1,

Class

A3,

3.29%,

1/25/2067(a)(b)

3,221,554

2,673,290

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

6,288,880

5,785,676

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

4,715,965

4,322,154

Visio

Trust,

Series

2019-

2,

Class

A1,

2.72%,

11/25/2054(a)(b)

4,591,436

4,194,162

Total

Collateralized

Mortgage

Obligations

(cost

$45,817,978)

41,188,357

Commercial

Mortgage-Backed

Securities

0.9%

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

3.53%,

1/16/2037(a)(b)

2,696,235

2,592,117

Eleven

Madison

Mortgage

Trust,

Series

2015-

11MD,

Class

A,

3.67%,

9/10/2035(a)(b)

2,025,000

1,877,672

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C8,

Class

XA,

IO,

1.08%,

12/15/2048(b)

11,387,752

10,767

SPGN

Mortgage

Trust

Series

2022-TFLM,

Class

C,

5.50%,

2/15/2039(a)(b)

1,270,000

1,202,426

Series

2022-TFLM,

Class

D,

6.35%,

2/15/2039(a)(b)

5,730,000

5,397,480

Total

Commercial

Mortgage-Backed

Securities

(cost

$11,774,557)

11,080,462

Corporate

Bonds

27.5%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

5.04%,

5/1/2027(d)

2,750,000

2,649,244

Moog,

Inc.

,

4.25%,

12/15/2027(a)

2,000,000

1,770,980

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

2,596,000

2,570,790

6,991,014

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)(d)

595,000

510,956

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

255,000

210,997

721,953

Automobiles

0.6%

Hyundai

Capital

America

,

1.80%,

10/15/2025(a)

8,000,000

7,114,881

NVIT

Short

Term

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

65

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

6.7%

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(e)

8,623,000

8,577,217

(ICE

LIBOR

USD

3

Month

+

0.97%),

3.46%,

3/15/2025(e)

5,000,000

4,841,939

Bank

of

Montreal

,

Series

H,

4.25%,

9/14/2024(d)

10,000,000

9,837,706

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(e)

5,000,000

4,660,156

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(e)

5,000,000

4,632,707

(SOFR

+

1.37%),

4.14%,

5/24/2025(e)

5,000,000

4,887,359

(United

States

SOFR

Compounded

Index

+

1.55%),

5.61%,

9/29/2026(e)

3,500,000

3,480,690

Citizens

Financial

Group,

Inc.

,

4.30%,

12/3/2025

3,250,000

3,126,229

Credit

Agricole

SA

,

4.38%,

3/17/2025(a)

7,470,000

7,168,759

HSBC

Holdings

plc

,

(SOFR

+

0.71%),

0.98%,

5/24/2025(e)

2,000,000

1,837,504

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(e)

2,896,000

2,849,563

Toronto-Dominion

Bank

(The)

,

0.70%,

9/10/2024

10,000,000

9,210,187

4.29%,

9/13/2024

3,500,000

3,447,222

Wells

Fargo

&

Co.

,

4.13%,

8/15/2023(d)

7,000,000

6,966,913

(SOFR

+

1.56%),

4.54%,

8/15/2026(e)

3,000,000

2,902,216

78,426,367

Beverages

0.4%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

5,000,000

4,793,110

Capital

Markets

2.0%

Credit

Suisse

Group

AG

,

(SOFR

+

1.56%),

2.59%,

9/11/2025(a)(e)

8,000,000

7,278,143

4.28%,

1/9/2028(a)

2,000,000

1,697,776

Morgan

Stanley

,

(SOFR

+

1.67%),

4.68%,

7/17/2026(e)

5,000,000

4,868,613

UBS

AG

,

7.50%,

7/15/2025

5,000,000

5,199,763

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

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

3,859,203

22,903,498

Chemicals

0.0%

†

HB

Fuller

Co.

,

4.00%,

2/15/2027(d)

250,000

225,991

Communications

Equipment

0.1%

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)

1,350,000

1,123,160

Diversified

Telecommunication

Services

0.2%

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)(d)

1,400,000

1,263,500

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

650,000

537,927

Lumen

Technologies,

Inc.

,

4.00%,

2/15/2027(a)

1,400,000

1,175,691

2,977,118

Electric

Utilities

2.4%

Eversource

Energy

,

4.20%,

6/27/2024(d)

9,000,000

8,875,017

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

4,700,000

4,187,028

NextEra

Energy

Capital

Holdings,

Inc.

,

4.20%,

6/20/2024(d)

9,000,000

8,887,135

Vistra

Operations

Co.

LLC

,

3.55%,

7/15/2024(a)

1,670,000

1,591,226

5.13%,

5/13/2025(a)

2,000,000

1,936,301

3.70%,

1/30/2027(a)

1,000,000

885,659

5.63%,

2/15/2027(a)

1,750,000

1,638,438

28,000,804

Electrical

Equipment

0.1%

Sensata

Technologies

BV

,

5.63%,

11/1/2024(a)

650,000

646,347

Entertainment

0.8%

Warnermedia

Holdings,

Inc.

,

3.43%,

3/15/2024(a)

10,000,000

9,662,010

Equity

Real

Estate

Investment

Trusts

(REITs)

1.2%

Kite

Realty

Group

Trust

,

4.00%,

3/15/2025(d)

10,150,000

9,596,135

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

1,786,000

1,433,441

VICI

Properties

LP

,

5.63%,

5/1/2024(a)

2,120,000

2,083,430

3.50%,

2/15/2025(a)(d)

1,350,000

1,247,886

14,360,892

Food

Products

0.2%

JBS

USA

LUX

SA

,

3.00%,

2/2/2029(a)

3,045,000

2,491,347

66

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

0.0%

†

HCA,

Inc.

,

5.38%,

2/1/2025(d)

650,000

642,313

Hotels,

Restaurants

&

Leisure

0.1%

International

Game

Technology

plc

,

4.13%,

4/15/2026(a)(d)

1,750,000

1,599,430

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Corp.

,

4.50%,

2/15/2028(a)

1,350,000

1,189,337

Insurance

2.4%

Five

Corners

Funding

Trust

,

4.42%,

11/15/2023(a)

7,577,000

7,505,983

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

7,000,000

6,820,421

4.15%,

8/26/2025(a)(d)

5,000,000

4,869,569

Pricoa

Global

Funding

I

,

4.20%,

8/28/2025(a)

3,000,000

2,921,424

Principal

Life

Global

Funding

II

,

2.25%,

11/21/2024(a)

6,000,000

5,644,198

27,761,595

IT

Services

0.8%

Fidelity

National

Information

Services,

Inc.

,

4.50%,

7/15/2025

4,000,000

3,914,244

International

Business

Machines

Corp.

,

4.00%,

7/27/2025(d)

5,000,000

4,902,042

8,816,286

Machinery

1.0%

Amsted

Industries,

Inc.

,

5.63%,

7/1/2027(a)

2,100,000

1,932,000

Daimler

Trucks

Finance

North

America

LLC

,

1.13%,

12/14/2023(a)

10,000,000

9,522,719

11,454,719

Media

1.1%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025(d)

4,000,000

3,900,636

Comcast

Corp.

,

3.70%,

4/15/2024

7,500,000

7,376,175

CSC

Holdings

LLC

,

5.50%,

4/15/2027(a)

2,120,000

1,865,600

13,142,411

Multi-Utilities

0.9%

DTE

Energy

Co.

,

4.22%,

11/1/2024(c)(d)

9,250,000

9,068,977

WEC

Energy

Group,

Inc.

,

5.00%,

9/27/2025

2,000,000

1,992,775

11,061,752

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

1.5%

Continental

Resources,

Inc.

,

4.50%,

4/15/2023(d)

2,810,000

2,795,922

3.80%,

6/1/2024(d)

4,000,000

3,882,676

Targa

Resources

Partners

LP

,

6.50%,

7/15/2027(d)

1,350,000

1,334,256

5.00%,

1/15/2028

5,000,000

4,625,174

Williams

Cos.,

Inc.

(The)

,

3.90%,

1/15/2025

4,500,000

4,354,989

16,993,017

Pharmaceuticals

1.2%

Royalty

Pharma

plc

,

0.75%,

9/2/2023

9,957,000

9,534,617

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023

4,060,000

3,970,517

13,505,134

Professional

Services

0.4%

Equifax,

Inc.

,

2.60%,

12/1/2024

5,000,000

4,747,720

Road

&

Rail

1.1%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)(d)

3,726,000

3,269,248

Triton

Container

International

Ltd.

,

1.15%,

6/7/2024(a)

10,000,000

9,107,712

12,376,960

Software

0.1%

PTC,

Inc.

,

3.63%,

2/15/2025(a)(d)

1,350,000

1,257,563

Thrifts

&

Mortgage

Finance

1.2%

BPCE

SA

,

4.00%,

9/12/2023(a)

3,000,000

2,959,968

5.70%,

10/22/2023(a)

6,800,000

6,723,184

5.15%,

7/21/2024(a)

2,620,000

2,554,427

4.88%,

4/1/2026(a)

1,500,000

1,417,509

13,655,088

Tobacco

0.2%

BAT

International

Finance

plc

,

4.45%,

3/16/2028

2,250,000

2,005,330

Total

Corporate

Bonds

(cost

$340,641,648)

320,647,147

Exchange

Traded

Fund

1.7%

Shares

Debt

Funds

1.7%

iShares

Trust

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF(d)

400,000

19,712,000

Total

Exchange

Traded

Fund

(cost

$20,355,120)

19,712,000

NVIT

Short

Term

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

67

Loan

Participation

0.1%

Principal

Amount

($)

Value

($)

Software

0.1%

Open

Text

Corp.,

1st

Lien

Term

Loan

B,

(ICE

LIBOR

USD

+

1.75%),

4.87%,

5/30/2025

(e)

923,655

902,873

0

Total

Loan

Participation

(cost

$925,121)

902,873

Mortgage-Backed

Securities

0.3%

FHLMC

Non

Gold

Pool

Pool#

1Q0648

1.98%,

6/1/2037(b)

160,008

161,116

Pool#

1B3601

2.32%,

10/1/2037(b)

109,027

108,072

FNMA

Pool

Pool#

747271

4.13%,

7/1/2034(b)

188,836

188,231

Pool#

886345

3.81%,

8/1/2036(b)

28,690

28,316

Pool#

949691

3.98%,

9/1/2037(b)

64,798

63,961

FNMA

UMBS

Pool#

BN0906

,

4.00%,

11/1/2048

2,617,753

2,473,170

Total

Mortgage-Backed

Securities

(cost

$3,216,567)

3,022,866

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

12,500

3

Month

Eurodollar

12/19/2022

at

USD

98.25,

American

Style,

Notional

Amount:

USD

500,000,000

Exchange

Traded

2,000

37,500

0

Total

Purchased

Options

(cost

$2,305,720)

50,000

U.S.

Treasury

Obligations

40.1%

Principal

Amount

($)

U.S.

Treasury

Notes

2.13%,

12/31/2022

(d)

135,000

134,542

0.13%,

10/15/2023

15,000,000

14,368,359

0.38%,

4/15/2024

44,000,000

41,427,031

2.00%,

5/31/2024

16,000,000

15,409,375

3.00%,

6/30/2024

(d)

44,000,000

43,040,937

0.38%,

8/15/2024

79,000,000

73,491,602

2.25%,

10/31/2024

5,000,000

4,800,977

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.00%,

12/15/2024

115,000,000

107,161,133

0.50%,

3/31/2025

100,000,000

91,230,469

2.88%,

6/15/2025

24,000,000

23,145,937

2.00%,

8/15/2025

6,000,000

5,636,250

2.25%,

11/15/2025

4,000,000

3,766,719

1.25%,

12/31/2026

(d)

3,000,000

2,664,727

3.25%,

6/30/2027

(d)

18,000,000

17,347,500

2.75%,

5/31/2029

1,000,000

926,055

1.50%,

2/15/2030

27,000,000

22,914,141

Total

U.S.

Treasury

Obligations

(cost

$486,690,574)

467,465,754

Repurchase

Agreements

7.6%

Bank

of

America

NA

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$22,005,592,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$22,440,000.

(f)

22,000,000

22,000,000

Cantor

Fitzgerald

&

Co.

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$30,557,804,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$31,161,040.

(f)

30,550,039

30,550,039

Credit

Suisse

AG

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$10,002,475,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$10,202,525.

(f)

10,000,000

10,000,000

68

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$24,658,966,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$25,157,948.

(f)

24,652,700

24,652,700

Pershing

LLC

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,514,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$2,040,000.

(f)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$89,202,739)

89,202,739

Total

Investments

(cost

$1,310,578,584)

—

106.8%

1,246,731,311

Liabilities

in

excess

of

other

assets

—

(6.8)%

(79,833,371)

NET

ASSETS

—

100.0%

$

1,166,897,940

†

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

September

30,

2022

was

$467,524,148

which

represents

40.07%

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

September

30,

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

September

30,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$116,246,861,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$89,202,739

and

by

$30,542,514

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.75%,

and

maturity

dates

ranging

from

10/31/2022

–

11/15/2050,

a

total

value

of

$119,745,253.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2022.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$89,202,739.

CLO

Collateralized

Loan

Obligations

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

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

NVIT

Short

Term

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

69

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

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

39-V1

1.00

Quarterly

12/20/2027

1.09

USD

130,000,000

(196,215)

623,576

427,361

(196,215)

623,576

427,361

As

of

September

30,

2022,

the

Fund

had

$2,043,383

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).

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

3

Month

Eurodollar

420

12/2022

USD

100,075,500

(3,743,250)

Total

long

contracts

(3,743,250)

Short

Contracts

U.S.

Treasury

2

Year

Note

(283)

12/2022

USD

(58,125,547)

947,813

U.S.

Treasury

5

Year

Note

(357)

12/2022

USD

(38,380,289)

1,304,488

U.S.

Treasury

10

Year

Note

(241)

12/2022

USD

(27,007,063)

1,277,851

Total

short

contracts

3,530,152

Net

contracts

(213,098)

As

of

September

30,

2022,

the

Fund

had

$1,950,073

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

70

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Written

Call

Options

Contracts

as

of

September

30,

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

(50,000)

3

Month

Eurodollar

Exchange

Traded

2,000

USD

500,000,000

USD

99.63

12/19/2022

(12,500)

Total

written

call

options

contracts

(62,500)

Written

Put

Options

Contracts

as

of

September

30,

2022

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

Eurodollar

Exchange

Traded

80

USD

20,000,000

USD

98.88

12/19/2022

(713,000)

Total

written

put

options

contracts

(713,000)

Total

Written

Options

Contracts

(Premiums

Received

($1,825,051))

(775,500)

Currency:

USD

United

States

dollar

NVIT

Short

Term

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

71

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.

72

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts,

and

financial

futures

contracts.

(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. 

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

293,459,113

$

–

$

293,459,113

Collateralized

Mortgage

Obligations

–

41,188,357

–

41,188,357

Commercial

Mortgage-Backed

Securities

–

11,080,462

–

11,080,462

Corporate

Bonds

–

320,647,147

–

320,647,147

Credit

Default

Swaps†

–

623,576

–

623,576

Exchange

Traded

Fund

19,712,000

–

–

19,712,000

Futures

Contracts

3,530,152

–

–

3,530,152

Loan

Participation

–

902,873

–

902,873

Mortgage-Backed

Securities

–

3,022,866

–

3,022,866

Purchased

Option

50,000

–

–

50,000

Repurchase

Agreements

–

89,202,739

–

89,202,739

U.S.

Treasury

Obligations

–

467,465,754

–

467,465,754

Total

Assets

$

23,292,152

$

1,227,592,887

$

–

$

1,250,885,039

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(3,743,250)

$

–

$

–

$

(3,743,250)

Written

Options

(775,500)

–

–

(775,500)

Total

Liabilities

$

(4,518,750)

$

–

$

–

$

(4,518,750)

Total

$

18,773,402

$

1,227,592,887

$

–

$

1,246,366,289

†

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

Short

Term

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

73

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

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).

(b)

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.

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

74

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

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.

(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

managing

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

50,000

Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

623,576

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

3,530,152

Total

$

4,203,728

NVIT

Short

Term

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

75

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(775,500)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(3,743,250)

Total

$

(4,518,750)

†

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.

76

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Asset-Backed

Securities

8.6%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

43,780

40,889

Automobiles

1.7%

AmeriCredit

Automobile

Receivables

Trust

Series

2022-1,

Class

A2,

2.05%,

1/20/2026

2,212,801

2,190,873

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,814,000

1,795,819

Drive

Auto

Receivables

Trust,

Series

2021-2,

Class

B,

0.58%,

12/15/2025

6,250,000

6,156,906

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

2,644,000

2,601,488

Ford

Credit

Auto

Owner

Trust,

Series

2022-C,

Class

A4,

4.59%,

12/15/2027

4,071,000

4,031,432

Santander

Drive

Auto

Receivables

Trust

Series

2021-3,

Class

B,

0.60%,

12/15/2025

5,875,000

5,798,013

Series

2022-1,

Class

B,

2.36%,

8/17/2026

4,273,000

4,129,214

Series

2022-5,

Class

A3,

4.11%,

8/17/2026

1,751,000

1,731,443

Volkswagen

Auto

Lease

Trust,

Series

2022-A,

Class

A3,

3.44%,

7/21/2025

1,034,000

1,014,184

29,449,372

Equipment

Loans

&

Leases

0.1%

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

795,000

790,194

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

SBA

Tower

Trust,

2.59%,

10/15/2031(a)

3,130,000

2,442,681

Other

6.0%

Apidos

CLO

XXXIX,

Series

2022-39A,

Class

A1,

2.04%,

4/21/2035(a)(b)

8,660,000

8,313,254

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

4.11%,

4/15/2034(a)(b)

5,600,000

5,453,750

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(a)

4,008,000

3,450,290

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2I,

2.05%,

11/20/2051(a)

4,154,605

3,527,929

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Flexential

Issuer,

Series

2021-1A,

Class

A2,

3.25%,

11/27/2051(a)

4,941,000

4,297,010

Fortress

Credit

Opportunities

IX

CLO

Ltd.,

Series

2017-

9A,

Class

A1TR,

4.06%,

10/15/2033(a)(b)

7,250,000

6,887,833

FREED

ABS

Trust,

Series

2021-3FP,

Class

B,

1.01%,

11/20/2028(a)

2,686,275

2,630,430

Hilton

Grand

Vacations

Trust,

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

609,993

589,598

Marlette

Funding

Trust,

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

1,245,000

1,241,773

MCF

CLO

IX

Ltd.,

Series

2019-1A,

Class

A1R,

3.98%,

7/17/2031(a)(b)

6,213,000

6,024,174

MF1

Ltd.

Series

2021-FL7,

Class

AS,

4.44%,

10/16/2036(a)(b)

6,378,500

6,122,935

Series

2022-FL8,

Class

A,

3.63%,

2/19/2037(a)(b)

4,332,500

4,189,958

Neuberger

Berman

Loan

Advisers

CLO

47

Ltd.,

Series

2022-47A,

Class

A,

3.60%,

4/14/2035(a)(b)

12,721,428

12,179,266

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

7,268,000

6,149,975

Pagaya

AI

Debt

Selection

Trust,

Series

2021-3,

Class

A,

1.15%,

5/15/2029(a)

1,091,400

1,057,629

PFS

Financing

Corp.,

Series

2021-B,

Class

A,

0.77%,

8/15/2026(a)

8,280,000

7,608,389

Purewest

Funding

LLC,

Series

2021-1,

Class

A1,

4.09%,

12/22/2036(a)

2,220,900

2,105,614

Textainer

Marine

Containers

VII

Ltd.

Series

2020-2A,

Class

A,

2.10%,

9/20/2045(a)

3,415,640

2,937,025

Series

2021-2A,

Class

A,

2.23%,

4/20/2046(a)

3,347,167

2,872,736

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

3.90%,

7/21/2034(a)(b)

1,450,000

1,387,788

Upstart

Securitization

Trust,

Series

2021-5,

Class

A,

1.31%,

11/20/2031(a)

1,726,496

1,668,952

Voya

CLO

Ltd.,

Series

2019-2A,

Class

A,

3.98%,

7/20/2032(a)(b)

14,600,000

14,185,185

104,881,493

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

77

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

0.7%

Navient

Private

Education

Refi

Loan

Trust

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

6,364,536

5,334,119

Series

2021-GA,

Class

A,

1.58%,

4/15/2070(a)

6,200,518

5,336,640

Navient

Student

Loan

Trust,

Series

2019-7A,

Class

A1,

3.58%,

1/25/2068(a)(b)

2,014,068

2,010,169

12,680,928

Total

Asset-Backed

Securities

(cost

$160,346,148)

150,285,557

Collateralized

Mortgage

Obligations

0.9%

Angel

Oak

Mortgage

Trust,

Series

2019-6,

Class

A1,

2.62%,

11/25/2059(a)(b)

674,060

654,690

GCAT

Trust,

Series

2019-

NQM3,

Class

A1,

2.69%,

11/25/2059(a)(b)

952,963

890,096

New

Residential

Mortgage

Loan

Trust

Series

2022-NQM1,

Class

A1,

2.28%,

1/25/2026(a)(b)

8,817,167

7,462,646

Series

2019-NQM5,

Class

A1,

2.71%,

11/25/2059(a)(b)

1,265,691

1,147,588

Starwood

Mortgage

Residential

Trust,

Series

2021-3,

Class

A1,

1.13%,

6/25/2056(a)(b)

2,545,577

2,115,284

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

2.64%,

11/25/2059(a)(c)

385,928

375,391

Series

2021-3,

Class

A1,

1.05%,

6/25/2066(a)(b)

3,369,459

2,760,193

Total

Collateralized

Mortgage

Obligations

(cost

$18,010,757)

15,405,888

Commercial

Mortgage-Backed

Securities

1.0%

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC11,

Class

B,

3.73%,

4/10/2046(b)

4,100,000

4,037,128

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

4,297,873

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

3,795,000

3,621,355

Series

2017-C39,

Class

A5,

3.42%,

9/15/2050

3,895,000

3,579,142

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

AS,

4.07%,

9/15/2057(b)

2,620,000

2,512,945

Total

Commercial

Mortgage-Backed

Securities

(cost

$19,834,852)

18,048,443

Corporate

Bonds

46.2%

Aerospace

&

Defense

1.4%

Boeing

Co.

(The)

,

2.20%,

2/4/2026

4,607,000

4,088,425

3.63%,

2/1/2031(d)

10,130,000

8,408,395

5.71%,

5/1/2040

1,560,000

1,362,601

5.81%,

5/1/2050

3,910,000

3,397,758

5.93%,

5/1/2060(d)

1,930,000

1,650,937

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028

3,388,000

3,082,765

TransDigm

,

Inc.

,

6.25%,

3/15/2026(a)

705,000

683,850

6.38%,

6/15/2026

500,000

472,381

7.50%,

3/15/2027(d)

425,000

404,600

5.50%,

11/15/2027

610,000

530,517

24,082,229

Airlines

0.4%

Air

Canada

,

3.88%,

8/15/2026(a)

255,000

218,981

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

805,000

756,032

5.75%,

4/20/2029(a)

500,000

436,250

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

1,250,000

1,115,625

4.63%,

4/15/2029(a)

4,641,000

3,840,149

6,367,037

Automobiles

0.8%

Ford

Motor

Co.

,

4.75%,

1/15/2043

360,000

238,532

5.29%,

12/8/2046

360,000

253,800

General

Motors

Co.

,

6.80%,

10/1/2027

3,845,000

3,885,793

Stellantis

Finance

US,

Inc.

,

2.69%,

9/15/2031(a)

1,521,000

1,085,169

Volkswagen

Group

of

America

Finance

LLC

,

3.13%,

5/12/2023(a)(d)

1,745,000

1,725,508

3.35%,

5/13/2025(a)

3,485,000

3,305,600

3.75%,

5/13/2030(a)

4,385,000

3,775,581

14,269,983

Banks

6.6%

Banco

de

Credito

e

Inversiones

SA

,

3.50%,

10/12/2027(a)

200,000

180,746

Banco

Santander

SA

,

Reg.

S,

(USD

ICE

Swap

Rate

5

Year

+

4.99%),

7.50%,

2/08/2024(e)(f)

1,200,000

1,116,000

78

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Santander

SA,

2.75%,

12/3/2030

4,400,000

3,111,175

Bank

of

America

Corp.

,

Series

JJ,

(ICE

LIBOR

USD

3

Month

+

3.29%),

5.12%,

6/20/2024(e)(f)

1,870,000

1,747,417

Series

X,

(ICE

LIBOR

USD

3

Month

+

3.71%),

6.25%,

9/05/2024(e)(f)

1,240,000

1,198,150

4.45%,

3/3/2026

4,155,000

4,003,788

Series

FF,

(ICE

LIBOR

USD

3

Month

+

2.93%),

5.87%,

3/15/2028(e)(f)

1,000,000

857,500

(ICE

LIBOR

USD

3

Month

+

1.51%),

3.71%,

4/24/2028(f)

3,125,000

2,843,558

(SOFR

+

2.15%),

2.59%,

4/29/2031(f)

4,605,000

3,652,046

(SOFR

+

1.32%),

2.69%,

4/22/2032(f)

5,870,000

4,582,910

(SOFR

+

1.22%),

2.30%,

7/21/2032(f)

5,145,000

3,845,036

BNP

Paribas

SA

,

3.50%,

3/1/2023(a)

7,020,000

6,974,440

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%,

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

1,290,000

825,852

Citigroup,

Inc.

,

Series

U,

(SOFR

+

3.81%),

5.00%,

9/12/2024(d)(e)(f)

1,239,000

1,102,558

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(d)(e)(f)

750,000

602,775

(ICE

LIBOR

USD

3

Month

+

0.90%),

3.35%,

4/24/2025(f)

5,475,000

5,279,899

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%,

12/10/2025(d)(e)(f)

840,000

707,700

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(f)

2,080,000

1,914,458

Citizens

Financial

Group,

Inc.

,

Series

B,

(ICE

LIBOR

USD

3

Month

+

3.00%),

6.00%,

7/06/2023(d)(e)(f)

2,650,000

2,430,360

Fifth

Third

Bancorp

,

Series

H,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.10%,

6/30/2023(d)(e)(f)

2,560,000

2,304,618

Series

L,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%),

4.50%,

9/30/2025(d)(e)(f)

655,000

602,545

HSBC

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%,

12/17/2030(e)(f)

5,582,000

3,871,067

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

ING

Groep

NV

,

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%,

4/16/2025(d)(e)(f)

1,000,000

892,890

(SOFR

+

1.64%),

3.87%,

3/28/2026(f)

7,254,000

6,877,020

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%,

11/16/2026(e)(f)

1,385,000

1,190,680

Intesa

Sanpaolo

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.60%),

4.20%,

6/1/2032(a)(f)

1,975,000

1,331,542

JPMorgan

Chase

&

Co.

,

Series

CC,

(ICE

LIBOR

USD

3

Month

+

2.58%),

4.62%,

11/01/2022(d)(e)(f)

1,430,000

1,343,673

Series

FF,

(SOFR

+

3.38%),

5.00%,

8/01/2024(e)(f)

1,385,000

1,248,924

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(d)(e)(f)

775,000

675,103

(ICE

LIBOR

USD

3

Month

+

1.16%),

3.22%,

3/1/2025(f)

9,650,000

9,338,808

Series

KK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.65%,

6/01/2026(d)(e)(f)

450,000

364,415

(SOFR

+

1.51%),

2.74%,

10/15/2030(f)

4,550,000

3,699,559

(SOFR

+

1.07%),

1.95%,

2/4/2032(f)

4,610,000

3,410,159

(SOFR

+

1.51%),

2.53%,

11/19/2041(f)

2,385,000

1,488,922

NatWest

Group

plc

,

4.60%,

6/28/2031(e)(g)

1,890,000

1,181,250

NBK

Tier

1

Financing

2

Ltd.

,

(USD

Constant

Maturity

6

Year

+

2.83%),

4.50%,

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

200,000

178,750

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.49%,

12/14/2026(a)(f)

6,395,000

5,412,248

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%,

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

1,820,000

1,178,996

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)(f)

2,185,000

1,945,405

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

79

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Financial

Corp.,

Series

L,

(ICE

LIBOR

USD

3

Month

+

3.10%),

6.39%,

12/15/2024(d)(e)(f)

760,000

731,120

Series

P,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%),

4.95%,

9/01/2025(d)(e)(f)

590,000

566,866

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

3/01/2030(d)(e)(f)

650,000

576,316

Turkiye

Vakiflar

Bankasi

TAO

,

6.50%,

1/8/2026(a)

200,000

172,952

Wells

Fargo

&

Co.

,

Series

S,

(ICE

LIBOR

USD

3

Month

+

3.11%),

5.90%,

6/15/2024(e)(f)

1,290,000

1,173,656

Series

U,

(ICE

LIBOR

USD

3

Month

+

3.99%),

5.87%,

6/15/2025(e)(f)

645,000

614,071

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%,

3/15/2026(d)(e)(f)

1,335,000

1,128,909

(SOFR

+

2.00%),

2.19%,

4/30/2026(f)

1,680,000

1,534,297

(SOFR

+

1.51%),

3.53%,

3/24/2028(f)

3,183,000

2,882,898

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(f)

8,980,000

7,378,304

(SOFR

+

2.53%),

3.07%,

4/30/2041(f)

5,055,000

3,469,481

115,741,812

Beverages

1.1%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

2,805,000

2,437,769

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

7,843,000

6,462,864

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

2,677,000

2,299,670

2.88%,

5/1/2030

6,555,000

5,437,028

2.25%,

8/1/2031

2,625,000

2,016,468

18,653,799

Biotechnology

1.1%

AbbVie,

Inc.

,

2.30%,

11/21/2022

2,105,000

2,099,906

2.95%,

11/21/2026

12,930,000

11,845,927

Amgen,

Inc.

,

2.80%,

8/15/2041

5,190,000

3,542,436

Gilead

Sciences,

Inc.

,

2.80%,

10/1/2050

2,675,000

1,651,989

19,140,258

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

0.4%

Builders

FirstSource

,

Inc.

,

6.38%,

6/15/2032(a)(d)

616,000

547,159

Carrier

Global

Corp.

,

2.49%,

2/15/2027

1,046,000

927,213

2.72%,

2/15/2030

3,515,000

2,901,399

SRM

Escrow

Issuer

LLC

,

6.00%,

11/1/2028(a)

2,710,000

2,202,525

6,578,296

Capital

Markets

2.7%

Credit

Suisse

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%,

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

1,600,000

1,164,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.29%),

5.10%,

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

1,705,000

1,044,057

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(f)

1,359,000

1,221,399

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(e)(f)

968,000

929,280

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%,

2/10/2025(d)(e)(f)

1,144,000

1,035,320

(ICE

LIBOR

USD

3

Month

+

1.20%),

3.27%,

9/29/2025(f)

2,200,000

2,095,585

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%,

5/10/2026(d)(e)(f)

605,000

468,777

Series

U,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.65%,

8/10/2026(e)(f)

1,060,000

813,550

(SOFR

+

1.09%),

1.99%,

1/27/2032(f)

4,720,000

3,489,550

(SOFR

+

1.28%),

2.62%,

4/22/2032(f)

5,415,000

4,197,318

(SOFR

+

1.25%),

2.38%,

7/21/2032(f)

6,565,000

4,949,917

Intercontinental

Exchange,

Inc.

,

4.35%,

6/15/2029

3,471,000

3,285,106

Moody's

Corp.

,

2.75%,

8/19/2041

2,695,000

1,791,680

Morgan

Stanley

,

(SOFR

+

1.15%),

2.72%,

7/22/2025(f)

3,440,000

3,263,203

3.63%,

1/20/2027

4,000,000

3,720,892

80

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(f)

2,825,000

2,540,641

(SOFR

+

1.14%),

2.70%,

1/22/2031(f)

7,235,000

5,865,924

(SOFR

+

1.02%),

1.93%,

4/28/2032(f)

4,630,000

3,380,103

UBS

Group

AG

,

Reg.

S,

(USD

Swap

Semi

5

Year

+

4.59%),

6.87%,

8/07/2025(e)(f)

1,276,000

1,186,790

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%,

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

1,040,000

683,280

47,126,372

Chemicals

1.7%

Alpek

SAB

de

CV

,

3.25%,

2/25/2031(a)

4,982,000

3,682,648

Braskem

Idesa

SAPI

,

7.45%,

11/15/2029(a)(d)

1,447,000

1,096,102

6.99%,

2/20/2032(a)(d)

3,628,000

2,421,690

Braskem

Netherlands

Finance

BV

,

5.88%,

1/31/2050(a)

6,500,000

4,605,250

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027

7,573,000

7,167,124

NOVA

Chemicals

Corp.

,

5.25%,

6/1/2027(a)

348,000

295,800

Orbia

Advance

Corp.

SAB

de

CV

,

2.88%,

5/11/2031(a)(d)

6,351,000

4,620,368

Sasol

Financing

USA

LLC

,

5.88%,

3/27/2024

400,000

387,840

4.38%,

9/18/2026

200,000

174,497

6.50%,

9/27/2028

400,000

360,000

Sherwin-Williams

Co.

(The)

,

2.90%,

3/15/2052(d)

5,312,000

3,192,474

Tronox

,

Inc.

,

4.63%,

3/15/2029(a)

290,000

214,600

Westlake

Corp.

,

3.38%,

8/15/2061

2,530,000

1,462,782

29,681,175

Commercial

Services

&

Supplies

0.2%

Atento

Luxco

1

SA

,

8.00%,

2/10/2026(a)

1,305,000

551,154

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(a)

505,000

495,136

Nielsen

Finance

LLC

,

5.63%,

10/1/2028(a)

890,000

883,349

5.88%,

10/1/2030(a)

290,000

288,801

Prime

Security

Services

Borrower

LLC

,

5.75%,

4/15/2026(a)

590,000

555,155

6.25%,

1/15/2028(a)(d)

1,250,000

1,066,714

3,840,309

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

&

Engineering

0.0%

†

IHS

Netherlands

Holdco

BV

,

8.00%,

9/18/2027(a)

200,000

167,700

Consumer

Finance

3.2%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

5,542,000

4,167,961

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)(f)

1,820,000

1,418,707

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.48%),

4.70%,

5/15/2028(d)(e)(f)

695,000

495,188

American

Express

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%,

9/15/2026(d)(e)(f)

1,625,000

1,252,349

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

3.65%,

12/6/2024(d)(f)

12,218,000

11,941,018

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%,

9/01/2026(d)(e)(f)

1,000,000

785,000

Discover

Financial

Services

,

Series

C,

(ICE

LIBOR

USD

3

Month

+

3.08%),

5.50%,

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

3,050,000

2,487,212

Ford

Motor

Credit

Co.

LLC

,

3.37%,

11/17/2023

2,900,000

2,805,547

2.30%,

2/10/2025

10,914,000

9,673,049

4.13%,

8/17/2027

7,453,000

6,413,306

5.11%,

5/3/2029(d)

585,000

507,605

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028(d)

2,741,000

2,166,280

2.35%,

1/8/2031

10,208,000

7,407,522

OneMain

Finance

Corp.

,

6.13%,

3/15/2024

350,000

337,116

7.13%,

3/15/2026

335,000

301,970

3.50%,

1/15/2027(d)

450,000

350,538

Synchrony

Financial

,

2.88%,

10/28/2031(d)

5,103,000

3,626,692

56,137,060

Containers

&

Packaging

0.6%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(a)(d)

200,000

188,341

4.00%,

9/1/2029(a)(d)

3,043,000

2,228,550

Graham

Packaging

Co.,

Inc.

,

7.13%,

8/15/2028(a)

295,000

237,150

LABL,

Inc.

,

5.88%,

11/1/2028(a)

1,187,000

961,351

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

81

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

Sealed

Air

Corp.

,

1.57%,

10/15/2026(a)

6,640,000

5,559,148

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(c)

585,000

516,445

9,690,985

Diversified

Financial

Services

0.7%

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031

10,714,000

8,061,094

MPH

Acquisition

Holdings

LLC

,

5.75%,

11/1/2028(a)(d)

1,410,000

1,058,938

Synchrony

Bank

,

5.40%,

8/22/2025

2,951,000

2,877,332

11,997,364

Diversified

Telecommunication

Services

2.1%

Altice

France

Holding

SA

,

6.00%,

2/15/2028(a)(d)

1,010,000

640,666

Altice

France

SA

,

8.13%,

2/1/2027(a)

355,000

317,281

5.50%,

1/15/2028(a)

540,000

427,621

AT&T,

Inc.

,

4.35%,

3/1/2029

2,955,000

2,762,658

2.25%,

2/1/2032

4,105,000

3,104,102

3.50%,

6/1/2041

1,420,000

1,022,801

3.50%,

9/15/2053

12,145,000

8,092,708

3.65%,

9/15/2059

1,290,000

835,791

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)(d)

100,000

94,750

4.75%,

3/1/2030(a)

55,000

44,619

Consolidated

Communications,

Inc.

,

5.00%,

10/1/2028(a)(d)

155,000

107,791

6.50%,

10/1/2028(a)(d)

100,000

74,750

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(a)

625,000

560,144

5.00%,

5/1/2028(a)

220,000

188,804

6.75%,

5/1/2029(a)

330,000

272,250

5.88%,

11/1/2029

570,000

452,383

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)(d)

520,000

430,341

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

195,000

200,362

8.75%,

3/15/2032

265,000

307,069

TELUS

Corp.

,

3.40%,

5/13/2032(d)

9,000,000

7,483,410

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030(d)

6,085,000

4,574,375

2.65%,

11/20/2040

1,185,000

772,332

3.70%,

3/22/2061

5,420,000

3,679,527

Virgin

Media

Finance

plc

,

5.00%,

7/15/2030(a)(d)

585,000

430,206

36,876,741

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

2.3%

AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(a)(d)

4,000,000

3,150,000

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

3,156,000

3,020,494

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

3,230,000

2,570,473

Duke

Energy

Corp.

,

3.50%,

6/15/2051(d)

2,665,000

1,791,599

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

2,500,000

1,695,705

Edison

International

,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%,

12/15/2026(e)(f)

2,457,000

1,941,030

Entergy

Texas,

Inc.

,

1.75%,

3/15/2031(d)

10,050,000

7,587,131

Exelon

Corp.

,

4.05%,

4/15/2030

6,194,000

5,613,970

FirstEnergy

Corp.

,

Series

C,

7.38%,

11/15/2031

45,000

49,446

Series

C,

5.35%,

7/15/2047(c)

450,000

379,796

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

2,345,000

1,629,798

NextEra

Energy

Capital

Holdings,

Inc.

,

1.90%,

6/15/2028(d)

2,320,000

1,920,452

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)(d)

490,000

382,200

3.88%,

2/15/2032(a)(d)

385,000

300,317

Pacific

Gas

and

Electric

Co.

,

3.25%,

6/1/2031

5,875,000

4,482,390

3.30%,

8/1/2040

1,410,000

902,622

Southwestern

Public

Service

Co.

,

Series

8,

3.15%,

5/1/2050

2,825,000

1,927,303

Vistra

Operations

Co.

LLC

,

4.38%,

5/1/2029(a)(d)

270,000

224,567

39,569,293

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026(d)

2,886,000

2,536,588

Entertainment

0.4%

Lions

Gate

Capital

Holdings

LLC

,

5.50%,

4/15/2029(a)(d)

695,000

517,775

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(a)

785,000

755,366

4.75%,

10/15/2027(a)(d)

385,000

334,251

82

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Take-Two

Interactive

Software,

Inc.

,

3.70%,

4/14/2027

1,476,000

1,370,236

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025(a)

4,095,000

3,878,055

6,855,683

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Crown

Castle,

Inc.

,

1.05%,

7/15/2026

1,655,000

1,397,976

2.10%,

4/1/2031

1,655,000

1,240,338

EPR

Properties

,

4.50%,

6/1/2027

385,000

332,358

4.95%,

4/15/2028

340,000

292,643

3.75%,

8/15/2029

140,000

108,164

Extra

Space

Storage

LP

,

2.35%,

3/15/2032

1,535,000

1,131,269

GLP

Capital

LP

,

3.25%,

1/15/2032

1,358,000

1,020,837

Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(a)

3,905,000

3,497,455

5.25%,

3/15/2028(a)

785,000

688,547

5.00%,

7/15/2028(a)(d)

70,000

60,200

4.88%,

9/15/2029(a)

110,000

90,364

5.63%,

7/15/2032(a)

895,000

716,000

Ventas

Realty

LP

,

3.50%,

4/15/2024

6,105,000

5,937,771

16,513,922

Food

&

Staples

Retailing

0.3%

7-Eleven,

Inc.

,

1.80%,

2/10/2031(a)

3,130,000

2,325,377

Sysco

Corp.

,

6.60%,

4/1/2050

1,511,000

1,586,049

3.15%,

12/14/2051

2,505,000

1,583,428

5,494,854

Food

Products

0.7%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032

4,222,000

3,566,725

J

M

Smucker

Co.

(The)

,

2.75%,

9/15/2041

4,817,000

3,081,034

Kraft

Heinz

Foods

Co.

,

5.20%,

7/15/2045

35,000

30,411

4.88%,

10/1/2049(d)

5,265,000

4,339,334

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(a)

36,000

34,337

5.63%,

1/15/2028(a)(d)

780,000

711,922

4.63%,

4/15/2030(a)(d)

705,000

578,981

4.50%,

9/15/2031(a)

345,000

277,725

12,620,469

Health

Care

Equipment

&

Supplies

0.1%

Stryker

Corp.

,

0.60%,

12/1/2023

2,350,000

2,237,683

Health

Care

Providers

&

Services

1.3%

Cigna

Corp.

,

3.75%,

7/15/2023

5,207,000

5,168,652

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Community

Health

Systems,

Inc.

,

8.00%,

3/15/2026(a)

430,000

372,289

5.63%,

3/15/2027(a)

125,000

96,212

8.00%,

12/15/2027(a)(d)

479,000

379,009

6.00%,

1/15/2029(a)(d)

135,000

99,223

6.88%,

4/15/2029(a)

850,000

410,582

6.13%,

4/1/2030(a)(d)

885,000

417,366

4.75%,

2/15/2031(a)

220,000

147,950

CVS

Health

Corp.

,

3.00%,

8/15/2026

3,045,000

2,809,407

3.25%,

8/15/2029

3,725,000

3,259,695

1.75%,

8/21/2030

4,080,000

3,122,980

DaVita,

Inc.

,

4.63%,

6/1/2030(a)(d)

940,000

727,325

HCA,

Inc.

,

7.69%,

6/15/2025

85,000

88,017

5.38%,

9/1/2026

690,000

668,474

3.13%,

3/15/2027(a)

1,099,000

972,933

5.63%,

9/1/2028

145,000

138,173

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026(a)

1,856,000

1,724,725

6.13%,

10/1/2028(a)(d)

1,370,000

1,200,242

21,803,254

Hotels,

Restaurants

&

Leisure

0.4%

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

350,000

337,313

8.13%,

7/1/2027(a)(d)

770,000

735,415

Scientific

Games

International,

Inc.

,

7.00%,

5/15/2028(a)

655,000

617,567

Starbucks

Corp.

,

2.55%,

11/15/2030

5,610,000

4,575,168

6,265,463

Household

Durables

0.2%

Newell

Brands,

Inc.

,

6.38%,

9/15/2027

1,515,000

1,500,198

6.63%,

9/15/2029(d)

1,344,000

1,314,069

Taylor

Morrison

Communities,

Inc.

,

5.88%,

6/15/2027(a)

260,000

242,125

5.75%,

1/15/2028(a)

465,000

408,112

5.13%,

8/1/2030(a)

180,000

145,297

3,609,801

Independent

Power

and

Renewable

Electricity

Producers

0.4%

AES

Andes

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.92%),

6.35%,

10/7/2079(a)(f)

5,000,000

4,301,075

Calpine

Corp.

,

4.50%,

2/15/2028(a)

735,000

647,528

5.13%,

3/15/2028(a)(d)

590,000

506,731

4.63%,

2/1/2029(a)

792,000

645,369

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

83

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Calpine

Corp.,

5.00%,

2/1/2031(a)

1,223,000

971,743

7,072,446

Insurance

1.7%

Allianz

SE

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%,

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

8,200,000

5,291,875

American

International

Group,

Inc.

,

4.38%,

6/30/2050

4,738,000

3,791,460

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

5,963,000

5,479,741

Liberty

Mutual

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.12%,

12/15/2051(a)(d)(f)

5,514,000

4,259,940

Massachusetts

Mutual

Life

Insurance

Co.

,

3.73%,

10/15/2070(a)

5,250,000

3,487,332

MetLife,

Inc.

,

6.40%,

12/15/2036

7,586,000

7,314,966

29,625,314

Interactive

Media

&

Services

0.2%

Meta

Platforms,

Inc.

,

4.45%,

8/15/2052(a)

4,840,000

3,949,838

Internet

&

Direct

Marketing

Retail

0.3%

Amazon.com,

Inc.

,

3.10%,

5/12/2051

3,765,000

2,635,780

Prosus

NV

,

3.26%,

1/19/2027(a)

2,250,000

1,883,571

4,519,351

IT

Services

0.6%

Fidelity

National

Information

Services,

Inc.

,

3.10%,

3/1/2041

5,750,000

3,818,983

Global

Payments,

Inc.

,

5.40%,

8/15/2032

2,653,000

2,461,907

International

Business

Machines

Corp.

,

3.30%,

5/15/2026

2,635,000

2,482,893

Kyndryl

Holdings,

Inc.

,

2.05%,

10/15/2026

1,054,000

846,561

9,610,344

Media

2.3%

AMC

Networks,

Inc.

,

4.25%,

2/15/2029

5,799,000

4,287,551

Charter

Communications

Operating

LLC

,

2.80%,

4/1/2031

2,835,000

2,143,112

5.75%,

4/1/2048

2,009,000

1,621,484

4.80%,

3/1/2050

1,720,000

1,240,790

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Charter

Communications

Operating

LLC,

3.70%,

4/1/2051

2,565,000

1,554,519

Comcast

Corp.

,

2.35%,

1/15/2027

7,820,000

7,012,743

3.30%,

2/1/2027(d)

2,740,000

2,547,234

Cox

Communications,

Inc.

,

4.80%,

2/1/2035(a)

6,985,000

6,145,786

CSC

Holdings

LLC

,

7.50%,

4/1/2028(a)(d)

505,000

412,065

6.50%,

2/1/2029(a)

200,000

176,500

5.75%,

1/15/2030(a)

2,425,000

1,723,605

4.63%,

12/1/2030(a)(d)

445,000

302,600

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

7,500,000

7,103,845

Outfront

Media

Capital

LLC

,

5.00%,

8/15/2027(a)(d)

531,000

463,855

4.63%,

3/15/2030(a)(d)

120,000

93,496

Paramount

Global

,

4.20%,

5/19/2032(d)

4,317,000

3,500,265

Radiate

Holdco

LLC

,

4.50%,

9/15/2026(a)(d)

160,000

131,237

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

440,000

355,850

40,816,537

Metals

&

Mining

0.3%

Alcoa

Nederland

Holding

BV

,

5.50%,

12/15/2027(a)(d)

2,375,000

2,215,044

ArcelorMittal

SA

,

+

0.00%),

7.00%,

10/15/2039(c)(d)(f)

285,000

267,920

6.75%,

3/1/2041(c)(d)

95,000

86,966

CSN

Inova

Ventures

,

6.75%,

1/28/2028(a)

219,000

189,696

First

Quantum

Minerals

Ltd.

,

6.88%,

3/1/2026(a)

405,000

373,706

Freeport-McMoRan,

Inc.

,

5.25%,

9/1/2029(d)

245,000

227,688

5.40%,

11/14/2034

385,000

342,192

5.45%,

3/15/2043

825,000

688,298

4,391,510

Multiline

Retail

0.1%

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)(d)

2,885,000

2,281,891

Multi-Utilities

0.3%

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025

2,645,000

2,367,426

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

3,120,000

2,312,723

4,680,149

Oil,

Gas

&

Consumable

Fuels

5.7%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

,

Reg.

S,

4.60%,

11/2/2047

550,000

490,187

84

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Abu

Dhabi

Crude

Oil

Pipeline

LLC,

4.60%,

11/2/2047(a)

200,000

178,250

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

795,000

699,910

3.25%,

1/31/2032

630,000

483,749

CITGO

Petroleum

Corp.

,

7.00%,

6/15/2025(a)

2,363,000

2,257,917

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)

675,000

570,375

4.30%,

4/15/2032(a)

3,995,000

3,434,661

EIG

Pearl

Holdings

Sarl

,

4.39%,

11/30/2046(a)

9,720,000

6,855,438

Endeavor

Energy

Resources

LP

,

5.75%,

1/30/2028(a)

4,555,000

4,332,352

Energy

Transfer

LP

,

4.50%,

11/1/2023

4,000,000

3,964,926

2.90%,

5/15/2025

2,930,000

2,731,043

Enterprise

Products

Operating

LLC

,

4.25%,

2/15/2048

5,310,000

4,095,103

Series

E,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.25%,

8/16/2077(f)

2,500,000

2,089,510

EQT

Corp.

,

5.68%,

10/1/2025

1,196,000

1,188,639

Genesis

Energy

LP

,

6.50%,

10/1/2025

115,000

103,971

6.25%,

5/15/2026

330,000

286,465

Hess

Midstream

Operations

LP

,

5.50%,

10/15/2030(a)

627,000

538,248

Howard

Midstream

Energy

Partners

LLC

,

6.75%,

1/15/2027(a)

970,000

864,238

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

2,120,000

1,846,943

Korea

National

Oil

Corp.

,

1.75%,

4/18/2025(a)(d)

2,812,000

2,586,045

Leviathan

Bond

Ltd.

,

Reg.

S,

6.75%,

6/30/2030(a)

105,286

93,968

Magellan

Midstream

Partners

LP

,

3.25%,

6/1/2030(d)

2,270,000

1,932,813

Marathon

Oil

Corp.

,

4.40%,

7/15/2027(d)

1,710,000

1,596,609

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

9,845,000

9,665,972

MPLX

LP

,

4.90%,

4/15/2058

7,900,000

5,896,550

NGPL

PipeCo

LLC

,

7.77%,

12/15/2037(a)

3,413,000

3,449,468

Parkland

Corp.

,

4.50%,

10/1/2029(a)(d)

5,948,000

4,801,943

4.63%,

5/1/2030(a)(d)

3,000,000

2,432,025

Petroleos

de

Venezuela

SA

,

Reg.

S,

6.00%,

5/16/2024(h)

322,820

6,456

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Petroleos

de

Venezuela

SA,

Reg.

S,

+

0.00%),

6.00%,

11/15/2026(f)(h)

830,693

16,614

Reg.

S,

5.38%,

4/12/2027(h)

789,800

15,796

Petroleos

Mexicanos

,

6.88%,

10/16/2025

97,000

91,237

5.95%,

1/28/2031

435,000

293,799

6.70%,

2/16/2032

759,000

532,533

6.75%,

9/21/2047

303,000

168,923

7.69%,

1/23/2050

116,000

71,038

6.95%,

1/28/2060

131,000

72,495

Phillips

66

,

1.30%,

2/15/2026(d)

2,420,000

2,113,656

Pioneer

Natural

Resources

Co.

,

2.15%,

1/15/2031

4,695,000

3,616,537

Saudi

Arabian

Oil

Co.

,

Reg.

S,

4.25%,

4/16/2039

950,000

813,438

4.25%,

4/16/2039(a)

200,000

171,250

Southern

Gas

Corridor

CJSC

,

Reg.

S,

6.88%,

3/24/2026

2,000,000

1,967,200

6.88%,

3/24/2026(a)

206,000

202,622

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030(d)

6,234,000

5,595,077

Transcanada

Trust

,

Series

16-A,

(ICE

LIBOR

USD

3

Month

+

4.64%),

5.87%,

8/15/2076(d)(f)

1,515,000

1,410,050

Valero

Energy

Corp.

,

4.00%,

6/1/2052

1,972,000

1,422,845

Western

Midstream

Operating

LP

,

4.30%,

2/1/2030(c)

560,000

478,946

Williams

Cos.,

Inc.

(The)

,

4.50%,

11/15/2023

1,955,000

1,944,271

2.60%,

3/15/2031

10,000,000

7,841,008

3.50%,

10/15/2051

2,000,000

1,330,831

99,643,940

Paper

&

Forest

Products

0.2%

Suzano

Austria

GmbH

,

6.00%,

1/15/2029

200,000

186,344

Series

DM3N,

3.13%,

1/15/2032

5,750,000

4,138,275

4,324,619

Pharmaceuticals

0.2%

Organon

&

Co.

,

5.13%,

4/30/2031(a)(d)

795,000

651,232

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

5.13%,

5/9/2029(d)

841,000

693,792

Viatris

,

Inc.

,

4.00%,

6/22/2050

4,135,000

2,475,176

3,820,200

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

85

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

0.2%

AerCap

Global

Aviation

Trust

,

(ICE

LIBOR

USD

3

Month

+

4.30%),

6.50%,

6/15/2045(a)(f)

229,000

208,963

Canadian

Pacific

Railway

Co.

,

3.00%,

12/2/2041

2,941,000

2,082,919

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(a)

1,418,000

1,038,545

3,330,427

Semiconductors

&

Semiconductor

Equipment

1.2%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

4,411,000

3,366,548

3.47%,

4/15/2034(a)

9,110,000

6,834,813

3.14%,

11/15/2035(a)

694,000

486,285

3.19%,

11/15/2036(a)

9,155,000

6,261,527

Micron

Technology,

Inc.

,

2.70%,

4/15/2032

1,124,000

817,952

NXP

BV

,

3.25%,

11/30/2051

5,000,000

2,987,443

20,754,568

Software

0.4%

Oracle

Corp.

,

4.00%,

7/15/2046

2,510,000

1,696,313

3.60%,

4/1/2050

3,585,000

2,243,143

3.95%,

3/25/2051

1,505,000

998,124

VMware,

Inc.

,

2.20%,

8/15/2031(d)

2,540,000

1,848,778

6,786,358

Technology

Hardware,

Storage

&

Peripherals

1.0%

Apple,

Inc.

,

3.35%,

2/9/2027(d)

2,545,000

2,430,001

2.38%,

2/8/2041

2,595,000

1,796,115

2.70%,

8/5/2051

2,530,000

1,669,918

2.55%,

8/20/2060(d)

2,035,000

1,218,819

Dell

International

LLC

,

5.45%,

6/15/2023

1,302,000

1,305,359

6.02%,

6/15/2026

1,800,000

1,807,250

8.10%,

7/15/2036

1,296,000

1,371,393

8.35%,

7/15/2046

602,000

649,322

3.45%,

12/15/2051(a)

6,699,000

3,808,460

Western

Digital

Corp.

,

2.85%,

2/1/2029(d)

1,293,000

1,004,842

17,061,479

Tobacco

0.5%

Altria

Group,

Inc.

,

3.40%,

2/4/2041

1,829,000

1,153,285

4.25%,

8/9/2042

2,457,000

1,680,641

BAT

Capital

Corp.

,

2.26%,

3/25/2028

4,275,000

3,400,328

BAT

International

Finance

plc

,

1.67%,

3/25/2026(d)

3,036,000

2,624,363

8,858,617

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

0.0%

†

United

Rentals

North

America,

Inc.

,

3.75%,

1/15/2032

810,000

635,850

Wireless

Telecommunication

Services

0.9%

Sprint

Corp.

,

7.13%,

6/15/2024

355,000

360,311

7.63%,

3/1/2026

315,000

325,815

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028

2,985,000

2,476,965

2.63%,

2/15/2029

215,000

177,513

2.40%,

3/15/2029

2,561,000

2,090,221

3.88%,

4/15/2030

5,240,000

4,647,962

2.55%,

2/15/2031

2,990,000

2,368,950

2.88%,

2/15/2031

550,000

443,212

4.38%,

4/15/2040

2,975,000

2,422,494

15,313,443

Total

Corporate

Bonds

(cost

$1,002,939,507)

805,335,011

Foreign

Government

Securities

1.2%

ANGOLA

0.1%

Republic

of

Angola,

Reg.

S,

8.25%,

5/9/2028

200,000

157,260

Reg.

S,

8.00%,

11/26/2029

240,000

180,053

Reg.

S,

9.38%,

5/8/2048

1,000,000

675,320

Reg.

S,

9.13%,

11/26/2049

200,000

134,404

1,147,037

ARGENTINA

0.1%

Argentine

Republic,

1.00%,

7/9/2029

758,076

144,842

0.50%,

7/9/2030(c)

1,280,000

255,336

3.88%,

1/9/2038(c)

1,780,588

415,921

+

0.00%),

3.50%,

7/9/2041(c)(f)

1,840,000

392,213

1,208,312

CHILE

0.0%

†

Republic

of

Chile,

2.55%,

7/27/2033

200,000

149,717

COLOMBIA

0.1%

Republic

of

Colombia,

7.38%,

9/18/2037

132,000

114,231

6.13%,

1/18/2041

290,000

213,099

5.00%,

6/15/2045

1,000,000

605,298

5.20%,

5/15/2049

330,000

203,458

1,136,086

DOMINICAN

REPUBLIC

0.1%

Dominican

Republic

Government

Bond,

Reg.

S,

6.00%,

7/19/2028

150,000

135,903

Reg.

S,

7.45%,

4/30/2044

100,000

83,885

Reg.

S,

6.85%,

1/27/2045

320,000

248,675

Reg.

S,

6.40%,

6/5/2049

150,000

107,928

86

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

Reg.

S,

5.88%,

1/30/2060

650,000

428,194

1,004,585

ECUADOR

0.0%

†

Republic

of

Ecuador,

0.00%,

7/31/2030(a)

97,034

27,833

5.50%,

7/31/2030(a)(c)

396,900

186,867

Reg.

S,

+

0.00%),

5.50%,

7/31/2030(c)(f)

310,000

145,953

2.50%,

7/31/2035(a)(c)

750,130

246,869

1.50%,

7/31/2040(a)(c)

476,700

139,435

746,957

EGYPT

0.0%

†

Arab

Republic

of

Egypt,

Reg.

S,

8.50%,

1/31/2047

400,000

221,791

Reg.

S,

7.90%,

2/21/2048

430,000

223,738

Reg.

S,

8.70%,

3/1/2049

600,000

331,476

777,005

HUNGARY

0.2%

Hungary

Government

Bond,

5.50%,

6/16/2034(a)(d)

3,990,000

3,364,958

INDONESIA

0.1%

Republic

of

Indonesia,Reg

S

Reg.

S,

8.50%,

10/12/2035

940,000

1,139,726

Reg.

S,

7.75%,

1/17/2038

185,000

210,774

Reg.

S,

5.25%,

1/17/2042

790,000

713,378

2,063,878

IVORY

COAST

0.1%

Republic

of

Cote

d'Ivoire,

Reg.

S,

+

0.00%),

5.75%,

12/31/2032(c)(f)

1,253,890

1,069,017

Reg.

S,

6.13%,

6/15/2033(d)

1,350,000

1,026,000

2,095,017

KENYA

0.0%

†

Republic

of

Kenya,

Reg.

S,

6.30%,

1/23/2034

200,000

122,000

MEXICO

0.2%

United

Mexican

States,

4.75%,

4/27/2032(d)

3,615,000

3,243,967

NIGERIA

0.0%

†

Federal

Republic

of

Nigeria,

Reg.

S,

7.63%,

11/21/2025

400,000

346,000

Reg.

S,

7.88%,

2/16/2032

300,000

192,078

538,078

OMAN

0.0%

†

Sultanate

of

Oman

Government

Bond,

Reg.

S,

6.50%,

3/8/2047

200,000

156,369

Reg.

S,

6.75%,

1/17/2048

549,000

439,526

Reg.

S,

7.00%,

1/25/2051

200,000

164,797

760,692

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

QATAR

0.1%

State

of

Qatar,

Reg.

S,

3.75%,

4/16/2030(d)

230,000

215,912

Reg.

S,

4.82%,

3/14/2049

1,000,000

925,000

1,140,912

ROMANIA

0.1%

Romania

Government

Bond,

Reg.

S,

3.00%,

2/14/2031

918,000

650,662

Reg.

S,

5.13%,

6/15/2048

290,000

200,825

Reg.

S,

4.00%,

2/14/2051

200,000

111,007

962,494

SENEGAL

0.0%

†

Republic

of

Senegal,

Reg.

S,

6.75%,

3/13/2048

400,000

248,520

TUNISIA

0.0%

†

Banque

Centrale

de

Tunisie

,

Reg.

S,

5.75%,

1/30/2025

200,000

118,880

TURKEY

0.0%

†

Turkiye

Ihracat

Kredi

Bankasi

A/S,

5.38%,

10/24/2023(a)

200,000

192,024

8.25%,

1/24/2024(a)

200,000

195,345

387,369

UKRAINE

0.0%

†

Ukraine

Government

Bond,

Reg.

S,

7.75%,

9/1/2027

120,000

24,000

Reg.

S,

7.75%,

9/1/2029

410,000

85,075

Reg.

S,

9.75%,

11/1/2030

1,500,000

327,750

Reg.

S,

6.88%,

5/21/2031

300,000

54,000

Reg.

S,

7.38%,

9/25/2034

290,000

53,471

0.00%,

8/1/2041(a)(b)

228,000

63,555

607,851

VENEZUELA

0.0%

†

Bolivarian

Republic

of

Venezuela,

Reg.

S,

8.25%,

10/13/2024(h)

542,900

38,003

Total

Foreign

Government

Securities

(cost

$31,929,911)

21,862,318

Mortgage-Backed

Securities

20.4%

FHLMC

Gold

Pool

Pool#

G13072

5.00%,

4/1/2023

103

103

Pool#

G13122

5.00%,

4/1/2023

67

67

Pool#

G13225

5.00%,

6/1/2023

1,342

1,348

Pool#

J08443

5.00%,

7/1/2023

653

655

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

87

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C03795

3.50%,

4/1/2042

448,039

411,990

Pool#

Q08997

3.50%,

6/1/2042

277,737

255,392

Pool#

Q19480

4.00%,

6/1/2043

751,806

711,385

Pool#

V80509

4.00%,

10/1/2043

110,314

104,977

Pool#

Q29697

3.50%,

11/1/2044

337,659

310,486

Pool#

G07961

3.50%,

3/1/2045

269,751

248,035

Pool#

V82196

4.50%,

1/1/2046

144,075

140,773

Pool#

G61281

3.50%,

1/1/2048

740,417

677,748

FHLMC

UMBS

Pool

Pool#

SB0492

2.00%,

10/1/2035

10,379,374

9,160,824

Pool#

QA7325

3.00%,

2/1/2050

1,292,834

1,134,859

Pool#

QA6750

3.00%,

2/1/2050

122,228

107,369

Pool#

QA8311

3.00%,

3/1/2050

993,258

875,662

Pool#

QB4785

2.50%,

10/1/2050

1,839,220

1,554,212

Pool#

QB9401

2.00%,

3/1/2051

2,403,878

1,957,921

Pool#

RA5910

3.50%,

9/1/2051

8,099,378

7,306,830

Pool#

QE3991

4.00%,

5/1/2052

9,390,445

8,723,566

Pool#

RA7557

4.50%,

6/1/2052

18,353,700

17,534,048

Pool#

RA7556

4.50%,

6/1/2052

13,902,860

13,281,976

Pool#

SD1440

3.50%,

7/1/2052

6,292,804

5,675,805

FNMA

UMBS

Pool

Pool#

FM6329

2.00%,

3/1/2036

10,689,802

9,431,203

Pool#

CA9439

2.50%,

3/1/2036

20,584,594

18,701,203

Pool#

CB3424

3.00%,

5/1/2037

8,941,243

8,308,207

Pool#

AH9471

4.50%,

4/1/2041

287,840

276,470

Pool#

AH4038

4.50%,

4/1/2041

197,263

193,260

Pool#

AI3506

4.50%,

6/1/2041

9,925

9,698

Pool#

AL2866

3.50%,

11/1/2042

5,591,811

5,122,272

Pool#

AQ9328

3.50%,

1/1/2043

94,211

86,333

Pool#

AB9046

3.50%,

4/1/2043

580,377

533,047

Pool#

AT2021

3.50%,

4/1/2043

397,410

364,232

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AB9864

3.50%,

7/1/2043

212,300

194,986

Pool#

AS0212

3.50%,

8/1/2043

909,930

835,714

Pool#

AS0210

3.50%,

8/1/2043

546,801

502,206

Pool#

AU3742

3.50%,

8/1/2043

318,330

291,707

Pool#

AU6857

4.00%,

9/1/2043

297,783

282,768

Pool#

AU4386

4.00%,

10/1/2043

92,967

88,433

Pool#

AS1559

4.00%,

1/1/2044

548,666

522,244

Pool#

AW2478

4.50%,

6/1/2044

124,156

121,000

Pool#

AL6432

4.00%,

1/1/2045

563,420

535,422

Pool#

AS5175

3.50%,

6/1/2045

540,744

496,771

Pool#

AS6464

3.50%,

1/1/2046

459,407

422,081

Pool#

MA3305

3.50%,

3/1/2048

4,697,615

4,293,775

Pool#

BO8947

3.00%,

1/1/2050

721,220

633,266

Pool#

FM4334

3.00%,

4/1/2050

1,559,438

1,370,635

Pool#

FS2253

3.50%,

4/1/2050

7,744,466

7,051,594

Pool#

BP9581

2.50%,

8/1/2050

1,403,622

1,188,280

Pool#

FM5316

2.00%,

12/1/2050

1,674,850

1,364,375

Pool#

FS2008

3.00%,

1/1/2051

13,635,420

11,979,702

Pool#

FM7599

3.50%,

1/1/2051

8,949,163

8,155,795

Pool#

CA8817

2.00%,

2/1/2051

3,580,815

2,914,194

Pool#

BR4515

2.00%,

2/1/2051

2,407,764

1,960,563

Pool#

BR4029

2.00%,

2/1/2051

2,195,741

1,789,096

Pool#

BR4051

2.00%,

2/1/2051

1,662,027

1,353,713

Pool#

BR2667

2.00%,

2/1/2051

1,569,687

1,279,113

Pool#

BR7795

2.50%,

4/1/2051

3,183,499

2,686,307

Pool#

FM7151

2.00%,

5/1/2051

931,387

757,886

Pool#

FM7189

2.50%,

5/1/2051

2,930,023

2,472,984

Pool#

FM7738

2.50%,

6/1/2051

2,223,034

1,875,956

Pool#

BT0417

2.50%,

6/1/2051

1,404,745

1,184,726

Pool#

BT1339

2.50%,

7/1/2051

2,409,446

2,031,487

88

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM8178

2.50%,

7/1/2051

1,521,103

1,281,800

Pool#

CB1038

2.50%,

7/1/2051

1,411,856

1,190,737

Pool#

FM9563

3.00%,

10/1/2051

16,221,624

14,204,155

Pool#

FS1380

3.50%,

4/1/2052

8,735,323

7,891,747

Pool#

CB3674

3.50%,

5/1/2052

9,678,461

8,721,819

Pool#

CB3678

4.00%,

5/1/2052

9,453,357

8,782,178

Pool#

MA4644

4.00%,

5/1/2052

9,378,036

8,715,940

Pool#

FS1855

4.00%,

5/1/2052

9,102,714

8,471,849

Pool#

FS1804

4.00%,

5/1/2052

8,172,861

7,620,421

Pool#

FS2074

3.00%,

6/1/2052

5,939,333

5,221,834

Pool#

MA4625

3.50%,

6/1/2052

9,614,840

8,668,527

Pool#

FS2513

4.00%,

7/1/2052

13,667,890

12,736,822

Pool#

FS2323

4.00%,

7/1/2052

6,607,178

6,146,132

Pool#

FS2293

4.50%,

7/1/2052

17,989,203

17,244,913

Pool#

FS2257

4.50%,

7/1/2052

3,472,543

3,317,464

Pool#

CB4037

5.00%,

7/1/2052

9,117,109

8,894,077

Pool#

FS2790

5.00%,

9/1/2052

13,695,000

13,388,934

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

488,578

452,077

Pool#

MA0783

3.50%,

2/20/2043

596,110

552,961

Pool#

MA2892

3.50%,

6/20/2045

30,155

27,921

Pool#

MA3663

3.50%,

5/20/2046

351,586

325,103

Pool#

MA3803

3.50%,

7/20/2046

165,397

152,829

Pool#

MA4262

3.50%,

2/20/2047

14,045

12,979

Pool#

MA4510

3.50%,

6/20/2047

534,285

493,285

Pool#

MA4586

3.50%,

7/20/2047

363,068

335,164

Pool#

MA4837

3.50%,

11/20/2047

629,465

579,582

Pool#

MA4962

3.50%,

1/20/2048

370,576

341,322

Pool#

MA6542

3.50%,

3/20/2050

412,367

381,339

Pool#

MA6994

2.00%,

11/20/2050

11,325,882

9,508,503

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA7590

3.00%,

9/20/2051

12,357,320

10,979,865

Pool#

MA7705

2.50%,

11/20/2051

16,773,627

14,464,281

Total

Mortgage-Backed

Securities

(cost

$388,288,751)

354,945,295

Municipal

Bonds

0.4%

California

0.2

%

State

of

California,

GO,

7.55%,

4/1/2039

3,000,000

3,735,884

Michigan

0.2

%

University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

3,285,000

2,728,400

Total

Municipal

Bonds

(cost

$8,372,939)

6,464,284

Supranational

0.7%

Banque

Ouest

Africaine

de

Developpement

5.00%,

7/27/2027

200,000

182,260

4.70%,

10/22/2031(a)

200,000

161,200

Eastern

&

Southern

African

Trade

&

Development

Bank

(The),

4.88%,

5/23/2024

200,000

187,700

European

Investment

Bank,

0.63%,

10/21/2027(d)

1,365,000

1,145,764

International

Bank

for

Reconstruction

&

Development

0.50%,

10/28/2025

3,870,000

3,442,744

0.75%,

11/24/2027

5,280,000

4,440,640

0.75%,

8/26/2030

3,450,000

2,671,197

Total

Supranational

(cost

$14,547,612)

12,231,505

U.S.

Government

Agency

Securities

0.5%

FHLB,

5.50%,

7/15/2036

2,310,000

2,580,914

FNMA

0.50%,

11/7/2025

2,245,000

1,999,252

5.63%,

7/15/2037

3,060,000

3,452,051

Total

U.S.

Government

Agency

Securities

(cost

$9,187,974)

8,032,217

U.S.

Treasury

Obligations

19.4%

U.S.

Treasury

Bonds

1.88%,

2/15/2041

2,702,000

1,913,882

2.25%,

5/15/2041

20,013,000

15,129,359

1.75%,

8/15/2041

92,247,500

63,070,625

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

89

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

3.25%,

5/15/2042

9,100

8,076

3.63%,

8/15/2043

1,745,000

1,627,144

3.13%,

8/15/2044

30,177,900

25,786,780

3.13%,

5/15/2048

5,250,000

4,539,609

1.25%,

5/15/2050

9,652,200

5,402,216

1.88%,

2/15/2051

8,220,200

5,442,029

2.38%,

5/15/2051

42,514,400

31,806,086

1.88%,

11/15/2051

1,645,000

1,087,821

2.25%,

2/15/2052

2,978,300

2,163,921

2.88%,

5/15/2052

4,580,100

3,840,843

3.00%,

8/15/2052

530,000

457,373

U.S.

Treasury

Notes

3.13%,

8/15/2025

807,000

782,223

0.38%,

1/31/2026

930,000

819,199

0.75%,

8/31/2026

21,638,600

18,976,883

0.88%,

9/30/2026

63,781,000

56,109,840

2.50%,

3/31/2027

120,000

112,097

0.50%,

4/30/2027

10,186,500

8,664,494

0.50%,

6/30/2027

6,822,000

5,775,516

2.25%,

8/15/2027

3,499,700

3,216,990

0.63%,

11/30/2027

3,037,000

2,552,859

1.25%,

9/30/2028

48,693,200

41,448,184

1.38%,

10/31/2028

(d)

3,059,100

2,620,549

3.25%,

6/30/2029

1,807,900

1,728,028

1.63%,

8/15/2029

(d)

7,520,600

6,485,636

3.13%,

8/31/2029

4,665,000

4,427,377

1.88%,

2/15/2032

67,200

56,941

2.75%,

8/15/2032

24,152,200

22,084,168

Total

U.S.

Treasury

Obligations

(cost

$421,023,292)

338,136,748

Repurchase

Agreements

1.9%

Bank

of

America

NA

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$11,774,282,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$12,006,716.

(

i

)

11,771,290

11,771,290

Cantor

Fitzgerald

&

Co.

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$10,947,931,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$11,164,051.

(

i

)

10,945,149

10,945,149

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Credit

Suisse

AG

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,238,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$5,101,263.

(

i

)

5,000,000

5,000,000

Pershing

LLC

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,001,284,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$5,100,000.

(

i

)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$32,716,439)

32,716,439

Total

Investments

(cost

$2,107,198,182)

—

101.2%

1,763,463,705

Liabilities

in

excess

of

other

assets

—

(1.2)%

(21,095,783)

NET

ASSETS

—

100.0%

$

1,742,367,922

90

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

†

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

September

30,

2022

was

$345,395,945

which

represents

19.82%

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

September

30,

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

September

30,

2022.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$58,859,510,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$32,716,439

and

by

$28,462,282

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

12/15/2022

–

2/15/2049,

a

total

value

of

$61,178,721.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2022.

The

maturity

date

reflects

the

next

call

date.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2022.

(g)

Perpetual

bond

security.

The

maturity

date

reflects

the

next

call

date.

(h)

Security

in

default.

(

i

)

Security

or

a

portion

of

the

security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$32,716,439.

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

RB

Revenue

Bond

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

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

91

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

233

12/2022

USD

29,452,656

(1,381,815)

Total

long

contracts

(1,381,815)

Short

Contracts

U.S.

Treasury

2

Year

Note

(49)

12/2022

USD

(10,064,141)

171,081

U.S.

Treasury

5

Year

Note

(631)

12/2022

USD

(67,837,430)

(170,013)

U.S.

Treasury

10

Year

Note

(252)

12/2022

USD

(28,239,750)

1,147,331

U.S.

Treasury

10

Year

Ultra

Note

(332)

12/2022

USD

(39,336,812)

1,942,012

U.S.

Treasury

Ultra

Bond

(239)

12/2022

USD

(32,743,000)

2,746,076

Total

short

contracts

5,836,487

Net

contracts

4,454,672

As

of

September

30,

2022,

the

Fund

had

$3,392,940

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

92

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

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

September

30,

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

$

–

$

150,285,557

$

–

$

150,285,557

Collateralized

Mortgage

Obligations

–

15,405,888

–

15,405,888

Commercial

Mortgage-Backed

Securities

–

18,048,443

–

18,048,443

Corporate

Bonds

–

805,335,011

–

805,335,011

Foreign

Government

Securities

–

21,862,318

–

21,862,318

Futures

Contracts

6,006,500

–

–

6,006,500

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

93

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

managing

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:

Mortgage-Backed

Securities

$

–

$

354,945,295

$

–

$

354,945,295

Municipal

Bonds

–

6,464,284

–

6,464,284

Repurchase

Agreements

–

32,716,439

–

32,716,439

Supranational

–

12,231,505

–

12,231,505

U.S.

Government

Agency

Securities

–

8,032,217

–

8,032,217

U.S.

Treasury

Obligations

–

338,136,748

–

338,136,748

Total

Assets

$

6,006,500

$

1,763,463,705

$

–

$

1,769,470,205

Liabilities:

Futures

Contracts

$

(1,551,828)

$

–

$

–

$

(1,551,828)

Total

Liabilities

$

(1,551,828)

$

–

$

–

$

(1,551,828)

Total

$

4,454,672

$

1,763,463,705

$

–

$

1,767,918,377

94

-

Statement

of

Investments

-

September

30,

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

6,006,500

Total

$

6,006,500

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,551,828)

Total

$

(1,551,828)

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0

.2

%

Principal

Amount

($)

Value

($)

Airlines

0

.0

%

†

United

Airlines

Pass-Through

Trust

Series

2012-1,

Class

A,

4.15%,

4/11/2024

186,348

176,332

Series

2013-1,

Class

A,

4.30%,

8/15/2025

301,554

282,397

Series

2020-1,

Class

A,

5.88%,

10/15/2027

294,701

284,248

742,977

Automobiles

0

.1

%

Carmax

Auto

Owner

Trust

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

989,281

957,284

Series

2021-1,

Class

A4,

0.53%,

10/15/2026

510,000

470,661

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

631,264

625,776

2,053,721

Credit

Card

0

.1

%

American

Express

Credit

Account

Master

Trust,

Series

2022-2,

Class

A,

3.39%,

5/15/2027

1,500,000

1,452,340

BA

Credit

Card

Trust,

Series

2021-A1,

Class

A1,

0.44%,

9/15/2026

100,000

93,947

1,546,287

Electric

Utilities

0

.0

%

†

Evergy

Metro,

Inc.,

3.65%,

8/15/2025

500,000

482,887

Total

Asset-Backed

Securities

(cost

$5,010,608)

4,825,872

Commercial

Mortgage-Backed

Securities

1

.8

%

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

1,375,000

1,284,926

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A2,

3.98%,

7/15/2051

1,477

1,458

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

938,903

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

2,671,137

Series

2021-B25,

Class

A5,

2.58%,

4/15/2054

1,500,000

1,224,079

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC25,

Class

AS,

4.02%,

10/10/2047

1,500,000

1,438,583

Series

2016-P5,

Class

A4,

2.94%,

10/10/2049

600,000

548,847

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,395,267

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

2,550,894

Commercial

Mortgage

Trust

Series

2014-UBS2,

Class

A5,

3.96%,

3/10/2047

1,500,000

1,471,133

Series

2014-UBS3,

Class

A4,

3.82%,

6/10/2047

1,500,000

1,466,320

Series

2015-DC1,

Class

A5,

3.35%,

2/10/2048

1,000,000

954,714

Series

2015-PC1,

Class

A5,

3.90%,

7/10/2050

1,000,000

962,418

CSAIL

Commercial

Mortgage

Trust,

Series

2018-

CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,160,620

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K026,

Class

A2,

2.51%,

11/25/2022

560,467

559,225

Series

K037,

Class

A2,

3.49%,

1/25/2024

800,000

790,473

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,500,000

2,352,411

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

765,954

Series

K121,

Class

A2,

1.55%,

10/25/2030

2,000,000

1,599,471

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

2,299,969

FNMA

ACES

REMICS,

Series

2013-M6,

Class

1AC,

3.45%,

2/25/2043(a)

123,330

115,652

GS

Mortgage

Securities

Trust,

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

1,500,000

1,427,106

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

A4,

3.73%,

5/15/2048

1,000,000

956,264

Morgan

Stanley

Capital

I

Trust

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

1,180,000

1,040,820

Series

2021-L7,

Class

A5,

2.57%,

10/15/2054

3,000,000

2,412,427

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

1,500,000

1,431,365

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,383,490

Total

Commercial

Mortgage-Backed

Securities

(cost

$39,876,142)

35,203,926

2

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

24

.4

%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

0

.5

%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

250,000

237,489

4.88%,

5/1/2025

300,000

292,713

2.20%,

2/4/2026

550,000

488,091

2.25%,

6/15/2026(b)

500,000

439,432

5.04%,

5/1/2027

500,000

481,681

3.20%,

3/1/2029

500,000

417,475

2.95%,

2/1/2030(b)

85,000

68,334

5.15%,

5/1/2030

800,000

740,038

3.25%,

2/1/2035

100,000

70,625

5.71%,

5/1/2040

350,000

305,712

3.75%,

2/1/2050

200,000

130,246

5.81%,

5/1/2050

500,000

434,496

5.93%,

5/1/2060(b)

160,000

136,865

General

Dynamics

Corp.

,

1.15%,

6/1/2026

45,000

39,416

2.63%,

11/15/2027(b)

300,000

267,754

3.63%,

4/1/2030(b)

200,000

182,967

2.25%,

6/1/2031

30,000

24,454

2.85%,

6/1/2041

50,000

35,785

4.25%,

4/1/2050

200,000

173,417

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027

200,000

179,359

L3Harris

Technologies,

Inc.

,

3.95%,

5/28/2024(b)

257,000

253,094

2.90%,

12/15/2029(b)

100,000

84,460

1.80%,

1/15/2031

185,000

138,392

4.85%,

4/27/2035

90,000

81,247

Leidos,

Inc.

,

3.63%,

5/15/2025(b)

100,000

95,836

Lockheed

Martin

Corp.

,

3.55%,

1/15/2026

126,000

121,795

3.90%,

6/15/2032(b)

50,000

46,318

3.60%,

3/1/2035

110,000

93,778

4.07%,

12/15/2042

393,000

332,903

4.70%,

5/15/2046

250,000

228,066

4.15%,

6/15/2053

100,000

83,585

4.30%,

6/15/2062

100,000

83,649

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

500,000

476,706

4.75%,

6/1/2043

250,000

220,181

4.03%,

10/15/2047

400,000

317,954

Raytheon

Technologies

Corp.

,

3.95%,

8/16/2025(b)

200,000

195,171

1.90%,

9/1/2031

50,000

38,167

2.38%,

3/15/2032

185,000

145,288

4.70%,

12/15/2041

50,000

43,441

4.50%,

6/1/2042

700,000

598,624

3.75%,

11/1/2046

100,000

75,261

4.63%,

11/16/2048

400,000

344,912

3.03%,

3/15/2052

195,000

127,216

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

248,388

9,620,781

Air

Freight

&

Logistics

0

.1

%

FedEx

Corp.

,

3.10%,

8/5/2029(b)

100,000

85,973

3.90%,

2/1/2035

380,000

312,703

Corporate

Bonds

Principal

Amount

($)

Value

($)

Air

Freight

&

Logistics

FedEx

Corp.,

4.55%,

4/1/2046

500,000

395,572

5.25%,

5/15/2050(b)

200,000

175,023

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027(b)

100,000

92,760

6.20%,

1/15/2038

295,000

319,012

3.40%,

9/1/2049(b)

320,000

241,470

5.30%,

4/1/2050(b)

150,000

149,920

1,772,433

Airlines

0

.0

%

†

American

Airlines

Pass-

Through

Trust

,

Series

2021-1,

Class

A,

2.88%,

7/11/2034

300,000

243,663

Southwest

Airlines

Co.

,

5.13%,

6/15/2027(b)

275,000

269,229

2.63%,

2/10/2030

400,000

320,869

833,761

Auto

Components

0

.0

%

†

Aptiv

plc

,

3.25%,

3/1/2032

110,000

87,577

5.40%,

3/15/2049(b)

150,000

122,833

3.10%,

12/1/2051

50,000

27,999

4.15%,

5/1/2052

100,000

67,347

BorgWarner,

Inc.

,

3.38%,

3/15/2025(b)

135,000

129,308

2.65%,

7/1/2027(b)

55,000

47,928

Lear

Corp.

,

2.60%,

1/15/2032(b)

50,000

36,985

5.25%,

5/15/2049

150,000

118,793

638,770

Automobiles

0

.1

%

General

Motors

Co.

,

6.13%,

10/1/2025

400,000

400,173

4.20%,

10/1/2027(b)

250,000

228,886

6.80%,

10/1/2027

100,000

101,061

5.40%,

10/15/2029

60,000

55,323

5.60%,

10/15/2032

90,000

80,338

5.15%,

4/1/2038

250,000

201,115

5.20%,

4/1/2045

250,000

190,355

5.40%,

4/1/2048(b)

200,000

156,103

Honda

Motor

Co.

Ltd.

,

2.97%,

3/10/2032

100,000

83,864

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

250,000

297,734

1,794,952

Banks

4

.8

%

Banco

Santander

SA

,

2.75%,

5/28/2025

200,000

182,870

5.18%,

11/19/2025

200,000

192,966

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(c)

200,000

165,455

3.80%,

2/23/2028

600,000

519,936

NVIT

Bond

Index

Fund

-

September

30,

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

+

2.00%),

4.17%,

3/24/2028(c)

200,000

180,224

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

3.22%,

11/22/2032(b)(c)

200,000

140,185

Bank

of

America

Corp.

