NVIT

American

Funds

Asset

Allocation

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

100

.1

%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

270,797,555

5,992,749,891

Total

Investment

Company

(cost

$5,060,371,448)

5,992,749,891

Total

Investments

(cost

$5,060,371,448)

—

100.1%

5,992,749,891

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

3,535,503

)

NET

ASSETS

—

100.0%

$

5,989,214,388

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

September

30,

2023

(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,

2023,

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,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

100.1%

Shares

Value

($)

Fixed

Income

Fund

100.1%

American

Funds

The

Bond

Fund

of

America,

Class

1(a)

348,980,703

3,217,602,084

Total

Investment

Company

(cost

$3,741,213,227)

3,217,602,084

Total

Investments

(cost

$3,741,213,227)

—

100.1%

3,217,602,084

Liabilities

in

excess

of

other

assets

—

(0.1)%

(1,864,553)

NET

ASSETS

—

100.0%

$

3,215,737,531

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

September

30,

2023

(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 The

Bond

Fund

of

America (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,

2023,

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,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

15,495,861

470,764,244

Total

Investment

Company

(cost

$420,367,439)

470,764,244

Total

Investments

(cost

$420,367,439)

—

100.1%

470,764,244

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

316,719

)

NET

ASSETS

—

100.0%

$

470,447,525

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

September

30,

2023

(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,

2023,

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,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1(a)

15,994,397

1,392,152,289

Total

Investment

Company

(cost

$1,271,508,444)

1,392,152,289

Total

Investments

(cost

$1,271,508,444)

—

100.1%

1,392,152,289

Liabilities

in

excess

of

other

assets

—

(0.1)%

(831,291)

NET

ASSETS

—

100.0%

$

1,391,320,998

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

September

30,

2023

(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,

2023,

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,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1(a)

67,942,998

3,600,299,465

Total

Investment

Company

(cost

$2,971,424,934)

3,600,299,465

Total

Investments

(cost

$2,971,424,934)

—

100.1%

3,600,299,465

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

2,117,135

)

NET

ASSETS

—

100.0%

$

3,598,182,330

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

September

30,

2023

(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,

2023,

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

96

.4

%

Shares

Value

($)

Equity

Funds

86.4%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

3,642,256

34,601,428

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

11,384,320

137,750,274

NVIT

Emerging

Markets

Fund,

Class

Y(a)

2,354,265

23,189,509

NVIT

International

Index

Fund,

Class

Y(a)

7,090,696

69,630,631

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,494,052

25,622,990

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

160,703

1,150,633

Total

Equity

Funds

(cost

$308,258,985)

291,945,465

Fixed

Income

Funds

10.0%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

1,619,038

13,761,825

NVIT

Bond

Index

Fund,

Class

Y(a)

2,239,815

19,867,159

Total

Fixed

Income

Funds

(cost

$38,053,685)

33,628,984

Total

Investment

Companies

(cost

$346,312,670)

325,574,449

Exchange

Traded

Funds

2

.9

%

Equity

Funds

1.5%

iShares

Core

MSCI

Emerging

Markets

ETF

34,768

1,654,609

iShares

Core

S&P

Small-Cap

ETF

35,227

3,322,963

Total

Equity

Funds

(cost

$5,552,470)

4,977,572

Fixed

Income

Funds

1.4%

iShares

7-10

Year

Treasury

Bond

ETF

43,357

3,971,068

iShares

U.S.

Treasury

Bond

ETF(b)

30,319

668,231

Total

Fixed

Income

Funds

(cost

$5,565,453)

4,639,299

Total

Exchange

Traded

Funds

(cost

$11,117,923)

9,616,871

Short-Term

Investment

0

.8

%

Money

Market

Fund

0

.8

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.27%

(c)

2,828,839

2,828,839

Total

Short-Term

Investment

(cost

$2,828,839)

2,828,839

Repurchase

Agreement

0

.2

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$682,458,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$695,798.(d)

682,155

682,155

Total

Repurchase

Agreement

(cost

$682,155)

682,155

Total

Investments

(cost

$360,941,587)

—

100.3%

338,702,314

Liabilities

in

excess

of

other

assets

—

(0.3)%

(

858,883

)

NET

ASSETS

—

100.0%

$

337,843,431

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$668,209,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$682,155.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2023.

(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,

2023

was

$682,155.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

September

30,

2023

(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.