,

4.00%,

4/1/2024

350,000

345,966

(SOFR

+

0.74%),

0.81%,

10/24/2024(c)

300,000

285,240

(SOFR

+

0.67%),

1.84%,

2/4/2025(c)

85,000

80,779

Series

L,

3.95%,

4/21/2025(b)

310,000

298,893

(SOFR

+

0.69%),

0.98%,

4/22/2025(c)

300,000

278,841

(SOFR

+

1.11%),

3.84%,

4/25/2025(c)

280,000

272,388

3.88%,

8/1/2025(b)

250,000

241,996

(SOFR

+

0.65%),

1.53%,

12/6/2025(b)(c)

400,000

365,882

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.01%,

2/13/2026(c)

300,000

275,005

4.45%,

3/3/2026

125,000

120,451

(SOFR

+

1.33%),

3.38%,

4/2/2026(c)

400,000

377,847

3.50%,

4/19/2026(b)

290,000

272,428

(SOFR

+

1.15%),

1.32%,

6/19/2026(b)(c)

500,000

443,799

(SOFR

+

1.75%),

4.83%,

7/22/2026(c)

235,000

229,758

4.25%,

10/22/2026

435,000

413,261

(SOFR

+

1.01%),

1.20%,

10/24/2026(c)

200,000

174,511

(ICE

LIBOR

USD

3

Month

+

1.06%),

3.56%,

4/23/2027(c)

700,000

646,223

(SOFR

+

0.96%),

1.73%,

7/22/2027(c)

850,000

729,239

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(c)

500,000

460,221

(SOFR

+

1.05%),

2.55%,

2/4/2028(c)

280,000

243,617

(SOFR

+

1.58%),

4.38%,

4/27/2028(b)(c)

260,000

243,629

(SOFR

+

2.04%),

4.95%,

7/22/2028(b)(c)

250,000

240,208

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(c)

1,000,000

887,899

(SOFR

+

1.06%),

2.09%,

6/14/2029(b)(c)

100,000

81,263

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

163,949

(ICE

LIBOR

USD

3

Month

+

0.99%),

2.50%,

2/13/2031(c)

200,000

157,812

(SOFR

+

2.15%),

2.59%,

4/29/2031(c)

600,000

475,837

(SOFR

+

1.37%),

1.92%,

10/24/2031(c)

400,000

295,879

(SOFR

+

1.32%),

2.69%,

4/22/2032(c)

630,000

491,863

(SOFR

+

1.22%),

2.30%,

7/21/2032(c)

100,000

74,733

(SOFR

+

1.21%),

2.57%,

10/20/2032(c)

280,000

214,152

(SOFR

+

1.33%),

2.97%,

2/4/2033(c)

350,000

273,613

(SOFR

+

1.83%),

4.57%,

4/27/2033(b)(c)

290,000

259,749

(SOFR

+

2.16%),

5.02%,

7/22/2033(c)

265,000

245,828

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(c)

300,000

216,687

(ICE

LIBOR

USD

3

Month

+

1.81%),

4.24%,

4/24/2038(c)

250,000

205,963

7.75%,

5/14/2038

200,000

221,845

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

700,000

452,099

5.88%,

2/7/2042(b)

250,000

242,901

(SOFR

+

1.58%),

3.31%,

4/22/2042(c)

300,000

210,908

5.00%,

1/21/2044

350,000

302,404

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(c)

300,000

243,009

(ICE

LIBOR

USD

3

Month

+

1.52%),

4.33%,

3/15/2050(c)

300,000

236,146

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(c)

600,000

452,569

(SOFR

+

1.88%),

2.83%,

10/24/2051(c)

60,000

35,695

(SOFR

+

1.56%),

2.97%,

7/21/2052(c)

50,000

30,666

Bank

of

Montreal

,

2.15%,

3/8/2024

100,000

96,143

0.63%,

7/9/2024

300,000

277,761

1.85%,

5/1/2025

500,000

460,011

1.25%,

9/15/2026(b)

300,000

256,496

2.65%,

3/8/2027

100,000

89,171

Bank

of

Nova

Scotia

(The)

,

0.65%,

7/31/2024

80,000

73,880

1.45%,

1/10/2025

50,000

45,959

4

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

Nova

Scotia

(The),

3.45%,

4/11/2025

90,000

86,202

1.05%,

3/2/2026

250,000

217,880

1.35%,

6/24/2026(b)

300,000

261,359

1.30%,

9/15/2026

200,000

171,542

1.95%,

2/2/2027

50,000

43,497

2.15%,

8/1/2031(b)

300,000

225,933

2.45%,

2/2/2032

50,000

38,025

Barclays

plc

,

5.20%,

5/12/2026

500,000

475,286

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

5.30%,

8/9/2026(c)

200,000

192,144

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(c)

400,000

335,008

4.34%,

1/10/2028

200,000

178,196

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

5.50%,

8/9/2028(b)(c)

200,000

187,487

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

400,000

359,963

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(c)

200,000

173,872

5.25%,

8/17/2045(b)

205,000

163,273

4.95%,

1/10/2047

200,000

154,035

Canadian

Imperial

Bank

of

Commerce

,

0.50%,

12/14/2023(b)

200,000

190,170

1.00%,

10/18/2024(b)

200,000

184,668

3.95%,

8/4/2025

60,000

57,954

1.25%,

6/22/2026

200,000

172,936

Citigroup,

Inc.

,

3.88%,

10/25/2023

750,000

740,747

3.75%,

6/16/2024(b)

500,000

491,604

3.30%,

4/27/2025(b)

560,000

533,220

(SOFR

+

1.37%),

4.14%,

5/24/2025(c)

105,000

102,635

(SOFR

+

0.69%),

2.01%,

1/25/2026(c)

145,000

133,246

4.60%,

3/9/2026

350,000

341,211

(SOFR

+

1.53%),

3.29%,

3/17/2026(c)

90,000

84,970

(SOFR

+

2.84%),

3.11%,

4/8/2026(c)

400,000

374,907

3.40%,

5/1/2026(b)

500,000

466,318

(United

States

SOFR

Compounded

Index

+

1.55%),

5.61%,

9/29/2026(c)

230,000

228,731

4.30%,

11/20/2026(b)

500,000

473,094

(SOFR

+

0.77%),

1.46%,

6/9/2027(c)

285,000

242,649

4.45%,

9/29/2027

500,000

462,837

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(c)

500,000

460,206

(SOFR

+

1.28%),

3.07%,

2/24/2028(c)

400,000

356,500

(SOFR

+

1.89%),

4.66%,

5/24/2028(b)(c)

70,000

66,521

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(b)(c)

700,000

624,842

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(c)

500,000

443,695

(SOFR

+

1.42%),

2.98%,

11/5/2030(c)

200,000

164,333

(SOFR

+

1.15%),

2.67%,

1/29/2031(c)

100,000

79,785

(SOFR

+

3.91%),

4.41%,

3/31/2031(c)

700,000

627,990

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

300,000

235,955

(SOFR

+

1.17%),

2.56%,

5/1/2032(c)

245,000

188,078

6.63%,

6/15/2032(b)

333,000

336,713

(SOFR

+

1.35%),

3.06%,

1/25/2033(c)

200,000

157,508

(SOFR

+

1.94%),

3.79%,

3/17/2033(c)

90,000

75,443

(SOFR

+

2.09%),

4.91%,

5/24/2033(b)(c)

35,000

32,200

8.13%,

7/15/2039

350,000

413,674

(SOFR

+

4.55%),

5.32%,

3/26/2041(c)

300,000

270,810

6.68%,

9/13/2043

150,000

152,742

4.65%,

7/23/2048(b)

200,000

162,704

Citizens

Financial

Group,

Inc.

,

2.50%,

2/6/2030

170,000

134,060

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(c)

40,000

36,886

Comerica,

Inc.

,

4.00%,

2/1/2029(b)

250,000

231,975

Cooperatieve

Rabobank

UA

,

1.38%,

1/10/2025

250,000

230,078

3.38%,

5/21/2025

250,000

240,377

5.25%,

5/24/2041

175,000

172,391

5.25%,

8/4/2045

250,000

212,441

Discover

Bank

,

2.45%,

9/12/2024

300,000

283,751

2.70%,

2/6/2030

310,000

243,358

Fifth

Third

Bancorp

,

3.65%,

1/25/2024(b)

500,000

490,683

(SOFR

+

1.36%),

4.06%,

4/25/2028(c)

40,000

37,541

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Fifth

Third

Bancorp,

(United

States

SOFR

Compounded

Index

+

2.13%),

4.77%,

7/28/2030(c)

60,000

56,036

(SOFR

+

1.66%),

4.34%,

4/25/2033(c)

40,000

35,449

Fifth

Third

Bank

NA

,

3.95%,

7/28/2025(b)

200,000

195,417

3.85%,

3/15/2026

300,000

283,366

2.25%,

2/1/2027

295,000

262,135

HSBC

Holdings

plc

,

4.25%,

3/14/2024(b)

500,000

489,429

(SOFR

+

1.43%),

3.00%,

3/10/2026(c)

200,000

184,922

(SOFR

+

1.54%),

1.64%,

4/18/2026(c)

1,200,000

1,067,117

(SOFR

+

1.10%),

2.25%,

11/22/2027(b)(c)

200,000

168,038

(SOFR

+

2.11%),

4.75%,

6/9/2028(c)

200,000

183,776

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

200,000

154,753

4.95%,

3/31/2030(b)

200,000

183,759

(SOFR

+

1.19%),

2.80%,

5/24/2032(c)

220,000

161,647

(SOFR

+

2.53%),

4.76%,

3/29/2033(c)

200,000

164,155

6.50%,

5/2/2036

400,000

378,580

6.50%,

9/15/2037

600,000

564,515

6.80%,

6/1/2038

200,000

191,254

5.25%,

3/14/2044(b)

250,000

202,571

HSBC

USA,

Inc.

,

3.75%,

5/24/2024(b)

200,000

196,024

3.50%,

6/23/2024(b)

500,000

487,352

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.97%),

4.44%,

8/4/2028(b)(c)

30,000

28,327

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.17%),

2.49%,

8/15/2036(c)

250,000

176,799

Huntington

National

Bank

(The)

,

(United

States

SOFR

Compounded

Index

+

1.65%),

4.55%,

5/17/2028(c)

250,000

240,626

ING

Groep

NV

,

4.10%,

10/2/2023

500,000

493,755

4.55%,

10/2/2028(b)

200,000

182,539

JPMorgan

Chase

&

Co.

,

3.88%,

9/10/2024

1,000,000

977,945

3.13%,

1/23/2025

500,000

479,382

(SOFR

+

0.54%),

0.82%,

6/1/2025(c)

190,000

175,896

3.85%,

6/14/2025

200,000

194,519

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(CME

Term

SOFR

3

Month

+

0.58%),

0.97%,

6/23/2025(b)(c)

400,000

369,991

(SOFR

+

0.49%),

0.77%,

8/9/2025(b)(c)

500,000

458,369

(SOFR

+

1.16%),

2.30%,

10/15/2025(b)(c)

250,000

234,443

(SOFR

+

0.61%),

1.56%,

12/10/2025(b)(c)

200,000

183,396

(SOFR

+

0.92%),

2.59%,

2/24/2026(c)

90,000

83,725

(CME

Term

SOFR

3

Month

+

1.59%),

2.00%,

3/13/2026(c)

300,000

274,739

3.30%,

4/1/2026(b)

500,000

469,250

(SOFR

+

1.32%),

4.08%,

4/26/2026(b)(c)

355,000

341,798

2.95%,

10/1/2026(b)

1,000,000

916,529

8.00%,

4/29/2027

290,000

317,526

(SOFR

+

0.77%),

1.47%,

9/22/2027(c)

200,000

169,121

4.25%,

10/1/2027

500,000

468,650

(SOFR

+

1.17%),

2.95%,

2/24/2028(c)

85,000

75,159

(SOFR

+

1.56%),

4.32%,

4/26/2028(c)

360,000

337,358

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.54%,

5/1/2028(c)

500,000

452,705

(SOFR

+

1.99%),

4.85%,

7/25/2028(c)

180,000

172,831

(ICE

LIBOR

USD

3

Month

+

1.12%),

4.01%,

4/23/2029(c)

600,000

540,966

(SOFR

+

1.02%),

2.07%,

6/1/2029(c)

500,000

405,354

(SOFR

+

1.75%),

4.57%,

6/14/2030(c)

200,000

184,306

(SOFR

+

2.04%),

2.52%,

4/22/2031(b)(c)

400,000

316,184

(SOFR

+

1.25%),

2.58%,

4/22/2032(b)(c)

75,000

58,136

(SOFR

+

1.18%),

2.54%,

11/8/2032(c)

510,000

386,996

(SOFR

+

1.26%),

2.96%,

1/25/2033(c)

130,000

102,191

(SOFR

+

1.80%),

4.59%,

4/26/2033(c)

35,000

31,493

(SOFR

+

2.08%),

4.91%,

7/25/2033(b)(c)

90,000

82,994

(SOFR

+

2.58%),

5.72%,

9/14/2033(c)

270,000

255,324

5.60%,

7/15/2041

400,000

379,303

(SOFR

+

1.51%),

2.53%,

11/19/2041(c)

300,000

187,286

5.40%,

1/6/2042

500,000

462,276

4.85%,

2/1/2044

500,000

428,215

6

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(ICE

LIBOR

USD

3

Month

+

1.58%),

4.26%,

2/22/2048(c)

750,000

591,857

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(c)

250,000

187,269

(SOFR

+

2.44%),

3.11%,

4/22/2051(c)

600,000

378,793

(SOFR

+

1.58%),

3.33%,

4/22/2052(b)(c)

200,000

131,845

KeyBank

NA

,

6.95%,

2/1/2028

225,000

231,852

KeyCorp

,

2.25%,

4/6/2027

50,000

43,402

(United

States

SOFR

Compounded

Index

+

2.06%),

4.79%,

6/1/2033(b)

(c)

105,000

96,250

Korea

Development

Bank

(The)

,

3.00%,

1/13/2026

500,000

475,735

Kreditanstalt

fuer

Wiederaufbau

,

2.63%,

2/28/2024

2,500,000

2,441,297

0.63%,

1/22/2026

850,000

753,508

2.88%,

4/3/2028(b)

1,000,000

935,060

0.00%,

6/29/2037(b)(d)

750,000

407,218

Landwirtschaftliche

Rentenbank

,

1.75%,

7/27/2026

1,000,000

909,425

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024(b)

205,000

199,443

4.58%,

12/10/2025

350,000

330,186

4.65%,

3/24/2026

500,000

470,440

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.80%),

3.75%,

3/18/2028(c)

200,000

179,776

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(c)

500,000

438,497

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/2046(c)

300,000

185,242

M&T

Bank

Corp.

,

(United

States

SOFR

Compounded

Index

+

1.78%),

4.55%,

8/16/2028(b)(c)

40,000

38,525

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%),

4.79%,

7/18/2025(c)

240,000

236,848

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

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

184,019

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.45%),

0.96%,

10/11/2025(c)

200,000

182,114

3.85%,

3/1/2026

750,000

711,456

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.54%,

7/20/2027(c)

200,000

170,380

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(b)(c)

200,000

169,498

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(c)

200,000

172,783

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

5.02%,

7/20/2028(b)(c)

300,000

287,915

3.74%,

3/7/2029

600,000

536,512

3.20%,

7/18/2029

500,000

421,910

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.85%,

1/19/2033(c)

200,000

154,981

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%),

5.13%,

7/20/2033(c)

300,000

280,297

Mizuho

Financial

Group,

Inc.

,

(SOFR

+

1.36%),

2.55%,

9/13/2025(b)(c)

455,000

427,432

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.55%,

7/9/2027(c)

200,000

170,089

3.17%,

9/11/2027(b)

250,000

220,610

(SOFR

+

1.77%),

2.20%,

7/10/2031(c)

400,000

302,477

2.56%,

9/13/2031

200,000

146,873

National

Australia

Bank

Ltd.

,

2.50%,

7/12/2026(b)

750,000

685,332

National

Bank

of

Canada

,

0.75%,

8/6/2024

250,000

230,687

NatWest

Group

plc

,

4.80%,

4/5/2026

500,000

479,450

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

6/14/2027(c)

200,000

167,911

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(c)

200,000

171,868

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(c)

500,000

455,580

Oesterreichische

Kontrollbank

AG

,

1.50%,

2/12/2025

1,000,000

935,440

PNC

Bank

NA

,

2.95%,

2/23/2025

500,000

477,502

3.88%,

4/10/2025

500,000

484,144

PNC

Financial

Services

Group,

Inc.

(The)

,

1.15%,

8/13/2026

100,000

86,956

2.55%,

1/22/2030

500,000

411,685

(SOFR

+

0.98%),

2.31%,

4/23/2032(b)(c)

200,000

157,223

Regions

Financial

Corp.

,

2.25%,

5/18/2025(b)

400,000

370,466

1.80%,

8/12/2028(b)

200,000

164,362

Royal

Bank

of

Canada

,

2.55%,

7/16/2024(b)

350,000

335,620

3.97%,

7/26/2024(b)

90,000

88,405

0.65%,

7/29/2024(b)

400,000

371,524

0.75%,

10/7/2024(b)

300,000

275,410

2.25%,

11/1/2024(b)

500,000

473,168

3.38%,

4/14/2025

40,000

38,490

1.20%,

4/27/2026

100,000

87,054

1.15%,

7/14/2026(b)

200,000

172,428

1.40%,

11/2/2026(b)

300,000

256,756

2.05%,

1/21/2027(b)

200,000

175,430

3.63%,

5/4/2027(b)

40,000

37,214

4.24%,

8/3/2027(b)

90,000

85,855

2.30%,

11/3/2031(b)

200,000

153,777

3.88%,

5/4/2032(b)

40,000

35,234

Santander

Holdings

USA,

Inc.

,

3.50%,

6/7/2024(b)

500,000

484,540

(SOFR

+

2.33%),

5.81%,

9/9/2026(c)

40,000

39,095

3.24%,

10/5/2026(b)

300,000

268,450

(SOFR

+

1.25%),

2.49%,

1/6/2028(b)(c)

125,000

104,240

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

433,508

(SOFR

+

1.22%),

2.47%,

1/11/2028(c)

200,000

166,455

Santander

UK

plc

,

4.00%,

3/13/2024

500,000

492,411

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.45%,

9/27/2024

500,000

472,529

3.78%,

3/9/2026(b)

450,000

427,132

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Sumitomo

Mitsui

Financial

Group,

Inc.,

2.63%,

7/14/2026(b)

750,000

675,685

1.40%,

9/17/2026

200,000

170,612

3.35%,

10/18/2027(b)

500,000

447,497

1.90%,

9/17/2028(b)

200,000

161,065

3.20%,

9/17/2029

500,000

417,754

2.93%,

9/17/2041(b)

300,000

198,956

SVB

Financial

Group

,

1.80%,

10/28/2026(b)

300,000

257,815

(United

States

SOFR

Compounded

Index

+

1.71%),

4.34%,

4/29/2028(c)

140,000

130,128

(United

States

SOFR

Compounded

Index

+

1.97%),

4.57%,

4/29/2033(b)(c)

140,000

122,683

Toronto-Dominion

Bank

(The)

,

0.55%,

3/4/2024(b)

250,000

234,966

2.35%,

3/8/2024(b)

100,000

96,479

3.25%,

3/11/2024(b)

500,000

487,672

0.70%,

9/10/2024

100,000

92,102

4.29%,

9/13/2024(b)

90,000

88,643

1.25%,

12/13/2024(b)

200,000

184,525

1.45%,

1/10/2025(b)

100,000

92,578

3.77%,

6/6/2025(b)

100,000

96,623

0.75%,

1/6/2026(b)

200,000

173,532

1.20%,

6/3/2026(b)

200,000

173,533

1.25%,

9/10/2026

100,000

85,625

1.95%,

1/12/2027(b)

100,000

87,002

2.80%,

3/10/2027(b)

100,000

90,101

4.11%,

6/8/2027

100,000

94,286

4.69%,

9/15/2027

90,000

87,002

2.00%,

9/10/2031(b)

100,000

74,635

2.45%,

1/12/2032

100,000

77,053

3.20%,

3/10/2032(b)

100,000

81,949

4.46%,

6/8/2032(b)

55,000

50,221

Truist

Bank

,

2.15%,

12/6/2024

400,000

376,383

3.63%,

9/16/2025

250,000

238,361

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.15%),

2.64%,

9/17/2029(c)

250,000

232,932

Truist

Financial

Corp.

,

2.85%,

10/26/2024(b)

250,000

240,530

4.00%,

5/1/2025(b)

1,000,000

973,178

(SOFR

+

1.46%),

4.26%,

7/28/2026(c)

90,000

87,529

1.13%,

8/3/2027(b)

300,000

245,603

(SOFR

+

1.37%),

4.12%,

6/6/2028(b)(c)

65,000

61,071

(SOFR

+

0.86%),

1.89%,

6/7/2029(b)(c)

300,000

245,428

(SOFR

+

2.24%),

4.92%,

7/28/2033(b)(c)

90,000

81,352

8

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp

,

(SOFR

+

0.73%),

2.22%,

1/27/2028(c)

100,000

88,080

3.90%,

4/26/2028(b)

500,000

471,143

(SOFR

+

1.66%),

4.55%,

7/22/2028(c)

105,000

101,184

(SOFR

+

1.02%),

2.68%,

1/27/2033(c)

100,000

80,330

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)

115,000

107,389

US

Bank

NA

,

2.80%,

1/27/2025

1,000,000

956,855

Wells

Fargo

&

Co.

,

3.75%,

1/24/2024

1,500,000

1,476,601

3.00%,

2/19/2025(b)

825,000

784,166

3.00%,

4/22/2026

500,000

458,160

(SOFR

+

1.32%),

3.91%,

4/25/2026(c)

800,000

764,774

(SOFR

+

2.00%),

2.19%,

4/30/2026(c)

400,000

365,309

(SOFR

+

1.56%),

4.54%,

8/15/2026(c)

70,000

67,718

4.30%,

7/22/2027

200,000

186,988

(SOFR

+

1.51%),

3.53%,

3/24/2028(c)

200,000

181,143

(SOFR

+

1.98%),

4.81%,

7/25/2028(c)

125,000

119,216

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(c)

500,000

410,819

(SOFR

+

1.50%),

3.35%,

3/2/2033(c)

200,000

162,194

(SOFR

+

2.10%),

4.90%,

7/25/2033(c)

175,000

161,338

(SOFR

+

2.53%),

3.07%,

4/30/2041(c)

600,000

411,808

5.38%,

11/2/2043

250,000

216,454

5.61%,

1/15/2044

388,000

348,897

4.65%,

11/4/2044

300,000

238,369

4.90%,

11/17/2045

300,000

245,345

4.40%,

6/14/2046

350,000

266,805

(SOFR

+

4.50%),

5.01%,

4/4/2051(c)

500,000

431,587

(SOFR

+

2.13%),

4.61%,

4/25/2053(c)

300,000

243,732

Westpac

Banking

Corp.

,

1.15%,

6/3/2026

200,000

174,771

3.40%,

1/25/2028(b)

300,000

276,056

1.95%,

11/20/2028

200,000

166,254

2.65%,

1/16/2030

120,000

101,440

2.15%,

6/3/2031(b)

300,000

239,082

4.32%,

11/23/2031

300,000

273,566

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(c)

500,000

425,498

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Westpac

Banking

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(c)

85,000

62,185

3.13%,

11/18/2041

65,000

41,573

Zions

Bancorp

NA

,

3.25%,

10/29/2029

250,000

205,347

93,690,654

Beverages

0

.5

%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

250,000

240,142

4.70%,

2/1/2036

150,000

135,186

4.90%,

2/1/2046

770,000

669,192

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044

150,000

124,399

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.00%,

4/13/2028(b)

250,000

237,489

4.60%,

4/15/2048

500,000

414,068

4.44%,

10/6/2048

581,000

471,321

5.55%,

1/23/2049

650,000

611,319

4.50%,

6/1/2050

500,000

412,015

5.80%,

1/23/2059

150,000

143,208

Coca-Cola

Co.

(The)

,

1.75%,

9/6/2024(b)

500,000

476,205

2.90%,

5/25/2027(b)

500,000

463,821

3.45%,

3/25/2030

200,000

181,801

2.00%,

3/5/2031

95,000

76,573

2.25%,

1/5/2032(b)

300,000

243,772

2.88%,

5/5/2041

300,000

221,782

2.60%,

6/1/2050

400,000

257,356

3.00%,

3/5/2051

135,000

94,235

Coca-Cola

Femsa

SAB

de

CV

,

2.75%,

1/22/2030

150,000

129,342

Constellation

Brands,

Inc.

,

3.60%,

5/9/2024

40,000

39,131

3.50%,

5/9/2027(b)

500,000

462,053

2.88%,

5/1/2030

500,000

414,724

2.25%,

8/1/2031

405,000

311,112

Diageo

Capital

plc

,

2.38%,

10/24/2029

210,000

175,624

Diageo

Investment

Corp.

,

7.45%,

4/15/2035

250,000

291,817

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050

200,000

137,222

Keurig

Dr

Pepper,

Inc.

,

3.95%,

4/15/2029

50,000

45,410

4.05%,

4/15/2032(b)

50,000

43,851

4.50%,

4/15/2052

250,000

197,103

Molson

Coors

Beverage

Co.

,

3.00%,

7/15/2026(b)

190,000

173,534

5.00%,

5/1/2042

250,000

210,775

PepsiCo,

Inc.

,

0.40%,

10/7/2023(b)

35,000

33,678

2.25%,

3/19/2025

300,000

283,789

3.60%,

2/18/2028

25,000

23,619

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

PepsiCo,

Inc.,

2.75%,

3/19/2030

700,000

606,804

1.63%,

5/1/2030

130,000

104,198

1.40%,

2/25/2031(b)

200,000

153,815

1.95%,

10/21/2031(b)

100,000

79,539

3.90%,

7/18/2032

35,000

32,354

2.63%,

10/21/2041(b)

50,000

35,200

4.45%,

4/14/2046(b)

300,000

276,208

3.63%,

3/19/2050

200,000

163,231

2.75%,

10/21/2051

50,000

33,961

4.20%,

7/18/2052

25,000

22,115

9,954,093

Biotechnology

0

.4

%

AbbVie,

Inc.

,

3.85%,

6/15/2024

325,000

319,062

2.60%,

11/21/2024

400,000

380,650

3.80%,

3/15/2025

250,000

242,126

3.60%,

5/14/2025

500,000

479,935

3.20%,

5/14/2026(b)

120,000

112,173

4.55%,

3/15/2035

195,000

174,933

4.50%,

5/14/2035

500,000

444,823

4.05%,

11/21/2039

380,000

305,678

4.40%,

11/6/2042

625,000

519,033

4.75%,

3/15/2045

168,000

144,221

4.25%,

11/21/2049

675,000

541,868

Amgen,

Inc.

,

1.65%,

8/15/2028

200,000

164,923

4.05%,

8/18/2029

120,000

110,423

2.00%,

1/15/2032(b)

200,000

152,069

3.35%,

2/22/2032

55,000

46,923

4.20%,

3/1/2033

120,000

108,677

2.80%,

8/15/2041(b)

200,000

136,510

4.56%,

6/15/2048(b)

524,000

436,934

4.66%,

6/15/2051

618,000

519,271

3.00%,

1/15/2052

200,000

125,023

4.20%,

2/22/2052

25,000

19,597

4.88%,

3/1/2053

55,000

48,384

4.40%,

2/22/2062

165,000

128,910

Baxalta,

Inc.

,

4.00%,

6/23/2025

60,000

58,211

Biogen,

Inc.

,

2.25%,

5/1/2030

200,000

157,494

3.15%,

5/1/2050

230,000

148,183

3.25%,

2/15/2051

130,000

84,090

Gilead

Sciences,

Inc.

,

3.70%,

4/1/2024

1,000,000

984,306

3.65%,

3/1/2026

145,000

137,826

1.20%,

10/1/2027

60,000

49,438

1.65%,

10/1/2030(b)

115,000

88,181

5.65%,

12/1/2041

200,000

195,026

4.50%,

2/1/2045

500,000

413,663

4.75%,

3/1/2046

200,000

174,063

2.80%,

10/1/2050

95,000

58,669

Regeneron

Pharmaceuticals,

Inc.

,

2.80%,

9/15/2050

65,000

39,277

8,250,573

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

0

.1

%

Allegion

plc

,

3.50%,

10/1/2029

250,000

211,905

Carlisle

Cos.,

Inc.

,

2.20%,

3/1/2032

100,000

74,414

Carrier

Global

Corp.

,

2.49%,

2/15/2027(b)

31,000

27,479

2.72%,

2/15/2030(b)

50,000

41,272

3.58%,

4/5/2050

350,000

242,297

Fortune

Brands

Home

&

Security,

Inc.

,

3.25%,

9/15/2029

250,000

206,618

4.00%,

3/25/2032(b)

100,000

82,982

4.50%,

3/25/2052

30,000

20,622

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

183,000

175,515

1.75%,

9/15/2030(b)

100,000

77,348

2.00%,

9/16/2031(b)

100,000

75,485

4.90%,

12/1/2032

65,000

61,476

4.63%,

7/2/2044(e)

250,000

207,943

Masco

Corp.

,

2.00%,

2/15/2031

250,000

187,243

3.13%,

2/15/2051

60,000

36,159

Owens

Corning

,

4.30%,

7/15/2047(b)

200,000

146,717

1,875,475

Capital

Markets

1

.7

%

Ameriprise

Financial,

Inc.

,

4.50%,

5/13/2032(b)

50,000

47,050

Ares

Capital

Corp.

,

2.88%,

6/15/2027

100,000

83,539

2.88%,

6/15/2028(b)

250,000

196,766

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

50,000

40,945

Bank

of

New

York

Mellon

Corp.

(The)

,

3.25%,

9/11/2024

750,000

730,219

2.10%,

10/24/2024

250,000

236,874

Series

J,

0.85%,

10/25/2024

100,000

92,346

Series

G,

3.00%,

2/24/2025(b)

205,000

197,358

3.35%,

4/25/2025(b)

90,000

86,925

(SOFR

+

0.57%),

3.43%,

6/13/2025(c)

40,000

38,972

(SOFR

+

1.35%),

4.41%,

7/24/2026(c)

25,000

24,426

1.05%,

10/15/2026

100,000

86,079

2.05%,

1/26/2027(b)

200,000

177,421

(SOFR

+

1.15%),

3.99%,

6/13/2028(c)

40,000

37,530

Series

J,

1.90%,

1/25/2029

200,000

164,640

3.85%,

4/26/2029(b)

90,000

82,068

1.80%,

7/28/2031

100,000

76,342

2.50%,

1/26/2032(b)

100,000

79,149

(SOFR

+

1.42%),

4.29%,

6/13/2033(c)

40,000

36,601

10

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Blackstone

Private

Credit

Fund

,

4.70%,

3/24/2025(b)

100,000

94,643

3.25%,

3/15/2027

200,000

165,570

4.00%,

1/15/2029

200,000

160,210

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(b)

200,000

151,699

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

50,000

37,393

Brookfield

Finance

LLC

,

3.45%,

4/15/2050(b)

200,000

126,265

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026

500,000

478,809

3.90%,

1/25/2028(b)

40,000

36,015

4.85%,

3/29/2029

300,000

280,482

3.50%,

3/30/2051

35,000

22,081

3.63%,

2/15/2052

15,000

9,830

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030(b)

300,000

227,684

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026(b)

170,000

148,477

1.15%,

5/13/2026

400,000

349,914

2.45%,

3/3/2027

40,000

35,896

1.65%,

3/11/2031

200,000

150,824

2.30%,

5/13/2031

300,000

239,357

1.95%,

12/1/2031(b)

100,000

76,151

2.90%,

3/3/2032

100,000

82,369

CI

Financial

Corp.

,

4.10%,

6/15/2051

50,000

29,743

CME

Group,

Inc.

,

3.00%,

3/15/2025(b)

500,000

479,104

2.65%,

3/15/2032

50,000

41,104

Credit

Suisse

AG

,

3.63%,

9/9/2024

250,000

238,585

2.95%,

4/9/2025(b)

400,000

367,884

5.00%,

7/9/2027

250,000

230,530

Credit

Suisse

Group

AG

,

3.75%,

3/26/2025

390,000

363,306

4.55%,

4/17/2026

750,000

690,013

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032(b)

55,000

55,055

Deutsche

Bank

AG

,

Series

E,

0.96%,

11/8/2023(b)

150,000

142,720

3.70%,

5/30/2024(b)

470,000

456,964

(SOFR

+

2.58%),

3.96%,

11/26/2025(c)

200,000

186,711

(SOFR

+

1.87%),

2.13%,

11/24/2026(c)

155,000

131,608

(SOFR

+

1.22%),

2.31%,

11/16/2027(c)

170,000

137,898

(SOFR

+

3.04%),

3.55%,

9/18/2031(c)

150,000

114,368

(SOFR

+

1.72%),

3.04%,

5/28/2032(c)

150,000

107,498

FactSet

Research

Systems,

Inc.

,

2.90%,

3/1/2027

30,000

27,148

3.45%,

3/1/2032

25,000

20,372

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

FS

KKR

Capital

Corp.

,

2.63%,

1/15/2027

100,000

80,746

3.25%,

7/15/2027(b)

50,000

41,182

3.13%,

10/12/2028(b)

150,000

116,481

Goldman

Sachs

Group,

Inc.

(The)

,

3.00%,

3/15/2024(b)

85,000

82,593

3.85%,

7/8/2024

385,000

376,254

(SOFR

+

0.49%),

0.92%,

10/21/2024(c)

200,000

189,830

(SOFR

+

0.73%),

1.76%,

1/24/2025(c)

100,000

95,014

3.50%,

4/1/2025

670,000

639,986

3.75%,

5/22/2025

500,000

478,760

4.25%,

10/21/2025

500,000

482,607

3.85%,

1/26/2027

800,000

743,334

(SOFR

+

0.80%),

1.43%,

3/9/2027(c)

250,000

214,928

(SOFR

+

1.51%),

4.39%,

6/15/2027(c)

65,000

61,921

(SOFR

+

0.82%),

1.54%,

9/10/2027(c)

500,000

422,421

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

240,000

205,239

(SOFR

+

1.11%),

2.64%,

2/24/2028(c)

95,000

82,426

(SOFR

+

1.85%),

3.62%,

3/15/2028(b)(c)

75,000

68,254

(SOFR

+

1.73%),

4.48%,

8/23/2028(c)

200,000

187,699

(SOFR

+

1.28%),

2.62%,

4/22/2032(c)

390,000

302,300

(SOFR

+

1.25%),

2.38%,

7/21/2032(c)

280,000

211,116

(SOFR

+

1.26%),

2.65%,

10/21/2032(c)

165,000

126,467

(SOFR

+

1.41%),

3.10%,

2/24/2033(b)(c)

95,000

75,454

6.45%,

5/1/2036

400,000

391,348

6.75%,

10/1/2037

500,000

498,342

(ICE

LIBOR

USD

3

Month

+

1.37%),

4.02%,

10/31/2038(c)

500,000

394,910

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(c)

500,000

414,283

6.25%,

2/1/2041

350,000

347,596

3.21%,

4/22/2042

200,000

135,503

(SOFR

+

1.47%),

2.91%,

7/21/2042(c)

300,000

192,884

(SOFR

+

1.63%),

3.44%,

2/24/2043(c)

35,000

24,236

4.80%,

7/8/2044

300,000

248,479

Golub

Capital

BDC,

Inc.

,

2.05%,

2/15/2027

100,000

80,186

Intercontinental

Exchange,

Inc.

,

3.65%,

5/23/2025(b)

45,000

43,513

3.75%,

12/1/2025

160,000

154,507

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Intercontinental

Exchange,

Inc.,

4.00%,

9/15/2027(b)

180,000

170,634

4.35%,

6/15/2029(b)

150,000

141,966

2.10%,

6/15/2030(b)

165,000

131,178

1.85%,

9/15/2032

500,000

365,144

4.60%,

3/15/2033

110,000

102,474

4.25%,

9/21/2048

250,000

203,095

3.00%,

6/15/2050

75,000

48,774

4.95%,

6/15/2052

120,000

105,928

5.20%,

6/15/2062

110,000

98,786

Jefferies

Group

LLC

,

4.85%,

1/15/2027(b)

500,000

477,963

2.63%,

10/15/2031

50,000

36,273

Legg

Mason,

Inc.

,

4.75%,

3/15/2026

500,000

491,920

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

100,000

84,191

Moody's

Corp.

,

3.25%,

1/15/2028(b)

300,000

271,210

2.00%,

8/19/2031

60,000

45,673

2.75%,

8/19/2041

75,000

49,861

3.25%,

5/20/2050

35,000

23,718

3.10%,

11/29/2061

95,000

57,885

Morgan

Stanley

,

Series

F,

3.88%,

4/29/2024

625,000

613,570

(SOFR

+

0.51%),

0.79%,

1/22/2025(c)

100,000

93,676

(SOFR

+

1.16%),

3.62%,

4/17/2025(c)

140,000

135,963

(SOFR

+

0.53%),

0.79%,

5/30/2025(c)

370,000

340,549

(SOFR

+

0.56%),

1.16%,

10/21/2025(c)

600,000

546,829

(SOFR

+

0.94%),

2.63%,

2/18/2026(c)

300,000

279,505

(SOFR

+

1.99%),

2.19%,

4/28/2026(c)

640,000

587,057

(SOFR

+

1.67%),

4.68%,

7/17/2026(c)

80,000

77,898

3.13%,

7/27/2026(b)

500,000

460,407

4.35%,

9/8/2026

500,000

476,212

3.63%,

1/20/2027

750,000

697,667

3.95%,

4/23/2027(b)

500,000

464,642

(SOFR

+

0.86%),

1.51%,

7/20/2027(c)

480,000

408,809

(SOFR

+

1.00%),

2.48%,

1/21/2028(c)

195,000

170,430

(SOFR

+

1.61%),

4.21%,

4/20/2028(c)

80,000

74,857

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(c)

600,000

539,605

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(c)

500,000

459,631

(SOFR

+

3.12%),

3.62%,

4/1/2031(c)

420,000

362,976

7.25%,

4/1/2032

324,000

351,851

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(SOFR

+

1.02%),

1.93%,

4/28/2032(c)

500,000

365,022

(SOFR

+

1.18%),

2.24%,

7/21/2032(c)

500,000

375,609

(SOFR

+

1.20%),

2.51%,

10/20/2032(c)

275,000

210,162

(SOFR

+

1.29%),

2.94%,

1/21/2033(c)

70,000

55,339

(SOFR

+

2.08%),

4.89%,

7/20/2033(b)(c)

45,000

41,695

(SOFR

+

1.36%),

2.48%,

9/16/2036(c)

450,000

322,483

(SOFR

+

2.62%),

5.30%,

4/20/2037(c)

80,000

71,885

4.30%,

1/27/2045

300,000

237,462

(SOFR

+

4.84%),

5.60%,

3/24/2051(c)

100,000

95,718

(SOFR

+

1.43%),

2.80%,

1/25/2052(c)

205,000

123,758

Nasdaq,

Inc.

,

1.65%,

1/15/2031(b)

400,000

297,849

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027(b)

300,000

257,864

2.17%,

7/14/2028

200,000

159,843

5.61%,

7/6/2029

200,000

190,329

3.10%,

1/16/2030(b)

200,000

162,073

Northern

Trust

Corp.

,

4.00%,

5/10/2027

65,000

62,678

Oaktree

Specialty

Lending

Corp.

,

2.70%,

1/15/2027

100,000

84,204

Owl

Rock

Capital

Corp.

,

2.88%,

6/11/2028

230,000

175,156

Owl

Rock

Capital

Corp.

III

,

3.13%,

4/13/2027

50,000

40,551

Prospect

Capital

Corp.

,

3.36%,

11/15/2026

100,000

82,172

Raymond

James

Financial,

Inc.

,

4.95%,

7/15/2046

250,000

220,294

S&P

Global,

Inc.

,

2.45%,

3/1/2027(f)

30,000

26,891

2.70%,

3/1/2029(b)(f)

100,000

86,475

2.50%,

12/1/2029

80,000

66,846

1.25%,

8/15/2030(b)

110,000

82,360

2.90%,

3/1/2032(f)

25,000

20,857

3.25%,

12/1/2049

65,000

45,612

2.30%,

8/15/2060

40,000

21,060

State

Street

Corp.

,

3.70%,

11/20/2023

500,000

495,254

3.30%,

12/16/2024

310,000

301,393

2.65%,

5/19/2026

300,000

280,127

(SOFR

+

0.56%),

1.68%,

11/18/2027(b)(c)

200,000

174,520

(SOFR

+

0.73%),

2.20%,

2/7/2028(b)(c)

40,000

35,068

2.40%,

1/24/2030(b)

200,000

166,821

12

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

State

Street

Corp.,

(SOFR

+

1.00%),

2.62%,

2/7/2033(b)(c)

20,000

15,833

32,920,399

Chemicals

0

.3

%

Air

Products

and

Chemicals,

Inc.

,

1.50%,

10/15/2025

25,000

22,719

1.85%,

5/15/2027(b)

105,000

92,470

2.05%,

5/15/2030

145,000

118,577

2.70%,

5/15/2040

65,000

46,716

2.80%,

5/15/2050

40,000

26,604

Cabot

Corp.

,

5.00%,

6/30/2032

30,000

26,930

Celanese

US

Holdings

LLC

,

5.90%,

7/5/2024(b)

100,000

98,614

6.05%,

3/15/2025

100,000

97,685

1.40%,

8/5/2026

100,000

81,536

6.17%,

7/15/2027

100,000

94,640

6.33%,

7/15/2029

165,000

153,784

6.38%,

7/15/2032(b)

70,000

65,049

CF

Industries,

Inc.

,

5.15%,

3/15/2034

300,000

269,678

Dow

Chemical

Co.

(The)

,

9.40%,

5/15/2039

206,000

261,744

4.80%,

5/15/2049

350,000

287,461

DuPont

de

Nemours,

Inc.

,

5.42%,

11/15/2048

300,000

269,946

Eastman

Chemical

Co.

,

4.65%,

10/15/2044(b)

200,000

155,986

Ecolab,

Inc.

,

1.30%,

1/30/2031

200,000

150,281

2.13%,

2/1/2032

100,000

78,953

2.13%,

8/15/2050(b)

200,000

112,236

2.70%,

12/15/2051

75,000

47,755

2.75%,

8/18/2055

65,000

40,201

FMC

Corp.

,

3.45%,

10/1/2029

60,000

51,523

4.50%,

10/1/2049

85,000

64,173

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

70,000

58,376

Linde,

Inc.

,

3.20%,

1/30/2026

250,000

238,372

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

147,000

160,666

LYB

International

Finance

III

LLC

,

2.25%,

10/1/2030(b)

135,000

105,004

4.20%,

5/1/2050

200,000

143,596

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

250,000

187,548

Mosaic

Co.

(The)

,

4.25%,

11/15/2023

250,000

247,953

4.05%,

11/15/2027

250,000

232,640

Nutrien

Ltd.

,

3.00%,

4/1/2025

150,000

142,945

5.88%,

12/1/2036

125,000

126,677

5.25%,

1/15/2045

334,000

297,148

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

PPG

Industries,

Inc.

,

1.20%,

3/15/2026

110,000

95,999

2.80%,

8/15/2029

300,000

256,513

RPM

International,

Inc.

,

2.95%,

1/15/2032

45,000

34,633

Sherwin-Williams

Co.

(The)

,

3.95%,

1/15/2026(b)

400,000

387,915

2.95%,

8/15/2029(b)

200,000

171,080

2.20%,

3/15/2032

200,000

151,273

4.50%,

6/1/2047

150,000

121,595

2.90%,

3/15/2052

80,000

48,079

Westlake

Corp.

,

2.88%,

8/15/2041(b)

100,000

63,352

4.38%,

11/15/2047

200,000

151,629

6,138,254

Commercial

Services

&

Supplies

0

.1

%

Cintas

Corp.

No.

2

,

3.45%,

5/1/2025

30,000

28,964

4.00%,

5/1/2032

40,000

36,706

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

15,437

Republic

Services,

Inc.

,

3.20%,

3/15/2025

500,000

477,927

1.45%,

2/15/2031

165,000

123,192

2.38%,

3/15/2033(b)

200,000

153,433

6.20%,

3/1/2040

70,000

71,618

Waste

Connections,

Inc.

,

4.25%,

12/1/2028

100,000

94,115

2.20%,

1/15/2032(b)

100,000

77,369

3.20%,

6/1/2032

50,000

41,861

4.20%,

1/15/2033

100,000

90,596

2.95%,

1/15/2052

70,000

45,288

Waste

Management,

Inc.

,

2.00%,

6/1/2029(b)

35,000

28,870

2.95%,

6/1/2041

85,000

61,079

4.15%,

7/15/2049(b)

125,000

106,061

1,452,516

Communications

Equipment

0

.1

%

Cisco

Systems,

Inc.

,

3.50%,

6/15/2025

400,000

389,735

5.90%,

2/15/2039

300,000

310,298

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024(b)

54,000

52,930

2.30%,

11/15/2030

300,000

225,419

5.60%,

6/1/2032(b)

100,000

95,599

1,073,981

Construction

&

Engineering

0

.0

%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030

100,000

79,924

2.35%,

1/15/2032

50,000

36,785

3.05%,

10/1/2041

55,000

34,953

151,662

Construction

Materials

0

.0

%

†

Eagle

Materials,

Inc.

,

2.50%,

7/1/2031

65,000

47,414

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Materials

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030

500,000

401,605

2.40%,

7/15/2031

25,000

19,299

3.20%,

7/15/2051

50,000

31,301

Vulcan

Materials

Co.

,

4.50%,

6/15/2047

250,000

202,549

702,168

Consumer

Finance

0

.9

%

AerCap

Ireland

Capital

DAC

,

1.15%,

10/29/2023

200,000

189,986

1.65%,

10/29/2024

150,000

137,038

4.45%,

4/3/2026(b)

200,000

186,580

2.45%,

10/29/2026

180,000

151,849

3.88%,

1/23/2028

500,000

431,551

3.00%,

10/29/2028

300,000

240,590

3.30%,

1/30/2032

300,000

225,620

3.40%,

10/29/2033

150,000

108,831

3.85%,

10/29/2041(b)

150,000

99,638

Ally

Financial,

Inc.

,

3.88%,

5/21/2024

600,000

586,190

4.63%,

3/30/2025

100,000

97,743

4.75%,

6/9/2027(b)

40,000

36,903

2.20%,

11/2/2028(b)

165,000

127,474

8.00%,

11/1/2031

150,000

157,254

American

Express

Co.

,

3.38%,

5/3/2024

25,000

24,377

2.50%,

7/30/2024

400,000

383,105

3.00%,

10/30/2024(b)

500,000

482,433

3.63%,

12/5/2024

500,000

486,013

2.25%,

3/4/2025

35,000

32,802

3.95%,

8/1/2025(b)

130,000

125,912

4.20%,

11/6/2025(b)

200,000

195,143

1.65%,

11/4/2026(b)

200,000

174,388

2.55%,

3/4/2027

60,000

53,443

4.05%,

5/3/2029

60,000

55,221

(SOFR

+

2.26%),

4.99%,

5/26/2033(c)

25,000

23,219

(SOFR

+

1.76%),

4.42%,

8/3/2033(b)(c)

130,000

118,232

American

Honda

Finance

Corp.

,

0.75%,

8/9/2024(b)

50,000

46,469

2.15%,

9/10/2024

500,000

475,661

1.50%,

1/13/2025

50,000

46,415

1.30%,

9/9/2026(b)

115,000

100,153

2.35%,

1/8/2027

100,000

89,607

2.25%,

1/12/2029

50,000

42,016

Capital

One

Financial

Corp.

,

3.75%,

4/24/2024

700,000

685,146

(SOFR

+

1.29%),

2.64%,

3/3/2026(c)

290,000

269,454

(SOFR

+

2.16%),

4.98%,

7/24/2026(c)

60,000

58,659

3.75%,

7/28/2026

250,000

231,134

3.65%,

5/11/2027(b)

300,000

275,288

(SOFR

+

1.79%),

3.27%,

3/1/2030(c)

95,000

79,433

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.,

(SOFR

+

2.60%),

5.25%,

7/26/2030(c)

60,000

55,872

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

100,000

70,827

Caterpillar

Financial

Services

Corp.

,

0.95%,

1/10/2024(b)

200,000

191,545

0.45%,

5/17/2024

300,000

280,596

3.30%,

6/9/2024(b)

250,000

244,582

2.15%,

11/8/2024(b)

500,000

475,519

3.25%,

12/1/2024

500,000

485,208

3.65%,

8/12/2025

100,000

97,191

1.15%,

9/14/2026(b)

100,000

87,143

1.70%,

1/8/2027(b)

200,000

176,542

3.60%,

8/12/2027

100,000

94,415

Discover

Financial

Services

,

4.10%,

2/9/2027(b)

250,000

229,856

General

Motors

Financial

Co.,

Inc.

,

1.20%,

10/15/2024

65,000

59,665

5.25%,

3/1/2026

1,055,000

1,026,647

1.50%,

6/10/2026(b)

200,000

169,974

2.35%,

2/26/2027(b)

50,000

42,425

5.00%,

4/9/2027

200,000

189,582

2.40%,

10/15/2028(b)

195,000

154,113

3.60%,

6/21/2030(b)

200,000

162,004

2.70%,

6/10/2031(b)

145,000

106,442

John

Deere

Capital

Corp.

,

0.45%,

1/17/2024(b)

250,000

237,038

0.63%,

9/10/2024(b)

65,000

60,374

1.25%,

1/10/2025(b)

200,000

185,600

3.40%,

6/6/2025

30,000

28,994

4.05%,

9/8/2025

55,000

54,109

0.70%,

1/15/2026(b)

200,000

175,447

1.05%,

6/17/2026(b)

100,000

87,374

2.25%,

9/14/2026

250,000

229,422

1.30%,

10/13/2026

55,000

47,972

1.70%,

1/11/2027

200,000

176,127

4.15%,

9/15/2027

60,000

58,226

1.50%,

3/6/2028(b)

250,000

210,617

3.35%,

4/18/2029

40,000

36,107

1.45%,

1/15/2031(b)

200,000

152,914

2.00%,

6/17/2031(b)

300,000

237,142

4.35%,

9/15/2032

60,000

57,021

PACCAR

Financial

Corp.

,

0.50%,

8/9/2024

60,000

55,610

3.55%,

8/11/2025

30,000

29,125

4.95%,

10/3/2025

80,000

80,263

2.00%,

2/4/2027(b)

100,000

89,666

Synchrony

Financial

,

4.25%,

8/15/2024

350,000

341,267

4.88%,

6/13/2025(b)

30,000

28,941

4.50%,

7/23/2025

275,000

262,279

2.88%,

10/28/2031(b)

180,000

127,926

Toyota

Motor

Credit

Corp.

,

0.50%,

6/18/2024

100,000

93,176

0.63%,

9/13/2024(b)

100,000

92,487

4.40%,

9/20/2024

90,000

89,431

1.45%,

1/13/2025

200,000

185,435

14

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Toyota

Motor

Credit

Corp.,

1.80%,

2/13/2025(b)

500,000

466,370

3.95%,

6/30/2025

75,000

73,205

3.65%,

8/18/2025

75,000

72,620

1.13%,

6/18/2026(b)

500,000

437,373

3.20%,

1/11/2027(b)

200,000

186,138

1.90%,

1/13/2027(b)

100,000

88,143

3.05%,

3/22/2027(b)

100,000

92,087

4.55%,

9/20/2027

90,000

87,894

4.45%,

6/29/2029

90,000

86,832

2.15%,

2/13/2030(b)

500,000

410,572

1.90%,

9/12/2031

100,000

77,360

17,319,802

Containers

&

Packaging

0

.1

%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025(b)

50,000

48,268

2.63%,

6/19/2030

50,000

40,171

2.69%,

5/25/2031

75,000

58,654

Avery

Dennison

Corp.

,

2.25%,

2/15/2032(b)

100,000

73,771

Berry

Global,

Inc.

,

0.95%,

2/15/2024

230,000

216,088

International

Paper

Co.

,

6.00%,

11/15/2041

350,000

333,822

Packaging

Corp.

of

America

,

3.00%,

12/15/2029

50,000

42,231

4.05%,

12/15/2049

100,000

74,853

3.05%,

10/1/2051

40,000

25,313

Sonoco

Products

Co.

,

1.80%,

2/1/2025

200,000

185,288

2.25%,

2/1/2027

165,000

146,131

3.13%,

5/1/2030(b)

50,000

41,588

2.85%,

2/1/2032(b)

200,000

158,467

WRKCo,

Inc.

,

4.90%,

3/15/2029

250,000

239,001

1,683,646

Diversified

Consumer

Services

0

.1

%

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049

35,000

27,347

California

Institute

of

Technology

,

3.65%,

9/1/2119

100,000

62,457

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

71,961

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

59,475

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

23,099

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050(b)

150,000

95,331

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111

100,000

100,204

4.68%,

7/1/2114(b)

75,000

63,683

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050

28,000

18,614

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

57,327

3.30%,

7/15/2056

200,000

149,313

Trustees

of

Boston

University

,

Series

CC,

4.06%,

10/1/2048

16,000

13,300

Trustees

of

Princeton

University

(The)

,

Series

2020,

2.52%,

7/1/2050

84,000

56,863

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

30,294

University

of

Southern

California

,

Series

21A,

2.95%,

10/1/2051(b)

200,000

139,489

Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

39,486

1,008,243

Diversified

Financial

Services

0

.3

%

Berkshire

Hathaway,

Inc.

,

4.50%,

2/11/2043

250,000

222,463

Block

Financial

LLC

,

2.50%,

7/15/2028

105,000

86,722

Corebridge

Financial,

Inc.

,

3.50%,

4/4/2025(f)

50,000

47,497

3.65%,

4/5/2027(f)

50,000

45,663

3.85%,

4/5/2029(f)

50,000

44,067

3.90%,

4/5/2032(b)(f)

50,000

42,203

4.35%,

4/5/2042(f)

50,000

38,468

4.40%,

4/5/2052(b)(f)

50,000

38,003

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028(b)

133,000

141,599

4.35%,

4/20/2028

650,000

608,890

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(b)

200,000

150,478

National

Rural

Utilities

Cooperative

Finance

Corp.

,

Series

D,

1.00%,

10/18/2024

85,000

78,543

1.88%,

2/7/2025

50,000

46,797

3.45%,

6/15/2025(b)

20,000

19,295

3.70%,

3/15/2029

500,000

457,525

2.40%,

3/15/2030

185,000

152,351

Series

C,

8.00%,

3/1/2032

159,000

185,986

2.75%,

4/15/2032

50,000

40,610

4.15%,

12/15/2032

30,000

27,450

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

ORIX

Corp.

,

5.00%,

9/13/2027

40,000

38,864

4.00%,

4/13/2032

50,000

43,951

5.20%,

9/13/2032

40,000

38,043

Shell

International

Finance

BV

,

2.88%,

5/10/2026

500,000

465,746

2.38%,

11/7/2029(b)

150,000

125,713

4.13%,

5/11/2035

500,000

438,173

6.38%,

12/15/2038

250,000

264,667

2.88%,

11/26/2041

50,000

35,016

4.55%,

8/12/2043

200,000

173,255

3.75%,

9/12/2046

500,000

380,437

3.00%,

11/26/2051

100,000

66,292

Synchrony

Bank

,

5.63%,

8/23/2027

250,000

239,335

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

250,000

234,705

5,018,807

Diversified

Telecommunication

Services

0

.7

%

AT&T,

Inc.

,

1.70%,

3/25/2026(b)

300,000

266,787

2.30%,

6/1/2027(b)

300,000

262,205

1.65%,

2/1/2028(b)

200,000

164,360

4.35%,

3/1/2029

500,000

467,455

4.30%,

2/15/2030(b)

300,000

274,102

2.25%,

2/1/2032(b)

300,000

226,853

2.55%,

12/1/2033(b)

360,000

266,524

4.50%,

5/15/2035

310,000

268,483

4.85%,

3/1/2039

500,000

432,836

4.65%,

6/1/2044

250,000

203,706

3.50%,

9/15/2053

1,140,000

759,628

3.55%,

9/15/2055

975,000

640,415

3.80%,

12/1/2057

1,114,000

752,557

3.65%,

9/15/2059

379,000

245,554

Bell

Telephone

Co.

of

Canada

(The)

,

Series

US-4,

3.65%,

3/17/2051

250,000

176,160

3.65%,

8/15/2052

50,000

35,289

British

Telecommunications

plc

,

9.62%,

12/15/2030(e)

250,000

288,838

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(e)

369,000

422,761

Orange

SA

,

9.00%,

3/1/2031(e)

100,000

119,974

5.38%,

1/13/2042

250,000

233,891

Telefonica

Emisiones

SA

,

5.21%,

3/8/2047

250,000

190,191

5.52%,

3/1/2049

350,000

277,864

TELUS

Corp.

,

2.80%,

2/16/2027(b)

200,000

181,389

3.40%,

5/13/2032

60,000

49,889

4.30%,

6/15/2049

100,000

79,916

Verizon

Communications,

Inc.

,

0.75%,

3/22/2024(b)

55,000

51,986

3.38%,

2/15/2025

498,000

482,105

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.,

0.85%,

11/20/2025

250,000

219,130

1.45%,

3/20/2026(b)

105,000

92,710

4.13%,

3/16/2027(b)

300,000

286,506

2.10%,

3/22/2028(b)

125,000

105,527

4.33%,

9/21/2028(b)

283,000

266,281

3.88%,

2/8/2029

110,000

100,417

3.15%,

3/22/2030

200,000

170,117

1.75%,

1/20/2031

500,000

374,982

2.55%,

3/21/2031

815,000

650,719

2.36%,

3/15/2032

840,000

644,134

4.81%,

3/15/2039

385,000

338,867

3.40%,

3/22/2041

530,000

386,979

2.85%,

9/3/2041

110,000

73,343

2.88%,

11/20/2050

700,000

428,056

3.55%,

3/22/2051(b)

270,000

189,854

3.88%,

3/1/2052

90,000

66,936

2.99%,

10/30/2056

500,000

297,211

3.00%,

11/20/2060

400,000

232,322

3.70%,

3/22/2061(b)

350,000

237,608

12,983,417

Electric

Utilities

1

.4

%

AEP

Texas,

Inc.

,

4.70%,

5/15/2032

20,000

18,414

5.25%,

5/15/2052

20,000

18,250

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

50,000

31,240

Series

O,

4.50%,

6/15/2052

80,000

67,931

Alabama

Power

Co.

,

3.75%,

9/1/2027

40,000

37,755

3.94%,

9/1/2032

40,000

36,117

4.15%,

8/15/2044

350,000

283,548

3.13%,

7/15/2051

80,000

53,489

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

155,000

148,345

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

30,000

27,006

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029

500,000

412,038

2.20%,

12/15/2031

100,000

74,797

3.50%,

12/1/2049(b)

200,000

134,373

Baltimore

Gas

and

Electric

Co.

,

2.25%,

6/15/2031(b)

80,000

63,861

3.20%,

9/15/2049

115,000

79,340

2.90%,

6/15/2050

60,000

38,955

4.55%,

6/1/2052

30,000

25,741

CenterPoint

Energy

Houston

Electric

LLC

,

Series

ai.,

4.45%,

10/1/2032

40,000

37,921

4.50%,

4/1/2044

500,000

433,966

Series

AD,

2.90%,

7/1/2050

60,000

39,519

Series

AJ,

4.85%,

10/1/2052

40,000

36,728

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024(b)

400,000

399,921

Commonwealth

Edison

Co.

,

4.35%,

11/15/2045

200,000

166,499

16

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Commonwealth

Edison

Co.,

3.65%,

6/15/2046

250,000

187,624

4.00%,

3/1/2048(b)

350,000

280,360

Series

127,

3.20%,

11/15/2049

155,000

107,306

Series

131,

2.75%,

9/1/2051

200,000

125,819

Connecticut

Light

and

Power

Co.

(The)

,

Series

A,

2.05%,

7/1/2031

100,000

78,899

Dominion

Energy

South

Carolina,

Inc.

,

Series

A,

2.30%,

12/1/2031

50,000

39,384

6.05%,

1/15/2038(b)

150,000

155,047

5.10%,

6/1/2065

100,000

89,946

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032

40,000

33,718

4.30%,

7/1/2044

500,000

418,280

Series

B,

3.65%,

3/1/2052

25,000

18,876

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026(b)

500,000

463,614

2.45%,

2/1/2030

100,000

83,530

2.85%,

3/15/2032

70,000

57,965

3.70%,

12/1/2047

500,000

373,295

3.20%,

8/15/2049

50,000

34,392

3.55%,

3/15/2052

35,000

25,487

Duke

Energy

Corp.

,

0.90%,

9/15/2025

50,000

44,276

4.30%,

3/15/2028

80,000

75,305

2.45%,

6/1/2030

70,000

55,932

2.55%,

6/15/2031(b)

150,000

117,687

4.50%,

8/15/2032

90,000

81,389

3.50%,

6/15/2051(b)

200,000

134,454

5.00%,

8/15/2052

90,000

76,703

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027

250,000

234,407

2.50%,

12/1/2029

70,000

59,164

2.40%,

12/15/2031

95,000

75,508

5.65%,

4/1/2040

300,000

295,096

3.40%,

10/1/2046

500,000

352,313

3.00%,

12/15/2051

45,000

29,604

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

123,678

Duke

Energy

Progress

LLC

,

3.40%,

4/1/2032

50,000

42,850

4.15%,

12/1/2044

100,000

80,643

4.20%,

8/15/2045

500,000

404,952

Edison

International

,

3.55%,

11/15/2024

175,000

168,011

4.70%,

8/15/2025

40,000

38,753

4.13%,

3/15/2028(b)

500,000

446,073

Emera

US

Finance

LP

,

4.75%,

6/15/2046

200,000

157,073

Entergy

Corp.

,

1.90%,

6/15/2028(b)

500,000

410,248

2.80%,

6/15/2030

80,000

64,802

3.75%,

6/15/2050

35,000

24,782

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

200,000

173,927

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029(b)

300,000

277,412

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Entergy

Texas,

Inc.,

1.75%,

3/15/2031

400,000

301,975

3.55%,

9/30/2049(b)

200,000

140,617

5.00%,

9/15/2052

20,000

17,874

Evergy

Kansas

Central,

Inc.

,

4.10%,

4/1/2043(b)

200,000

160,751

Evergy,

Inc.

,

2.90%,

9/15/2029

250,000

206,535

Eversource

Energy

,

4.20%,

6/27/2024

40,000

39,444

Series

H,

3.15%,

1/15/2025(b)

245,000

234,368

Series

Q,

0.80%,

8/15/2025(b)

100,000

88,428

2.90%,

3/1/2027

50,000

45,373

4.60%,

7/1/2027

35,000

33,780

Series

O,

4.25%,

4/1/2029

400,000

370,994

Series

R,

1.65%,

8/15/2030(b)

100,000

75,361

3.38%,

3/1/2032

50,000

42,063

3.45%,

1/15/2050

100,000

69,195

Exelon

Corp.

,

5.63%,

6/15/2035

300,000

292,742

4.10%,

3/15/2052(f)

35,000

27,004

Florida

Power

&

Light

Co.

,

2.85%,

4/1/2025

60,000

57,406

3.13%,

12/1/2025

500,000

476,177

5.65%,

2/1/2037

450,000

445,309

3.95%,

3/1/2048

500,000

401,948

2.88%,

12/4/2051

10,000

6,591

Georgia

Power

Co.

,

Series

A,

2.20%,

9/15/2024

1,000,000

946,547

4.70%,

5/15/2032

60,000

56,192

4.30%,

3/15/2042

500,000

398,969

5.13%,

5/15/2052

25,000

22,536

Iberdrola

International

BV

,

5.81%,

3/15/2025

118,000

120,503

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046

350,000

292,427

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

623,000

563,421

3.10%,

11/30/2051

70,000

45,779

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049

450,000

362,611

MidAmerican

Energy

Co.

,

5.80%,

10/15/2036

550,000

562,177

4.80%,

9/15/2043

500,000

449,396

2.70%,

8/1/2052(b)

100,000

62,806

Mississippi

Power

Co.

,

Series

B,

3.10%,

7/30/2051

100,000

63,771

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030

100,000

82,262

Series

EE,

3.13%,

8/1/2050

100,000

64,531

NextEra

Energy

Capital

Holdings,

Inc.

,

4.20%,

6/20/2024(b)

70,000

69,122

4.26%,

9/1/2024

90,000

88,706

4.45%,

6/20/2025

70,000

68,776

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

NextEra

Energy

Capital

Holdings,

Inc.,

1.88%,

1/15/2027

270,000

234,303

4.63%,

7/15/2027

150,000

144,974

1.90%,

6/15/2028

125,000

103,473

2.75%,

11/1/2029

245,000

205,869

2.44%,

1/15/2032(b)

145,000

112,801

5.00%,

7/15/2032

105,000

100,251

3.00%,

1/15/2052

85,000

54,234

Northern

States

Power

Co.

,

4.00%,

8/15/2045(b)

165,000

133,193

4.50%,

6/1/2052

25,000

21,973

NSTAR

Electric

Co.

,

3.95%,

4/1/2030

200,000

185,996

Ohio

Power

Co.

,

Series

R,

2.90%,

10/1/2051

90,000

56,249

Oncor

Electric

Delivery

Co.

LLC

,

4.55%,

9/15/2032(f)

40,000

38,476

4.55%,

12/1/2041

150,000

131,961

5.30%,

6/1/2042

150,000

144,817

3.10%,

9/15/2049

250,000

172,883

2.70%,

11/15/2051

105,000

67,025

4.60%,

6/1/2052(f)

90,000

79,774

4.95%,

9/15/2052(f)

100,000

94,406

Pacific

Gas

and

Electric

Co.

,

4.95%,

6/8/2025

100,000

97,072

3.15%,

1/1/2026

350,000

314,474

5.45%,

6/15/2027

100,000

94,201

3.75%,

7/1/2028

400,000

336,768

4.20%,

3/1/2029

200,000

169,765

4.55%,

7/1/2030(b)

250,000

214,234

2.50%,

2/1/2031

150,000

109,148

3.25%,

6/1/2031

200,000

152,592

4.40%,

3/1/2032(b)

200,000

164,448

5.90%,

6/15/2032

100,000

91,192

4.50%,

7/1/2040

100,000

72,752

4.20%,

6/1/2041

250,000

171,461

4.95%,

7/1/2050

250,000

182,982

5.25%,

3/1/2052

200,000

151,075

PacifiCorp

,

5.25%,

6/15/2035

177,000

166,949

PECO

Energy

Co.

,

3.70%,

9/15/2047

250,000

192,844

4.60%,

5/15/2052

30,000

26,420

4.38%,

8/15/2052

30,000

25,452

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

136,000

150,418

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031

200,000

158,345

Series

38,

4.10%,

6/1/2032

30,000

27,696

4.30%,

3/15/2044

250,000

207,024

Series

34,

3.20%,

3/1/2050

200,000

140,221

Series

36,

2.70%,

1/15/2051

200,000

126,371

Series

39,

4.50%,

6/1/2052

30,000

25,993

Public

Service

Co.

of

Oklahoma

,

Series

J,

2.20%,

8/15/2031(b)

100,000

77,839

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Public

Service

Co.

of

Oklahoma,

Series

K,

3.15%,

8/15/2051(b)

50,000

32,157

Public

Service

Electric

and

Gas

Co.

,

1.90%,

8/15/2031

165,000

128,993

3.95%,

5/1/2042

400,000

327,813

3.20%,

8/1/2049

250,000

174,078

Southern

California

Edison

Co.

,

Series

C,

3.50%,

10/1/2023

500,000

492,617

Series

C,

4.20%,

6/1/2025

70,000

68,303

Series

D,

4.70%,

6/1/2027

75,000

72,793

Series

G,

2.50%,

6/1/2031

100,000

78,948

2.75%,

2/1/2032(b)

100,000

79,207

6.00%,

1/15/2034

177,000

175,874

4.00%,

4/1/2047

200,000

145,714

Series

C,

4.13%,

3/1/2048

200,000

148,620

Series

B,

4.88%,

3/1/2049

300,000

250,732

Series

H,

3.65%,

6/1/2051(b)

30,000

20,883

Series

E,

5.45%,

6/1/2052

40,000

35,675

Southern

Co.

(The)

,

3.25%,

7/1/2026(b)

295,000

273,288

4.40%,

7/1/2046

200,000

156,161

Southwestern

Electric

Power

Co.

,

Series

L,

3.85%,

2/1/2048

550,000

401,120

3.25%,

11/1/2051

100,000

63,544

Tampa

Electric

Co.

,

4.10%,

6/15/2042

100,000

80,994

3.63%,

6/15/2050

40,000

29,203

5.00%,

7/15/2052

35,000

32,141

Tucson

Electric

Power

Co.

,

3.25%,

5/15/2032

20,000

16,755

Union

Electric

Co.

,

2.15%,

3/15/2032(b)

100,000

77,227

3.65%,

4/15/2045

250,000

186,701

3.25%,

10/1/2049

250,000

173,513

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

39,632

Series

B,

4.20%,

5/15/2045

200,000

160,175

2.95%,

11/15/2051

50,000

32,365

Series

C,

4.63%,

5/15/2052

40,000

34,583

Wisconsin

Electric

Power

Co.

,

1.70%,

6/15/2028

245,000

204,854

4.75%,

9/30/2032

25,000

24,093

5.63%,

5/15/2033

59,000

60,141

Wisconsin

Power

and

Light

Co.

,

3.95%,

9/1/2032

100,000

90,359

Xcel

Energy,

Inc.

,

3.30%,

6/1/2025

500,000

479,038

4.60%,

6/1/2032

60,000

55,608

6.50%,

7/1/2036

177,000

184,994

27,958,095

18

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electrical

Equipment

0

.0

%

†

Eaton

Corp.

,

3.10%,

9/15/2027(b)

500,000

456,141

4.15%,

3/15/2033

20,000

18,070

Emerson

Electric

Co.

,

2.00%,

12/21/2028

200,000

169,543

1.95%,

10/15/2030

100,000

79,856

2.20%,

12/21/2031(b)

100,000

79,904

2.80%,

12/21/2051(b)

45,000

28,848

Rockwell

Automation,

Inc.

,

1.75%,

8/15/2031(b)

50,000

38,383

2.80%,

8/15/2061

60,000

34,512

905,257

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Allegion

US

Holding

Co.,

Inc.

,

5.41%,

7/1/2032

30,000

27,826

Amphenol

Corp.

,

2.80%,

2/15/2030

250,000

210,192

Arrow

Electronics,

Inc.

,

2.95%,

2/15/2032

160,000

121,695

Avnet,

Inc.

,

3.00%,

5/15/2031(b)

100,000

75,393

5.50%,

6/1/2032(b)

20,000

18,160

CDW

LLC

,

2.67%,

12/1/2026

150,000

130,106

3.28%,

12/1/2028

150,000

125,178

3.57%,

12/1/2031(b)

150,000

116,786

Corning,

Inc.

,

4.38%,

11/15/2057(b)

380,000

282,039

Jabil,

Inc.

,

1.70%,

4/15/2026

140,000

121,622

4.25%,

5/15/2027

30,000

27,964

3.00%,

1/15/2031(b)

270,000

213,022

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029

75,000

63,450

Teledyne

Technologies,

Inc.

,

0.95%,

4/1/2024

250,000

233,449

1,766,882

Energy

Equipment

&

Services

0

.1

%

Baker

Hughes

Holdings

LLC

,

1.23%,

12/15/2023

100,000

95,870

2.06%,

12/15/2026(b)

345,000

303,230

3.34%,

12/15/2027(b)

285,000

256,296

3.14%,

11/7/2029

85,000

72,137

5.13%,

9/15/2040

200,000

175,543

Halliburton

Co.

,

3.80%,

11/15/2025

101,000

97,272

6.70%,

9/15/2038

300,000

301,022

5.00%,

11/15/2045(b)

300,000

249,114

NOV,

Inc.

,

3.95%,

12/1/2042

90,000

59,910

1,610,394

Entertainment

0

.3

%

Activision

Blizzard,

Inc.

,

1.35%,

9/15/2030(b)

25,000

18,973

2.50%,

9/15/2050

200,000

120,748

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

100,842

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Take-Two

Interactive

Software,

Inc.

,

3.30%,

3/28/2024(b)

60,000

58,480

3.55%,

4/14/2025

55,000

52,772

3.70%,

4/14/2027(b)

45,000

41,775

4.00%,

4/14/2032(b)

55,000

47,765

TWDC

Enterprises

18

Corp.

,

3.15%,

9/17/2025

325,000

310,096

3.00%,

2/13/2026

150,000

140,620

3.00%,

7/30/2046(b)

150,000

102,065

Walt

Disney

Co.

(The)

,

1.75%,

1/13/2026(b)

100,000

90,532

2.00%,

9/1/2029(b)

300,000

245,176

2.65%,

1/13/2031(b)

600,000

496,464

6.55%,

3/15/2033

300,000

323,097

6.20%,

12/15/2034

245,000

257,324

6.65%,

11/15/2037

150,000

163,615

3.50%,

5/13/2040

100,000

77,224

5.40%,

10/1/2043(b)

500,000

478,268

4.70%,

3/23/2050(b)

200,000

177,807

3.60%,

1/13/2051(b)

100,000

74,121

Warnermedia

Holdings,

Inc.

,

3.43%,

3/15/2024(f)

180,000

173,916

3.64%,

3/15/2025(f)

390,000

369,339

3.76%,

3/15/2027(f)

450,000

402,617

4.05%,

3/15/2029(f)

130,000

112,279

4.28%,

3/15/2032(b)(f)

230,000

189,217

5.05%,

3/15/2042(f)

200,000

149,649

5.14%,

3/15/2052(f)

900,000

654,137

5,428,918

Equity

Real

Estate

Investment

Trusts

(REITs)

0

.9

%

Alexandria

Real

Estate

Equities,

Inc.

,

4.85%,

4/15/2049

300,000

251,214

3.55%,

3/15/2052(b)

70,000

47,374

American

Tower

Corp.

,

0.60%,

1/15/2024(b)

155,000

146,202

2.40%,

3/15/2025(b)

125,000

116,041

1.45%,

9/15/2026(b)

105,000

89,511

3.65%,

3/15/2027

35,000

32,014

1.50%,

1/31/2028

300,000

239,861

3.95%,

3/15/2029

300,000

267,581

2.90%,

1/15/2030(b)

110,000

90,421

1.88%,

10/15/2030

165,000

122,104

2.30%,

9/15/2031(b)

145,000

108,523

4.05%,

3/15/2032

60,000

51,699

2.95%,

1/15/2051(b)

300,000

180,098

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

395,000

380,609

1.90%,

12/1/2028

200,000

164,190

3.30%,

6/1/2029

20,000

17,803

2.45%,

1/15/2031

210,000

171,306

2.05%,

1/15/2032(b)

85,000

66,027

Boston

Properties

LP

,

3.80%,

2/1/2024

250,000

245,804

2.75%,

10/1/2026(b)

250,000

224,789

2.90%,

3/15/2030

100,000

80,424

2.45%,

10/1/2033

300,000

211,175

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Brixmor

Operating

Partnership

LP

,

3.65%,

6/15/2024(b)

500,000

482,858

2.50%,

8/16/2031(b)

100,000

72,883

Broadstone

Net

Lease

LLC

,

2.60%,

9/15/2031

85,000

62,582

Corporate

Office

Properties

LP

,

2.00%,

1/15/2029

100,000

75,273

2.90%,

12/1/2033

100,000

69,252

Crown

Castle,

Inc.

,

3.70%,

6/15/2026(b)

60,000

56,354

2.90%,

3/15/2027

40,000

35,505

3.65%,

9/1/2027

750,000

678,941

3.80%,

2/15/2028

150,000

135,723

3.10%,

11/15/2029

260,000

218,503

2.90%,

4/1/2041(b)

200,000

129,850

4.75%,

5/15/2047

100,000

81,818

CubeSmart

LP

,

2.25%,

12/15/2028

155,000

125,845

2.00%,

2/15/2031

200,000

149,952

2.50%,

2/15/2032(b)

175,000

130,955

Digital

Realty

Trust

LP

,

5.55%,

1/15/2028

100,000

99,165

Duke

Realty

LP

,

2.88%,

11/15/2029

125,000

106,446

1.75%,

7/1/2030

65,000

50,624

2.25%,

1/15/2032

200,000

155,437

EPR

Properties

,

4.95%,

4/15/2028

200,000

172,143

Equinix,

Inc.

,

2.63%,

11/18/2024(b)

80,000

75,710

1.00%,

9/15/2025(b)

50,000

44,101

1.55%,

3/15/2028

100,000

80,453

2.00%,

5/15/2028

30,000

24,545

3.20%,

11/18/2029

105,000

88,765

2.50%,

5/15/2031

90,000

69,336

2.95%,

9/15/2051

100,000

59,898

3.40%,

2/15/2052(b)

200,000

131,709

ERP

Operating

LP

,

1.85%,

8/1/2031

30,000

22,922

4.50%,

7/1/2044(b)

350,000

293,768

Essential

Properties

LP

,

2.95%,

7/15/2031

100,000

73,033

Essex

Portfolio

LP

,

3.38%,

4/15/2026

300,000

279,619

4.00%,

3/1/2029(b)

100,000

90,628

3.00%,

1/15/2030

75,000

62,322

2.65%,

3/15/2032

35,000

27,143

Extra

Space

Storage

LP

,

2.35%,

3/15/2032

40,000

29,479

Federal

Realty

Investment

Trust

,

3.50%,

6/1/2030

200,000

170,263

GLP

Capital

LP

,

5.30%,

1/15/2029

500,000

455,728

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030

250,000

204,743

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Healthpeak

Properties,

Inc.

,

1.35%,

2/1/2027(b)

60,000

50,810

3.50%,

7/15/2029

125,000

109,821

3.00%,

1/15/2030

180,000

150,453

Highwoods

Realty

LP

,

3.05%,

2/15/2030

250,000

202,654

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

100,000

81,021

Series

J,

2.90%,

12/15/2031

80,000

58,714

Invitation

Homes

Operating

Partnership

LP

,

2.30%,

11/15/2028

125,000

100,186

4.15%,

4/15/2032(b)

100,000

84,506

2.70%,

1/15/2034

30,000

21,163

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

79,813

Kimco

Realty

Corp.

,

2.25%,

12/1/2031

25,000

18,753

4.45%,

9/1/2047

250,000

194,492

Life

Storage

LP

,

2.40%,

10/15/2031

90,000

67,554

Mid-America

Apartments

LP

,

1.10%,

9/15/2026

30,000

25,654

2.75%,

3/15/2030

50,000

41,647

National

Retail

Properties,

Inc.

,

2.50%,

4/15/2030

300,000

240,727

3.50%,

4/15/2051

40,000

26,793

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027(b)

550,000

510,118

3.63%,

10/1/2029

100,000

81,387

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

2.63%,

11/15/2031

100,000

72,599

Physicians

Realty

LP

,

2.63%,

11/1/2031

50,000

37,937

Prologis

LP

,

2.25%,

4/15/2030(b)

160,000

130,691

1.25%,

10/15/2030(b)

65,000

48,431

4.63%,

1/15/2033

50,000

47,527

3.00%,

4/15/2050

65,000

43,425

2.13%,

10/15/2050(b)

155,000

86,750

Public

Storage

,

1.50%,

11/9/2026

140,000

123,865

1.85%,

5/1/2028

185,000

155,900

1.95%,

11/9/2028(b)

135,000

112,461

2.30%,

5/1/2031

160,000

128,063

2.25%,

11/9/2031

100,000

78,743

Rayonier

LP

,

2.75%,

5/17/2031(b)

45,000

35,091

Realty

Income

Corp.

,

0.75%,

3/15/2026

70,000

60,234

3.25%,

1/15/2031(b)

265,000

226,133

2.85%,

12/15/2032

400,000

320,179

1.80%,

3/15/2033

55,000

38,572

Regency

Centers

LP

,

2.95%,

9/15/2029

50,000

41,469

3.70%,

6/15/2030

300,000

258,024

20

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031

90,000

67,492

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

250,000

203,997

3.20%,

12/1/2031

100,000

73,461

Simon

Property

Group

LP

,

3.30%,

1/15/2026

170,000

160,121

1.38%,

1/15/2027

100,000

85,450

2.45%,

9/13/2029

250,000

203,342

2.65%,

2/1/2032

100,000

78,050

4.25%,

11/30/2046

350,000

273,682

SITE

Centers

Corp.

,

3.63%,

2/1/2025

500,000

472,624

Spirit

Realty

LP

,

3.40%,

1/15/2030

250,000

203,122

STORE

Capital

Corp.

,

2.70%,

12/1/2031

100,000

86,602

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

65,000

52,169

2.70%,

7/15/2031

195,000

147,379

4.20%,

4/15/2032

30,000

25,122

UDR,

Inc.

,

3.00%,

8/15/2031(b)

250,000

199,048

1.90%,

3/15/2033

55,000

38,119

Ventas

Realty

LP

,

4.00%,

3/1/2028(b)

250,000

228,821

3.00%,

1/15/2030

100,000

83,028

2.50%,

9/1/2031(b)

100,000

77,353

VICI

Properties

LP

,

4.75%,

2/15/2028(b)

85,000

78,158

4.95%,

2/15/2030(b)

80,000

72,297

5.13%,

5/15/2032(b)

85,000

75,344

5.63%,

5/15/2052

30,000

24,822

Welltower,

Inc.

,

4.25%,

4/1/2026

500,000

479,144

2.05%,

1/15/2029

70,000

56,226

3.10%,

1/15/2030

100,000

83,263

2.75%,

1/15/2031

300,000

237,217

2.75%,

1/15/2032(b)

200,000

155,231

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

193,000

208,221

WP

Carey,

Inc.

,

3.85%,

7/15/2029

120,000

105,856

2.45%,

2/1/2032(b)

70,000

52,237

17,258,402

Food

&

Staples

Retailing

0

.3

%

Costco

Wholesale

Corp.

,

1.60%,

4/20/2030

500,000

400,914

Kroger

Co.

(The)

,

4.00%,

2/1/2024(b)

500,000

493,786

1.70%,

1/15/2031(b)

290,000

217,679

7.50%,

4/1/2031(b)

257,000

287,204

5.40%,

7/15/2040

200,000

185,211

5.40%,

1/15/2049(b)

50,000

46,502

3.95%,

1/15/2050

100,000

76,300

Sysco

Corp.

,

2.40%,

2/15/2030

100,000

81,383

5.95%,

4/1/2030

200,000

202,440

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Staples

Retailing

Sysco

Corp.,

2.45%,

12/14/2031(b)

100,000

78,294

6.60%,

4/1/2050

300,000

314,901

3.15%,

12/14/2051

50,000

31,605

Walgreens

Boots

Alliance,

Inc.

,

0.95%,

11/17/2023

200,000

191,459

3.45%,

6/1/2026(b)

20,000

18,819

3.20%,

4/15/2030

500,000

419,447

4.80%,

11/18/2044

70,000

56,423

Walmart,

Inc.

,

3.30%,

4/22/2024(b)

725,000

712,048

3.90%,

9/9/2025(b)

60,000

58,950

1.05%,

9/17/2026(b)

50,000

43,627

3.95%,

9/9/2027(b)

60,000

58,250

1.50%,

9/22/2028

100,000

83,618

1.80%,

9/22/2031(b)

300,000

238,341

4.15%,

9/9/2032(b)

60,000

57,474

2.50%,

9/22/2041(b)

600,000

418,146

4.05%,

6/29/2048

125,000

108,128

2.65%,

9/22/2051(b)

400,000

268,369

5,149,318

Food

Products

0

.3

%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032(b)

20,000

16,896

4.02%,

4/16/2043

172,000

143,038

2.70%,

9/15/2051(b)

80,000

52,698

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031

100,000

78,663

Campbell

Soup

Co.

,

4.15%,

3/15/2028

500,000

469,213

Conagra

Brands,

Inc.

,

7.00%,

10/1/2028

221,000

228,466

5.30%,

11/1/2038

250,000

219,481

General

Mills,

Inc.

,

4.20%,

4/17/2028(b)

500,000

475,731

2.25%,

10/14/2031

100,000

78,235

3.00%,

2/1/2051

100,000

64,875

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

212,529

Hormel

Foods

Corp.

,

1.70%,

6/3/2028(b)

200,000

170,281

3.05%,

6/3/2051

200,000

137,882

Ingredion,

Inc.

,

2.90%,

6/1/2030

200,000

165,048

J

M

Smucker

Co.

(The)

,

2.13%,

3/15/2032

100,000

74,660

4.25%,

3/15/2035

300,000

254,442

JBS

USA

LUX

SA

,

5.13%,

2/1/2028(f)

100,000

93,727

3.00%,

5/15/2032(f)

200,000

147,700

5.75%,

4/1/2033(f)

100,000

90,314

6.50%,

12/1/2052(f)

100,000

88,844

Kellogg

Co.

,

3.25%,

4/1/2026(b)

125,000

117,457

4.50%,

4/1/2046(b)

250,000

216,139

Kraft

Heinz

Foods

Co.

,

5.00%,

6/4/2042

1,000,000

868,637

5.50%,

6/1/2050

200,000

179,916

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

McCormick

&

Co.,

Inc.

,

3.40%,

8/15/2027(b)

100,000

91,901

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044(b)

250,000

222,840

Mondelez

International,

Inc.

,

1.50%,

5/4/2025

60,000

54,840

2.75%,

4/13/2030

92,000

76,628

1.50%,

2/4/2031

70,000

51,380

2.63%,

9/4/2050

40,000

23,696

Tyson

Foods,

Inc.

,

3.55%,

6/2/2027(b)

500,000

463,222

4.55%,

6/2/2047

100,000

82,780

5.10%,

9/28/2048

250,000

222,256

Unilever

Capital

Corp.

,

2.00%,

7/28/2026

100,000

90,568

1.38%,

9/14/2030

165,000

126,514

5.90%,

11/15/2032

206,000

218,841

2.63%,

8/12/2051(b)

200,000

129,026

6,499,364

Gas

Utilities

0

.1

%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027(b)

500,000

458,626

4.30%,

10/1/2048

100,000

84,104

3.38%,

9/15/2049(b)

160,000

113,183

5.75%,

10/15/2052

30,000

29,942

CenterPoint

Energy

Resources

Corp.

,

4.40%,

7/1/2032(b)

40,000

37,188

Eastern

Energy

Gas

Holdings

LLC

,

Series

A,

2.50%,

11/15/2024

100,000

94,862

ONE

Gas,

Inc.

,

4.66%,

2/1/2044

250,000

210,289

Piedmont

Natural

Gas

Co.,

Inc.

,

3.35%,

6/1/2050

150,000

99,455

Southern

California

Gas

Co.

,

2.95%,

4/15/2027

80,000

73,032

Southwest

Gas

Corp.