NVIT

Investor

Destinations

Aggressive

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

3

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

9,616,871

$

–

$

–

$

9,616,871

Investment

Companies

325,574,449

–

–

325,574,449

Repurchase

Agreement

–

682,155

–

682,155

Short-Term

Investment

2,828,839

–

–

2,828,839

Total

$

338,020,159

$

682,155

$

–

$

338,702,314

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,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

Investment

Companies

84

.7

%

Shares

Value

($)

Equity

Funds

45.1%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

7,626,983

72,456,339

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

23,737,371

287,222,189

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,886,820

38,285,181

NVIT

International

Index

Fund,

Class

Y(a)

10,766,474

105,726,776

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,116,479

19,147,612

Total

Equity

Funds

(cost

$553,321,271)

522,838,097

Fixed

Income

Funds

39.6%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

11,068,032

94,078,271

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

552,547

4,801,631

NVIT

Bond

Index

Fund,

Class

Y(a)

35,294,215

313,059,683

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,878,611

47,517,671

Total

Fixed

Income

Funds

(cost

$535,313,194)

459,457,256

Total

Investment

Companies

(cost

$1,088,634,465)

982,295,353

Exchange

Traded

Funds

7

.0

%

Equity

Funds

1.5%

iShares

Core

MSCI

Emerging

Markets

ETF

118,411

5,635,180

iShares

Core

S&P

Small-Cap

ETF

123,409

11,641,171

Total

Equity

Funds

(cost

$18,692,369)

17,276,351

Fixed

Income

Funds

5.5%

iShares

20+

Year

Treasury

Bond

ETF

48,088

4,264,925

iShares

7-10

Year

Treasury

Bond

ETF(b)

422,704

38,715,459

iShares

U.S.

Treasury

Bond

ETF(b)

941,228

20,744,665

Total

Fixed

Income

Funds

(cost

$78,823,642)

63,725,049

Total

Exchange

Traded

Funds

(cost

$97,516,011)

81,001,400

Short-Term

Investment

8

.3

%

Money

Market

Fund

8

.3

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.27%

(c)

96,825,256

96,825,256

Total

Short-Term

Investment

(cost

$96,825,256)

96,825,256

Repurchase

Agreement

2

.9

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$33,149,190,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$33,797,190.

(d)

33,134,500

33,134,500

Total

Repurchase

Agreement

(cost

$33,134,500)

33,134,500

Total

Investments

(cost

$1,316,110,232)

—

102.9%

1,193,256,509

Liabilities

in

excess

of

other

assets

—

(2.9)%

(

33,284,078

)

NET

ASSETS

—

100.0%

$

1,159,972,431

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$32,457,572,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$33,134,500.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2023.

(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,

2023

was

$33,134,500.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Balanced

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

6

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

81,001,400

$

–

$

–

$

81,001,400

Investment

Companies

982,295,353

–

–

982,295,353

Repurchase

Agreement

–

33,134,500

–

33,134,500

Short-Term

Investment

96,825,256

–

–

96,825,256

Total

$

1,160,122,009

$

33,134,500

$

–

$

1,193,256,509

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

Capital

Appreciation

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

91.2%

Shares

Value

($)

Equity

Funds

64.7%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

9,932,327

94,357,103

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

30,958,321

374,595,679

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,625,529

45,561,459

NVIT

International

Index

Fund,

Class

Y(a)

14,399,640

141,404,464

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,601,676

27,468,749

Total

Equity

Funds

(cost

$716,548,903)

683,387,454

Fixed

Income

Funds

26.5%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,333,000

53,830,498

NVIT

Bond

Index

Fund,

Class

Y(a)

22,927,946

203,370,880

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,254,162

21,955,536

Total

Fixed

Income

Funds

(cost

$322,654,299)

279,156,914

Total

Investment

Companies

(cost

$1,039,203,202)

962,544,368

Exchange

Traded

Funds

6.1%

Equity

Funds

2.1%

iShares

Core

MSCI

Emerging

Markets

ETF

164,137

7,811,280

iShares

Core

S&P

Small-Cap

ETF(b)

153,118

14,443,621

Total

Equity

Funds

(cost

$23,918,660)

22,254,901

Fixed

Income

Funds

4.0%

iShares

20+

Year

Treasury

Bond

ETF

207,363

18,391,024

iShares

7-10

Year

Treasury

Bond

ETF

197,628

18,100,749

iShares

U.S.

Treasury

Bond

ETF

292,911

6,455,758

Total

Fixed

Income

Funds

(cost

$60,955,527)

42,947,531

Total

Exchange

Traded

Funds

(cost

$84,874,187)

65,202,432

Short-Term

Investment

2.7%

Shares

Value

($)

Money

Market

Fund

2.7%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.27%

(c)

28,302,603

28,302,603

Total

Short-Term

Investment

(cost

$28,302,603)

28,302,603

Total

Investments

(cost

$1,152,379,992)

—

100.0%

1,056,049,403

Liabilities

in

excess

of

other

assets

—

0.0%

†

(396,536)

NET

ASSETS

—

100.0%

$

1,055,652,867

*

Denotes

a

non-income

producing

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$437,786,

which

was

collateralized

by

$450,266

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2023.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

September

30,

2023

(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.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

9

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

65,202,432

$

–

$

–

$

65,202,432

Investment

Companies

962,544,368

–

–

962,544,368

Short-Term

Investment

28,302,603

–

–

28,302,603

Total

$

1,056,049,403

$

–

$

–

$

1,056,049,403

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.

10

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

Investment

Companies

75

.2

%

Shares

Value

($)

Equity

Funds

17.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

1,311,353

12,457,852

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

4,167,561

50,427,490

NVIT

Emerging

Markets

Fund,

Class

Y(a)

664,094

6,541,321

NVIT

International

Index

Fund,

Class

Y(a)

1,681,842

16,515,688

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

24,064

412,706

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

62,583

448,094

Total

Equity

Funds

(cost

$81,685,520)

86,803,151

Fixed

Income

Funds

57.6%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,387,039

54,289,828

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,848,861

24,756,604

NVIT

Bond

Index

Fund,

Class

Y(a)

18,099,031

160,538,406

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,594,183

44,747,347

Total

Fixed

Income

Funds

(cost

$325,373,744)

284,332,185

Total

Investment

Companies

(cost

$407,059,264)

371,135,336

Exchange

Traded

Funds

11

.3

%

Equity

Funds

0.4%

iShares

Core

MSCI

Emerging

Markets

ETF

14,683

698,764

iShares

Core

S&P

Small-Cap

ETF

11,601

1,094,322

Total

Equity

Funds

(cost

$2,067,782)

1,793,086

Fixed

Income

Funds

10.9%

iShares

20+

Year

Treasury

Bond

ETF

109,009

9,668,008

iShares

7-10

Year

Treasury

Bond

ETF

310,885

28,473,957

iShares

U.S.

Treasury

Bond

ETF

710,914

15,668,545

Total

Fixed

Income

Funds

(cost

$68,762,041)

53,810,510

Total

Exchange

Traded

Funds

(cost

$70,829,823)

55,603,596

Short-Term

Investment

13

.5

%

Shares

Value

($)

Money

Market

Fund

13

.5

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.27%

(b)

66,690,827

66,690,827

Total

Short-Term

Investment

(cost

$66,690,827)

66,690,827

Total

Investments

(cost

$544,579,914)

—

100.0%

493,429,759

Other

assets

in

excess

of

liabilities

—

0.0%

†

13,426

NET

ASSETS

—

100.0%

$

493,443,185

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2023.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Conservative

Fund

-

September

30,

2023

(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.

12

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

55,603,596

$

–

$

–

$

55,603,596

Investment

Companies

371,135,336

–

–

371,135,336

Short-Term

Investment

66,690,827

–

–

66,690,827

Total

$

493,429,759

$

–

$

–

$

493,429,759

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,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

88

.4

%

Shares

Value

($)

Equity

Funds

55.7%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

14,311,402

135,958,318

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

44,602,571

539,691,113

NVIT

Emerging

Markets

Fund,

Class

Y(a)

7,680,118

75,649,163

NVIT

International

Index

Fund,

Class

Y(a)

20,440,015

200,720,949

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,874,642

32,150,115

Total

Equity

Funds

(cost

$1,038,453,836)

984,169,658

Fixed

Income

Funds

32.7%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

14,801,945

125,816,535

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

838,531

7,286,837

NVIT

Bond

Index

Fund,

Class

Y(a)

45,954,607

407,617,362

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,777,832

36,796,084

Total

Fixed

Income

Funds

(cost

$671,873,551)

577,516,818

Total

Investment

Companies

(cost

$1,710,327,387)

1,561,686,476

Exchange

Traded

Funds

6

.2

%

Equity

Fund

0.9%

iShares

Core

S&P

Small-Cap

ETF

179,035

16,888,371

Total

Equity

Funds

(cost  $19,888,741)

16,888,371

Fixed

Income

Funds

5.3%

iShares

20+

Year

Treasury

Bond

ETF

222,776

19,758,003

iShares

7-10

Year

Treasury

Bond

ETF

583,630

53,454,672

iShares

U.S.