,

4.05%,

3/15/2032

100,000

84,008

3.18%,

8/15/2051

90,000

54,976

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

73,377

1,413,042

Health

Care

Equipment

&

Supplies

0

.2

%

Abbott

Laboratories

,

3.88%,

9/15/2025

90,000

88,064

3.75%,

11/30/2026

298,000

289,016

1.15%,

1/30/2028(b)

90,000

75,032

1.40%,

6/30/2030

95,000

74,215

5.30%,

5/27/2040(b)

500,000

499,693

4.90%,

11/30/2046

250,000

239,396

Baxter

International,

Inc.

,

2.60%,

8/15/2026(b)

460,000

416,114

1.92%,

2/1/2027

280,000

243,646

2.27%,

12/1/2028

190,000

156,896

2.54%,

2/1/2032(b)

300,000

233,523

3.13%,

12/1/2051(b)

30,000

19,168

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Becton

Dickinson

and

Co.

,

3.73%,

12/15/2024

156,000

150,651

3.70%,

6/6/2027(b)

326,000

303,374

4.30%,

8/22/2032

40,000

36,494

4.67%,

6/6/2047

200,000

171,708

3.79%,

5/20/2050(b)

91,000

68,062

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

100,000

87,539

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029(b)

100,000

85,470

3.25%,

11/15/2039

100,000

75,815

3.40%,

11/15/2049(b)

140,000

100,404

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

250,000

214,211

Medtronic,

Inc.

,

4.38%,

3/15/2035

350,000

319,005

4.63%,

3/15/2045(b)

100,000

90,255

STERIS

Irish

FinCo.

UnLtd

Co.

,

2.70%,

3/15/2031

150,000

117,879

Stryker

Corp.

,

3.38%,

11/1/2025

160,000

152,234

3.50%,

3/15/2026

70,000

66,643

4.63%,

3/15/2046

200,000

174,451

Zimmer

Biomet

Holdings,

Inc.

,

2.60%,

11/24/2031

200,000

155,759

4.45%,

8/15/2045

150,000

116,895

4,821,612

Health

Care

Providers

&

Services

0

.9

%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

48,758

Series

2020,

3.01%,

6/15/2050

66,000

44,259

Aetna,

Inc.

,

6.63%,

6/15/2036

50,000

50,983

3.88%,

8/15/2047

200,000

147,174

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

39,457

AmerisourceBergen

Corp.

,

4.30%,

12/15/2047(b)

200,000

158,959

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

218,000

164,882

Banner

Health

,

Series

2020,

3.18%,

1/1/2050

39,000

27,286

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050(b)

86,000

55,597

Cardinal

Health,

Inc.

,

3.41%,

6/15/2027(b)

500,000

461,998

4.37%,

6/15/2047

200,000

152,865

Cigna

Corp.

,

3.50%,

6/15/2024

500,000

489,794

3.25%,

4/15/2025

250,000

238,734

4.50%,

2/25/2026

350,000

341,594

3.05%,

10/15/2027

400,000

358,458

4.38%,

10/15/2028

300,000

283,274

22

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Cigna

Corp.,

2.38%,

3/15/2031(b)

110,000

87,461

4.80%,

7/15/2046

250,000

213,978

4.90%,

12/15/2048

600,000

518,109

Cleveland

Clinic

Foundation

(The)

,

4.86%,

1/1/2114

30,000

25,341

CommonSpirit

Health

,

1.55%,

10/1/2025

37,000

32,804

2.78%,

10/1/2030

77,000

61,453

3.82%,

10/1/2049

108,000

78,394

4.19%,

10/1/2049

37,000

27,674

3.91%,

10/1/2050

149,000

105,975

CVS

Health

Corp.

,

4.10%,

3/25/2025

61,000

59,682

2.88%,

6/1/2026(b)

400,000

370,319

4.30%,

3/25/2028

652,000

614,938

1.75%,

8/21/2030

360,000

275,557

1.88%,

2/28/2031

210,000

159,962

2.13%,

9/15/2031(b)

10,000

7,705

4.88%,

7/20/2035

200,000

180,592

4.13%,

4/1/2040

200,000

159,247

5.13%,

7/20/2045

300,000

262,698

5.05%,

3/25/2048(b)

900,000

792,596

4.25%,

4/1/2050

85,000

66,525

Elevance

Health,

Inc.

,

4.10%,

3/1/2028

750,000

709,350

2.25%,

5/15/2030(b)

200,000

161,336

4.10%,

5/15/2032

40,000

36,129

4.63%,

5/15/2042

250,000

215,766

5.10%,

1/15/2044

300,000

272,167

4.65%,

8/15/2044

100,000

85,957

4.55%,

5/15/2052

40,000

33,744

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050

117,000

76,322

HCA,

Inc.

,

5.00%,

3/15/2024(b)

1,000,000

993,454

5.25%,

6/15/2026(b)

350,000

338,218

5.38%,

9/1/2026

220,000

213,137

3.13%,

3/15/2027(b)(f)

30,000

26,559

4.13%,

6/15/2029

250,000

219,247

2.38%,

7/15/2031

50,000

36,986

3.63%,

3/15/2032(f)

375,000

303,389

5.50%,

6/15/2047

350,000

295,678

5.25%,

6/15/2049

80,000

65,052

4.63%,

3/15/2052(b)(f)

330,000

247,864

Humana,

Inc.

,

1.35%,

2/3/2027

280,000

235,813

3.70%,

3/23/2029

100,000

89,675

2.15%,

2/3/2032(b)

215,000

163,375

3.95%,

8/15/2049(b)

150,000

113,301

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046

20,000

15,813

Kaiser

Foundation

Hospitals

,

Series

2021,

2.81%,

6/1/2041(b)

86,000

60,017

4.88%,

4/1/2042

250,000

233,497

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Kaiser

Foundation

Hospitals,

Series

2019,

3.27%,

11/1/2049(b)

122,000

86,213

Laboratory

Corp.

of

America

Holdings

,

1.55%,

6/1/2026

35,000

30,665

2.95%,

12/1/2029

250,000

211,772

4.70%,

2/1/2045

75,000

61,993

Mass

General

Brigham,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

33,251

Series

2020,

3.19%,

7/1/2049

100,000

69,700

Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061

79,000

51,299

McKesson

Corp.

,

1.30%,

8/15/2026

100,000

86,368

3.95%,

2/16/2028

250,000

233,927

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

38,270

4.13%,

7/1/2052

50,000

42,130

Mount

Sinai

Hospitals

Group,

Inc.

,

Series

2017,

3.98%,

7/1/2048

33,000

26,615

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

250,000

141,713

Northwell

Healthcare,

Inc.

,

3.98%,

11/1/2046

150,000

116,901

4.26%,

11/1/2047

35,000

28,014

Novant

Health,

Inc.

,

3.17%,

11/1/2051

130,000

89,853

PeaceHealth

Obligated

Group

,

Series

2018,

4.79%,

11/15/2048

100,000

87,299

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

29,840

Series

21A,

2.70%,

10/1/2051

151,000

90,692

Quest

Diagnostics,

Inc.

,

3.50%,

3/30/2025

370,000

355,710

4.20%,

6/30/2029

100,000

92,243

2.95%,

6/30/2030

75,000

62,688

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

23,127

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

36,089

Series

2018,

4.09%,

8/15/2048

50,000

40,280

Series

20A,

3.36%,

8/15/2050(b)

134,000

92,953

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

46,760

UnitedHealth

Group,

Inc.

,

1.15%,

5/15/2026(b)

120,000

106,197

3.38%,

4/15/2027

200,000

188,357

3.70%,

5/15/2027(b)

55,000

52,324

2.95%,

10/15/2027

200,000

182,445

4.00%,

5/15/2029

100,000

93,174

2.30%,

5/15/2031(b)

75,000

60,337

4.20%,

5/15/2032

140,000

130,024

4.63%,

7/15/2035

105,000

96,603

5.80%,

3/15/2036

500,000

509,746

3.05%,

5/15/2041

180,000

130,721

3.95%,

10/15/2042

250,000

202,618

4.75%,

7/15/2045

250,000

221,401

3.70%,

8/15/2049

500,000

378,336

3.25%,

5/15/2051

60,000

41,634

4.75%,

5/15/2052

200,000

178,882

3.88%,

8/15/2059

100,000

74,435

3.13%,

5/15/2060(b)

100,000

64,000

4.95%,

5/15/2062

100,000

89,030

Universal

Health

Services,

Inc.

,

1.65%,

9/1/2026(f)

100,000

83,800

2.65%,

1/15/2032(b)(f)

100,000

70,695

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048

41,000

36,590

17,704,642

Hotels,

Restaurants

&

Leisure

0

.2

%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

200,000

187,967

Expedia

Group,

Inc.

,

3.80%,

2/15/2028(b)

200,000

177,617

3.25%,

2/15/2030(b)

165,000

133,817

Hyatt

Hotels

Corp.

,

4.85%,

3/15/2026

100,000

97,214

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025(b)

166,000

167,638

5.00%,

10/15/2027

55,000

53,115

Series

HH,

2.85%,

4/15/2031

200,000

157,032

Series

GG,

3.50%,

10/15/2032(b)

200,000

160,845

McDonald's

Corp.

,

3.80%,

4/1/2028(b)

200,000

187,863

4.70%,

12/9/2035

400,000

365,219

4.88%,

7/15/2040

250,000

223,498

4.88%,

12/9/2045

250,000

221,277

3.63%,

9/1/2049

200,000

145,614

4.20%,

4/1/2050(b)

50,000

40,100

Starbucks

Corp.

,

3.50%,

3/1/2028(b)

250,000

231,696

2.55%,

11/15/2030(b)

200,000

163,108

3.00%,

2/14/2032(b)

140,000

115,879

4.45%,

8/15/2049

250,000

204,260

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Starbucks

Corp.,

3.50%,

11/15/2050(b)

200,000

139,955

3,173,714

Household

Durables

0

.1

%

DR

Horton,

Inc.

,

2.50%,

10/15/2024

215,000

204,446

1.30%,

10/15/2026

220,000

184,167

Leggett

&

Platt,

Inc.

,

3.50%,

11/15/2051

50,000

33,812

MDC

Holdings,

Inc.

,

6.00%,

1/15/2043

100,000

75,035

PulteGroup,

Inc.

,

6.38%,

5/15/2033

50,000

47,206

Whirlpool

Corp.

,

3.70%,

5/1/2025(b)

500,000

485,120

2.40%,

5/15/2031(b)

175,000

134,295

4.70%,

5/14/2032(b)

20,000

18,170

1,182,251

Household

Products

0

.1

%

Church

&

Dwight

Co.,

Inc.

,

2.30%,

12/15/2031(b)

100,000

78,491

5.00%,

6/15/2052

40,000

36,853

Clorox

Co.

(The)

,

4.60%,

5/1/2032(b)

100,000

93,097

Colgate-Palmolive

Co.

,

3.25%,

8/15/2032(b)

35,000

31,190

Kimberly-Clark

Corp.

,

6.63%,

8/1/2037

130,000

144,605

3.20%,

7/30/2046

165,000

117,518

2.88%,

2/7/2050

100,000

67,267

Procter

&

Gamble

Co.

(The)

,

0.55%,

10/29/2025

240,000

213,565

1.00%,

4/23/2026(b)

170,000

151,376

2.85%,

8/11/2027

250,000

231,132

1.20%,

10/29/2030(b)

100,000

77,173

1.95%,

4/23/2031

300,000

243,544

3.60%,

3/25/2050

300,000

249,041

1,734,852

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

AES

Corp.

(The)

,

2.45%,

1/15/2031(b)

400,000

306,002

Constellation

Energy

Generation

LLC

,

6.25%,

10/1/2039(b)

180,000

175,896

Oglethorpe

Power

Corp.

,

4.50%,

4/1/2047(f)

40,000

31,258

5.25%,

9/1/2050

200,000

169,741

Southern

Power

Co.

,

0.90%,

1/15/2026

200,000

173,927

856,824

Industrial

Conglomerates

0

.2

%

3M

Co.

,

2.00%,

2/14/2025(b)

200,000

187,066

3.00%,

8/7/2025(b)

400,000

380,207

3.05%,

4/15/2030

100,000

85,012

24

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

Conglomerates

3M

Co.,

5.70%,

3/15/2037

415,000

404,939

3.25%,

8/26/2049(b)

90,000

60,289

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035

900,000

806,329

General

Electric

Co.

,

Series

A,

6.75%,

3/15/2032

175,000

189,083

Honeywell

International,

Inc.

,

1.35%,

6/1/2025

40,000

36,815

2.50%,

11/1/2026(b)

500,000

459,336

1.10%,

3/1/2027

100,000

85,893

2.70%,

8/15/2029

500,000

437,460

1.75%,

9/1/2031(b)

100,000

78,099

2.80%,

6/1/2050(b)

90,000

63,443

Pentair

Finance

Sarl

,

5.90%,

7/15/2032

30,000

28,351

Trane

Technologies

Luxembourg

Finance

SA

,

4.50%,

3/21/2049

250,000

198,596

3,500,918

Insurance

0

.6

%

Aflac,

Inc.

,

3.60%,

4/1/2030(b)

500,000

449,984

Alleghany

Corp.

,

3.63%,

5/15/2030(b)

50,000

44,554

3.25%,

8/15/2051

50,000

33,680

Allstate

Corp.

(The)

,

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(c)

195,000

190,969

American

International

Group,

Inc.

,

2.50%,

6/30/2025(b)

150,000

139,951

3.90%,

4/1/2026

175,000

167,047

4.80%,

7/10/2045

150,000

127,612

4.38%,

6/30/2050

200,000

160,045

Aon

Corp.

,

2.80%,

5/15/2030

200,000

165,820

2.05%,

8/23/2031

50,000

37,462

2.60%,

12/2/2031

25,000

19,547

5.00%,

9/12/2032

30,000

28,753

2.90%,

8/23/2051

50,000

30,942

3.90%,

2/28/2052(b)

30,000

22,236

Aon

Global

Ltd.

,

4.60%,

6/14/2044

250,000

209,470

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046

250,000

211,588

Arthur

J

Gallagher

&

Co.

,

2.40%,

11/9/2031(b)

200,000

153,017

3.05%,

3/9/2052

100,000

61,744

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

450,000

432,048

Berkshire

Hathaway

Finance

Corp.

,

2.30%,

3/15/2027(b)

100,000

91,012

4.40%,

5/15/2042

140,000

123,066

4.30%,

5/15/2043(b)

250,000

213,116

4.25%,

1/15/2049

300,000

249,316

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Berkshire

Hathaway

Finance

Corp.,

2.85%,

10/15/2050

45,000

28,913

3.85%,

3/15/2052

100,000

76,402

Brighthouse

Financial,

Inc.

,

4.70%,

6/22/2047(b)

150,000

106,179

Brown

&

Brown,

Inc.

,

4.20%,

3/17/2032(b)

30,000

25,648

4.95%,

3/17/2052(b)

25,000

20,265

Chubb

Corp.

(The)

,

6.00%,

5/11/2037

165,000

172,023

Chubb

INA

Holdings,

Inc.

,

3.35%,

5/3/2026

90,000

85,058

4.35%,

11/3/2045

250,000

211,115

2.85%,

12/15/2051

50,000

32,648

3.05%,

12/15/2061

35,000

22,069

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

80,000

56,812

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

125,000

82,633

3.13%,

10/15/2052

50,000

30,902

Fairfax

Financial

Holdings

Ltd.

,

4.63%,

4/29/2030(b)

200,000

179,817

Fidelity

National

Financial,

Inc.

,

3.20%,

9/17/2051

35,000

20,101

First

American

Financial

Corp.

,

2.40%,

8/15/2031

75,000

53,577

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

194,447

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

76,552

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

309,000

305,670

Kemper

Corp.

,

3.80%,

2/23/2032

30,000

24,926

Lincoln

National

Corp.

,

3.05%,

1/15/2030(b)

500,000

419,376

Loews

Corp.

,

4.13%,

5/15/2043

200,000

154,125

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(b)(c)

500,000

444,015

3.70%,

3/16/2032

20,000

17,359

Markel

Corp.

,

3.35%,

9/17/2029

475,000

411,286

3.45%,

5/7/2052

100,000

66,406

Marsh

&

McLennan

Cos.,

Inc.

,

4.20%,

3/1/2048

500,000

397,396

MetLife,

Inc.

,

3.60%,

11/13/2025

500,000

481,421

5.70%,

6/15/2035

159,000

161,054

6.40%,

12/15/2036

300,000

289,281

4.88%,

11/13/2043

250,000

223,385

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

MetLife,

Inc.,

5.00%,

7/15/2052

60,000

54,694

Nationwide

Financial

Services,

Inc.

,

+

0.00%),

6.75%,

5/15/2037(c)(g)

40,000

38,100

Old

Republic

International

Corp.

,

3.88%,

8/26/2026

200,000

188,952

Principal

Financial

Group,

Inc.

,

3.40%,

5/15/2025

500,000

479,600

4.30%,

11/15/2046

200,000

161,731

Progressive

Corp.

(The)

,

2.50%,

3/15/2027(b)

40,000

36,130

3.00%,

3/15/2032

30,000

24,989

6.25%,

12/1/2032

162,000

172,521

3.70%,

1/26/2045

250,000

189,810

Prudential

Financial,

Inc.

,

4.60%,

5/15/2044(b)

250,000

213,427

3.91%,

12/7/2047

186,000

141,357

3.94%,

12/7/2049

505,000

384,859

Travelers

Cos.,

Inc.

(The)

,

5.35%,

11/1/2040(b)

250,000

244,634

4.10%,

3/4/2049(b)

200,000

163,490

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

192,000

209,562

Unum

Group

,

4.00%,

6/15/2029

250,000

221,779

4.13%,

6/15/2051

50,000

33,318

W

R

Berkley

Corp.

,

4.00%,

5/12/2050

100,000

75,487

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

50,000

47,480

4.50%,

9/15/2028

400,000

370,997

2.95%,

9/15/2029

65,000

53,477

11,740,234

Interactive

Media

&

Services

0

.1

%

Alphabet,

Inc.

,

3.38%,

2/25/2024(b)

750,000

740,423

0.45%,

8/15/2025

45,000

40,347

2.00%,

8/15/2026(b)

500,000

456,309

0.80%,

8/15/2027(b)

90,000

75,912

1.10%,

8/15/2030

165,000

127,569

1.90%,

8/15/2040

100,000

64,189

2.05%,

8/15/2050

500,000

293,807

Baidu,

Inc.

,

4.38%,

3/29/2028

200,000

187,326

Meta

Platforms,

Inc.

,

3.50%,

8/15/2027(f)

230,000

215,076

3.85%,

8/15/2032(f)

195,000

171,430

4.45%,

8/15/2052(f)

165,000

134,653

4.65%,

8/15/2062(f)

180,000

145,004

2,652,045

Internet

&

Direct

Marketing

Retail

0

.3

%

Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027(b)

500,000

449,917

4.00%,

12/6/2037

200,000

152,656

Corporate

Bonds

Principal

Amount

($)

Value

($)

Internet

&

Direct

Marketing

Retail

Alibaba

Group

Holding

Ltd.,

4.20%,

12/6/2047(b)

500,000

360,993

Amazon.com,

Inc.

,

0.45%,

5/12/2024

250,000

234,357

2.80%,

8/22/2024

250,000

242,778

1.00%,

5/12/2026(b)

250,000

219,357

3.30%,

4/13/2027(b)

195,000

184,102

3.15%,

8/22/2027(b)

250,000

232,969

1.65%,

5/12/2028(b)

200,000

169,881

3.45%,

4/13/2029

180,000

166,442

1.50%,

6/3/2030(b)

200,000

157,779

2.10%,

5/12/2031

300,000

243,280

3.60%,

4/13/2032(b)

270,000

245,506

4.80%,

12/5/2034

100,000

98,545

3.88%,

8/22/2037

350,000

304,235

2.88%,

5/12/2041

200,000

146,006

4.05%,

8/22/2047

500,000

422,236

2.50%,

6/3/2050

250,000

156,084

3.10%,

5/12/2051

300,000

210,022

3.95%,

4/13/2052

190,000

155,841

4.25%,

8/22/2057

250,000

207,987

2.70%,

6/3/2060

100,000

58,994

3.25%,

5/12/2061

200,000

134,571

eBay,

Inc.

,

1.40%,

5/10/2026

40,000

34,995

3.60%,

6/5/2027(b)

500,000

462,858

2.60%,

5/10/2031(b)

75,000

58,470

3.65%,

5/10/2051

100,000

66,624

JD.com,

Inc.

,

3.38%,

1/14/2030(b)

200,000

172,860

5,750,345

IT

Services

0

.4

%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028(b)

120,000

102,681

1.25%,

9/1/2030(b)

400,000

307,576

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

215,000

200,008

2.60%,

5/1/2031

135,000

106,922

CGI,

Inc.

,

1.45%,

9/14/2026

50,000

43,229

2.30%,

9/14/2031

50,000

36,901

DXC

Technology

Co.

,

1.80%,

9/15/2026

100,000

85,713

2.38%,

9/15/2028(b)

100,000

81,686

Fidelity

National

Information

Services,

Inc.

,

1.15%,

3/1/2026

95,000

82,206

4.70%,

7/15/2027(b)

70,000

67,375

1.65%,

3/1/2028(b)

110,000

90,349

2.25%,

3/1/2031

270,000

207,835

3.10%,

3/1/2041

75,000

49,813

5.63%,

7/15/2052(b)

50,000

44,323

Fiserv,

Inc.

,

2.75%,

7/1/2024

350,000

335,696

2.25%,

6/1/2027(b)

400,000

345,346

3.50%,

7/1/2029

300,000

261,012

2.65%,

6/1/2030(b)

215,000

174,312

26

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

Fiserv,

Inc.,

4.40%,

7/1/2049

200,000

155,119

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

233,653

2.15%,

1/15/2027

90,000

77,012

4.45%,

6/1/2028

300,000

274,258

3.20%,

8/15/2029

150,000

124,984

5.30%,

8/15/2029(b)

45,000

42,320

2.90%,

11/15/2031

155,000

118,508

5.95%,

8/15/2052

30,000

26,431

International

Business

Machines

Corp.

,

3.30%,

5/15/2026

400,000

376,910

3.50%,

5/15/2029(b)

400,000

361,520

1.95%,

5/15/2030

400,000

317,837

5.88%,

11/29/2032

53,000

54,367

4.15%,

5/15/2039

300,000

248,026

4.00%,

6/20/2042

150,000

117,672

4.25%,

5/15/2049(b)

300,000

237,656

Kyndryl

Holdings,

Inc.

,

3.15%,

10/15/2031

150,000

100,579

Mastercard,

Inc.

,

2.00%,

3/3/2025

300,000

282,418

3.30%,

3/26/2027

60,000

56,356

2.95%,

6/1/2029

200,000

178,089

3.35%,

3/26/2030(b)

370,000

333,494

2.00%,

11/18/2031(b)

300,000

237,380

3.80%,

11/21/2046

250,000

202,766

PayPal

Holdings,

Inc.

,

2.40%,

10/1/2024(b)

85,000

81,197

1.65%,

6/1/2025(b)

95,000

87,450

2.85%,

10/1/2029(b)

170,000

145,419

2.30%,

6/1/2030(b)

100,000

81,351

4.40%,

6/1/2032

60,000

55,922

3.25%,

6/1/2050

120,000

81,153

5.05%,

6/1/2052(b)

60,000

53,422

5.25%,

6/1/2062(b)

60,000

53,611

Visa,

Inc.

,

3.15%,

12/14/2025

135,000

128,885

1.10%,

2/15/2031

300,000

224,482

4.30%,

12/14/2045

750,000

653,292

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

150,000

142,849

8,569,371

Leisure

Products

0

.0

%

†

Brunswick

Corp.

,

2.40%,

8/18/2031(b)

65,000

45,168

4.40%,

9/15/2032(b)

100,000

80,651

5.10%,

4/1/2052

30,000

20,808

Hasbro,

Inc.

,

3.00%,

11/19/2024(b)

100,000

95,890

3.55%,

11/19/2026(b)

100,000

92,694

3.90%,

11/19/2029

100,000

87,462

5.10%,

5/15/2044

100,000

81,126

503,799

Life

Sciences

Tools

&

Services

0

.1

%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029

165,000

138,609

Corporate

Bonds

Principal

Amount

($)

Value

($)

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.

,

3.70%,

3/15/2032(b)

50,000

42,144

Danaher

Corp.

,

3.35%,

9/15/2025

250,000

239,703

2.80%,

12/10/2051

140,000

90,068

PerkinElmer,

Inc.

,

1.90%,

9/15/2028

60,000

48,202

3.30%,

9/15/2029

100,000

84,145

2.25%,

9/15/2031(b)

35,000

26,319

Thermo

Fisher

Scientific,

Inc.

,

1.75%,

10/15/2028(b)

115,000

96,185

2.60%,

10/1/2029(b)

325,000

279,894

2.00%,

10/15/2031(b)

55,000

43,355

2.80%,

10/15/2041

30,000

20,984

5.30%,

2/1/2044

100,000

97,964

1,207,572

Machinery

0

.1

%

Caterpillar,

Inc.

,

2.60%,

9/19/2029

70,000

60,428

6.05%,

8/15/2036

177,000

189,828

3.25%,

9/19/2049

330,000

242,364

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

30,000

28,932

1.45%,

7/15/2026

150,000

129,691

Cummins,

Inc.

,

2.60%,

9/1/2050(b)

50,000

31,285

Deere

&

Co.

,

3.90%,

6/9/2042(b)

250,000

214,725

Dover

Corp.

,

2.95%,

11/4/2029

45,000

38,482

5.38%,

3/1/2041

100,000

90,509

Flowserve

Corp.

,

2.80%,

1/15/2032

100,000

71,584

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041(b)

200,000

187,075

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

300,000

211,749

Parker-Hannifin

Corp.

,

3.65%,

6/15/2024

90,000

88,023

4.25%,

9/15/2027

65,000

61,909

4.50%,

9/15/2029

95,000

89,558

4.20%,

11/21/2034

300,000

261,655

Stanley

Black

&

Decker,

Inc.

,

4.25%,

11/15/2028(b)

250,000

235,540

2.30%,

3/15/2030

500,000

403,676

3.00%,

5/15/2032

40,000

32,697

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(e)

250,000

231,095

2,900,805

Media

0

.6

%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

410,000

399,815

4.20%,

3/15/2028(b)

200,000

179,557

2.25%,

1/15/2029

100,000

78,297

5.05%,

3/30/2029

150,000

138,063

2.30%,

2/1/2032

300,000

214,227

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Charter

Communications

Operating

LLC,

4.40%,

4/1/2033

75,000

62,105

6.38%,

10/23/2035

300,000

275,119

3.50%,

3/1/2042

100,000

63,451

5.38%,

5/1/2047

400,000

309,413

5.75%,

4/1/2048

500,000

403,555

4.80%,

3/1/2050

500,000

360,695

5.25%,

4/1/2053

180,000

137,836

6.83%,

10/23/2055

150,000

136,573

3.85%,

4/1/2061

310,000

180,978

Comcast

Corp.

,

3.95%,

10/15/2025

500,000

485,730

3.15%,

2/15/2028(b)

500,000

453,328

3.40%,

4/1/2030

365,000

321,024

1.95%,

1/15/2031(b)

700,000

544,100

4.25%,

1/15/2033

250,000

226,424

7.05%,

3/15/2033

295,000

323,499

4.40%,

8/15/2035

200,000

176,785

6.50%,

11/15/2035

100,000

106,666

3.90%,

3/1/2038

250,000

203,799

3.40%,

7/15/2046

250,000

176,402

3.97%,

11/1/2047

743,000

568,102

4.70%,

10/15/2048(b)

400,000

341,584

4.00%,

11/1/2049

450,000

344,819

2.45%,

8/15/2052(b)

300,000

170,078

2.94%,

11/1/2056

527,000

314,553

2.65%,

8/15/2062

300,000

161,692

Discovery

Communications

LLC

,

3.45%,

3/15/2025

270,000

256,012

4.90%,

3/11/2026

115,000

111,265

3.95%,

3/20/2028

500,000

438,296

3.63%,

5/15/2030(b)

200,000

164,248

5.00%,

9/20/2037

125,000

98,890

4.00%,

9/15/2055(b)

330,000

194,567

Fox

Corp.

,

5.58%,

1/25/2049(b)

300,000

256,551

Grupo

Televisa

SAB

,

6.63%,

1/15/2040(b)

250,000

245,345

Interpublic

Group

of

Cos.,

Inc.

(The)

,

2.40%,

3/1/2031

160,000

121,509

3.38%,

3/1/2041

220,000

145,526

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

200,000

189,436

Paramount

Global

,

5.50%,

5/15/2033(b)

118,000

105,338

4.38%,

3/15/2043(b)

459,000

305,853

4.60%,

1/15/2045

250,000

168,596

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

700,000

625,727

WPP

Finance

2010

,

3.75%,

9/19/2024

550,000

533,362

11,818,790

Metals

&

Mining

0

.2

%

ArcelorMittal

SA

,

+

0.00%),

7.00%,

10/15/2039(b)(c)(e)

100,000

94,007

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Barrick

Gold

Corp.

,

5.25%,

4/1/2042

150,000

136,657

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

250,000

235,231

BHP

Billiton

Finance

USA

Ltd.

,

6.42%,

3/1/2026

80,000

83,806

5.00%,

9/30/2043(b)

400,000

379,114

Freeport-McMoRan,

Inc.

,

5.40%,

11/14/2034(b)

350,000

311,084

Newmont

Corp.

,

2.60%,

7/15/2032(b)

115,000

87,681

5.88%,

4/1/2035

236,000

227,229

4.88%,

3/15/2042(b)

150,000

129,327

Nucor

Corp.

,

3.95%,

5/23/2025

60,000

58,148

4.30%,

5/23/2027

60,000

57,439

5.20%,

8/1/2043

200,000

180,402

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

206,000

207,338

Rio

Tinto

Finance

USA

plc

,

4.13%,

8/21/2042

250,000

210,100

Southern

Copper

Corp.

,

3.88%,

4/23/2025

200,000

191,500

6.75%,

4/16/2040

250,000

258,177

5.88%,

4/23/2045

230,000

215,345

Steel

Dynamics,

Inc.

,

3.25%,

1/15/2031

200,000

163,095

Teck

Resources

Ltd.

,

6.25%,

7/15/2041(b)

250,000

228,438

Vale

Overseas

Ltd.

,

3.75%,

7/8/2030

300,000

243,000

6.88%,

11/10/2039(b)

250,000

234,726

3,931,844

Multiline

Retail

0

.1

%

Dollar

General

Corp.

,

4.63%,

11/1/2027

70,000

68,043

3.50%,

4/3/2030(b)

500,000

438,549

5.00%,

11/1/2032

75,000

72,130

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031(b)

50,000

39,195

3.38%,

12/1/2051

50,000

32,371

Kohl's

Corp.

,

5.55%,

7/17/2045

50,000

29,935

Target

Corp.

,

2.25%,

4/15/2025(b)

280,000

264,078

2.50%,

4/15/2026(b)

750,000

695,960

1.95%,

1/15/2027

130,000

116,690

2.35%,

2/15/2030

105,000

87,630

2.65%,

9/15/2030

450,000

381,256

4.50%,

9/15/2032(b)

100,000

95,358

3.63%,

4/15/2046

200,000

153,793

2,474,988

Multi-Utilities

0

.4

%

Ameren

Corp.

,

2.50%,

9/15/2024

310,000

294,238

1.95%,

3/15/2027

80,000

69,255

28

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Ameren

Illinois

Co.

,

3.85%,

9/1/2032

40,000

36,042

2.90%,

6/15/2051

100,000

64,405

Berkshire

Hathaway

Energy

Co.

,

5.15%,

11/15/2043

400,000

363,656

4.60%,

5/1/2053(f)

90,000

75,777

Black

Hills

Corp.

,

3.05%,

10/15/2029

210,000

175,936

3.88%,

10/15/2049(b)

100,000

71,784

CenterPoint

Energy,

Inc.

,

2.65%,

6/1/2031(b)

85,000

67,894

Consolidated

Edison

Co.

of

New

York,

Inc.

,

2.40%,

6/15/2031(b)

50,000

39,940

3.95%,

3/1/2043

500,000

389,793

4.50%,

12/1/2045

500,000

414,292

3.70%,

11/15/2059

50,000

34,757

3.60%,

6/15/2061(b)

200,000

137,316

Consumers

Energy

Co.

,

4.35%,

4/15/2049

300,000

255,465

3.10%,

8/15/2050

45,000

30,410

2.65%,

8/15/2052(b)

25,000

15,483

2.50%,

5/1/2060

100,000

55,153

Delmarva

Power

&

Light

Co.

,

3.50%,

11/15/2023(b)

250,000

246,000

Dominion

Energy,

Inc.

,

Series

D,

2.85%,

8/15/2026

500,000

456,584

Series

C,

2.25%,

8/15/2031(b)

30,000

23,393

Series

A,

4.35%,

8/15/2032

40,000

36,170

Series

E,

6.30%,

3/15/2033

10,000

10,275

Series

B,

5.95%,

6/15/2035

151,000

149,313

Series

C,

4.90%,

8/1/2041

600,000

528,296

Series

B,

4.85%,

8/15/2052

40,000

34,040

DTE

Energy

Co.

,

4.22%,

11/1/2024(b)(e)

90,000

88,238

Series

F,

1.05%,

6/1/2025

170,000

152,160

2.95%,

3/1/2030(b)

50,000

41,879

NiSource,

Inc.

,

0.95%,

8/15/2025(b)

160,000

142,014

2.95%,

9/1/2029

250,000

211,009

1.70%,

2/15/2031(b)

85,000

62,898

5.95%,

6/15/2041

300,000

288,041

5.00%,

6/15/2052(b)

70,000

61,094

Public

Service

Enterprise

Group,

Inc.

,

0.84%,

11/8/2023

200,000

190,728

Puget

Energy,

Inc.

,

3.65%,

5/15/2025

250,000

236,491

2.38%,

6/15/2028

200,000

166,405

4.22%,

3/15/2032(b)

40,000

34,526

Puget

Sound

Energy,

Inc.

,

5.64%,

4/15/2041(b)

200,000

194,108

San

Diego

Gas

&

Electric

Co.

,

Series

VVV,

1.70%,

10/1/2030(b)

600,000

462,204

4.15%,

5/15/2048

200,000

160,034

Sempra

Energy

,

6.00%,

10/15/2039

220,000

213,634

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Sempra

Energy,

4.00%,

2/1/2048

150,000

111,825

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

250,000

185,314

4.40%,

6/1/2043

250,000

199,399

Series

21A,

3.15%,

9/30/2051

100,000

62,726

WEC

Energy

Group,

Inc.

,

5.15%,

10/1/2027(b)

100,000

99,097

1.80%,

10/15/2030

300,000

228,920

7,668,411

Oil,

Gas

&

Consumable

Fuels

1

.6

%

Boardwalk

Pipelines

LP

,

3.40%,

2/15/2031

250,000

201,094

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026(b)

500,000

475,219

3.06%,

6/17/2041

50,000

35,651

3.00%,

2/24/2050

500,000

324,321

2.77%,

11/10/2050

300,000

186,301

2.94%,

6/4/2051(b)

150,000

95,263

3.00%,

3/17/2052(b)

50,000

32,007

3.38%,

2/8/2061(b)

50,000

32,579

BP

Capital

Markets

plc

,

3.72%,

11/28/2028

500,000

457,718

Canadian

Natural

Resources

Ltd.

,

3.90%,

2/1/2025(b)

500,000

482,017

6.25%,

3/15/2038(b)

340,000

327,921

Cenovus

Energy,

Inc.

,

2.65%,

1/15/2032(b)

45,000

34,681

6.75%,

11/15/2039

54,000

53,621

5.40%,

6/15/2047

200,000

171,211

3.75%,

2/15/2052(b)

25,000

16,941

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

250,000

242,054

3.70%,

11/15/2029

65,000

56,369

2.74%,

12/31/2039

100,000

72,123

Chevron

Corp.

,

1.55%,

5/11/2025

200,000

184,785

2.95%,

5/16/2026

300,000

282,337

2.00%,

5/11/2027

120,000

106,346

2.24%,

5/11/2030

60,000

50,123

3.08%,

5/11/2050

25,000

17,688

Chevron

USA,

Inc.

,

0.69%,

8/12/2025(b)

140,000

125,233

1.02%,

8/12/2027(b)

120,000

100,322

3.85%,

1/15/2028

50,000

47,491

2.34%,

8/12/2050

200,000

122,084

CNOOC

Finance

2013

Ltd.

,

3.30%,

9/30/2049

200,000

133,892

CNOOC

Finance

2015

USA

LLC

,

3.50%,

5/5/2025

500,000

484,415

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

CNOOC

Petroleum

North

America

ULC

,

5.88%,

3/10/2035

133,000

130,450

6.40%,

5/15/2037

200,000

203,807

Columbia

Pipeline

Group,

Inc.

,

5.80%,

6/1/2045

100,000

92,471

ConocoPhillips

,

5.90%,

10/15/2032(b)

177,000

183,375

ConocoPhillips

Co.

,

2.40%,

3/7/2025(b)

50,000

47,292

3.76%,

3/15/2042(f)

250,000

201,449

4.30%,

11/15/2044

155,000

129,174

3.80%,

3/15/2052

50,000

38,207

4.03%,

3/15/2062(b)(f)

200,000

151,143

Continental

Resources,

Inc.

,

4.90%,

6/1/2044

60,000

42,809

Devon

Energy

Corp.

,

5.88%,

6/15/2028

100,000

99,826

4.75%,

5/15/2042(b)

300,000

244,297

Diamondback

Energy,

Inc.

,

3.50%,

12/1/2029

100,000

86,314

4.40%,

3/24/2051

50,000

37,664

Eastern

Gas

Transmission

&

Storage,

Inc.

,

3.00%,

11/15/2029

200,000

171,413

Enbridge

Energy

Partners

LP

,

5.88%,

10/15/2025

250,000

252,782

Enbridge,

Inc.

,

0.55%,

10/4/2023

40,000

38,242

1.60%,

10/4/2026

95,000

81,961

3.70%,

7/15/2027(b)

500,000

463,288

3.13%,

11/15/2029

150,000

128,270

2.50%,

8/1/2033(b)

200,000

149,776

4.00%,

11/15/2049

250,000

185,566

3.40%,

8/1/2051

65,000

43,564

Energy

Transfer

LP

,

4.90%,

2/1/2024

250,000

248,617

4.75%,

1/15/2026

250,000

240,871

3.75%,

5/15/2030

60,000

50,806

6.05%,

6/1/2041

75,000

66,943

5.00%,

5/15/2044(e)

150,000

115,675

5.35%,

5/15/2045

500,000

402,154

5.30%,

4/15/2047

300,000

239,326

6.25%,

4/15/2049

450,000

399,207

Enterprise

Products

Operating

LLC

,

3.90%,

2/15/2024

750,000

736,506

2.80%,

1/31/2030(b)

120,000

100,211

6.13%,

10/15/2039(b)

285,000

278,537

4.45%,

2/15/2043

500,000

401,623

4.85%,

3/15/2044(b)

100,000

83,897

4.25%,

2/15/2048

250,000

192,801

3.70%,

1/31/2051

250,000

175,787

3.20%,

2/15/2052

80,000

51,060

4.95%,

10/15/2054

200,000

163,085

EOG

Resources,

Inc.

,

4.95%,

4/15/2050(b)

60,000

55,818

Equinor

ASA

,

3.70%,

3/1/2024(b)

500,000

492,702

3.25%,

11/10/2024(b)

500,000

485,577

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Equinor

ASA,

3.70%,

4/6/2050(b)

500,000

387,818

Exxon

Mobil

Corp.

,

3.18%,

3/15/2024

500,000

490,567

2.02%,

8/16/2024

100,000

95,352

2.71%,

3/6/2025(b)

500,000

477,680

3.04%,

3/1/2026

235,000

222,046

2.28%,

8/16/2026(b)

100,000

91,098

3.29%,

3/19/2027(b)

200,000

188,022

3.48%,

3/19/2030

250,000

227,021

2.61%,

10/15/2030

250,000

211,794

4.23%,

3/19/2040

200,000

173,646

3.10%,

8/16/2049

250,000

173,730

4.33%,

3/19/2050

326,000

277,626

3.45%,

4/15/2051

274,000

204,032

Hess

Corp.

,

4.30%,

4/1/2027

500,000

470,361

5.60%,

2/15/2041

250,000

218,644

Kinder

Morgan

Energy

Partners

LP

,

4.25%,

9/1/2024

250,000

245,819

6.38%,

3/1/2041

250,000

232,093

5.00%,

8/15/2042

350,000

284,320

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025

160,000

156,013

1.75%,

11/15/2026(b)

300,000

259,790

2.00%,

2/15/2031(b)

50,000

37,213

4.80%,

2/1/2033

60,000

53,839

5.30%,

12/1/2034

350,000

316,154

5.05%,

2/15/2046(b)

250,000

204,206

3.25%,

8/1/2050

50,000

31,456

5.45%,

8/1/2052

60,000

51,980

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

250,000

187,061

3.95%,

3/1/2050

25,000

17,750

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

118,000

117,918

6.60%,

10/1/2037(b)

70,000

67,985

Marathon

Petroleum

Corp.

,

3.63%,

9/15/2024(b)

250,000

242,145

6.50%,

3/1/2041

250,000

247,561

MPLX

LP

,

4.88%,

6/1/2025

250,000

244,988

1.75%,

3/1/2026(b)

160,000

139,997

4.25%,

12/1/2027(b)

350,000

325,840

4.00%,

3/15/2028

500,000

455,474

2.65%,

8/15/2030

190,000

148,850

4.95%,

9/1/2032(b)

90,000

81,763

4.50%,

4/15/2038

250,000

201,234

4.70%,

4/15/2048

200,000

152,381

4.95%,

3/14/2052(b)

110,000

86,083

ONEOK

Partners

LP

,

4.90%,

3/15/2025(b)

500,000

491,793

6.13%,

2/1/2041(b)

100,000

88,004

ONEOK,

Inc.

,

4.00%,

7/13/2027(b)

500,000

458,813

4.35%,

3/15/2029

500,000

447,288

5.20%,

7/15/2048

250,000

199,022

30

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Ovintiv,

Inc.

,

6.50%,

2/1/2038

250,000

242,750

Phillips

66

,

4.65%,

11/15/2034

200,000

178,816

5.88%,

5/1/2042

382,000

370,143

Phillips

66

Co.

,

3.61%,

2/15/2025(f)

500,000

480,033

4.90%,

10/1/2046(f)

50,000

42,832

Pioneer

Natural

Resources

Co.

,

1.90%,

8/15/2030

200,000

152,909

Plains

All

American

Pipeline

LP

,

4.65%,

10/15/2025

200,000

192,536

5.15%,

6/1/2042

250,000

190,228

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027(b)

1,000,000

959,381

Spectra

Energy

Partners

LP

,

4.50%,

3/15/2045

100,000

79,521

Suncor

Energy,

Inc.

,

6.50%,

6/15/2038

500,000

492,945

Targa

Resources

Corp.

,

5.20%,

7/1/2027(b)

60,000

57,719

6.25%,

7/1/2052

60,000

54,506

Targa

Resources

Partners

LP

,

4.00%,

1/15/2032

100,000

82,471

TotalEnergies

Capital

International

SA

,

2.83%,

1/10/2030

500,000

430,412

3.13%,

5/29/2050

200,000

138,108

3.39%,

6/29/2060

100,000

66,610

TransCanada

PipeLines

Ltd.

,

1.00%,

10/12/2024

95,000

87,543

4.88%,

1/15/2026

285,000

279,807

4.25%,

5/15/2028(b)

500,000

462,863

2.50%,

10/12/2031(b)

100,000

76,938

5.85%,

3/15/2036

450,000

433,089

6.10%,

6/1/2040(b)

200,000

193,571

Valero

Energy

Corp.

,

2.80%,

12/1/2031(b)

100,000

79,537

7.50%,

4/15/2032

118,000

127,994

6.63%,

6/15/2037

200,000

199,058

3.65%,

12/1/2051(b)

50,000

34,087

Williams

Cos.,

Inc.

(The)

,

4.00%,

9/15/2025

500,000

480,934

3.50%,

11/15/2030(b)

400,000

339,594

4.65%,

8/15/2032(b)

60,000

54,459

5.80%,

11/15/2043

250,000

229,152

4.90%,

1/15/2045

350,000

285,662

30,896,628

Paper

&

Forest

Products

0

.0

%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

250,000

304,345

Suzano

Austria

GmbH

,

2.50%,

9/15/2028

200,000

156,428

6.00%,

1/15/2029

200,000

186,344

Corporate

Bonds

Principal

Amount

($)

Value

($)

Paper

&

Forest

Products

Suzano

Austria

GmbH,

5.00%,

1/15/2030

200,000

173,342

820,459

Personal

Products

0

.0

%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024(b)

85,000

81,121

2.38%,

12/1/2029

35,000

29,568

1.95%,

3/15/2031

100,000

79,347

3.13%,

12/1/2049(b)

150,000

105,611

GSK

Consumer

Healthcare

Capital

US

LLC

,

3.63%,

3/24/2032(f)

500,000

424,037

719,684

Pharmaceuticals

0

.8

%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026

200,000

175,240

1.75%,

5/28/2028(b)

125,000

105,055

2.25%,

5/28/2031

35,000

28,444

AstraZeneca

plc

,

3.38%,

11/16/2025

500,000

476,902

0.70%,

4/8/2026(b)

200,000

172,831

1.38%,

8/6/2030(b)

200,000

154,357

6.45%,

9/15/2037

200,000

215,849

4.00%,

9/18/2042

250,000

209,133

2.13%,

8/6/2050

85,000

48,936

3.00%,

5/28/2051

180,000

124,767

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024

319,000

309,381

3.20%,

6/15/2026

132,000

124,922

3.90%,

2/20/2028

750,000

714,277

2.95%,

3/15/2032

555,000

474,140

2.35%,

11/13/2040

350,000

233,617

3.25%,

8/1/2042

250,000

186,082

4.55%,

2/20/2048

195,000

171,584

4.25%,

10/26/2049

400,000

334,502

2.55%,

11/13/2050

300,000

184,842

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025

95,000

90,922

2.25%,

5/15/2050(b)

300,000

185,579

2.50%,

9/15/2060

150,000

88,722

GlaxoSmithKline

Capital

plc

,

0.53%,

10/1/2023

1,000,000

959,655

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028

300,000

282,002

5.38%,

4/15/2034

201,000

200,427

4.20%,

3/18/2043(b)

300,000

251,184

Johnson

&

Johnson

,

2.45%,

3/1/2026(b)

250,000

233,383

4.95%,

5/15/2033

263,000

265,416

3.63%,

3/3/2037

100,000

86,456

3.70%,

3/1/2046

250,000

204,498

3.75%,

3/3/2047(b)

100,000

81,919

2.45%,

9/1/2060(b)

500,000

292,314

Merck

&

Co.,

Inc.

,

2.75%,

2/10/2025

220,000

210,907

1.70%,

6/10/2027

170,000

148,415

1.90%,

12/10/2028(b)

130,000

109,044

2.15%,

12/10/2031

115,000

92,751

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Merck

&

Co.,

Inc.,

3.90%,

3/7/2039

100,000

85,058

3.60%,

9/15/2042(b)

250,000

196,383

4.15%,

5/18/2043

350,000

296,709

4.00%,

3/7/2049

350,000

288,771

2.75%,

12/10/2051

70,000

45,590

2.90%,

12/10/2061

100,000

62,646

Novartis

Capital

Corp.

,

3.10%,

5/17/2027(b)

500,000

469,064

4.40%,

5/6/2044

200,000

179,488

4.00%,

11/20/2045(b)

200,000

168,844

Pfizer,

Inc.

,

3.40%,

5/15/2024

500,000

491,053

0.80%,

5/28/2025(b)

125,000

113,505

2.63%,

4/1/2030

100,000

85,910

1.70%,

5/28/2030(b)

140,000

111,805

1.75%,

8/18/2031(b)

100,000

78,042

7.20%,

3/15/2039

525,000

623,889

2.55%,

5/28/2040

45,000

31,683

4.00%,

3/15/2049

500,000

427,022

2.70%,

5/28/2050(b)

65,000

43,915

Pharmacia

LLC

,

6.60%,

12/1/2028(b)(e)

177,000

188,970

Royalty

Pharma

plc

,

2.20%,

9/2/2030(b)

50,000

38,110

2.15%,

9/2/2031(b)

35,000

25,781

3.55%,

9/2/2050

200,000

124,638

3.35%,

9/2/2051

50,000

30,148

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

925,000

853,165

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

158,097

3.03%,

7/9/2040(b)

200,000

141,526

3.18%,

7/9/2050(b)

300,000

199,020

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026(b)

800,000

729,346

5.25%,

6/15/2046

100,000

70,559

Viatris,

Inc.

,

1.65%,

6/22/2025(b)

200,000

177,798

2.30%,

6/22/2027(b)

400,000

326,596

2.70%,

6/22/2030

150,000

111,452

4.00%,

6/22/2050

100,000

59,859

Wyeth

LLC

,

6.50%,

2/1/2034

206,000

226,737

Zoetis,

Inc.

,

4.50%,

11/13/2025(b)

230,000

226,314

3.90%,

8/20/2028

350,000

324,065

3.00%,

5/15/2050

300,000

196,659

16,236,672

Professional

Services

0

.1

%

Equifax,

Inc.

,

5.10%,

12/15/2027(b)

45,000

43,537

2.35%,

9/15/2031

100,000

75,130

Thomson

Reuters

Corp.

,

4.30%,

11/23/2023

500,000

496,193

3.35%,

5/15/2026

280,000

262,332

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

Verisk

Analytics,

Inc.

,

4.00%,

6/15/2025(b)

250,000

242,009

3.63%,

5/15/2050(b)

85,000

57,958

1,177,159

Real

Estate

Management

&

Development

0

.0

%

†

CBRE

Services,

Inc.

,

4.88%,

3/1/2026

500,000

493,265

Road

&

Rail

0

.4

%

Burlington

Northern

Santa

Fe

LLC

,

3.75%,

4/1/2024(b)

500,000

492,914

3.65%,

9/1/2025

250,000

242,233

3.25%,

6/15/2027(b)

300,000

280,290

4.55%,

9/1/2044

250,000

217,935

4.70%,

9/1/2045

250,000

220,784

3.90%,

8/1/2046

200,000

159,526

4.05%,

6/15/2048

250,000

204,374

3.55%,

2/15/2050(b)

250,000

187,376

2.88%,

6/15/2052

25,000

16,327

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

242,000

259,569

3.85%,

8/5/2032

40,000

36,467

6.20%,

6/1/2036

236,000

248,326

2.45%,

5/1/2050

85,000

51,196

4.40%,

8/5/2052

35,000

30,135

Canadian

Pacific

Railway

Co.

,

2.45%,

12/2/2031(b)

35,000

27,997

5.95%,

5/15/2037

250,000

252,011

3.00%,

12/2/2041

25,000

17,706

3.10%,

12/2/2051

30,000

19,693

6.13%,

9/15/2115

100,000

94,322

CSX

Corp.

,

4.10%,

11/15/2032

40,000

36,325

4.10%,

3/15/2044

250,000

200,827

4.30%,

3/1/2048

250,000

205,927

4.50%,

3/15/2049

150,000

126,986

3.95%,

5/1/2050(b)

350,000

273,804

4.50%,

11/15/2052(b)

40,000

33,598

4.50%,

8/1/2054

150,000

124,087

4.65%,

3/1/2068

40,000

32,288

Kansas

City

Southern

,

2.88%,

11/15/2029

160,000

135,936

4.20%,

11/15/2069

115,000

83,422

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

100,000

84,338

3.00%,

3/15/2032(b)

55,000

45,989

4.45%,

6/15/2045

200,000

166,521

3.40%,

11/1/2049

170,000

118,952

2.90%,

8/25/2051

100,000

63,335

3.70%,

3/15/2053

40,000

29,037

4.55%,

6/1/2053

45,000

38,146

3.16%,

5/15/2055

250,000

159,794

Ryder

System,

Inc.

,

2.50%,

9/1/2024

75,000

71,584

1.75%,

9/1/2026

165,000

145,639

2.90%,

12/1/2026(b)

270,000

241,594

2.85%,

3/1/2027

25,000

22,410

32

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Ryder

System,

Inc.,

4.30%,

6/15/2027

25,000

23,649

Union

Pacific

Corp.

,

3.25%,

8/15/2025(b)

500,000

481,190

2.15%,

2/5/2027

55,000

49,085

3.95%,

9/10/2028

500,000

469,957

2.38%,

5/20/2031(b)

200,000

162,581

4.50%,

1/20/2033

100,000

94,963

3.60%,

9/15/2037

500,000

405,735

3.20%,

5/20/2041

100,000

74,540

4.05%,

11/15/2045

220,000

173,970

4.05%,

3/1/2046

340,000

277,357

2.95%,

3/10/2052

335,000

220,763

3.95%,

8/15/2059

300,000

227,490

8,161,000

Semiconductors

&

Semiconductor

Equipment

0

.6

%

Advanced

Micro

Devices,

Inc.

,

3.92%,

6/1/2032(b)

75,000

67,971

4.39%,

6/1/2052(b)

85,000

71,860

Analog

Devices,

Inc.

,

2.80%,

10/1/2041(b)

175,000

123,738

Applied

Materials,

Inc.

,

3.30%,

4/1/2027(b)

200,000

187,525

1.75%,

6/1/2030

60,000

47,353

5.10%,

10/1/2035

250,000

244,276

2.75%,

6/1/2050

85,000

55,322

Broadcom

Corp.

,

3.88%,

1/15/2027

500,000

459,940

Broadcom,

Inc.

,

3.15%,

11/15/2025

26,000

24,405

4.00%,

4/15/2029(f)

95,000

83,736

4.15%,

11/15/2030

121,000

104,731

4.15%,

4/15/2032(f)

80,000

66,908

4.30%,

11/15/2032

200,000

167,927

3.42%,

4/15/2033(f)

84,000

64,110

3.47%,

4/15/2034(f)

1,000,000

750,254

3.14%,

11/15/2035(f)

300,000

210,210

4.93%,

5/15/2037(f)

363,000

299,319

3.50%,

2/15/2041(f)

100,000

67,477

Intel

Corp.

,

3.40%,

3/25/2025(b)

300,000

290,936

3.70%,

7/29/2025

500,000

487,157

3.75%,

3/25/2027

200,000

191,730

3.15%,

5/11/2027(b)

300,000

278,639

3.75%,

8/5/2027

60,000

56,965

1.60%,

8/12/2028(b)

75,000

61,896

4.00%,

8/5/2029

60,000

55,824

3.90%,

3/25/2030(b)

400,000

366,348

2.00%,

8/12/2031(b)

100,000

77,456

2.80%,

8/12/2041(b)

30,000

20,218

4.10%,

5/11/2047(b)

300,000

237,585

3.73%,

12/8/2047

443,000

329,100

3.25%,

11/15/2049

100,000

66,229

4.75%,

3/25/2050

400,000

345,629

4.90%,

8/5/2052

60,000

52,985

5.05%,

8/5/2062

60,000

51,934

KLA

Corp.

,

4.65%,

11/1/2024(b)

63,000

62,785

4.65%,

7/15/2032

50,000

48,002

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

KLA

Corp.,

3.30%,

3/1/2050(b)

220,000

154,531

4.95%,

7/15/2052(b)

90,000

81,759

5.25%,

7/15/2062

75,000

68,929

Lam

Research

Corp.

,

3.80%,

3/15/2025

255,000

249,140

1.90%,

6/15/2030(b)

90,000

71,315

2.88%,

6/15/2050(b)

285,000

185,824

Micron

Technology,

Inc.

,

5.33%,

2/6/2029

150,000

141,854

2.70%,

4/15/2032(b)

100,000

72,772

3.37%,

11/1/2041

50,000

32,147

3.48%,

11/1/2051

50,000

29,576

NVIDIA

Corp.

,

1.55%,

6/15/2028(b)

365,000

302,728

2.85%,

4/1/2030

360,000

308,542

2.00%,

6/15/2031

200,000

157,264

3.50%,

4/1/2050(b)

280,000

204,984

NXP

BV

,

2.70%,

5/1/2025(b)

25,000

23,181

3.88%,

6/18/2026

35,000

32,665

4.30%,

6/18/2029(b)

100,000

89,546

3.40%,

5/1/2030

35,000

29,169

2.50%,

5/11/2031(b)

190,000

142,786

2.65%,

2/15/2032

40,000

30,008

5.00%,

1/15/2033

85,000

76,285

3.25%,

5/11/2041(b)

195,000

127,893

3.13%,

2/15/2042

50,000

31,841

3.25%,

11/30/2051

30,000

17,925

QUALCOMM,

Inc.

,

3.25%,

5/20/2027(b)

250,000

234,079

1.30%,

5/20/2028

73,000

60,224

2.15%,

5/20/2030(b)

80,000

65,940

1.65%,

5/20/2032(b)

590,000

441,682

4.65%,

5/20/2035

100,000

93,822

4.50%,

5/20/2052

90,000

77,183

Skyworks

Solutions,

Inc.

,

3.00%,

6/1/2031

40,000

30,261

Texas

Instruments,

Inc.

,

1.38%,

3/12/2025

200,000

185,772

2.25%,

9/4/2029(b)

300,000

253,980

1.90%,

9/15/2031(b)

80,000

63,184

3.65%,

8/16/2032

40,000

36,216

2.70%,

9/15/2051

100,000

66,385

TSMC

Arizona

Corp.

,

3.13%,

10/25/2041

200,000

148,536

4.50%,

4/22/2052(b)

200,000

172,452

Xilinx,

Inc.

,

2.38%,

6/1/2030(b)

300,000

247,424

11,018,284

Software

0

.5

%

Adobe,

Inc.

,

1.90%,

2/1/2025

30,000

28,203

3.25%,

2/1/2025(b)

135,000

131,008

2.15%,

2/1/2027(b)

245,000

220,926

2.30%,

2/1/2030(b)

600,000

498,463

Autodesk,

Inc.

,

2.40%,

12/15/2031(b)

155,000

120,560

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Microsoft

Corp.

,

3.63%,

12/15/2023(b)

400,000

396,384

2.88%,

2/6/2024

365,000

357,594

2.40%,

8/8/2026

465,000

430,443

3.50%,

2/12/2035(b)

325,000

291,970

3.45%,

8/8/2036

239,000

209,293

2.53%,

6/1/2050

836,000

546,195

2.92%,

3/17/2052

1,075,000

758,193

2.68%,

6/1/2060

400,000

251,522

Oracle

Corp.

,

2.50%,

4/1/2025(b)

100,000

93,186

2.65%,

7/15/2026(b)

190,000

170,993

3.25%,

11/15/2027(b)

300,000

267,243

2.95%,

4/1/2030

600,000

483,640

3.25%,

5/15/2030(b)

250,000

206,737

2.88%,

3/25/2031(b)

500,000

394,333

3.90%,

5/15/2035

200,000

153,217

5.38%,

7/15/2040

350,000

291,684

4.50%,

7/8/2044

370,000

272,508

4.00%,

7/15/2046

500,000

337,911

4.00%,

11/15/2047

500,000

335,025

3.60%,

4/1/2050

700,000

437,992

3.85%,

4/1/2060

250,000

151,126

Roper

Technologies,

Inc.

,

2.35%,

9/15/2024

50,000

47,516

1.00%,

9/15/2025

60,000

53,251

2.95%,

9/15/2029(b)

90,000

75,767

1.75%,

2/15/2031

245,000

180,522

Salesforce,

Inc.

,

3.70%,

4/11/2028(b)

500,000

473,900

1.95%,

7/15/2031(b)

35,000

27,553

2.70%,

7/15/2041

200,000

137,690

2.90%,

7/15/2051

290,000

191,556

ServiceNow,

Inc.

,

1.40%,

9/1/2030

145,000

106,758

VMware,

Inc.

,

4.70%,

5/15/2030

300,000

269,879

Workday,

Inc.

,

3.50%,

4/1/2027(b)

50,000

46,249

3.70%,

4/1/2029

50,000

44,843

3.80%,

4/1/2032(b)

70,000

60,759

9,552,592

Specialty

Retail

0

.4

%

Advance

Auto

Parts,

Inc.

,

3.50%,

3/15/2032

55,000

43,852

AutoNation,

Inc.

,

1.95%,

8/1/2028

45,000

35,391

2.40%,

8/1/2031

90,000

63,864

3.85%,

3/1/2032

30,000

23,705

AutoZone,

Inc.

,

3.25%,

4/15/2025

325,000

309,008

4.00%,

4/15/2030

100,000

89,739

4.75%,

8/1/2032

40,000

37,516

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030(b)

125,000

93,601

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

50,000

30,898

Home

Depot,

Inc.

(The)

,

2.70%,

4/15/2025(b)

30,000

28,616

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Home

Depot,

Inc.

(The),

4.00%,

9/15/2025

30,000

29,523

2.50%,

4/15/2027(b)

200,000

181,599

2.88%,

4/15/2027(b)

45,000

41,602

2.80%,

9/14/2027(b)

750,000

686,283

0.90%,

3/15/2028(b)

130,000

105,615

1.50%,

9/15/2028(b)

100,000

82,845

3.90%,

12/6/2028

300,000

284,957

1.38%,

3/15/2031

300,000

225,654

1.88%,

9/15/2031(b)

100,000

77,433

3.25%,

4/15/2032

200,000

173,169

4.50%,

9/15/2032(b)

90,000

86,024

5.95%,

4/1/2041

150,000

156,197

4.20%,

4/1/2043(b)

150,000

125,756

4.40%,

3/15/2045(b)

600,000

509,976

3.35%,

4/15/2050

135,000

96,760

2.38%,

3/15/2051

200,000

117,027

2.75%,

9/15/2051

100,000

63,584

3.63%,

4/15/2052

140,000

105,792

4.95%,

9/15/2052(b)

25,000

23,502

Lowe's

Cos.,

Inc.

,

3.13%,

9/15/2024(b)

400,000

387,143

4.00%,

4/15/2025(b)

500,000

489,872

4.40%,

9/8/2025(b)

40,000

39,390

3.35%,

4/1/2027

60,000

55,568

3.10%,

5/3/2027(b)

250,000

229,255

1.30%,

4/15/2028(b)

170,000

137,228

1.70%,

9/15/2028(b)

80,000

65,315

6.50%,

3/15/2029

236,000

248,217

3.65%,

4/5/2029

400,000

360,473

1.70%,

10/15/2030

75,000

56,551

3.75%,

4/1/2032(b)

245,000

211,926

5.00%,

4/15/2033(b)

60,000

56,676

2.80%,

9/15/2041

60,000

38,215

4.05%,

5/3/2047

250,000

187,660

3.00%,

10/15/2050

345,000

211,260

4.25%,

4/1/2052

65,000

49,771

5.63%,

4/15/2053

50,000

46,241

4.45%,

4/1/2062

75,000

55,978

5.80%,

9/15/2062

60,000

55,053

O'Reilly

Automotive,

Inc.

,

3.55%,

3/15/2026(b)

300,000

285,881

4.70%,

6/15/2032

100,000

93,576

TJX

Cos.,

Inc.

(The)

,

2.25%,

9/15/2026

500,000

455,320

Tractor

Supply

Co.

,

1.75%,

11/1/2030

55,000

41,192

7,787,249

Technology

Hardware,

Storage

&

Peripherals

0

.5

%

Apple,

Inc.

,

2.50%,

2/9/2025(b)

595,000

568,007

1.13%,

5/11/2025

140,000

128,409

0.55%,

8/20/2025(b)

500,000

447,904

3.25%,

2/23/2026(b)

1,130,000

1,084,329

2.45%,

8/4/2026

625,000

576,302

3.35%,

2/9/2027(b)

500,000

477,407

3.20%,

5/11/2027(b)

300,000

282,182

1.40%,

8/5/2028(b)

50,000

41,640

3.25%,

8/8/2029(b)

150,000

136,916

34

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Apple,

Inc.,

2.20%,

9/11/2029

235,000

200,189

1.65%,

5/11/2030(b)

300,000

241,510

1.25%,

8/20/2030

500,000

384,800

1.65%,

2/8/2031(b)

250,000

197,153

1.70%,

8/5/2031

50,000

39,182

3.35%,

8/8/2032(b)

150,000

133,593

3.85%,

5/4/2043

550,000

461,451

4.38%,

5/13/2045

355,000

318,531

4.65%,

2/23/2046

460,000

430,151

2.65%,

5/11/2050

300,000

197,285

2.40%,

8/20/2050(b)

400,000

248,259

2.65%,

2/8/2051

400,000

262,613

2.70%,

8/5/2051

50,000

33,002

3.95%,

8/8/2052

120,000

100,208

2.55%,

8/20/2060(b)

300,000

179,679

2.85%,

8/5/2061

50,000

31,348

4.10%,

8/8/2062

120,000

98,374

Dell

International

LLC

,

4.00%,

7/15/2024

200,000

196,318

6.02%,

6/15/2026

700,000

702,820

3.38%,

12/15/2041(f)

100,000

61,880

8.35%,

7/15/2046

99,000

106,782

3.45%,

12/15/2051(b)(f)

150,000

85,277

Hewlett

Packard

Enterprise

Co.

,

6.35%,

10/15/2045(b)(e)

150,000

136,175

HP,

Inc.

,

1.45%,

6/17/2026(b)

155,000

133,622

4.75%,

1/15/2028

60,000

56,305

4.00%,

4/15/2029(b)

60,000

52,584

2.65%,

6/17/2031

50,000

36,690

4.20%,

4/15/2032

60,000

48,759

5.50%,

1/15/2033

60,000

53,245

6.00%,

9/15/2041(b)

250,000

216,919

Western

Digital

Corp.

,

2.85%,

2/1/2029(b)

250,000

194,285

9,382,085

Textiles,

Apparel

&

Luxury

Goods

0

.0

%

†

NIKE,

Inc.

,

2.85%,

3/27/2030(b)

400,000

347,491

3.88%,

11/1/2045(b)

250,000

202,551

3.38%,

3/27/2050(b)

200,000

146,897

696,939

Thrifts

&

Mortgage

Finance

0

.0

%

†

BPCE

SA

,

4.00%,

4/15/2024(b)

475,000

466,576

Tobacco

0

.2

%

Altria

Group,

Inc.

,

4.40%,

2/14/2026(b)

160,000

153,969

4.50%,

5/2/2043

250,000

176,207

5.38%,

1/31/2044(b)

170,000

137,626

5.95%,

2/14/2049(b)

500,000

413,989

3.70%,

2/4/2051

250,000

150,920

BAT

Capital

Corp.

,

3.22%,

8/15/2024

500,000

481,129

4.70%,

4/2/2027

100,000

93,307

3.56%,

8/15/2027

750,000

658,629

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

BAT

Capital

Corp.,

4.74%,

3/16/2032(b)

70,000

58,558

4.39%,

8/15/2037

500,000

356,696

4.54%,

8/15/2047

300,000

198,765

4.76%,

9/6/2049

150,000

102,233

5.65%,

3/16/2052

70,000

53,367

BAT

International

Finance

plc

,

1.67%,

3/25/2026

150,000

129,662

4.45%,

3/16/2028

70,000

62,388

Philip

Morris

International,

Inc.

,

6.38%,

5/16/2038

460,000

435,389

3.88%,

8/21/2042

250,000

169,232

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

500,000

483,058

5.70%,

8/15/2035

120,000

101,484

4,416,608

Trading

Companies

&

Distributors

0

.1

%

Air

Lease

Corp.

,

2.30%,

2/1/2025

75,000

69,009

3.25%,

3/1/2025

1,000,000

936,647

3.75%,

6/1/2026

250,000

228,527

1.88%,

8/15/2026(b)

80,000

67,798

2.10%,

9/1/2028

100,000

77,921

3.25%,

10/1/2029(b)

250,000

203,482

Aircastle

Ltd.

,

4.13%,

5/1/2024

300,000

288,276

GATX

Corp.

,

3.25%,

9/15/2026

500,000

457,040

4.00%,

6/30/2030

100,000

86,648

4.90%,

3/15/2033

145,000

130,368

3.10%,

6/1/2051

90,000

52,345

WW

Grainger,

Inc.

,

3.75%,

5/15/2046

250,000

195,196

2,793,257

Water

Utilities

0

.0

%

†

American

Water

Capital

Corp.

,

4.45%,

6/1/2032(b)

60,000

55,691

4.30%,

9/1/2045

500,000

403,747

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

200,000

131,484

5.30%,

5/1/2052

40,000

35,847

626,769

Wireless

Telecommunication

Services

0

.3

%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

177,000

184,947

6.13%,

3/30/2040

350,000

347,753

Rogers

Communications,

Inc.

,

2.95%,

3/15/2025(f)

80,000

76,157

3.63%,

12/15/2025(b)

200,000

189,033

3.20%,

3/15/2027(b)(f)

60,000

54,802

3.80%,

3/15/2032(f)

70,000

60,539

4.50%,

3/15/2042(f)

70,000

56,414

4.50%,

3/15/2043

100,000

79,102

5.00%,

3/15/2044

250,000

205,023

3.70%,

11/15/2049(b)

400,000

273,566

4.55%,

3/15/2052(f)

80,000

63,805

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(b)

500,000

477,883

3.75%,

4/15/2027(b)

500,000

461,420

2.05%,

2/15/2028

100,000

82,980

3.88%,

4/15/2030

500,000

443,508

2.55%,

2/15/2031

500,000

396,145

2.70%,

3/15/2032(b)

80,000

62,437

4.38%,

4/15/2040

250,000

203,571

3.00%,

2/15/2041

200,000

133,668

4.50%,

4/15/2050(b)

300,000

240,166

3.30%,

2/15/2051

300,000

195,450

3.40%,

10/15/2052

200,000

132,038

5.80%,

9/15/2062

200,000

185,929

Vodafone

Group

plc

,

4.13%,

5/30/2025

500,000

490,570

7.88%,

2/15/2030

206,000

225,287

4.38%,

2/19/2043

500,000

382,478

5.25%,

5/30/2048

400,000

331,213

4.25%,

9/17/2050(b)

40,000

28,622

6,064,506

Total

Corporate

Bonds

(cost

$564,926,190)

480,376,808

Foreign

Government

Securities

1

.5

%

CANADA

0.2%

Province

of

Alberta,

3.35%,

11/1/2023(b)

500,000

494,291

3.30%,

3/15/2028

500,000

470,890

Province

of

Ontario,

3.05%,

1/29/2024

500,000

490,684

2.50%,

4/27/2026

600,000

559,011

2.00%,

10/2/2029(b)

1,000,000

855,000

Province

of

Quebec,

2.50%,

4/9/2024(b)

500,000

485,825

0.60%,

7/23/2025

450,000

404,366

7.50%,

9/15/2029(b)

578,000

683,051

4,443,118

CHILE

0.1%

Republic

of

Chile,

3.13%,

3/27/2025

750,000

716,423

3.24%,

2/6/2028(b)

500,000

450,052

2.45%,

1/31/2031(b)

500,000

399,961

2.55%,

1/27/2032(b)

500,000

392,190

3.10%,

5/7/2041(b)

400,000

271,022

3.63%,

10/30/2042

400,000

286,968

2,516,616

GERMANY

0.0%

†

FMS

Wertmanagement

AoeR,

2.75%,

1/30/2024

600,000

587,584

HUNGARY

0.0%

†

Hungary

Government

Bond,

5.38%,

3/25/2024

500,000

491,250

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

7.63%,

3/29/2041(b)

100,000

98,965

590,215

INDONESIA

0.1%

Republic

of

Indonesia,

4.15%,

9/20/2027

200,000

189,986

3.50%,

1/11/2028

500,000

453,771

4.10%,

4/24/2028(b)

1,000,000

930,036

2.85%,

2/14/2030(b)

500,000

428,229

4.65%,

9/20/2032(b)

200,000

187,586

5.35%,

2/11/2049(b)

200,000

177,398

4.20%,

10/15/2050(b)

200,000

151,468

4.45%,

4/15/2070

200,000

149,592

2,668,066

ISRAEL

0.0%

†

State

of

Israel

Government

Bond,

3.25%,

1/17/2028

200,000

188,124

3.38%,

1/15/2050(b)

200,000

148,053

3.88%,

7/3/2050(b)

200,000

161,054

4.50%,

4/3/2120

200,000

162,216

659,447

ITALY

0.1%

Italian

Republic

Government

Bond,

5.38%,

6/15/2033(b)

491,000

459,446

4.00%,

10/17/2049

400,000

283,626

743,072

JAPAN

0.2%

Japan

Bank

for

International

Cooperation,

2.50%,

5/23/2024(b)

2,000,000

1,934,915

2.38%,

4/20/2026

500,000

463,233

1.88%,

7/21/2026

500,000

450,677

2,848,825

MEXICO

0.2%

United

Mexican

States,

4.15%,

3/28/2027(b)

200,000

191,140

3.75%,

1/11/2028(b)

1,000,000

917,256

2.66%,

5/24/2031(b)

700,000

536,679

4.88%,

5/19/2033

200,000

175,797

6.75%,

9/27/2034

996,000

1,006,764

6.05%,

1/11/2040(b)

400,000

369,916

4.75%,

3/8/2044

400,000

306,511

5.55%,

1/21/2045

500,000

427,839

4.60%,

1/23/2046

347,000

255,676

4.35%,

1/15/2047

300,000

211,543

3.77%,

5/24/2061

200,000

117,982

4,517,103

PANAMA

0.1%

Republic

of

Panama,

6.70%,

1/26/2036

250,000

245,583

4.30%,

4/29/2053

500,000

333,426

4.50%,

4/1/2056

400,000

269,889

36

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

3.87%,

7/23/2060

400,000

237,415

1,086,313

PERU

0.1%

Republic

of

Peru,

4.13%,

8/25/2027(b)

750,000

709,174

2.78%,

1/23/2031

500,000

395,894

8.75%,

11/21/2033(b)

300,000

361,060

3.00%,

1/15/2034(b)

200,000

150,171

3.30%,

3/11/2041

200,000

137,933

5.63%,

11/18/2050(b)

300,000

282,560

3.60%,

1/15/2072

150,000

90,446

2,127,238

PHILIPPINES

0.2%

Republic

of

Philippines,

4.20%,

1/21/2024(b)

500,000

492,567

9.50%,

2/2/2030

500,000

618,925

2.46%,

5/5/2030

500,000

413,682

7.75%,

1/14/2031(b)

200,000

230,167

6.38%,

10/23/2034

500,000

522,132

3.70%,

2/2/2042

600,000

457,742

2,735,215

POLAND

0.0%

†

Republic

of

Poland,

4.00%,

1/22/2024

500,000

492,615

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea,

2.38%,

4/21/2027

1,000,000

904,318

Republic

of

Korea,

5.63%,

11/3/2025

300,000

306,987

4.13%,

6/10/2044(b)

250,000

236,636

1,447,941

URUGUAY

0.1%

Oriental

Republic

of

Uruguay,

4.38%,

10/27/2027

1,250,000

1,233,837

5.10%,

6/18/2050

700,000

639,791

1,873,628

Total

Foreign

Government

Securities

(cost

$33,990,283)

29,336,996

Mortgage-Backed

Securities

27

.5

%

FHLMC

Gold

Pool

Pool#

C90719

5.00%,

10/1/2023

18,871

18,500

Pool#

J09912

4.00%,

6/1/2024

50,175

48,613

Pool#

C00351

8.00%,

7/1/2024

70

71

Pool#

D60780

8.00%,

6/1/2025

331

333

Pool#

G30267

5.00%,

8/1/2025

17,011

16,702

Pool#

E02746

3.50%,

11/1/2025

52,637

50,011

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

J13883

3.50%,

12/1/2025

119,122

113,259

Pool#

J14732

4.00%,

3/1/2026

63,480

61,604

Pool#

E02896

3.50%,

5/1/2026

56,725

53,841

Pool#

J18127

3.00%,

3/1/2027

79,547

77,262

Pool#

J18702

3.00%,

3/1/2027

72,851

70,849

Pool#

J19106

3.00%,

5/1/2027

32,198

31,274

Pool#

J20471

3.00%,

9/1/2027

147,471

142,811

Pool#

D82854

7.00%,

10/1/2027

40

40

Pool#

G14609

3.00%,

11/1/2027

216,679

209,620

Pool#

C00566

7.50%,

12/1/2027

361

372

Pool#

G15100

2.50%,

7/1/2028

98,182

93,656

Pool#

C18271

7.00%,

11/1/2028

1,550

1,577

Pool#

C00678

7.00%,

11/1/2028

346

354

Pool#

C00836

7.00%,

7/1/2029

304

316

Pool#

C31285

7.00%,

9/1/2029

471

480

Pool#

G18536

2.50%,

1/1/2030

1,379,449

1,279,995

Pool#

C37436

8.00%,

1/1/2030

848

894

Pool#

C36429

7.00%,

2/1/2030

507

510

Pool#

C36306

7.00%,

2/1/2030

490

493

Pool#

C00921

7.50%,

2/1/2030

609

639

Pool#

G01108

7.00%,

4/1/2030

214

222

Pool#

C37703

7.50%,

4/1/2030

319

320

Pool#

G18552

3.00%,

5/1/2030

500,431

473,165

Pool#

U49055

3.00%,

6/1/2030

56,965

53,313

Pool#

J32243

3.00%,

7/1/2030

406,609

383,815

Pool#

J32257

3.00%,

7/1/2030

82,813

78,299

Pool#

J32255

3.00%,

7/1/2030

75,570

71,452

Pool#

C41561

8.00%,

8/1/2030

1,605

1,625

Pool#

C01051

8.00%,

9/1/2030

849

896

Pool#

C43550

7.00%,

10/1/2030

1,170

1,177

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

37

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C44017

7.50%,

10/1/2030

374

375

Pool#

C43967

8.00%,

10/1/2030

1,556

1,557

Pool#

C44957

8.00%,

11/1/2030

729

733

Pool#

J33361

3.00%,

12/1/2030

185,889

175,753

Pool#

G18578

3.00%,

12/1/2030

168,818

159,198

Pool#

J33315

3.00%,

12/1/2030

73,009

69,022

Pool#

C01103

7.50%,

12/1/2030

432

459

Pool#

C46932

7.50%,

1/1/2031

548

553

Pool#

G18587

3.00%,

2/1/2031

123,715

116,209

Pool#

G18592

3.00%,

3/1/2031

135,437

128,049

Pool#

C48206

7.50%,

3/1/2031

1,451

1,453

Pool#

C91366

4.50%,

4/1/2031

43,134

41,729

Pool#

G18601

3.00%,

5/1/2031

79,545

75,205

Pool#

G18605

3.00%,

6/1/2031

46,477

43,940

Pool#

J34627

3.00%,

6/1/2031

11,756

11,114

Pool#

C91377

4.50%,

6/1/2031

23,096

22,455

Pool#

C53324

7.00%,

6/1/2031

1,335

1,352

Pool#

C01209

8.00%,

6/1/2031

283

285

Pool#

J35107

2.50%,

8/1/2031

88,620

82,135

Pool#

G01309

7.00%,

8/1/2031

498

513

Pool#

G01311

7.00%,

9/1/2031

4,154

4,315

Pool#

C01222

7.00%,

9/1/2031

604

634

Pool#

G01315

7.00%,

9/1/2031

154

161

Pool#

J35522

2.50%,

10/1/2031

302,568

280,416

Pool#

C60012

7.00%,

11/1/2031

574

577

Pool#

C61298

8.00%,

11/1/2031

2,086

2,100

Pool#

J35957

2.50%,

12/1/2031

442,088

409,714

Pool#

C61105

7.00%,

12/1/2031

4,539

4,612

Pool#

C63171

7.00%,

1/1/2032

3,253

3,340

Pool#

V61548

2.50%,

2/1/2032

428,118

397,686

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

D99004

3.50%,

3/1/2032

76,051

71,837

Pool#

G30577

3.50%,

4/1/2032

165,394

156,230

Pool#

G01391

7.00%,

4/1/2032

7,970

8,316

Pool#

C01345

7.00%,

4/1/2032

2,797

2,945

Pool#

C01370

8.00%,

4/1/2032

664

691

Pool#

C01381

8.00%,

5/1/2032

10,108

10,627

Pool#

C68290

7.00%,

6/1/2032

2,035

2,073

Pool#

C68300

7.00%,

6/1/2032

805

806

Pool#

D99266

3.50%,

7/1/2032

128,767

121,632

Pool#

G01449

7.00%,

7/1/2032

4,895

5,125

Pool#

C69908

7.00%,

8/1/2032

20,913

21,442

Pool#

C91558

3.50%,

9/1/2032

25,187

23,791

Pool#

G16407

2.50%,

1/1/2033

231,647

214,176

Pool#

G16408

2.50%,

1/1/2033

161,254

149,082

Pool#

G01536

7.00%,

3/1/2033

7,650

7,983

Pool#

C01528

5.00%,

4/1/2033

35,683

35,873

Pool#

G30646

3.00%,

5/1/2033

153,990

142,040

Pool#

G30642

3.00%,

5/1/2033

79,538

73,364

Pool#

K90535

3.00%,

5/1/2033

34,113

31,466

Pool#

G18693

4.00%,

5/1/2033

51,410

50,220

Pool#

G18696

3.50%,

7/1/2033

13,851

13,147

Pool#

A16419

6.50%,

11/1/2033

13,473

13,899

Pool#

C01806

7.00%,

1/1/2034

10,574

10,694

Pool#

A21356

6.50%,

4/1/2034

42,845

44,200

Pool#

C01851

6.50%,

4/1/2034

16,588

17,113

Pool#

A24301

6.50%,

5/1/2034

25,149

25,945

Pool#

A22067

6.50%,

5/1/2034

13,162

13,625

Pool#

G18737

3.50%,

6/1/2034

90,781

86,106

Pool#

A24988

6.50%,

7/1/2034

10,006

10,322

Pool#

G01741

6.50%,

10/1/2034

5,930

6,146

38

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08023

6.50%,

11/1/2034

12,866

13,454

Pool#

G01947

7.00%,

5/1/2035

6,285

6,540

Pool#

G08073

5.50%,

8/1/2035

57,072

59,017

Pool#

A37135

5.50%,

9/1/2035

92,152

94,244

Pool#

A47368

5.00%,

10/1/2035

78,674

79,127

Pool#

A38531

5.50%,

10/1/2035

123,896

127,650

Pool#

A38255

5.50%,

10/1/2035

97,989

101,329

Pool#

G08088

6.50%,

10/1/2035

57,167

59,319

Pool#

A39759

5.50%,

11/1/2035

4,024

4,094

Pool#

A40376

5.50%,

12/1/2035

2,493

2,528

Pool#

A42305

5.50%,

1/1/2036

7,758

7,850

Pool#

A41548

7.00%,

1/1/2036

10,726

10,818

Pool#

G08111

5.50%,

2/1/2036

76,521

79,129

Pool#

A43886

5.50%,

3/1/2036

258,255

262,392

Pool#

A43885

5.50%,

3/1/2036

166,464

167,299

Pool#

A43884

5.50%,

3/1/2036

111,191

110,950

Pool#

A48378

5.50%,

3/1/2036

63,937

63,744

Pool#

A43861

5.50%,

3/1/2036

44,674

44,641

Pool#

G08116

5.50%,

3/1/2036

17,236

17,823

Pool#

A48735

5.50%,

5/1/2036

6,561

6,536

Pool#

A53039

6.50%,

10/1/2036

42,385

43,727

Pool#

G05254

5.00%,

1/1/2037

53,968

54,450

Pool#

G04331

5.00%,

2/1/2037

53,428

53,905

Pool#

G05941

6.00%,

2/1/2037

272,006

286,090

Pool#

G03620

6.50%,

10/1/2037

1,780

1,876

Pool#

G03721

6.00%,

12/1/2037

25,018

26,376

Pool#

G03969

6.00%,

2/1/2038

26,508

27,990

Pool#

C91982

3.50%,

3/1/2038

89,001

82,509

Pool#

G04913

5.00%,

3/1/2038

94,912

95,767

Pool#

G05299

4.50%,

6/1/2038

88,767

86,854

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G04581

6.50%,

8/1/2038

48,321

50,011

Pool#

C92013

3.50%,

9/1/2038

221,696

205,548

Pool#

A81674

6.00%,

9/1/2038

169,671

177,972

Pool#

G05459

5.50%,

5/1/2039

674,575

697,604

Pool#

G05535

4.50%,

7/1/2039

256,432

251,622

Pool#

A89500

4.50%,

10/1/2039

25,445

24,989

Pool#

A91165

5.00%,

2/1/2040

1,048,188

1,057,685

Pool#

G60342

4.50%,

5/1/2042

253,799

248,979

Pool#

G60195

4.00%,

6/1/2042

321,825

307,159

Pool#

Q08977

4.00%,

6/1/2042

63,746

59,837

Pool#

Q09824

4.00%,

8/1/2042

40,927

39,079

Pool#

Q11087

4.00%,

9/1/2042

47,801

44,749

Pool#

G07158

3.50%,

10/1/2042

179,325

164,895

Pool#

G07163

3.50%,

10/1/2042

159,962

147,091

Pool#

Q11532

3.50%,

10/1/2042

119,096

109,512

Pool#

Q12051

3.50%,

10/1/2042

95,368

87,694

Pool#

Q12052

3.50%,

10/1/2042

41,631

38,195

Pool#

C09020

3.50%,

11/1/2042

290,204

266,851

Pool#

G07264

3.50%,

12/1/2042

261,785

240,718

Pool#

Q14292

3.50%,

1/1/2043

71,109

65,388

Pool#

Q15884

3.00%,

2/1/2043

385,977

346,370

Pool#

Q16470

3.00%,

3/1/2043

836,145

750,566

Pool#

V80002

2.50%,

4/1/2043

328,937

279,964

Pool#

Q16915

3.00%,

4/1/2043

293,591

263,618

Pool#

Q17675

3.50%,

4/1/2043

319,807

294,066

Pool#

Q18523

3.50%,

5/1/2043

309,625

284,801

Pool#

Q18751

3.50%,

6/1/2043

408,179

375,348

Pool#

G07410

3.50%,

7/1/2043

133,699

122,937

Pool#

Q20332

3.50%,

7/1/2043

44,572

40,891

Pool#

G07459

3.50%,

8/1/2043

371,626

341,708

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

39

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G60038

3.50%,

1/1/2044

786,814

723,496

Pool#

Q26869

4.00%,

6/1/2044

357,016

338,074

Pool#

G07946

4.00%,

7/1/2044

11,942

11,365

Pool#

Q28607

3.50%,

9/1/2044

143,961

132,074

Pool#

G61231

3.50%,

9/1/2044

38,821

35,697

Pool#

G08609

3.50%,

10/1/2044

122,616

112,749

Pool#

Q30833

4.00%,

1/1/2045

18,075

17,193

Pool#

G60400

4.50%,

1/1/2045

99,487

97,579

Pool#

G07925

4.00%,

2/1/2045

32,832

31,226

Pool#

Q34165

4.00%,

6/1/2045

200,091

189,482

Pool#

V81873

4.00%,

8/1/2045

122,583

116,539

Pool#

G08669

4.00%,

9/1/2045

186,277

177,037

Pool#

V82126

3.50%,

12/1/2045

111,042

102,102

Pool#

Q38199

3.50%,

1/1/2046

8,913

8,189

Pool#

Q38357

4.00%,

1/1/2046

55,074

52,317

Pool#

G61365

4.50%,

1/1/2046

37,562

36,851

Pool#

G08697

3.00%,

3/1/2046

529,683

471,146

Pool#

Q39364

3.50%,

3/1/2046

84,847

78,019

Pool#

Q39434

3.50%,

3/1/2046

68,346

62,787

Pool#

Q39440

4.00%,

3/1/2046

29,566

27,947

Pool#

G08704

4.50%,

4/1/2046

18,277

17,844

Pool#

Q40097

4.50%,

4/1/2046

2,950

2,841

Pool#

G60582

3.50%,

5/1/2046

215,338

198,016

Pool#

Q40718

3.50%,

5/1/2046

70,347

64,657

Pool#

G08707

4.00%,

5/1/2046

87,946

83,483

Pool#

G08708

4.50%,

5/1/2046

13,309

13,016

Pool#

Q40728

4.50%,

5/1/2046

2,682

2,581

Pool#

Q41548

3.00%,

7/1/2046

79,663

71,010

Pool#

Q41903

3.50%,

7/1/2046

103,077

94,784

Pool#

Q41491

3.50%,

7/1/2046

9,679

8,868

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q41407

3.50%,

7/1/2046

2,657

2,427

Pool#

G61791

4.00%,

7/1/2046

83,697

79,640

Pool#

Q41947

4.50%,

7/1/2046

3,837

3,707

Pool#

G08715

3.00%,

8/1/2046

533,217

474,932

Pool#

Q42596

3.50%,

8/1/2046

84,922

78,322

Pool#

Q42203

3.50%,

8/1/2046

22,315

20,540

Pool#

G61237

3.50%,

8/1/2046

15,997

14,710

Pool#

Q42393

3.50%,

8/1/2046

12,995

11,879

Pool#

Q42680

4.00%,

8/1/2046

3,634

3,427

Pool#

G08720

4.50%,

8/1/2046

10,082

9,828

Pool#

G61323

3.00%,

9/1/2046

507,822

454,960

Pool#

G08721

3.00%,

9/1/2046

292,938

260,811

Pool#

V82617

3.50%,

9/1/2046

195,423

179,288

Pool#

G08722

3.50%,

9/1/2046

58,389

53,811

Pool#

G60733

4.50%,

9/1/2046

111,883

109,367

Pool#

G60722

3.00%,

10/1/2046

860,372

766,328

Pool#

Q44035

3.00%,

10/1/2046

408,018

362,679

Pool#

G61815

4.00%,

10/1/2046

34,568

32,873

Pool#

G61257

3.00%,

11/1/2046

821,379

729,398

Pool#

Q44452

3.00%,

11/1/2046

184,877

164,209

Pool#

G08732

3.00%,

11/1/2046

53,037

47,042

Pool#

Q44473

3.50%,

11/1/2046

23,131

21,125

Pool#

Q44223

3.50%,

11/1/2046

13,384

12,242

Pool#

G08734

4.00%,

11/1/2046

259,840

246,574

Pool#

G08737

3.00%,

12/1/2046

1,759,283

1,563,797

Pool#

G60989

3.00%,

12/1/2046

307,868

274,204

Pool#

Q45878

3.00%,

12/1/2046

64,683

57,348

Pool#

G08738

3.50%,

12/1/2046

1,124,136

1,030,395

Pool#

Q45024

3.50%,

12/1/2046

85,173

77,985

Pool#

G08741

3.00%,

1/1/2047

484,160

430,187

40

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08747

3.00%,

2/1/2047

918,723

815,933

Pool#

G08748

3.50%,

2/1/2047

234,331

215,031

Pool#

G08749

4.00%,

2/1/2047

398,091

377,691

Pool#

G61890

4.00%,

2/1/2047

28,883

27,425

Pool#

G08751

3.50%,

3/1/2047

349,978

320,508

Pool#

Q47592

3.50%,

4/1/2047

60,485

55,319

Pool#

Q47484

3.50%,

4/1/2047

14,660

13,467

Pool#

G60988

3.00%,

5/1/2047

1,063,477

947,576

Pool#

Q48098

3.50%,

5/1/2047

45,163

41,432

Pool#

Q48237

4.50%,

5/1/2047

72,197

69,973

Pool#

G61390

3.00%,

6/1/2047

775,783

689,329

Pool#

Q48414

4.50%,

6/1/2047

50,985

48,965

Pool#

Q48365

4.50%,

6/1/2047

15,477

15,043

Pool#

G08770

3.50%,

7/1/2047

673,375

618,111

Pool#

V83270

3.50%,

7/1/2047

150,385

137,538

Pool#

G61339

3.00%,

8/1/2047

157,358

139,936

Pool#

G08774

3.50%,

8/1/2047

74,214

67,874

Pool#

Q49917

3.50%,

8/1/2047

54,453

49,734

Pool#

Q53085

3.00%,

9/1/2047

167,909

150,011

Pool#

G61295

3.50%,

9/1/2047

365,877

336,481

Pool#

G08779

3.50%,

9/1/2047

202,018

184,759

Pool#

G61622

3.00%,

10/1/2047

384,753

342,455

Pool#

G08785

4.00%,

10/1/2047

23,231

21,920

Pool#

Q52075

4.00%,

11/1/2047

141,057

133,813

Pool#

V83598

3.50%,

12/1/2047

61,282

56,062

Pool#

G67707

3.50%,

1/1/2048

445,898

411,003

Pool#

V83909

4.00%,

1/1/2048

168,290

159,730

Pool#

G61311

3.50%,

2/1/2048

415,829

380,365

Pool#

T65458

3.50%,

2/1/2048

77,168

69,180

Pool#

G08801

4.00%,

2/1/2048

126,206

119,342

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q54460

4.00%,

2/1/2048

126,187

119,345

Pool#

G61298

4.00%,

2/1/2048

58,782

55,596

Pool#

Q54727

3.50%,

3/1/2048

168,806

154,387

Pool#

Q55401

5.00%,

4/1/2048

34,772

34,372

Pool#

V84237

3.50%,

5/1/2048

275,097

251,357

Pool#

G08813

3.50%,

5/1/2048

30,297

27,624

Pool#

G08820

4.50%,

5/1/2048

240,095

232,193

Pool#

G08821

5.00%,

5/1/2048

9,446

9,311

Pool#

G67712

4.00%,

6/1/2048

122,022

115,626

Pool#

G67713

4.00%,

6/1/2048

99,794

94,515

Pool#

G08817

4.00%,

6/1/2048

37,129

35,030

Pool#

G08818

4.50%,

6/1/2048

127,259

123,156

Pool#

Q56473

4.50%,

6/1/2048

32,978

32,191

Pool#

Q56472

4.50%,

6/1/2048

30,631

29,985

Pool#

G08827

4.50%,

7/1/2048

85,101

82,167

Pool#

Q57401

4.50%,

7/1/2048

38,532

37,613

Pool#

Q57402

4.50%,

7/1/2048

12,464

12,201

Pool#

G08833

5.00%,

7/1/2048

3,869

3,828

Pool#

G08831

4.00%,

8/1/2048

99,700

94,280

Pool#

G08836

4.00%,

9/1/2048

403,029

380,304

Pool#

G67716

4.50%,

10/1/2048

69,862

68,193

Pool#

G08843

4.50%,

10/1/2048

30,631

29,624

Pool#

V85044

4.00%,

12/1/2048

120,242

113,691

Pool#

V85082

4.50%,

12/1/2048

22,064

21,357

Pool#

G61846

4.00%,

1/1/2049

2,146

2,031

Pool#

V85139

4.50%,

1/1/2049

29,142

28,201

FHLMC

Non

Gold

Pool

Pool#

1B8478

4.00%,

7/1/2041(a)

34,952

35,645

Pool#

2B0108

2.15%,

1/1/2042(a)

6,873

6,800

Pool#

2B1381

3.25%,

6/1/2043(a)

1,367

1,357

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

41

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

51,208

49,561

Pool#

ZS7757

3.00%,

3/1/2030

344,432

327,003

Pool#

SB0383

2.50%,

4/1/2032

753,113

698,763

Pool#

ZS8701

3.50%,

6/1/2033

49,712

47,131

Pool#

SB0218

3.00%,

10/1/2033

87,046

81,123

Pool#

SB0366

3.50%,

2/1/2034

120,817

114,545

Pool#

QN0248

3.00%,

7/1/2034

45,614

42,479

Pool#

SB0095

3.50%,

7/1/2034

102,649

97,753

Pool#

SB0069

3.00%,

9/1/2034

159,959

148,963

Pool#

SB8021

3.00%,

12/1/2034

300,891

280,201

Pool#

SB8500

2.50%,

7/1/2035

763,820

693,957

Pool#

SB8505

2.50%,

10/1/2035

2,219,127

2,016,137

Pool#

SB8506

2.00%,

2/1/2036

1,943,858

1,715,570

Pool#

SB8508

2.00%,

2/1/2036

1,367,763

1,206,744

Pool#

RC1826

2.00%,

2/1/2036

392,776

346,510

Pool#

SB8092

1.50%,

3/1/2036

445,839

382,913

Pool#

RC1887

2.00%,

3/1/2036

739,966

652,807

Pool#

RC2049

2.00%,

6/1/2036

1,745,105

1,540,399

Pool#

RC2045

2.00%,

6/1/2036

547,094

482,645

Pool#

SB8112

2.50%,

7/1/2036

311,013

282,543

Pool#

QN7405

2.00%,

8/1/2036

226,314

199,659

Pool#

SB8119

2.00%,

9/1/2036

1,001,341

883,364

Pool#

SB8140

1.50%,

2/1/2037

645,493

554,335

Pool#

SB8144

1.50%,

3/1/2037

1,337,966

1,148,598

Pool#

QN9700

1.50%,

3/1/2037

425,564

365,325

Pool#

SB8148

2.00%,

4/1/2037

2,965,048

2,615,538

Pool#

QA2237

3.00%,

7/1/2046

1,025,959

913,761

Pool#

QA2226

3.00%,

7/1/2046

603,624

537,612

Pool#

ZS4693

3.00%,

12/1/2046

804,642

714,403

Pool#

ZM2339

3.50%,

1/1/2047

171,568

156,512

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

ZS4746

3.00%,

12/1/2047

398,874

351,908

Pool#

ZA5785

4.50%,

10/1/2048

167,932

162,600

Pool#

ZT1321

4.50%,

11/1/2048

220,386

212,900

Pool#

ZA6139

4.50%,

12/1/2048

73,522

70,916

Pool#

SD0295

3.00%,

2/1/2049

1,898,956

1,691,862

Pool#

ZA6536

4.00%,

3/1/2049

79,282

74,748

Pool#

ZA6380

4.00%,

3/1/2049

73,400

69,285

Pool#

ZT1858

4.50%,

4/1/2049

39,707

38,533

Pool#

QA8965

3.00%,

4/1/2050

581,819

510,451

Pool#

RA2579

3.00%,

5/1/2050

270,353

237,133

Pool#

RA3022

2.50%,

6/1/2050

602,072

508,773

Pool#

SD7521

2.50%,

7/1/2050

912,657

772,373

Pool#

RA3174

3.00%,

7/1/2050

566,564

500,163

Pool#

SD7523

2.50%,

8/1/2050

238,049

201,848

Pool#

RA3382

3.00%,

8/1/2050

554,860

486,509

Pool#

SD0500

3.00%,

8/1/2050

42,114

37,115

Pool#

SD0514

2.00%,

10/1/2050

884,180

720,167

Pool#

RA3723

2.00%,

10/1/2050

278,436

226,787

Pool#

RA3935

2.50%,

11/1/2050

2,665,066

2,253,724

Pool#

RA3932

2.50%,

11/1/2050

1,550,055

1,318,501

Pool#

RA3934

2.50%,

11/1/2050

781,205

660,144

Pool#

RA3987

2.50%,

11/1/2050

342,941

290,009

Pool#

RA4071

2.50%,

12/1/2050

903,243

763,082

Pool#

RA4216

2.50%,

12/1/2050

838,024

707,983

Pool#

RA4411

2.50%,

1/1/2051

1,959,199

1,654,621

Pool#

RA4351

2.50%,

1/1/2051

1,005,242

849,045

Pool#

RA4410

2.50%,

1/1/2051

703,812

594,688

Pool#

RA4652

2.00%,

2/1/2051

3,178,025

2,586,478

Pool#

RA4493

2.00%,

2/1/2051

1,523,072

1,239,582

Pool#

QB9104

2.00%,

2/1/2051

812,223

661,172

42

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA4737

2.00%,

3/1/2051

2,937,128

2,391,355

Pool#

RA4718

2.00%,

3/1/2051

1,283,998

1,045,012

Pool#

SD7537

2.00%,

3/1/2051

686,935

559,292

Pool#

SD8139

1.50%,

4/1/2051

965,476

741,538

Pool#

SD8140

2.00%,

4/1/2051

5,447,060

4,433,197

Pool#

SD8145

1.50%,

5/1/2051

1,911,217

1,467,915

Pool#

SD8146

2.00%,

5/1/2051

12,483,815

10,156,269

Pool#

QC2070

2.00%,

5/1/2051

134,611

109,556

Pool#

SD0593

3.00%,

5/1/2051

2,015,007

1,786,824

Pool#

RA5436

2.00%,

6/1/2051

407,820

331,526

Pool#

RA5373

2.00%,

6/1/2051

343,322

279,256

Pool#

SD8154

1.50%,

7/1/2051

1,925,540

1,478,920

Pool#

RA5398

2.00%,

7/1/2051

1,163,339

946,073

Pool#

QC5128

2.00%,

8/1/2051

329,111

267,594

Pool#

SD8166

2.00%,

9/1/2051

1,926,002

1,565,699

Pool#

RA6140

2.00%,

10/1/2051

1,364,242

1,108,179

Pool#

RA6085

2.00%,

10/1/2051

816,993

664,664

Pool#

RA6091

2.00%,

10/1/2051

796,293

647,328

Pool#

RA6503

2.00%,

12/1/2051

9,419,608

7,651,550

Pool#

RA6624

2.00%,

1/1/2052

6,045,924

4,908,209

Pool#

SD0856

2.00%,

1/1/2052

992,049

804,303

Pool#

RA7543

4.00%,

6/1/2052

222,666

206,968

Pool#

SD8224

2.50%,

7/1/2052

2,973,606

2,500,793

Pool#

SD1488

4.00%,

8/1/2052

570,318

529,550

Pool#

SD1424

4.00%,

8/1/2052

490,532

455,897

Pool#

SD1501

4.00%,

8/1/2052

273,036

253,758

Pool#

RA7920

4.00%,

9/1/2052

575,000

533,959

FNMA

Pool

Pool#

AC9890

2.84%,

4/1/2040(a)

337,958

343,687

Pool#

AC9895

3.06%,

4/1/2040(a)

368,039

366,322

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

AJ1249

4.07%,

9/1/2041(a)

74,671

76,169

Pool#

AK0714

2.24%,

2/1/2042(a)

9,896

9,820

Pool#

AT4250

3.38%,

6/1/2043(a)

21,228

21,367

Pool#

BF0203

3.00%,

2/1/2047

504,520

460,379

Pool#

BF0206

4.00%,

2/1/2047

281,351

268,643

Pool#

BF0200

3.50%,

11/1/2051

197,765

181,648

Pool#

BF0171

4.00%,

1/1/2057

167,488

157,265

Pool#

BF0184

4.00%,

2/1/2057

194,086

182,243

FNMA

UMBS

Pool

Pool#

AA2549

4.00%,

4/1/2024

12,911

12,503

Pool#

934863

4.00%,

6/1/2024

33,484

32,408

Pool#

AC1374

4.00%,

8/1/2024

17,818

17,240

Pool#

AC1529

4.50%,

9/1/2024

72,597

71,423

Pool#

AD0244

4.50%,

10/1/2024

7,860

7,733

Pool#

AD4089

4.50%,

5/1/2025

96,831

95,237

Pool#

890216

4.50%,

7/1/2025

16,426

16,159

Pool#

AB1609

4.00%,

10/1/2025

48,798

47,181

Pool#

AH1361

3.50%,

12/1/2025

44,828

42,544

Pool#

AH1518

3.50%,

12/1/2025

20,424

19,406

Pool#

AH5616

3.50%,

2/1/2026

127,706

121,169

Pool#

AL0298

4.00%,

5/1/2026

111,592

108,184

Pool#

AB4277

3.00%,

1/1/2027

196,300

190,689

Pool#

AL1391

3.50%,

1/1/2027

2,940

2,801

Pool#

AP4746

3.00%,

8/1/2027

54,853

53,156

Pool#

AP7855

3.00%,

9/1/2027

325,007

314,370

Pool#

AP4640

3.00%,

9/1/2027

39,916

38,633

Pool#

AQ5096

3.00%,

11/1/2027

80,246

77,620

Pool#

AB6887

3.00%,

11/1/2027

63,698

61,586

Pool#

AQ4532

3.00%,

11/1/2027

52,570

50,775

Pool#

AQ3758

3.00%,

11/1/2027

40,294

38,902

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AB6886

3.00%,

11/1/2027

33,439

32,330

Pool#

AQ7406

3.00%,

11/1/2027

30,825

29,852

Pool#

AQ2884

3.00%,

12/1/2027

28,941

27,966

Pool#

AS0487

2.50%,

9/1/2028

167,125

159,135

Pool#

930998

4.50%,

4/1/2029

3,577

3,417

Pool#

BM1507

2.50%,

12/1/2029

94,558

90,384

Pool#

AL8077

3.50%,

12/1/2029

11,043

10,524

Pool#

BM4299

3.00%,

3/1/2030

372,501

362,068

Pool#

AS4874

3.00%,

4/1/2030

232,016

219,119

Pool#

AS5412

2.50%,

7/1/2030

91,442

84,854

Pool#

AS5420

3.00%,

7/1/2030

199,888

188,770

Pool#

AL7152

3.50%,

7/1/2030

213,676

203,572

Pool#

AS5702

2.50%,

8/1/2030

328,855

305,143

Pool#

AZ4898

2.50%,

8/1/2030

199,519

185,136

Pool#

AY8448

3.00%,

8/1/2030

677,847

639,151

Pool#

AZ2953

3.00%,

9/1/2030

600,257

566,000

Pool#

AZ5718

3.00%,

9/1/2030

406,290

383,246

Pool#

AS6060

3.00%,

10/1/2030

444,568

419,523

Pool#

AZ9234

3.50%,

10/1/2030

25,878

24,558

Pool#

BA2993

3.00%,

11/1/2030

91,294

86,216

Pool#

AS6174

3.50%,

11/1/2030

11,552

10,978

Pool#

AS6272

2.50%,

12/1/2030

122,994

114,127

Pool#

AS6295

3.00%,

12/1/2030

172,179

162,598

Pool#

BA3545

3.00%,

12/1/2030

82,960

78,346

Pool#

AH1515

4.00%,

12/1/2030

191,788

182,994

Pool#

AD0716

6.50%,

12/1/2030

551,460

571,979

Pool#

BA6532

2.50%,

1/1/2031

96,100

89,170

Pool#

BM5016

3.00%,

1/1/2031

287,357

271,388

Pool#

AB2121

4.00%,

1/1/2031

28,909

27,584

Pool#

AL8060

3.00%,

2/1/2031

205,003

193,603

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA0641

4.00%,

2/1/2031

132,084

126,024

Pool#

560868

7.50%,

2/1/2031

549

550

Pool#

AS6799

3.00%,

3/1/2031

153,056

144,537

Pool#

BC0774

3.00%,

3/1/2031

89,147

84,056

Pool#

BC4410

3.50%,

3/1/2031

11,056

10,485

Pool#

AS6919

3.50%,

3/1/2031

9,837

9,358

Pool#

BC0320

3.50%,

3/1/2031

8,175

7,759

Pool#

BC4430

3.00%,

4/1/2031

31,988

30,126

Pool#

AL8565

3.00%,

6/1/2031

106,835

100,883

Pool#

AL8566

3.00%,

6/1/2031

100,131

94,548

Pool#

AL8561

3.50%,

6/1/2031

100,092

95,234

Pool#

AS8028

2.50%,

9/1/2031

349,569

324,322

Pool#

AL9378

3.00%,

9/1/2031

51,730

48,846

Pool#

MA2775

2.50%,

10/1/2031

734,803

681,776

Pool#

BM1888

2.50%,

10/1/2031

655,567

625,416

Pool#

AS8038

2.50%,

10/1/2031

333,763

309,664

Pool#

BC4777

2.50%,

10/1/2031

272,854

252,578

Pool#

AL9323

2.50%,

10/1/2031

16,391

15,207

Pool#

AS8612

3.00%,

10/1/2031

96,635

91,114

Pool#

607212

7.50%,

10/1/2031

2,951

2,965

Pool#

MA0895

3.50%,

11/1/2031

132,403

124,926

Pool#

MA2830

2.50%,

12/1/2031

287,631

266,872

Pool#

BM3814

2.50%,

12/1/2031

198,130

183,839

Pool#

AS8594

2.50%,

1/1/2032

232,246

215,482

Pool#

AS8597

2.50%,

1/1/2032

194,252

180,230

Pool#

AS8609

3.00%,

1/1/2032

142,939

134,972

Pool#

AL9786

3.00%,

1/1/2032

137,441

129,805

Pool#

AL9585

3.50%,

1/1/2032

53,876

51,249

Pool#

BM1036

2.50%,

2/1/2032

1,061,248

984,655

Pool#

BM4624

3.00%,

2/1/2032

154,556

145,999

44

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9872

3.00%,

2/1/2032

114,828

108,451

Pool#

AL9740

3.00%,

2/1/2032

100,060

93,256

Pool#

AL9871

3.00%,

2/1/2032

70,347

66,440

Pool#

AS8767

3.00%,

2/1/2032

11,785

11,129

Pool#

BM1007

2.50%,

3/1/2032

312,804

288,861

Pool#

AL9899

3.00%,

3/1/2032

20,505

19,363

Pool#

BM3269

2.50%,

4/1/2032

465,497

431,895

Pool#

MA1029

3.50%,

4/1/2032

114,199

107,750

Pool#

545556

7.00%,

4/1/2032

2,088

2,169

Pool#

AO2565

3.50%,

5/1/2032

35,411

33,415

Pool#

AS9695

3.50%,

5/1/2032

23,347

22,136

Pool#

545605

7.00%,

5/1/2032

2,930

3,074

Pool#

BM4088

3.00%,

6/1/2032

185,366

175,161

Pool#

AO5103

3.50%,

6/1/2032

122,764

115,834

Pool#

890786

3.50%,

6/1/2032

23,517

22,311

Pool#

MA1107

3.50%,

7/1/2032

16,304

15,102

Pool#

FM1664

4.00%,

7/1/2032

95,340

92,230

Pool#

651361

7.00%,

7/1/2032

979

983

Pool#

BM1669

3.00%,

8/1/2032

115,985

108,099

Pool#

AP1990

3.50%,

8/1/2032

54,752

51,668

Pool#

AP1997

3.50%,

8/1/2032

29,638

27,966

Pool#

BH5355

3.50%,

8/1/2032

6,091

5,775

Pool#

AO7202

3.50%,

9/1/2032

114,037

107,611

Pool#

MA1166

3.50%,

9/1/2032

88,358

83,365

Pool#

BM5167

3.50%,

9/1/2032

16,388

15,614

Pool#

CA0586

2.50%,

10/1/2032

48,533

44,815

Pool#

AP3673

3.50%,

10/1/2032

105,850

99,878

Pool#

BH9391

3.50%,

10/1/2032

7,207

6,834

Pool#

BM3389

3.00%,

11/1/2032

187,169

174,458

Pool#

AB6962

3.50%,

11/1/2032

156,389

147,556

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AQ3343

3.50%,

11/1/2032

97,540

92,034

Pool#

BM3977

3.00%,

12/1/2032

270,616

252,212

Pool#

CA0951

3.00%,

12/1/2032

143,660

133,886

Pool#

FM1661

2.50%,

1/1/2033

538,864

500,092

Pool#

BM4338

2.50%,

1/1/2033

306,481

284,361

Pool#

BM3919

3.00%,

2/1/2033

175,272

163,350

Pool#

BM3750

3.50%,

3/1/2033

145,470

137,942

Pool#

BM4129

3.50%,

4/1/2033

182,317

172,852

Pool#

555346

5.50%,

4/1/2033

30,519

31,236

Pool#

713560

5.50%,

4/1/2033

6,823

6,817

Pool#

694846

6.50%,

4/1/2033

6,227

6,417

Pool#

AB9402

3.00%,

5/1/2033

183,076

168,683

Pool#

AB9403

3.00%,

5/1/2033

79,357

73,130

Pool#

AB9300

3.00%,

5/1/2033

60,747

55,977

Pool#

BM4132

3.50%,

5/1/2033

134,904

127,901

Pool#

MA3372

4.00%,

5/1/2033

115,771

112,955

Pool#

555421

5.00%,

5/1/2033

647,428

650,136

Pool#

MA3393

4.00%,

6/1/2033

50,859

49,311

Pool#

MA3427

4.00%,

7/1/2033

38,810

37,651

Pool#

720087

5.50%,

7/1/2033

110,772

113,191

Pool#

728721

5.50%,

7/1/2033

13,235

13,600

Pool#

555684

5.50%,

7/1/2033

4,806

4,943

Pool#

MA1527

3.00%,

8/1/2033

639,676

589,398

Pool#

743235

5.50%,

10/1/2033

8,888

9,122

Pool#

750229

6.50%,

10/1/2033

17,196

17,723

Pool#

FM2154

4.00%,

12/1/2033

189,730

183,598

Pool#

755872

5.50%,

12/1/2033

95,282

97,755

Pool#

725221

5.50%,

1/1/2034

2,752

2,832

Pool#

725223

5.50%,

3/1/2034

330

340

Pool#

725228

6.00%,

3/1/2034

261,079

274,338

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

45

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

725425

5.50%,

4/1/2034

158,365

163,058

Pool#

725423

5.50%,

5/1/2034

15,651

16,113

Pool#

725594

5.50%,

7/1/2034

67,008

69,035

Pool#

MA3739

3.50%,

8/1/2034

101,768

96,417

Pool#

788027

6.50%,

9/1/2034

21,070

21,823

Pool#

MA3827

2.50%,

11/1/2034

570,267

518,825

Pool#

FM1905

3.00%,

11/1/2034

70,041

65,224

Pool#

807310

7.00%,

11/1/2034

1,877

1,948

Pool#

FM2412

3.50%,

1/1/2035

38,628

36,604

Pool#

735141

5.50%,

1/1/2035

204,272

210,579

Pool#

889852

5.50%,

5/1/2035

5,754

5,924

Pool#

FM5474

2.50%,

10/1/2035

504,349

458,206

Pool#

MA4156

2.50%,

10/1/2035

424,795

385,930

Pool#

FM4900

2.00%,

12/1/2035

67,794

59,811

Pool#

256023

6.00%,

12/1/2035

189,607

199,210

Pool#

CA8793

2.00%,

2/1/2036

1,612,443

1,425,570

Pool#

CA8736

2.00%,

2/1/2036

784,002

691,679

Pool#

CA8789

2.00%,

2/1/2036

765,845

675,652

Pool#

FM5908

2.00%,

2/1/2036

557,293

491,689

Pool#

CA9141

2.00%,

2/1/2036

547,682

483,178

Pool#

CA9145

2.00%,

2/1/2036

450,012

397,019

Pool#

FM5571

2.00%,

2/1/2036

259,399

228,856

Pool#

CA9435

2.00%,

3/1/2036

490,295

432,541

Pool#

CA9475

2.00%,

3/1/2036

452,505

399,216

Pool#

CA9441

2.50%,

3/1/2036

365,848

332,372

Pool#

CB0262

2.00%,

4/1/2036

722,317

637,252

Pool#

745418

5.50%,

4/1/2036

30,262

31,253

Pool#

FM7259

2.50%,

5/1/2036

321,852

293,164

Pool#

745516

5.50%,

5/1/2036

17,365

17,937

Pool#

MA4360

2.00%,

6/1/2036

1,291,307

1,139,189

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

889745

5.50%,

6/1/2036

3,280

3,378

Pool#

CB1090

2.50%,

7/1/2036

190,877

173,407

Pool#

FM8538

2.00%,

8/1/2036

251,210

221,609

Pool#

995065

5.50%,

9/1/2036

114,807

117,599

Pool#

888635

5.50%,

9/1/2036

74,589

76,792

Pool#

MA4441

1.50%,

10/1/2036

282,877

242,849

Pool#

MA4535

1.50%,

2/1/2037

4,780,394

4,103,874

Pool#

MA4566

1.50%,

3/1/2037

2,137,195

1,834,694

Pool#

MA4581

1.50%,

4/1/2037

560,008

480,742

Pool#

BT2234

2.00%,

4/1/2037

5,541,046

4,887,991

Pool#

MA4582

2.00%,

4/1/2037

2,730,169

2,408,347

Pool#

FS2035

2.00%,

5/1/2037

2,697,998

2,380,063

Pool#

CB4006

2.00%,

5/1/2037

2,264,207

1,997,313

Pool#

FS2497

1.50%,

8/1/2037

350,451

300,849

Pool#

995024

5.50%,

8/1/2037

40,431

41,737

Pool#

995050

6.00%,

9/1/2037

373,797

392,732

Pool#

955194

7.00%,

11/1/2037

35,249

37,039

Pool#

928940

7.00%,

12/1/2037

21,226

21,167

Pool#

MA3389

4.00%,

6/1/2038

75,582

71,337

Pool#

MA3464

3.50%,

9/1/2038

148,680

137,598

Pool#

990810

7.00%,

10/1/2038

41,378

41,221

Pool#

AD8536

5.00%,

8/1/2040

115,149

115,482

Pool#

AB1735

3.50%,

11/1/2040

4,900

4,518

Pool#

AE9747

4.50%,

12/1/2040

409,061

400,777

Pool#

AB2067

3.50%,

1/1/2041

167,007

154,666

Pool#

932888

3.50%,

1/1/2041

135,700

125,379

Pool#

AB2068

3.50%,

1/1/2041

96,276

88,811

Pool#

932891

3.50%,

1/1/2041

22,025

20,313

Pool#

AL3650

5.00%,

2/1/2041

7,903

7,965

Pool#

AL6521

5.00%,

4/1/2041

712,514

718,140

46

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL0390

5.00%,

5/1/2041

230,058

231,875

Pool#

AL5863

4.50%,

6/1/2041

1,420,020

1,388,489

Pool#

AI9851

4.50%,

9/1/2041

23,600

23,059

Pool#

AL0761

5.00%,

9/1/2041

76,590

77,195

Pool#

BM3907

5.50%,

9/1/2041

184,675

190,186

Pool#

AJ5431

4.50%,

10/1/2041

49,780

48,056

Pool#

AJ4861

4.00%,

12/1/2041

80,368

76,617

Pool#

AX5316

4.50%,

1/1/2042

40,868

40,039

Pool#

AL2499

4.50%,

1/1/2042

13,523

13,262

Pool#

AW8167

3.50%,

2/1/2042

482,449

443,431

Pool#

AB5185

3.50%,

5/1/2042

218,582

200,809

Pool#

AO3575

4.50%,

5/1/2042

45,729

44,090

Pool#

AO4647

3.50%,

6/1/2042

483,570

444,166

Pool#

AO8036

4.50%,

7/1/2042

235,439

230,054

Pool#

AP2092

4.50%,

8/1/2042

11,500

10,987

Pool#

AP6579

3.50%,

9/1/2042

418,393

384,477

Pool#

AL2782

4.50%,

9/1/2042

71,779

70,324

Pool#

AB6524

3.50%,

10/1/2042

649,959

597,059

Pool#

AB7074

3.00%,

11/1/2042

370,658

332,105

Pool#

AP8785

3.00%,

11/1/2042

123,613

110,795

Pool#

AL2677

3.50%,

11/1/2042

428,104

393,210

Pool#

AB6786

3.50%,

11/1/2042

220,659

202,670

Pool#

MA1273

3.50%,

12/1/2042

182,291

167,430

Pool#

AR4210

3.50%,

1/1/2043

104,001

95,527

Pool#

AT4040

3.00%,

3/1/2043

100,002

89,546

Pool#

AR8213

3.50%,

4/1/2043

101,723

93,445

Pool#

AB9238

3.00%,

5/1/2043

620,384

555,457

Pool#

AB9237

3.00%,

5/1/2043

506,171

453,183

Pool#

AB9236

3.00%,

5/1/2043

161,968

144,971

Pool#

AB9362

3.50%,

5/1/2043

660,200

606,362

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AT4145

3.00%,

6/1/2043

188,045

168,224

Pool#

AB9814

3.00%,

7/1/2043

595,643

533,139

Pool#

AT6871

3.00%,

7/1/2043

79,056

70,621

Pool#

AS0203

3.00%,

8/1/2043

449,701

402,177

Pool#

AS0255

4.50%,

8/1/2043

157,234

154,043

Pool#

AS0516

3.00%,

9/1/2043

307,755

275,043

Pool#

AL4471

4.00%,

9/1/2043

242,996

231,608

Pool#

AL6951

3.50%,

10/1/2043

316,568

290,819

Pool#

BM4222

3.00%,

1/1/2044

430,452

385,168

Pool#

AS2276

4.50%,

4/1/2044

243,957

239,007

Pool#

AW1006

4.00%,

5/1/2044

91,868

86,891

Pool#

AL7767

4.50%,

6/1/2044

22,414

21,448

Pool#

AS3161

4.00%,

8/1/2044

524,868

498,777

Pool#

BM4650

3.00%,

10/1/2044

783,070

701,315

Pool#

CA0688

3.50%,

10/1/2044

189,113

173,792

Pool#

BC5090

4.00%,

10/1/2044

46,009

43,752

Pool#

AS3946

4.00%,

12/1/2044

661,618

628,638

Pool#

AL8303

3.00%,

1/1/2045

136,779

122,496

Pool#

BM4384

4.00%,

1/1/2045

228,979

217,543

Pool#

BM3611

4.00%,

1/1/2045

189,542

180,468

Pool#

BM3804

3.50%,

2/1/2045

86,484

79,435

Pool#

AL9555

4.00%,

2/1/2045

1,233,866

1,176,406

Pool#

AX9524

4.00%,

2/1/2045

737,326

697,434

Pool#

AS4418

4.00%,

2/1/2045

470,819

447,336

Pool#

AS4375

4.00%,

2/1/2045

342,754

325,649

Pool#

AL6889

4.50%,

2/1/2045

78,699

77,100

Pool#

BM3931

3.00%,

3/1/2045

378,118

338,810

Pool#

AY1312

3.50%,

3/1/2045

1,193,557

1,094,001

Pool#

AX9567

3.50%,

3/1/2045

65,790

60,316

Pool#

AS4578

4.00%,

3/1/2045

95,000

90,259

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

47

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM4975

4.00%,

3/1/2045

93,372

88,739

Pool#

BM3664

3.00%,

5/1/2045

422,519

378,400

Pool#

AS4921

3.50%,

5/1/2045

574,676

527,945

Pool#

AS5012

4.00%,

5/1/2045

929,822

883,428

Pool#

BM5562

4.00%,

6/1/2045

177,040

168,201

Pool#

AS5312

3.50%,

7/1/2045

116,021

106,587

Pool#

AZ7111

4.00%,

7/1/2045

11,375

10,793

Pool#

AZ9866

4.00%,

8/1/2045

8,741

8,239

Pool#

AL7207

4.50%,

8/1/2045

98,955

96,944

Pool#

AL9634

3.50%,

10/1/2045

72,394

66,509

Pool#

BA2164

3.00%,

11/1/2045

93,737

83,572

Pool#

AS6311

3.50%,

12/1/2045

916,018

841,682

Pool#

AS6282

3.50%,

12/1/2045

870,238

799,513

Pool#

BC0326

3.50%,

12/1/2045

529,246

485,255

Pool#

BC0092

3.50%,

12/1/2045

51,501

47,220

Pool#

BC0475

3.50%,

12/1/2045

41,868

38,472

Pool#

AS6362

4.50%,

12/1/2045

19,613

19,183

Pool#

AS6474

3.50%,

1/1/2046

214,841

198,147

Pool#

AS6539

3.50%,

1/1/2046

196,700

181,412

Pool#

AL9849

3.50%,

1/1/2046

106,915

98,221

Pool#

AS6527

4.00%,

1/1/2046

131,406

124,694

Pool#

BC0178

4.50%,

1/1/2046

2,110

2,029

Pool#

BC1158

3.50%,

2/1/2046

716,468

656,933

Pool#

BC2667

4.00%,

2/1/2046

19,900

18,873

Pool#

BC0605

4.00%,

2/1/2046

14,634

13,875

Pool#

AL9781

4.50%,

2/1/2046

191,685

187,150

Pool#

BC0300

3.50%,

3/1/2046

531,684

486,580

Pool#

BM4621

3.50%,

3/1/2046

275,146

252,759

Pool#

AS6833

3.50%,

3/1/2046

11,757

10,819

Pool#

AS6795

4.00%,

3/1/2046

65,164

61,758

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BA6972

4.00%,

3/1/2046

24,234

22,990

Pool#

BC0311

4.50%,

3/1/2046

2,579

2,482

Pool#

BC0823

3.50%,

4/1/2046

87,713

80,454

Pool#

BA7692

3.50%,

4/1/2046

11,377

10,455

Pool#

AS7026

4.00%,

4/1/2046

50,125

47,571

Pool#

AS7171

3.50%,

5/1/2046

24,908

22,896

Pool#

AS7251

4.00%,

5/1/2046

9,107

8,638

Pool#

AS7387

3.50%,

6/1/2046

69,541

63,836

Pool#

AL8833

4.00%,

6/1/2046

585,335

556,209

Pool#

AS7594

3.50%,

7/1/2046

477,215

437,685

Pool#

AS7593

3.50%,

7/1/2046

474,613

435,487

Pool#

AL8824

3.50%,

7/1/2046

130,551

120,408

Pool#

AS7545

3.50%,

7/1/2046

117,635

107,896

Pool#

AS7490

3.50%,

7/1/2046

87,395

80,184

Pool#

BC1452

4.00%,

7/1/2046

842,356

796,028

Pool#

BD5180

4.50%,

7/1/2046

1,243

1,194

Pool#

MA2705

3.00%,

8/1/2046

436,465

388,743

Pool#

BC1489

3.00%,

8/1/2046

104,837

93,367

Pool#

BD4890

3.50%,

8/1/2046

547,876

502,296

Pool#

BC9501

3.50%,

8/1/2046

20,509

18,771

Pool#

AS7760

4.00%,

8/1/2046

98,262

93,273

Pool#

AS7648

4.00%,

8/1/2046

41,517

39,385

Pool#

AS7795

4.00%,

8/1/2046

36,701

34,822

Pool#

BD3911

4.00%,

8/1/2046

8,230

7,805

Pool#

BD3923

4.00%,

8/1/2046

6,819

6,467

Pool#

AS7770

4.50%,

8/1/2046

23,880

23,259

Pool#

BD5232

4.50%,

8/1/2046

4,371

4,232

Pool#

AL8947

3.50%,

9/1/2046

156,548

143,862

Pool#

BD4944

3.50%,

9/1/2046

17,448

15,950

Pool#

AL9263

3.00%,

10/1/2046

150,609

133,871

48

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9234

3.50%,

10/1/2046

63,250

58,263

Pool#

BM3932

3.50%,

10/1/2046

36,145

33,197

Pool#

AS8125

3.50%,

10/1/2046

35,704

32,790

Pool#

FM1871

4.00%,

10/1/2046

86,978

82,907

Pool#

BC4766

4.50%,

10/1/2046

27,889

27,124

Pool#

AS8154

4.50%,

10/1/2046

8,848

8,566

Pool#

FM1368

3.00%,

11/1/2046

837,579

746,877

Pool#

MA2806

3.00%,

11/1/2046

289,725

257,262

Pool#

BC9003

3.00%,

11/1/2046

116,545

104,308

Pool#

AS8369

3.50%,

11/1/2046

452,302

414,067

Pool#

BE5067

3.50%,

11/1/2046

306,311

281,417

Pool#

BE0065

3.50%,

11/1/2046

11,349

10,443

Pool#

BE5038

4.00%,

11/1/2046

10,778

10,240

Pool#

MA2833

3.00%,

12/1/2046

2,432,244

2,159,547

Pool#

AS8483

3.00%,

12/1/2046

569,310

508,001

Pool#

BC9067

3.00%,

12/1/2046

279,157

247,968

Pool#

AS8488

3.00%,

12/1/2046

228,498

203,096

Pool#

AS8509

3.00%,

12/1/2046

74,113

65,869

Pool#

BM1121

3.50%,

12/1/2046

470,685

432,087

Pool#

AS8492

3.50%,

12/1/2046

461,976

426,083

Pool#

AS8572

3.50%,

12/1/2046

324,402

296,618

Pool#

AS8417

3.50%,

12/1/2046

277,739

253,954

Pool#

BE4224

3.50%,

12/1/2046

11,790

10,820

Pool#

AS8650

3.00%,

1/1/2047

981,629

868,334

Pool#

AL9697

3.00%,

1/1/2047

584,901

520,125

Pool#

AS8647

3.00%,

1/1/2047

428,913

381,088

Pool#

BE5775

3.00%,

1/1/2047

361,362

320,773

Pool#

AL9774

3.50%,

1/1/2047

312,309

289,576

Pool#

BM3204

3.50%,

1/1/2047

240,131

221,528

Pool#

BD2440

3.50%,

1/1/2047

164,310

150,108

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8692

3.50%,

1/1/2047

149,285

136,631

Pool#

BD2450

3.50%,

1/1/2047

113,211

103,563

Pool#

BE6548

3.50%,

1/1/2047

57,051

52,210

Pool#

BE5856

4.50%,

1/1/2047

6,898

6,682

Pool#

BE7115

4.50%,

1/1/2047

6,797

6,569

Pool#

BE6503

4.50%,

1/1/2047

3,683

3,571

Pool#

BM3908

5.50%,

1/1/2047

36,648

37,832

Pool#

MA2895

3.00%,

2/1/2047

3,072,001

2,728,177

Pool#

BM3688

3.50%,

2/1/2047

369,861

339,984

Pool#

BD5046

3.50%,

2/1/2047

69,378

63,411

Pool#

BM5274

4.00%,

2/1/2047

62,588

59,402

Pool#

BE8495

4.50%,

2/1/2047

3,668

3,555

Pool#

BE7869

4.50%,

2/1/2047

2,949

2,832

Pool#

AL9859

3.00%,

3/1/2047

913,898

814,665

Pool#

AL9848

3.00%,

3/1/2047

299,150

265,912

Pool#

BM5383

4.00%,

3/1/2047

39,961

37,969

Pool#

AS8966

4.00%,

3/1/2047

26,725

25,322

Pool#

AS8979

4.50%,

3/1/2047

43,390

42,173

Pool#

BE9247

4.50%,

3/1/2047

4,164

4,000

Pool#

BM3707

2.50%,

4/1/2047

160,102

135,706

Pool#

AS9463

3.50%,

4/1/2047

129,451

118,504

Pool#

AS9451

3.50%,

4/1/2047

86,902

79,492

Pool#

BD7122

4.00%,

4/1/2047

393,885

372,019

Pool#

AS9467

4.00%,

4/1/2047

214,403

203,227

Pool#

AS9470

4.50%,

4/1/2047

139,137

135,035

Pool#

BH0304

4.50%,

4/1/2047

7,165

6,948

Pool#

AS9562

3.00%,

5/1/2047

63,253

56,091

Pool#

BM3237

3.50%,

5/1/2047

322,103

296,000

Pool#

AS9577

3.50%,

5/1/2047

125,289

114,499

Pool#

BM1268

4.00%,

5/1/2047

230,058

218,097

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

49

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BE3670

3.50%,

6/1/2047

130,312

118,968

Pool#

AS9794

3.50%,

6/1/2047

114,538

105,226

Pool#

AS9747

4.00%,

6/1/2047

587,858

557,212

Pool#

BM3549

4.00%,

6/1/2047

236,618

224,553

Pool#

BE3702

4.00%,

6/1/2047

86,293

81,371

Pool#

BM1295

4.50%,

6/1/2047

93,803

91,142

Pool#

BE9624

4.50%,

6/1/2047

11,776

11,378

Pool#

BM3801

3.00%,

7/1/2047

508,685

452,392

Pool#

AS9938

3.50%,

7/1/2047

126,015

116,225

Pool#

BM1551

3.50%,

7/1/2047

115,034

105,304

Pool#

AS9909

3.50%,

7/1/2047

58,558

53,533

Pool#

BM1492

4.00%,

7/1/2047

416,921

395,221

Pool#

AS9973

4.00%,

7/1/2047

27,580

26,038

Pool#

890673

3.00%,

8/1/2047

259,253

230,890

Pool#

MA3087

3.50%,

8/1/2047

209,656

190,628

Pool#

CA0240

3.50%,

8/1/2047

109,412

100,007

Pool#

BM1658

3.50%,

8/1/2047

93,419

85,454

Pool#

BH7375

3.50%,

8/1/2047

68,111

62,320

Pool#

CA0123

4.00%,

8/1/2047

345,520

327,379

Pool#

BH2597

4.00%,

8/1/2047

203,270

191,774

Pool#

BH5359

4.00%,

8/1/2047

122,567

116,213

Pool#

CA0133

4.00%,

8/1/2047

39,245

37,156

Pool#

BM5787

4.00%,

8/1/2047

11,427

10,851

Pool#

CA0407

3.50%,

9/1/2047

179,281

163,797

Pool#

BH4004

4.00%,

9/1/2047

199,172

187,951

Pool#

BM3556

4.00%,

9/1/2047

119,435

113,198

Pool#

CA0392

4.00%,

9/1/2047

80,898

76,456

Pool#

CA0265

4.00%,

9/1/2047

24,621

23,335

Pool#

CA0487

3.50%,

10/1/2047

467,818

427,304

Pool#

BM1959

3.50%,

10/1/2047

333,051

307,185

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0493

4.00%,

10/1/2047

204,028

193,118

Pool#

BM3015

4.00%,

10/1/2047

138,938

131,674

Pool#

CA0549

4.00%,

10/1/2047

136,982

129,659

Pool#

CA0496

4.50%,

10/1/2047

147,861

143,660

Pool#

CA0623

4.50%,

10/1/2047

34,803

33,720

Pool#

CA0693

3.50%,

11/1/2047

316,683

289,550

Pool#

CA0680

3.50%,

11/1/2047

162,543

149,917

Pool#

BM3358

3.50%,

11/1/2047

142,529

131,472

Pool#

CA0696

4.00%,

11/1/2047

338,861

319,760

Pool#

BM3191

4.00%,

11/1/2047

73,608

69,722

Pool#

CA0808

4.00%,

11/1/2047

58,192

55,238

Pool#

BM3379

3.00%,

12/1/2047

476,720

424,473

Pool#

BJ2492

3.50%,

12/1/2047

207,440

189,610

Pool#

MA3211

4.00%,

12/1/2047

530,908

503,330

Pool#

BJ1699

4.00%,

12/1/2047

174,531

165,435

Pool#

CA0991

3.50%,

1/1/2048

339,953

312,657

Pool#

MA3238

3.50%,

1/1/2048

326,550

298,659

Pool#

CA1015

4.00%,

1/1/2048

207,901

197,082

Pool#

CA1025

4.50%,

1/1/2048

267,662

259,037

Pool#

CA1189

3.50%,

2/1/2048

1,268,860

1,161,048

Pool#

BH9280

3.50%,

2/1/2048

691,233

630,620

Pool#

CA1242

3.50%,

2/1/2048

159,890

148,239

Pool#

MA3277

4.00%,

2/1/2048

12,159

11,491

Pool#

BJ8271

4.50%,

2/1/2048

318,798

308,311

Pool#

BJ8269

4.50%,

2/1/2048

200,672

195,214

Pool#

BK1586

4.50%,

2/1/2048

191,550

185,912

Pool#

BJ8270

4.50%,

2/1/2048

181,845

176,493

Pool#

CA4341

3.00%,

3/1/2048

113,766

100,136

Pool#

MA3305

3.50%,

3/1/2048

35,545

32,489

Pool#

BK1972

4.50%,

3/1/2048

57,311

56,176

50

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BJ0640

5.00%,

3/1/2048

15,183

14,987

Pool#

CA1531

3.50%,

4/1/2048

122,616

112,688

Pool#

CA1510

3.50%,

4/1/2048

75,727

69,154

Pool#

CA1551

4.00%,

4/1/2048

535,768

505,025

Pool#

CA1560

4.50%,

4/1/2048

112,330

109,102

Pool#

BJ2681

5.00%,

4/1/2048

41,651

41,208

Pool#

MA3348

5.00%,

4/1/2048

3,956

3,912

Pool#

BM4024

3.50%,

5/1/2048

77,693

72,045

Pool#

MA3358

4.50%,

5/1/2048

165,118

158,604

Pool#

MA3374

5.00%,

5/1/2048

11,897

11,760

Pool#

CA1898

4.50%,

6/1/2048

137,810

134,435

Pool#

CA1951

4.00%,

7/1/2048

135,084

127,716

Pool#

BK6577

4.50%,

7/1/2048

12,696

12,196

Pool#

CA1988

4.50%,

7/1/2048

4,259

4,112

Pool#

BK4766

4.50%,

8/1/2048

226,842

219,788

Pool#

CA2376

4.00%,

9/1/2048

127,902

120,937

Pool#

MA3472

5.00%,

9/1/2048

14,870

14,737

Pool#

MA3495

4.00%,

10/1/2048

183,646

173,529

Pool#

CA2493

4.50%,

10/1/2048

85,790

82,776

Pool#

BM4664

4.50%,

10/1/2048

79,942

77,588

Pool#

BM5024

3.00%,

11/1/2048

586,151

517,525

Pool#

FM1001

3.50%,

11/1/2048

42,442

38,821

Pool#

MA3521

4.00%,

11/1/2048

193,083

182,258

Pool#

MA3536

4.00%,

12/1/2048

146,233

137,905

Pool#

CA2779

4.50%,

12/1/2048

278,677

270,466

Pool#

BN0340

4.50%,

12/1/2048

222,031

213,738

Pool#

BM5212

4.50%,

12/1/2048

56,934

54,967

Pool#

FM2888

3.50%,

1/1/2049

1,510,412

1,375,930

Pool#

BN3944

4.00%,

1/1/2049

95,541

89,975

Pool#

BN3960

4.50%,

1/1/2049

150,648

145,563

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BN6135

4.00%,

2/1/2049

62,654

58,855

Pool#

FM2337

4.50%,

2/1/2049

231,616

223,246

Pool#

CA3387

4.00%,

4/1/2049

317,106

299,388

Pool#

CA3394

5.00%,

4/1/2049

28,337

27,983

Pool#

CA3489

4.00%,

5/1/2049

237,319

224,197

Pool#

MA3665

4.50%,

5/1/2049

245,162

236,759

Pool#

FM1051

4.50%,

5/1/2049

135,062

130,497

Pool#

CA3669

4.00%,

6/1/2049

351,262

331,256

Pool#

CA3639

4.00%,

6/1/2049

117,877

111,167

Pool#

FM8304

4.00%,

7/1/2049

665,427

628,158

Pool#

CA3825

4.00%,

7/1/2049

279,055

263,299

Pool#

BO5494

3.00%,

11/1/2049

95,082

83,824

Pool#

BO6225

3.00%,

12/1/2049

736,863

646,133

Pool#

BO5380

3.00%,

12/1/2049

107,954

95,168

Pool#

MA3873

4.00%,

12/1/2049

134,905

126,455

Pool#

CA5152

3.00%,

2/1/2050

240,079

210,756

Pool#

FM2887

3.00%,

3/1/2050

478,624

422,184

Pool#

FM0077

3.00%,

3/1/2050

120,187

105,434

Pool#

CA5510

3.00%,

4/1/2050

412,982

362,589

Pool#

MA4077

2.00%,

7/1/2050

1,065,409

869,009

Pool#

CA6598

2.50%,

8/1/2050

946,761

800,811

Pool#

BQ4909

2.00%,

9/1/2050

1,842,645

1,502,026

Pool#

CA6985

2.00%,

9/1/2050

994,457

810,942

Pool#

FM4226

2.50%,

9/1/2050

2,358,671

1,993,912

Pool#

FM4231

2.50%,

9/1/2050

2,187,372

1,849,484

Pool#

FM4222

2.50%,

9/1/2050

559,761

473,972

Pool#

CA7029

2.50%,

9/1/2050

523,349

442,964

Pool#

CA7572

2.50%,

10/1/2050

3,217,148

2,752,076

Pool#

CA7368

2.50%,

10/1/2050

1,349,721

1,142,062

Pool#

CA7369

2.50%,

10/1/2050

1,043,806

883,247

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

51

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4181

1.50%,

11/1/2050

943,981

726,470

Pool#

CA7573

2.50%,

11/1/2050

4,705,193

4,021,254

Pool#

FM4859

2.50%,

11/1/2050

1,132,828

957,713

Pool#

FM4808

2.50%,

11/1/2050

859,852

726,972

Pool#

FM4969

2.00%,

12/1/2050

1,873,600

1,527,467

Pool#

CA8442

2.00%,

1/1/2051

2,262,036

1,842,689

Pool#

FM6031

2.00%,

2/1/2051

2,740,417

2,230,683

Pool#

CA8823

2.00%,

2/1/2051

1,176,124

957,955

Pool#

CA8893

2.00%,

2/1/2051

1,142,328

930,051

Pool#

BQ9747

2.00%,

2/1/2051

848,110

690,550

Pool#

FM6135

2.00%,

2/1/2051

652,423

531,734

Pool#

CA8866

2.50%,

2/1/2051

769,907

650,496

Pool#

MA4280

1.50%,

3/1/2051

3,819,899

2,937,694

Pool#

FM6554

2.00%,

3/1/2051

2,113,600

1,721,761

Pool#

MA4281

2.00%,

3/1/2051

1,910,103

1,555,580

Pool#

FM6569

2.50%,

3/1/2051

2,321,104

1,960,819

Pool#

FM7677

2.50%,

3/1/2051

2,319,409

1,960,899

Pool#

FM7460

4.00%,

3/1/2051

869,507

817,099

Pool#

FM6834

2.00%,

4/1/2051

2,582,616

2,103,949

Pool#

CB0235

2.00%,

4/1/2051

1,355,914

1,103,404

Pool#

CB0149

2.00%,

4/1/2051

352,075

286,483

Pool#

BR7647

2.00%,

4/1/2051

255,347

207,772

Pool#

BR7703

2.50%,

4/1/2051

410,190

346,117

Pool#

MA4325

2.00%,

5/1/2051

998,766

813,027

Pool#

CB0400

2.00%,

5/1/2051

335,097

274,114

Pool#

CB0514

2.50%,

5/1/2051

1,407,668

1,188,342

Pool#

CB0684

2.00%,

6/1/2051

1,434,539

1,167,070

Pool#

CB0819

2.00%,

6/1/2051

1,300,940

1,058,298

Pool#

FM7719

2.00%,

6/1/2051

940,536

765,803

Pool#

FM8630

1.50%,

7/1/2051

1,519,777

1,169,376

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4378

2.00%,

7/1/2051

2,239,898

1,822,686

Pool#

CB1110

2.00%,

7/1/2051

586,999

477,255

Pool#

FM8160

2.50%,

7/1/2051

724,637

613,502

Pool#

FM8007

2.50%,

7/1/2051

465,602

392,668

Pool#

CB1065

2.50%,

7/1/2051

368,784

310,858

Pool#

CB1133

2.50%,

7/1/2051

304,167

256,740

Pool#

CB1330

2.50%,

8/1/2051

1,657,831

1,398,076

Pool#

FM8011

2.50%,

8/1/2051

1,397,925

1,183,117

Pool#

CB1400

3.00%,

8/1/2051

45,133

39,661

Pool#

MA4437

2.00%,

10/1/2051

11,059,180

8,988,726

Pool#

BU1052

2.00%,

10/1/2051

523,396

426,048

Pool#

FM9082

2.00%,

10/1/2051

514,784

418,533

Pool#

FM9081

2.00%,

10/1/2051

194,819

158,386

Pool#

FS1215

2.50%,

10/1/2051

1,168,588

985,706

Pool#

FS1473

3.50%,

10/1/2051

1,418,331

1,293,868

Pool#

MA4464

1.50%,

11/1/2051

1,919,359

1,475,608

Pool#

CB2038

2.00%,

11/1/2051

5,945,341

4,829,426

Pool#

FM9450

2.00%,

11/1/2051

2,015,973

1,642,585

Pool#

MA4465

2.00%,

11/1/2051

1,940,268

1,575,017

Pool#

FM9411

2.00%,

11/1/2051

1,926,632

1,565,639

Pool#

CB2148

2.00%,

11/1/2051

954,496

775,349

Pool#

MA4466

2.50%,

11/1/2051

5,823,460

4,905,566

Pool#

FM9491

2.50%,

11/1/2051

810,956

683,081

Pool#

FM9494

2.50%,

11/1/2051

514,980

433,800

Pool#

BU5908

2.00%,

12/1/2051

3,810,384

3,099,892

Pool#

CB2297

2.50%,

12/1/2051

4,826,122

4,064,523

Pool#

MA4493

2.50%,

12/1/2051

3,739,902

3,149,493

Pool#

FM9543

2.50%,

12/1/2051

2,882,456

2,428,376

Pool#

CB2410

2.50%,

12/1/2051

2,060,304

1,734,464

Pool#

FM9806

2.50%,

12/1/2051

1,803,422

1,518,956

52

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM9864

2.50%,

12/1/2051

1,039,927

878,359

Pool#

CB2469

2.50%,

12/1/2051

948,884

798,811

Pool#

FM9697

2.50%,

12/1/2051

476,175

402,443

Pool#

FS1192

2.00%,

1/1/2052

4,792,390

3,904,883

Pool#

FS1095

2.00%,

1/1/2052

2,896,192

2,360,333

Pool#

MA4512

2.50%,

1/1/2052

4,588,832

3,863,342

Pool#

FS2639

2.50%,

1/1/2052

999,663

844,191

Pool#

FS2040

2.00%,

2/1/2052

1,957,290

1,588,819

Pool#

BU9905

2.00%,

2/1/2052

967,953

786,227

Pool#

CB2868

2.50%,

2/1/2052

1,947,929

1,639,203

Pool#

CB3156

2.00%,

3/1/2052

1,951,693

1,584,154

Pool#

BV4170

2.50%,

3/1/2052

4,901,882

4,125,938

Pool#

BV4133

2.50%,

3/1/2052

1,944,907

1,637,018

Pool#

CB3159

2.50%,

3/1/2052

1,937,312

1,629,657

Pool#

CB3016

2.50%,

3/1/2052

959,003

806,999

Pool#

CB3237

3.00%,

3/1/2052

957,706

835,820

Pool#

CB3350

2.50%,

4/1/2052

1,958,890

1,647,553

Pool#

MA4578

2.50%,

4/1/2052

1,192,860

1,003,372

Pool#

BV5355

2.50%,

4/1/2052

980,474

824,947

Pool#

CB3368

3.00%,

4/1/2052

960,350

838,286

Pool#

CB3362

3.00%,

4/1/2052

949,080

829,772

Pool#

CB3516

3.00%,

5/1/2052

1,459,699

1,274,591

Pool#

FS2141

3.50%,

6/1/2052

1,150,120

1,037,098

Pool#

CB3915

4.50%,

6/1/2052

71,531

68,336

Pool#

MA4732

4.00%,

9/1/2052

298,680

277,283

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2037

4,465,250

3,828,429

2.00%,

10/25/2037

4,274,750

3,766,622

2.50%,

10/25/2037

220,000

199,083

3.00%,

10/25/2037

348,663

323,657

3.50%,

10/25/2037

1,393,000

1,316,385

4.00%,

10/25/2037

343,000

330,888

4.50%,

10/25/2037

215,000

211,137

5.00%,

10/25/2037

35,000

35,060

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

10/25/2052

1,600,000

1,226,625

2.00%,

10/25/2052

5,495,208

4,448,113

2.50%,

10/25/2052

8,801,000

7,382,354

3.00%,

10/25/2052

8,775,000

7,635,964

3.50%,

10/25/2052

2,900,000

2,609,774

4.00%,

10/25/2052

3,125,000

2,899,536

4.50%,

10/25/2052

1,625,000

1,547,940

5.00%,

10/25/2052

1,926,000

1,876,054

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

177

178

Pool#

457801

7.00%,

8/15/2028

1,316

1,337

Pool#

486936

6.50%,

2/15/2029

561

580

Pool#

502969

6.00%,

3/15/2029

1,691

1,730

Pool#

487053

7.00%,

3/15/2029

657

666

Pool#

781014

6.00%,

4/15/2029

1,248

1,283

Pool#

509099

7.00%,

6/15/2029

2,450

2,464

Pool#

470643

7.00%,

7/15/2029

6,417

6,453

Pool#

434505

7.50%,

8/15/2029

43

43

Pool#

781124

7.00%,

12/15/2029

4,533

4,736

Pool#

507396

7.50%,

9/15/2030

30,434

30,781

Pool#

531352

7.50%,

9/15/2030

1,976

1,993

Pool#

536334

7.50%,

10/15/2030

145

146

Pool#

540659

7.00%,

1/15/2031

675

677

Pool#

486019

7.50%,

1/15/2031

735

743

Pool#

535388

7.50%,

1/15/2031

462

464

Pool#

528589

6.50%,

3/15/2031

8,152

8,424

Pool#

508473

7.50%,

4/15/2031

3,020

3,070

Pool#

544470

8.00%,

4/15/2031

1,509

1,510

Pool#

781287

7.00%,

5/15/2031

2,191

2,284

Pool#

781319

7.00%,

7/15/2031

676

721

Pool#

485879

7.00%,

8/15/2031

2,912

2,954

Pool#

572554

6.50%,

9/15/2031

27,645

28,568

Pool#

781328

7.00%,

9/15/2031

2,030

2,126

Pool#

550991

6.50%,

10/15/2031

435

450

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

53

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

571267

7.00%,

10/15/2031

277

280

Pool#

555171

6.50%,

12/15/2031

1,067

1,103

Pool#

781380

7.50%,

12/15/2031

681

726

Pool#

781481

7.50%,

1/15/2032

3,165

3,368

Pool#

580972

6.50%,

2/15/2032

149

154

Pool#

781401

7.50%,

2/15/2032

2,191

2,311

Pool#

781916

6.50%,

3/15/2032

25,461

26,311

Pool#

552474

7.00%,

3/15/2032

3,425

3,532

Pool#

781478

7.50%,

3/15/2032

1,247

1,320

Pool#

781429

8.00%,

3/15/2032

2,258

2,403

Pool#

781431

7.00%,

4/15/2032

8,073

8,524

Pool#

552616

7.00%,

6/15/2032

32,076

33,025

Pool#

570022

7.00%,

7/15/2032

11,994

12,483

Pool#

595077

6.00%,

10/15/2032

3,909

4,179

Pool#

552903

6.50%,

11/15/2032

42,997

44,432

Pool#

552952

6.00%,

12/15/2032

2,977

3,053

Pool#

602102

6.00%,

2/15/2033

13,001

13,324

Pool#

588192

6.00%,

2/15/2033

2,671

2,736

Pool#

553144

5.50%,

4/15/2033

10,369

10,816

Pool#

604243

6.00%,

4/15/2033

5,039

5,323

Pool#

611526

6.00%,

5/15/2033

7,261

7,434

Pool#

553320

6.00%,

6/15/2033

14,240

15,099

Pool#

604788

6.50%,

11/15/2033

46,347

47,894

Pool#

781688

6.00%,

12/15/2033

20,752

22,358

Pool#

604875

6.00%,

12/15/2033

18,964

20,284

Pool#

781690

6.00%,

12/15/2033

7,805

8,410

Pool#

781699

7.00%,

12/15/2033

2,650

2,711

Pool#

621856

6.00%,

1/15/2034

8,161

8,354

Pool#

564799

6.00%,

3/15/2034

10,742

11,002

Pool#

630038

6.50%,

8/15/2034

28,640

29,595

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781804

6.00%,

9/15/2034

19,702

21,269

Pool#

781847

6.00%,

12/15/2034

15,103

16,315

Pool#

486921

5.50%,

2/15/2035

5,379

5,637

Pool#

781902

6.00%,

2/15/2035

20,582

22,125

Pool#

781933

6.00%,

6/15/2035

2,095

2,251

Pool#

649513

5.50%,

10/15/2035

146,613

148,949

Pool#

649510

5.50%,

10/15/2035

74,572

76,844

Pool#

652207

5.50%,

3/15/2036

39,349

39,742

Pool#

655519

5.00%,

5/15/2036

18,345

18,139

Pool#

652539

5.00%,

5/15/2036

6,367

6,295

Pool#

606308

5.50%,

5/15/2036

6,593

6,688

Pool#

657912

6.50%,

8/15/2036

3,024

3,125

Pool#

697957

4.50%,

3/15/2039

571,503

563,036

Pool#

704630

5.50%,

7/15/2039

20,196

20,911

Pool#

710724

4.50%,

8/15/2039

174,385

171,970

Pool#

722292

5.00%,

9/15/2039

362,588

366,960

Pool#

782803

6.00%,

11/15/2039

175,309

188,984

Pool#

736666

4.50%,

4/15/2040

375,537

363,433

Pool#

733312

4.00%,

9/15/2040

47,783

45,494

Pool#

742235

4.00%,

12/15/2040

98,079

93,390

Pool#

755959

4.00%,

1/15/2041

87,654

84,347

Pool#

755958

4.00%,

1/15/2041

80,753

77,682

Pool#

742244

4.00%,

1/15/2041

77,983

74,284

Pool#

759075

4.00%,

1/15/2041

73,477

69,973

Pool#

753826

4.00%,

1/15/2041

38,128

36,264

Pool#

690662

4.00%,

1/15/2041

27,473

26,035

Pool#

719486

4.00%,

1/15/2041

7,374

6,973

Pool#

759207

4.00%,

2/15/2041

174,508

166,157

Pool#

757555

4.00%,

2/15/2041

19,256

18,419

Pool#

757557

4.00%,

2/15/2041

12,248

11,625

54

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

738107

4.00%,

3/15/2041

199,033

190,493

Pool#

784637

4.00%,

8/15/2041

64,915

63,436

Pool#

778869

4.00%,

2/15/2042

116,876

111,853

Pool#

783745

3.50%,

3/15/2043

847,560

790,072

Pool#

AD8789

3.50%,

3/15/2043

415,879

385,409

Pool#

AD2254

3.50%,

3/15/2043

75,008

69,907

Pool#

AA6403

3.00%,

5/15/2043

495,016

443,509

Pool#

AD2411

3.50%,

5/15/2043

284,089

264,840

Pool#

783781

3.50%,

6/15/2043

317,677

296,133

Pool#

784015

3.00%,

7/15/2043

92,099

82,290

Pool#

784459

3.00%,

12/15/2046

201,891

180,305

Pool#

784293

3.00%,

12/15/2046

54,308

48,264

Pool#

784355

4.00%,

12/15/2046

92,559

87,371

Pool#

784500

3.00%,

2/15/2047

449,479

400,572

Pool#

784713

3.00%,

2/15/2047

108,819

97,003

Pool#

784458

3.50%,

12/15/2047

1,074,252

1,001,677

Pool#

784747

4.00%,

5/15/2048

64,287

61,314

Pool#

784715

4.00%,

5/15/2048

59,160

56,358

Pool#

785073

4.00%,

9/15/2049

70,437

67,212

Pool#

BD4016

3.00%,

10/15/2049

184,785

163,259

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

213,573

220,518

Pool#

4245

6.00%,

9/20/2038

84,403

90,273

Pool#

4559

5.00%,

10/20/2039

197,091

200,154

Pool#

4715

5.00%,

6/20/2040

50,688

51,237

Pool#

4747

5.00%,

7/20/2040

567,593

571,294

Pool#

4771

4.50%,

8/20/2040

469,205

463,653

Pool#

4802

5.00%,

9/20/2040

383,918

387,591

Pool#

4834

4.50%,

10/20/2040

127,575

126,064

Pool#

737727

4.00%,

12/20/2040

801,901

763,366

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

737730

4.00%,

12/20/2040

234,420

223,200

Pool#

4923

4.50%,

1/20/2041

198,678

198,035

Pool#

4978

4.50%,

3/20/2041

28,094

27,761

Pool#

5017

4.50%,

4/20/2041

289,792

286,360

Pool#

5056

5.00%,

5/20/2041

96,577

97,501

Pool#

5082

4.50%,

6/20/2041

114,121

112,420

Pool#

5175

4.50%,

9/20/2041

135,003

133,404

Pool#

675523

3.50%,

3/20/2042

155,466

142,303

Pool#

5332

4.00%,

3/20/2042

128,321

123,376

Pool#

MA0392

3.50%,

9/20/2042

1,178,142

1,094,149

Pool#

MA0462

3.50%,

10/20/2042

927,316

856,341

Pool#

MA0534

3.50%,

11/20/2042

2,117,514

1,965,683

Pool#

MA0625

3.50%,

12/20/2042

445,327

413,252

Pool#

MA0698

3.00%,

1/20/2043

485,149

436,294

Pool#

MA0852

3.50%,

3/20/2043

488,580

453,920

Pool#

MA0934

3.50%,

4/20/2043

446,260

413,850

Pool#

AF1001

3.50%,

6/20/2043

403,421

369,455

Pool#

MA1376

4.00%,

10/20/2043

196,093

186,078

Pool#

AJ9335

3.50%,

10/20/2044

44,470

40,728

Pool#

MA2677

3.00%,

3/20/2045

162,607

146,245

Pool#

MA2754

3.50%,

4/20/2045

297,546

276,084

Pool#

MA2824

2.50%,

5/20/2045

316,053

273,188

Pool#

MA2825

3.00%,

5/20/2045

639,846

575,369

Pool#

AM4381

3.50%,

5/20/2045

395,657

360,648

Pool#

MA2891

3.00%,

6/20/2045

1,078,805

969,910

Pool#

MA2960

3.00%,

7/20/2045

370,610

333,163

Pool#

784156

4.00%,

8/20/2045

157,289

148,043

Pool#

AO1103

3.50%,

9/20/2045

635,663

582,191

Pool#

AO1099

3.50%,

9/20/2045

348,171

318,873

Pool#

MA3106

4.00%,

9/20/2045

86,310

82,037

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

55

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA3172

3.00%,

10/20/2045

177,887

159,897

Pool#

MA3173

3.50%,

10/20/2045

123,226

113,990

Pool#

MA3174

4.00%,

10/20/2045

10,760

10,211

Pool#

MA3243

3.00%,

11/20/2045

335,784

301,782

Pool#

MA3244

3.50%,

11/20/2045

321,917

297,098

Pool#

784098

3.00%,

12/20/2045

656,384

589,340

Pool#

MA3309

3.00%,

12/20/2045

574,771

515,047

Pool#

MA3310

3.50%,

12/20/2045

240,246

221,452

Pool#

784111

3.00%,

1/20/2046

345,048

309,768

Pool#

MA3377

4.00%,

1/20/2046

48,676

46,196

Pool#

784119

3.00%,

2/20/2046

654,488

587,569

Pool#

784115

3.00%,

2/20/2046

29,928

26,868

Pool#

MA3520

3.00%,

3/20/2046

444,207

399,132

Pool#

MA3521

3.50%,

3/20/2046

847,567

783,595

Pool#

MA3522

4.00%,

3/20/2046

335,862

315,870

Pool#

MA3596

3.00%,

4/20/2046

230,126

207,146

Pool#

MA3597

3.50%,

4/20/2046

242,129

223,765

Pool#

MA3662

3.00%,

5/20/2046

883,482

794,085

Pool#

MA3735

3.00%,

6/20/2046

537,596

481,920

Pool#

MA3736

3.50%,

6/20/2046

1,378,115

1,273,688

Pool#

MA3804

4.00%,

7/20/2046

50,741

48,159

Pool#

MA3873

3.00%,

8/20/2046

1,143,130

1,023,666

Pool#

MA3876

4.50%,

8/20/2046

53,613

53,276

Pool#

MA3936

3.00%,

9/20/2046

1,161,522

1,042,474

Pool#

MA3939

4.50%,

9/20/2046

9,048

8,761

Pool#

MA4006

4.50%,

10/20/2046

160,911

160,588

Pool#

MA4068

3.00%,

11/20/2046

174,504

156,095

Pool#

MA4069

3.50%,

11/20/2046

18,034

16,624

Pool#

MA4070

4.00%,

11/20/2046

31,334

29,740

Pool#

MA4071

4.50%,

11/20/2046

11,278

11,221

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4125

2.50%,

12/20/2046

103,036

88,779

Pool#

MA4126

3.00%,

12/20/2046

1,782,933

1,600,359

Pool#

MA4127

3.50%,

12/20/2046

430,161

397,456

Pool#

MA4194

2.50%,

1/20/2047

392,372

338,104

Pool#

MA4196

3.50%,

1/20/2047

111,684

103,316

Pool#

MA4261

3.00%,

2/20/2047

467,283

417,948

Pool#

MA4262

3.50%,

2/20/2047

1,705,716

1,576,286

Pool#

MA4264

4.50%,

2/20/2047

13,297

13,076

Pool#

MA4321

3.50%,

3/20/2047

850,723

783,825

Pool#

AZ1974

3.50%,

4/20/2047

216,663

198,497

Pool#

MA4382

3.50%,

4/20/2047

146,360

134,854

Pool#

MA4383

4.00%,

4/20/2047

679,337

644,396

Pool#

MA4384

4.50%,

4/20/2047

16,408

16,059

Pool#

MA4509

3.00%,

6/20/2047

166,817

149,564

Pool#

MA4511

4.00%,

6/20/2047

323,317

306,874

Pool#

MA4512

4.50%,

6/20/2047

37,305

36,118

Pool#

MA4585

3.00%,

7/20/2047

30,295

27,155

Pool#

MA4587

4.00%,

7/20/2047

975,288

925,722

Pool#

784471

3.50%,

8/20/2047

386,205

353,754

Pool#

BC1888

3.50%,

8/20/2047

357,534

327,576

Pool#

MA4652

3.50%,

8/20/2047

332,794

306,974

Pool#

MA4653

4.00%,

8/20/2047

49,981

47,441

Pool#

784408

3.50%,

10/20/2047

216,957

195,542

Pool#

MA4780

4.50%,

10/20/2047

12,782

12,429

Pool#

MA4836

3.00%,

11/20/2047

311,513

279,832

Pool#

MA4837

3.50%,

11/20/2047

296,182

272,711

Pool#

MA4838

4.00%,

11/20/2047

1,328,258

1,260,766

Pool#

784421

3.50%,

12/20/2047

317,744

289,505

Pool#

MA4900

3.50%,

12/20/2047

213,849

197,140

Pool#

MA4962

3.50%,

1/20/2048

399,516

367,977

56

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA5018

3.00%,

2/20/2048

117,998

105,718

Pool#

MA5019

3.50%,

2/20/2048

22,456

20,676

Pool#

784480

3.50%,

4/20/2048

291,807

274,245

Pool#

784479

3.50%,

4/20/2048

205,673

193,374

Pool#

784481

3.50%,

4/20/2048

88,527

81,087

Pool#

MA5137

4.00%,

4/20/2048

281,484

267,098

Pool#

BD4034

4.00%,

4/20/2048

93,975

88,371

Pool#

MA5138

4.50%,

4/20/2048

116,705

113,480

Pool#

MA5192

4.00%,

5/20/2048

516,254

489,104

Pool#

MA5265

4.50%,

6/20/2048

209,806

203,888

Pool#

MA5331

4.50%,

7/20/2048

94,389

91,669

Pool#

MA5398

4.00%,

8/20/2048

518,470

491,019

Pool#

MA5399

4.50%,

8/20/2048

258,404

250,897

Pool#

MA5466

4.00%,

9/20/2048

115,585

109,053

Pool#

BJ2692

4.00%,

11/20/2048

75,453

71,054

Pool#

MA5597

5.00%,

11/20/2048

9,037

8,907

Pool#

MA5652

4.50%,

12/20/2048

121,487

117,952

Pool#

784656

4.50%,

12/20/2048

68,976

66,196

Pool#

BK2856

4.50%,

12/20/2048

12,691

12,168

Pool#

MA5653

5.00%,

12/20/2048

25,877

25,494

Pool#

MA5712

5.00%,

1/20/2049

94,892

93,526

Pool#

MA5818

4.50%,

3/20/2049

85,591

82,756

Pool#

MA5878

5.00%,

4/20/2049

9,901

9,757

Pool#

MA5987

4.50%,

6/20/2049

563,327

544,017

Pool#

MA6041

4.50%,

7/20/2049

151,626

146,797

Pool#

MA6092

4.50%,

8/20/2049

65,398

63,062

Pool#

MA6153

3.00%,

9/20/2049

120,901

107,800

Pool#

MA6409

3.00%,

1/20/2050

831,882

741,464

Pool#

MA6474

3.00%,

2/20/2050

780,779

695,794

Pool#

MA6542

3.50%,

3/20/2050

199,196

184,208

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA6657

3.50%,

5/20/2050

403,796

368,863

Pool#

MA6818

2.00%,

8/20/2050

1,375,194

1,154,633

Pool#

BW4732

2.50%,

8/20/2050

1,036,182

879,901

Pool#

BW6206

2.50%,

8/20/2050

972,271

825,681

Pool#

MA6820

3.00%,

8/20/2050

653,648

581,373

Pool#

MA6821

3.50%,

8/20/2050

668,411

613,623

Pool#

MA6864

2.00%,

9/20/2050

1,398,027

1,173,679

Pool#

BW4741

2.50%,

9/20/2050

987,314

840,874

Pool#

BY0776

2.50%,

9/20/2050

664,234

563,970

Pool#

BY0805

2.50%,

9/20/2050

631,384

536,014

Pool#

MA6994

2.00%,

11/20/2050

1,868,771

1,568,903

Pool#

MA7051

2.00%,

12/20/2050

2,659,493

2,232,449

Pool#

MA7053

3.00%,

12/20/2050

945,526

841,929

Pool#

MA7136

2.50%,

1/20/2051

1,979,995

1,709,320

Pool#

MA7192

2.00%,

2/20/2051

4,741,200

3,979,244

Pool#

MA7193

2.50%,

2/20/2051

545,132

470,640

Pool#

MA7367

2.50%,

5/20/2051

4,070,168

3,513,870

Pool#

MA7472

2.50%,

7/20/2051

3,530,807

3,045,932

Pool#

MA7534

2.50%,

8/20/2051

2,938,609

2,536,235

Pool#

MA7647

1.50%,

10/20/2051

419,554

335,604

Pool#

MA7648

2.00%,

10/20/2051

3,768,912

3,153,856

Pool#

MA7650

3.00%,

10/20/2051

2,528,457

2,239,558

Pool#

MA7704

2.00%,

11/20/2051

965,317

807,571

Pool#

MA7705

2.50%,

11/20/2051

1,700,659

1,466,517

Pool#

MA7766

2.00%,

12/20/2051

3,688,631

3,085,128

Pool#

MA7767

2.50%,

12/20/2051

1,886,134

1,626,333

Pool#

MA7768

3.00%,

12/20/2051

490,746

434,630

Pool#

MA7826

2.00%,

1/20/2052

1,199,542

1,002,832

Pool#

MA7935

2.00%,

3/20/2052

1,732,904

1,446,314

Pool#

MA7936

2.50%,

3/20/2052

3,189,938

2,749,219

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

57

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA7986

2.00%,

4/20/2052

3,704,905

3,091,386

Pool#

MA7987

2.50%,

4/20/2052

3,854,129

3,315,132

Pool#

MA8042

2.50%,

5/20/2052

883,035

760,337

Pool#

MA8043

3.00%,

5/20/2052

1,000,023

885,468

Pool#

MA8147

2.50%,

7/20/2052

290,610

250,339

Pool#

MA8148

3.00%,

7/20/2052

1,980,377

1,753,604

Pool#

MA8197

2.50%,

8/20/2052

1,168,047

1,006,001

GNMA

TBA

2.00%,

10/15/2052

4,375,000

3,642,529

2.50%,

10/15/2052

3,444,000

2,958,813

3.00%,

10/15/2052

4,072,000

3,598,153

4.00%,

10/15/2052

1,214,000

1,136,955

4.50%,

10/15/2052

1,575,000

1,512,787

5.00%,

10/15/2052

300,000

293,603

Total

Mortgage-Backed

Securities

(cost

$615,600,740)

542,223,176

Municipal

Bonds

0

.7

%

California

0

.3

%

Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

121,242

Bay

Area

Toll

Authority,

RB

Series

F-1,

2.57%,

4/1/2031

60,000

51,523

Series

F-2,

6.26%,

4/1/2049

250,000

284,559

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

61,641

City

of

San

Francisco

California

Public

Utilities

Commission

Water

Revenue,

RB,

Series

B,

6.00%,

11/1/2040

100,000

107,540

Golden

State

Tobacco

Securitization

Corp.,

RB,

Series

A-1,

3.71%,

6/1/2041

90,000

68,282

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

369,618

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

93,397

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

233,311

Municipal

Bonds

Principal

Amount

($)

Value

($)

California

Bay

Area

Toll

Authority,

RB

(continued)

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

420,000

463,334

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

112,681

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

200,000

207,761

State

of

California,

GO

7.55%,

4/1/2039

1,410,000

1,755,866

7.63%,

3/1/2040

425,000

527,217

University

of

California,

RB

Series

BD,

3.35%,

7/1/2029

200,000

180,415

Series

H,

6.55%,

5/15/2048

150,000

171,220

Series

F,

6.58%,

5/15/2049

200,000

228,094

Series

N,

3.26%,

5/15/2060

230,000

150,554

University

of

Texas

System,

RB,

Series

F,

5.95%,

5/15/2045

300,000

318,785

University

of

Virginia,

RB,

Series

AQ,

4.77%,

5/15/2115

150,000

125,223

5,632,263

Connecticut

0

.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

526,301

Florida

0

.0

%

†

State

Board

of

Administration

Finance

Corp.,

RB

Series

A,

1.26%,

7/1/2025

95,000

86,008

Series

A,

2.15%,

7/1/2030

105,000

84,299

170,307

Georgia

0

.0

%

†

Municipal

Electric

Authority

of

Georgia,

Refunding,

RB,

Series

A,

6.66%,

4/1/2057

478,000

527,718

Illinois

0

.1

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue,

RB,

Series

A,

6.90%,

12/1/2040

300,000

336,843

State

of

Illinois,

GO

4.95%,

6/1/2023

43,636

43,626

5.10%,

6/1/2033

945,000

900,169

1,280,638

Louisiana

0

.0

%

†

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

System,

RB

Series

A,

3.62%,

2/1/2029

70,000

67,879

58

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

Louisiana

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

System,

RB

(continued)

Series

A,

4.48%,

8/1/2039

50,000

45,170

113,049

Michigan

0

.0

%

†

University

of

Michigan,

RB,

Series

B,

3.50%,

4/1/2052

83,000

63,609

New

Jersey

0

.1

%

New

Jersey

Economic

Development

Authority,

RB,

NATL-RE

Insured,

Series

A,

7.43%,

2/15/2029

125,000

133,805

New

Jersey

State

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

538,311

New

Jersey

Transportation

Trust

Fund

Authority,

RB,

Series

B,

4.13%,

6/15/2042

30,000

24,029

Rutgers-State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

259,456

955,601

New

York

0

.1

%

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

460,000

558,764

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

300,000

311,509

New

York

City

Transitional

Finance

Authority,

RB,

Series

B-1,

5.57%,

11/1/2038

500,000

508,940

New

York

State

Dormitory

Authority,

RB,

Series

F,

5.63%,

3/15/2039

250,000

257,682

Port

Authority

of

New

York

&

New

Jersey,

RB

6.04%,

12/1/2029

620,000

655,176

3.18%,

7/15/2060

135,000

88,239

2,380,310

Ohio

0

.0

%

†

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

96,822

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

150,001

246,823

Municipal

Bonds

Principal

Amount

($)

Value

($)

Oklahoma

0

.0

%

†

Oklahoma

Development

Finance

Authority,

RB

4.62%,

6/1/2044

60,000

55,471

4.38%,

11/1/2045

60,000

54,825

110,296

South

Carolina

0

.0

%

†

South

Carolina

State

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

112,449

Texas

0

.1

%

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

219,545

Dallas-Fort

Worth

International

Airport,

RB

Series

C,

2.92%,

11/1/2050

100,000

68,158

Series

A,

4.51%,

11/1/2051

45,000

39,257

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

31,386

North

Texas

Tollway

Authority,

RB,

Series

A,

3.01%,

1/1/2043

35,000

25,305

State

of

Texas,

GO,

Series

A,

4.63%,

4/1/2033

350,000

350,555

Texas

Transportation

Commission

State

Highway

Fund,

RB,

5.18%,

4/1/2030

150,000

151,870

University

of

Texas

System,

RB

Series

A,

5.26%,

7/1/2039

260,000

265,000

Series

C,

4.79%,

8/15/2046

200,000

194,358

1,345,434

Virginia

0

.0

%

†

University

of

Virginia,

RB,

Series

VA,

2.26%,

9/1/2050

90,000

53,631

Washington

0

.0

%

†

State

of

Washington

Motor

Vehicle

Fuel

Tax,

GO,

Series

F,

5.14%,

8/1/2040

200,000

206,834

Total

Municipal

Bonds

(cost

$13,913,198)

13,725,263

Supranational

1

.1

%

African

Development

Bank,

0.88%,

3/23/2026

200,000

177,394

Asian

Development

Bank

2.63%,

1/30/2024

1,000,000

977,860

0.38%,

6/11/2024

1,000,000

935,944

1.50%,

10/18/2024

500,000

472,495

0.63%,

4/29/2025

1,000,000

909,420

0.38%,

9/3/2025

1,000,000

889,614

1.00%,

4/14/2026

200,000

178,170

1.88%,

1/24/2030

500,000

429,403

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

59

Supranational

Principal

Amount

($)

Value

($)

Asian

Infrastructure

Investment

Bank

(The),

0.50%,

10/30/2024(b)

230,000

212,152

European

Bank

for

Reconstruction

&

Development,

1.50%,

2/13/2025

1,000,000

935,994

European

Investment

Bank

3.25%,

1/29/2024(b)

1,000,000

985,767

0.38%,

3/26/2026

1,500,000

1,310,700

0.75%,

10/26/2026

290,000

251,915

2.38%,

5/24/2027(b)

2,000,000

1,848,700

1.25%,

2/14/2031(b)

300,000

243,165

Inter-American

Development

Bank

2.63%,

1/16/2024

1,000,000

978,066

1.75%,

3/14/2025

500,000

469,635

0.63%,

7/15/2025

1,000,000

902,136

2.00%,

7/23/2026

1,000,000

918,850

2.25%,

6/18/2029

250,000

222,370

1.13%,

1/13/2031

2,000,000

1,593,961

International

Bank

for

Reconstruction

&

Development

0.63%,

4/22/2025

1,000,000

910,286

1.88%,

10/27/2026

400,000

363,283

2.50%,

11/22/2027

1,000,000

921,181

1.13%,

9/13/2028

1,000,000

837,860

0.88%,

5/14/2030

1,000,000

789,260

1.63%,

11/3/2031

1,000,000

820,893

Nordic

Investment

Bank,

2.25%,

5/21/2024

500,000

483,522

Total

Supranational

(cost

$23,164,382)

20,969,996

U.S.