Treasury

Bond

ETF

939,091

20,697,566

Total

Fixed

Income

Funds

(cost

$121,902,834)

93,910,241

Total

Exchange

Traded

Funds

(cost

$141,791,575)

110,798,612

Short-Term

Investment

5

.4

%

Shares

Value

($)

Money

Market

Fund

5

.4

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.27%

(b)

94,513,762

94,513,762

Total

Short-Term

Investment

(cost

$94,513,762)

94,513,762

Total

Investments

(cost

$1,946,632,724)

—

100.0%

1,766,998,850

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

566,825

)

NET

ASSETS

—

100.0%

$

1,766,432,025

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2023.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Moderate

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

15

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

110,798,612

$

–

$

–

$

110,798,612

Investment

Companies

1,561,686,476

–

–

1,561,686,476

Short-Term

Investment

94,513,762

–

–

94,513,762

Total

$

1,766,998,850

$

–

$

–

$

1,766,998,850

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,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

Investment

Companies

94

.6

%

Shares

Value

($)

Equity

Funds

74.7%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

9,129,291

86,728,265

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

28,403,765

343,685,559

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,962,061

48,876,299

NVIT

International

Index

Fund,

Class

Y(a)

16,476,667

161,800,872

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,566,195

44,010,238

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

175,725

1,258,189

Total

Equity

Funds

(cost

$716,160,426)

686,359,422

Fixed

Income

Funds

19.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

5,501,274

46,760,829

NVIT

Bond

Index

Fund,

Class

Y(a)

15,331,959

135,994,476

Total

Fixed

Income

Funds

(cost

$209,501,425)

182,755,305

Total

Investment

Companies

(cost

$925,661,851)

869,114,727

Exchange

Traded

Funds

4

.1

%

Equity

Funds

2.1%

iShares

Core

MSCI

Emerging

Markets

ETF

180,662

8,597,705

iShares

Core

S&P

Small-Cap

ETF(b)

117,006

11,037,176

Total

Equity

Funds

(cost

$22,495,384)

19,634,881

Fixed

Income

Funds

2.0%

iShares

7-10

Year

Treasury

Bond

ETF

170,862

15,649,251

iShares

U.S.

Treasury

Bond

ETF(b)

126,413

2,786,142

Total

Fixed

Income

Funds

(cost

$22,380,251)

18,435,393

Total

Exchange

Traded

Funds

(cost

$44,875,635)

38,070,274

Short-Term

Investment

1

.4

%

Money

Market

Fund

1

.4

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.27%

(c)

12,477,658

12,477,658

Total

Short-Term

Investment

(cost

$12,477,658)

12,477,658

Repurchase

Agreement

0

.2

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,070,423,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$2,110,895.(d)

2,069,505

2,069,505

Total

Repurchase

Agreement

(cost

$2,069,505)

2,069,505

Total

Investments

(cost

$985,084,649)

—

100.3%

921,732,164

Liabilities

in

excess

of

other

assets

—

(0.3)%

(

2,485,189

)

NET

ASSETS

—

100.0%

$

919,246,975

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$2,041,345,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,069,505

and

by

$14,553

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$2,084,058.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2023.

(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,

2023

was

$2,069,505.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

September

30,

2023

(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.

18

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

38,070,274

$

–

$

–

$

38,070,274

Investment

Companies

869,114,727

–

–

869,114,727

Repurchase

Agreement

–

2,069,505

–

2,069,505

Short-Term

Investment

12,477,658

–

–

12,477,658

Total

$

919,662,659

$

2,069,505

$

–

$

921,732,164

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Investment

Companies

81

.1

%

Shares

Value

($)

Equity

Funds

34.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

2,702,920

25,677,736

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

8,412,549

101,791,845

NVIT

Emerging

Markets

Fund,

Class

Y(a)

753,609

7,423,054

NVIT

International

Index

Fund,

Class

Y(a)

3,846,142

37,769,113

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

456,080

7,821,764

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

352,428

2,523,384

Total

Equity

Funds

(cost

$186,443,880)

183,006,896

Fixed

Income

Funds

46.6%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

5,688,373

48,351,168

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,858,928

16,154,086

NVIT

Bond

Index

Fund,

Class

Y(a)

17,284,295

153,311,694

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,054,622

29,752,016

Total

Fixed

Income

Funds

(cost

$285,899,781)

247,568,964

Total

Investment

Companies

(cost

$472,343,661)

430,575,860

Exchange

Traded

Funds

9

.8

%

Equity

Funds

2.1%

iShares

Core

MSCI

Emerging

Markets

ETF

171,133

8,144,219

iShares

Core

S&P

Small-Cap

ETF

34,141

3,220,521

Total

Equity

Funds

(cost

$12,861,297)

11,364,740

Fixed

Income

Funds

7.7%

iShares

20+

Year

Treasury

Bond

ETF

88,432

7,843,034

iShares

7-10

Year

Treasury

Bond

ETF

226,226

20,720,039

iShares

U.S.