Government

Agency

Securities

1

.1

%

FHLB

3.00%,

12/9/2022(b)

1,535,000

1,533,787

2.75%,

12/13/2024

1,000,000

966,595

5.50%,

7/15/2036

1,500,000

1,675,918

FHLMC

0.25%,

6/26/2023

2,700,000

2,624,066

0.25%,

8/24/2023(b)

3,535,000

3,412,360

0.25%,

12/4/2023

1,030,000

982,734

0.38%,

7/21/2025

1,165,000

1,045,182

6.25%,

7/15/2032(b)

1,245,000

1,448,654

FNMA

2.38%,

1/19/2023

490,000

487,965

0.50%,

6/17/2025

1,000,000

903,806

6.25%,

5/15/2029(b)

2,500,000

2,816,562

7.25%,

5/15/2030

2,000,000

2,397,965

0.88%,

8/5/2030

440,000

344,143

Tennessee

Valley

Authority,

4.88%,

1/15/2048

500,000

497,119

Total

U.S.

Government

Agency

Securities

(cost

$22,479,039)

21,136,856

U.S.

Treasury

Obligations

41

.0

%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

6.88%,

8/15/2025

449,000

479,834

6.00%,

2/15/2026

(b)

4,042,000

4,260,521

6.50%,

11/15/2026

(b)

3,000,000

3,262,148

5.50%,

8/15/2028

4,000,000

4,293,750

5.38%,

2/15/2031

1,000,000

1,105,234

4.75%,

2/15/2037

709,600

786,520

5.00%,

5/15/2037

305,000

345,972

4.38%,

2/15/2038

3,050,000

3,245,629

4.25%,

5/15/2039

(b)

2,500,000

2,605,957

4.50%,

8/15/2039

1,080,000

1,159,523

4.38%,

11/15/2039

300,000

316,793

3.88%,

8/15/2040

1,000,000

982,578

1.38%,

11/15/2040

1,500,000

969,668

4.25%,

11/15/2040

1,400,000

1,444,898

1.88%,

2/15/2041

1,000,000

708,320

4.75%,

2/15/2041

2,000,000

2,199,219

3.75%,

8/15/2041

4,900,000

4,695,770

2.00%,

11/15/2041

6,000,000

4,294,219

3.13%,

11/15/2041

4,100,000

3,566,520

3.13%,

2/15/2042

1,000,000

871,094

3.00%,

5/15/2042

(b)

1,000,000

850,625

3.25%,

5/15/2042

2,000,000

1,775,000

2.75%,

8/15/2042

6,200,000

5,036,531

2.75%,

11/15/2042

1,500,000

1,215,176

3.13%,

2/15/2043

4,050,000

3,481,102

2.88%,

5/15/2043

3,850,000

3,173,092

3.63%,

2/15/2044

5,000,000

4,646,680

3.38%,

5/15/2044

4,000,000

3,568,438

3.13%,

8/15/2044

5,700,000

4,870,605

3.00%,

11/15/2044

5,500,000

4,594,219

2.50%,

2/15/2045

6,500,000

4,955,488

3.00%,

5/15/2045

5,500,000

4,591,211

2.88%,

8/15/2045

3,300,000

2,692,594

2.50%,

2/15/2046

6,000,000

4,555,547

2.50%,

5/15/2046

(b)

3,000,000

2,274,023

2.88%,

11/15/2046

3,000,000

2,449,922

3.00%,

2/15/2047

2,000,000

1,672,109

3.00%,

5/15/2047

2,000,000

1,674,141

2.75%,

8/15/2047

2,500,000

1,997,461

2.75%,

11/15/2047

3,200,000

2,559,750

3.00%,

2/15/2048

3,000,000

2,525,625

3.38%,

11/15/2048

5,500,000

5,006,504

2.88%,

5/15/2049

5,000,000

4,167,187

2.25%,

8/15/2049

3,000,000

2,193,398

2.38%,

11/15/2049

800,000

602,437

2.00%,

2/15/2050

500,000

343,496

1.25%,

5/15/2050

1,700,000

951,469

1.38%,

8/15/2050

5,000,000

2,895,117

1.63%,

11/15/2050

6,800,000

4,221,844

1.88%,

2/15/2051

4,400,000

2,912,937

2.38%,

5/15/2051

7,500,000

5,610,938

2.00%,

8/15/2051

(b)

10,200,000

6,967,078

1.88%,

11/15/2051

9,600,000

6,348,375

2.25%,

2/15/2052

4,000,000

2,906,250

2.88%,

5/15/2052

8,300,000

6,960,328

3.00%,

8/15/2052

3,700,000

3,192,984

U.S.

Treasury

Notes

1.38%,

9/30/2023

(b)

3,500,000

3,401,016

2.88%,

10/31/2023

(b)

5,000,000

4,924,609

2.75%,

11/15/2023

1,500,000

1,474,043

60

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.13%,

11/30/2023

(b)

1,500,000

1,463,672

2.25%,

12/31/2023

(b)

3,500,000

3,413,867

2.63%,

12/31/2023

(b)

8,000,000

7,836,562

0.88%,

1/31/2024

20,000,000

19,107,031

2.25%,

1/31/2024

5,500,000

5,353,477

2.50%,

1/31/2024

9,000,000

8,786,602

2.75%,

2/15/2024

2,500,000

2,446,289

2.25%,

3/31/2024

(b)

10,000,000

9,700,000

2.00%,

4/30/2024

7,000,000

6,751,992

2.50%,

4/30/2024

4,000,000

3,888,438

2.50%,

5/15/2024

(b)

7,000,000

6,799,297

2.00%,

5/31/2024

(b)

3,800,000

3,659,727

1.75%,

6/30/2024

(b)

6,000,000

5,744,531

1.75%,

7/31/2024

(b)

2,000,000

1,911,484

2.13%,

7/31/2024

6,500,000

6,253,457

2.38%,

8/15/2024

24,353,000

23,516,817

0.38%,

9/15/2024

(b)

5,000,000

4,638,477

1.50%,

9/30/2024

(b)

14,000,000

13,272,109

2.13%,

9/30/2024

9,000,000

8,637,187

0.63%,

10/15/2024

6,000,000

5,577,656

1.50%,

10/31/2024

(b)

15,000,000

14,184,375

0.75%,

11/15/2024

(b)

6,000,000

5,575,312

2.25%,

11/15/2024

7,550,000

7,242,102

1.50%,

11/30/2024

5,000,000

4,716,992

2.13%,

11/30/2024

3,800,000

3,632,266

1.00%,

12/15/2024

1,000,000

931,836

2.25%,

12/31/2024

5,000,000

4,787,695

2.00%,

2/15/2025

18,700,000

17,744,547

2.63%,

3/31/2025

4,300,000

4,134,383

2.13%,

5/15/2025

6,300,000

5,967,527

0.25%,

5/31/2025

7,500,000

6,745,898

0.25%,

7/31/2025

15,000,000

13,407,422

2.88%,

7/31/2025

6,500,000

6,262,090

2.00%,

8/15/2025

6,000,000

5,636,250

0.25%,

8/31/2025

(b)

4,000,000

3,563,281

2.75%,

8/31/2025

(b)

4,000,000

3,835,469

0.25%,

9/30/2025

8,000,000

7,110,000

0.25%,

10/31/2025

8,000,000

7,084,688

2.25%,

11/15/2025

8,500,000

8,004,277

0.38%,

11/30/2025

10,200,000

9,043,336

0.38%,

12/31/2025

10,000,000

8,842,578

0.38%,

1/31/2026

8,000,000

7,046,875

1.63%,

2/15/2026

8,500,000

7,805,723

0.50%,

2/28/2026

2,000,000

1,764,766

0.75%,

3/31/2026

4,000,000

3,551,719

1.63%,

5/15/2026

(b)

2,000,000

1,828,047

0.75%,

5/31/2026

3,000,000

2,649,375

0.88%,

6/30/2026

6,000,000

5,311,875

0.63%,

7/31/2026

2,000,000

1,749,141

1.50%,

8/15/2026

(b)

9,700,000

8,773,195

0.75%,

8/31/2026

5,000,000

4,384,961

1.38%,

8/31/2026

4,500,000

4,049,473

0.88%,

9/30/2026

8,000,000

7,037,812

1.63%,

9/30/2026

(b)

10,000,000

9,078,906

1.13%,

10/31/2026

15,000,000

13,299,023

1.63%,

10/31/2026

8,000,000

7,246,562

1.25%,

11/30/2026

(b)

2,000,000

1,779,766

1.25%,

12/31/2026

6,000,000

5,329,453

2.25%,

2/15/2027

1,200,000

1,109,156

1.88%,

2/28/2027

(b)

2,500,000

2,276,758

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.50%,

3/31/2027

2,500,000

2,335,352

2.75%,

4/30/2027

(b)

3,500,000

3,302,988

2.38%,

5/15/2027

5,700,000

5,283,187

0.50%,

5/31/2027

1,000,000

848,320

2.63%,

5/31/2027

(b)

3,000,000

2,816,250

0.50%,

6/30/2027

5,000,000

4,233,008

2.75%,

7/31/2027

3,000,000

2,824,922

2.25%,

8/15/2027

8,300,000

7,629,516

0.50%,

8/31/2027

8,000,000

6,738,438

3.13%,

8/31/2027

(b)

3,000,000

2,877,656

4.13%,

9/30/2027

4,000,000

4,013,125

2.25%,

11/15/2027

5,390,000

4,932,061

0.63%,

11/30/2027

8,500,000

7,144,980

0.75%,

1/31/2028

4,000,000

3,367,344

2.75%,

2/15/2028

10,000,000

9,364,453

1.13%,

2/29/2028

(b)

3,000,000

2,574,727

1.25%,

3/31/2028

1,500,000

1,293,340

1.25%,

4/30/2028

5,000,000

4,301,758

2.88%,

5/15/2028

10,000,000

9,398,437

1.25%,

5/31/2028

3,000,000

2,576,016

1.25%,

6/30/2028

4,000,000

3,428,125

1.00%,

7/31/2028

(b)

4,000,000

3,369,219

2.88%,

8/15/2028

8,500,000

7,974,395

1.13%,

8/31/2028

4,000,000

3,386,406

1.25%,

9/30/2028

4,500,000

3,830,449

1.38%,

10/31/2028

9,000,000

7,709,766

3.13%,

11/15/2028

7,000,000

6,651,367

1.50%,

11/30/2028

3,000,000

2,585,742

1.38%,

12/31/2028

(b)

9,500,000

8,131,035

1.75%,

1/31/2029

2,000,000

1,746,484

2.63%,

2/15/2029

8,772,000

8,082,918

1.88%,

2/28/2029

(b)

2,000,000

1,760,312

2.38%,

3/31/2029

(b)

6,000,000

5,432,813

2.88%,

4/30/2029

5,000,000

4,667,578

2.38%,

5/15/2029

5,700,000

5,158,055

2.75%,

5/31/2029

3,500,000

3,241,191

2.63%,

7/31/2029

3,000,000

2,756,719

1.63%,

8/15/2029

(b)

3,000,000

2,587,148

3.13%,

8/31/2029

4,000,000

3,796,250

3.88%,

9/30/2029

3,500,000

3,484,687

1.75%,

11/15/2029

(b)

4,000,000

3,474,688

0.63%,

5/15/2030

(b)

4,800,000

3,781,125

0.63%,

8/15/2030

(b)

7,000,000

5,484,883

0.88%,

11/15/2030

9,100,000

7,249,430

1.13%,

2/15/2031

6,500,000

5,263,223

1.63%,

5/15/2031

5,500,000

4,616,563

1.25%,

8/15/2031

6,000,000

4,848,984

1.38%,

11/15/2031

7,500,000

6,093,750

1.88%,

2/15/2032

9,100,000

7,710,828

2.88%,

5/15/2032

(b)

11,300,000

10,447,203

2.75%,

8/15/2032

5,700,000

5,211,937

Total

U.S.

Treasury

Obligations

(cost

$906,267,726)

806,936,249

NVIT

Bond

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

61

Repurchase

Agreements

6

.0

%

Principal

Amount

($)

Value

($)

Bank

of

America

NA

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$22,005,592,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$22,440,000.

(h)

22,000,000

22,000,000

BofA

Securities,

Inc.

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$12,003,051,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.00%,

maturing

6/20/2051

-

3/20/2052;

total

market

value

$12,240,000.

(h)

12,000,000

12,000,000

Cantor

Fitzgerald

&

Co.

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$5,669,194,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$5,781,108.

(h)

5,667,753

5,667,753

Credit

Suisse

AG

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$20,004,950,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$20,405,050.

(h)

20,000,000

20,000,000

MetLife,

Inc.

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$38,604,285,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$39,385,454.

(h)

38,594,475

38,594,475

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$20,005,134,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$20,400,000.

(h)

20,000,000

20,000,000

Total

Repurchase

Agreements

(cost

$118,262,228)

118,262,228

Total

Investments

(cost

$2,343,490,536)

—

105.3%

2,072,997,370

Liabilities

in

excess

of

other

assets

—

(5.3)%

(

104,605,206

)

NET

ASSETS

—

100.0%

$

1,968,392,164

†

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

September

30,

2022.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$254,196,120,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$118,262,228

and

by

$143,944,965

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

10/31/2022

–

5/15/2052,

a

total

value

of

$262,207,193.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2022.

(d)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(e)

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

September

30,

2022.

(f)

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

September

30,

2022

was

$7,907,410

which

represents

0.40%

of

net

assets.

(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

September

30,

2022

was

$118,262,228.

62

-

Statement

of

Investments

-

September

30,

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

-

September

30,

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.

64

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

–

$

4,825,872

$

–

$

4,825,872

Commercial

Mortgage-Backed

Securities

–

35,203,926

–

35,203,926

Corporate

Bonds

–

480,376,808

–

480,376,808

Foreign

Government

Securities

–

29,336,996

–

29,336,996

Mortgage-Backed

Securities

–

542,223,176

–

542,223,176

Municipal

Bonds

–

13,725,263

–

13,725,263

Repurchase

Agreements

–

118,262,228

–

118,262,228

Supranational

–

20,969,996

–

20,969,996

U.S.

Government

Agency

Securities

–

21,136,856

–

21,136,856

U.S.

Treasury

Obligations

–

806,936,249

–

806,936,249

Total

$

–

$

2,072,997,370

$

–

$

2,072,997,370

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

98.3%

Shares

Value

($)

AUSTRALIA

8.7%

Airlines

0.0%

†

Qantas

Airways

Ltd.*

102,103

328,672

Banks

2.0%

Australia

&

New

Zealand

Banking

Group

Ltd.

340,666

4,946,390

Commonwealth

Bank

of

Australia

194,326

11,293,695

National

Australia

Bank

Ltd.

366,617

6,722,360

Westpac

Banking

Corp.(a)

398,187

5,228,700

28,191,145

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

79,406

639,345

Biotechnology

0.7%

CSL

Ltd.(a)

54,861

9,947,556

Capital

Markets

0.4%

ASX

Ltd.

22,753

1,046,236

Macquarie

Group

Ltd.

41,536

4,030,860

5,077,096

Chemicals

0.0%

†

Orica

Ltd.

50,905

427,389

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

159,084

1,154,256

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.(a)

24,963

417,696

Diversified

Telecommunication

Services

0.1%

Telstra

Corp.

Ltd.

456,314

1,118,402

Electric

Utilities

0.0%

†

Origin

Energy

Ltd.

193,942

635,471

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Dexus

124,508

617,547

Goodman

Group

190,977

1,908,135

GPT

Group

(The)

220,197

534,483

Mirvac

Group

451,049

557,082

Scentre

Group

571,556

920,009

Stockland

262,872

547,384

Vicinity

Centres

451,549

504,193

5,588,833

Food

&

Staples

Retailing

0.4%

Coles

Group

Ltd.

153,629

1,616,282

Endeavour

Group

Ltd.

153,738

689,049

Woolworths

Group

Ltd.

136,685

2,957,425

5,262,756

Gas

Utilities

0.1%

APA

Group

139,971

854,664

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

7,243

895,002

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

21,176

776,646

Sonic

Healthcare

Ltd.

50,179

976,394

1,753,040

Hotels,

Restaurants

&

Leisure

0.2%

Aristocrat

Leisure

Ltd.

69,554

1,451,555

Domino's

Pizza

Enterprises

Ltd.(a)

7,432

243,318

Lottery

Corp.

Ltd.

(The)*

254,015

674,828

2,369,701

Common

Stocks

Shares

Value

($)

AUSTRALIA

Insurance

0.3%

Insurance

Australia

Group

Ltd.

293,408

863,942

Medibank

Pvt

Ltd.

320,551

712,386

QBE

Insurance

Group

Ltd.

172,232

1,272,305

Suncorp

Group

Ltd.(a)

141,664

903,978

3,752,611

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.(a)

6,011

436,067

SEEK

Ltd.(a)

36,329

439,573

875,640

IT

Services

0.1%

Computershare

Ltd.

62,998

999,098

Metals

&

Mining

2.6%

BHP

Group

Ltd.

327,218

8,149,333

BHP

Group

Ltd.

249,495

6,266,091

BlueScope

Steel

Ltd.(a)

56,874

550,221

Evolution

Mining

Ltd.(a)

205,834

271,430

Fortescue

Metals

Group

Ltd.

(a)

192,457

2,062,637

Glencore

plc

1,123,427

5,932,299

Mineral

Resources

Ltd.

19,169

802,417

Newcrest

Mining

Ltd.

102,737

1,117,788

Northern

Star

Resources

Ltd.

135,093

681,068

Rio

Tinto

Ltd.

41,921

2,494,838

Rio

Tinto

plc

128,679

6,969,708

South32

Ltd.

513,555

1,187,025

36,484,855

Multiline

Retail

0.3%

Wesfarmers

Ltd.

129,830

3,528,511

Oil,

Gas

&

Consumable

Fuels

0.5%

Ampol

Ltd.

26,241

484,511

Santos

Ltd.

368,787

1,670,335

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

26,523

451,373

Woodside

Energy

Group

Ltd.

216,232

4,407,215

7,013,434

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

82,937

469,056

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

211,347

464,358

Software

0.0%

†

WiseTech

Global

Ltd.

16,023

526,285

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.(a)

24,843

219,740

Transportation

Infrastructure

0.2%

Transurban

Group

346,211

2,715,492

121,710,104

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

37,600

823,407

Electric

Utilities

0.0%

†

Verbund

AG

7,530

641,642

Metals

&

Mining

0.0%

†

voestalpine

AG

12,977

219,461

66

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

AUSTRIA

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

16,694

600,852

Paper

&

Forest

Products

0.1%

Mondi

plc

53,292

823,180

3,108,542

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

28,909

1,356,082

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

99,095

4,482,859

Chemicals

0.1%

Solvay

SA

8,677

663,740

Umicore

SA

23,031

667,755

1,331,495

Distributors

0.0%

†

D'ieteren

Group

2,734

383,637

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

NV

6,291

437,167

Groupe

Bruxelles

Lambert

NV

4,876

341,528

Sofina

SA(a)

1,955

332,219

1,110,914

Diversified

Telecommunication

Services

0.0%

†

Proximus

SADP

15,918

164,933

Electric

Utilities

0.0%

†

Elia

Group

SA/NV(a)

3,725

437,800

Equity

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Warehouses

De

Pauw

CVA

16,344

397,026

Insurance

0.1%

Ageas

SA/NV

19,012

689,805

Pharmaceuticals

0.1%

UCB

SA

13,980

966,915

11,321,466

BRAZIL

0.0%

†

Chemicals

0.0%

†

Yara

International

ASA

18,308

639,926

CHILE

0.0%

†

Metals

&

Mining

0.0%

†

Antofagasta

plc

43,605

537,878

CHINA

0.7%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

431,000

1,424,901

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

208,300

542,929

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

224,000

324,443

Capital

Markets

0.0%

†

Futu

Holdings

Ltd.,

ADR*(a)

6,105

227,655

Common

Stocks

Shares

Value

($)

CHINA

Food

Products

0.1%

Wilmar

International

Ltd.

221,594

589,954

Internet

&

Direct

Marketing

Retail

0.4%

Prosus

NV*

94,255

4,911,997

Marine

0.0%

†

SITC

International

Holdings

Co.

Ltd.

161,000

294,861

Real

Estate

Management

&

Development

0.1%

ESR

Group

Ltd.

Reg.

S(b)

215,800

544,329

Specialty

Retail

0.0%

†

Chow

Tai

Fook

Jewellery

Group

Ltd.

244,000

456,823

9,317,892

DENMARK

2.6%

Air

Freight

&

Logistics

0.2%

DSV

A/S

21,612

2,504,963

Banks

0.1%

Danske

Bank

A/S

76,223

943,302

Beverages

0.1%

Carlsberg

A/S

,

Class

B

10,988

1,282,075

Biotechnology

0.2%

Genmab

A/S*

7,598

2,449,131

Building

Products

0.0%

†

ROCKWOOL

A/S

,

Class

B

1,014

158,963

Chemicals

0.1%

Chr

Hansen

Holding

A/S

12,287

602,297

Novozymes

A/S

,

Class

B

24,020

1,198,040

1,800,337

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S(b)

21,606

1,719,241

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

114,763

2,104,057

Health

Care

Equipment

&

Supplies

0.1%

Coloplast

A/S

,

Class

B

13,851

1,400,331

Demant

A/S*

10,022

246,968

GN

Store

Nord

A/S

14,728

256,553

1,903,852

Insurance

0.1%

Tryg

A/S

39,784

817,628

Marine

0.1%

AP

Moller

-

Maersk

A/S

,

Class

A

347

611,511

AP

Moller

-

Maersk

A/S

,

Class

B

556

1,007,160

1,618,671

Pharmaceuticals

1.3%

Novo

Nordisk

A/S

,

Class

B

188,523

18,790,841

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Pandora

A/S

11,003

512,488

36,605,549

NVIT

International

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

FINLAND

1.2%

Banks

0.2%

Nordea

Bank

Abp

388,398

3,323,305

3,323,305

Communications

Equipment

0.2%

Nokia

OYJ

613,158

2,618,272

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

16,385

743,079

Electric

Utilities

0.1%

Fortum

OYJ

51,495

692,156

Food

&

Staples

Retailing

0.0%

†

Kesko

OYJ

,

Class

B

30,202

561,225

Insurance

0.2%

Sampo

OYJ

,

Class

A

53,398

2,278,892

Machinery

0.1%

Kone

OYJ

,

Class

B

37,584

1,447,307

Wartsila

OYJ

Abp

(a)

56,796

361,852

1,809,159

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ(a)

48,396

2,098,986

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ

,

Class

R

64,329

820,439

UPM-

Kymmene

OYJ

61,611

1,957,836

2,778,275

Pharmaceuticals

0.0%

†

Orion

OYJ

,

Class

B

12,450

524,755

17,428,104

FRANCE

10.2%

Aerospace

&

Defense

0.8%

Airbus

SE

67,724

5,850,830

Dassault

Aviation

SA

2,780

315,735

Safran

SA

38,591

3,508,871

Thales

SA

12,442

1,372,351

11,047,787

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

77,616

1,729,200

Valeo

22,656

340,528

2,069,728

Automobiles

0.0%

†

Renault

SA*

23,264

624,837

Banks

0.6%

BNP

Paribas

SA

126,124

5,324,621

Credit

Agricole

SA

135,754

1,093,051

Societe

Generale

SA

89,629

1,778,350

8,196,022

Beverages

0.3%

Pernod

Ricard

SA

23,995

4,385,877

Remy

Cointreau

SA

2,674

443,167

4,829,044

Building

Products

0.1%

Cie

de

Saint-Gobain

55,945

1,995,213

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

7,802

323,514

Common

Stocks

Shares

Value

($)

FRANCE

Chemicals

0.5%

Air

Liquide

SA

59,874

6,817,660

Arkema

SA

6,778

494,347

7,312,007

Construction

&

Engineering

0.4%

Bouygues

SA(a)

25,376

661,075

Eiffage

SA

9,074

726,396

Vinci

SA

60,740

4,878,967

6,266,438

Diversified

Financial

Services

0.0%

†

Eurazeo

SE

5,306

277,048

Wendel

SE

2,947

210,788

487,836

Diversified

Telecommunication

Services

0.2%

Orange

SA

227,440

2,056,678

Electric

Utilities

0.1%

Electricite

de

France

SA

65,771

765,791

Electrical

Equipment

0.1%

Legrand

SA

30,543

1,973,349

Entertainment

0.1%

Bollore

SE

97,089

444,152

Ubisoft

Entertainment

SA*

9,930

272,626

716,778

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Covivio

5,429

259,567

Gecina

SA

4,813

374,096

Klepierre

SA*

26,000

448,868

Unibail

-

Rodamco

-Westfield*

13,793

566,187

1,648,718

Food

&

Staples

Retailing

0.1%

Carrefour

SA

68,637

950,887

Food

Products

0.3%

Danone

SA

73,300

3,453,667

Health

Care

Equipment

&

Supplies

0.0%

†

BioMerieux

4,927

388,239

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

18,478

385,796

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

11,680

345,595

Sodexo

SA

10,125

761,494

1,492,885

Household

Durables

0.0%

†

SEB

SA

2,850

178,760

Insurance

0.3%

AXA

SA

211,683

4,634,746

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

30,065

176,390

IT

Services

0.4%

Capgemini

SE

18,837

3,010,351

Edenred

28,990

1,332,473

Worldline

SA

Reg.

S*(b)

27,977

1,094,045

5,436,869

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

3,058

934,808

68

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Machinery

0.0%

†

Alstom

SA(a)

34,895

561,119

Media

0.1%

Publicis

Groupe

SA

25,595

1,211,099

Vivendi

SE

85,807

665,075

1,876,174

Multi-Utilities

0.3%

Engie

SA

208,277

2,389,737

Veolia

Environnement

SA

75,958

1,441,162

3,830,899

Oil,

Gas

&

Consumable

Fuels

1.0%

TotalEnergies

SE

282,863

13,314,337

Personal

Products

0.6%

L'Oreal

SA

27,524

8,764,134

Pharmaceuticals

0.7%

Ipsen

SA

4,089

377,642

Sanofi

129,678

9,897,060

10,274,702

Professional

Services

0.2%

Bureau

Veritas

SA

33,947

758,111

Teleperformance

6,744

1,703,820

2,461,931

Software

0.2%

Dassault

Systemes

SE

75,634

2,599,819

Textiles,

Apparel

&

Luxury

Goods

2.2%

EssilorLuxottica

SA

32,831

4,448,154

Hermes

International

3,617

4,251,267

Kering

SA

8,444

3,734,095

LVMH

Moet

Hennessy

Louis

Vuitton

SE

31,615

18,584,403

31,017,919

Transportation

Infrastructure

0.1%

Aeroports

de

Paris*

3,257

375,132

Getlink

SE

48,654

754,114

1,129,246

143,791,271

GERMANY

7.4%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

5,907

891,387

Rheinmetall

AG

4,786

741,315

1,632,702

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

(Registered)

113,270

3,446,623

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

67,158

387,395

Auto

Components

0.0%

†

Continental

AG

12,024

540,220

Automobiles

0.9%

Bayerische

Motoren

Werke

AG

37,585

2,569,653

Bayerische

Motoren

Werke

AG

(Preference)

6,558

428,813

Mercedes-Benz

Group

AG

91,380

4,672,958

Porsche

Automobil

Holding

SE

(Preference)

17,967

1,023,473

Common

Stocks

Shares

Value

($)

GERMANY

Automobiles

Volkswagen

AG

3,402

560,719

Volkswagen

AG

(Preference)

21,025

2,596,983

11,852,599

Banks

0.1%

Commerzbank

AG*

124,697

894,706

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)

231,892

1,734,477

Deutsche

Boerse

AG

21,758

3,582,172

5,316,649

Chemicals

0.5%

BASF

SE

104,956

4,067,442

Covestro

AG

Reg.

S(b)

21,364

617,673

Evonik

Industries

AG

23,426

395,026

Symrise

AG

15,397

1,515,084

6,595,225

Construction

Materials

0.1%

HeidelbergCement

AG(a)

16,045

642,712

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

367,948

6,307,392

Telefonica

Deutschland

Holding

AG

109,580

221,931

United

Internet

AG

(Registered)

12,365

233,218

6,762,541

Electrical

Equipment

0.0%

†

Siemens

Energy

AG(a)

48,481

539,645

Food

&

Staples

Retailing

0.0%

†

HelloFresh

SE*

19,278

406,944

Health

Care

Equipment

&

Supplies

0.1%

Carl

Zeiss

Meditec

AG

4,333

456,300

Siemens

Healthineers

AG

Reg.

S(b)

31,183

1,350,746

1,807,046

Health

Care

Providers

&

Services

0.1%

Fresenius

Medical

Care

AG

&

Co.

KGaA

22,679

644,604

Fresenius

SE

&

Co.

KGaA

48,777

1,044,767

1,689,371

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

12,015

685,798

Henkel

AG

&

Co.

KGaA

(Preference)

19,701

1,177,575

1,863,373

Independent

Power

and

Renewable

Electricity

Producers

0.2%

RWE

AG

72,928

2,683,369

Uniper

SE(a)

11,158

42,328

2,725,697

Industrial

Conglomerates

0.6%

Siemens

AG

(Registered)

87,289

8,639,296

Insurance

0.9%

Allianz

SE

(Registered)

46,657

7,383,501

Hannover

Rueck

SE

7,108

1,073,492

NVIT

International

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

Shares

Value

($)

GERMANY

Insurance

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

15,836

3,830,524

12,287,517

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

9,244

468,425

Internet

&

Direct

Marketing

Retail

0.0%

†

Zalando

SE

Reg.

S*(a)(b)

18,269

362,232

Zalando

SE

Reg.

S*∞(b)

5,968

118,324

480,556

IT

Services

0.0%

†

Bechtle

AG

8,525

310,175

Life

Sciences

Tools

&

Services

0.1%

Sartorius

AG

(Preference)

2,840

991,923

Machinery

0.2%

Daimler

Truck

Holding

AG*

52,444

1,200,228

GEA

Group

AG

17,480

571,603

KION

Group

AG

7,527

145,854

Knorr-

Bremse

AG

8,219

356,343

Rational

AG

639

312,101

2,586,129

Multi-Utilities

0.2%

E.ON

SE

256,467

1,984,898

Personal

Products

0.1%

Beiersdorf

AG

11,129

1,101,278

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

111,424

5,141,986

Merck

KGaA

14,732

2,404,313

7,546,299

Real

Estate

Management

&

Development

0.2%

Aroundtown

SA

103,363

228,072

LEG

Immobilien

SE

7,970

479,555

Vonovia

SE

82,338

1,791,982

2,499,609

Semiconductors

&

Semiconductor

Equipment

0.2%

Infineon

Technologies

AG

150,259

3,329,821

Software

0.7%

Nemetschek

SE

7,051

339,541

SAP

SE

119,219

9,827,794

10,167,335

Textiles,

Apparel

&

Luxury

Goods

0.2%

adidas

AG

19,426

2,254,398

Puma

SE

12,471

583,869

2,838,267

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

18,266

1,114,599

103,449,575

HONG

KONG

2.7%

Banks

0.1%

Hang

Seng

Bank

Ltd.

84,600

1,278,416

Capital

Markets

0.3%

Hong

Kong

Exchanges

&

Clearing

Ltd.

135,100

4,587,066

Common

Stocks

Shares

Value

($)

HONG

KONG

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

406,220

475,108

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

72,000

367,353

CLP

Holdings

Ltd.

190,000

1,431,767

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S

314,000

220,080

Power

Assets

Holdings

Ltd.

153,500

767,210

2,786,410

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

240,600

1,679,305

Food

Products

0.1%

WH

Group

Ltd.

Reg.

S(b)

935,545

588,501

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

1,238,266

1,087,777

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

16,000

809,600

Jardine

Matheson

Holdings

Ltd.

2,000

101,253

910,853

Insurance

1.0%

AIA

Group

Ltd.

1,372,400

11,394,429

Prudential

plc

314,876

3,093,681

14,488,110

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

154,500

1,459,631

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

232,516

1,395,225

Hang

Lung

Properties

Ltd.

248,000

404,837

Henderson

Land

Development

Co.

Ltd.

158,775

443,163

Hongkong

Land

Holdings

Ltd.

114,900

495,219

Hongkong

Land

Holdings

Ltd.

8,100

35,533

New

World

Development

Co.

Ltd.

171,231

483,812

Sino

Land

Co.

Ltd.

421,000

554,033

Sun

Hung

Kai

Properties

Ltd.

166,000

1,825,198

Swire

Pacific

Ltd.

,

Class

A

56,500

421,639

Swire

Properties

Ltd.

138,400

297,411

Wharf

Real

Estate

Investment

Co.

Ltd.

191,500

864,822

7,220,892

Road

&

Rail

0.1%

MTR

Corp.

Ltd.

171,000

782,495

37,344,564

IRELAND

0.6%

Building

Products

0.1%

Kingspan

Group

plc

17,041

761,386

Construction

Materials

0.2%

CRH

plc

87,574

2,804,230

70

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

IRELAND

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

28,721

811,410

Food

Products

0.1%

Kerry

Group

plc

,

Class

A

(a)

17,858

1,586,465

Hotels,

Restaurants

&

Leisure

0.1%

Flutter

Entertainment

plc*

18,722

2,045,276

Trading

Companies

&

Distributors

0.0%

†

AerCap

Holdings

NV*

16,292

689,640

8,698,407

ISRAEL

0.8%

Aerospace

&

Defense

0.1%

Elbit

Systems

Ltd.

2,870

543,602

Banks

0.3%

Bank

Hapoalim

BM

143,837

1,210,500

Bank

Leumi

Le-Israel

BM

174,924

1,489,467

Israel

Discount

Bank

Ltd.

,

Class

A

136,561

686,088

Mizrahi

Tefahot

Bank

Ltd.

18,061

631,111

4,017,166

Chemicals

0.1%

ICL

Group

Ltd.

81,057

649,621

Diversified

Telecommunication

Services

0.0%

†

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

234,916

384,244

IT

Services

0.0%

†

Wix.com

Ltd.*

6,150

481,114

Marine

0.0%

†

ZIM

Integrated

Shipping

Services

Ltd.(a)

9,215

216,553

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

130,371

1,052,094

1,052,094

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

4,485

305,526

Semiconductors

&

Semiconductor

Equipment

0.0%

†

Tower

Semiconductor

Ltd.*

11,985

523,446

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

11,697

1,310,298

Nice

Ltd.*

7,405

1,399,483

2,709,781

10,883,147

ITALY

1.9%

Automobiles

0.2%

Ferrari

NV

14,356

2,677,647

Banks

0.5%

FinecoBank

Banca

Fineco

SpA

72,538

891,571

Intesa

Sanpaolo

SpA

1,864,581

3,068,947

Mediobanca

Banca

di

Credito

Finanziario

SpA

72,218

564,575

Common

Stocks

Shares

Value

($)

ITALY

Banks

UniCredit

SpA

232,654

2,352,631

6,877,724

Beverages

0.1%

Coca-Cola

HBC

AG

21,338

449,051

Davide

Campari-Milano

NV

56,307

499,459

948,510

Diversified

Telecommunication

Services

0.0%

†

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

42,580

372,283

Telecom

Italia

SpA

*(a)

1,067,994

198,231

570,514

Electric

Utilities

0.3%

Enel

SpA

926,133

3,795,315

Terna

-

Rete

Elettrica

Nazionale

166,248

1,012,758

4,808,073

Electrical

Equipment

0.1%

Prysmian

SpA

28,168

806,834

Gas

Utilities

0.1%

Snam

SpA

222,981

900,745

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

3,074

343,495

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

13,632

356,991

Insurance

0.2%

Assicurazioni

Generali

SpA

(a)

127,840

1,740,069

Poste

Italiane

SpA

Reg.

S(b)

58,631

442,847

2,182,916

IT

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

56,151

453,413

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

291,415

3,095,906

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

11,383

418,160

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

23,884

980,671

Transportation

Infrastructure

0.1%

Atlantia

SpA

57,612

1,275,340

26,696,939

JAPAN

22.4%

Air

Freight

&

Logistics

0.1%

Nippon

Express

Holdings,

Inc.

8,700

439,909

SG

Holdings

Co.

Ltd.

31,700

430,806

Yamato

Holdings

Co.

Ltd.(a)

34,000

508,975

1,379,690

Airlines

0.0%

†

ANA

Holdings,

Inc.*(a)

16,300

306,593

Japan

Airlines

Co.

Ltd.*(a)

15,686

280,315

586,908

Auto

Components

0.4%

Aisin

Corp.

17,300

444,363

Bridgestone

Corp.

65,100

2,104,461

NVIT

International

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

71

Common

Stocks

Shares

Value

($)

JAPAN

Auto

Components

Denso

Corp.

49,300

2,250,246

Koito

Manufacturing

Co.

Ltd.

21,800

298,755

Sumitomo

Electric

Industries

Ltd.(a)

80,400

816,123

5,913,948

Automobiles

1.8%

Honda

Motor

Co.

Ltd.(a)

186,100

4,054,018

Isuzu

Motors

Ltd.

68,400

756,140

Mazda

Motor

Corp.(a)

65,680

434,759

Nissan

Motor

Co.

Ltd.

256,700

820,579

Subaru

Corp.

71,300

1,069,443

Suzuki

Motor

Corp.

40,700

1,262,522

Toyota

Motor

Corp.

1,207,670

15,720,037

Yamaha

Motor

Co.

Ltd.

32,200

603,394

24,720,892

Banks

1.2%

Chiba

Bank

Ltd.

(The)(a)

61,400

330,612

Concordia

Financial

Group

Ltd.(a)

122,400

378,423

Japan

Post

Bank

Co.

Ltd.(a)

46,200

322,113

Mitsubishi

UFJ

Financial

Group,

Inc.(a)

1,355,167

6,111,025

Mizuho

Financial

Group,

Inc.

(a)

273,851

2,958,674

Resona

Holdings,

Inc.

240,600

878,499

Shizuoka

Bank

Ltd.

(The)∞(a)

52,900

324,937

Sumitomo

Mitsui

Financial

Group,

Inc.

149,553

4,161,705

Sumitomo

Mitsui

Trust

Holdings,

Inc.

39,540

1,117,670

16,583,658

Beverages

0.3%

Asahi

Group

Holdings

Ltd.

52,700

1,634,824

Ito

En

Ltd.

6,100

245,472

Kirin

Holdings

Co.

Ltd.

95,500

1,470,813

Suntory

Beverage

&

Food

Ltd.

14,800

525,175

3,876,284

Building

Products

0.4%

AGC,

Inc.

21,400

665,154

Daikin

Industries

Ltd.

28,500

4,403,822

Lixil

Corp.(a)

32,700

473,835

TOTO

Ltd.(a)

17,000

567,650

6,110,461

Capital

Markets

0.2%

Daiwa

Securities

Group,

Inc.

(a)

159,700

625,762

Japan

Exchange

Group,

Inc.

55,700

752,951

Nomura

Holdings,

Inc.(a)

336,000

1,109,226

SBI

Holdings,

Inc.(a)

29,490

529,945

3,017,884

Chemicals

0.8%

Asahi

Kasei

Corp.(a)

138,700

917,312

JSR

Corp.(a)

19,900

379,221

Mitsubishi

Chemical

Group

Corp.(a)

150,300

690,170

Mitsui

Chemicals,

Inc.

21,700

423,723

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

Nippon

Paint

Holdings

Co.

Ltd.

89,600

600,105

Nippon

Sanso

Holdings

Corp.

19,400

306,415

Nissan

Chemical

Corp.(a)

14,800

661,405

Nitto

Denko

Corp.

15,700

851,273

Shin-Etsu

Chemical

Co.

Ltd.

42,800

4,250,196

Sumitomo

Chemical

Co.

Ltd.

163,800

565,548

Toray

Industries,

Inc.

159,700

783,821

Tosoh

Corp.(a)

31,200

348,392

10,777,581

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

(a)

26,900

536,785

Secom

Co.

Ltd.(a)

23,200

1,318,172

Toppan,

Inc.(a)

29,000

432,748

2,287,705

Construction

&

Engineering

0.1%

Kajima

Corp.(a)

47,200

448,358

Obayashi

Corp.

70,200

450,761

Shimizu

Corp.(a)

69,500

341,039

Taisei

Corp.

21,000

584,117

1,824,275

Diversified

Financial

Services

0.2%

Mitsubishi

HC

Capital,

Inc.

80,200

345,013

ORIX

Corp.

135,100

1,900,044

2,245,057

Diversified

Telecommunication

Services

0.3%

Nippon

Telegraph

&

Telephone

Corp.

134,956

3,640,844

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.(a)

71,200

640,188

Kansai

Electric

Power

Co.,

Inc.

(The)(a)

78,800

656,684

Tokyo

Electric

Power

Co.

Holdings,

Inc.*(a)

173,600

551,710

1,848,582

Electrical

Equipment

0.4%

Fuji

Electric

Co.

Ltd.

15,000

549,843

Mitsubishi

Electric

Corp.

220,000

1,987,370

Nidec

Corp.(a)

50,900

2,867,300

5,404,513

Electronic

Equipment,

Instruments

&

Components

1.2%

Azbil

Corp.(a)

12,600

328,869

Hamamatsu

Photonics

KK

16,700

717,027

Hirose

Electric

Co.

Ltd.

3,694

480,105

Ibiden

Co.

Ltd.(a)

13,500

370,666

Keyence

Corp.

22,044

7,318,673

Kyocera

Corp.

36,800

1,860,190

Murata

Manufacturing

Co.

Ltd.(a)

66,300

3,045,486

Omron

Corp.

20,500

934,342

Shimadzu

Corp.

27,900

726,234

TDK

Corp.

44,700

1,356,471

Yokogawa

Electric

Corp.

23,600

371,904

17,509,967

72

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Entertainment

0.6%

Capcom

Co.

Ltd.(a)

21,200

530,047

Koei

Tecmo

Holdings

Co.

Ltd.(a)

14,820

241,054

Konami

Group

Corp.(a)

10,700

494,686

Nexon

Co.

Ltd.

54,600

954,872

Nintendo

Co.

Ltd.

126,000

5,102,076

Square

Enix

Holdings

Co.

Ltd.

9,700

415,987

Toho

Co.

Ltd.

13,000

468,475

8,207,197

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Daiwa

House

REIT

Investment

Corp.

251

520,990

GLP

J-REIT

513

566,294

Japan

Metropolitan

Fund

Invest

744

559,672

Japan

Real

Estate

Investment

Corp.

149

613,564

Nippon

Building

Fund,

Inc.

180

791,469

Nippon

Prologis

REIT,

Inc.

230

501,663

Nomura

Real

Estate

Master

Fund,

Inc.

459

507,628

4,061,280

Food

&

Staples

Retailing

0.4%

Aeon

Co.

Ltd.

75,800

1,417,917

Kobe

Bussan

Co.

Ltd.(a)

17,700

423,613

Seven

&

i

Holdings

Co.

Ltd.

85,400

3,430,428

Welcia

Holdings

Co.

Ltd.

12,400

260,542

5,532,500

Food

Products

0.3%

Ajinomoto

Co.,

Inc.(a)

51,600

1,405,790

Kikkoman

Corp.(a)

17,200

967,037

MEIJI

Holdings

Co.

Ltd.(a)

12,580

558,034

Nisshin

Seifun

Group,

Inc.(a)

20,923

212,419

Nissin

Foods

Holdings

Co.

Ltd.

6,700

465,145

Yakult

Honsha

Co.

Ltd.

15,100

878,060

4,486,485

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

41,500

624,853

Tokyo

Gas

Co.

Ltd.

46,400

783,645

1,408,498

Health

Care

Equipment

&

Supplies

0.7%

Asahi

Intecc

Co.

Ltd.

23,500

371,824

Hoya

Corp.

41,400

3,980,398

Olympus

Corp.

139,700

2,688,642

Sysmex

Corp.

19,700

1,060,254

Terumo

Corp.(a)

74,100

2,090,997

10,192,115

Health

Care

Technology

0.1%

M3,

Inc.

48,800

1,345,643

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.

9,826

342,276

Oriental

Land

Co.

Ltd.

22,700

3,093,425

3,435,701

Common

Stocks

Shares

Value

($)

JAPAN

Household

Durables

1.0%

Iida

Group

Holdings

Co.

Ltd.

(a)

17,300

235,031

Open

House

Group

Co.

Ltd.

(a)

9,800

332,134

Panasonic

Holdings

Corp.

253,900

1,783,017

Sekisui

Chemical

Co.

Ltd.

44,700

547,124

Sekisui

House

Ltd.

68,100

1,131,022

Sharp

Corp.(a)

22,900

136,831

Sony

Group

Corp.

143,600

9,242,428

13,407,587

Household

Products

0.1%

Unicharm

Corp.

46,600

1,523,209

Industrial

Conglomerates

0.4%

Hitachi

Ltd.

110,300

4,670,352

Toshiba

Corp.(a)

45,100

1,606,338

6,276,690

Insurance

0.8%

Dai-ichi

Life

Holdings,

Inc.

112,500

1,788,249

Japan

Post

Holdings

Co.

Ltd.

270,800

1,793,132

Japan

Post

Insurance

Co.

Ltd.(a)

24,900

348,837

MS&AD

Insurance

Group

Holdings,

Inc.(a)

51,741

1,369,263

Sompo

Holdings,

Inc.

34,650

1,380,982

T&D

Holdings,

Inc.(a)

57,100

539,968

Tokio

Marine

Holdings,

Inc.

207,600

3,689,801

10,910,232

Interactive

Media

&

Services

0.1%

Kakaku.com,

Inc.

15,800

265,657

Z

Holdings

Corp.

296,300

769,931

1,035,588

Internet

&

Direct

Marketing

Retail

0.1%

Rakuten

Group,

Inc.

99,500

426,857

ZOZO,

Inc.

15,200

303,132

729,989

IT

Services

0.6%

Fujitsu

Ltd.

22,300

2,404,886

GMO

Payment

Gateway,

Inc.

(a)

4,900

331,107

Itochu

Techno-Solutions

Corp.(a)

11,300

263,559

NEC

Corp.

27,200

870,653

Nomura

Research

Institute

Ltd.

37,115

912,198

NTT

Data

Corp.

69,800

902,079

Obic

Co.

Ltd.

8,200

1,087,210

Otsuka

Corp.

14,000

433,881

SCSK

Corp.(a)

17,100

256,573

TIS,

Inc.

25,800

685,054

8,147,200

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

23,200

1,515,265

Shimano,

Inc.

8,200

1,292,335

Yamaha

Corp.(a)

16,900

601,868

3,409,468

Machinery

1.1%

Daifuku

Co.

Ltd.(a)

11,100

521,588

FANUC

Corp.(a)

21,800

3,015,766

NVIT

International

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

JAPAN

Machinery

Hitachi

Construction

Machinery

Co.

Ltd.(a)

13,400

248,972

Hoshizaki

Corp.

11,600

321,037

Komatsu

Ltd.

105,100

1,900,619

Kubota

Corp.

118,500

1,643,258

Kurita

Water

Industries

Ltd.

(a)

11,200

394,994

Makita

Corp.(a)

25,700

498,296

MINEBEA

MITSUMI,

Inc.

42,500

630,346

MISUMI

Group,

Inc.

33,400

710,617

Mitsubishi

Heavy

Industries

Ltd.(a)

37,400

1,246,929

NGK

Insulators

Ltd.(a)

27,100

337,823

SMC

Corp.

6,500

2,622,248

Toyota

Industries

Corp.(a)

16,100

767,102

Yaskawa

Electric

Corp.

28,500

822,686

15,682,281

Marine

0.1%

Mitsui

OSK

Lines

Ltd.(a)

40,800

732,792

Nippon

Yusen

KK(a)

55,800

952,963

1,685,755

Media

0.1%

CyberAgent

,

Inc.(a)

47,600

396,471

Dentsu

Group,

Inc.

23,901

680,463

Hakuhodo

DY

Holdings,

Inc.

(a)

24,000

169,272

1,246,206

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.*(a)

23,900

359,335

JFE

Holdings,

Inc.(a)

57,300

533,341

Nippon

Steel

Corp.(a)

93,344

1,299,252

Sumitomo

Metal

Mining

Co.

Ltd.

27,400

789,546

2,981,474

Multiline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

41,300

725,723

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.(a)

339,339

1,095,742

Idemitsu

Kosan

Co.

Ltd.(a)

23,556

509,688

Inpex

Corp.

117,800

1,105,194

2,710,624

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.(a)

83,000

308,955

Personal

Products

0.3%

Kao

Corp.

54,500

2,209,887

Kobayashi

Pharmaceutical

Co.

Ltd.

6,100

355,635

Kose

Corp.

4,100

417,363

Shiseido

Co.

Ltd.

46,100

1,613,631

4,596,516

Pharmaceuticals

1.5%

Astellas

Pharma,

Inc.

211,300

2,793,039

Chugai

Pharmaceutical

Co.

Ltd.

77,200

1,927,612

Daiichi

Sankyo

Co.

Ltd.

199,700

5,555,031

Eisai

Co.

Ltd.

28,100

1,507,253

Kyowa

Kirin

Co.

Ltd.

31,500

722,622

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

Nippon

Shinyaku

Co.

Ltd.

5,400

273,943

Ono

Pharmaceutical

Co.

Ltd.

40,000

930,480

Otsuka

Holdings

Co.

Ltd.

43,200

1,370,224

Shionogi

&

Co.

Ltd.(a)

30,800

1,490,014

Takeda

Pharmaceutical

Co.

Ltd.(a)

171,449

4,452,900

21,023,118

Professional

Services

0.4%

Nihon

M&A

Center

Holdings,

Inc.

34,600

391,392

Persol

Holdings

Co.

Ltd.

19,600

357,209

Recruit

Holdings

Co.

Ltd.

164,000

4,733,568

5,482,169

Real

Estate

Management

&

Development

0.5%

Daito

Trust

Construction

Co.

Ltd.(a)

7,000

657,286

Daiwa

House

Industry

Co.

Ltd.(a)

69,400

1,414,311

Hulic

Co.

Ltd.

45,400

334,053

Mitsubishi

Estate

Co.

Ltd.(a)

136,300

1,788,382

Mitsui

Fudosan

Co.

Ltd.

101,400

1,932,903

Nomura

Real

Estate

Holdings,

Inc.

13,200

299,242

Sumitomo

Realty

&

Development

Co.

Ltd.(a)

36,300

826,591

7,252,768

Road

&

Rail

0.6%

Central

Japan

Railway

Co.

16,600

1,944,692

East

Japan

Railway

Co.

33,876

1,739,112

Hankyu

Hanshin

Holdings,

Inc.

25,700

773,565

Keio

Corp.

10,799

390,623

Keisei

Electric

Railway

Co.

Ltd.

13,400

365,399

Kintetsu

Group

Holdings

Co.

Ltd.(a)

20,300

673,140

Odakyu

Electric

Railway

Co.

Ltd.(a)

34,200

437,477

Tobu

Railway

Co.

Ltd.

20,000

471,857

Tokyu

Corp.(a)

62,700

714,483

West

Japan

Railway

Co.

25,800

988,786

8,499,134

Semiconductors

&

Semiconductor

Equipment

0.6%

Advantest

Corp.(a)

22,300

1,036,361

Disco

Corp.(a)

3,400

740,915

Lasertec

Corp.

8,300

834,633

Renesas

Electronics

Corp.*

128,500

1,070,935

Rohm

Co.

Ltd.

10,400

682,079

SUMCO

Corp.

41,100

477,559

Tokyo

Electron

Ltd.(a)

17,100

4,233,805

9,076,287

Software

0.1%

Oracle

Corp.

Japan

4,300

227,000

Trend

Micro,

Inc.

14,800

801,543

1,028,543

Specialty

Retail

0.3%

Fast

Retailing

Co.

Ltd.

6,700

3,560,582

Hikari

Tsushin,

Inc.(a)

2,400

280,843

Nitori

Holdings

Co.

Ltd.

8,800

736,392

74

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Specialty

Retail

USS

Co.

Ltd.(a)

23,800

366,306

4,944,123

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.

27,200

468,984

Canon,

Inc.

115,300

2,514,648

FUJIFILM

Holdings

Corp.

41,300

1,889,918

Ricoh

Co.

Ltd.(a)

61,100

445,875

Seiko

Epson

Corp.(a)

32,700

445,996

5,765,421

Tobacco

0.2%

Japan

Tobacco,

Inc.

137,100

2,250,316

Trading

Companies

&

Distributors

1.1%

ITOCHU

Corp.(a)

134,300

3,254,879

Marubeni

Corp.(a)

173,000

1,518,901

Mitsubishi

Corp.(a)

144,500

3,968,512

Mitsui

&

Co.

Ltd.(a)

160,100

3,434,779

MonotaRO

Co.

Ltd.

27,000

408,118

Sumitomo

Corp.

130,300

1,626,007

Toyota

Tsusho

Corp.

24,500

760,509

14,971,705

Wireless

Telecommunication

Services

0.9%

KDDI

Corp.(a)

183,500

5,382,044

SoftBank

Corp.(a)

324,900

3,249,227

SoftBank

Group

Corp.(a)

137,300

4,664,100

13,295,371

315,364,120

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

20,299

307,337

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE

14,827

879,222

Metals

&

Mining

0.1%

ArcelorMittal

SA(a)

59,652

1,192,929

2,072,151

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Galaxy

Entertainment

Group

Ltd.

241,000

1,407,158

Sands

China

Ltd.*

268,300

664,279

2,071,437

MALTA

0.0%

†

Capital

Markets

0.0%

†

BGP

Holdings

plc*^∞

848,508

0

NETHERLANDS

5.2%

Banks

0.3%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

50,234

450,265

ING

Groep

NV

447,179

3,834,252

4,284,517

Beverages

0.2%

Heineken

Holding

NV

12,138

828,728

Heineken

NV

29,511

2,587,126

3,415,854

Biotechnology

0.2%

Argenx

SE*

5,067

1,810,743

Common

Stocks

Shares

Value

($)

NETHERLANDS

Biotechnology

Argenx

SE*

1,169

422,297

2,233,040

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

10,200

645,438

Chemicals

0.3%

Akzo

Nobel

NV

20,728

1,168,978

Koninklijke

DSM

NV

19,611

2,224,277

OCI

NV

11,576

425,660

3,818,915

Diversified

Financial

Services

0.1%

EXOR

NV*

12,587

807,754

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

371,792

1,007,454

Entertainment

0.1%

Universal

Music

Group

NV(a)

83,816

1,579,938

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

118,558

3,018,955

Food

Products

0.0%

†

JDE

Peet's

NV

12,632

368,445

Health

Care

Equipment

&

Supplies

0.1%

Koninklijke

Philips

NV

98,615

1,523,261

Insurance

0.1%

Aegon

NV

197,974

786,770

NN

Group

NV

31,241

1,215,927

2,002,697

IT

Services

0.2%

Adyen

NV

Reg.

S*(b)

2,492

3,100,168

Oil,

Gas

&

Consumable

Fuels

1.5%

Shell

plc

847,093

21,075,925

Professional

Services

0.3%

Randstad

NV(a)

13,992

605,055

Wolters

Kluwer

NV

30,192

2,939,526

3,544,581

Semiconductors

&

Semiconductor

Equipment

1.4%

ASM

International

NV

5,179

1,158,750

ASML

Holding

NV

46,290

19,200,687

20,359,437

Trading

Companies

&

Distributors

0.1%

IMCD

NV

6,296

747,202

73,533,581

NEW

ZEALAND

0.2%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

222,747

623,987

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

82,271

262,088

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

68,471

706,016

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

151,098

406,271

NVIT

International

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

NEW

ZEALAND

Software

0.1%

Xero

Ltd.*(a)

14,740

677,410

Transportation

Infrastructure

0.0%

†

Auckland

International

Airport

Ltd.*

148,060

595,116

3,270,888

NORWAY

0.7%

Aerospace

&

Defense

0.0%

†

Kongsberg

Gruppen

ASA

9,825

298,030

Banks

0.1%

DNB

Bank

ASA

107,020

1,694,336

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

77,374

706,162

Food

Products

0.1%

Mowi

ASA

48,430

613,667

Orkla

ASA

82,296

597,544

Salmar

ASA

6,472

217,961

1,429,172

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

24,887

425,855

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

148,710

799,982

Oil,

Gas

&

Consumable

Fuels

0.3%

Aker

BP

ASA(a)

35,463

1,016,861

Equinor

ASA

112,573

3,713,060

4,729,921

10,083,458

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

306,961

1,328,876

Food

&

Staples

Retailing

0.1%

Jeronimo

Martins

SGPS

SA

33,983

633,145

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Galp

Energia

SGPS

SA

,

Class

B

55,198

529,015

2,491,036

SINGAPORE

1.7%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

185,300

459,336

Airlines

0.0%

†

Singapore

Airlines

Ltd.*

159,714

563,608

Banks

0.7%

DBS

Group

Holdings

Ltd.

206,300

4,769,649

Oversea-Chinese

Banking

Corp.

Ltd.

379,900

3,111,932

United

Overseas

Bank

Ltd.

132,400

2,403,919

10,285,500

Capital

Markets

0.1%

Singapore

Exchange

Ltd.

99,400

651,681

Common

Stocks

Shares

Value

($)

SINGAPORE

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

955,350

1,758,420

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

32,800

373,579

Entertainment

0.2%

Sea

Ltd.,

ADR*(a)

40,477

2,268,736

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

CapitaLand

Integrated

Commercial

Trust

581,570

773,202

CapLand

Ascendas

REIT

401,407

748,155

Mapletree

Logistics

Trust

396,704

428,345

Mapletree

Pan

Asia

Commercial

Trust

278,200

332,287

2,281,989

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

704,796

383,377

Industrial

Conglomerates

0.1%

Keppel

Corp.

Ltd.

161,100

773,513

Real

Estate

Management

&

Development

0.1%

Capitaland

Investment

Ltd.

291,797

702,862

City

Developments

Ltd.

55,300

291,539

UOL

Group

Ltd.

47,500

219,000

1,213,401

Road

&

Rail

0.0%

†

Grab

Holdings

Ltd.

,

Class

A

*(a)

154,510

406,361

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

77,810

2,400,793

23,820,294

SOUTH

AFRICA

0.3%

Metals

&

Mining

0.3%

Anglo

American

plc

144,942

4,378,463

SOUTH

KOREA

0.1%

Internet

&

Direct

Marketing

Retail

0.1%

Delivery

Hero

SE

Reg.

S*(b)

19,153

709,286

SPAIN

2.4%

Banks

0.7%

Banco

Bilbao

Vizcaya

Argentaria

SA

763,456

3,429,109

Banco

Santander

SA

1,963,407

4,563,446

CaixaBank

SA

511,058

1,646,831

9,639,386

Biotechnology

0.0%

†

Grifols

SA*(a)

33,026

282,741

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

27,489

615,177

Ferrovial

SA

53,934

1,224,005

1,839,182

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

61,589

1,898,873

76

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SPAIN

Diversified

Telecommunication

Services

Telefonica

SA

601,474

1,982,902

3,881,775

Electric

Utilities

0.6%

Acciona

SA(a)

2,712

478,680

Endesa

SA

35,868

537,669

Iberdrola

SA

676,015

6,284,490

Red

Electrica

Corp.

SA

45,500

696,880

7,997,719

Electrical

Equipment

0.0%

†

Siemens

Gamesa

Renewable

Energy

SA*

27,758

487,515

Gas

Utilities

0.1%

Enagas

SA

28,047

432,877

Naturgy

Energy

Group

SA

15,981

368,395

801,272

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

EDP

Renovaveis

SA

31,621

649,892

IT

Services

0.2%

Amadeus

IT

Group

SA*

51,194

2,369,717

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

165,768

1,907,597

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

124,144

2,564,244

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

8,293

858,100

33,279,140

SWEDEN

3.1%

Automobiles

0.0%

†

Volvo

Car

AB

,

Class

B

*(a)

65,477

282,380

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB

,

Class

A

187,320

1,778,088

Svenska

Handelsbanken

AB

,

Class

A

170,258

1,391,272

Swedbank

AB

,

Class

A

105,368

1,377,655

4,547,015

Biotechnology

0.0%

†

Swedish

Orphan

Biovitrum

AB*

18,560

359,284

Building

Products

0.3%

Assa

Abloy

AB

,

Class

B

114,245

2,134,941

Nibe

Industrier

AB

,

Class

B

170,038

1,509,752

3,644,693

Capital

Markets

0.1%

EQT

AB

34,763

668,770

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB

,

Class

B

(a)

39,382

274,184

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson

,

Class

B

(a)

332,992

1,939,256

Construction

&

Engineering

0.0%

†

Skanska

AB

,

Class

B

40,401

502,152

Common

Stocks

Shares

Value

($)

SWEDEN

Diversified

Financial

Services

0.4%

Industrivarden

AB

,

Class

A

16,218

326,456

Industrivarden

AB

,

Class

C

17,605

350,627

Investor

AB

,

Class

A

(a)

55,146

843,871

Investor

AB

,

Class

B

204,421

2,979,794

Kinnevik

AB

,

Class

B

*

27,641

361,176

L

E

Lundbergforetagen

AB

,

Class

B

9,028

324,579

5,186,503

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB

293,944

846,048

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB

,

Class

B

222,251

2,060,549

Entertainment

0.0%

†

Embracer

Group

AB*(a)

75,933

450,102

Health

Care

Equipment

&

Supplies

0.0%

†

Getinge

AB

,

Class

B

24,997

429,053

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

20,893

1,645,375

Household

Durables

0.0%

†

Electrolux

AB

,

Class

B

(a)

26,142

270,759

Household

Products

0.1%

Essity

AB

,

Class

B

67,315

1,328,744

Industrial

Conglomerates

0.0%

†

Investment

AB

Latour

,

Class

B

16,568

271,884

Lifco

AB

,

Class

B

24,126

333,050

604,934

Machinery

0.9%

Alfa

Laval

AB

34,787

859,420

Atlas

Copco

AB

,

Class

A

304,351

2,818,348

Atlas

Copco

AB

,

Class

B

181,245

1,499,616

Epiroc

AB

,

Class

A

72,872

1,042,338

Epiroc

AB

,

Class

B

45,252

569,158

Husqvarna

AB

,

Class

B

48,561

267,637

Indutrade

AB

30,012

484,002

Sandvik

AB

120,828

1,645,374

SKF

AB

,

Class

B

(a)

44,290

592,244

Volvo

AB

,

Class

A

23,960

354,855

Volvo

AB

,

Class

B

170,626

2,407,575

12,540,567

Metals

&

Mining

0.1%

Boliden

AB

32,500

1,005,127

Paper

&

Forest

Products

0.1%

Holmen

AB

,

Class

B

10,308

392,241

Svenska

Cellulosa

AB

SCA

,

Class

B

66,995

849,605

1,241,846

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder

,

Class

B

*

67,062

265,051

Sagax

AB

,

Class

B

22,206

365,536

630,587

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

(a)

80,759

746,377

NVIT

International

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

SWEDEN

Tobacco

0.1%

Swedish

Match

AB

177,276

1,755,088

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB

,

Class

B

62,369

537,945

43,497,338

SWITZERLAND

5.9%

Building

Products

0.1%

Geberit

AG

(Registered)

4,126

1,765,333

Capital

Markets

0.7%

Credit

Suisse

Group

AG

(Registered)

297,413

1,172,137

Julius

Baer

Group

Ltd.

24,462

1,064,424

Partners

Group

Holding

AG

2,589

2,079,919

UBS

Group

AG

(Registered)

399,411

5,769,878

10,086,358

Chemicals

0.5%

Clariant

AG

(Registered)*

25,170

400,580

EMS-

Chemie

Holding

AG

(Registered)

761

478,967

Givaudan

SA

(Registered)

1,044

3,147,572

Sika

AG

(Registered)

16,666

3,337,337

7,364,456

Construction

Materials

0.2%

Holcim

AG*

62,606

2,554,184

Containers

&

Packaging

0.1%

SIG

Group

AG*

34,636

703,704

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

3,006

1,404,007

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)

187,052

4,816,771

Food

Products

0.2%

Barry

Callebaut

AG

(Registered)

395

742,708

Chocoladefabriken

Lindt

&

Spruengli

AG

126

1,217,475

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

12

1,189,811

3,149,994

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.

57,571

3,333,938

Sonova

Holding

AG

(Registered)

6,263

1,377,295

Straumann

Holding

AG

(Registered)

12,866

1,170,924

5,882,157

Insurance

0.6%

Baloise

Holding

AG

(Registered)

5,254

669,795

Swiss

Life

Holding

AG

(Registered)

3,634

1,601,113

Zurich

Insurance

Group

AG

17,070

6,785,742

9,056,650

Life

Sciences

Tools

&

Services

0.3%

Bachem

Holding

AG

,

Class

B

(a)

3,705

230,478

Common

Stocks

Shares

Value

($)

SWITZERLAND

Life

Sciences

Tools

&

Services

Lonza

Group

AG

(Registered)

8,505

4,136,057

4,366,535

Machinery

0.1%

Schindler

Holding

AG

4,798

744,258

Schindler

Holding

AG

(Registered)

2,580

387,835

VAT

Group

AG

Reg.

S(b)

2,980

601,622

1,733,715

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

6,009

1,217,571

Pharmaceuticals

1.3%

Novartis

AG

(Registered)

246,364

18,781,128

Professional

Services

0.2%

Adecco

Group

AG

(Registered)

17,672

485,276

SGS

SA

(Registered)

734

1,567,852

2,053,128

Real

Estate

Management

&

Development

0.1%

Swiss

Prime

Site

AG

(Registered)

8,845

703,614

Software

0.0%

†

Temenos

AG

(Registered)

7,432

500,433

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)(a)

19,142

874,088

Textiles,

Apparel

&

Luxury

Goods

0.5%

Cie

Financiere

Richemont

SA

(Registered)

59,446

5,578,014

Swatch

Group

AG

(The)

3,353

753,016

Swatch

Group

AG

(The)

(Registered)

6,136

256,780

6,587,810

83,601,636

UNITED

ARAB

EMIRATES

0.0%

†

Health

Care

Providers

&

Services

0.0%

†

NMC

Health

plc*^∞

11,719

0

UNITED

KINGDOM

11.8%

Aerospace

&

Defense

0.3%

BAE

Systems

plc

361,500

3,176,078

Rolls-Royce

Holdings

plc*

925,268

711,065

3,887,143

Banks

1.6%

Barclays

plc

1,880,080

2,997,441

HSBC

Holdings

plc

2,289,166

11,862,247

Lloyds

Banking

Group

plc

7,991,708

3,651,133

NatWest

Group

plc

607,362

1,515,758

Standard

Chartered

plc

285,711

1,797,075

21,823,654

Beverages

0.8%

Coca-Cola

Europacific

Partners

plc

23,796

1,014,185

Diageo

plc

260,761

10,929,993

11,944,178

78

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Capital

Markets

0.4%

3i

Group

plc

112,912

1,355,753

abrdn

plc

236,584

359,510

Hargreaves

Lansdown

plc

40,634

390,019

London

Stock

Exchange

Group

plc

37,276

3,143,243

Schroders

plc

77,712

336,451

St

James's

Place

plc

62,736

715,633

6,300,609

Chemicals

0.1%

Croda

International

plc

16,432

1,173,808

Johnson

Matthey

plc

20,861

424,152

1,597,960

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

205,600

1,085,650

Diversified

Financial

Services

0.0%

†

M&G

plc

287,491

529,274

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

800,200

1,081,922

Electric

Utilities

0.1%

SSE

plc

123,410

2,092,423

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

41,980

945,261

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

British

Land

Co.

plc

(The)

100,664

388,446

Land

Securities

Group

plc

77,891

447,990

Segro

plc

138,945

1,164,255

2,000,691

Food

&

Staples

Retailing

0.2%

J

Sainsbury

plc

205,250

396,426

Ocado

Group

plc*

65,071

337,893

Tesco

plc

850,078

1,946,440

2,680,759

Food

Products

0.0%

†

Associated

British

Foods

plc

41,962

585,018

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

97,230

1,121,727

Hotels,

Restaurants

&

Leisure

0.5%

Compass

Group

plc

203,573

4,069,264

Entain

plc

68,366

820,987

InterContinental

Hotels

Group

plc

21,778

1,044,813

Whitbread

plc

22,853

583,563

6,518,627

Household

Durables

0.1%

Barratt

Developments

plc

117,831

446,343

Berkeley

Group

Holdings

plc

12,674

464,574

Persimmon

plc

34,914

480,659

Taylor

Wimpey

plc

414,579

404,280

1,795,856

Household

Products

0.4%

Reckitt

Benckiser

Group

plc

81,223

5,368,142

Industrial

Conglomerates

0.3%

CK

Hutchison

Holdings

Ltd.

309,016

1,696,975

DCC

plc

10,904

567,275

Melrose

Industries

plc

515,865

575,978

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Industrial

Conglomerates

Smiths

Group

plc

45,107

755,972

3,596,200

Insurance

0.3%

Admiral

Group

plc

21,531

456,944

Aviva

plc

318,521

1,368,111

Legal

&

General

Group

plc

685,903

1,641,373

Phoenix

Group

Holdings

plc

91,262

531,340

3,997,768

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

111,236

630,681

Internet

&

Direct

Marketing

Retail

0.0%

†

Just

Eat

Takeaway.com

NV

Reg.

S*(b)

18,735

285,636

Machinery

0.2%

CNH

Industrial

NV

114,814

1,281,793

Spirax-Sarco

Engineering

plc

8,157

936,997

2,218,790

Media

0.2%

Informa

plc

166,210

957,549

Pearson

plc

80,211

768,724

WPP

plc

129,119

1,068,518

2,794,791

Multiline

Retail

0.1%

Next

plc

14,701

781,075

Multi-Utilities

0.3%

National

Grid

plc

414,880

4,281,496

Oil,

Gas

&

Consumable

Fuels

0.7%

BP

plc

2,186,582

10,397,972

Personal

Products

1.0%

Haleon

plc*

574,044

1,776,145

Unilever

plc

290,634

12,806,822

14,582,967

Pharmaceuticals

1.4%

AstraZeneca

plc

176,454

19,404,658

Professional

Services

0.7%

Experian

plc

105,933

3,105,660

Intertek

Group

plc

17,846

734,195

RELX

plc

220,054

5,349,335

9,189,190

Software

0.1%

AVEVA

Group

plc

13,500

470,296

Sage

Group

plc

(The)

113,121

870,324

1,340,620

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

268,115

292,837

Kingfisher

plc

222,113

539,556

832,393

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

47,253

942,278

Tobacco

0.8%

British

American

Tobacco

plc

245,869

8,792,128

Imperial

Brands

plc

103,025

2,126,002

10,918,130

Trading

Companies

&

Distributors

0.2%

Ashtead

Group

plc

49,908

2,228,186

NVIT

International

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Trading

Companies

&

Distributors

Bunzl

plc

37,856

1,152,039

3,380,225

Water

Utilities

0.1%

Severn

Trent

plc

27,675

723,463

United

Utilities

Group

plc

79,247

784,750

1,508,213

Wireless

Telecommunication

Services

0.2%

Vodafone

Group

plc

3,014,526

3,395,194

165,837,171

UNITED

STATES

6.2%

Automobiles

0.2%

Stellantis

NV

252,446

2,982,049

2,982,049

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI(a)

52,521

1,022,895

Electrical

Equipment

0.5%

Schneider

Electric

SE

61,890

6,943,495

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA(a)

52,216

676,972

Food

Products

2.5%

Nestle

SA

(Registered)

320,575

34,711,738

Insurance

0.2%

Swiss

Re

AG

34,351

2,523,261

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

25,524

1,074,094

Pharmaceuticals

2.4%

GSK

plc

464,177

6,770,481

Roche

Holding

AG

83,128

27,302,960

34,073,441

Software

0.0%

†

CyberArk

Software

Ltd.*

4,491

673,381

Trading

Companies

&

Distributors

0.2%

Ferguson

plc

24,286

2,528,845

87,210,171

Total

Common

Stocks

(cost

$1,263,475,608)

1,383,060,871

Rights

0.0%

†

Number

of

Rights

SWEDEN

0.0%

†

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

expiring

10/11/2022*(a)

157,528

65,721

Total

Rights

(cost

$62,157)

65,721

Repurchase

Agreements

3.8%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$7,001,780,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$7,140,000.(c)

7,000,000

7,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,176,636,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$4,259,086.(c)

4,175,575

4,175,575

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$9,968,353,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$10,167,720.(c)

9,965,886

9,965,886

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$30,758,306,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$31,380,709.(c)

30,750,490

30,750,490

80

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,514,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$53,891,951)

53,891,951

Total

Investments

(cost

$1,317,429,716)

—

102.1%

1,437,018,543

Liabilities

in

excess

of

other

assets

—

(2.1)%

(29,867,701)

NET

ASSETS

—

100.0%

$

1,407,150,842

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$108,721,283,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$53,891,951

and

by

$61,567,902

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$115,459,853.

(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

September

30,

2022

was

$20,169,541

which

represents

1.43%

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

September

30,

2022

was

$53,891,951.

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

81

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

177

12/2022

EUR

5,750,492

(317,934)

FTSE

100

Index

57

12/2022

GBP

4,400,620

(221,274)

Nikkei

225

Index

39

12/2022

JPY

3,500,380

(162,570)

SPI

200

Index

19

12/2022

AUD

1,964,589

(106,621)

Net

contracts

(808,399)

As

of

September

30,

2022,

the

Fund

had

$1,248,828

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

82

-

Statement

of

Investments

-

September

30,

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

83

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

17,868,600

$

–

$

17,868,600

Air

Freight

&

Logistics

–

7,331,276

–

7,331,276

Airlines

–

1,866,583

–

1,866,583

Auto

Components

–

8,523,896

–

8,523,896

Automobiles

–

43,140,404

–

43,140,404

Banks

–

126,184,242

–

126,184,242

Beverages

1,014,185

30,946,893

–

31,961,078

Biotechnology

–

15,271,752

–

15,271,752

Building

Products

–

14,760,492

–

14,760,492

Capital

Markets

227,655

36,675,065

–

36,902,720

Chemicals

–

42,314,912

–

42,314,912

Commercial

Services

&

Supplies

–

4,801,795

–

4,801,795

Communications

Equipment

–

4,557,528

–

4,557,528

Construction

&

Engineering

–

10,432,047

–

10,432,047

Construction

Materials

–

7,024,021

–

7,024,021

Containers

&

Packaging

–

1,515,114

–

1,515,114

Distributors

–

383,637

–

383,637

Diversified

Consumer

Services

–

417,696

–

417,696

Diversified

Financial

Services

1,149,282

9,218,056

–

10,367,338

Diversified

Telecommunication

Services

–

27,226,118

–

27,226,118

Electric

Utilities

–

26,016,272

–

26,016,272

Electrical

Equipment

–

23,076,179

–

23,076,179

Electronic

Equipment,

Instruments

&

Components

–

20,889,356

–

20,889,356

Energy

Equipment

&

Services

–

676,972

–

676,972

Entertainment

2,268,736

10,954,015

–

13,222,751

Equity

Real

Estate

Investment

Trusts

(REITs)

–

17,657,842

–

17,657,842

Food

&

Staples

Retailing

–

19,047,171

–

19,047,171

Food

Products

–

50,949,439

–

50,949,439

Gas

Utilities

–

5,052,956

–

5,052,956

Health

Care

Equipment

&

Supplies

–

25,191,963

–

25,191,963

Health

Care

Providers

&

Services

–

3,799,402

–

3,799,402

Health

Care

Technology

–

1,345,643

–

1,345,643

Hotels,

Restaurants

&

Leisure

–

19,962,379

–

19,962,379

Household

Durables

–

15,652,962

–

15,652,962

Household

Products

–

10,083,468

–

10,083,468

Independent

Power

and

Renewable

Electricity

Producers

–

3,781,860

–

3,781,860

Industrial

Conglomerates

809,600

19,991,886

–

20,801,486

Insurance

–

70,048,688

–

70,048,688

Interactive

Media

&

Services

–

3,186,724

–

3,186,724

Internet

&

Direct

Marketing

Retail

–

7,117,464

–

7,117,464

IT

Services

481,114

20,816,640

–

21,297,754

Leisure

Products

–

3,409,468

–

3,409,468

Life

Sciences

Tools

&

Services

–

8,246,582

–

8,246,582

Machinery

–

38,591,391

–

38,591,391

Marine

216,553

4,816,858

–

5,033,411

Media

–

5,917,171

–

5,917,171

Metals

&

Mining

–

47,600,169

–

47,600,169

Multiline

Retail

–

5,035,309

–

5,035,309

Multi-Utilities

–

10,097,293

–

10,097,293

Oil,

Gas

&

Consumable

Fuels

–

67,474,569

–

67,474,569

Paper

&

Forest

Products

–

5,152,256

–

5,152,256

Personal

Products

–

29,044,895

–

29,044,895

Pharmaceuticals

1,052,094

132,111,354

–

133,163,448

Professional

Services

–

22,730,999

–

22,730,999

Real

Estate

Management

&

Development

495,219

20,344,563

–

20,839,782

Road

&

Rail

406,361

9,745,987

–

10,152,348

84

-

Statement

of

Investments

-

September

30,

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

September

30,

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

managing

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

Level

1

Level

2

Level

3

Total

Assets:

Semiconductors

&

Semiconductor

Equipment

$

–

$

35,689,784

$

–

$

35,689,784

Software

1,983,679

18,239,928

–

20,223,607

Specialty

Retail

–

9,543,960

–

9,543,960

Technology

Hardware,

Storage

&

Peripherals

–

6,639,509

–

6,639,509

Textiles,

Apparel

&

Luxury

Goods

–

42,879,433

–

42,879,433

Tobacco

–

14,923,534

–

14,923,534

Trading

Companies

&

Distributors

689,640

22,962,316

–

23,651,956

Transportation

Infrastructure

–

6,573,294

–

6,573,294

Water

Utilities

–

1,508,213

–

1,508,213

Wireless

Telecommunication

Services

–

17,228,510

–

17,228,510

Total

Common

Stocks

$

10,794,118

$

1,372,266,753

$

–

$

1,383,060,871

Repurchase

Agreements

–

53,891,951

–

53,891,951

Rights

65,721

–

–

65,721

Total

Assets

$

10,859,839

$

1,426,158,704

$

–

$

1,437,018,543

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(808,399)

$

–

$

–

$

(808,399)

Total

Liabilities

$

(808,399)

$

–

$

–

$

(808,399)

Total

$

10,051,440

$

1,426,158,704

$

–

$

1,436,210,144

As

of

September

30,

2022,

the

Fund

held

two

common

stocks

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

NVIT

International

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

85

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(808,399)

Total

$

(808,399)

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.

86

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

99.2%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Axon

Enterprise,

Inc.*

34,852

4,034,119

Curtiss-Wright

Corp.

19,817

2,757,734

Hexcel

Corp.(a)

43,443

2,246,872

Mercury

Systems,

Inc.*

29,475

1,196,685

Woodward,

Inc.

31,053

2,492,314

12,727,724

Air

Freight

&

Logistics

0.2%

GXO

Logistics,

Inc.*

61,095

2,141,991

Airlines

0.1%

JetBlue

Airways

Corp.*

169,284

1,122,353

Auto

Components

1.4%

Adient

plc*(a)

48,834

1,355,144

Dana,

Inc.

65,715

751,122

Fox

Factory

Holding

Corp.*

21,814

1,725,051

Gentex

Corp.

121,432

2,894,939

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

146,656

1,479,759

Lear

Corp.

30,645

3,667,900

Visteon

Corp.*

14,594

1,547,840

13,421,755

Automobiles

0.4%

Harley-Davidson,

Inc.

68,651

2,394,547

Thor

Industries,

Inc.(a)

28,087

1,965,528

4,360,075

Banks

7.5%

Associated

Banc-Corp.

77,905

1,564,332

Bank

of

Hawaii

Corp.(a)

20,697

1,575,456

Bank

OZK(a)

57,281

2,266,036

Cadence

Bank(a)

93,339

2,371,744

Cathay

General

Bancorp

38,190

1,468,787

Commerce

Bancshares,

Inc.

(a)

56,308

3,725,337

Cullen/Frost

Bankers,

Inc.

33,099

4,376,350

East

West

Bancorp,

Inc.

72,734

4,883,361

First

Financial

Bankshares,

Inc.(a)

66,629

2,787,091

First

Horizon

Corp.

276,968

6,342,567

FNB

Corp.(a)

181,030

2,099,948

Fulton

Financial

Corp.(a)

87,334

1,379,877

Glacier

Bancorp,

Inc.

57,171

2,808,811

Hancock

Whitney

Corp.

43,977

2,014,586

Home

BancShares,

Inc.

98,983

2,228,107

International

Bancshares

Corp.

27,064

1,150,220

Old

National

Bancorp

151,599

2,496,836

PacWest

Bancorp

60,371

1,364,385

Pinnacle

Financial

Partners,

Inc.

39,454

3,199,720

Prosperity

Bancshares,

Inc.

46,546

3,103,687

Synovus

Financial

Corp.

75,155

2,819,064

Texas

Capital

Bancshares,

Inc.*

25,694

1,516,717

UMB

Financial

Corp.

22,535

1,899,475

Umpqua

Holdings

Corp.

112,362

1,920,267

United

Bankshares,

Inc.

69,222

2,474,687

Valley

National

Bancorp

216,911

2,342,639

Washington

Federal,

Inc.

34,150

1,023,817

Webster

Financial

Corp.

90,756

4,102,171

Common

Stocks

Shares

Value

($)

Banks

Wintrust

Financial

Corp.

31,349

2,556,511

73,862,586

Beverages

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

4,872

1,576,823

Celsius

Holdings,

Inc.*

20,649

1,872,451

Coca-Cola

Consolidated,

Inc.

2,407

991,034

4,440,308

Biotechnology

1.8%

Arrowhead

Pharmaceuticals,

Inc.*(a)

54,716

1,808,364

Exelixis,

Inc.*

166,195

2,605,938

Halozyme

Therapeutics,

Inc.*(a)

71,383

2,822,484

Neurocrine

Biosciences,

Inc.*(a)

49,364

5,242,950

United

Therapeutics

Corp.*

23,493

4,918,964

17,398,700

Building

Products

2.5%

Builders

FirstSource,

Inc.*

80,557

4,746,419

Carlisle

Cos.,

Inc.

26,697

7,486,106

Lennox

International,

Inc.

16,642

3,705,674

Owens

Corning

49,673

3,904,795

Simpson

Manufacturing

Co.,

Inc.

22,193

1,739,931

Trex

Co.,

Inc.*

56,793

2,495,484

24,078,409

Capital

Markets

1.9%

Affiliated

Managers

Group,

Inc.(a)

19,689

2,202,215

Evercore,

Inc.,

Class

A

18,549

1,525,655

Federated

Hermes,

Inc.,

Class

B

43,614

1,444,496

Interactive

Brokers

Group,

Inc.,

Class

A

53,082

3,392,471

Janus

Henderson

Group

plc

68,403

1,389,265

Jefferies

Financial

Group,

Inc.

95,983

2,831,498

SEI

Investments

Co.(a)

53,148

2,606,909

Stifel

Financial

Corp.

54,786

2,843,941

18,236,450

Chemicals

2.3%

Ashland,

Inc.

25,655

2,436,455

Avient

Corp.

44,029

1,334,079

Cabot

Corp.(a)

29,150

1,862,394

Chemours

Co.

(The)

80,074

1,973,824

Ingevity

Corp.*

18,422

1,116,926

NewMarket

Corp.

3,528

1,061,328

Olin

Corp.

69,672

2,987,535

RPM

International,

Inc.(a)

66,587

5,547,363

Scotts

Miracle-Gro

Co.

(The)

(a)

20,839

890,867

Sensient

Technologies

Corp.

(a)

21,931

1,520,696

Valvoline,

Inc.

91,368

2,315,265

23,046,732

Commercial

Services

&

Supplies

1.5%

Brink's

Co.

(The)

24,217

1,173,071

NVIT

Mid

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Clean

Harbors,

Inc.*

26,009

2,860,470

IAA,

Inc.*

69,209

2,204,307

MillerKnoll,

Inc.

39,118

610,241

MSA

Safety,

Inc.

18,929

2,068,561

Stericycle,

Inc.*

47,751

2,010,795

Tetra

Tech,

Inc.

27,520

3,537,145

14,464,590

Communications

Equipment

0.9%

Calix,

Inc.*

29,344

1,794,092

Ciena

Corp.*(a)

77,269

3,123,986

Lumentum

Holdings,

Inc.*(a)

35,721

2,449,389

Viasat,

Inc.*(a)

39,276

1,187,313

8,554,780

Construction

&

Engineering

1.9%

AECOM

72,080

4,928,110

Dycom

Industries,

Inc.*

15,292

1,460,845

EMCOR

Group,

Inc.

25,471

2,941,391

Fluor

Corp.*(a)

73,833

1,837,703

MasTec,

Inc.*

29,565

1,877,378

MDU

Resources

Group,

Inc.

104,958

2,870,601

Valmont

Industries,

Inc.(a)

11,031

2,963,147

18,879,175

Construction

Materials

0.2%

Eagle

Materials,

Inc.(a)

19,410

2,080,364

Consumer

Finance

0.5%

Bread

Financial

Holdings,

Inc.

25,892

814,303

FirstCash

Holdings,

Inc.

19,624

1,439,420

Navient

Corp.

57,000

837,330

SLM

Corp.

127,439

1,782,872

4,873,925

Containers

&

Packaging

0.9%

AptarGroup,

Inc.

33,723

3,204,696

Greif,

Inc.,

Class

A(a)

13,718

817,181

Silgan

Holdings,

Inc.

43,144

1,813,774

Sonoco

Products

Co.(a)

50,401

2,859,249

8,694,900

Diversified

Consumer

Services

1.1%

Graham

Holdings

Co.,

Class

B

1,990

1,070,580

Grand

Canyon

Education,

Inc.*

16,655

1,369,874

H&R

Block,

Inc.

82,374

3,504,190

Service

Corp.

International

81,383

4,699,054

10,643,698

Diversified

Financial

Services

0.3%

Voya

Financial,

Inc.(a)

50,574

3,059,727

Diversified

Telecommunication

Services

0.6%

Frontier

Communications

Parent,

Inc.*

113,819

2,666,779

Iridium

Communications,

Inc.*(a)

65,537

2,907,877

5,574,656

Electric

Utilities

1.4%

ALLETE,

Inc.

29,487

1,475,824

Hawaiian

Electric

Industries,

Inc.

56,804

1,968,827

IDACORP,

Inc.(a)

25,934

2,567,725

Common

Stocks

Shares

Value

($)

Electric

Utilities

OGE

Energy

Corp.

103,334

3,767,558

PNM

Resources,

Inc.(a)

44,208

2,021,632

Portland

General

Electric

Co.

45,966

1,997,682

13,799,248

Electrical

Equipment

2.3%

Acuity

Brands,

Inc.

16,885

2,658,881

EnerSys

20,942

1,218,196

Hubbell,

Inc.(a)

27,706

6,178,438

nVent

Electric

plc

86,045

2,719,883

Regal

Rexnord

Corp.

34,312

4,816,032

SunPower

Corp.*(a)

44,481

1,024,842

Sunrun,

Inc.*

109,920

3,032,693

Vicor

Corp.*(a)

11,290

667,691

22,316,656

Electronic

Equipment,

Instruments

&

Components

3.0%

Arrow

Electronics,

Inc.*

33,122

3,053,517

Avnet,

Inc.

48,761

1,761,247

Belden,

Inc.

22,418

1,345,528

Cognex

Corp.

89,498

3,709,692

Coherent

Corp.*(a)

66,938

2,332,789

IPG

Photonics

Corp.*

17,068

1,439,686

Jabil,

Inc.

70,998

4,097,295

Littelfuse,

Inc.

12,809

2,545,020

National

Instruments

Corp.(a)

68,529

2,586,285

Novanta,

Inc.*

18,397

2,127,613

TD

SYNNEX

Corp.

21,637

1,756,708

Vishay

Intertechnology,

Inc.

67,309

1,197,427

Vontier

Corp.

81,352

1,359,392

29,312,199

Energy

Equipment

&

Services

0.5%

ChampionX

Corp.

105,038

2,055,594

NOV,

Inc.

202,809

3,281,449

5,337,043

Entertainment

0.2%

World

Wrestling

Entertainment,

Inc.,

Class

A(a)

22,385

1,570,756

Equity

Real

Estate

Investment

Trusts

(REITs)

7.7%

Apartment

Income

REIT

Corp.

79,583

3,073,495

Brixmor

Property

Group,

Inc.

155,293

2,868,262

Corporate

Office

Properties

Trust

58,795

1,365,808

Cousins

Properties,

Inc.

77,806

1,816,770

Douglas

Emmett,

Inc.

91,363

1,638,139

EastGroup

Properties,

Inc.

22,486

3,245,629

EPR

Properties

39,086

1,401,624

First

Industrial

Realty

Trust,

Inc.

68,229

3,057,342

Healthcare

Realty

Trust,

Inc.

196,418

4,095,315

Highwoods

Properties,

Inc.

54,203

1,461,313

Independence

Realty

Trust,

Inc.(a)

114,098

1,908,860

JBG

SMITH

Properties(a)

51,260

952,411

Kilroy

Realty

Corp.

54,177

2,281,393

Kite

Realty

Group

Trust(a)

113,842

1,960,359

Lamar

Advertising

Co.,

Class

A

44,964

3,709,080

Life

Storage,

Inc.

43,555

4,824,152

Macerich

Co.

(The)

110,843

880,093

88

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Medical

Properties

Trust,

Inc.

(a)

309,170

3,666,756

National

Retail

Properties,

Inc.

(a)

91,415

3,643,802

National

Storage

Affiliates

Trust

44,083

1,832,971

Omega

Healthcare

Investors,

Inc.

120,835

3,563,424

Park

Hotels

&

Resorts,

Inc.

115,810

1,304,021

Pebblebrook

Hotel

Trust(a)

68,866

999,246

Physicians

Realty

Trust(a)

116,184

1,747,407

PotlatchDeltic

Corp.

41,362

1,697,496

Rayonier,

Inc.

75,614

2,266,152

Rexford

Industrial

Realty,

Inc.

(a)

88,295

4,591,340

Sabra

Health

Care

REIT,

Inc.

120,214

1,577,208

SL

Green

Realty

Corp.(a)

32,992

1,324,959

Spirit

Realty

Capital,

Inc.

70,372

2,544,652

STORE

Capital

Corp.

137,153

4,297,003

75,596,482

Food

&

Staples

Retailing

1.6%

BJ's

Wholesale

Club

Holdings,

Inc.*

69,773

5,080,172

Casey's

General

Stores,

Inc.

19,226

3,893,650

Grocery

Outlet

Holding

Corp.*(a)

45,879

1,527,312

Performance

Food

Group

Co.*

80,003

3,436,129

Sprouts

Farmers

Market,

Inc.*

55,347

1,535,879

15,473,142

Food

Products

1.5%

Darling

Ingredients,

Inc.*

82,775

5,475,566

Flowers

Foods,

Inc.

99,594

2,458,976

Ingredion,

Inc.

33,818

2,723,026

Lancaster

Colony

Corp.(a)

10,172

1,528,648

Pilgrim's

Pride

Corp.*

23,394

538,530

Post

Holdings,

Inc.*(a)

28,009

2,294,217

15,018,963

Gas

Utilities

1.4%

National

Fuel

Gas

Co.

47,028

2,894,573

New

Jersey

Resources

Corp.

(a)

49,557

1,917,856

ONE

Gas,

Inc.

27,943

1,966,908

Southwest

Gas

Holdings,

Inc.

31,818

2,219,306

Spire,

Inc.(a)

27,380

1,706,595

UGI

Corp.

108,071

3,493,935

14,199,173

Health

Care

Equipment

&

Supplies

3.8%

Enovis

Corp.*(a)

24,876

1,146,037

Envista

Holdings

Corp.*(a)

84,333

2,766,966

Globus

Medical,

Inc.,

Class

A*(a)

39,679

2,363,678

Haemonetics

Corp.*

26,550

1,965,497

ICU

Medical,

Inc.*

10,378

1,562,927

Inari

Medical,

Inc.*(a)

24,750

1,797,840

Integra

LifeSciences

Holdings

Corp.*

37,394

1,584,010

LivaNova

plc*

27,046

1,373,126

Masimo

Corp.*

24,944

3,521,095

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Neogen

Corp.*

112,123

1,566,358

NuVasive,

Inc.*

26,989

1,182,388

Omnicell,

Inc.*(a)

22,787

1,983,153

Penumbra,

Inc.*(a)

19,349

3,668,570

QuidelOrtho

Corp.*

27,992

2,000,868

Shockwave

Medical,

Inc.*(a)

18,544

5,156,530

STAAR

Surgical

Co.*(a)

24,657

1,739,551

Tandem

Diabetes

Care,

Inc.*(a)

33,104

1,584,026

36,962,620

Health

Care

Providers

&

Services

2.6%

Acadia

Healthcare

Co.,

Inc.*

46,887

3,665,626

Amedisys,

Inc.*(a)

16,702

1,616,586

Chemed

Corp.

7,610

3,322,222

Encompass

Health

Corp.

51,742

2,340,291

HealthEquity,

Inc.*

43,546

2,924,985

LHC

Group,

Inc.*

15,982

2,615,614

Option

Care

Health,

Inc.*

79,620

2,505,641

Patterson

Cos.,

Inc.

45,079

1,082,797

Progyny,

Inc.*

38,417

1,423,734

R1

RCM,

Inc.*

71,241

1,320,096

Tenet

Healthcare

Corp.*

55,746

2,875,379

25,692,971

Hotels,

Restaurants

&

Leisure

2.7%

Boyd

Gaming

Corp.

41,933

1,998,107

Choice

Hotels

International,

Inc.(a)

14,940

1,636,229

Churchill

Downs,

Inc.

17,123

3,153,200

Cracker

Barrel

Old

Country

Store,

Inc.

11,707

1,083,834

Light

&

Wonder,

Inc.*

48,586

2,083,368

Marriott

Vacations

Worldwide

Corp.

20,277

2,470,955

Papa

John's

International,

Inc.

(a)

16,448

1,151,525

Penn

Entertainment,

Inc.*

81,671

2,246,769

Texas

Roadhouse,

Inc.

34,506

3,010,994

Travel

+

Leisure

Co.

43,176

1,473,165

Wendy's

Co.

(The)

88,472

1,653,542

Wingstop,

Inc.(a)

15,396

1,930,966

Wyndham

Hotels

&

Resorts,

Inc.

46,621

2,860,198

26,752,852

Household

Durables

1.3%

Helen

of

Troy

Ltd.*(a)

12,306

1,186,791

KB

Home

43,515

1,127,909

Leggett

&

Platt,

Inc.(a)

68,451

2,273,942

Taylor

Morrison

Home

Corp.,

Class

A*

58,542

1,365,199

Tempur

Sealy

International,

Inc.

88,692

2,141,025

Toll

Brothers,

Inc.

55,191

2,318,022

TopBuild

Corp.*(a)

16,712

2,753,803

13,166,691

Household

Products

0.1%

Energizer

Holdings,

Inc.

34,334

863,157

NVIT

Mid

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Ormat

Technologies,

Inc.(a)

23,217

2,001,305

Insurance

4.4%

Alleghany

Corp.*

6,945

5,829,425

American

Financial

Group,

Inc.

36,044

4,430,889

Brighthouse

Financial,

Inc.*

36,991

1,606,149

CNO

Financial

Group,

Inc.

59,656

1,072,018

First

American

Financial

Corp.

53,762

2,478,428

Hanover

Insurance

Group,

Inc.

(The)

18,354

2,351,882

Kemper

Corp.(a)

32,888

1,356,959

Kinsale

Capital

Group,

Inc.(a)

11,144

2,846,400

Old

Republic

International

Corp.

148,372

3,105,426

Primerica,

Inc.

19,331

2,386,412

Reinsurance

Group

of

America,

Inc.

34,585

4,351,139

RenaissanceRe

Holdings

Ltd.

(a)

22,558

3,166,918

RLI

Corp.

20,993

2,149,263

Selective

Insurance

Group,

Inc.(a)

31,166

2,536,912

Unum

Group

97,035

3,764,958

43,433,178

Interactive

Media

&

Services

0.3%

TripAdvisor,

Inc.*(a)

54,347

1,199,982

Ziff

Davis,

Inc.*

24,307

1,664,543

2,864,525

IT

Services

2.0%

Concentrix

Corp.

21,982

2,453,851

Euronet

Worldwide,

Inc.*

24,311

1,841,801

ExlService

Holdings,

Inc.*

16,838

2,481,248

Genpact

Ltd.

86,946

3,805,626

Kyndryl

Holdings,

Inc.*

105,119

869,334

Maximus,

Inc.

31,188

1,804,850

Sabre

Corp.*(a)

168,868

869,670

Western

Union

Co.

(The)

199,504

2,693,304

WEX,

Inc.*

22,800

2,894,232

19,713,916

Leisure

Products

1.2%

Brunswick

Corp.(a)

38,385

2,512,298

Mattel,

Inc.*

181,506

3,437,724

Polaris,

Inc.(a)

28,940

2,768,111

Topgolf

Callaway

Brands

Corp.*(a)

71,377

1,374,721

YETI

Holdings,

Inc.*

44,252

1,262,067

11,354,921

Life

Sciences

Tools

&

Services

1.5%

Azenta,

Inc.(a)

38,592

1,654,053

Bruker

Corp.

51,779

2,747,394

Medpace

Holdings,

Inc.*

12,960

2,036,923

Repligen

Corp.*(a)

26,636

4,983,862

Sotera

Health

Co.*

51,093

348,454

Syneos

Health,

Inc.*

53,133

2,505,221

14,275,907

Machinery

4.3%

AGCO

Corp.

31,963

3,073,882

Common

Stocks

Shares

Value

($)

Machinery

Chart

Industries,

Inc.*(a)

18,578

3,424,854

Crane

Holdings

Co.

24,560

2,149,982

Donaldson

Co.,

Inc.

63,987

3,136,003

Esab

Corp.

23,985

800,140

Flowserve

Corp.

67,930

1,650,699

Graco,

Inc.

87,288

5,232,916

ITT,

Inc.

42,685

2,789,038

Kennametal,

Inc.

42,454

873,703

Lincoln

Electric

Holdings,

Inc.

29,895

3,758,399

Middleby

Corp.

(The)*(a)

27,812

3,564,664

Oshkosh

Corp.

33,741

2,371,655

Terex

Corp.

34,922

1,038,580

Timken

Co.

(The)

34,400

2,030,976

Toro

Co.

(The)

53,974

4,667,672

Watts

Water

Technologies,

Inc.,

Class

A

14,063

1,768,141

42,331,304

Marine

0.2%

Kirby

Corp.*

30,853

1,874,937

Media

0.8%

Cable

One,

Inc.(a)

2,513

2,143,715

John

Wiley

&

Sons,

Inc.,

Class

A

21,982

825,644

New

York

Times

Co.

(The),

Class

A

85,406

2,455,422

TEGNA,

Inc.

115,499

2,388,519

7,813,300

Metals

&

Mining

2.8%

Alcoa

Corp.

92,867

3,125,903

Cleveland-Cliffs,

Inc.*(a)

267,000

3,596,490

Commercial

Metals

Co.

62,061

2,201,924

MP

Materials

Corp.*(a)

47,548

1,298,061

Reliance

Steel

&

Aluminum

Co.

31,120

5,427,639

Royal

Gold,

Inc.(a)

33,978

3,187,816

Steel

Dynamics,

Inc.

89,541

6,352,934

United

States

Steel

Corp.(a)

122,443

2,218,667

Worthington

Industries,

Inc.(a)

15,560

593,459

28,002,893

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.4%

Annaly

Capital

Management,

Inc.(a)

222,499

3,818,074

Multiline

Retail

0.6%

Kohl's

Corp.(a)

66,377

1,669,382

Macy's,

Inc.(a)

138,931

2,177,049

Nordstrom,

Inc.(a)

58,573

979,926

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

29,917

1,543,717

6,370,074

Multi-Utilities

0.4%

Black

Hills

Corp.(a)

33,591

2,275,118

NorthWestern

Corp.(a)

28,982

1,428,233

3,703,351

Oil,

Gas

&

Consumable

Fuels

3.4%

Antero

Midstream

Corp.(a)

172,867

1,586,919

CNX

Resources

Corp.*

97,581

1,515,433

DT

Midstream,

Inc.

49,929

2,590,816

90

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Equitrans

Midstream

Corp.

222,912

1,667,382

HF

Sinclair

Corp.

74,988

4,037,354

Matador

Resources

Co.(a)

57,594

2,817,499

Murphy

Oil

Corp.

75,579

2,658,113

PDC

Energy,

Inc.(a)

49,925

2,885,166

Range

Resources

Corp.

127,893

3,230,577

Southwestern

Energy

Co.*

575,143

3,519,875

Targa

Resources

Corp.

116,936

7,055,918

33,565,052

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

38,049

1,947,728

Personal

Products

0.4%

BellRing

Brands,

Inc.*

69,763

1,437,815

Coty,

Inc.,

Class

A*

186,252

1,177,113

Nu

Skin

Enterprises,

Inc.,

Class

A(a)

26,089

870,590

3,485,518

Pharmaceuticals

0.7%

Jazz

Pharmaceuticals

plc*(a)

32,352

4,312,198

Perrigo

Co.

plc

69,592

2,481,651

6,793,849

Professional

Services

1.8%

ASGN,

Inc.*

25,856

2,336,607

CACI

International,

Inc.,

Class

A*

12,125

3,165,352

FTI

Consulting,

Inc.*(a)

17,828

2,954,278

Insperity,

Inc.(a)

18,341

1,872,433

KBR,

Inc.

71,767

3,101,770

ManpowerGroup,

Inc.

26,651

1,724,053

Science

Applications

International

Corp.

28,817

2,548,287

17,702,780

Real

Estate

Management

&

Development

0.4%

Jones

Lang

LaSalle,

Inc.*(a)

24,733

3,736,414

Road

&

Rail

1.8%

Avis

Budget

Group,

Inc.*(a)

14,854

2,205,225

Knight-Swift

Transportation

Holdings,

Inc.

82,926

4,057,569

Landstar

System,

Inc.(a)

18,802

2,714,445

Ryder

System,

Inc.

26,424

1,994,748

Saia,

Inc.*(a)

13,690

2,601,100

Werner

Enterprises,

Inc.

30,520

1,147,552

XPO

Logistics,

Inc.*(a)

59,377

2,643,464

17,364,103

Semiconductors

&

Semiconductor

Equipment

3.4%

Amkor

Technology,

Inc.

52,123

888,697

Cirrus

Logic,

Inc.*(a)

28,813

1,982,334

First

Solar,

Inc.*

51,167

6,767,859

Lattice

Semiconductor

Corp.*

70,875

3,487,759

MACOM

Technology

Solutions

Holdings,

Inc.*

26,374

1,365,909

MKS

Instruments,

Inc.

29,514

2,439,037

Power

Integrations,

Inc.(a)

29,452

1,894,353

Semtech

Corp.*

33,276

978,647

Silicon

Laboratories,

Inc.*

17,627

2,175,877

SiTime

Corp.*

8,361

658,262

Synaptics,

Inc.*

20,408

2,020,596

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Universal

Display

Corp.

22,533

2,125,989

Wolfspeed,

Inc.*(a)

63,814

6,595,815

33,381,134

Software

3.3%

ACI

Worldwide,

Inc.*

58,742

1,227,708

Aspen

Technology,

Inc.*(a)

14,936

3,557,755

Blackbaud,

Inc.*

23,410

1,031,445

CommVault

Systems,

Inc.*

23,234

1,232,331

Dynatrace,

Inc.*

103,816

3,613,835

Envestnet,

Inc.*(a)

25,787

1,144,943

Fair

Isaac

Corp.*(a)

13,034

5,370,138

Manhattan

Associates,

Inc.*

32,372

4,306,447

NCR

Corp.*(a)

70,471

1,339,654

Paylocity

Holding

Corp.*(a)

21,113

5,100,478

Qualys,

Inc.*

17,982

2,506,511

Teradata

Corp.*(a)

52,949

1,644,596

32,075,841

Specialty

Retail

2.9%

AutoNation,

Inc.*

19,897

2,026,907

Dick's

Sporting

Goods,

Inc.(a)

29,372

3,073,486

Five

Below,

Inc.*(a)

28,641

3,943,007

Foot

Locker,

Inc.(a)

41,377

1,288,066

GameStop

Corp.,

Class

A*(a)

130,455

3,278,334

Gap,

Inc.

(The)(a)

108,762

892,936

Lithia

Motors,

Inc.,

Class

A

14,208

3,048,326

Murphy

USA,

Inc.

11,089

3,048,477

RH*(a)

10,297

2,533,783

Victoria's

Secret

&

Co.*(a)

42,791

1,246,074

Williams-Sonoma,

Inc.(a)

35,492

4,182,732

28,562,128

Technology

Hardware,

Storage

&

Peripherals

0.1%

Xerox

Holdings

Corp.

57,693

754,624

Textiles,

Apparel

&

Luxury

Goods

1.8%

Capri

Holdings

Ltd.*

71,097

2,732,969

Carter's,

Inc.

20,086

1,316,236

Columbia

Sportswear

Co.(a)

18,229

1,226,812

Crocs,

Inc.*

31,864

2,187,782

Deckers

Outdoor

Corp.*

13,694

4,280,881

Hanesbrands,

Inc.(a)

178,759

1,244,163

PVH

Corp.

34,562

1,548,378

Skechers

USA,

Inc.,

Class

A*

70,067

2,222,525

Under

Armour,

Inc.,

Class

A*

97,384

647,603

Under

Armour,

Inc.,

Class

C*

104,803

624,626

18,031,975

Thrifts

&

Mortgage

Finance

0.6%

Essent

Group

Ltd.

55,587

1,938,319

MGIC

Investment

Corp.

156,619

2,007,855

New

York

Community

Bancorp,

Inc.(a)

241,802

2,062,571

6,008,745

Trading

Companies

&

Distributors

1.0%

GATX

Corp.

18,107

1,541,811

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

24,669

1,796,150

Univar

Solutions,

Inc.*

85,910

1,953,594

Watsco,

Inc.(a)

17,140

4,412,864

9,704,419

NVIT

Mid

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

Water

Utilities

0.5%

Essential

Utilities,

Inc.

123,091

5,093,506

Total

Common

Stocks

(cost

$760,217,019)

973,490,352

Repurchase

Agreements

2.8%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$9,002,288,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$9,180,000.(b)

9,000,000

9,000,000

BofA

Securities,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,000,763,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.00%,

maturing

6/20/2051

-

3/20/2052;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$6,411,972,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$6,538,549.(b)

6,410,342

6,410,342

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,222,731,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$2,267,708.(b)

2,222,166

2,222,166

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$7,001,797,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$7,140,000.(b)

7,000,000

7,000,000

Total

Repurchase

Agreements

(cost

$27,632,508)

27,632,508

Total

Investments

(cost

$787,849,527)

—

102.0%

1,001,122,860

Liabilities

in

excess

of

other

assets

—

(2.0)%

(19,342,743)

NET

ASSETS

—

100.0%

$

981,780,117

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$189,717,549,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$27,632,508

and

by

$167,996,980

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$195,629,488.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$27,632,508.

REIT

Real

Estate

Investment

Trust

92

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Futures

contracts

outstanding

as

of

September

30,

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

41

12/2022

USD

9,053,620

(182,213)

Net

contracts

(182,213)

As

of

September

30,

2022,

the

Fund

had

$900,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Mid

Cap

Index

Fund

-

September

30,

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

-

September

30,

2022

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

managing

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

973,490,352

$

–

$

–

$

973,490,352

Repurchase

Agreements

–

27,632,508

–

27,632,508

Total

Assets

$

973,490,352

$

27,632,508

$

–

$

1,001,122,860

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(182,213)

$

–

$

–

$

(182,213)

Total

Liabilities

$

(182,213)

$

–

$

–

$

(182,213)

Total

$

973,308,139

$

27,632,508

$

–

$

1,000,940,647

NVIT

Mid

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

95

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(182,213)

Total

$

(182,213)

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.

96

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)*

43,466

5,262,863

General

Dynamics

Corp.

17,836

3,784,264

Howmet

Aerospace,

Inc.

29,764

920,601

Huntington

Ingalls

Industries,

Inc.

3,089

684,213

L3Harris

Technologies,

Inc.

15,137

3,145,923

Lockheed

Martin

Corp.

18,430

7,119,325

Northrop

Grumman

Corp.

11,415

5,368,703

Raytheon

Technologies

Corp.

115,804

9,479,715

Textron,

Inc.

17,346

1,010,578

TransDigm

Group,

Inc.

3,979

2,088,259

38,864,444

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

(a)

10,010

964,063

Expeditors

International

of

Washington,

Inc.

13,228

1,168,165

FedEx

Corp.(a)

18,693

2,775,350

United

Parcel

Service,

Inc.,

Class

B(a)

57,152

9,232,334

14,139,912

Airlines

0.2%

Alaska

Air

Group,

Inc.*

9,760

382,104

American

Airlines

Group,

Inc.*(a)

49,866

600,387

Delta

Air

Lines,

Inc.*

49,306

1,383,526

Southwest

Airlines

Co.*

45,402

1,400,198

United

Airlines

Holdings,

Inc.*

24,836

807,915

4,574,130

Auto

Components

0.1%

Aptiv

plc*

21,479

1,679,873

BorgWarner,

Inc.

18,583

583,506

2,263,379

Automobiles

2.6%

Ford

Motor

Co.(a)

309,811

3,469,883

General

Motors

Co.

112,617

3,613,880

Tesla,

Inc.*

207,930

55,153,432

62,237,195

Banks

3.7%

Bank

of

America

Corp.

528,944

15,974,109

Citigroup,

Inc.

151,111

6,296,795

Citizens

Financial

Group,

Inc.

39,066

1,342,308

Comerica,

Inc.

10,356

736,312

Fifth

Third

Bancorp

55,130

1,761,955

First

Republic

Bank

13,896

1,814,123

Huntington

Bancshares,

Inc.

(a)

114,321

1,506,751

JPMorgan

Chase

&

Co.

228,553

23,883,789

KeyCorp

74,300

1,190,286

M&T

Bank

Corp.

13,717

2,418,581

PNC

Financial

Services

Group,

Inc.

(The)

32,017

4,783,980

Regions

Financial

Corp.

73,591

1,476,971

Signature

Bank

5,189

783,539

SVB

Financial

Group*

4,646

1,560,034

Truist

Financial

Corp.

104,419

4,546,403

US

Bancorp

105,716

4,262,469

Wells

Fargo

&

Co.

294,955

11,863,090

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

12,644

643,074

86,844,569

Beverages

1.9%

Brown-Forman

Corp.,

Class

B

14,174

943,563

Coca-Cola

Co.

(The)

303,606

17,008,008

Constellation

Brands,

Inc.,

Class

A

12,724

2,922,448

Keurig

Dr

Pepper,

Inc.(a)

66,330

2,375,941

Molson

Coors

Beverage

Co.,

Class

B(a)

14,728

706,797

Monster

Beverage

Corp.*

29,521

2,567,146

PepsiCo,

Inc.

107,597

17,566,286

44,090,189

Biotechnology

2.2%

AbbVie,

Inc.

137,512

18,455,486

Amgen,

Inc.

41,581

9,372,357

Biogen,

Inc.*

11,299

3,016,833

Gilead

Sciences,

Inc.

97,339

6,004,843

Incyte

Corp.*

14,429

961,549

Moderna

,

Inc.*

26,265

3,105,836

Regeneron

Pharmaceuticals,

Inc.*

8,397

5,784,441

Vertex

Pharmaceuticals,

Inc.*

19,925

5,769,084

52,470,429

Building

Products

0.4%

A

O

Smith

Corp.

10,396

505,038

Allegion

plc

6,908

619,509

Carrier

Global

Corp.

65,836

2,341,128

Fortune

Brands

Home

&

Security,

Inc.

9,821

527,289

Johnson

Controls

International

plc

53,907

2,653,303

Masco

Corp.(a)

17,770

829,681

Trane

Technologies

plc

18,434

2,669,428

10,145,376

Capital

Markets

2.9%

Ameriprise

Financial,

Inc.

8,662

2,182,391

Bank

of

New

York

Mellon

Corp.

(The)

58,701

2,261,163

BlackRock,

Inc.

11,770

6,476,796

Cboe

Global

Markets,

Inc.

8,309

975,227

Charles

Schwab

Corp.

(The)

117,665

8,456,584

CME

Group,

Inc.

27,932

4,947,595

FactSet

Research

Systems,

Inc.

2,979

1,191,928

Franklin

Resources,

Inc.(a)

21,735

467,737

Goldman

Sachs

Group,

Inc.

(The)

26,636

7,805,680

Intercontinental

Exchange,

Inc.

43,572

3,936,730

Invesco

Ltd.

35,513

486,528

MarketAxess

Holdings,

Inc.

2,947

655,678

Moody's

Corp.

12,429

3,021,614

Morgan

Stanley

104,543

8,259,942

MSCI,

Inc.

6,235

2,629,861

Nasdaq,

Inc.

27,015

1,531,210

Northern

Trust

Corp.

16,079

1,375,719

Raymond

James

Financial,

Inc.

14,980

1,480,324

NVIT

S&P

500

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

Capital

Markets

S&P

Global,

Inc.

26,598

8,121,699

State

Street

Corp.

28,957

1,760,875

T.

Rowe

Price

Group,

Inc.(a)

17,905

1,880,204

69,905,485

Chemicals

1.8%

Air

Products

&

Chemicals,

Inc.

17,178

3,997,836

Albemarle

Corp.

9,225

2,439,459

Celanese

Corp.

7,782

703,026

CF

Industries

Holdings,

Inc.

15,556

1,497,265

Corteva

,

Inc.

56,592

3,234,233

Dow,

Inc.

56,270

2,471,941

DuPont

de

Nemours,

Inc.

39,817

2,006,777

Eastman

Chemical

Co.

9,702

689,327

Ecolab,

Inc.(a)

19,179

2,769,831

FMC

Corp.

9,801

1,035,966

International

Flavors

&

Fragrances,

Inc.

19,528

1,773,728

Linde

plc

39,164

10,558,223

LyondellBasell

Industries

NV,

Class

A

20,385

1,534,583

Mosaic

Co.

(The)

28,664

1,385,331

PPG

Industries,

Inc.

18,098

2,003,267

Sherwin-Williams

Co.

(The)

18,486

3,785,008

41,885,801

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

6,818

2,646,679

Copart

,

Inc.*

16,320

1,736,448

Republic

Services,

Inc.

16,021

2,179,497

Rollins,

Inc.

17,572

609,397

Waste

Management,

Inc.

29,364

4,704,407

11,876,428

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

19,241

2,172,116

Cisco

Systems,

Inc.

323,266

12,930,640

F5,

Inc.*

4,653

673,429

Juniper

Networks,

Inc.

25,273

660,131

Motorola

Solutions,

Inc.

13,114

2,937,142

19,373,458

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

11,359

1,447,023

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

4,810

1,549,253

Vulcan

Materials

Co.

10,224

1,612,427

3,161,680

Consumer

Finance

0.5%

American

Express

Co.

47,467

6,403,773

Capital

One

Financial

Corp.

30,335

2,795,977

Discover

Financial

Services

22,040

2,003,877

Synchrony

Financial

38,995

1,099,269

12,302,896

Containers

&

Packaging

0.3%

Amcor

plc

113,326

1,215,988

Avery

Dennison

Corp.

6,432

1,046,486

Ball

Corp.(a)

25,343

1,224,574

International

Paper

Co.

28,336

898,251

Packaging

Corp.

of

America

7,387

829,486

Sealed

Air

Corp.

11,676

519,699

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

18,967

585,891

6,320,375

Distributors

0.2%

Genuine

Parts

Co.

10,976

1,638,936

LKQ

Corp.

20,865

983,785

Pool

Corp.

3,151

1,002,680

3,625,401

Diversified

Financial

Services

1.6%

Berkshire

Hathaway,

Inc.,

Class

B*

140,785

37,592,411

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

557,601

8,553,599

Lumen

Technologies,

Inc.(a)

70,677

514,529

Verizon

Communications,

Inc.

326,805

12,408,786

21,476,914

Electric

Utilities

2.0%

Alliant

Energy

Corp.

19,166

1,015,606

American

Electric

Power

Co.,

Inc.

40,250

3,479,612

Constellation

Energy

Corp.

25,266

2,101,879

Duke

Energy

Corp.

59,583

5,542,411

Edison

International

29,136

1,648,515

Entergy

Corp.

16,065

1,616,621

Evergy

,

Inc.

17,589

1,044,787

Eversource

Energy

27,113

2,113,729

Exelon

Corp.

77,132

2,889,365

FirstEnergy

Corp.

44,455

1,644,835

NextEra

Energy,

Inc.(a)

152,872

11,986,694

NRG

Energy,

Inc.(a)

19,142

732,564

PG&E

Corp.*

125,659

1,570,737

Pinnacle

West

Capital

Corp.

8,702

561,366

PPL

Corp.

56,177

1,424,087

Southern

Co.

(The)

82,394

5,602,792

Xcel

Energy,

Inc.

42,826

2,740,864

47,716,464

Electrical

Equipment

0.5%

AMETEK,

Inc.

18,256

2,070,413

Eaton

Corp.

plc

31,041

4,139,628

Emerson

Electric

Co.

45,743

3,349,302

Generac

Holdings,

Inc.*(a)

4,937

879,477

Rockwell

Automation,

Inc.

9,164

1,971,268

12,410,088

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

46,220

3,094,891

CDW

Corp.

10,574

1,650,390

Corning,

Inc.

59,012

1,712,528

Keysight

Technologies,

Inc.*

14,068

2,213,741

TE

Connectivity

Ltd.

24,656

2,721,036

Teledyne

Technologies,

Inc.*

3,586

1,210,167

Trimble,

Inc.*(a)

19,664

1,067,165

Zebra

Technologies

Corp.,

Class

A*

4,170

1,092,582

14,762,500

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.

73,767

1,546,156

Halliburton

Co.

69,152

1,702,522

98

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

109,715

3,938,769

7,187,447

Entertainment

1.4%

Activision

Blizzard,

Inc.

55,576

4,131,520

Electronic

Arts,

Inc.

20,621

2,386,056

Live

Nation

Entertainment,

Inc.*(a)

10,992

835,832

Netflix,

Inc.*

34,572

8,139,631

Take-Two

Interactive

Software,

Inc.*

12,281

1,338,629

Walt

Disney

Co.

(The)*

141,743

13,370,617

Warner

Bros

Discovery,

Inc.*

171,530

1,972,595

32,174,880

Equity

Real

Estate

Investment

Trusts

(REITs)

2.7%

Alexandria

Real

Estate

Equities,

Inc.

11,547

1,618,774

American

Tower

Corp.

36,195

7,771,066

AvalonBay

Communities,

Inc.

10,980

2,022,406

Boston

Properties,

Inc.

10,893

816,648

Camden

Property

Trust

8,175

976,504

Crown

Castle,

Inc.

33,606

4,857,747

Digital

Realty

Trust,

Inc.

22,476

2,229,170

Duke

Realty

Corp.

30,259

1,458,484

Equinix

,

Inc.

7,056

4,013,735

Equity

Residential

26,995

1,814,604

Essex

Property

Trust,

Inc.

5,016

1,215,026

Extra

Space

Storage,

Inc.

10,284

1,776,150

Federal

Realty

Investment

Trust

5,370

483,944

Healthpeak

Properties,

Inc.

41,678

955,260

Host

Hotels

&

Resorts,

Inc.

55,189

876,401

Invitation

Homes,

Inc.

45,267

1,528,667

Iron

Mountain,

Inc.

22,180

975,255

Kimco

Realty

Corp.(a)

47,597

876,261

Mid-America

Apartment

Communities,

Inc.(a)

8,926

1,384,155

Prologis,

Inc.

57,414

5,833,262

Public

Storage

12,334

3,611,518

Realty

Income

Corp.(a)

46,426

2,701,993

Regency

Centers

Corp.

11,754

632,953

SBA

Communications

Corp.

8,516

2,424,079

Simon

Property

Group,

Inc.

25,500

2,288,625

UDR,

Inc.

22,802

951,071

Ventas,

Inc.

31,831

1,278,651

VICI

Properties,

Inc.

74,962

2,237,616

Vornado

Realty

Trust(a)

12,299

284,845

Welltower

,

Inc.

35,137

2,260,012

Weyerhaeuser

Co.

57,180

1,633,061

63,787,943

Food

&

Staples

Retailing

1.6%

Costco

Wholesale

Corp.

34,491

16,289,064

Kroger

Co.

(The)

51,667

2,260,431

Sysco

Corp.

39,370

2,783,853

Walgreens

Boots

Alliance,

Inc.

(a)

56,612

1,777,617

Walmart,

Inc.

111,278

14,432,757

37,543,722

Common

Stocks

Shares

Value

($)

Food

Products

1.1%

Archer-Daniels-Midland

Co.

43,926

3,533,847

Campbell

Soup

Co.(a)

15,564

733,376

Conagra

Brands,

Inc.

36,825

1,201,600

General

Mills,

Inc.(a)

46,703

3,577,917

Hershey

Co.

(The)

11,415

2,516,665

Hormel

Foods

Corp.(a)

21,699

986,003

J

M

Smucker

Co.

(The)

8,345

1,146,686

Kellogg

Co.

19,623

1,366,938

Kraft

Heinz

Co.

(The)

62,184

2,073,836

Lamb

Weston

Holdings,

Inc.

11,198

866,501

McCormick

&

Co.,

Inc.

(Non-Voting)

19,090

1,360,544

Mondelez

International,

Inc.,

Class

A

108,169

5,930,906

Tyson

Foods,

Inc.,

Class

A

22,519

1,484,678

26,779,497

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

10,735

1,093,360

Health

Care

Equipment

&

Supplies

2.7%

Abbott

Laboratories

136,254

13,183,937

ABIOMED,

Inc.*

3,537

868,899

Align

Technology,

Inc.*

5,701

1,180,734

Baxter

International,

Inc.

39,062

2,103,879

Becton

Dickinson

and

Co.

22,137

4,932,788

Boston

Scientific

Corp.*

110,939

4,296,668

Cooper

Cos.,

Inc.

(The)(a)

3,782

998,070

Dentsply

Sirona,

Inc.

16,794

476,110

Dexcom

,

Inc.*

30,124

2,426,187

Edwards

Lifesciences

Corp.*

48,130

3,976,982

Hologic

,

Inc.*

19,429

1,253,559

IDEXX

Laboratories,

Inc.*

6,623

2,157,773

Intuitive

Surgical,

Inc.*

27,941

5,237,261

Medtronic

plc

104,519

8,439,909

ResMed

,

Inc.

11,369

2,481,853

STERIS

plc

7,666

1,274,703

Stryker

Corp.

26,139

5,294,193

Teleflex,

Inc.

3,600

725,256

Zimmer

Biomet

Holdings,

Inc.

16,749

1,751,108

63,059,869

Health

Care

Providers

&

Services

3.6%

AmerisourceBergen

Corp.

11,899

1,610,292

Cardinal

Health,

Inc.(a)

21,717

1,448,090

Centene

Corp.*

44,622

3,472,038

Cigna

Corp.

23,820

6,609,335

CVS

Health

Corp.

102,063

9,733,748

DaVita,

Inc.*

4,450

368,327

Elevance

Health,

Inc.

18,760

8,521,542

HCA

Healthcare,

Inc.

16,806

3,088,775

Henry

Schein,

Inc.*

10,876

715,315

Humana,

Inc.

9,819

4,764,081

Laboratory

Corp.

of

America

Holdings

7,115

1,457,223

McKesson

Corp.

11,320

3,847,328

Molina

Healthcare,

Inc.*

4,605

1,518,913

Quest

Diagnostics,

Inc.

9,334

1,145,188

UnitedHealth

Group,

Inc.

73,006

36,870,950

NVIT

S&P

500

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Universal

Health

Services,

Inc.,

Class

B

5,277

465,326

85,636,471

Hotels,

Restaurants

&

Leisure

1.9%

Booking

Holdings,

Inc.*

3,100

5,093,951

Caesars

Entertainment,

Inc.*

17,288

557,711

Carnival

Corp.*(a)

75,395

530,027

Chipotle

Mexican

Grill,

Inc.*

2,174

3,267,000

Darden

Restaurants,

Inc.

9,449

1,193,598

Domino's

Pizza,

Inc.

2,875

891,825

Expedia

Group,

Inc.*

11,888

1,113,787

Hilton

Worldwide

Holdings,

Inc.

21,652

2,611,664

Las

Vegas

Sands

Corp.*

26,419

991,241

Marriott

International,

Inc.,

Class

A

21,214

2,972,930

McDonald's

Corp.

57,550

13,279,087

MGM

Resorts

International

26,509

787,847

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

32,777

372,347

Royal

Caribbean

Cruises

Ltd.*(a)

17,354

657,716

Starbucks

Corp.

89,618

7,551,213

Wynn

Resorts

Ltd.*(a)

8,098

510,417

Yum!

Brands,

Inc.

22,452

2,387,546

44,769,907

Household

Durables

0.3%

DR

Horton,

Inc.(a)

25,002

1,683,885

Garmin

Ltd.

11,862

952,637

Lennar

Corp.,

Class

A

20,229

1,508,072

Mohawk

Industries,

Inc.*(a)

3,723

339,500

Newell

Brands,

Inc.(a)

29,961

416,158

NVR,

Inc.*

243

968,860

PulteGroup,

Inc.

18,201

682,538

Whirlpool

Corp.(a)

4,470

602,601

7,154,251

Household

Products

1.4%

Church

&

Dwight

Co.,

Inc.

18,800

1,343,072

Clorox

Co.

(The)

9,495

1,219,063

Colgate-Palmolive

Co.

65,031

4,568,428

Kimberly-Clark

Corp.

26,582

2,991,538

Procter

&

Gamble

Co.

(The)

186,707

23,571,759

33,693,860

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)(a)

51,594

1,166,024

Industrial

Conglomerates

0.8%

3M

Co.

43,219

4,775,699

General

Electric

Co.

86,080

5,329,213

Honeywell

International,

Inc.

52,995

8,848,575

18,953,487

Insurance

2.2%

Aflac,

Inc.

46,735

2,626,507

Allstate

Corp.

(The)(a)

21,547

2,683,248

American

International

Group,

Inc.

59,365

2,818,650

Aon

plc,

Class

A

16,552

4,433,784

Common

Stocks

Shares

Value

($)

Insurance

Arthur

J

Gallagher

&

Co.

16,148

2,764,861

Assurant,

Inc.

4,031

585,583

Brown

&

Brown,

Inc.

17,879

1,081,322

Chubb

Ltd.

32,758

5,958,025

Cincinnati

Financial

Corp.

11,554

1,034,892

Everest

Re

Group

Ltd.

3,062

803,591

Globe

Life,

Inc.

7,116

709,465

Hartford

Financial

Services

Group,

Inc.

(The)

25,633

1,587,708

Lincoln

National

Corp.

12,306

540,356

Loews

Corp.

15,839

789,416

Marsh

&

McLennan

Cos.,

Inc.

39,241

5,858,289

MetLife,

Inc.

53,462

3,249,420

Principal

Financial

Group,

Inc.

(a)

18,084

1,304,761

Progressive

Corp.

(The)

45,632

5,302,895

Prudential

Financial,

Inc.

29,245

2,508,636

Travelers

Cos.,

Inc.

(The)

18,801

2,880,313

W

R

Berkley

Corp.

16,265

1,050,394

Willis

Towers

Watson

plc

8,405

1,688,901

52,261,017

Interactive

Media

&

Services

4.7%

Alphabet,

Inc.,

Class

A*

468,093

44,773,095

Alphabet,

Inc.,

Class

C*

418,585

40,246,948

Match

Group,

Inc.*(a)

22,017

1,051,312

Meta

Platforms,

Inc.,

Class

A*

178,475

24,215,488

Twitter,

Inc.*

52,490

2,301,162

112,588,005

Internet

&

Direct

Marketing

Retail

3.4%

Amazon.com,

Inc.*

691,929

78,187,977

eBay,

Inc.

43,899

1,615,922

Etsy,

Inc.*(a)

10,021

1,003,403

80,807,302

IT

Services

4.3%

Accenture

plc,

Class

A

49,290

12,682,317

Akamai

Technologies,

Inc.*(a)

12,450

999,984

Automatic

Data

Processing,

Inc.

32,593

7,372,211

Broadridge

Financial

Solutions,

Inc.

8,996

1,298,303

Cognizant

Technology

Solutions

Corp.,

Class

A

40,742

2,340,220

DXC

Technology

Co.*

19,310

472,709

EPAM

Systems,

Inc.*

4,418

1,600,155

Fidelity

National

Information

Services,

Inc.

47,797

3,612,019

Fiserv,

Inc.*

49,931

4,672,044

FleetCor

Technologies,

Inc.*

6,037

1,063,538

Gartner,

Inc.*

6,148

1,701,090

Global

Payments,

Inc.(a)

21,596

2,333,448

International

Business

Machines

Corp.(a)

70,156

8,335,234

Jack

Henry

&

Associates,

Inc.

5,685

1,036,205

Mastercard

,

Inc.,

Class

A

66,828

19,001,874

Paychex,

Inc.

24,808

2,783,706

PayPal

Holdings,

Inc.*

90,272

7,769,711

VeriSign,

Inc.*

7,545

1,310,567

100

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

IT

Services

Visa,

Inc.,

Class

A(a)

128,065

22,750,747

103,136,082

Leisure

Products

0.0%

†

Hasbro,

Inc.

10,037

676,694

Life

Sciences

Tools

&

Services

1.9%

Agilent

Technologies,

Inc.

23,514

2,858,127

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,681

701,212

Bio-

Techne

Corp.

3,024

858,816

Charles

River

Laboratories

International,

Inc.*

3,999

787,003

Danaher

Corp.

51,111

13,201,460

Illumina,

Inc.*

12,160

2,320,006

IQVIA

Holdings,

Inc.*

14,789

2,678,880

Mettler

-Toledo

International,

Inc.*

1,763

1,911,304

PerkinElmer,

Inc.(a)

9,819

1,181,520

Thermo

Fisher

Scientific,

Inc.

30,463

15,450,529

Waters

Corp.*

4,702

1,267,330

West

Pharmaceutical

Services,

Inc.

5,647

1,389,614

44,605,801

Machinery

1.6%

Caterpillar,

Inc.

41,631

6,830,814

Cummins,

Inc.(a)

10,939

2,226,196

Deere

&

Co.

21,810

7,282,141

Dover

Corp.

11,158

1,300,800

Fortive

Corp.

27,613

1,609,838

IDEX

Corp.(a)

5,921

1,183,312

Illinois

Tool

Works,

Inc.(a)

21,915

3,958,945

Ingersoll

Rand,

Inc.

31,580

1,366,151

Nordson

Corp.

4,354

924,223

Otis

Worldwide

Corp.

32,399

2,067,056

PACCAR,

Inc.

27,321

2,286,494

Parker-Hannifin

Corp.

10,036

2,431,823

Pentair

plc

12,775

519,048

Snap-on,

Inc.

4,202

846,073

Stanley

Black

&

Decker,

Inc.

11,311

850,700

Westinghouse

Air

Brake

Technologies

Corp.

14,500

1,179,575

Xylem,

Inc.

14,174

1,238,241

38,101,430

Media

0.7%

Charter

Communications,

Inc.,

Class

A*

8,654

2,625,191

Comcast

Corp.,

Class

A

343,795

10,083,507

DISH

Network

Corp.,

Class

A*(a)

19,234

266,006

Fox

Corp.,

Class

A

24,537

752,795

Fox

Corp.,

Class

B

12,458

355,053

Interpublic

Group

of

Cos.,

Inc.

(The)

30,709

786,151

News

Corp.,

Class

A

30,655

463,197

News

Corp.,

Class

B(a)

9,114

140,538

Omnicom

Group,

Inc.

16,409

1,035,244

Paramount

Global,

Class

B(a)

39,422

750,595

17,258,277

Common

Stocks

Shares

Value

($)

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

113,474

3,101,244

Newmont

Corp.

61,087

2,567,487

Nucor

Corp.

20,837

2,229,351

7,898,082

Multiline

Retail

0.5%

Dollar

General

Corp.

17,706

4,246,961

Dollar

Tree,

Inc.*

16,479

2,242,792

Target

Corp.

35,881

5,324,382

11,814,135

Multi-Utilities

0.9%

Ameren

Corp.

19,756

1,591,346

CenterPoint

Energy,

Inc.

49,282

1,388,767

CMS

Energy

Corp.

22,039

1,283,551

Consolidated

Edison,

Inc.

27,665

2,372,550

Dominion

Energy,

Inc.

64,992

4,491,597

DTE

Energy

Co.

15,349

1,765,903

NiSource,

Inc.

32,080

808,095

Public

Service

Enterprise

Group,

Inc.

38,392

2,158,782

Sempra

Energy

24,501

3,673,680

WEC

Energy

Group,

Inc.

24,774

2,215,539

21,749,810

Oil,

Gas

&

Consumable

Fuels

4.2%

APA

Corp.

25,361

867,093

Chevron

Corp.

140,588

20,198,278

ConocoPhillips

99,383

10,170,856

Coterra

Energy,

Inc.(a)

62,751

1,639,056

Devon

Energy

Corp.

51,119

3,073,785

Diamondback

Energy,

Inc.

13,101

1,578,146

EOG

Resources,

Inc.

45,881

5,126,284

EQT

Corp.

28,861

1,176,086

Exxon

Mobil

Corp.

325,358

28,407,007

Hess

Corp.

21,247

2,315,710

Kinder

Morgan,

Inc.

152,340

2,534,938

Marathon

Oil

Corp.

56,496

1,275,680

Marathon

Petroleum

Corp.

38,927

3,866,619

Occidental

Petroleum

Corp.(a)

58,176

3,574,915

ONEOK,

Inc.(a)

35,307

1,809,131

Phillips

66(a)

37,207

3,003,349

Pioneer

Natural

Resources

Co.(a)

18,632

4,034,387

Valero

Energy

Corp.(a)

31,521

3,368,019

Williams

Cos.,

Inc.

(The)

94,400

2,702,672

100,722,011

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

18,193

3,927,869

Pharmaceuticals

4.6%

Bristol-Myers

Squibb

Co.

165,678

11,778,049

Catalent

,

Inc.*(a)

14,088

1,019,408

Eli

Lilly

&

Co.

61,369

19,843,666

Johnson

&

Johnson

204,769

33,451,064

Merck

&

Co.,

Inc.

196,785

16,947,124

Organon

&

Co.

19,612

458,921

Pfizer,

Inc.

436,625

19,106,710

Viatris

,

Inc.

95,453

813,259

NVIT

S&P

500

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Zoetis,

Inc.

36,656

5,435,718

108,853,919

Professional

Services

0.4%

CoStar

Group,

Inc.*

30,911

2,152,951

Equifax,

Inc.

9,691

1,661,328

Jacobs

Solutions,

Inc.

10,022

1,087,287

Leidos

Holdings,

Inc.

10,902

953,598

Nielsen

Holdings

plc

27,672

767,068

Robert

Half

International,

Inc.

8,760

670,140

Verisk

Analytics,

Inc.

12,250

2,088,992

9,381,364

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

25,641

1,731,024

Road

&

Rail

0.9%

CSX

Corp.

168,230

4,481,647

JB

Hunt

Transport

Services,

Inc.

6,495

1,015,948

Norfolk

Southern

Corp.

18,488

3,876,009

Old

Dominion

Freight

Line,

Inc.(a)

7,177

1,785,423

Union

Pacific

Corp.

48,871

9,521,048

20,680,075

Semiconductors

&

Semiconductor

Equipment

4.8%

Advanced

Micro

Devices,

Inc.*

126,152

7,992,991

Analog

Devices,

Inc.

40,787

5,683,261

Applied

Materials,

Inc.

68,450

5,608,108

Broadcom,

Inc.

31,771

14,106,642

Enphase

Energy,

Inc.*

10,573

2,933,690

Intel

Corp.

318,388

8,204,859

KLA

Corp.

11,070

3,350,114

Lam

Research

Corp.

10,842

3,968,172

Microchip

Technology,

Inc.

43,775

2,671,588

Micron

Technology,

Inc.

86,463

4,331,796

Monolithic

Power

Systems,

Inc.

3,348

1,216,663

NVIDIA

Corp.

194,856

23,653,570

NXP

Semiconductors

NV

20,336

2,999,763

ON

Semiconductor

Corp.*(a)

33,996

2,118,971

Qorvo

,

Inc.*

8,875

704,764

QUALCOMM,

Inc.

87,155

9,846,772

Skyworks

Solutions,

Inc.(a)

12,928

1,102,371

SolarEdge

Technologies,

Inc.*(a)

4,176

966,577

Teradyne,

Inc.

12,126

911,269

Texas

Instruments,

Inc.

71,758

11,106,703

113,478,644

Software

8.4%

Adobe,

Inc.*

36,769

10,118,829

ANSYS,

Inc.*

6,723

1,490,489

Autodesk,

Inc.*

16,936

3,163,645

Cadence

Design

Systems,

Inc.*

21,350

3,489,230

Ceridian

HCM

Holding,

Inc.*(a)

10,500

586,740

Fortinet,

Inc.*

51,204

2,515,653

Intuit,

Inc.

22,024

8,530,336

Microsoft

Corp.

581,998

135,547,334

NortonLifeLock

,

Inc.(a)

45,482

916,007

Oracle

Corp.

118,586

7,242,047

Common

Stocks

Shares

Value

($)

Software

Paycom

Software,

Inc.*

3,785

1,249,012

PTC,

Inc.*(a)

8,172

854,791

Roper

Technologies,

Inc.

8,308

2,987,889

Salesforce,

Inc.*

77,314

11,120,846

ServiceNow

,

Inc.*

15,660

5,913,373

Synopsys,

Inc.*

11,969

3,656,649

Tyler

Technologies,

Inc.*

3,185

1,106,788

200,489,658

Specialty

Retail

2.2%

Advance

Auto

Parts,

Inc.

4,654

727,606

AutoZone,

Inc.*

1,531

3,279,295

Bath

&

Body

Works,

Inc.

19,150

624,290

Best

Buy

Co.,

Inc.(a)

15,770

998,872

CarMax,

Inc.*(a)

12,857

848,819

Home

Depot,

Inc.

(The)

80,414

22,189,439

Lowe's

Cos.,

Inc.

49,895

9,370,780

O'Reilly

Automotive,

Inc.*

5,069

3,565,281

Ross

Stores,

Inc.

27,255

2,296,779

TJX

Cos.,

Inc.

(The)

91,091

5,658,573

Tractor

Supply

Co.

8,826

1,640,577

Ulta

Beauty,

Inc.*

4,005

1,606,766

52,807,077

Technology

Hardware,

Storage

&

Peripherals

7.1%

Apple,

Inc.

1,179,332

162,983,682

Hewlett

Packard

Enterprise

Co.

100,147

1,199,761

HP,

Inc.(a)

71,045

1,770,441

NetApp,

Inc.

17,340

1,072,479

Seagate

Technology

Holdings

plc(a)

15,377

818,518

Western

Digital

Corp.*(a)

25,419

827,389

168,672,270

Textiles,

Apparel

&

Luxury

Goods

0.4%

NIKE,

Inc.,

Class

B

98,732

8,206,604

Ralph

Lauren

Corp.(a)

3,721

316,024

Tapestry,

Inc.

19,167

544,918

VF

Corp.

25,696

768,567

9,836,113

Tobacco

0.7%

Altria

Group,

Inc.

141,084

5,696,972

Philip

Morris

International,

Inc.

120,625

10,013,081

15,710,053

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

45,194

2,080,732

United

Rentals,

Inc.*(a)

5,569

1,504,298

WW

Grainger,

Inc.(a)

3,348

1,637,808

5,222,838

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

14,368

1,870,139

Wireless

Telecommunication

Services

0.3%

T-Mobile

US,

Inc.*(a)

46,992

6,304,917

Total

Common

Stocks

(cost

$899,504,271)

2,353,071,871

102

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Repurchase

Agreements

0.2%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,938,410,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$2,996,416.(b)

2,937,662

2,937,662

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$460,883,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$469,981.(b)

460,766

460,766

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$780,710,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$796,323.(b)

780,516

780,516

Total

Repurchase

Agreements

(cost

$4,178,944)

4,178,944

Total

Investments

(cost

$903,683,215)

—

99.3%

2,357,250,815

Other

assets

in

excess

of

liabilities

—

0.7%

16,430,232

NET

ASSETS

—

100.0%

$

2,373,681,047

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$121,598,783,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,178,944

and

by

$121,814,154

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/15/2022

–

5/15/2052,

a

total

value

of

$125,993,098.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$4,178,944.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

115

12/2022

USD

20,708,625

(1,623,029)

Net

contracts

(1,623,029)

As

of

September

30,

2022,

the

Fund

had

$1,596,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

S&P

500

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

103

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.

104

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

S&P

500

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

managing

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

September

30,

2022.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,353,071,871

$

–

$

–

$

2,353,071,871

Repurchase

Agreements

–

4,178,944

–

4,178,944

Total

Assets

$

2,353,071,871

$

4,178,944

$

–

$

2,357,250,815

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,623,029)

$

–

$

–

$

(1,623,029)

Total

Liabilities

$

(1,623,029)

$

–

$

–

$

(1,623,029)

Total

$

2,351,448,842

$

4,178,944

$

–

$

2,355,627,786

NVIT

S&P

500

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

105

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,623,029)

Total

$

(1,623,029)

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.

106

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

98.7%

Shares

Value

($)

Aerospace

&

Defense

0.8%

AAR

Corp.*

5,063

181,357

Aerojet

Rocketdyne

Holdings,

Inc.*

11,707

468,163

AeroVironment,

Inc.*

3,588

299,096

AerSale

Corp.*(a)

2,532

46,943

Archer

Aviation,

Inc.,

Class

A*(a)

20,885

54,510

Astra

Space,

Inc.*(a)

20,358

12,439

Astronics

Corp.*

3,423

26,905

Cadre

Holdings,

Inc.(a)

3,277

78,845

Ducommun,

Inc.*

1,606

63,694

Kaman

Corp.

4,515

126,104

Kratos

Defense

&

Security

Solutions,

Inc.*

19,147

194,533

Maxar

Technologies,

Inc.

11,281

211,180

Momentus,

Inc.*(a)

7,713

10,567

Moog,

Inc.,

Class

A

4,148

291,812

National

Presto

Industries,

Inc.

932

60,626

Park

Aerospace

Corp.(a)

2,606

28,770

Parsons

Corp.*(a)

4,925

193,060

Redwire

Corp.*(a)

2,738

6,516

Rocket

Lab

USA,

Inc.*

31,695

128,999

Terran

Orbital

Corp.*(a)

3,388

5,997

Triumph

Group,

Inc.*

9,217

79,174

V2X,

Inc.*

1,760

62,304

Virgin

Galactic

Holdings,

Inc.*(a)

36,231

170,648

2,802,242

Air

Freight

&

Logistics

0.4%

Air

Transport

Services

Group,

Inc.*

8,673

208,933

Atlas

Air

Worldwide

Holdings,

Inc.*(a)

4,219

403,210

Forward

Air

Corp.

4,131

372,864

Hub

Group,

Inc.,

Class

A*

4,925

339,726

Radiant

Logistics,

Inc.*

5,236

29,793

1,354,526

Airlines

0.3%

Allegiant

Travel

Co.*

2,441

178,144

Blade

Air

Mobility,

Inc.*(a)

7,941

32,003

Frontier

Group

Holdings,

Inc.*(a)

5,326

51,662

Hawaiian

Holdings,

Inc.*(a)

7,608

100,045

Joby

Aviation,

Inc.*(a)

39,554

171,269

SkyWest,

Inc.*

7,272

118,243

Spirit

Airlines,

Inc.

16,610

312,600

Sun

Country

Airlines

Holdings,

Inc.*(a)

4,964

67,560

Wheels

Up

Experience,

Inc.*

22,520

25,898

1,057,424

Auto

Components

1.3%

Adient

plc*(a)

14,380

399,045

American

Axle

&

Manufacturing

Holdings,

Inc.*(a)

16,754

114,430

Dana,

Inc.

19,242

219,936

Dorman

Products,

Inc.*

3,859

316,901

Fox

Factory

Holding

Corp.*(a)

6,424

508,010

Common

Stocks

Shares

Value

($)

Auto

Components

Gentherm,

Inc.*(a)

4,890

243,180

Goodyear

Tire

&

Rubber

Co.

(The)*

42,471

428,532

Holley,

Inc.*(a)

7,275

29,464

LCI

Industries

3,658

371,141

Luminar

Technologies,

Inc.*(a)

37,789

275,293

Modine

Manufacturing

Co.*

7,599

98,331

Motorcar

Parts

of

America,

Inc.*(a)

2,974

45,264

Patrick

Industries,

Inc.(a)

3,228

141,516

Solid

Power,

Inc.*(a)

18,573

97,694

Standard

Motor

Products,

Inc.

3,055

99,287

Stoneridge,

Inc.*

3,852

65,291

Tenneco,

Inc.,

Class

A*(a)

12,821

222,957

Visteon

Corp.*(a)

4,088

433,573

XPEL,

Inc.

Reg.

S*(a)

3,165

203,953

4,313,798

Automobiles

0.2%

Canoo,

Inc.*(a)

21,410

40,144

Cenntro

Electric

Group

Ltd.*(a)

26,042

26,823

Faraday

Future

Intelligent

Electric,

Inc.*(a)

14,052

8,940

Fisker,

Inc.*(a)

25,239

190,555

Lordstown

Motors

Corp.*(a)

30,199

55,264

Mullen

Automotive,

Inc.*(a)

45,616

14,953

Winnebago

Industries,

Inc.(a)

4,699

250,034

Workhorse

Group,

Inc.*(a)

22,466

64,477

651,190

Banks

9.9%

1st

Source

Corp.

2,712

125,566

ACNB

Corp.

1,409

42,326

Allegiance

Bancshares,

Inc.

2,548

106,073

Amalgamated

Financial

Corp.

2,822

63,636

Amerant

Bancorp,

Inc.

4,373

108,625

American

National

Bankshares,

Inc.

1,705

54,475

Ameris

Bancorp

8,900

397,919

Arrow

Financial

Corp.

2,237

64,475

Associated

Banc-Corp.

24,038

482,683

Atlantic

Union

Bankshares

Corp.

11,969

363,618

Banc

of

California,

Inc.

8,196

130,890

BancFirst

Corp.(a)

3,058

273,599

Bancorp,

Inc.

(The)*

6,880

151,222

Bank

First

Corp.(a)

994

76,021

Bank

of

Marin

Bancorp

2,488

74,516

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

7,856

255,006

BankUnited,

Inc.

10,564

360,972

Bankwell

Financial

Group,

Inc.

(a)

1,014

29,518

Banner

Corp.(a)

4,528

267,514

Bar

Harbor

Bankshares

2,705

71,737

BayCom

Corp.

2,187

38,447

BCB

Bancorp,

Inc.

2,398

40,358

Berkshire

Hills

Bancorp,

Inc.

5,986

163,418

Blue

Ridge

Bankshares,

Inc.

3,085

39,210

Brookline

Bancorp,

Inc.

10,026

116,803

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Banks

Business

First

Bancshares,

Inc.

3,388

72,944

Byline

Bancorp,

Inc.

3,930

79,582

Cadence

Bank(a)

21,494

546,163

Cambridge

Bancorp

1,085

86,518

Camden

National

Corp.

2,446

104,200

Capital

Bancorp,

Inc.

1,596

36,868

Capital

City

Bank

Group,

Inc.

2,246

69,873

Capstar

Financial

Holdings,

Inc.

3,806

70,525

Carter

Bankshares,

Inc.*

3,935

63,354

Cathay

General

Bancorp

11,629

447,251

CBTX,

Inc.(a)

3,060

89,505

Central

Pacific

Financial

Corp.

3,687

76,284

Citizens

&

Northern

Corp.

2,547

61,586

City

Holding

Co.(a)

1,983

175,872

Civista

Bancshares,

Inc.

2,133

44,281

CNB

Financial

Corp.

2,976

70,144

Coastal

Financial

Corp.*

1,665

66,167

Colony

Bankcorp,

Inc.

2,805

36,549

Columbia

Banking

System,

Inc.(a)

10,196

294,562

Community

Bank

System,

Inc.

(a)

6,992

420,079

Community

Trust

Bancorp,

Inc.

2,860

115,973

ConnectOne

Bancorp,

Inc.

5,611

129,390

CrossFirst

Bankshares,

Inc.*

7,651

99,846

Customers

Bancorp,

Inc.*

4,424

130,420

CVB

Financial

Corp.(a)

18,042

456,823

Dime

Community

Bancshares,

Inc.

5,086

148,918

Eagle

Bancorp,

Inc.

4,131

185,151

Eastern

Bankshares,

Inc.

24,707

485,245

Enterprise

Bancorp,

Inc.

1,543

46,151

Enterprise

Financial

Services

Corp.

5,498

242,132

Equity

Bancshares,

Inc.,

Class

A(a)

2,356

69,808

Esquire

Financial

Holdings,

Inc.

1,178

44,234

Farmers

&

Merchants

Bancorp,

Inc.(a)

1,936

52,020

Farmers

National

Banc

Corp.

5,052

66,131

FB

Financial

Corp.

5,803

221,733

Financial

Institutions,

Inc.

2,878

69,273

First

Bancorp

29,438

512,609

First

Bancorp,

Inc.

(The)

1,612

44,411

First

Bancshares,

Inc.

(The)

3,019

90,178

First

Bank

2,559

34,982

First

Busey

Corp.

8,748

192,281

First

Business

Financial

Services,

Inc.

1,356

43,812

First

Commonwealth

Financial

Corp.

12,733

163,492

First

Community

Bankshares,

Inc.

2,950

94,488

First

Financial

Bancorp

12,158

256,291

First

Financial

Bankshares,

Inc.(a)

19,967

835,220

Common

Stocks

Shares

Value

($)

Banks

First

Financial

Corp.

2,087

94,312

First

Foundation,

Inc.

8,267

149,963

First

Guaranty

Bancshares,

Inc.(a)

1,147

25,096

First

Internet

Bancorp

1,389

47,032

First

Interstate

BancSystem,

Inc.,

Class

A(a)

13,807

557,112

First

Merchants

Corp.

9,039

349,629

First

Mid

Bancshares,

Inc.(a)

2,896

92,585

First

of

Long

Island

Corp.

(The)

4,158

71,684

First

Western

Financial,

Inc.*

1,380

34,017

Five

Star

Bancorp(a)

1,944

55,132

Flushing

Financial

Corp.

5,039

97,605

Fulton

Financial

Corp.(a)

26,421

417,452

FVCBankcorp,

Inc.*(a)

2,076

39,797

German

American

Bancorp,

Inc.

4,497

160,588

Glacier

Bancorp,

Inc.

17,098

840,025

Great

Southern

Bancorp,

Inc.

1,693

96,620

Guaranty

Bancshares,

Inc.

1,385

47,907

Hancock

Whitney

Corp.

12,938

592,690

Hanmi

Financial

Corp.

4,070

96,378

HarborOne

Bancorp,

Inc.

6,938

93,108

HBT

Financial,

Inc.

1,708

31,000

Heartland

Financial

USA,

Inc.

6,559

284,398

Heritage

Commerce

Corp.

10,262

116,371

Heritage

Financial

Corp.

4,633

122,636

Hilltop

Holdings,

Inc.

7,989

198,527

Home

BancShares,

Inc.

29,815

671,136

HomeStreet,

Inc.

2,442

70,354

HomeTrust

Bancshares,

Inc.

2,265

50,056

Hope

Bancorp,

Inc.

15,667

198,031

Horizon

Bancorp,

Inc.

6,461

116,040

Independent

Bank

Corp.(a)

9,175

503,277

Independent

Bank

Group,

Inc.

5,362

329,173

International

Bancshares

Corp.

8,575

364,437

John

Marshall

Bancorp,

Inc.(a)

1,893

46,492

Lakeland

Bancorp,

Inc.

10,131

162,197

Lakeland

Financial

Corp.

3,406

247,991

Live

Oak

Bancshares,

Inc.(a)

4,931

150,889

Macatawa

Bank

Corp.(a)

4,967

45,994

Mercantile

Bank

Corp.

2,459

73,057

Metrocity

Bankshares,

Inc.

2,708

53,185

Metropolitan

Bank

Holding

Corp.*

1,601

103,040

Mid

Penn

Bancorp,

Inc.

2,641

75,876

Midland

States

Bancorp,

Inc.

3,243

76,438

MidWestOne

Financial

Group,

Inc.(a)

2,324

63,422

MVB

Financial

Corp.

1,727

48,062

National

Bank

Holdings

Corp.,

Class

A

3,941

145,778

NBT

Bancorp,

Inc.

5,629

213,621

Nicolet

Bankshares,

Inc.*

1,855

130,666

Northeast

Bank

1,125

41,254

Northwest

Bancshares,

Inc.

15,982

215,917

OceanFirst

Financial

Corp.

9,243

172,290

OFG

Bancorp

6,480

162,842

Old

National

Bancorp

45,445

748,479

108

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Old

Second

Bancorp,

Inc.(a)

6,464

84,355

Origin

Bancorp,

Inc.

3,749

144,224

Orrstown

Financial

Services,

Inc.

1,796

42,960

Pacific

Premier

Bancorp,

Inc.

12,560

388,858

Park

National

Corp.

2,136

265,889

Parke

Bancorp,

Inc.

1,750

36,680

Pathward

Financial,

Inc.

3,906

128,742

PCB

Bancorp

2,008

36,285

PCSB

Financial

Corp.(a)

2,181

39,105

Peapack-Gladstone

Financial

Corp.

3,016

101,488

Peoples

Bancorp,

Inc.(a)

4,680

135,392

Peoples

Financial

Services

Corp.

1,085

50,821

Preferred

Bank

1,339

87,343

Premier

Financial

Corp.

5,770

148,289

Primis

Financial

Corp.

3,707

44,966

Professional

Holding

Corp.,

Class

A*(a)

2,256

58,521

QCR

Holdings,

Inc.

2,605

132,699

RBB

Bancorp

2,362

49,082

Red

River

Bancshares,

Inc.

824

40,730

Renasant

Corp.

7,215

225,685

Republic

Bancorp,

Inc.,

Class

A

1,525

58,407

Republic

First

Bancorp,

Inc.*(a)

5,965

16,881

S&T

Bancorp,

Inc.

4,871

142,769

Sandy

Spring

Bancorp,

Inc.

6,965

245,586

Seacoast

Banking

Corp.

of

Florida

7,835

236,852

ServisFirst

Bancshares,

Inc.

7,530

602,400

Shore

Bancshares,

Inc.

2,879

49,864

Sierra

Bancorp

2,835

55,991

Silvergate

Capital

Corp.,

Class

A*

4,593

346,083

Simmons

First

National

Corp.,

Class

A

16,157

352,061

SmartFinancial,

Inc.

2,954

72,993

South

Plains

Financial,

Inc.

1,712

47,183

Southern

First

Bancshares,

Inc.*

1,282

53,408

Southside

Bancshares,

Inc.

4,157

146,992

SouthState

Corp.

11,563

914,865

Stock

Yards

Bancorp,

Inc.(a)

4,461

303,393

Summit

Financial

Group,

Inc.

1,823

49,112

Texas

Capital

Bancshares,

Inc.*

7,800

460,434

Third

Coast

Bancshares,

Inc.*(a)

2,127

36,393

Tompkins

Financial

Corp.

2,134

154,971

Towne

Bank

11,090

297,545

TriCo

Bancshares

5,069

226,331

Triumph

Bancorp,

Inc.*(a)

3,400

184,790

Trustmark

Corp.

8,118

248,654

UMB

Financial

Corp.

6,990

589,187

United

Bankshares,

Inc.

19,270

688,902

United

Community

Banks,

Inc.

14,578

482,532

Unity

Bancorp,

Inc.

1,254

31,488

Common

Stocks

Shares

Value

($)

Banks

Univest

Financial

Corp.

4,568

107,257

USCB

Financial

Holdings,

Inc.*(a)

1,525

19,993

Valley

National

Bancorp

67,420

728,136

Veritex

Holdings,

Inc.

6,948

184,747

Washington

Federal,

Inc.

10,387

311,402

Washington

Trust

Bancorp,

Inc.

2,913

135,396

WesBanco,

Inc.

9,273

309,440

West

Bancorp,

Inc.

2,668

55,521

Westamerica

Bancorp(a)

3,401

177,838

33,001,515

Beverages

0.6%

Celsius

Holdings,

Inc.*

8,332

755,546

Coca-Cola

Consolidated,

Inc.

690

284,094

Duckhorn

Portfolio,

Inc.

(The)*

5,369

77,474

MGP

Ingredients,

Inc.(a)

2,069

219,645

National

Beverage

Corp.(a)

3,445

132,770

Primo

Water

Corp.

24,122

302,731

Vintage

Wine

Estates,

Inc.*(a)

4,582

12,692

Vita

Coco

Co.,

Inc.

(The)*(a)

5,025

57,235

1,842,187

Biotechnology

8.3%

2seventy

bio,

Inc.*

5,290

76,970

4D

Molecular

Therapeutics,

Inc.*(a)

4,101

32,972

Aadi

Bioscience,

Inc.*

2,049

28,952

ACADIA

Pharmaceuticals,

Inc.*

18,319

299,699

Adicet

Bio,

Inc.*

4,130

58,729

ADMA

Biologics,

Inc.*(a)

26,294

63,894

Aerovate

Therapeutics,

Inc.*(a)

1,299

21,537

Affimed

NV*

20,119

41,445

Agenus,

Inc.*

40,920

83,886

Agios

Pharmaceuticals,

Inc.*

8,063

228,022

Akero

Therapeutics,

Inc.*(a)

4,493

152,987

Albireo

Pharma,

Inc.*(a)

2,477

47,955

Alector,

Inc.*

9,326

88,224

Alkermes

plc*

24,618

549,720

Allogene

Therapeutics,

Inc.*(a)

11,879

128,293

Allovir,

Inc.*(a)

4,329

34,156

Alpine

Immune

Sciences,

Inc.*(a)

2,232

16,070

ALX

Oncology

Holdings,

Inc.*(a)

2,997

28,681

Amicus

Therapeutics,

Inc.*

41,412

432,341

AnaptysBio,

Inc.*(a)

3,090

78,826

Anavex

Life

Sciences

Corp.*(a)

9,831

101,456

Anika

Therapeutics,

Inc.*(a)

2,268

53,978

Apellis

Pharmaceuticals,

Inc.*(a)

14,027

958,044

Arbutus

Biopharma

Corp.*(a)

16,559

31,628

Arcellx,

Inc.*(a)

4,904

92,048

Arcturus

Therapeutics

Holdings,

Inc.*

3,511

52,033

Arcus

Biosciences,

Inc.*(a)

8,094

211,739

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Biotechnology

Arcutis

Biotherapeutics,

Inc.*(a)

6,581

125,763

Arrowhead

Pharmaceuticals,

Inc.*

15,585

515,084

Atara

Biotherapeutics,

Inc.*

12,681

47,934

Aura

Biosciences,

Inc.*(a)

2,593

46,985

Aurinia

Pharmaceuticals,

Inc.*(a)

19,968

150,159

Avid

Bioservices,

Inc.*(a)

9,101

174,011

Avidity

Biosciences,

Inc.*(a)

7,378

120,483

Beam

Therapeutics,

Inc.*(a)

9,370

446,387

BioCryst

Pharmaceuticals,

Inc.*(a)

28,209

355,433

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

9,199

1,390,613

Bioxcel

Therapeutics,

Inc.*(a)

3,017

35,661

Bluebird

Bio,

Inc.*(a)

12,824

81,176

Blueprint

Medicines

Corp.*

8,989

592,285

Bridgebio

Pharma,

Inc.*(a)

15,477

153,841

C4

Therapeutics,

Inc.*(a)

6,640

58,233

CareDx,

Inc.*

7,468

127,105

Caribou

Biosciences,

Inc.*(a)

8,236

86,890

Catalyst

Pharmaceuticals,

Inc.*

14,279

183,200

Celldex

Therapeutics,

Inc.*

6,806

191,317

Celularity,

Inc.,

Class

A*(a)

8,492

19,617

Century

Therapeutics,

Inc.*(a)

3,114

30,797

Cerevel

Therapeutics

Holdings,

Inc.*(a)

8,463

239,164

ChemoCentryx,

Inc.*(a)

9,523

491,958

Chimerix,

Inc.*

13,749

26,536

Chinook

Therapeutics,

Inc.*(a)

7,703

151,441

Cogent

Biosciences,

Inc.*(a)

10,024

149,558

Coherus

Biosciences,

Inc.*

11,117

106,834

Crinetics

Pharmaceuticals,

Inc.*(a)

7,841

153,997

CTI

BioPharma

Corp.*(a)

14,698

85,542

Cullinan

Oncology,

Inc.*

4,475

57,370

Cytokinetics,

Inc.*

12,338

597,776

Day

One

Biopharmaceuticals,

Inc.*(a)

4,040

80,921

Deciphera

Pharmaceuticals,

Inc.*

7,241

133,959

Denali

Therapeutics,

Inc.*

14,846

455,624

Design

Therapeutics,

Inc.*(a)

5,087

85,055

Dynavax

Technologies

Corp.*(a)

17,405

181,708

Dyne

Therapeutics,

Inc.*

5,411

68,720

Eagle

Pharmaceuticals,

Inc.*

1,467

38,758

Editas

Medicine,

Inc.*(a)

10,316

126,268

Eiger

BioPharmaceuticals,

Inc.*

5,797

43,651

Emergent

BioSolutions,

Inc.*

7,408

155,494

Enanta

Pharmaceuticals,

Inc.*(a)

3,088

160,175

Enochian

Biosciences,

Inc.*(a)

2,796

5,061

EQRx,

Inc.*(a)

31,824

157,529

Erasca,

Inc.*(a)

10,168

79,310

Fate

Therapeutics,

Inc.*(a)

12,709

284,809

Common

Stocks

Shares

Value

($)

Biotechnology

FibroGen,

Inc.*(a)

13,059

169,898

Foghorn

Therapeutics,

Inc.*(a)

3,074

26,375

Forma

Therapeutics

Holdings,

Inc.*

5,752

114,752

Gelesis

Holdings,

Inc.*(a)

3,276

3,538

Generation

Bio

Co.*

6,803

36,124

Geron

Corp.*(a)

53,459

125,094

Global

Blood

Therapeutics,

Inc.*(a)

9,668

658,391

Gossamer

Bio,

Inc.*(a)

10,149

121,585

GreenLight

Biosciences

Holdings

PBC*(a)

16,160

37,491

Halozyme

Therapeutics,

Inc.*(a)

20,280

801,871

Heron

Therapeutics,

Inc.*(a)

14,197

59,911

HilleVax,

Inc.*(a)

1,834

31,343

Humacyte,

Inc.*(a)

2,497

8,140

Icosavax,

Inc.*(a)

3,666

11,585

Ideaya

Biosciences,

Inc.*(a)

5,288

78,897

IGM

Biosciences,

Inc.*(a)

1,444

32,837

Imago

Biosciences,

Inc.*(a)

3,723

56,031

ImmunityBio,

Inc.*(a)

12,164

60,455

ImmunoGen,

Inc.*

31,083

148,577

Immunovant,

Inc.*(a)

5,962

33,268

Inhibrx,

Inc.*(a)

4,164

74,744

Inovio

Pharmaceuticals,

Inc.*(a)

34,481

59,480

Insmed,

Inc.*

17,551

378,049

Instil

Bio,

Inc.*(a)

9,845

47,650

Intellia

Therapeutics,

Inc.*(a)

11,317

633,299

Intercept

Pharmaceuticals,

Inc.*(a)

3,814

53,205

Invivyd,

Inc.*(a)

7,781

24,355

Iovance

Biotherapeutics,

Inc.*

23,329

223,492

Ironwood

Pharmaceuticals,

Inc.*(a)

19,987

207,065

iTeos

Therapeutics,

Inc.*

4,045

77,057

IVERIC

bio,

Inc.*

17,364

311,510

Janux

Therapeutics,

Inc.*

2,457

33,268

Jounce

Therapeutics,

Inc.*

6,488

15,182

KalVista

Pharmaceuticals,

Inc.*(a)

3,916

56,821

Karuna

Therapeutics,

Inc.*

4,473

1,006,112

Karyopharm

Therapeutics,

Inc.*

12,005

65,547

Keros

Therapeutics,

Inc.*

2,909

109,437

Kezar

Life

Sciences,

Inc.*(a)

7,677

66,099

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

4,527

58,127

Kinnate

Biopharma,

Inc.*(a)

4,134

49,401

Kodiak

Sciences,

Inc.*

5,383

41,664

Kronos

Bio,

Inc.*(a)

6,987

23,406

Krystal

Biotech,

Inc.*(a)

3,100

216,070

Kura

Oncology,

Inc.*(a)

9,183

125,440

Kymera

Therapeutics,

Inc.*(a)

5,635

122,674

Lexicon

Pharmaceuticals,

Inc.*

12,745

30,588

Ligand

Pharmaceuticals,

Inc.*

2,221

191,250

Lyell

Immunopharma,

Inc.*(a)

25,780

188,967

MacroGenics,

Inc.*

8,799

30,445

110

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Madrigal

Pharmaceuticals,

Inc.*

2,046

132,970

MannKind

Corp.*(a)

36,832

113,811

MeiraGTx

Holdings

plc*

4,544

38,215

Mersana

Therapeutics,

Inc.*

12,398

83,810

MiMedx

Group,

Inc.*(a)

17,207

49,384

Mirum

Pharmaceuticals,

Inc.*(a)

2,849

59,858

Monte

Rosa

Therapeutics,

Inc.*(a)

4,852

39,641

Morphic

Holding,

Inc.*

3,884

109,917

Myriad

Genetics,

Inc.*

11,630

221,900

Nkarta,

Inc.*(a)

4,587

60,365

Nurix

Therapeutics,

Inc.*

7,332

95,536

Nuvalent,

Inc.,

Class

A*(a)

2,421

47,064

Ocugen,

Inc.*(a)

30,519

54,324

Organogenesis

Holdings,

Inc.*

10,831

35,092

Outlook

Therapeutics,

Inc.*(a)

17,792

21,706

Pardes

Biosciences,

Inc.*

4,009

7,417

PepGen,

Inc.*

1,179

10,705

PMV

Pharmaceuticals,

Inc.*(a)

5,211

62,011

Point

Biopharma

Global,

Inc.*(a)

11,189

86,491

Praxis

Precision

Medicines,

Inc.*(a)

7,741

17,572

Precigen,

Inc.*

13,762

29,175

Prometheus

Biosciences,

Inc.*

4,500

265,545

Protagonist

Therapeutics,

Inc.*

7,247

61,092

Prothena

Corp.

plc*

5,199

315,215

PTC

Therapeutics,

Inc.*(a)

10,572

530,714

Rallybio

Corp.*(a)

2,315

33,498

RAPT

Therapeutics,

Inc.*

4,266

102,640

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

21,265

226,260

REGENXBIO,

Inc.*

5,965

157,655

Relay

Therapeutics,

Inc.*(a)

11,319

253,206

Replimune

Group,

Inc.*

5,581

96,384

REVOLUTION

Medicines,

Inc.*

11,425

225,301

Rigel

Pharmaceuticals,

Inc.*

25,206

29,743

Rocket

Pharmaceuticals,

Inc.*

6,356

101,442

Sage

Therapeutics,

Inc.*(a)

7,634

298,947

Sana

Biotechnology,

Inc.*(a)

12,709

76,254

Sangamo

Therapeutics,

Inc.*

18,406

90,189

Seres

Therapeutics,

Inc.*

10,161

65,234

Sorrento

Therapeutics,

Inc.*(a)

56,997

89,485

SpringWorks

Therapeutics,

Inc.*(a)

5,169

147,472

Stoke

Therapeutics,

Inc.*(a)

3,399

43,643

Sutro

Biopharma,

Inc.*

7,421

41,187

Syndax

Pharmaceuticals,

Inc.*(a)

8,036

193,105

Talaris

Therapeutics,

Inc.*

3,651

9,602

Tango

Therapeutics,

Inc.*(a)

6,598

23,885

Tenaya

Therapeutics,

Inc.*(a)

3,932

11,403

TG

Therapeutics,

Inc.*(a)

19,931

117,992

Travere

Therapeutics,

Inc.*(a)

9,038

222,696

Twist

Bioscience

Corp.*(a)

8,577

302,254

Tyra

Biosciences,

Inc.*(a)

2,673

23,496

Vanda

Pharmaceuticals,

Inc.*

7,930

78,348

Common

Stocks

Shares

Value

($)

Biotechnology

Vaxart,

Inc.*(a)

19,106

41,651

Vaxcyte,

Inc.*

8,317

199,608

VBI

Vaccines,

Inc.*

24,837

17,530

Vera

Therapeutics,

Inc.*(a)

2,526

53,829

Veracyte,

Inc.*(a)

10,538

174,931

Vericel

Corp.*

7,378

171,170

Verve

Therapeutics,

Inc.*(a)

6,585

226,195

Vir

Biotechnology,

Inc.*

11,274

217,363

Viridian

Therapeutics,

Inc.*(a)

4,300

88,193

VistaGen

Therapeutics,

Inc.*

31,574

4,802

Xencor,

Inc.*(a)

8,348

216,881

Y-mAbs

Therapeutics,

Inc.*

5,203

75,027

Zentalis

Pharmaceuticals,

Inc.*(a)

6,783

146,920

27,425,995

Building

Products

1.3%

AAON,

Inc.(a)

6,526

351,621

American

Woodmark

Corp.*

2,429

106,536

Apogee

Enterprises,

Inc.

3,316

126,738

Caesarstone

Ltd.

3,017

28,088

CSW

Industrials,

Inc.

2,185

261,763

Gibraltar

Industries,

Inc.*

4,846

198,347

Griffon

Corp.

6,762

199,614

Insteel

Industries,

Inc.

3,177

84,286

Janus

International

Group,

Inc.*

12,267

109,422

JELD-WEN

Holding,

Inc.*

12,668

110,845

Masonite

International

Corp.*

3,388

241,531

PGT

Innovations,

Inc.*

8,575

179,732

Quanex

Building

Products

Corp.(a)

4,786

86,914

Resideo

Technologies,

Inc.*

21,982

418,977

Simpson

Manufacturing

Co.,

Inc.

6,478

507,875

UFP

Industries,

Inc.

8,996

649,151

View,

Inc.*(a)

15,069

20,192

Zurn

Elkay

Water

Solutions

Corp.

18,839

461,555

4,143,187

Capital

Markets

1.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

9,413

253,492

AssetMark

Financial

Holdings,

Inc.*

3,270

59,808

Associated

Capital

Group,

Inc.,

Class

A(a)

224

8,234

B.

Riley

Financial,

Inc.(a)

3,200

142,464

Bakkt

Holdings,

Inc.*(a)

8,042

18,336

BGC

Partners,

Inc.,

Class

A

47,547

149,298

Blucora,

Inc.*

6,869

132,847

Brightsphere

Investment

Group,

Inc.(a)

4,810

71,717

Cohen

&

Steers,

Inc.

3,791

237,430

Cowen,

Inc.,

Class

A(a)

4,148

160,279

Diamond

Hill

Investment

Group,

Inc.

447

73,755

Donnelley

Financial

Solutions,

Inc.*

3,691

136,456

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Capital

Markets

Federated

Hermes,

Inc.,

Class

B

13,018

431,156

Focus

Financial

Partners,

Inc.,

Class

A*

8,438

265,881

GAMCO

Investors,

Inc.,

Class

A

706

12,037

GCM

Grosvenor,

Inc.,

Class

A(a)

6,386

50,386

Hamilton

Lane,

Inc.,

Class

A

5,440

324,278

Houlihan

Lokey,

Inc.

7,579

571,305

Manning

&

Napier,

Inc.(a)

2,245

27,546

MarketWise,

Inc.*(a)

2,408

5,490

Moelis

&

Co.,

Class

A(a)

9,548

322,818

Open

Lending

Corp.,

Class

A*

16,792

135,008

Oppenheimer

Holdings,

Inc.,

Class

A

1,233

38,198

Perella

Weinberg

Partners(a)

6,591

41,721

Piper

Sandler

Cos.(a)

2,567

268,868

PJT

Partners,

Inc.,

Class

A

3,596

240,285

Pzena

Investment

Management,

Inc.,

Class

A(a)

2,253

21,358

Sculptor

Capital

Management,

Inc.

3,968

35,077

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,403

22,939

StepStone

Group,

Inc.,

Class

A(a)

7,726

189,364

StoneX

Group,

Inc.*

2,672

221,616

Value

Line,

Inc.

128

5,619

Victory

Capital

Holdings,

Inc.,

Class

A

2,334

54,406

Virtus

Investment

Partners,

Inc.

1,044

166,539

WisdomTree

Investments,

Inc.

(a)

19,241

90,048

4,986,059

Chemicals

2.0%

AdvanSix,

Inc.

3,978

127,694

American

Vanguard

Corp.

4,287

80,167

Amyris,

Inc.*(a)

28,181

82,288

Aspen

Aerogels,

Inc.*

4,660

42,965

Avient

Corp.

13,702

415,171

Balchem

Corp.

4,800

583,584

Cabot

Corp.

8,386

535,782

Chase

Corp.

1,125

94,016

Danimer

Scientific,

Inc.*(a)

13,402

39,536

Diversey

Holdings

Ltd.*(a)

11,057

53,737

Ecovyst,

Inc.*

12,264

103,508

FutureFuel

Corp.

5,875

35,485

Hawkins,

Inc.

2,904

113,227

HB

Fuller

Co.

8,059

484,346

Ingevity

Corp.*

5,640

341,953

Innospec,

Inc.

3,751

321,348

Intrepid

Potash,

Inc.*(a)

1,916

75,816

Koppers

Holdings,

Inc.

3,052

63,421

Kronos

Worldwide,

Inc.

3,399

31,747

Livent

Corp.*

24,308

745,040

LSB

Industries,

Inc.*

4,487

63,940

Common

Stocks

Shares

Value

($)

Chemicals

Mativ

Holdings,

Inc.(a)

8,104

178,936

Minerals

Technologies,

Inc.

4,777

236,032

Origin

Materials,

Inc.*(a)

16,210

83,644

Orion

Engineered

Carbons

SA

8,868

118,388

Perimeter

Solutions

SA*(a)

17,939

143,691

PureCycle

Technologies,

Inc.*(a)

15,993

129,063

Quaker

Chemical

Corp.(a)

2,061

297,567

Rayonier

Advanced

Materials,

Inc.*(a)

9,740

30,681

Sensient

Technologies

Corp.

(a)

6,379

442,320

Stepan

Co.

3,178

297,683

Tredegar

Corp.

4,107

38,770

Trinseo

plc

5,321

97,481

Tronox

Holdings

plc

18,504

226,674

Valhi,

Inc.

328

8,252

6,763,953

Commercial

Services

&

Supplies

1.3%

ABM

Industries,

Inc.

10,151

388,073

ACCO

Brands

Corp.

14,310

70,119

ACV

Auctions,

Inc.,

Class

A*

16,942

121,813

Aris

Water

Solution,

Inc.,

Class

A(a)

3,283

41,891

Brady

Corp.,

Class

A(a)

6,979

291,234

BrightView

Holdings,

Inc.*

6,284

49,895

Brink's

Co.

(The)

6,821

330,409

Casella

Waste

Systems,

Inc.,

Class

A*

7,521

574,529

Cimpress

plc*

2,551

62,449

CompX

International,

Inc.

302

4,905

CoreCivic,

Inc.*

17,964

158,802

Deluxe

Corp.

6,982

116,250

Ennis,

Inc.

3,793

76,353

GEO

Group,

Inc.

(The)*(a)

15,716

121,013

Harsco

Corp.*

13,909

52,020

Healthcare

Services

Group,

Inc.(a)

10,911

131,914

Heritage-Crystal

Clean,

Inc.*

2,311

68,336

HNI

Corp.

6,183

163,911

Interface,

Inc.

8,811

79,211

KAR

Auction

Services,

Inc.*

17,876

199,675

Kimball

International,

Inc.,

Class

B

5,672

35,677

Li-Cycle

Holdings

Corp.*(a)

19,698

104,793

Matthews

International

Corp.,

Class

A

4,561

102,212

MillerKnoll,

Inc.

11,256

175,594

Montrose

Environmental

Group,

Inc.*

4,110

138,302

NL

Industries,

Inc.(a)

1,817

14,045

Pitney

Bowes,

Inc.

17,361

40,451

Quad/Graphics,

Inc.*(a)

4,927

12,613

SP

Plus

Corp.*

3,326

104,170

Steelcase,

Inc.,

Class

A

12,818

83,573

UniFirst

Corp.

2,278

383,228

Viad

Corp.*(a)

2,925

92,372

VSE

Corp.

1,586

56,144

4,445,976

112

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Communications

Equipment

0.9%

ADTRAN

Holdings,

Inc.

10,938

214,166

Aviat

Networks,

Inc.*(a)

1,212

33,185

Calix,

Inc.*

8,380

512,353

Cambium

Networks

Corp.*

1,508

25,515

Casa

Systems,

Inc.*(a)

5,848

18,304

Clearfield,

Inc.*(a)

1,681

175,900

CommScope

Holding

Co.,

Inc.*

30,417

280,141

Comtech

Telecommunications

Corp.

3,842

38,458

Digi

International,

Inc.*

4,731

163,551

DZS,

Inc.*(a)

2,637

29,798

Extreme

Networks,

Inc.*

18,876

246,709

Harmonic,

Inc.*(a)

14,508

189,619

Infinera

Corp.*(a)

27,556

133,371

Inseego

Corp.*(a)

12,527

25,931

NETGEAR,

Inc.*

4,022

80,601

NetScout

Systems,

Inc.*

10,305

322,753

Ondas

Holdings,

Inc.*(a)

4,836

17,893

Ribbon

Communications,

Inc.*

11,604

25,761

Viavi

Solutions,

Inc.*(a)

33,655

439,198

2,973,207

Construction

&

Engineering

1.5%

Ameresco,

Inc.,

Class

A*(a)

4,710

313,121

API

Group

Corp.*

31,487

417,832

Arcosa,

Inc.

7,169

409,923

Argan,

Inc.

1,982

63,761

Comfort

Systems

USA,

Inc.

5,309

516,725

Concrete

Pumping

Holdings,

Inc.*

3,442

22,201

Construction

Partners,

Inc.,

Class

A*(a)

6,271

164,488

Dycom

Industries,

Inc.*

4,264

407,340

EMCOR

Group,

Inc.

7,414

856,169

Fluor

Corp.*(a)

21,408

532,845

Granite

Construction,

Inc.(a)

6,729

170,849

Great

Lakes

Dredge

&

Dock

Corp.*

9,726

73,723

IES

Holdings,

Inc.*

1,375

37,978

Infrastructure

and

Energy

Alternatives,

Inc.*

4,526

61,282

MYR

Group,

Inc.*

2,445

207,165

Northwest

Pipe

Co.*

1,527

42,909

NV5

Global,

Inc.*

2,104

260,517

Primoris

Services

Corp.

7,742

125,808

Sterling

Infrastructure,

Inc.*

4,253

91,312

Tutor

Perini

Corp.*

6,248

34,489

4,810,437

Construction

Materials

0.1%

Summit

Materials,

Inc.,

Class

A*

18,006

431,424

United

States

Lime

&

Minerals,

Inc.

276

28,207

459,631

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*(a)

709

18,597

Bread

Financial

Holdings,

Inc.

3,987

125,391

Common

Stocks

Shares

Value

($)

Consumer

Finance

Consumer

Portfolio

Services,

Inc.*(a)

1,005

7,306

Curo

Group

Holdings

Corp.(a)

2,810

11,268

Encore

Capital

Group,

Inc.*

3,501

159,226

Enova

International,

Inc.*

4,720

138,155

EZCORP,

Inc.,

Class

A*(a)

7,520

57,979

FirstCash

Holdings,

Inc.

5,657

414,941

Green

Dot

Corp.,

Class

A*

6,983

132,537

LendingClub

Corp.*

16,144

178,391

LendingTree,

Inc.*

1,694

40,419

Moneylion,

Inc.*(a)

20,448

18,252

Navient

Corp.

16,893

248,158

Nelnet,

Inc.,

Class

A

2,189

173,347

NerdWallet,

Inc.,

Class

A*(a)

3,625

32,154

Oportun

Financial

Corp.*

3,935

17,196

OppFi,

Inc.*(a)

1,958

4,503

PRA

Group,

Inc.*

5,795

190,424

PROG

Holdings,

Inc.*

7,953

119,136

Regional

Management

Corp.

1,214

34,041

Sunlight

Financial

Holdings,

Inc.*(a)

3,439

4,264

World

Acceptance

Corp.*(a)

599

57,995

2,183,680

Containers

&

Packaging

0.3%

Cryptyde,

Inc.*(a)

2,596

1,798

Greif,

Inc.,

Class

A(a)

3,776

224,936

Greif,

Inc.,

Class

B

866

52,653

Myers

Industries,

Inc.

5,222

86,006

O-I

Glass,

Inc.*

22,873

296,206

Pactiv

Evergreen,

Inc.

6,483

56,597

Ranpak

Holdings

Corp.*

6,398

21,881

TriMas

Corp.

6,115

153,303

893,380

Distributors

0.0%

†

Funko,

Inc.,

Class

A*(a)

5,186

104,861

Weyco

Group,

Inc.(a)

835

16,984

121,845

Diversified

Consumer

Services

1.0%

2U,

Inc.*(a)

10,907

68,169

Adtalem

Global

Education,

Inc.*(a)

6,907

251,760

American

Public

Education,

Inc.*

2,939

26,862

Beachbody

Co.,

Inc.

(The)*(a)

14,808

14,956

Carriage

Services,

Inc.

1,904

61,233

Chegg,

Inc.*(a)

18,275

385,054

Coursera,

Inc.*(a)

17,811

192,003

Duolingo,

Inc.*(a)

3,571

340,066

European

Wax

Center,

Inc.,

Class

A(a)

3,556

65,608

Frontdoor,

Inc.*(a)

12,339

251,592

Graham

Holdings

Co.,

Class

B

551

296,427

Laureate

Education,

Inc.,

Class

A(a)

16,308

172,049

Nerdy,

Inc.*(a)

7,668

16,180

OneSpaWorld

Holdings

Ltd.*

9,390

78,876

Perdoceo

Education

Corp.*

10,063

103,649

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

PowerSchool

Holdings,

Inc.,

Class

A*

7,317

122,121

Rover

Group,

Inc.*(a)

13,121

43,824

StoneMor,

Inc.*

4,305

14,766

Strategic

Education,

Inc.

3,355

206,031

Stride,

Inc.*(a)

6,240

262,267

Udemy,

Inc.*

11,745

141,997

Universal

Technical

Institute,

Inc.*(a)

4,584

24,937

Vivint

Smart

Home,

Inc.*(a)

14,400

94,752

WW

International,

Inc.*(a)

7,355

28,905

3,264,084

Diversified

Financial

Services

0.3%

Alerus

Financial

Corp.

2,139

47,272

A-Mark

Precious

Metals,

Inc.

3,129

88,832

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

4,252

55,531

Cannae

Holdings,

Inc.*

10,934

225,897

Compass

Diversified

Holdings

9,390

169,583

Jackson

Financial,

Inc.,

Class

A(a)

11,648

323,232

SWK

Holdings

Corp.*(a)

504

8,568

918,915

Diversified

Telecommunication

Services

0.6%

Anterix,

Inc.*

2,560

91,443

ATN

International,

Inc.(a)

1,524

58,781

Bandwidth,

Inc.,

Class

A*

3,477

41,376

Charge

Enterprises,

Inc.*(a)

15,300

26,928

Cogent

Communications

Holdings,

Inc.

6,513

339,718

Consolidated

Communications

Holdings,

Inc.*

10,977

45,664

EchoStar

Corp.,

Class

A*

4,782

78,760

Globalstar,

Inc.*(a)

101,672

161,659

IDT

Corp.,

Class

B*

2,263

56,190

Iridium

Communications,

Inc.*

19,106

847,733

Liberty

Latin

America

Ltd.,

Class

A*

5,719

35,401

Liberty

Latin

America

Ltd.,

Class

C*

22,563

138,762

Ooma,

Inc.*

3,428

42,165

Radius

Global

Infrastructure,

Inc.*(a)

12,034

113,360

Starry

Group

Holdings,

Inc.,

Class

A*(a)

3,365

5,014

2,082,954

Electric

Utilities

0.7%

ALLETE,

Inc.

8,719

436,386

MGE

Energy,

Inc.

5,563

365,100

Otter

Tail

Corp.

6,284

386,592

PNM

Resources,

Inc.(a)

12,963

592,798

Portland

General

Electric

Co.

13,431

583,711

Via

Renewables,

Inc.(a)

1,565

10,814

2,375,401

Electrical

Equipment

1.4%

Allied

Motion

Technologies,

Inc.

1,829

52,346

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Array

Technologies,

Inc.*(a)

22,284

369,469

Atkore,

Inc.*

6,206

482,889

AZZ,

Inc.(a)

3,325

121,396

Babcock

&

Wilcox

Enterprises,

Inc.*

8,693

55,461

Blink

Charging

Co.*(a)

5,341

94,642

Bloom

Energy

Corp.,

Class

A*(a)

26,442

528,575

Encore

Wire

Corp.(a)

2,783

321,548

Energy

Vault

Holdings,

Inc.*

11,706

61,808

EnerSys(a)

6,281

365,366

Enovix

Corp.*(a)

16,611

304,563

ESS

Tech,

Inc.*(a)

11,413

46,679

Fluence

Energy,

Inc.*(a)

5,470

79,807

FTC

Solar,

Inc.*(a)

6,929

20,510

FuelCell

Energy,

Inc.*(a)

56,555

192,852

GrafTech

International

Ltd.

28,741

123,874

Heliogen,

Inc.*(a)

17,927

33,344

NuScale

Power

Corp.*(a)

4,378

51,135

Powell

Industries,

Inc.

1,215

25,612

Preformed

Line

Products

Co.

325

23,124

Shoals

Technologies

Group,

Inc.,

Class

A*

16,782

361,652

Stem,

Inc.*(a)

21,046

280,754

SunPower

Corp.*(a)

11,917

274,568

Thermon

Group

Holdings,

Inc.*

4,842

74,615

TPI

Composites,

Inc.*

5,357

60,427

Vicor

Corp.*

3,202

189,366

4,596,382

Electronic

Equipment,

Instruments

&

Components

2.3%

908

Devices,

Inc.*(a)

3,121

51,340

Advanced

Energy

Industries,

Inc.

5,714

442,321

Aeva

Technologies,

Inc.*(a)

20,259

37,884

AEye,

Inc.*(a)

3,737

4,148

Akoustis

Technologies,

Inc.*(a)

6,973

20,710

Arlo

Technologies,

Inc.*

12,454

57,787

Badger

Meter,

Inc.

4,378

404,483

Belden,

Inc.(a)

6,512

390,850

Benchmark

Electronics,

Inc.

5,233

129,674

Cepton,

Inc.*

4,938

9,678

CTS

Corp.(a)

4,659

194,047

ePlus,

Inc.*

4,164

172,973

Evolv

Technologies

Holdings,

Inc.*(a)

11,893

25,213

Fabrinet*

5,581

532,706

FARO

Technologies,

Inc.*

2,791

76,585

Focus

Universal,

Inc.*(a)

2,504

23,488

Identiv,

Inc.*(a)

3,042

38,147

Insight

Enterprises,

Inc.*(a)

4,812

396,557

Itron,

Inc.*(a)

6,862

288,959

Kimball

Electronics,

Inc.*

3,649

62,580

Knowles

Corp.*

13,176

160,352

Lightwave

Logic,

Inc.*(a)

18,186

133,485

Methode

Electronics,

Inc.(a)

5,304

197,044

MicroVision,

Inc.*(a)

27,583

99,575

Mirion

Technologies,

Inc.*(a)

20,385

152,276

Napco

Security

Technologies,

Inc.*

4,250

123,590

114

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

nLight,

Inc.*(a)

6,578

62,162

Novanta,

Inc.*

5,331

616,530

OSI

Systems,

Inc.*

2,364

170,350

Ouster,

Inc.*(a)

30,747

29,622

PAR

Technology

Corp.*(a)

3,948

116,584

PC

Connection,

Inc.

1,712

77,194

Plexus

Corp.*

4,146

363,024

Rogers

Corp.*

2,819

681,860

Sanmina

Corp.*

8,643

398,269

ScanSource,

Inc.*

3,595

94,944

SmartRent,

Inc.*(a)

22,240

50,485

TTM

Technologies,

Inc.*

14,903

196,422

Velodyne

Lidar,

Inc.*(a)

27,320

25,875

Vishay

Intertechnology,

Inc.

20,342

361,884

Vishay

Precision

Group,

Inc.*

1,897

56,132

7,527,789

Energy

Equipment

&

Services

1.6%

Archrock,

Inc.

19,705

126,506

Borr

Drilling

Ltd.*(a)

31,057

103,109

Bristow

Group,

Inc.*

3,589

84,306

Cactus,

Inc.,

Class

A

9,091

349,367

ChampionX

Corp.

30,700

600,799

Diamond

Offshore

Drilling,

Inc.*(a)

15,043

99,735

DMC

Global,

Inc.*

2,871

45,879

Dril-Quip,

Inc.*

5,118

99,903

Expro

Group

Holdings

NV*

11,475

146,191

Helix

Energy

Solutions

Group,

Inc.*

20,523

79,219

Helmerich

&

Payne,

Inc.(a)

15,448

571,113

Liberty

Energy,

Inc.,

Class

A*

21,249

269,437

Nabors

Industries

Ltd.*

1,337

135,639

National

Energy

Services

Reunited

Corp.*

5,580

33,145

Newpark

Resources,

Inc.*

11,778

29,681

NexTier

Oilfield

Solutions,

Inc.*

25,782

190,787

Noble

Corp.

plc*(a)

11,257

332,982

Oceaneering

International,

Inc.*

15,990

127,280

Oil

States

International,

Inc.*(a)

9,662

37,585

Patterson-UTI

Energy,

Inc.

32,722

382,193

ProFrac

Holding

Corp.,

Class

A*(a)

2,451

37,280

ProPetro

Holding

Corp.*

12,988

104,553

RPC,

Inc.

10,747

74,477

Select

Energy

Services,

Inc.,

Class

A*

10,195

71,059

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

4,833

45,237

TETRA

Technologies,

Inc.*

18,389

66,016

Tidewater,

Inc.*

6,320

137,144

US

Silica

Holdings,

Inc.*

11,045

120,943

Valaris

Ltd.*(a)

9,205

450,493

Weatherford

International

plc*

10,311

332,942

5,285,000

Entertainment

0.3%

Chicken

Soup

For

The

Soul

Entertainment,

Inc.*

1

7

Common

Stocks

Shares

Value

($)

Entertainment

Cinemark

Holdings,

Inc.*(a)

17,096

207,032

IMAX

Corp.*

7,051

99,560

Liberty

Media

Corp.-Liberty

Braves,

Class

A*(a)

1,614

45,434

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

5,445

149,737

Lions

Gate

Entertainment

Corp.,

Class

A*(a)

8,922

66,291

Lions

Gate

Entertainment

Corp.,

Class

B*

16,875

117,281

Madison

Square

Garden

Entertainment

Corp.*(a)

4,056

178,829

Marcus

Corp.

(The)(a)

4,220

58,616

Playstudios,

Inc.*(a)

11,212

39,130

Reservoir

Media,

Inc.*(a)

2,894

14,123

Skillz,

Inc.*(a)

43,240

44,105

1,020,145

Equity

Real

Estate

Investment

Trusts

(REITs)

5.6%

Acadia

Realty

Trust

12,772

161,183

Agree

Realty

Corp.(a)

11,842

800,282

Alexander

&

Baldwin,

Inc.

10,521

174,438

Alexander's,

Inc.

316

66,031

American

Assets

Trust,

Inc.

7,197

185,107

Apartment

Investment

and

Management

Co.,

Class

A(a)

23,655

172,681

Apple

Hospitality

REIT,

Inc.

32,713

459,945

Armada

Hoffler

Properties,

Inc.

9,835

102,087

Ashford

Hospitality

Trust,

Inc.*(a)

4,867

33,144

Bluerock

Residential

Growth

REIT,

Inc.

4,330

115,827

Braemar

Hotels

&

Resorts,

Inc.(a)

9,771

42,015

Brandywine

Realty

Trust(a)

24,876

167,913

Broadstone

Net

Lease,

Inc.(a)

25,339

393,515

BRT

Apartments

Corp.

1,783

36,213

CareTrust

REIT,

Inc.

14,872

269,332

CBL

&

Associates

Properties,

Inc.(a)

4,001

102,466

Centerspace

2,282

153,624

Chatham

Lodging

Trust*

7,180

70,867

City

Office

REIT,

Inc.

6,257

62,382

Clipper

Realty,

Inc.

2,440

17,007

Community

Healthcare

Trust,

Inc.

3,382

110,760

Corporate

Office

Properties

Trust(a)

17,320

402,344

CTO

Realty

Growth,

Inc.

2,645

49,567

DiamondRock

Hospitality

Co.

30,989

232,727

Diversified

Healthcare

Trust

34,512

34,170

Easterly

Government

Properties,

Inc.(a)

13,374

210,908

Empire

State

Realty

Trust,

Inc.,

Class

A(a)

20,410

133,890

Equity

Commonwealth

16,046

390,881

Essential

Properties

Realty

Trust,

Inc.

21,099

410,376

Farmland

Partners,

Inc.(a)

6,978

88,411

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Four

Corners

Property

Trust,

Inc.

11,747

284,160

Franklin

Street

Properties

Corp.(a)

18,117

47,648

Getty

Realty

Corp.(a)

5,685

152,870

Gladstone

Commercial

Corp.

5,472

84,816

Gladstone

Land

Corp.(a)

4,695

84,979

Global

Medical

REIT,

Inc.

8,864

75,521

Global

Net

Lease,

Inc.

15,141

161,252

Hersha

Hospitality

Trust,

Class

A

4,960

39,581

Independence

Realty

Trust,

Inc.(a)

33,367

558,230

Indus

Realty

Trust,

Inc.

756

39,592

Industrial

Logistics

Properties

Trust

11,224

61,732

Innovative

Industrial

Properties,

Inc.

4,115

364,177

InvenTrust

Properties

Corp.(a)

10,437

222,621

iStar,

Inc.

9,777

90,535

Kite

Realty

Group

Trust(a)

32,846

565,608

LTC

Properties,

Inc.

6,020

225,449

LXP

Industrial

Trust(a)

40,304

369,185

Macerich

Co.

(The)

31,840

252,810

National

Health

Investors,

Inc.

(a)

6,526

368,915

Necessity

Retail

REIT,

Inc.

(The)

20,010

117,659

NETSTREIT

Corp.(a)

9,036

160,931

NexPoint

Residential

Trust,

Inc.

3,552

164,138

Office

Properties

Income

Trust

7,034

98,828

One

Liberty

Properties,

Inc.(a)

2,400

50,448

Orion

Office

REIT,

Inc.(a)

8,073

70,639

Outfront

Media,

Inc.

21,535

327,117

Paramount

Group,

Inc.

29,075

181,137

Pebblebrook

Hotel

Trust(a)

18,893

274,137

Phillips

Edison

&

Co.,

Inc.

17,775

498,589

Physicians

Realty

Trust(a)

34,262

515,300

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

19,094

201,633

Plymouth

Industrial

REIT,

Inc.

5,703

95,867

Postal

Realty

Trust,

Inc.,

Class

A(a)

2,637

38,685

PotlatchDeltic

Corp.

12,158

498,964

Retail

Opportunity

Investments

Corp.

18,889

259,913

RLJ

Lodging

Trust

22,877

231,515

RPT

Realty

11,907

90,017

Ryman

Hospitality

Properties,

Inc.

8,099

596,005

Sabra

Health

Care

REIT,

Inc.

34,807

456,668

Safehold,

Inc.(a)

3,182

84,196

Saul

Centers,

Inc.(a)

1,707

64,013

Service

Properties

Trust

24,248

125,847

SITE

Centers

Corp.

30,062

321,964

STAG

Industrial,

Inc.

27,259

774,973

Summit

Hotel

Properties,

Inc.

15,401

103,495

Sunstone

Hotel

Investors,

Inc.

31,514

296,862

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Tanger

Factory

Outlet

Centers,

Inc.

15,745

215,392

Terreno

Realty

Corp.

11,262

596,773

UMH

Properties,

Inc.(a)

7,413

119,720

Uniti

Group,

Inc.

36,259

252,000

Universal

Health

Realty

Income

Trust(a)

1,835

79,290

Urban

Edge

Properties(a)

17,673

235,758

Urstadt

Biddle

Properties,

Inc.,

Class

A(a)

4,318

66,972

Veris

Residential,

Inc.*

12,617

143,455

Washington

REIT

12,862

225,857

Whitestone

REIT

7,196

60,878

Xenia

Hotels

&

Resorts,

Inc.

17,067

235,354

18,630,763

Food

&

Staples

Retailing

0.6%

Andersons,

Inc.

(The)(a)

4,754

147,517

Chefs'

Warehouse,

Inc.

(The)*

5,071

146,907

Fresh

Market,

Inc.

(The)*∞

120

0

HF

Foods

Group,

Inc.*

4,830

18,692

Ingles

Markets,

Inc.,

Class

A

2,128

168,559

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,204

12,991

PriceSmart,

Inc.

3,595

207,036

Rite

Aid

Corp.*(a)

7,814

38,679

SpartanNash

Co.

5,261

152,674

Sprouts

Farmers

Market,

Inc.*

16,216

449,994

United

Natural

Foods,

Inc.*(a)

8,862

304,587

Village

Super

Market,

Inc.,

Class

A

1,136

21,959

Weis

Markets,

Inc.

2,411

171,760

1,841,355

Food

Products

1.2%

Alico,

Inc.

887

25,049

AppHarvest,

Inc.*(a)

10,421

20,529

B&G

Foods,

Inc.(a)

10,724

176,839

Benson

Hill,

Inc.*(a)

24,223

66,371

Beyond

Meat,

Inc.*(a)

8,930

126,538

BRC,

Inc.,

Class

A*(a)

3,632

28,075

Calavo

Growers,

Inc.(a)

2,484

78,867

Cal-Maine

Foods,

Inc.(a)

5,639

313,472

Fresh

Del

Monte

Produce,

Inc.

(a)

4,851

112,737

Hain

Celestial

Group,

Inc.

(The)*(a)

11,738

198,137

Hostess

Brands,

Inc.*(a)

20,279

471,284

J

&

J

Snack

Foods

Corp.(a)

2,318

300,111

John

B

Sanfilippo

&

Son,

Inc.

1,276

96,632

Lancaster

Colony

Corp.(a)

2,929

440,170

Landec

Corp.*

4,125

36,671

Local

Bounti

Corp.*(a)

6,038

17,148

Mission

Produce,

Inc.*(a)

6,053

87,526

Seneca

Foods

Corp.,

Class

A*

862

43,479

Simply

Good

Foods

Co.

(The)*

13,431

429,658

Sovos

Brands,

Inc.*

6,169

87,847

SunOpta,

Inc.*

14,539

132,305

Tattooed

Chef,

Inc.*(a)

6,849

34,108

Tootsie

Roll

Industries,

Inc.

2,538

84,465

TreeHouse

Foods,

Inc.*

7,704

326,804

116

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Food

Products

Utz

Brands,

Inc.(a)

9,806

148,071

Vital

Farms,

Inc.*

4,226

50,585

Whole

Earth

Brands,

Inc.*

6,000

23,040

3,956,518

Gas

Utilities

1.2%

Brookfield

Infrastructure

Corp.,

Class

A(a)

14,812

602,848

Chesapeake

Utilities

Corp.

2,250

259,627

New

Jersey

Resources

Corp.

(a)

14,797

572,644

Northwest

Natural

Holding

Co.

5,249

227,702

ONE

Gas,

Inc.

8,272

582,266

South

Jersey

Industries,

Inc.

(a)

18,480

617,602

Southwest

Gas

Holdings,

Inc.

10,122

706,009

Spire,

Inc.(a)

7,951

495,586

4,064,284

Health

Care

Equipment

&

Supplies

4.1%

Alphatec

Holdings,

Inc.*(a)

11,735

102,564

AngioDynamics,

Inc.*

5,579

114,146

Artivion,

Inc.*(a)

5,629

77,905

AtriCure,

Inc.*(a)

6,722

262,830

Atrion

Corp.

198

111,870

Avanos

Medical,

Inc.*

6,920

150,718

Axogen,

Inc.*

5,787

68,981

Axonics,

Inc.*

7,262

511,535

BioLife

Solutions,

Inc.*(a)

5,045

114,774

Bioventus,

Inc.,

Class

A*(a)

4,749

33,243

Butterfly

Network,

Inc.*(a)

20,083

94,390

Cardiovascular

Systems,

Inc.*

5,974

82,800

Cerus

Corp.*

25,100

90,360

CONMED

Corp.(a)

4,341

348,018

CryoPort,

Inc.*

6,552

159,607

Cue

Health,

Inc.*(a)

15,246

45,890

Cutera,

Inc.*(a)

2,518

114,821

Embecta

Corp.

8,813

253,726

Figs,

Inc.,

Class

A*(a)

18,720

154,440

Glaukos

Corp.*

6,959

370,497

Haemonetics

Corp.*

7,608

563,220

Heska

Corp.*(a)

1,416

103,255

Inari

Medical,

Inc.*(a)

7,314

531,289

Inogen,

Inc.*

3,281

79,663

Inspire

Medical

Systems,

Inc.*(a)

4,202

745,309

Integer

Holdings

Corp.*(a)

5,031

313,079

iRadimed

Corp.

1,046

31,443

iRhythm

Technologies,

Inc.*

4,491

562,632

Lantheus

Holdings,

Inc.*

10,251

720,953

LeMaitre

Vascular,

Inc.

2,916

147,783

LivaNova

plc*

7,932

402,708

Meridian

Bioscience,

Inc.*

6,221

196,148

Merit

Medical

Systems,

Inc.*

8,191

462,873

Mesa

Laboratories,

Inc.(a)

742

104,496

Nano-X

Imaging

Ltd.*(a)

7,183

82,389

Neogen

Corp.*

16,649

232,587

Nevro

Corp.*(a)

5,435

253,271

NuVasive,

Inc.*

7,973

349,297

Omnicell,

Inc.*(a)

6,615

575,703

OraSure

Technologies,

Inc.*

11,118

42,137

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Orthofix

Medical,

Inc.*

2,773

52,992

OrthoPediatrics

Corp.*

2,143

98,878

Outset

Medical,

Inc.*

7,003

111,558

Owlet,

Inc.*(a)

3,132

3,351

Paragon

28,

Inc.*(a)

6,915

123,225

PROCEPT

BioRobotics

Corp.*(a)

3,811

158,004

Pulmonx

Corp.*

5,192

86,499

RxSight,

Inc.*(a)

2,913

34,956

SeaSpine

Holdings

Corp.*

5,414

30,752

Senseonics

Holdings,

Inc.*(a)

69,573

91,836

Shockwave

Medical,

Inc.*

5,341

1,485,172

SI-BONE,

Inc.*(a)

5,164

90,163

Sight

Sciences,

Inc.*(a)

3,037

19,285

Silk

Road

Medical,

Inc.*

5,163

232,335

STAAR

Surgical

Co.*

7,242

510,923

Surmodics,

Inc.*

2,093

63,627

Tactile

Systems

Technology,

Inc.*

2,557

19,919

TransMedics

Group,

Inc.*

4,698

196,095

Treace

Medical

Concepts,

Inc.*(a)

4,938

108,982

UFP

Technologies,

Inc.*

1,040

89,274

Utah

Medical

Products,

Inc.

536

45,726

Varex

Imaging

Corp.*(a)

5,683

120,139

Vicarious

Surgical,

Inc.*(a)

7,718

25,855

ViewRay,

Inc.*

22,441

81,685

Zimvie,

Inc.*

2,944

29,057

Zynex,

Inc.(a)

3,685

33,423

13,707,061

Health

Care

Providers

&

Services

3.2%

1Life

Healthcare,

Inc.*

27,127

465,228

23andMe

Holding

Co.*(a)

41,795

119,534

Accolade,

Inc.*(a)

9,394

107,279

AdaptHealth

Corp.*(a)

10,667

200,326

Addus

HomeCare

Corp.*

2,243

213,623

Agiliti,

Inc.*(a)

4,728

67,658

AirSculpt

Technologies,

Inc.(a)

2,144

13,786

Alignment

Healthcare,

Inc.*

12,294

145,561

AMN

Healthcare

Services,

Inc.*(a)

6,499

688,634

Apollo

Medical

Holdings,

Inc.*(a)

6,003

234,117

ATI

Physical

Therapy,

Inc.*(a)

10,584

10,584

Aveanna

Healthcare

Holdings,

Inc.*(a)

8,039

12,058

Brookdale

Senior

Living,

Inc.*

27,491

117,387

Cano

Health,

Inc.*(a)

24,079

208,765

CareMax,

Inc.*

10,307

73,077

Castle

Biosciences,

Inc.*(a)

4,043

105,441

Clover

Health

Investments

Corp.*(a)

56,449

95,963

Community

Health

Systems,

Inc.*(a)

23,148

49,768

CorVel

Corp.*(a)

1,313

181,759

Covetrus,

Inc.*

15,632

326,396

Cross

Country

Healthcare,

Inc.*

5,442

154,389

DocGo,

Inc.*

12,130

120,330

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

117

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Ensign

Group,

Inc.

(The)(a)

8,080

642,360

Fulgent

Genetics,

Inc.*(a)

3,500

133,420

Hanger,

Inc.*

5,384

100,788

HealthEquity,

Inc.*

12,470

837,610

Hims

&

Hers

Health,

Inc.*

18,327

102,265

Innovage

Holding

Corp.*(a)

3,753

22,068

Invitae

Corp.*(a)

34,395

84,612

Joint

Corp.

(The)*

2,797

43,941

LHC

Group,

Inc.*

4,467

731,069

LifeStance

Health

Group,

Inc.*(a)

10,989

72,747

ModivCare,

Inc.*

1,850

184,408

National

HealthCare

Corp.

1,811

114,709

National

Research

Corp.

2,057

81,869

Oncology

Institute,

Inc.

(The)*(a)

4,774

22,104

OPKO

Health,

Inc.*(a)

64,803

122,478

Option

Care

Health,

Inc.*

23,363

735,234

Owens

&

Minor,

Inc.

10,779

259,774

P3

Health

Partners,

Inc.*(a)

3,599

16,627

Patterson

Cos.,

Inc.

13,232

317,833

Pediatrix

Medical

Group,

Inc.*(a)

12,687

209,462

Pennant

Group,

Inc.

(The)*

3,871

40,297

PetIQ,

Inc.*

3,910

26,979

Privia

Health

Group,

Inc.*

6,359

216,587

Progyny,

Inc.*

11,188

414,627

R1

RCM,

Inc.*

22,385

414,794

RadNet,

Inc.*

7,315

148,860

Select

Medical

Holdings

Corp.

(a)

15,540

343,434

Sema4

Holdings

Corp.*(a)

22,368

19,628

Surgery

Partners,

Inc.*(a)

6,350

148,590

US

Physical

Therapy,

Inc.(a)

1,864

141,701

10,462,538

Health

Care

Technology

0.6%

Allscripts

Healthcare

Solutions,

Inc.*(a)

15,664

238,563

American

Well

Corp.,

Class

A*(a)

34,238

122,914

Babylon

Holdings

Ltd.,

Class

A*(a)

15,406

7,276

Computer

Programs

&

Systems,

Inc.*

2,114

58,938

Convey

Health

Solutions

Holdings,

Inc.*(a)

2,425

25,487

Evolent

Health,

Inc.,

Class

A*(a)

12,244

439,927

Health

Catalyst,

Inc.*(a)

8,020

77,794

HealthStream,

Inc.*

4,054

86,188

Multiplan

Corp.*(a)

59,552

170,319

NextGen

Healthcare,

Inc.*

9,166

162,238

Nutex

Health,

Inc.*(a)

5,487

8,230

OptimizeRx

Corp.*

2,621

38,843

Pear

Therapeutics,

Inc.*(a)

7,946

16,210

Phreesia,

Inc.*

7,669

195,406

Schrodinger,

Inc.*(a)

8,413

210,157

Sharecare,

Inc.*(a)

41,361

78,586

Common

Stocks

Shares

Value

($)

Health

Care

Technology

Simulations

Plus,

Inc.

2,525

122,564

2,059,640

Hotels,

Restaurants

&

Leisure

2.3%

Accel

Entertainment,

Inc.*

8,663

67,658

Bally's

Corp.*(a)

5,175

102,258

Biglari

Holdings,

Inc.,

Class

B*

109

12,600

BJ's

Restaurants,

Inc.*

3,284

78,323

Bloomin'

Brands,

Inc.(a)

13,118

240,453

Bluegreen

Vacations

Holding

Corp.

1,763

29,125

Bowlero

Corp.*(a)

5,504

67,754

Brinker

International,

Inc.*

6,408

160,072

Century

Casinos,

Inc.*

3,633

23,832

Cheesecake

Factory,

Inc.

(The)(a)

7,490

219,307

Chuy's

Holdings,

Inc.*

3,234

74,964

Cracker

Barrel

Old

Country

Store,

Inc.

3,447

319,123

Dave

&

Buster's

Entertainment,

Inc.*

6,266

194,434

Denny's

Corp.*

9,025

84,925

Dine

Brands

Global,

Inc.(a)

2,262

143,773

El

Pollo

Loco

Holdings,

Inc.*

3,196

28,508

Everi

Holdings,

Inc.*

12,921

209,579

F45

Training

Holdings,

Inc.*(a)

4,270

13,194

First

Watch

Restaurant

Group,

Inc.*

1,439

20,837

Full

House

Resorts,

Inc.*

5,321

29,904

Golden

Entertainment,

Inc.*(a)

3,057

106,659

Hilton

Grand

Vacations,

Inc.*

13,131

431,879

Inspirato,

Inc.*

7,701

18,174

Inspired

Entertainment,

Inc.*

3,133

27,664

International

Game

Technology

plc

15,017

237,269

Jack

in

the

Box,

Inc.

3,119

231,024

Krispy

Kreme,

Inc.(a)

10,664

122,956

Kura

Sushi

USA,

Inc.,

Class

A*

670

49,299

Life

Time

Group

Holdings,

Inc.*(a)

6,396

62,361

Light

&

Wonder,

Inc.*

14,164

607,352

Lindblad

Expeditions

Holdings,

Inc.*(a)

4,872

32,935

Monarch

Casino

&

Resort,

Inc.*(a)

1,949

109,417

NEOGAMES

SA*

1,917

24,729

Noodles

&

Co.,

Class

A*

6,632

31,170

ONE

Group

Hospitality,

Inc.

(The)*(a)

3,598

23,891

Papa

John's

International,

Inc.

(a)

4,756

332,968

Portillo's,

Inc.,

Class

A*(a)

3,276

64,504

RCI

Hospitality

Holdings,

Inc.

(a)

1,287

84,093

Red

Rock

Resorts,

Inc.,

Class

A

7,716

264,350

Rush

Street

Interactive,

Inc.*

8,632

31,766

Ruth's

Hospitality

Group,

Inc.

4,848

81,737

SeaWorld

Entertainment,

Inc.*

6,406

291,537

Shake

Shack,

Inc.,

Class

A*

5,529

248,694

118

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Sonder

Holdings,

Inc.*(a)

26,769

44,437

Sweetgreen,

Inc.,

Class

A*(a)

13,481

249,399

Target

Hospitality

Corp.*(a)

4,322

54,544

Texas

Roadhouse,

Inc.

10,168

887,260

Vacasa,

Inc.,

Class

A*(a)

15,719

48,257

Wingstop,

Inc.(a)

4,509

565,519

Xponential

Fitness,

Inc.,

Class

A*

2,400

43,824

7,530,291

Household

Durables

1.5%

Aterian,

Inc.*(a)

8,616

10,684

Beazer

Homes

USA,

Inc.*

4,279

41,378

Cavco

Industries,

Inc.*

1,356

279,011

Century

Communities,

Inc.

4,313

184,510

Dream

Finders

Homes,

Inc.,

Class

A*(a)

2,965

31,429

Ethan

Allen

Interiors,

Inc.(a)

3,271

69,149

GoPro,

Inc.,

Class

A*(a)

18,842

92,891

Green

Brick

Partners,

Inc.*

4,355

93,110

Helen

of

Troy

Ltd.*(a)

3,639

350,945

Hovnanian

Enterprises,

Inc.,

Class

A*

776

27,703

Installed

Building

Products,

Inc.

3,617

292,941

iRobot

Corp.*(a)

4,005

225,602

KB

Home

12,151

314,954

Landsea

Homes

Corp.*

1,280

6,106

La-Z-Boy,

Inc.

6,338

143,049

Legacy

Housing

Corp.*

1,495

25,639

LGI

Homes,

Inc.*(a)

3,035

246,958

Lifetime

Brands,

Inc.

1,691

11,448

Lovesac

Co.

(The)*

2,580

52,580

M/I

Homes,

Inc.*

4,045

146,550

MDC

Holdings,

Inc.(a)

8,459

231,946

Meritage

Homes

Corp.*

5,487

385,571

Purple

Innovation,

Inc.*(a)

10,824

43,837

Skyline

Champion

Corp.*

7,953

420,475

Snap

One

Holdings

Corp.*(a)

2,953

29,943

Sonos,

Inc.*(a)

19,749

274,511

Taylor

Morrison

Home

Corp.,

Class

A*

16,218

378,204

Traeger,

Inc.*

4,347

12,259

Tri

Pointe

Homes,

Inc.*(a)

14,878

224,807

Tupperware

Brands

Corp.*

6,999

45,843

Universal

Electronics,

Inc.*

1,713

33,695

Vizio

Holding

Corp.,

Class

A*(a)

10,204

89,183

Vuzix

Corp.*(a)

8,846

51,218

Weber,

Inc.,

Class

A(a)

4,029

26,470

4,894,599

Household

Products

0.3%

Central

Garden

&

Pet

Co.*

1,485

53,520

Central

Garden

&

Pet

Co.,

Class

A*

6,040

206,326

Energizer

Holdings,

Inc.

9,901

248,911

WD-40

Co.

2,081

365,715

874,472

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Altus

Power,

Inc.*(a)

5,927

65,257

Clearway

Energy,

Inc.,

Class

A

5,125

149,137

Clearway

Energy,

Inc.,

Class

C(a)

12,603

401,406

Montauk

Renewables,

Inc.*

9,475

165,244

Ormat

Technologies,

Inc.(a)

6,876

592,711

Sunnova

Energy

International,

Inc.*(a)

14,877

328,484

1,702,239

Industrial

Conglomerates

0.0%

†

Brookfield

Business

Corp.,

Class

A

3,942

87,118

Insurance

2.0%

Ambac

Financial

Group,

Inc.*(a)

6,726

85,757

American

Equity

Investment

Life

Holding

Co.

10,691

398,667

AMERISAFE,

Inc.

3,060

142,994

Argo

Group

International

Holdings

Ltd.

4,705

90,618

Bright

Health

Group,

Inc.*(a)

27,312

28,678

BRP

Group,

Inc.,

Class

A*

9,035

238,072

CNO

Financial

Group,

Inc.

17,824

320,297

Crawford

&

Co.,

Class

A

2,944

16,899

Donegal

Group,

Inc.,

Class

A

3,095

41,752

eHealth,

Inc.*

3,787

14,807

Employers

Holdings,

Inc.

3,719

128,268

Enstar

Group

Ltd.*

1,728

293,052

Genworth

Financial,

Inc.,

Class

A*

66,204

231,714

Goosehead

Insurance,

Inc.,

Class

A*

2,786

99,293

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

3,637

27,059

HCI

Group,

Inc.(a)

1,022

40,062

Hippo

Holdings,

Inc.*(a)

2,276

42,174

Horace

Mann

Educators

Corp.

5,449

192,295

Investors

Title

Co.

216

30,456

James

River

Group

Holdings

Ltd.

4,775

108,918

Kinsale

Capital

Group,

Inc.(a)

3,273

835,990

Lemonade,

Inc.*(a)

7,413

157,007

MBIA,

Inc.*

7,171

65,973

Mercury

General

Corp.(a)

4,418

125,560

National

Western

Life

Group,

Inc.,

Class

A

398

67,978

NI

Holdings,

Inc.*

1,529

20,428

Oscar

Health,

Inc.,

Class

A*

17,870

89,171

Palomar

Holdings,

Inc.*

3,595

300,974

ProAssurance

Corp.

7,170

139,887

RLI

Corp.

5,988

613,052

Root,

Inc.,

Class

A*(a)

1,097

8,644

Safety

Insurance

Group,

Inc.

(a)

1,931

157,492

Selective

Insurance

Group,

Inc.

9,131

743,263

Selectquote,

Inc.*

18,396

13,429

SiriusPoint

Ltd.*

12,133

60,058

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

119

Common

Stocks

Shares

Value

($)

Insurance

Stewart

Information

Services

Corp.

3,485

152,086

Tiptree,

Inc.

4,538

48,829

Trean

Insurance

Group,

Inc.*(a)

3,288

11,179

Trupanion,

Inc.*(a)

6,003

356,758

United

Fire

Group,

Inc.(a)

3,036

87,224

Universal

Insurance

Holdings,

Inc.

3,617

35,628

6,662,442

Interactive

Media

&

Services

0.7%

Arena

Group

Holdings,

Inc.

(The)*(a)

1,604

21,012

Bumble,

Inc.,

Class

A*(a)

13,236

284,442

Cargurus,

Inc.*

15,753

223,220

Cars.com,

Inc.*

10,223

117,564

DHI

Group,

Inc.*

6,050

32,549

Eventbrite,

Inc.,

Class

A*(a)

11,154

67,816

EverQuote,

Inc.,

Class

A*(a)

2,800

19,096

fuboTV,

Inc.*(a)

26,720

94,856

Leafly

Holdings,

Inc.*(a)

1,060

720

MediaAlpha,

Inc.,

Class

A*(a)

3,888

34,020

Outbrain,

Inc.*(a)

5,650

20,623

QuinStreet,

Inc.*

7,742

81,291

Shutterstock,

Inc.(a)

3,597

180,461

TrueCar,

Inc.*

15,479

23,373

Vimeo,

Inc.*

21,515

86,060

Vinco

Ventures,

Inc.*(a)

41,103

38,275

Wejo

Group

Ltd.*(a)

4,720

5,145

Yelp,

Inc.*(a)

10,416

353,207

Ziff

Davis,

Inc.*

6,926

474,292

ZipRecruiter,

Inc.,

Class

A*

12,601

207,917

2,365,939

Internet

&

Direct

Marketing

Retail

0.4%

1-800-Flowers.com,

Inc.,

Class

A*

3,626

23,533

1stdibs.com,

Inc.*(a)

3,895

24,500

aka

Brands

Holding

Corp.*(a)

1,357

1,968

BARK,

Inc.*(a)

16,238

29,553

CarParts.com,

Inc.*

7,011

36,247

ContextLogic,

Inc.,

Class

A*(a)

85,200

62,528

Duluth

Holdings,

Inc.,

Class

B*(a)

1,620

11,405

Groupon,

Inc.*(a)

2,990

23,800

Lands'

End,

Inc.*

2,516

19,423

Liquidity

Services,

Inc.*

3,529

57,381

Lulu's

Fashion

Lounge

Holdings,

Inc.*(a)

2,363

11,012

Overstock.com,

Inc.*(a)

6,268

152,626

PetMed

Express,

Inc.(a)

2,969

57,955

Porch

Group,

Inc.*(a)

17,426

39,208

Poshmark,

Inc.,

Class

A*(a)

7,031

110,176

Quotient

Technology,

Inc.*

11,856

27,387

Qurate

Retail,

Inc.,

Series

A

57,914

116,407

RealReal,

Inc.

(The)*(a)

11,212

16,818

Rent

the

Runway,

Inc.,

Class

A*(a)

6,610

14,542

Revolve

Group,

Inc.*(a)

6,027

130,726

RumbleON,

Inc.,

Class

B*(a)

1,465

24,788

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

Stitch

Fix,

Inc.,

Class

A*

12,249

48,383

ThredUp,

Inc.,

Class

A*(a)

8,306

15,283

Vivid

Seats,

Inc.,

Class

A(a)

3,500

26,810

Xometry,

Inc.,

Class

A*(a)

5,187

294,570

1,377,029

IT

Services

2.1%

AvidXchange

Holdings,

Inc.*

21,761

183,228

BigCommerce

Holdings,

Inc.,

Series

1*

9,533

141,088

Brightcove,

Inc.*

6,532

41,152

Cantaloupe,

Inc.*(a)

9,085

31,616

Cass

Information

Systems,

Inc.

2,292

79,509

Cerberus

Cyber

Sentinel

Corp.*(a)

6,463

19,066

Conduent,

Inc.*

28,448

95,016

Core

Scientific,

Inc.*(a)

38,493

50,041

CSG

Systems

International,

Inc.(a)

4,718

249,488

Cyxtera

Technologies,

Inc.*(a)

6,023

24,574

DigitalOcean

Holdings,

Inc.*(a)

10,503

379,893

Edgio,

Inc.*(a)

21,367

59,400

EVERTEC,

Inc.

9,291

291,273

Evo

Payments,

Inc.,

Class

A*

6,908

230,036

ExlService

Holdings,

Inc.*

4,888

720,296

Fastly,

Inc.,

Class

A*(a)

18,022

165,082

Flywire

Corp.*

8,650

198,604

Grid

Dynamics

Holdings,

Inc.*

7,796

146,019

Hackett

Group,

Inc.

(The)

3,974

70,419

I3

Verticals,

Inc.,

Class

A*

3,362

67,341

IBEX

Holdings

Ltd.*

1,124

20,873

Information

Services

Group,

Inc.

5,028

23,933

International

Money

Express,

Inc.*

4,733

107,865

Marqeta,

Inc.,

Class

A*

66,075

470,454

Maximus,

Inc.

9,194

532,057

MoneyGram

International,

Inc.*

14,085

146,484

Paya

Holdings,

Inc.*

13,282

81,153

Payoneer

Global,

Inc.*

32,007

193,642

Paysafe

Ltd.*(a)

51,800

71,484

Perficient,

Inc.*(a)

5,194

337,714

PFSweb,

Inc.*(a)

2,337

21,781

Priority

Technology

Holdings,

Inc.*(a)

2,909

13,120

Rackspace

Technology,

Inc.*(a)

8,766

35,765

Remitly

Global,

Inc.*

15,559

173,016

Repay

Holdings

Corp.*

13,056

92,175

Sabre

Corp.*(a)

48,403

249,275

SolarWinds

Corp.*

8,573

66,441

Squarespace,

Inc.,

Class

A*(a)

4,740

101,246

StoneCo

Ltd.,

Class

A*

42,123

401,432

TTEC

Holdings,

Inc.

2,777

123,049

Tucows,

Inc.,

Class

A*(a)

1,416

52,973

Unisys

Corp.*

9,881

74,602

Verra

Mobility

Corp.*(a)

21,509

330,593

6,964,268

120

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Leisure

Products

0.4%

Acushnet

Holdings

Corp.

5,070

220,494

AMMO,

Inc.*(a)

12,107

35,474

Clarus

Corp.(a)

3,557

47,913

Johnson

Outdoors,

Inc.,

Class

A

808

41,458

Latham

Group,

Inc.*

6,923

24,854

Malibu

Boats,

Inc.,

Class

A*

3,035

145,650

Marine

Products

Corp.

1,063

8,993

MasterCraft

Boat

Holdings,

Inc.*

2,803

52,837

Smith

&

Wesson

Brands,

Inc.

6,985

72,434

Solo

Brands,

Inc.,

Class

A*(a)

2,712

10,306

Sturm

Ruger

&

Co.,

Inc.(a)

2,518

127,889

Topgolf

Callaway

Brands

Corp.*

21,086

406,116

Vista

Outdoor,

Inc.*

8,329

202,561

1,396,979

Life

Sciences

Tools

&

Services

0.7%

AbCellera

Biologics,

Inc.*(a)

31,516

311,693

Absci

Corp.*(a)

7,740

24,226

Adaptive

Biotechnologies

Corp.*

16,561

117,914

Akoya

Biosciences,

Inc.*

2,084

24,487

Alpha

Teknova,

Inc.*

1,003

3,350

Berkeley

Lights,

Inc.*

8,112

23,200

Bionano

Genomics,

Inc.*(a)

42,779

78,286

Codexis,

Inc.*(a)

8,944

54,201

Cytek

Biosciences,

Inc.*(a)

16,718

246,089

Inotiv,

Inc.*(a)

2,544

42,866

MaxCyte,

Inc.*(a)

14,522

94,393

Medpace

Holdings,

Inc.*(a)

3,796

596,617

NanoString

Technologies,

Inc.*(a)

6,974

89,058

Nautilus

Biotechnology,

Inc.*(a)

6,744

14,297

NeoGenomics,

Inc.*(a)

18,437

158,743

Pacific

Biosciences

of

California,

Inc.*(a)

33,570

194,874

Quanterix

Corp.*

5,078

55,960

Quantum-Si,

Inc.*(a)

12,923

35,538

Science

37

Holdings,

Inc.*(a)

8,808

14,181

Seer,

Inc.*(a)

7,299

56,494

Singular

Genomics

Systems,

Inc.*(a)

8,661

21,653

SomaLogic,

Inc.*

22,658

65,708

2,323,828

Machinery

3.6%

Alamo

Group,

Inc.

1,496

182,916

Albany

International

Corp.,

Class

A

4,629

364,904

Altra

Industrial

Motion

Corp.

9,868

331,762

Astec

Industries,

Inc.

3,299

102,896

Barnes

Group,

Inc.

7,581

218,939

Berkshire

Grey,

Inc.*(a)

6,967

11,844

Blue

Bird

Corp.*

2,747

22,937

Chart

Industries,

Inc.*(a)

5,515

1,016,690

CIRCOR

International,

Inc.*

2,754

45,413

Columbus

McKinnon

Corp.

4,071

106,497

Common

Stocks

Shares

Value

($)

Machinery

Desktop

Metal,

Inc.,

Class

A*(a)

39,475

102,240

Douglas

Dynamics,

Inc.

3,226

90,393

Energy

Recovery,

Inc.*(a)

8,221

178,725

Enerpac

Tool

Group

Corp.*(a)

8,241

146,937

EnPro

Industries,

Inc.

3,222

273,806

ESCO

Technologies,

Inc.

3,996

293,466

Evoqua

Water

Technologies

Corp.*

17,692

585,074

Fathom

Digital

Manufacturing

C*(a)

1,466

2,976

Federal

Signal

Corp.

9,046

337,597

Franklin

Electric

Co.,

Inc.

6,954

568,211

Gorman-Rupp

Co.

(The)

3,218

76,556

Greenbrier

Cos.,

Inc.

(The)(a)

5,102

123,826

Helios

Technologies,

Inc.

4,759

240,805

Hillenbrand,

Inc.(a)

10,365

380,603

Hillman

Solutions

Corp.*

19,888

149,956

Hydrofarm

Holdings

Group,

Inc.*(a)

7,269

14,102

Hyliion

Holdings

Corp.*(a)

20,015

57,443

Hyster-Yale

Materials

Handling,

Inc.

1,524

32,781

Hyzon

Motors,

Inc.*(a)

12,422

21,117

John

Bean

Technologies

Corp.

(a)

4,831

415,466

Kadant,

Inc.

1,771

295,421

Kennametal,

Inc.

12,323

253,607

Lightning

eMotors,

Inc.*(a)

5,539

8,585

Lindsay

Corp.

1,611

230,824

Luxfer

Holdings

plc

4,095

59,378

Manitowoc

Co.,

Inc.

(The)*

5,151

39,920

Markforged

Holding

Corp.*(a)

15,580

30,848

Microvast

Holdings,

Inc.*(a)

24,127

43,670

Miller

Industries,

Inc.

1,776

37,811

Mueller

Industries,

Inc.

8,254

490,618

Mueller

Water

Products,

Inc.,

Class

A

22,900

235,183

Nikola

Corp.*(a)

45,791

161,184

Omega

Flex,

Inc.(a)

476

44,087

Proterra,

Inc.*(a)

32,669

162,692

Proto

Labs,

Inc.*(a)

4,371

159,236

RBC

Bearings,

Inc.*(a)

4,272

887,764

REV

Group,

Inc.

5,321

58,691

Sarcos

Technology

and

Robotics

Corp.*(a)

20,630

45,799

Shyft

Group,

Inc.

(The)

5,037

102,906

SPX

Technologies,

Inc.*(a)

6,589

363,845

Standex

International

Corp.

1,727

141,010

Tennant

Co.(a)

2,671

151,072

Terex

Corp.(a)

10,002

297,460

Titan

International,

Inc.*

8,542

103,700

Trinity

Industries,

Inc.

12,198

260,427

Velo3D,

Inc.*(a)

7,977

31,429

Wabash

National

Corp.

7,309

113,728

Watts

Water

Technologies,

Inc.,

Class

A

4,032

506,943

Xos,

Inc.*(a)

7,742

9,290

11,824,006

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

121

Common

Stocks

Shares

Value

($)

Marine

0.2%

Costamare,

Inc.

7,664

68,593

Eagle

Bulk

Shipping,

Inc.(a)

2,033

87,785

Eneti,

Inc.(a)

3,238

21,597

Genco

Shipping

&

Trading

Ltd.

6,257

78,400

Golden

Ocean

Group

Ltd.

18,165

135,693

Matson,

Inc.

5,843

359,461

Safe

Bulkers,

Inc.

11,382

28,114

779,643

Media

0.9%

AdTheorent

Holding

Co.,

Inc.*(a)

9,444

20,305

Advantage

Solutions,

Inc.*(a)

11,435

24,357

AMC

Networks,

Inc.,

Class

A*

4,490

91,147

Audacy,

Inc.*

15,736

6,076

Boston

Omaha

Corp.,

Class

A*

3,119

71,862

Cardlytics,

Inc.*(a)

5,099

47,931

Clear

Channel

Outdoor

Holdings,

Inc.*

56,095

76,850

Cumulus

Media,

Inc.,

Class

A*

2,615

18,383

Daily

Journal

Corp.*

190

48,714

Entravision

Communications

Corp.,

Class

A

9,139

36,282

EW

Scripps

Co.

(The),

Class

A*

8,364

94,262

Gambling.com

Group

Ltd.*(a)

1,227

9,325

Gannett

Co.,

Inc.*

20,744

31,738

Gray

Television,

Inc.

12,338

176,680

iHeartMedia,

Inc.,

Class

A*

17,896

131,178

Innovid

Corp.*(a)

10,221

27,699

Integral

Ad

Science

Holding

Corp.*

5,557

40,233

John

Wiley

&

Sons,

Inc.,

Class

A

6,715

252,215

Loyalty

Ventures,

Inc.*

2,838

3,434

Magnite,

Inc.*

19,637

129,015

PubMatic,

Inc.,

Class

A*

6,284

104,503

Scholastic

Corp.

4,572

140,635

Sinclair

Broadcast

Group,

Inc.,

Class

A

6,223

112,574

Stagwell,

Inc.*(a)

13,031

90,565

TechTarget,

Inc.*(a)

4,022

238,102

TEGNA,

Inc.

33,433

691,394

Thryv

Holdings,

Inc.*

3,879

88,558

Urban

One,

Inc.*

2,869

13,411

WideOpenWest,

Inc.*

8,087

99,228

2,916,656

Metals

&

Mining

1.4%

5E

Advanced

Materials,

Inc.*(a)

5,475

55,626

Alpha

Metallurgical

Resources,

Inc.

2,517

344,426

Arconic

Corp.*

14,830

252,703

ATI,

Inc.*(a)

18,751

498,964

Carpenter

Technology

Corp.(a)

7,501

233,581

Century

Aluminum

Co.*(a)

9,465

49,975

Coeur

Mining,

Inc.*

40,110

137,176

Commercial

Metals

Co.

18,144

643,749

Compass

Minerals

International,

Inc.

5,115

197,081

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Constellium

SE*

19,529

198,024

Dakota

Gold

Corp.*(a)

7,187

21,920

Haynes

International,

Inc.

1,638

57,527

Hecla

Mining

Co.

84,493

332,903

Hycroft

Mining

Holding

Corp.*(a)

21,357

12,910

Ivanhoe

Electric,

Inc.*(a)

1,326

10,940

Kaiser

Aluminum

Corp.

2,365

145,093

Materion

Corp.(a)

3,031

242,480

Novagold

Resources,

Inc.*

35,876

168,259

Olympic

Steel,

Inc.(a)

1,447

33,006

Piedmont

Lithium,

Inc.*(a)

2,686

143,674

PolyMet

Mining

Corp.*

3,769

10,855

Ramaco

Resources,

Inc.

4,661

42,881

Ryerson

Holding

Corp.

2,953

76,010

Schnitzer

Steel

Industries,

Inc.,

Class

A

3,801

108,177

SunCoke

Energy,

Inc.

12,289

71,399

TimkenSteel

Corp.*

6,887

103,236

Warrior

Met

Coal,

Inc.

8,010

227,804

Worthington

Industries,

Inc.(a)

4,663

177,847

4,598,226

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.2%

AFC

Gamma,

Inc.(a)

2,363

36,154

Angel

Oak

Mortgage,

Inc.(a)

1,703

20,402

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

20,756

172,275

Arbor

Realty

Trust,

Inc.(a)

24,455

281,233

Ares

Commercial

Real

Estate

Corp.

7,418

77,518

ARMOUR

Residential

REIT,

Inc.(a)

16,821

81,918

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

25,741

600,795

BrightSpire

Capital,

Inc.(a)

14,427

91,034

Broadmark

Realty

Capital,

Inc.

(a)

18,899

96,574

Chicago

Atlantic

Real

Estate

Finance,

Inc.

1,151

16,586

Chimera

Investment

Corp.(a)

36,139

188,646

Claros

Mortgage

Trust,

Inc.(a)

14,335

168,293

Dynex

Capital,

Inc.(a)

6,391

74,455

Ellington

Financial,

Inc.(a)

8,605

97,839

Franklin

BSP

Realty

Trust,

Inc.

(a)

12,375

133,279

Granite

Point

Mortgage

Trust,

Inc.

7,976

51,365

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(a)

12,969

388,162

Invesco

Mortgage

Capital,

Inc.

(a)

5,243

58,197

KKR

Real

Estate

Finance

Trust,

Inc.

8,423

136,874

Ladder

Capital

Corp.

17,723

158,798

MFA

Financial,

Inc.

15,072

117,258

New

York

Mortgage

Trust,

Inc.

(a)

55,319

129,446

122

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Nexpoint

Real

Estate

Finance,

Inc.

1,109

16,613

Orchid

Island

Capital,

Inc.(a)

5,035

41,287

PennyMac

Mortgage

Investment

Trust(a)

13,481

158,806

Ready

Capital

Corp.(a)

10,997

111,510

Redwood

Trust,

Inc.

17,425

100,020

TPG

RE

Finance

Trust,

Inc.

10,417

72,919

Two

Harbors

Investment

Corp.

(a)

51,179

169,914

3,848,170

Multiline

Retail

0.1%

Big

Lots,

Inc.(a)

4,390

68,528

Dillard's,

Inc.,

Class

A(a)

595

162,292

Franchise

Group,

Inc.(a)

4,106

99,776

330,596

Multi-Utilities

0.5%

Avista

Corp.(a)

10,875

402,919

Black

Hills

Corp.(a)

10,211

691,591

NorthWestern

Corp.(a)

8,784

432,875

Unitil

Corp.

2,247

104,373

1,631,758

Oil,

Gas

&

Consumable

Fuels

4.5%

Aemetis,

Inc.*(a)

4,756

29,107

Alto

Ingredients,

Inc.*

11,167

40,648

Amplify

Energy

Corp.*(a)

5,047

33,159

Arch

Resources,

Inc.(a)

2,265

268,629

Archaea

Energy,

Inc.*

8,874

159,821

Ardmore

Shipping

Corp.*

4,932

45,029

Battalion

Oil

Corp.*(a)

611

7,271

Berry

Corp.

12,143

91,072

Brigham

Minerals,

Inc.,

Class

A

8,010

197,607

California

Resources

Corp.

11,471

440,831

Callon

Petroleum

Co.*(a)

7,541

264,010

Centrus

Energy

Corp.,

Class

A*(a)

1,261

51,676

Chord

Energy

Corp.(a)

6,274

858,095

Civitas

Resources,

Inc.(a)

11,063

634,906

Clean

Energy

Fuels

Corp.*(a)

25,361

135,428

CNX

Resources

Corp.*

28,069

435,912

Comstock

Resources,

Inc.*

13,644

235,905

CONSOL

Energy,

Inc.

5,049

324,752

Crescent

Energy

Co.,

Class

A(a)

4,789

64,508

CVR

Energy,

Inc.

4,713

136,583

Delek

US

Holdings,

Inc.

10,999

298,513

Denbury,

Inc.*

7,535

649,969

DHT

Holdings,

Inc.

21,150

159,894

Dorian

LPG

Ltd.

4,611

62,571

Earthstone

Energy,

Inc.,

Class

A*(a)

6,596

81,263

Empire

Petroleum

Corp.*(a)

958

12,598

Energy

Fuels,

Inc.*(a)

23,319

142,712

Equitrans

Midstream

Corp.

62,007

463,812

Excelerate

Energy,

Inc.,

Class

A(a)

2,625

61,425

FLEX

LNG

Ltd.(a)

4,253

134,692

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Frontline

Ltd.(a)

18,885

206,413

Gevo,

Inc.*(a)

34,837

79,428

Golar

LNG

Ltd.*(a)

14,681

365,850

Green

Plains,

Inc.*(a)

5,719

166,251

Gulfport

Energy

Corp.*(a)

1,629

143,824

HighPeak

Energy,

Inc.(a)

997

21,595

International

Seaways,

Inc.(a)

7,329

257,468

Kinetik

Holdings,

Inc.(a)

2,929

95,427

Kosmos

Energy

Ltd.*

68,729

355,329

Laredo

Petroleum,

Inc.*(a)

2,499

157,062

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

25,221

499,628

Matador

Resources

Co.(a)

16,910

827,237

Murphy

Oil

Corp.(a)

22,192

780,493

NACCO

Industries,

Inc.,

Class

A

573

26,948

NextDecade

Corp.*(a)

4,375

26,337

Nordic

American

Tankers

Ltd.

(a)

32,211

86,003

Northern

Oil

and

Gas,

Inc.(a)

10,028

274,867

Par

Pacific

Holdings,

Inc.*

7,585

124,470

PBF

Energy,

Inc.,

Class

A*(a)

14,622

514,110

Peabody

Energy

Corp.*(a)

17,972

446,065

Permian

Resources

Corp.*(a)

29,108

197,934

Ranger

Oil

Corp.

2,836

89,192

REX

American

Resources

Corp.*(a)

2,466

68,851

Riley

Exploration

Permian,

Inc.

(a)

1,422

26,990

Ring

Energy,

Inc.*(a)

12,232

28,378

SandRidge

Energy,

Inc.*

3,038

49,550

Scorpio

Tankers,

Inc.

7,347

308,868

SFL

Corp.

Ltd.

16,963

154,533

SilverBow

Resources,

Inc.*(a)

2,162

58,115

Sitio

Royalties

Corp.(a)

1,787

39,511

SM

Energy

Co.

18,215

685,066

Talos

Energy,

Inc.*

10,536

175,424

Teekay

Corp.*

11,342

40,718

Teekay

Tankers

Ltd.,

Class

A*

3,447

94,930

Tellurian,

Inc.*(a)

75,950

181,520

Uranium

Energy

Corp.*(a)

47,047

164,664

Ur-Energy,

Inc.*(a)

28,706

31,290

VAALCO

Energy,

Inc.(a)

11,219

48,915

Vertex

Energy,

Inc.*(a)

8,181

50,968

W&T

Offshore,

Inc.*(a)

13,890

81,395

World

Fuel

Services

Corp.

9,200

215,648

14,769,663

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

2,493

93,737

Glatfelter

Corp.

6,936

21,571

Resolute

Forest

Products,

Inc.*(a)

6,861

137,220

Sylvamo

Corp.

5,207

176,517

429,045

Personal

Products

0.7%

Beauty

Health

Co.

(The)*(a)

14,646

172,676

BellRing

Brands,

Inc.*

19,732

406,677

Edgewell

Personal

Care

Co.

7,855

293,777

elf

Beauty,

Inc.*

7,405

278,576

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

123

Common

Stocks

Shares

Value

($)

Personal

Products

Herbalife

Nutrition

Ltd.*(a)

15,034

299,026

Honest

Co.,

Inc.

(The)*

8,985

31,448

Inter

Parfums,

Inc.

2,645

199,592

Medifast,

Inc.

1,690

183,128

Nature's

Sunshine

Products,

Inc.*

2,114

17,419

Nu

Skin

Enterprises,

Inc.,

Class

A(a)

7,708

257,216

Thorne

HealthTech,

Inc.*(a)

2,706

12,799

USANA

Health

Sciences,

Inc.*

1,692

94,837

Veru,

Inc.*(a)

9,756

112,389

2,359,560

Pharmaceuticals

1.7%

Aclaris

Therapeutics,

Inc.*(a)

9,972

156,959

Aerie

Pharmaceuticals,

Inc.*

7,110

107,574

Amneal

Pharmaceuticals,

Inc.*

15,211

30,726

Amphastar

Pharmaceuticals,

Inc.*

5,599

157,332

Amylyx

Pharmaceuticals,

Inc.*

5,485

154,403

AN2

Therapeutics,

Inc.*(a)

791

13,748

ANI

Pharmaceuticals,

Inc.*

1,857

59,684

Arvinas,

Inc.*

7,402

329,315

Atea

Pharmaceuticals,

Inc.*(a)

10,795

61,423

Athira

Pharma,

Inc.*

4,871

14,467

Axsome

Therapeutics,

Inc.*(a)

4,559

203,422

Cara

Therapeutics,

Inc.*

6,458

60,447

Cassava

Sciences,

Inc.*(a)

5,835

244,020

CinCor

Pharma,

Inc.*

3,291

108,011

Collegium

Pharmaceutical,

Inc.*

5,081

81,398

Corcept

Therapeutics,

Inc.*(a)

12,598

323,013

DICE

Therapeutics,

Inc.*(a)

4,756

96,452

Edgewise

Therapeutics,

Inc.*(a)

4,206

41,387

Esperion

Therapeutics,

Inc.*(a)

10,981

73,573

Evolus,

Inc.*(a)

5,022

40,427

EyePoint

Pharmaceuticals,

Inc.*(a)

3,716

29,393

Fulcrum

Therapeutics,

Inc.*(a)

5,418

43,832

Harmony

Biosciences

Holdings,

Inc.*

3,857

170,826

Innoviva,

Inc.*(a)

9,456

109,784

Intra-Cellular

Therapies,

Inc.*(a)

13,758

640,160

Liquidia

Corp.*(a)

6,752

36,731

Nektar

Therapeutics*

29,885

95,632

NGM

Biopharmaceuticals,

Inc.*(a)

5,547

72,555

Nuvation

Bio,

Inc.*(a)

16,468

36,888

Ocular

Therapeutix,

Inc.*

11,904

49,402

Pacira

BioSciences,

Inc.*

6,802

361,798

Phathom

Pharmaceuticals,

Inc.*(a)

3,549

39,323

Phibro

Animal

Health

Corp.,

Class

A

3,214

42,714

Prestige

Consumer

Healthcare,

Inc.*

7,610

379,206

Provention

Bio,

Inc.*(a)

9,032

40,644

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Reata

Pharmaceuticals,

Inc.,

Class

A*

4,511

113,361

Relmada

Therapeutics,

Inc.*(a)

4,102

151,856

Revance

Therapeutics,

Inc.*

11,068

298,836

SIGA

Technologies,

Inc.(a)

7,082

72,945

Supernus

Pharmaceuticals,

Inc.*

7,258

245,683

Tarsus

Pharmaceuticals,

Inc.*

2,565

43,913

Theravance

Biopharma,

Inc.*(a)

9,477

96,097

Theseus

Pharmaceuticals,

Inc.*(a)

2,825

16,385

Tricida,

Inc.*(a)

4,711

49,371

Ventyx

Biosciences,

Inc.*(a)

3,363

117,402

Xeris

Biopharma

Holdings,

Inc.*(a)

18,732

29,222

5,741,740

Professional

Services

1.7%

Alight,

Inc.,

Class

A*

50,255

368,369

ASGN,

Inc.*

7,426

671,088

Atlas

Technical

Consultants,

Inc.*(a)

2,940

19,551

Barrett

Business

Services,

Inc.

1,012

78,936

CBIZ,

Inc.*

7,255

310,369

CRA

International,

Inc.(a)

1,036

91,935

Exponent,

Inc.

7,633

669,185

First

Advantage

Corp.*

8,868

113,776

Forrester

Research,

Inc.*

1,648

59,344

Franklin

Covey

Co.*

1,797

81,566

Heidrick

&

Struggles

International,

Inc.

2,774

72,096

HireRight

Holdings

Corp.*(a)

3,000

45,780

Huron

Consulting

Group,

Inc.*(a)

3,083

204,249

ICF

International,

Inc.(a)

2,744

299,151

Insperity,

Inc.

5,487

560,168

Kelly

Services,

Inc.,

Class

A

5,231

71,089

Kforce,

Inc.

3,044

178,531

Korn

Ferry

8,219

385,882

Legalzoom.com,

Inc.*(a)

14,505

124,308

Planet

Labs

PBC*(a)

23,330

126,682

Red

Violet,

Inc.*(a)

1,341

23,226

Resources

Connection,

Inc.

5,412

97,795

Skillsoft

Corp.*(a)

11,485

21,017

Spire

Global,

Inc.*(a)

17,696

19,112

Sterling

Check

Corp.*(a)

3,350

59,094

TriNet

Group,

Inc.*

5,472

389,716

TrueBlue,

Inc.*

4,938

94,217

Upwork,

Inc.*

18,585

253,128

Willdan

Group,

Inc.*

1,740

25,769

5,515,129

Real

Estate

Management

&

Development

0.7%

American

Realty

Investors,

Inc.*(a)

366

5,827

Anywhere

Real

Estate,

Inc.*(a)

17,699

143,539

Compass,

Inc.,

Class

A*

38,746

89,891

Cushman

&

Wakefield

plc*

23,389

267,804

DigitalBridge

Group,

Inc.

24,458

305,970

124

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Doma

Holdings,

Inc.*(a)

19,375

8,513

Douglas

Elliman,

Inc.

11,246

46,109

eXp

World

Holdings,

Inc.(a)

10,272

115,149

Forestar

Group,

Inc.*

2,702

30,235

FRP

Holdings,

Inc.*

1,026

55,773

Kennedy-Wilson

Holdings,

Inc.

18,141

280,460

Marcus

&

Millichap,

Inc.

4,022

131,841

Newmark

Group,

Inc.,

Class

A

21,915

176,635

Offerpad

Solutions,

Inc.*(a)

9,659

11,688

RE/MAX

Holdings,

Inc.,

Class

A

2,763

52,248

Redfin

Corp.*(a)

15,750

91,980

RMR

Group,

Inc.

(The),

Class

A

2,293

54,321

Seritage

Growth

Properties,

Class

A*(a)

5,737

51,748

St

Joe

Co.

(The)

5,403

173,058

Stratus

Properties,

Inc.

834

19,432

Tejon

Ranch

Co.*

3,212

46,253

Transcontinental

Realty

Investors,

Inc.*(a)

178

7,182

2,165,656

Road

&

Rail

0.6%

ArcBest

Corp.

3,747

272,519

Bird

Global,

Inc.,

Class

A*(a)

24,255

8,560

Covenant

Logistics

Group,

Inc.

1,565

44,916

Daseke,

Inc.*

5,850

31,648

Heartland

Express,

Inc.

6,970

99,741

Marten

Transport

Ltd.

8,779

168,206

PAM

Transportation

Services,

Inc.*

941

29,133

Saia,

Inc.*(a)

3,899

740,810

TuSimple

Holdings,

Inc.,

Class

A*(a)

20,598

156,545

Universal

Logistics

Holdings,

Inc.

1,000

31,720

Werner

Enterprises,

Inc.

9,862

370,811

1,954,609

Semiconductors

&

Semiconductor

Equipment

2.3%

ACM

Research,

Inc.,

Class

A*

7,214

89,886

Alpha

&

Omega

Semiconductor

Ltd.*(a)

3,286

101,077

Ambarella,

Inc.*

5,529

310,619

Amkor

Technology,

Inc.(a)

15,813

269,612

Atomera,

Inc.*(a)

3,914

39,649

Axcelis

Technologies,

Inc.*

5,083

307,826

AXT,

Inc.*

6,108

40,924

CEVA,

Inc.*

3,403

89,261

Cohu,

Inc.*

7,168

184,791

Credo

Technology

Group

Holding

Ltd.*

13,786

151,646

CyberOptics

Corp.*

1,267

68,139

Diodes,

Inc.*

6,578

426,978

FormFactor,

Inc.*

11,613

290,906

Ichor

Holdings

Ltd.*

4,134

100,084

Impinj,

Inc.*(a)

3,085

246,892

indie

Semiconductor,

Inc.,

Class

A*

14,966

109,551

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Kulicke

&

Soffa

Industries,

Inc.

(a)

8,619

332,090

MACOM

Technology

Solutions

Holdings,

Inc.*

7,414

383,971

MaxLinear,

Inc.*

10,469

341,499

Onto

Innovation,

Inc.*

7,313

468,398

PDF

Solutions,

Inc.*

4,482

109,943

Photronics,

Inc.*

8,616

125,966

Power

Integrations,

Inc.

8,565

550,901

Rambus,

Inc.*

16,767

426,217

Rigetti

Computing,

Inc.*(a)

4,535

8,526

Rockley

Photonics

Holdings

Ltd.*(a)

14,422

10,241

Semtech

Corp.*

9,416

276,925

Silicon

Laboratories,

Inc.*

5,126

632,753

SiTime

Corp.*(a)

2,499

196,746

SkyWater

Technology,

Inc.*(a)

1,581

12,095

SMART

Global

Holdings,

Inc.*(a)

7,403

117,486

Synaptics,

Inc.*

5,966

590,694

Transphorm,

Inc.*(a)

3,034

15,261

Ultra

Clean

Holdings,

Inc.*

6,682

172,061

Veeco

Instruments,

Inc.*

7,946

145,571

7,745,185

Software

4.8%

8x8,

Inc.*(a)

16,289

56,197

A10

Networks,

Inc.

9,944

131,957

ACI

Worldwide,

Inc.*

16,971

354,694

Agilysys,

Inc.*

2,917

161,456

Alarm.com

Holdings,

Inc.*(a)

7,098

460,376

Alkami

Technology,

Inc.*(a)

5,075

76,379

Altair

Engineering,

Inc.,

Class

A*(a)

7,895

349,117

American

Software,

Inc.,

Class

A

5,993

91,813

Amplitude,

Inc.,

Class

A*(a)

8,408

130,072

Appfolio,

Inc.,

Class

A*

2,807

293,949

Appian

Corp.,

Class

A*(a)

5,862

239,345

Applied

Blockchain,

Inc.*(a)

299

508

Arteris,

Inc.*(a)

2,394

15,944

Asana,

Inc.,

Class

A*(a)

10,774

239,506

Avaya

Holdings

Corp.*(a)

18,817

29,919

AvePoint,

Inc.*(a)

18,223

73,074

Benefitfocus,

Inc.*

4,082

25,921

Blackbaud,

Inc.*

7,054

310,799

Blackline,

Inc.*(a)

8,356

500,524

Blend

Labs,

Inc.,

Class

A*(a)

32,202

71,166

Box,

Inc.,

Class

A*

21,057

513,580

BTRS

Holdings,

Inc.,

Class

1*(a)

14,500

134,270

C3.ai,

Inc.,

Class

A*(a)

10,209

127,613

Cerence,

Inc.*(a)

6,536

102,942

ChannelAdvisor

Corp.*

4,063

92,068

Cipher

Mining,

Inc.*(a)

5,528

6,965

Cleanspark,

Inc.*(a)

6,475

20,591

Clear

Secure,

Inc.,

Class

A*(a)

9,093

207,866

CommVault

Systems,

Inc.*

6,740

357,490

Consensus

Cloud

Solutions,

Inc.*

2,365

111,864

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

125

Common

Stocks

Shares

Value

($)

Software

Couchbase,

Inc.*(a)

3,749

53,498

CS

Disco,

Inc.*

3,146

31,460

Cvent

Holding

Corp.*(a)

6,734

35,353

Digimarc

Corp.*(a)

2,116

28,672

Digital

Turbine,

Inc.*(a)

14,373

207,115

Domo,

Inc.,

Class

B*

4,370

78,616

Duck

Creek

Technologies,

Inc.*

11,443

135,600

E2open

Parent

Holdings,

Inc.*(a)

31,125

188,929

Ebix,

Inc.(a)

3,866

73,338

eGain

Corp.*

3,411

25,071

Enfusion,

Inc.,

Class

A*(a)

3,603

44,461

EngageSmart,

Inc.*

5,284

109,326

Envestnet,

Inc.*

7,094

314,974

Everbridge,

Inc.*(a)

5,878

181,513

EverCommerce,

Inc.*(a)

4,548

49,710

ForgeRock,

Inc.,

Class

A*(a)

4,561

66,271

Greenidge

Generation

Holdings,

Inc.*(a)

1,302

2,604

Instructure

Holdings,

Inc.*(a)

2,448

54,541

Intapp,

Inc.*

1,876

35,025

InterDigital,

Inc.

4,639

187,508

IronNet,

Inc.*(a)

9,171

6,319

Kaleyra,

Inc.*(a)

4,171

4,046

KnowBe4,

Inc.,

Class

A*

10,806

224,873

Latch,

Inc.*(a)

25,724

24,530

LivePerson,

Inc.*(a)

10,625

100,088

LiveRamp

Holdings,

Inc.*

10,466

190,063

LiveVox

Holdings,

Inc.*(a)

4,142

12,219

Marathon

Digital

Holdings,

Inc.*(a)

16,133

172,784

Matterport,

Inc.*(a)

36,076

136,728

MeridianLink,

Inc.*(a)

3,451

56,182

MicroStrategy,

Inc.,

Class

A*(a)

1,439

305,442

Mitek

Systems,

Inc.*(a)

6,057

55,482

Model

N,

Inc.*

5,364

183,610

Momentive

Global,

Inc.*

19,529

113,463

N-able,

Inc.*(a)

10,323

95,281

NextNav,

Inc.*(a)

10,277

27,645

Olo,

Inc.,

Class

A*(a)

13,378

105,686

ON24,

Inc.*

5,886

51,797

OneSpan,

Inc.*

6,006

51,712

PagerDuty,

Inc.*(a)

12,439

286,968

Ping

Identity

Holding

Corp.*

11,836

332,237

Progress

Software

Corp.

6,512

277,086

PROS

Holdings,

Inc.*(a)

6,132

151,460

Q2

Holdings,

Inc.*

8,185

263,557

Qualys,

Inc.*

5,816

810,692

Rapid7,

Inc.*(a)

8,867

380,394

Rimini

Street,

Inc.*

6,988

32,564

Riot

Blockchain,

Inc.*(a)

19,601

137,403

Sapiens

International

Corp.

NV(a)

4,503

86,368

SecureWorks

Corp.,

Class

A*

1,886

15,182

ShotSpotter,

Inc.*

1,386

39,861

Sprout

Social,

Inc.,

Class

A*

6,740

408,983

SPS

Commerce,

Inc.*

5,466

679,041

Sumo

Logic,

Inc.*

15,857

118,928

Common

Stocks

Shares

Value

($)

Software

Telos

Corp.*

8,915

79,254

Tenable

Holdings,

Inc.*

16,544

575,731

Terawulf,

Inc.*(a)

3,452

4,350

Upland

Software,

Inc.*

3,961

32,203

UserTesting,

Inc.*(a)

6,694

26,240

Varonis

Systems,

Inc.*

16,084

426,548

Verint

Systems,

Inc.*

9,707

325,961

Veritone,

Inc.*(a)

5,268

29,659

Viant

Technology,

Inc.,

Class

A*(a)

2,617

11,018

Weave

Communications,

Inc.*(a)

4,103

20,720

WM

Technology,

Inc.*

17,903

28,824

Workiva,

Inc.*

7,254

564,361

Xperi

Holding

Corp.

16,113

227,838

Yext,

Inc.*

17,634

78,648

Zeta

Global

Holdings

Corp.,

Class

A*(a)

17,748

117,314

Zuora,

Inc.,

Class

A*

18,818

138,877

15,817,770

Specialty

Retail

2.3%

Aaron's

Co.,

Inc.

(The)

4,226

41,077

Abercrombie

&

Fitch

Co.,

Class

A*

7,463

116,050

Academy

Sports

&

Outdoors,

Inc.(a)

12,437

524,593

American

Eagle

Outfitters,

Inc.

(a)

23,725

230,844

America's

Car-Mart,

Inc.*

1,076

65,658

Arko

Corp.(a)

12,294

115,441

Asbury

Automotive

Group,

Inc.*

3,355

506,941

Bed

Bath

&

Beyond,

Inc.*(a)

11,592

70,595

Big

5

Sporting

Goods

Corp.(a)

3,349

35,968

Boot

Barn

Holdings,

Inc.*

4,616

269,851

Buckle,

Inc.

(The)

4,381

138,702

Build-A-Bear

Workshop,

Inc.

2,007

26,753

Caleres,

Inc.

5,540

134,179

Camping

World

Holdings,

Inc.,

Class

A(a)

5,706

144,476

Cato

Corp.

(The),

Class

A

2,624

25,033

Chico's

FAS,

Inc.*(a)

20,466

99,055

Children's

Place,

Inc.

(The)*

1,935

59,772

Citi

Trends,

Inc.*

1,148

17,806

Conn's,

Inc.*

1,603

11,349

Container

Store

Group,

Inc.

(The)*

5,148

25,225

Designer

Brands,

Inc.,

Class

A

8,662

132,615

Destination

XL

Group,

Inc.*

8,455

45,826

EVgo,

Inc.*(a)

10,397

82,240

Express,

Inc.*

9,089

9,907

Foot

Locker,

Inc.(a)

12,292

382,650

Genesco,

Inc.*(a)

1,978

77,775

Group

1

Automotive,

Inc.

2,309

329,887

GrowGeneration

Corp.*(a)

7,870

27,545

Guess?,

Inc.(a)

4,817

70,665

Haverty

Furniture

Cos.,

Inc.

2,220

55,278

Hibbett,

Inc.(a)

1,935

96,382

JOANN,

Inc.(a)

1,605

10,625

126

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Specialty

Retail

LL

Flooring

Holdings,

Inc.*

4,458

30,894

MarineMax,

Inc.*

3,049

90,830

Monro,

Inc.

4,902

213,041

Murphy

USA,

Inc.

3,256

895,107

National

Vision

Holdings,

Inc.*(a)

11,826

386,119

ODP

Corp.

(The)*

6,279

220,707

OneWater

Marine,

Inc.,

Class

A*

1,715

51,639

Party

City

Holdco,

Inc.*(a)

14,742

23,292

Rent-A-Center,

Inc.

7,811

136,771

Sally

Beauty

Holdings,

Inc.*

16,694

210,344

Shoe

Carnival,

Inc.

2,681

57,481

Signet

Jewelers

Ltd.

6,903

394,783

Sleep

Number

Corp.*(a)

3,210

108,530

Sonic

Automotive,

Inc.,

Class

A(a)

2,847

123,275

Sportsman's

Warehouse

Holdings,

Inc.*

6,151

51,053

Tile

Shop

Holdings,

Inc.

5,149

18,124

Tilly's,

Inc.,

Class

A

3,024

20,926

Torrid

Holdings,

Inc.*(a)

1,699

7,085

TravelCenters

of

America,

Inc.*

1,841

99,285

Urban

Outfitters,

Inc.*(a)

9,764

191,863

Volta,

Inc.*(a)

17,289

20,920

Warby

Parker,

Inc.,

Class

A*(a)

12,417

165,643

Winmark

Corp.

430

93,026

Zumiez,

Inc.*

2,214

47,667

7,639,168

Technology

Hardware,

Storage

&

Peripherals

0.3%

3D

Systems

Corp.*(a)

18,846

150,391

Avid

Technology,

Inc.*(a)

5,313

123,580

CompoSecure,

Inc.*(a)

1,176

5,892

Corsair

Gaming,

Inc.*(a)

5,421

61,528

Diebold

Nixdorf,

Inc.*

10,536

25,708

Eastman

Kodak

Co.*(a)

8,087

37,119

IonQ,

Inc.*(a)

18,047

91,498

Super

Micro

Computer,

Inc.*

6,964

383,508

Turtle

Beach

Corp.*

2,558

17,446

Xerox

Holdings

Corp.

17,073

223,315

1,119,985

Textiles,

Apparel

&

Luxury

Goods

0.6%

Allbirds,

Inc.,

Class

A*(a)

17,437

53,008

Crocs,

Inc.*

9,110

625,492

Ermenegildo

Zegna

NV

6,692

71,939

Fossil

Group,

Inc.*

6,867

23,485

G-III

Apparel

Group

Ltd.*

6,462

96,607

Kontoor

Brands,

Inc.(a)

8,357

280,879

Movado

Group,

Inc.(a)

2,318

65,321

Oxford

Industries,

Inc.

2,270

203,801

PLBY

Group,

Inc.*(a)

4,761

19,187

Rocky

Brands,

Inc.

914

18,335

Steven

Madden

Ltd.

11,959

318,946

Superior

Group

of

Cos.,

Inc.

1,903

16,899

Unifi,

Inc.*(a)

2,115

20,114

Wolverine

World

Wide,

Inc.

11,638

179,109

1,993,122

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

1.4%

Axos

Financial,

Inc.*

8,603

294,481

Blue

Foundry

Bancorp*(a)

4,206

46,897

Bridgewater

Bancshares,

Inc.*

3,221

53,050

Capitol

Federal

Financial,

Inc.

(a)

17,391

144,345

Columbia

Financial,

Inc.*(a)

5,253

110,996

Enact

Holdings,

Inc.(a)

4,560

101,095

Essent

Group

Ltd.

16,447

573,507

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,473

146,033

Finance

of

America

Cos.,

Inc.,

Class

A*(a)

7,374

10,914

Flagstar

Bancorp,

Inc.

6,806

227,320

Greene

County

Bancorp,

Inc.

(a)

704

40,318

Hingham

Institution

for

Savings

213

53,486

Home

Bancorp,

Inc.(a)

1,225

47,763

Home

Point

Capital,

Inc.(a)

1,076

1,657

Kearny

Financial

Corp.

10,557

112,115

Luther

Burbank

Corp.

2,947

34,244

Merchants

Bancorp

2,485

57,329

Mr.

Cooper

Group,

Inc.*

10,610

429,705

NMI

Holdings,

Inc.,

Class

A*

13,003

264,871

Northfield

Bancorp,

Inc.

6,407

91,684

PennyMac

Financial

Services,

Inc.(a)

4,341

186,229

Pioneer

Bancorp,

Inc.*(a)

2,248

21,401

Provident

Bancorp,

Inc.

2,573

36,820

Provident

Financial

Services,

Inc.

9,911

193,264

Radian

Group,

Inc.

24,116

465,198

Southern

Missouri

Bancorp,

Inc.(a)

1,437

73,330

Sterling

Bancorp,

Inc.*

2,422

14,605

TrustCo

Bank

Corp.

2,520

79,178

Velocity

Financial,

Inc.*(a)

1,120

12,141

Walker

&

Dunlop,

Inc.(a)

4,708

394,201

Waterstone

Financial,

Inc.

3,461

55,930

WSFS

Financial

Corp.

8,532

396,397

4,770,504

Tobacco

0.1%

22nd

Century

Group,

Inc.*(a)

22,706

21,055

Turning

Point

Brands,

Inc.

2,182

46,324

Universal

Corp.(a)

3,498

161,048

Vector

Group

Ltd.

22,544

198,613

427,040

Trading

Companies

&

Distributors

1.5%

Alta

Equipment

Group,

Inc.

3,211

35,353

Applied

Industrial

Technologies,

Inc.

5,781

594,171

Beacon

Roofing

Supply,

Inc.*(a)

7,757

424,463

BlueLinx

Holdings,

Inc.*

1,371

85,139

Boise

Cascade

Co.(a)

6,081

361,576

Custom

Truck

One

Source,

Inc.*(a)

9,095

53,024

Distribution

Solutions

Group,

Inc.*

778

21,916

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

127

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

DXP

Enterprises,

Inc.*

2,154

51,007

GATX

Corp.

5,352

455,723

Global

Industrial

Co.

1,904

51,084

GMS,

Inc.*

6,325

253,063

H&E

Equipment

Services,

Inc.

4,680

132,631

Herc

Holdings,

Inc.

3,879

402,951

Hudson

Technologies,

Inc.*(a)

8,010

58,874

Karat

Packaging,

Inc.*(a)

1,070

17,109

McGrath

RentCorp

3,537

296,613

MRC

Global,

Inc.*

12,007

86,330

NOW,

Inc.*

16,151

162,318

Rush

Enterprises,

Inc.,

Class

A

6,252

274,213

Rush

Enterprises,

Inc.,

Class

B

1,004

48,101

Textainer

Group

Holdings

Ltd.

6,791

182,406

Titan

Machinery,

Inc.*

2,890

81,672

Transcat,

Inc.*

1,047

79,248

Triton

International

Ltd.

9,304

509,208

Veritiv

Corp.*

2,094

204,730

4,922,923

Water

Utilities

0.4%

American

States

Water

Co.

5,604

436,832

Artesian

Resources

Corp.,

Class

A

1,086

52,258

California

Water

Service

Group

8,169

430,425

Global

Water

Resources,

Inc.

2,173

25,489

Middlesex

Water

Co.

2,256

174,163

Pure

Cycle

Corp.*

3,202

26,737

SJW

Group

4,149

238,982

York

Water

Co.

(The)

2,067

79,435

1,464,321

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.*

4,739

57,437

KORE

Group

Holdings,

Inc.*(a)

4,965

9,483

Shenandoah

Telecommunications

Co.(a)

7,277

123,854

Telephone

&

Data

Systems,

Inc.

15,032

208,945

United

States

Cellular

Corp.*

2,307

60,051

459,770

Total

Common

Stocks

(cost

$293,701,993)

327,426,510

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,552

0

Oncternal

Therapeutics,

Inc.,

CVR*∞(a)

97

100

100

Rights

Number

of

Rights

Value

($)

Pharmaceuticals

0.0%

†

Zogenix,

Inc.,

CVR*^∞

7,758

0

Total

Rights

(cost

$6,480)

100

Repurchase

Agreements

8.4%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$10,002,542,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$10,200,000.(b)

10,000,000

10,000,000

BofA

Securities,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,233,845,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.00%,

maturing

6/20/2051

-

3/20/2052;

total

market

value

$1,258,202.(b)

1,233,531

1,233,531

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$7,450,914,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$7,598,001.(b)

7,449,021

7,449,021

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,000,743,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$3,060,758.(b)

3,000,000

3,000,000

128

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,262,701,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$4,348,958.(b)

4,261,617

4,261,617

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,514,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$27,944,169)

27,944,169

Total

Investments

(cost

$321,652,642)

—

107.1%

355,370,779

Liabilities

in

excess

of

other

assets

—

(7.1)%

(23,519,886)

NET

ASSETS

—

100.0%

$

331,850,893

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$94,614,025,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$27,944,169

and

by

$69,734,693

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/6/2022

–

5/15/2052,

a

total

value

of

$97,678,862.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$27,944,169.

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

129

Futures

contracts

outstanding

as

of

September

30,

2022:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

61

12/2022

USD

5,092,890

(32,866)

Net

contracts

(32,866)

As

of

September

30,

2022,

the

Fund

had

$347,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

130

-

Statement

of

Investments

-

September

30,

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

131

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

2,802,242

$

–

$

–

$

2,802,242

Air

Freight

&

Logistics

1,354,526

–

–

1,354,526

Airlines

1,057,424

–

–

1,057,424

Auto

Components

4,313,798

–

–

4,313,798

Automobiles

651,190

–

–

651,190

Banks

33,001,515

–

–

33,001,515

Beverages

1,842,187

–

–

1,842,187

Biotechnology

27,425,995

–

–

27,425,995

Building

Products

4,143,187

–

–

4,143,187

Capital

Markets

4,986,059

–

–

4,986,059

Chemicals

6,763,953

–

–

6,763,953

Commercial

Services

&

Supplies

4,445,976

–

–

4,445,976

Communications

Equipment

2,973,207

–

–

2,973,207

Construction

&

Engineering

4,810,437

–

–

4,810,437

Construction

Materials

459,631

–

–

459,631

Consumer

Finance

2,183,680

–

–

2,183,680

Containers

&

Packaging

893,380

–

–

893,380

Distributors

121,845

–

–

121,845

Diversified

Consumer

Services

3,264,084

–

–

3,264,084

Diversified

Financial

Services

918,915

–

–

918,915

Diversified

Telecommunication

Services

2,082,954

–

–

2,082,954

Electric

Utilities

2,375,401

–

–

2,375,401

Electrical

Equipment

4,596,382

–

–

4,596,382

Electronic

Equipment,

Instruments

&

Components

7,527,789

–

–

7,527,789

Energy

Equipment

&

Services

5,285,000

–

–

5,285,000

Entertainment

1,020,145

–

–

1,020,145

Equity

Real

Estate

Investment

Trusts

(REITs)

18,630,763

–

–

18,630,763

Food

&

Staples

Retailing

1,841,355

–

–

1,841,355

Food

Products

3,956,518

–

–

3,956,518

Gas

Utilities

4,064,284

–

–

4,064,284

Health

Care

Equipment

&

Supplies

13,707,061

–

–

13,707,061

Health

Care

Providers

&

Services

10,462,538

–

–

10,462,538

Health

Care

Technology

2,059,640

–

–

2,059,640

Hotels,

Restaurants

&

Leisure

7,530,291

–

–

7,530,291

Household

Durables

4,894,599

–

–

4,894,599

Household

Products

874,472

–

–

874,472

Independent

Power

and

Renewable

Electricity

Producers

1,702,239

–

–

1,702,239

Industrial

Conglomerates

87,118

–

–

87,118

Insurance

6,662,442

–

–

6,662,442

Interactive

Media

&

Services

2,365,939

–

–

2,365,939

Internet

&

Direct

Marketing

Retail

1,377,029

–

–

1,377,029

IT

Services

6,964,268

–

–

6,964,268

Leisure

Products

1,396,979

–

–

1,396,979

Life

Sciences

Tools

&

Services

2,323,828

–

–

2,323,828

Machinery

11,824,006

–

–

11,824,006

Marine

779,643

–

–

779,643

Media

2,916,656

–

–

2,916,656

Metals

&

Mining

4,598,226

–

–

4,598,226

Mortgage

Real

Estate

Investment

Trusts

(REITs)

3,848,170

–

–

3,848,170

Multiline

Retail

330,596

–

–

330,596

Multi-Utilities

1,631,758

–

–

1,631,758

Oil,

Gas

&

Consumable

Fuels

14,769,663

–

–

14,769,663

Paper

&

Forest

Products

429,045

–

–

429,045

Personal

Products

2,359,560

–

–

2,359,560

Pharmaceuticals

5,741,740

–

–

5,741,740

132

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Small

Cap

Index

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

September

30,

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

managing

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.

Level

1

Level

2

Level

3

Total

Assets:

Professional

Services

$

5,515,129

$

–

$

–

$

5,515,129

Real

Estate

Management

&

Development

2,165,656

–

–

2,165,656

Road

&

Rail

1,954,609

–

–

1,954,609

Semiconductors

&

Semiconductor

Equipment

7,745,185

–

–

7,745,185

Software

15,817,770

–

–

15,817,770

Specialty

Retail

7,639,168

–

–

7,639,168

Technology

Hardware,

Storage

&

Peripherals

1,119,985

–

–

1,119,985

Textiles,

Apparel

&

Luxury

Goods

1,993,122

–

–

1,993,122

Thrifts

&

Mortgage

Finance

4,770,504

–

–

4,770,504

Tobacco

427,040

–

–

427,040

Trading

Companies

&

Distributors

4,922,923

–

–

4,922,923

Water

Utilities

1,464,321

–

–

1,464,321

Wireless

Telecommunication

Services

459,770

–

–

459,770

Total

Common

Stocks

$

327,426,510

$

–

$

–

$

327,426,510

Repurchase

Agreements

–

27,944,169

–

27,944,169

Rights  

–

100

–

100

Total

Assets

$

327,426,510

$

27,944,269

$

–

$

355,370,779

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(32,866)

$

–

$

–

$

(32,866)

Total

Liabilities

$

(32,866)

$

–

$

–

$

(32,866)

Total

$

327,393,644

$

27,944,269

$

–

$

355,337,913

As

of

September

30,

2022,

the

Fund

held

two

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Rights

Total

Balance

as

of

12/31/2021

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

(1,176)

(1,176)

Change

in

Unrealized

Appreciation/Depreciation

1,176

1,176

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2022

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2022

$

1,176

$

1,176

NVIT

Small

Cap

Index

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

133

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

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(32,866)

Total

$

(32,866)

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

NS

Partners

International

Focused

Growth

Fund

(Formerly,

NVIT

AllianzGI

International

Growth

Fund)

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.5%

Shares

Value

($)

AUSTRALIA

8.3%

Biotechnology

3.0%

CSL

Ltd.

31,403

5,694,083

Capital

Markets

1.4%

Macquarie

Group

Ltd.

27,042

2,624,290

IT

Services

1.7%

Computershare

Ltd.

209,645

3,324,804

Oil,

Gas

&

Consumable

Fuels

2.2%

Santos

Ltd.

907,181

4,108,866

15,752,043

CHINA

5.6%

Beverages

1.9%

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S

(a)

1,395,600

3,637,595

Internet

&

Direct

Marketing

Retail

2.6%

Alibaba

Group

Holding

Ltd.,

ADR

*

28,758

2,300,352

JD.com,

Inc.,

ADR

(b)

50,522

2,541,257

4,841,609

Textiles,

Apparel

&

Luxury

Goods

1.1%

Shenzhou

International

Group

Holdings

Ltd.

279,000

2,139,995

10,619,199

DENMARK

4.0%

Pharmaceuticals

4.0%

Novo

Nordisk

A/S

,

Class

B

76,762

7,651,176

FAROE

ISLANDS

2.3%

Food

Products

2.3%

Bakkafrost

P/F

108,132

4,282,480

FRANCE

13.5%

Aerospace

&

Defense

2.3%

Airbus

SE

50,593

4,370,844

Beverages

2.1%

Remy

Cointreau

SA

23,552

3,903,314

IT

Services

2.2%

Edenred

92,463

4,249,893

Personal

Products

2.5%

L'Oreal

SA

15,701

4,999,479

Software

2.0%

Dassault

Systemes

SE

111,653

3,837,925

Textiles,

Apparel

&

Luxury

Goods

2.4%

Hermes

International

3,837

4,509,846

25,871,301

GERMANY

2.4%

Insurance

2.4%

Hannover

Rueck

SE

29,657

4,478,976

HONG

KONG

5.3%

Insurance

5.3%

AIA

Group

Ltd.

593,000

4,923,416

Prudential

plc

523,375

5,142,200

10,065,616

INDIA

2.7%

Banks

1.4%

HDFC

Bank

Ltd.,

ADR

43,526

2,542,788

Common

Stocks

Shares

Value

($)

INDIA

Health

Care

Providers

&

Services

1.3%

Max

Healthcare

Institute

Ltd.

*

501,786

2,510,508

5,053,296

JAPAN

18.2%

Diversified

Telecommunication

Services

3.1%

Nippon

Telegraph

&

Telephone

Corp.

218,100

5,883,904

Electronic

Equipment,

Instruments

&

Components

2.5%

Keyence

Corp.

14,400

4,780,843

Health

Care

Equipment

&

Supplies

6.6%

Hoya

Corp.

42,900

4,124,615

Olympus

Corp.

220,200

4,237,932

Terumo

Corp.

150,800

4,255,362

12,617,909

Household

Durables

2.1%

Sony

Group

Corp.

62,800

4,041,953

Interactive

Media

&

Services

1.3%

Z

Holdings

Corp.

976,900

2,538,459

Professional

Services

2.6%

Recruit

Holdings

Co.

Ltd.

170,000

4,906,747

34,769,815

NETHERLANDS

5.8%

Entertainment

2.5%

Universal

Music

Group

NV

(b)

252,964

4,768,392

Professional

Services

3.3%

Wolters

Kluwer

NV

64,550

6,284,657

11,053,049

NEW

ZEALAND

1.6%

Software

1.6%

Xero

Ltd.

*(b)

68,039

3,126,889

NORWAY

2.2%

Oil,

Gas

&

Consumable

Fuels

2.2%

Equinor

ASA

125,609

4,143,035

SINGAPORE

1.8%

Banks

1.8%

DBS

Group

Holdings

Ltd.

144,800

3,347,771

SPAIN

5.8%

Diversified

Telecommunication

Services

2.5%

Cellnex

Telecom

SA

Reg.

S

(a)

153,523

4,733,324

IT

Services

1.9%

Amadeus

IT

Group

SA

*

76,762

3,553,232

Specialty

Retail

1.4%

Industria

de

Diseno

Textil

SA

129,099

2,666,591

10,953,147

SWITZERLAND

6.6%

Chemicals

3.8%

Givaudan

SA

(Registered)

1,186

3,575,689

Sika

AG

(Registered)

18,318

3,668,148

7,243,837

Life

Sciences

Tools

&

Services

2.8%

Lonza

Group

AG

(Registered)

10,904

5,302,712

12,546,549

2

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

NS

Partners

International

Focused

Growth

Fund

(Formerly,

NVIT

AllianzGI

International

Growth

Fund)

Common

Stocks

Shares

Value

($)

TAIWAN

1.9%

Semiconductors

&

Semiconductor

Equipment

1.9%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

52,271

3,583,700

UNITED

KINGDOM

7.4%

Capital

Markets

1.5%

London

Stock

Exchange

Group

plc

34,892

2,942,216

Pharmaceuticals

2.8%

AstraZeneca

plc

47,975

5,275,814

Professional

Services

3.1%

Experian

plc

200,626

5,881,795

14,099,825

UNITED

STATES

4.1%

Food

Products

4.1%

Nestle

SA

(Registered)

72,400

7,839,444

Total

Common

Stocks

(cost

$213,987,736)

189,237,311

Repurchase

Agreements

3.8%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$1,588,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$1,619.(c)

1,588

1,588

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$7,288,894,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$7,432,782.(c)

7,287,041

7,287,041

Total

Repurchase

Agreements

(cost

$7,288,629)

7,288,629

Total

Investments

(cost

$221,276,365)

—

103.3%

196,525,940

Liabilities

in

excess

of

other

assets

—

(3.3)%

(6,319,684)

NET

ASSETS

—

100.0%

$

190,206,256

*

Denotes

a

non-income

producing

security.

(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

September

30,

2022

was

$8,370,919

which

represents

4.40%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$7,014,010,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,288,629.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2022

was

$7,288,629.

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

NS

Partners

International

Focused

Growth

Fund

(Formerly,

NVIT

AllianzGI

International

Growth

Fund)

-

September

30,

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

-

September

30,

2022

(Unaudited)

-

NVIT

NS

Partners

International

Focused

Growth

Fund

(Formerly,

NVIT

AllianzGI

International

Growth

Fund)

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

4,370,844

$

–

$

4,370,844

Banks

2,542,788

3,347,771

–

5,890,559

Beverages

–

7,540,909

–

7,540,909

Biotechnology

–

5,694,083

–

5,694,083

Capital

Markets

–

5,566,506

–

5,566,506

Chemicals

–

7,243,837

–

7,243,837

Diversified

Telecommunication

Services

–

10,617,228

–

10,617,228

Electronic

Equipment,

Instruments

&

Components

–

4,780,843

–

4,780,843

Entertainment

–

4,768,392

–

4,768,392

Food

Products

–

12,121,924

–

12,121,924

Health

Care

Equipment

&

Supplies

–

12,617,909

–

12,617,909

Health

Care

Providers

&

Services

–

2,510,508

–

2,510,508

Household

Durables

–

4,041,953

–

4,041,953

Insurance

–

14,544,592

–

14,544,592

Interactive

Media

&

Services

–

2,538,459

–

2,538,459

Internet

&

Direct

Marketing

Retail

4,841,609

–

–

4,841,609

IT

Services

–

11,127,929

–

11,127,929

Life

Sciences

Tools

&

Services

–

5,302,712

–

5,302,712

Oil,

Gas

&

Consumable

Fuels

–

8,251,901

–

8,251,901

Personal

Products

–

4,999,479

–

4,999,479

Pharmaceuticals

–

12,926,990

–

12,926,990

Professional

Services

–

17,073,199

–

17,073,199

Semiconductors

&

Semiconductor

Equipment

3,583,700

–

–

3,583,700

Software

–

6,964,814

–

6,964,814

Specialty

Retail

–

2,666,591

–

2,666,591

Textiles,

Apparel

&

Luxury

Goods

–

6,649,841

–

6,649,841

Total

Common

Stocks

$

10,968,097

$

178,269,214

$

–

$

189,237,311

Repurchase

Agreements

–

7,288,629

–

7,288,629

Total

$

10,968,097

$

185,557,843

$

–

$

196,525,940

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

98.4%

Shares

Value

($)

AUSTRALIA

1.2%

Metals

&

Mining

1.2%

Northern

Star

Resources

Ltd.

497,006

2,505,643

BERMUDA

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

Teekay

Tankers

Ltd.

,

Class

A

*

33,277

916,449

BRAZIL

0.4%

Airlines

0.4%

Azul

SA,

ADR

*(a)

106,293

865,225

CANADA

5.7%

Chemicals

0.7%

Nutrien

Ltd.

17,809

1,484,914

Food

&

Staples

Retailing

1.8%

Alimentation

Couche-Tard,

Inc.

(a)

98,296

3,957,173

Metals

&

Mining

1.0%

Teck

Resources

Ltd.

,

Class

B

(a)

66,000

2,007,060

Oil,

Gas

&

Consumable

Fuels

1.5%

Cameco

Corp.

101,789

2,698,427

Vermilion

Energy,

Inc.

(a)

22,782

487,990

3,186,417

Paper

&

Forest

Products

0.7%

West

Fraser

Timber

Co.

Ltd.

(a)

18,848

1,363,507

11,999,071

CHINA

0.8%

Water

Utilities

0.8%

Guangdong

Investment

Ltd.

(a)

1,978,000

1,582,646

FINLAND

2.1%

Paper

&

Forest

Products

2.1%

UPM-Kymmene

OYJ

140,089

4,451,660

FRANCE

12.4%

Banks

1.8%

BNP

Paribas

SA

89,723

3,787,867

Biotechnology

0.0%

†

DBV

Technologies

SA,

ADR

*(a)

34,726

61,465

Construction

&

Engineering

1.4%

Eiffage

SA

37,268

2,983,395

Insurance

2.6%

AXA

SA

250,960

5,494,707

Multi-Utilities

0.8%

Engie

SA

142,357

1,633,382

Oil,

Gas

&

Consumable

Fuels

3.6%

TotalEnergies

SE

156,328

7,358,345

Pharmaceuticals

2.2%

Sanofi

58,985

4,501,751

25,820,912

GERMANY

4.2%

Automobiles

0.5%

Mercedes-Benz

Group

AG

21,655

1,107,386

Common

Stocks

Shares

Value

($)

GERMANY

Chemicals

0.7%

Covestro

AG

Reg.

S

(b)

47,219

1,365,189

Machinery

1.1%

Duerr

AG

75,369

1,578,210

KION

Group

AG

32,528

630,309

2,208,519

Multi-Utilities

1.1%

E.ON

SE

307,855

2,382,608

Pharmaceuticals

0.6%

Bayer

AG

(Registered)

28,697

1,324,307

Real

Estate

Management

&

Development

0.2%

Aroundtown

SA

209,350

461,935

8,849,944

GREECE

0.5%

Banks

0.5%

Piraeus

Financial

Holdings

SA

*

1,025,389

1,024,425

HONG

KONG

1.8%

Food

Products

1.8%

WH

Group

Ltd.

Reg.

S

(b)

5,831,877

3,668,517

IRELAND

1.9%

Banks

1.1%

Bank

of

Ireland

Group

plc

380,325

2,431,226

Biotechnology

0.0%

†

Amarin

Corp.

plc,

ADR

*(a)

30,386

33,121

Hotels,

Restaurants

&

Leisure

0.8%

Flutter

Entertainment

plc

*(a)

14,692

1,605,020

4,069,367

ISRAEL

0.9%

Diversified

Telecommunication

Services

0.9%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

1,213,729

1,985,254

JAPAN

19.6%

Auto

Components

0.6%

Koito

Manufacturing

Co.

Ltd.

91,200

1,249,836

Automobiles

1.4%

Toyota

Motor

Corp.

228,300

2,971,743

Banks

1.6%

Sumitomo

Mitsui

Financial

Group,

Inc.

119,300

3,319,836

Construction

&

Engineering

0.6%

Kinden

Corp.

(a)

120,500

1,273,740

Diversified

Financial

Services

1.9%

ORIX

Corp.

282,700

3,975,888

Diversified

Telecommunication

Services

1.4%

Nippon

Telegraph

&

Telephone

Corp.

106,900

2,883,949

Electronic

Equipment,

Instruments

&

Components

1.2%

Daiwabo

Holdings

Co.

Ltd.

(a)

202,300

2,609,162

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Invincible

Investment

Corp.

2,271

712,168

6

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Food

&

Staples

Retailing

2.2%

MatsukiyoCocokara

&

Co.

(a)

108,100

4,623,405

Health

Care

Providers

&

Services

1.1%

Ship

Healthcare

Holdings,

Inc.

121,500

2,286,102

Insurance

1.2%

Dai-ichi

Life

Holdings,

Inc.

160,600

2,552,825

Machinery

0.4%

Takuma

Co.

Ltd.

(a)

86,900

745,820

Pharmaceuticals

2.1%

Takeda

Pharmaceutical

Co.

Ltd.

(a)

170,200

4,420,461

Professional

Services

0.6%

BayCurrent

Consulting,

Inc.

5,100

1,310,070

Trading

Companies

&

Distributors

3.0%

ITOCHU

Corp.

(a)

168,400

4,081,323

Marubeni

Corp.

(a)

220,100

1,932,429

6,013,752

40,948,757

NETHERLANDS

10.6%

Banks

2.7%

ABN

AMRO

Bank

NV,

CVA

Reg.

S

(b)

153,099

1,372,280

ING

Groep

NV

496,603

4,258,029

5,630,309

Food

&

Staples

Retailing

2.3%

Koninklijke

Ahold

Delhaize

NV

192,786

4,909,092

Insurance

2.1%

ASR

Nederland

NV

115,091

4,424,581

Oil,

Gas

&

Consumable

Fuels

3.5%

Shell

plc

286,930

7,138,904

22,102,886

NORWAY

0.8%

Food

Products

0.8%

Leroy

Seafood

Group

ASA

439,901

1,725,684

RUSSIA

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

LUKOIL

PJSC

^∞

10,847

0

SINGAPORE

2.9%

Electronic

Equipment,

Instruments

&

Components

2.1%

Venture

Corp.

Ltd.

383,400

4,366,769

Oil,

Gas

&

Consumable

Fuels

0.8%

BW

LPG

Ltd.

Reg.

S

(b)

229,402

1,662,375

6,029,144

SOUTH

AFRICA

0.6%

Metals

&

Mining

0.6%

Sibanye

Stillwater

Ltd.,

ADR

(a)

130,245

1,213,883

SOUTH

KOREA

0.9%

Internet

&

Direct

Marketing

Retail

0.2%

Hyundai

Home

Shopping

Network

Corp.

13,647

452,890

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Textiles,

Apparel

&

Luxury

Goods

0.7%

Youngone

Corp.

45,672

1,408,538

1,861,428

SPAIN

3.7%

Banks

2.0%

Banco

Santander

SA

1,777,105

4,130,433

Construction

&

Engineering

0.7%

ACS

Actividades

de

Construccion

y

Servicios

SA

63,009

1,410,079

Electric

Utilities

0.9%

Endesa

SA

128,346

1,923,933

Energy

Equipment

&

Services

0.1%

Tecnicas

Reunidas

SA

*(a)

52,497

308,137

7,772,582

SWEDEN

0.7%

Entertainment

0.5%

Stillfront

Group

AB

*

491,384

1,047,576

Real

Estate

Management

&

Development

0.2%

Samhallsbyggnadsbolaget

i

Norden

AB

(a)

471,175

502,825

1,550,401

SWITZERLAND

2.6%

Pharmaceuticals

2.6%

Novartis

AG

(Registered)

70,810

5,398,076

TAIWAN

1.1%

Insurance

1.1%

Fubon

Financial

Holding

Co.

Ltd.

1,520,610

2,377,391

UNITED

KINGDOM

16.3%

Air

Freight

&

Logistics

0.2%

Royal

Mail

plc

178,890

364,816

Banks

0.7%

Barclays

plc

873,329

1,392,362

Capital

Markets

1.5%

TP

ICAP

Group

plc

1,432,666

3,124,092

Diversified

Telecommunication

Services

2.3%

BT

Group

plc

1,601,294

2,165,054

Liberty

Global

plc

,

Class

C

*(a)

163,941

2,705,026

4,870,080

Energy

Equipment

&

Services

0.2%

John

Wood

Group

plc

*

244,798

342,141

Household

Durables

0.2%

Crest

Nicholson

Holdings

plc

167,969

342,198

Industrial

Conglomerates

1.4%

DCC

plc

57,517

2,992,294

Insurance

0.8%

Just

Group

plc

2,578,078

1,605,970

Oil,

Gas

&

Consumable

Fuels

1.9%

BP

plc

853,677

4,059,537

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Pharmaceuticals

0.8%

AstraZeneca

plc,

ADR

(a)

31,017

1,700,972

Tobacco

4.2%

British

American

Tobacco

plc

180,102

6,440,341

Imperial

Brands

plc

111,307

2,296,907

8,737,248

Wireless

Telecommunication

Services

2.1%

Vodafone

Group

plc

3,953,617

4,452,871

33,984,581

UNITED

STATES

6.3%

Biotechnology

0.3%

Insmed,

Inc.

*

19,410

418,091

Sage

Therapeutics,

Inc.

*(a)

5,773

226,071

644,162

Chemicals

0.9%

Livent

Corp.

*(a)

61,754

1,892,760

Diversified

Financial

Services

0.8%

Burford

Capital

Ltd.

(a)

217,165

1,628,738

Food

Products

0.4%

JBS

SA

173,224

806,656

Health

Care

Equipment

&

Supplies

0.0%

†

Quotient

Ltd.

*(a)

91,927

13,789

Oil,

Gas

&

Consumable

Fuels

2.0%

Diversified

Energy

Co.

plc

Reg.

S

2,322,764

3,352,418

Energy

Fuels,

Inc.

*(a)

128,104

783,996

4,136,414

Pharmaceuticals

1.9%

Jazz

Pharmaceuticals

plc

*

30,046

4,004,831

13,127,350

Total

Common

Stocks

(cost

$213,602,029)

205,831,276

Exchange

Traded

Fund

0.3%

UNITED

STATES

0.3%

iShares

MSCI

EAFE

Value

ETF

(a)

13,623

524,894

Total

Exchange

Traded

Fund

(cost

$597,283)

524,894

Repurchase

Agreements

8.6%

Principal

Amount

($)

Bank

of

America

NA,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,084,164,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

3/20/2042

-

7/20/2047;

total

market

value

$4,164,788.(c)

4,083,126

4,083,126

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$7,192,179,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$7,334,158.(c)

7,190,351

7,190,351

Credit

Suisse

AG,

2.97%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$4,391,487,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

2.25%,

maturing

12/31/2022

-

2/15/2046;

total

market

value

$4,479,317.(c)

4,390,400

4,390,400

MetLife,

Inc.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$284,445,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

1.75%,

maturing

1/12/2023

-

11/15/2047;

total

market

value

$290,200.(c)

284,372

284,372

Pershing

LLC,

3.08%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$2,000,514,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.13%

-

8.50%,

maturing

10/25/2022

-

12/20/2071;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$17,948,249)

17,948,249

Total

Investments

(cost

$232,147,561)

—

107.3%

224,304,419

Liabilities

in

excess

of

other

assets

—

(7.3)%

(15,271,111)

NET

ASSETS

—

100.0%

$

209,033,308

8

-

Statement

of

Investments

-

September

30,

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$28,455,672,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$17,948,249

and

by

$11,871,043

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

10/31/2022

–

11/15/2051,

a

total

value

of

$29,819,292.

(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

September

30,

2022

was

$8,068,361

which

represents

3.86%

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

September

30,

2022

was

$17,948,249.

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

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2022:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

8,710,640

CAD

11,270,000

Goldman

Sachs

International

10/20/2022

552,296

USD

5,872,590

EUR

5,874,000

Goldman

Sachs

International

10/20/2022

109,304

USD

1,880,588

KRW

2,510,529,000

Goldman

Sachs

International

**

10/20/2022

125,337

USD

704,883

NOK

6,811,000

Goldman

Sachs

International

10/20/2022

79,322

USD

2,811,537

TWD

84,810,000

Goldman

Sachs

International

**

10/20/2022

138,070

Total

unrealized

appreciation

1,004,329

AUD

18,673,000

USD

13,012,373

Goldman

Sachs

International

10/20/2022

(1,065,958)

CAD

1,518,000

USD

1,151,263

Goldman

Sachs

International

10/20/2022

(52,384)

CHF

1,578,000

USD

1,642,913

Goldman

Sachs

International

10/20/2022

(41,342)

DKK

8,737,000

USD

1,175,307

Goldman

Sachs

International

10/20/2022

(22,334)

SEK

14,914,000

USD

1,410,107

Goldman

Sachs

International

10/20/2022

(65,253)

USD

842,882

EUR

865,000

Goldman

Sachs

International

10/20/2022

(5,815)

Total

unrealized

depreciation

(1,253,086)

Net

unrealized

depreciation

(248,757)

**

Non-deliverable

forward.

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

DKK

Danish

krone

EUR

Euro

KRW

South

Korean

won

NOK

Norwegian

krone

SEK

Swedish

krona

TWD

Taiwan

new

dollar

USD

United

States

dollar

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

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.

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.

10

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

364,816

$

–

$

364,816

Airlines

865,225

–

–

865,225

Auto

Components

–

1,249,836

–

1,249,836

Automobiles

–

4,079,129

–

4,079,129

Banks

–

21,716,458

–

21,716,458

Biotechnology

738,748

–

–

738,748

Capital

Markets

–

3,124,092

–

3,124,092

Chemicals

3,377,674

1,365,189

–

4,742,863

Construction

&

Engineering

–

5,667,214

–

5,667,214

Diversified

Financial

Services

1,628,738

3,975,888

–

5,604,626

Diversified

Telecommunication

Services

2,705,026

7,034,257

–

9,739,283

Electric

Utilities

–

1,923,933

–

1,923,933

Electronic

Equipment,

Instruments

&

Components

–

6,975,931

–

6,975,931

Energy

Equipment

&

Services

–

650,278

–

650,278

Entertainment

–

1,047,576

–

1,047,576

Equity

Real

Estate

Investment

Trusts

(REITs)

–

712,168

–

712,168

Food

&

Staples

Retailing

3,957,173

9,532,497

–

13,489,670

Food

Products

806,656

5,394,201

–

6,200,857

Health

Care

Equipment

&

Supplies

13,789

–

–

13,789

Health

Care

Providers

&

Services

–

2,286,102

–

2,286,102

Hotels,

Restaurants

&

Leisure

–

1,605,020

–

1,605,020

Household

Durables

–

342,198

–

342,198

Industrial

Conglomerates

–

2,992,294

–

2,992,294

Insurance

–

16,455,474

–

16,455,474

Internet

&

Direct

Marketing

Retail

–

452,890

–

452,890

Machinery

–

2,954,339

–

2,954,339

Metals

&

Mining

3,220,943

2,505,643

–

5,726,586

Multi-Utilities

–

4,015,990

–

4,015,990

Oil,

Gas

&

Consumable

Fuels

4,886,862

23,571,579

–

28,458,441

Paper

&

Forest

Products

1,363,507

4,451,660

–

5,815,167

Pharmaceuticals

5,705,803

15,644,595

–

21,350,398

Professional

Services

–

1,310,070

–

1,310,070

Real

Estate

Management

&

Development

–

964,760

–

964,760

Textiles,

Apparel

&

Luxury

Goods

–

1,408,538

–

1,408,538

Tobacco

–

8,737,248

–

8,737,248

Trading

Companies

&

Distributors

–

6,013,752

–

6,013,752

Water

Utilities

–

1,582,646

–

1,582,646

Wireless

Telecommunication

Services

–

4,452,871

–

4,452,871

Total

Common

Stocks

$

29,270,144

$

176,561,132

$

–

$

205,831,276

Exchange

Traded

Fund

524,894

–

–

524,894

Forward

Foreign

Currency

Contracts

–

1,004,329

–

1,004,329

Repurchase

Agreements

–

17,948,249

–

17,948,249

Total

Assets

$

29,795,038

$

195,513,710

$

–

$

225,308,748

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(1,253,086)

$

–

$

(1,253,086)

Total

Liabilities

$

–

$

(1,253,086)

$

–

$

(1,253,086)

Total

$

29,795,038

$

194,260,624

$

–

$

224,055,662

As

of

September

30,

2022,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

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

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

September

30,

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.

Common

Stocks

Total

Balance

as

of

12/31/2021

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

(238,094)

(238,094)

Purchases

*

888,472

888,472

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(650,378)

(650,378)

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2022

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2022

$

(888,471)

$

(888,471)

*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

12

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2022:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2022:        

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

1,004,329

Total

$

1,004,329

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(1,253,086)

Total

$

(1,253,086)

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

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

95.6%

Shares

Value

($)

ARGENTINA

0.3%

Hotels,

Restaurants

&

Leisure

0.3%

Despegar.com

Corp.

*(a)

187,142

1,066,709

BRAZIL

5.0%

Banks

1.5%

Banco

Bradesco

SA,

ADR

782,332

2,878,982

Itau

Unibanco

Holding

SA,

ADR

745,990

3,856,768

6,735,750

Food

&

Staples

Retailing

0.4%

Atacadao

SA

521,899

1,870,162

Interactive

Media

&

Services

0.1%

VTEX

,

Class

A

*(a)

84,423

312,365

Internet

&

Direct

Marketing

Retail

0.8%

MercadoLibre

,

Inc.

*

4,185

3,464,259

Oil,

Gas

&

Consumable

Fuels

0.9%

Petroleo

Brasileiro

SA,

ADR

304,100

3,752,594

Road

&

Rail

0.6%

Localiza

Rent

a

Car

SA

217,452

2,462,603

Software

0.7%

TOTVS

SA

*

535,322

2,912,622

21,510,355

CHILE

2.1%

Banks

0.9%

Banco

Santander

Chile

105,789,152

3,696,025

Chemicals

1.2%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

59,300

5,381,475

9,077,500

CHINA

30.0%

Airlines

1.3%

Spring

Airlines

Co.

Ltd.

,

Class

A

*

739,825

5,400,939

Automobiles

0.7%

NIO,

Inc.,

ADR

*

187,500

2,956,875

Banks

0.7%

Postal

Savings

Bank

of

China

Co.

Ltd.

,

Class

A

4,728,335

2,965,389

Beverages

1.7%

Kweichow

Moutai

Co.

Ltd.

,

Class

A

15,300

4,024,466

Kweichow

Moutai

Co.

Ltd.

,

Class

A

11,600

3,051,229

Diversified

Consumer

Services

1.1%

China

Education

Group

Holdings

Ltd.

Reg.

S

6,377,000

4,703,450

Electrical

Equipment

2.8%

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

100,500

5,641,267

NARI

Technology

Co.

Ltd.

,

Class

A

1,854,253

6,473,300

12,114,567

Entertainment

1.3%

NetEase

,

Inc.

374,003

5,679,482

Food

Products

0.2%

China

Mengniu

Dairy

Co.

Ltd.

*

240,000

941,364

Common

Stocks

Shares

Value

($)

CHINA

Health

Care

Equipment

&

Supplies

0.9%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

Class

A

91,800

3,876,311

Household

Durables

1.8%

Haier

Smart

Home

Co.

Ltd.

,

Class

H

1,609,800

4,904,323

Midea

Group

Co.

Ltd.

,

Class

A

423,872

2,945,243

7,849,566

Interactive

Media

&

Services

4.1%

Kuaishou

Technology

Reg.

S

*(b)

134,100

864,095

Tencent

Holdings

Ltd.

489,100

16,517,885

17,381,980

Internet

&

Direct

Marketing

Retail

6.7%

Alibaba

Group

Holding

Ltd.

*

2,038,169

20,444,658

JD.com,

Inc.

,

Class

A

296,161

7,478,452

27,923,110

IT

Services

0.4%

GDS

Holdings

Ltd.,

ADR

*(a)

27,117

478,886

Vnet

Group,

Inc.,

ADR

*(a)

185,651

1,021,081

1,499,967

Life

Sciences

Tools

&

Services

0.5%

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

346,000

2,073,040

Machinery

0.9%

Sany

Heavy

Industry

Co.

Ltd.

,

Class

A

2,006,746

3,924,306

Semiconductors

&

Semiconductor

Equipment

1.4%

LONGi

Green

Energy

Technology

Co.

Ltd.

,

Class

A

870,043

5,843,597

Silergy

Corp.

24,000

314,601

6,158,198

Software

2.0%

Shanghai

Baosight

Software

Co.

Ltd.

,

Class

A

1,656,388

8,585,669

Textiles,

Apparel

&

Luxury

Goods

0.8%

Shenzhou

International

Group

Holdings

Ltd.

467,500

3,585,834

Water

Utilities

0.7%

Guangdong

Investment

Ltd.

3,610,000

2,888,449

127,584,191

FRANCE

0.2%

Textiles,

Apparel

&

Luxury

Goods

0.2%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,167

686,003

GREECE

1.4%

Hotels,

Restaurants

&

Leisure

1.1%

OPAP

SA

409,003

4,912,222

Industrial

Conglomerates

0.3%

Mytilineos

SA

91,499

1,242,849

6,155,071

HONG

KONG

3.0%

Insurance

3.0%

AIA

Group

Ltd.

1,021,800

8,483,553

Prudential

plc

435,193

4,275,805

12,759,358

14

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

Shares

Value

($)

INDIA

19.9%

Automobiles

0.7%

Maruti

Suzuki

India

Ltd.

28,095

3,043,132

Banks

3.4%

HDFC

Bank

Ltd.

290,198

5,028,528

HDFC

Bank

Ltd.,

ADR

59,262

3,462,086

ICICI

Bank

Ltd.,

ADR

291,749

6,117,977

14,608,591

Beverages

2.8%

Varun

Beverages

Ltd.

931,812

11,919,576

Construction

&

Engineering

0.6%

Larsen

&

Toubro

Ltd.

112,466

2,534,279

Consumer

Finance

0.1%

Cholamandalam

Investment

and

Finance

Co.

Ltd.

65,501

584,434

Diversified

Financial

Services

3.6%

Bajaj

Finserv

Ltd.

203,710

4,169,058

Housing

Development

Finance

Corp.

Ltd.

395,938

11,025,580

15,194,638

Health

Care

Providers

&

Services

2.0%

Max

Healthcare

Institute

Ltd.

*

1,716,284

8,586,816

Hotels,

Restaurants

&

Leisure

0.8%

Devyani

International

Ltd.

*

1,435,768

3,425,985

Insurance

0.9%

Star

Health

&

Allied

Insurance

Co.

Ltd.

*

453,664

3,922,654

Personal

Products

0.8%

Hindustan

Unilever

Ltd.

98,215

3,234,756

Real

Estate

Management

&

Development

0.5%

Indiabulls

Real

Estate

Ltd.

*

2,260,522

2,132,826

Road

&

Rail

1.2%

Container

Corp.

of

India

Ltd.

599,634

5,222,622

Textiles,

Apparel

&

Luxury

Goods

0.9%

Titan

Co.

Ltd.

121,707

3,867,210

Wireless

Telecommunication

Services

1.6%

Bharti

Airtel

Ltd.

679,080

6,632,486

84,910,005

INDONESIA

5.5%

Banks

3.0%

Bank

Central

Asia

Tbk

.

PT

12,872,300

7,185,810

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

20,324,900

5,978,984

13,164,794

Chemicals

0.6%

Avia

Avian

Tbk

.

PT

47,791,400

2,495,122

Diversified

Telecommunication

Services

1.9%

Telkom

Indonesia

Persero

Tbk

.

PT

27,243,600

7,935,961

23,595,877

JAPAN

0.1%

Personal

Products

0.1%

Shiseido

Co.

Ltd.

11,300

395,532

Common

Stocks

Shares

Value

($)

KENYA

0.3%

Wireless

Telecommunication

Services

0.3%

Safaricom

plc

6,563,970

1,358,032

MALAYSIA

1.6%

Banks

1.6%

Public

Bank

Bhd.

7,294,900

6,632,776

MEXICO

1.3%

Food

&

Staples

Retailing

1.3%

Wal-Mart

de

Mexico

SAB

de

CV

1,527,500

5,372,170

PERU

0.6%

Banks

0.3%

Credicorp

Ltd.

9,459

1,161,565

Food

&

Staples

Retailing

0.3%

InRetail

Peru

Corp.

Reg.

S

(b)

44,555

1,481,454

2,643,019

PHILIPPINES

1.5%

Food

Products

1.0%

Monde

Nissin

Corp.

Reg.

S

(b)

20,476,600

4,244,956

Hotels,

Restaurants

&

Leisure

0.5%

Jollibee

Foods

Corp.

591,980

2,312,359

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

ACEN

Corp.

315,000

30,122

6,587,437

QATAR

0.2%

Banks

0.2%

Qatar

National

Bank

QPSC

146,390

798,883

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

(Preference)

*^∞

533,346

0

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

1.0%

Banks

0.4%

Capitec

Bank

Holdings

Ltd.

17,646

1,512,617

Diversified

Financial

Services

0.6%

FirstRand

Ltd.

888,434

2,956,176

4,468,793

SOUTH

KOREA

7.0%

Chemicals

1.2%

LG

Chem

Ltd.

14,080

5,217,697

Electrical

Equipment

1.1%

LG

Energy

Solution

Ltd.

*

15,902

4,701,138

NVIT

Emerging

Markets

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Personal

Products

0.5%

LG

H&H

Co.

Ltd.

4,983

2,185,462

Pharmaceuticals

0.1%

Yuhan

Corp.

10,947

412,783

Semiconductors

&

Semiconductor

Equipment

0.6%

SK

Hynix,

Inc.

47,327

2,715,536

Technology

Hardware,

Storage

&

Peripherals

3.5%

Samsung

Electronics

Co.

Ltd.

384,969

14,145,042

Samsung

Electronics

Co.

Ltd.

(Preference)

19,061

620,216

14,765,258

29,997,874

SWITZERLAND

0.2%

Airlines

0.2%

Wizz

Air

Holdings

plc

Reg.

S

*(b)

45,598

801,955

TAIWAN

11.7%

Banks

1.7%

CTBC

Financial

Holding

Co.

Ltd.

11,310,000

7,035,412

Communications

Equipment

0.7%

Accton

Technology

Corp.

374,541

3,175,929

Food

&

Staples

Retailing

1.1%

President

Chain

Store

Corp.

551,000

4,887,103

Semiconductors

&

Semiconductor

Equipment

8.2%

eMemory

Technology,

Inc.

57,000

2,012,593

MediaTek

,

Inc.

174,637

3,039,408

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

2,248,733

29,557,988

34,609,989

49,708,433

THAILAND

2.7%

Banks

0.8%

Kasikornbank

PCL

936,000

3,610,047

Hotels,

Restaurants

&

Leisure

0.4%

Minor

International

PCL

*

2,615,600

1,828,387

Oil,

Gas

&

Consumable

Fuels

1.0%

PTT

Exploration

&

Production

PCL

917,975

3,894,281

Specialty

Retail

0.5%

Home

Product

Center

PCL

5,532,300

1,967,201

11,299,916

Total

Common

Stocks

(cost

$516,985,473)

407,409,889

Rights

0.0%

†

Number

of

Rights

BRAZIL

0.0%

†

Road

&

Rail

0.0%

†

Localiza

Rent

a

Car

SA,

expiring

10/31/22*

667

1,360

Total

Rights

(cost

$–)

1,360

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$466,159,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$475,361.(c)

466,040

466,040

Total

Repurchase

Agreement

(cost

$466,040)

466,040

Total

Investments

(cost

$517,451,513)

—

95.7%

407,877,289

Other

assets

in

excess

of

liabilities

—

4.3%

18,356,717

NET

ASSETS

—

100.0%

$

426,234,006

*

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

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$458,009,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$466,040

and

by

$337

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

3.88%,

and

maturity

dates

ranging

from

12/15/2022

–

11/15/2051,

a

total

value

of

$466,377.

(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

September

30,

2022

was

$9,465,500

which

represents

2.22%

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

September

30,

2022

was

$466,040.

ADR

American

Depositary

Receipt

GDR

Global

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.

16

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Emerging

Markets

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

Emerging

Markets

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

17

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

6,202,894

$

–

$

6,202,894

Automobiles

2,956,875

3,043,132

–

6,000,007

Banks

21,173,403

40,748,446

–

61,921,849

Beverages

–

18,995,271

–

18,995,271

Chemicals

5,381,475

7,712,819

–

13,094,294

Communications

Equipment

–

3,175,929

–

3,175,929

Construction

&

Engineering

–

2,534,279

–

2,534,279

Consumer

Finance

–

584,434

–

584,434

Diversified

Consumer

Services

–

4,703,450

–

4,703,450

Diversified

Financial

Services

–

18,150,814

–

18,150,814

Diversified

Telecommunication

Services

–

7,935,961

–

7,935,961

Electrical

Equipment

–

16,815,705

–

16,815,705

Entertainment

–

5,679,482

–

5,679,482

Food

&

Staples

Retailing

8,723,786

4,887,103

–

13,610,889

Food

Products

–

5,186,320

–

5,186,320

Health

Care

Equipment

&

Supplies

–

3,876,311

–

3,876,311

Health

Care

Providers

&

Services

–

8,586,816

–

8,586,816

Hotels,

Restaurants

&

Leisure

1,066,709

12,478,953

–

13,545,662

Household

Durables

–

7,849,566

–

7,849,566

Independent

Power

and

Renewable

Electricity

Producers

–

30,122

–

30,122

Industrial

Conglomerates

–

1,242,849

–

1,242,849

Insurance

–

16,682,012

–

16,682,012

Interactive

Media

&

Services

312,365

17,381,980

–

17,694,345

Internet

&

Direct

Marketing

Retail

3,464,259

27,923,110

–

31,387,369

IT

Services

1,499,967

–

–

1,499,967

Life

Sciences

Tools

&

Services

–

2,073,040

–

2,073,040

Machinery

–

3,924,306

–

3,924,306

Oil,

Gas

&

Consumable

Fuels

3,752,594

3,894,281

–

7,646,875

Personal

Products

–

5,815,750

–

5,815,750

Pharmaceuticals

–

412,783

–

412,783

Real

Estate

Management

&

Development

–

2,132,826

–

2,132,826

Road

&

Rail

2,462,603

5,222,622

–

7,685,225

Semiconductors

&

Semiconductor

Equipment

–

43,483,723

–

43,483,723

Software

2,912,622

8,585,669

–

11,498,291

Specialty

Retail

–

1,967,201

–

1,967,201

Technology

Hardware,

Storage

&

Peripherals

–

14,765,258

–

14,765,258

Textiles,

Apparel

&

Luxury

Goods

–

8,139,047

–

8,139,047

Water

Utilities

–

2,888,449

–

2,888,449

Wireless

Telecommunication

Services

–

7,990,518

–

7,990,518

Total

Common

Stocks

$

53,706,658

$

353,703,231

$

–

$

407,409,889

Repurchase

Agreement

–

466,040

–

466,040

Rights

1,360

–

–

1,360

Total

$

53,708,018

$

354,169,271

$

–

$

407,877,289

As

of

September

30,

2022,

the

Fund

held

five

common

stocks

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

18

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

Emerging

Markets

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. 

Common

Stocks

Total

Balance

as

of

12/31/2021

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

(3,604,220)

(3,604,220)

Purchases

—

—

Sales

(1,255,363)

(1,255,363)

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

9/30/2022

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2022

$

(13,776,118)

$

(13,776,118)

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

Equity

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

98.7%

Shares

Value

($)

AUSTRALIA

4.8%

Biotechnology

0.8%

CSL

Ltd.

3,202

580,596

Commercial

Services

&

Supplies

0.5%

Brambles

Ltd.

48,479

351,746

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Charter

Hall

Group

38,310

277,325

Health

Care

Providers

&

Services

0.6%

Sonic

Healthcare

Ltd.

23,706

461,276

Hotels,

Restaurants

&

Leisure

0.9%

Aristocrat

Leisure

Ltd.

32,187

671,726

Metals

&

Mining

1.2%

BHP

Group

Ltd.

28,630

713,027

Perseus

Mining

Ltd.

77,669

76,505

789,532

Oil,

Gas

&

Consumable

Fuels

0.2%

Yancoal

Australia

Ltd.

37,264

134,923

Software

0.2%

WiseTech

Global

Ltd.

(a)

5,208

171,060

3,438,184

BRAZIL

1.9%

Banks

0.1%

Banco

Santander

Brasil

SA

11,600

65,243

Metals

&

Mining

0.8%

Vale

SA,

ADR

(a)

44,610

594,205

Oil,

Gas

&

Consumable

Fuels

1.0%

Petroleo

Brasileiro

SA

(Preference)

127,300

703,243

1,362,691

CANADA

8.2%

Capital

Markets

0.1%

Brookfield

Asset

Management,

Inc.

,

Class

A

1,680

68,728

Chemicals

0.9%

Nutrien

Ltd.

7,375

614,928

Diversified

Financial

Services

0.2%

Element

Fleet

Management

Corp.

(a)

14,487

170,947

Electric

Utilities

0.1%

Hydro

One

Ltd.

Reg.

S

(b)

2,943

71,969

Food

&

Staples

Retailing

2.4%

Alimentation

Couche-Tard,

Inc.

11,424

459,904

Loblaw

Cos.

Ltd.

13,118

1,038,728

Metro,

Inc.

4,412

220,927

1,719,559

Insurance

0.7%

Fairfax

Financial

Holdings

Ltd.

711

324,727

iA

Financial

Corp.,

Inc.

2,985

151,676

476,403

IT

Services

0.7%

CGI,

Inc.

*

6,423

483,533

Common

Stocks

Shares

Value

($)

CANADA

Multiline

Retail

0.7%

Dollarama,

Inc.

9,299

533,833

Oil,

Gas

&

Consumable

Fuels

0.6%

Canadian

Natural

Resources

Ltd.

1,436

66,844

Tourmaline

Oil

Corp.

7,613

395,654

462,498

Road

&

Rail

0.5%

Canadian

National

Railway

Co.

3,027

326,903

Software

0.7%

Constellation

Software,

Inc.

371

516,231

Textiles,

Apparel

&

Luxury

Goods

0.5%

Gildan

Activewear,

Inc.

(a)

12,021

339,827

Trading

Companies

&

Distributors

0.1%

Finning

International,

Inc.

4,451

78,235

5,863,594

CHILE

0.2%

Chemicals

0.2%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

1,790

162,443

CHINA

10.1%

Banks

1.4%

Bank

of

China

Ltd.

,

Class

H

2,428,000

792,532

Bank

of

Communications

Co.

Ltd.

,

Class

H

379,000

199,125

991,657

Capital

Markets

0.3%

China

Galaxy

Securities

Co.

Ltd.

,

Class

H

276,000

127,054

Futu

Holdings

Ltd.,

ADR

*(a)

1,712

63,840

190,894

Consumer

Finance

0.1%

360

DigiTech,

Inc.,

ADR

(a)

6,694

85,817

Diversified

Consumer

Services

0.1%

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

*

3,603

86,364

Entertainment

0.9%

NetEase,

Inc.

36,500

554,277

Tencent

Music

Entertainment

Group,

ADR

*

15,885

64,493

618,770

Household

Durables

0.3%

Haier

Smart

Home

Co.

Ltd.

,

Class

H

67,200

204,728

Independent

Power

and

Renewable

Electricity

Producers

0.3%

China

Longyuan

Power

Group

Corp.

Ltd.

,

Class

H

191,000

238,848

Interactive

Media

&

Services

0.9%

Baidu,

Inc.,

ADR

*(a)

2,608

306,414

Tencent

Holdings

Ltd.

9,600

324,211

630,625

20

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

CHINA

Internet

&

Direct

Marketing

Retail

1.6%

Alibaba

Group

Holding

Ltd.

*

40,600

407,253

Alibaba

Group

Holding

Ltd.,

ADR

*

2,708

216,613

JD.com,

Inc.

,

Class

A

13,357

337,282

Pinduoduo,

Inc.,

ADR

*

2,377

148,753

Vipshop

Holdings

Ltd.,

ADR

*

8,080

67,953

1,177,854

Marine

0.7%

COSCO

SHIPPING

Holdings

Co.

Ltd.

,

Class

H

(a)

220,349

257,504

SITC

International

Holdings

Co.

Ltd.

123,000

225,266

482,770

Oil,

Gas

&

Consumable

Fuels

2.7%

China

Petroleum

&

Chemical

Corp.

,

Class

H

(a)

1,942,000

827,639

PetroChina

Co.

Ltd.

,

Class

H

2,490,000

1,023,931

1,851,570

Pharmaceuticals

0.4%

CSPC

Pharmaceutical

Group

Ltd.

305,200

299,691

Specialty

Retail

0.2%

China

Meidong

Auto

Holdings

Ltd.

26,000

41,137

China

Yongda

Automobiles

Services

Holdings

Ltd.

162,500

86,869

128,006

Technology

Hardware,

Storage

&

Peripherals

0.2%

Lenovo

Group

Ltd.

242,000

166,250

7,153,844

COLOMBIA

0.1%

Banks

0.1%

Bancolombia

SA,

ADR

(a)

2,242

54,638

CZECH

REPUBLIC

0.2%

Banks

0.1%

Komercni

Banka

A/S

2,810

70,306

Electric

Utilities

0.1%

CEZ

A/S

1,978

67,808

138,114

DENMARK

4.1%

Marine

0.8%

AP

Moller

-

Maersk

A/S

,

Class

B

316

572,415

Pharmaceuticals

3.2%

Novo

Nordisk

A/S

,

Class

B

22,690

2,261,603

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

1,594

74,244

2,908,262

FRANCE

5.6%

Aerospace

&

Defense

0.1%

Airbus

SE

596

51,490

Common

Stocks

Shares

Value

($)

FRANCE

Auto

Components

0.5%

Cie

Generale

des

Etablissements

Michelin

SCA

14,862

331,109

Banks

0.9%

BNP

Paribas

SA

15,872

670,074

Building

Products

0.4%

Cie

de

Saint-Gobain

8,222

293,228

Construction

&

Engineering

0.6%

Vinci

SA

5,619

451,349

Hotels,

Restaurants

&

Leisure

0.5%

La

Francaise

des

Jeux

SAEM

Reg.

S

(b)

11,788

348,790

Insurance

0.5%

AXA

SA

16,923

370,525

IT

Services

0.6%

Capgemini

SE

2,618

418,384

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

179

54,719

Oil,

Gas

&

Consumable

Fuels

0.4%

Gaztransport

Et

Technigaz

SA

667

73,794

TotalEnergies

SE

5,048

237,609

311,403

Textiles,

Apparel

&

Luxury

Goods

1.0%

Hermes

International

347

407,848

Kering

SA

653

288,769

696,617

3,997,688

GERMANY

4.3%

Air

Freight

&

Logistics

1.3%

Deutsche

Post

AG

(Registered)

31,092

946,078

Auto

Components

0.1%

Schaeffler

AG

(Preference)

(a)

11,006

49,792

Automobiles

0.5%

Bayerische

Motoren

Werke

AG

1,027

70,215

Volkswagen

AG

(Preference)

2,224

274,706

344,921

Capital

Markets

0.7%

Deutsche

Bank

AG

(Registered)

67,474

504,684

Electrical

Equipment

0.2%

Siemens

Energy

AG

(a)

12,252

136,378

Marine

0.1%

Hapag-Lloyd

AG

Reg.

S

(a)

(b)

603

102,941

Pharmaceuticals

1.0%

Merck

KGaA

4,349

709,772

Textiles,

Apparel

&

Luxury

Goods

0.4%

HUGO

BOSS

AG

6,535

307,498

3,102,064

NVIT

International

Equity

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

GREECE

0.1%

Diversified

Telecommunication

Services

0.1%

Hellenic

Telecommunications

Organization

SA

4,527

65,756

HONG

KONG

1.8%

Food

Products

0.9%

WH

Group

Ltd.

Reg.

S

(b)

966,000

607,658

Marine

0.2%

Orient

Overseas

International

Ltd.

9,500

165,684

Oil,

Gas

&

Consumable

Fuels

0.1%

United

Energy

Group

Ltd.

(a)

846,000

96,590

Real

Estate

Management

&

Development

0.6%

Swire

Pacific

Ltd.

,

Class

A

56,000

417,908

1,287,840

INDIA

4.4%

Aerospace

&

Defense

0.7%

Hindustan

Aeronautics

Ltd.

Reg.

S

18,052

516,246

Banks

2.8%

Bank

of

Baroda

457,554

736,687

ICICI

Bank

Ltd.

40,469

423,919

State

Bank

of

India

116,375

752,507

1,913,113

Chemicals

0.5%

GHCL

Ltd.

10,801

86,076

SRF

Ltd.

9,149

278,632

364,708

Diversified

Financial

Services

0.1%

Bajaj

Finserv

Ltd.

3,489

71,405

IT

Services

0.1%

Persistent

Systems

Ltd.

2,552

100,159

Software

0.1%

KPIT

Technologies

Ltd.

11,724

93,813

Textiles,

Apparel

&

Luxury

Goods

0.1%

Page

Industries

Ltd.

162

100,671

3,160,115

INDONESIA

1.5%

Banks

0.5%

Bank

Mandiri

Persero

Tbk.

PT

638,400

391,433

Diversified

Telecommunication

Services

0.5%

Telkom

Indonesia

Persero

Tbk.

PT

1,166,600

339,826

Food

Products

0.2%

First

Resources

Ltd.

57,200

55,368

Golden

Agri-Resources

Ltd.

367,700

67,702

123,070

Household

Products

0.3%

Unilever

Indonesia

Tbk.

PT

692,500

219,283

1,073,612

IRELAND

0.2%

Trading

Companies

&

Distributors

0.2%

AerCap

Holdings

NV

*

3,648

154,420

Common

Stocks

Shares

Value

($)

ITALY

0.7%

Aerospace

&

Defense

0.1%

Leonardo

SpA

10,348

73,230

Banks

0.4%

Banco

BPM

SpA

55,601

144,576

UniCredit

SpA

16,860

170,491

315,067

IT

Services

0.2%

Reply

SpA

1,330

138,744

527,041

JAPAN

13.9%

Automobiles

1.0%

Honda

Motor

Co.

Ltd.

(a)

18,900

411,720

Toyota

Motor

Corp.

25,100

326,722

738,442

Banks

0.7%

77

Bank

Ltd.

(The)

(a)

15,200

187,349

Nishi-Nippon

Financial

Holdings,

Inc.

31,700

164,508

Sumitomo

Mitsui

Financial

Group,

Inc.

4,100

114,093

465,950

Building

Products

1.6%

AGC,

Inc.

21,000

652,721

Daikin

Industries

Ltd.

(a)

3,000

463,560

1,116,281

Chemicals

1.2%

Nissan

Chemical

Corp.

(a)

3,400

151,944

Shin-Etsu

Chemical

Co.

Ltd.

6,900

685,196

837,140

Diversified

Financial

Services

0.7%

ORIX

Corp.

33,400

469,737

Electrical

Equipment

0.5%

Mitsubishi

Electric

Corp.

39,700

358,630

Health

Care

Equipment

&

Supplies

0.1%

Jeol

Ltd.

(a)

2,900

95,589

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Electric

Power

Development

Co.

Ltd.

(a)

8,100

114,366

Industrial

Conglomerates

0.1%

Nisshinbo

Holdings,

Inc.

13,400

97,400

Insurance

2.6%

Dai-ichi

Life

Holdings,

Inc.

36,300

577,008

Japan

Post

Holdings

Co.

Ltd.

150,000

993,241

MS&AD

Insurance

Group

Holdings,

Inc.

(a)

10,900

288,455

1,858,704

Media

0.2%

SKY

Perfect

JSAT

Holdings,

Inc.

35,400

126,608

Pharmaceuticals

0.3%

Chugai

Pharmaceutical

Co.

Ltd.

7,900

197,256

Real

Estate

Management

&

Development

0.5%

Daiwa

House

Industry

Co.

Ltd.

(a)

17,700

360,710

22

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Semiconductors

&

Semiconductor

Equipment

0.4%

Tokyo

Electron

Ltd.

1,200

297,109

Technology

Hardware,

Storage

&

Peripherals

0.3%

Canon,

Inc.

11,300

246,449

Tobacco

1.8%

Japan

Tobacco,

Inc.

79,500

1,304,888

Trading

Companies

&

Distributors

0.9%

Marubeni

Corp.

8,500

74,628

Mitsui

&

Co.

Ltd.

(a)

26,900

577,112

651,740

Wireless

Telecommunication

Services

0.8%

SoftBank

Corp.

(a)

56,000

560,039

9,897,038

MALAYSIA

0.3%

Chemicals

0.3%

Petronas

Chemicals

Group

Bhd.

128,800

232,227

MEXICO

0.5%

Beverages

0.5%

Coca-Cola

Femsa

SAB

de

CV,

ADR

5,635

329,028

NETHERLANDS

4.4%

Insurance

0.9%

Aegon

NV

58,577

232,791

NN

Group

NV

10,399

404,738

637,529

IT

Services

0.7%

Adyen

NV

Reg.

S

*(b)

403

501,351

Oil,

Gas

&

Consumable

Fuels

0.8%

Shell

plc

22,623

562,867

Professional

Services

0.9%

Wolters

Kluwer

NV

6,664

648,814

Semiconductors

&

Semiconductor

Equipment

1.1%

ASML

Holding

NV

1,972

817,969

3,168,530

NIGERIA

0.1%

Wireless

Telecommunication

Services

0.1%

Airtel

Africa

plc

Reg.

S

(b)

71,053

102,550

NORWAY

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

DNO

ASA

57,344

64,963

PHILIPPINES

0.1%

Banks

0.1%

BDO

Unibank,

Inc.

40,720

77,571

POLAND

0.2%

Electric

Utilities

0.2%

PGE

Polska

Grupa

Energetyczna

SA

*

86,044

108,029

SAUDI

ARABIA

1.0%

Banks

0.1%

Al

Rajhi

Bank

*

3,132

67,289

Electric

Utilities

0.2%

Saudi

Electricity

Co.

26,170

169,400

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

IT

Services

0.4%

Arabian

Internet

&

Communications

Services

Co.

4,138

261,322

Media

0.3%

Saudi

Research

&

Media

Group

*

4,603

231,747

729,758

SINGAPORE

1.5%

Banks

0.3%

DBS

Group

Holdings

Ltd.

8,600

198,832

Industrial

Conglomerates

0.5%

Jardine

Cycle

&

Carriage

Ltd.

16,400

383,660

Semiconductors

&

Semiconductor

Equipment

0.7%

STMicroelectronics

NV

16,359

504,749

1,087,241

SOUTH

AFRICA

0.9%

Banks

0.3%

Absa

Group

Ltd.

16,745

162,355

Standard

Bank

Group

Ltd.

10,656

84,068

246,423

Metals

&

Mining

0.5%

Anglo

American

plc

2,324

70,204

Impala

Platinum

Holdings

Ltd.

10,002

92,808

Sibanye

Stillwater

Ltd.

54,048

125,093

288,105

Specialty

Retail

0.1%

Motus

Holdings

Ltd.

14,778

93,663

628,191

SOUTH

KOREA

3.0%

Automobiles

0.9%

Kia

Corp.

13,061

651,839

Banks

0.4%

Hana

Financial

Group,

Inc.

3,313

81,369

Woori

Financial

Group,

Inc.

26,288

195,313

276,682

Electronic

Equipment,

Instruments

&

Components

0.3%

LG

Innotek

Co.

Ltd.

333

62,811

Samsung

Electro-Mechanics

Co.

Ltd.

1,752

135,360

198,171

Technology

Hardware,

Storage

&

Peripherals

1.4%

Samsung

Electronics

Co.

Ltd.

27,650

1,015,954

2,142,646

SPAIN

2.8%

Banks

0.5%

Banco

Santander

SA

146,243

339,905

Electric

Utilities

1.1%

Iberdrola

SA

91,784

853,259

Specialty

Retail

1.2%

Industria

de

Diseno

Textil

SA

40,460

835,717

2,028,881

NVIT

International

Equity

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

SWEDEN

1.3%

Automobiles

0.2%

Volvo

Car

AB

,

Class

B

*(a)

36,310

156,593

Commercial

Services

&

Supplies

0.3

%

Securitas

AB

,

Class

B

(a)

27,292

190,012

Communications

Equipment

0.5%

Telefonaktiebolaget

LM

Ericsson

,

Class

B

(a)

71,618

417,084

Hotels,

Restaurants

&

Leisure

0.2%

Betsson

AB

,

Class

B

22,018

128,287

Interactive

Media

&

Services

0.1%

Hemnet

Group

AB

5,308

67,581

959,557

SWITZERLAND

2.0%

Capital

Markets

1.4%

UBS

Group

AG

(Registered)

66,497

960,614

Insurance

0.1%

Zurich

Insurance

Group

AG

197

78,312

Pharmaceuticals

0.5%

Novartis

AG

(Registered)

5,050

384,978

1,423,904

TAIWAN

4.0%

Electrical

Equipment

0.3%

Advanced

Energy

Solution

Holding

Co.

Ltd.

2,000

39,565

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp.

39,000

69,535

Voltronic

Power

Technology

Corp.

3,000

131,345

240,445

Electronic

Equipment,

Instruments

&

Components

0.9%

Lotes

Co.

Ltd.

3,000

72,126

Nan

Ya

Printed

Circuit

Board

Corp.

42,000

246,261

Unimicron

Technology

Corp.

81,000

300,778

619,165

Entertainment

0.2%

International

Games

System

Co.

Ltd.

15,000

168,829

Machinery

0.3%

Kinik

Co.

49,000

184,351

Marine

0.2%

Evergreen

Marine

Corp.

Taiwan

Ltd.

8,000

36,473

Wan

Hai

Lines

Ltd.

17,250

35,834

Yang

Ming

Marine

Transport

Corp.

23,000

43,984

116,291

Semiconductors

&

Semiconductor

Equipment

2.1%

ASPEED

Technology,

Inc.

2,100

115,427

Faraday

Technology

Corp.

11,000

45,696

Global

Unichip

Corp.

4,000

73,116

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

89,000

1,169,840

Common

Stocks

Shares

Value

($)

TAIWAN

Semiconductors

&

Semiconductor

Equipment

United

Microelectronics

Corp.

*

51,000

57,273

Via

Technologies,

Inc.

31,000

77,377

1,538,729

2,867,810

THAILAND

0.5%

Banks

0.3%

Kasikornbank

PCL

22,500

86,780

Krung

Thai

Bank

PCL

278,500

122,587

209,367

Oil,

Gas

&

Consumable

Fuels

0

.2%

PTT

Exploration

&

Production

PCL

28,100

119,207

328,574

TURKEY

0.8%

Banks

0.7%

Turkiye

Garanti

Bankasi

A/S

443,636

465,636

Wireless

Telecommunication

Services

0.1%

Turkcell

Iletisim

Hizmetleri

A/S

75,828

81,214

546,850

UNITED

ARAB

EMIRATES

0.4%

Real

Estate

Management

&

Development

0.4%

Emaar

Properties

PJSC

172,065

269,271

UNITED

KINGDOM

7.5%

Banks

2.5%

Barclays

plc

360,236

574,330

HSBC

Holdings

plc

16,434

85,159

NatWest

Group

plc

167,530

418,095

Standard

Chartered

plc

119,455

751,352

1,828,936

Electric

Utilities

0.4%

SSE

plc

17,331

293,848

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Safestore

Holdings

plc

5,596

52,331

Food

&

Staples

Retailing

0.3%

Tesco

plc

94,768

216,992

Food

Products

0.2%

Associated

British

Foods

plc

8,841

123,258

IT

Services

0.2%

Endava

plc,

ADR

*

2,030

163,679

Media

0.1%

Future

plc

3,225

47,510

Oil,

Gas

&

Consumable

Fuels

0.1%

Harbour

Energy

plc

14,358

71,513

Personal

Products

1.9%

Unilever

plc

32,027

1,412,506

Tobacco

1.6%

Imperial

Brands

plc

53,891

1,112,083

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

69,417

78,183

5,400,839

24

-

Statement

of

Investments

-

September

30,

2022

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

5.2%

Automobiles

0.7%

Stellantis

NV

42,711

504,685

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI

(a)

3,439

66,978

Electrical

Equipment

0.6%

Schneider

Electric

SE

3,507

393,454

Signify

NV

Reg.

S

(b)

1,889

48,889

442,343

Pharmaceuticals

3.7%

GSK

plc

40,237

586,896

Roche

Holding

AG

6,387

2,082,539

2,669,435

Software

0.1%

Atlassian

Corp.

plc

,

Class

A

*

322

67,810

3,751,251

Total

Common

Stocks

(cost

$79,239,995)

70,595,015

Repurchase

Agreement

4.4%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

3.05%,

dated

9/30/2022,

due

10/3/2022,

repurchase

price

$3,183,062,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.88%

-

8.00%,

maturing

4/1/2023

-

7/20/2072;

total

market

value

$3,245,898.(c)

3,182,253

3,182,253

Total

Repurchase

Agreement

(cost

$3,182,253)

3,182,253

Total

Investments

(cost

$82,422,248)

—

103.1%

73,777,268

Liabilities

in

excess

of

other

assets

—

(3.1)%

(2,214,547)

NET

ASSETS

—

100.0%

$

71,562,721

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2022.

The

total

value

of

securities

on

loan

as

of

September

30,

2022

was

$4,813,179,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,182,253

and

by

$1,848,949

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

5.25%,

and

maturity

dates

ranging

from

10/31/2022

–

11/15/2051,

a

total

value

of

$5,031,202.

(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

September

30,

2022

was

$1,784,148

which

represents

2.49%

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

September

30,

2022

was

$3,182,253.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

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

Equity

Fund

-

September

30,

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

-

September

30,

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

September

30,

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

$

–

$

640,966

$

–

$

640,966

Air

Freight

&

Logistics

–

946,078

–

946,078

Auto

Components

–

380,901

–

380,901

Automobiles

–

2,396,480

–

2,396,480

Banks

119,881

8,528,241

–

8,648,122

Beverages

329,028

–

–

329,028

Biotechnology

–

580,596

–

580,596

Building

Products

–

1,409,509

–

1,409,509

Capital

Markets

132,568

1,592,352

–

1,724,920

Chemicals

777,371

1,434,075

–

2,211,446

Commercial

Services

&

Supplies

–

541,758

–

541,758

Communications

Equipment

–

417,084

–

417,084

Construction

&

Engineering

–

451,349

–

451,349

Construction

Materials

–

66,978

–

66,978

Consumer

Finance

85,817

–

–

85,817

Diversified

Consumer

Services

86,364

–

–

86,364

Diversified

Financial

Services

170,947

541,142

–

712,089

Diversified

Telecommunication

Services

–

405,582

–

405,582

Electric

Utilities

71,969

1,492,344

–

1,564,313

Electrical

Equipment

–

1,177,796

–

1,177,796

Electronic

Equipment,

Instruments

&

Components

–

817,336

–

817,336

Entertainment

64,493

723,106

–

787,599

Equity

Real

Estate

Investment

Trusts

(REITs)

–

329,656

–

329,656

Food

&

Staples

Retailing

1,719,559

216,992

–

1,936,551

Food

Products

–

853,986

–

853,986

Health

Care

Equipment

&

Supplies

–

95,589

–

95,589

Health

Care

Providers

&

Services

–

461,276

–

461,276

Hotels,

Restaurants

&

Leisure

–

1,148,803

–

1,148,803

Household

Durables

–

204,728

–

204,728

Household

Products

–

219,283

–

219,283

Independent

Power

and

Renewable

Electricity

Producers

–

353,214

–

353,214

Industrial

Conglomerates

–

481,060

–

481,060

Insurance

476,403

2,945,070

–

3,421,473

Interactive

Media

&

Services

306,414

391,792

–

698,206

Internet

&

Direct

Marketing

Retail

433,319

744,535

–

1,177,854

IT

Services

647,212

1,419,960

–

2,067,172

Life

Sciences

Tools

&

Services

–

54,719

–

54,719

Machinery

–

184,351

–

184,351

Marine

–

1,440,101

–

1,440,101

Media

–

405,865

–

405,865

Metals

&

Mining

594,205

1,077,637

–

1,671,842

Multiline

Retail

533,833

–

–

533,833

Oil,

Gas

&

Consumable

Fuels

1,165,741

3,213,036

–

4,378,777

Personal

Products

–

1,412,506

–

1,412,506

Pharmaceuticals

–

6,522,735

–

6,522,735

Professional

Services

–

648,814

–

648,814

Real

Estate

Management

&

Development

–

1,047,889

–

1,047,889

Road

&

Rail

326,903

–

–

326,903

Semiconductors

&

Semiconductor

Equipment

–

3,158,556

–

3,158,556

Software

584,041

264,873

–

848,914

Specialty

Retail

–

1,057,386

–

1,057,386

Technology

Hardware,

Storage

&

Peripherals

–

1,428,653

–

1,428,653

Textiles,

Apparel

&

Luxury

Goods

339,827

1,179,030

–

1,518,857

Tobacco

–

2,416,971

–

2,416,971

Trading

Companies

&

Distributors

232,655

651,740

–

884,395

NVIT

International

Equity

Fund

-

September

30,

2022

(Unaudited)

-

Statement

of

Investments

-

27

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

–

$

821,986

$

–

$

821,986

Total

Common

Stocks

$

9,198,550

$

61,396,465

$

–

$

70,595,015

Repurchase

Agreement

–

3,182,253

–

3,182,253

Total

$

9,198,550

$

64,578,718

$

–

$

73,777,268

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.