Treasury

Bond

ETF

553,520

12,199,581

Total

Fixed

Income

Funds

(cost

$52,522,613)

40,762,654

Total

Exchange

Traded

Funds

(cost

$65,383,910)

52,127,394

Short-Term

Investment

9

.1

%

Shares

Value

($)

Money

Market

Fund

9

.1

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.27%

(b)

48,388,849

48,388,849

Total

Short-Term

Investment

(cost

$48,388,849)

48,388,849

Total

Investments

(cost

$586,116,420)

—

100.0%

531,092,103

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

137,154

)

NET

ASSETS

—

100.0%

$

530,954,949

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2023.

ETF

Exchange

Traded

Fund

20

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

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.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

52,127,394

$

–

$

–

$

52,127,394

Investment

Companies

430,575,860

–

–

430,575,860

Short-Term

Investment

48,388,849

–

–

48,388,849

Total

$

531,092,103

$

–

$

–

$

531,092,103

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,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Investment

Companies

83.1%

Shares

Value

($)

Equity

Funds

52.8%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

7,635,177

72,534,179

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

23,809,125

288,090,415

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,902,521

38,439,831

NVIT

International

Index

Fund,

Class

Y(a)

10,639,869

104,483,510

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

980,686

16,818,769

Total

Equity

Funds

(cost

$549,887,978)

520,366,704

Fixed

Income

Funds

30.3%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

7,615,231

64,729,467

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

426,117

3,702,955

NVIT

Bond

Index

Fund,

Class

Y(a)

23,788,585

211,004,753

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,978,240

19,268,058

Total

Fixed

Income

Funds

(cost

$342,530,179)

298,705,233

Total

Investment

Companies

(cost

$892,418,157)

819,071,937

Exchange

Traded

Funds

5.9%

Equity

Fund

0.9%

iShares

Core

S&P

Small-Cap

ETF

95,056

8,966,632

Total

Equity

Funds

(cost  $10,545,567)

8,966,632

Fixed

Income

Funds

5.0%

iShares

20+

Year

Treasury

Bond

ETF

114,412

10,147,201

iShares

7-10

Year

Treasury

Bond

ETF

304,163

27,858,289

iShares

U.S.

Treasury

Bond

ETF(b)

489,853

10,796,360

Total

Fixed

Income

Funds

(cost

$63,283,005)

48,801,850

Total

Exchange

Traded

Funds

(cost

$73,828,572)

57,768,482

Short-Term

Investment

5.2%

Money

Market

Fund

5.2%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.27%

(c)

50,727,890

50,727,890

Total

Short-Term

Investment

(cost

$50,727,890)

50,727,890

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$42,769,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$43,605.(d)

42,750

42,750

Total

Repurchase

Agreement

(cost

$42,750)

42,750

Total

Investments

(cost

$1,017,017,369)

—

94.2%

927,611,059

Other

assets

in

excess

of

liabilities

—

5.8%

57,298,049

NET

ASSETS

—

100.0%

$

984,909,108

*

Denotes

a

non-income

producing

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$41,876,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$42,750.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2023.

(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,

2023

was

$42,750.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(358)

12/2023

USD

(36,542,850)

67,090

Russell

2000

E-Mini

Index

(135)

12/2023

USD

(12,140,550)

(27,308)

S&P

500

E-Mini

Index

(276)

12/2023

USD

(59,691,900)

53,816

S&P

Midcap

400

E-Mini

Index

(107)

12/2023

USD

(26,968,280)

(63,775)

Net

contracts

29,823

As

of

September

30,

2023,

the

Fund

had

$7,109,216

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

24

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

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.

NVIT

Investor

Destinations

Managed

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

25

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

57,768,482

$

–

$

–

$

57,768,482

Futures

Contracts

120,906

–

–

120,906

Investment

Companies

819,071,937

–

–

819,071,937

Repurchase

Agreement

–

42,750

–

42,750

Short-Term

Investment

50,727,890

–

–

50,727,890

Total

Assets

$

927,689,215

$

42,750

$

–

$

927,731,965

Liabilities:

Futures

Contracts

$

(91,083)

$

–

$

–

$

(91,083)

Total

Liabilities

$

(91,083)

$

–

$

–

$

(91,083)

Total

$

927,598,132

$

42,750

$

–

$

927,640,882

26

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

120,906

Total

$

120,906

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(91,083)

Total

$

(91,083)

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

&

Income

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Investment

Companies

80.7%

Shares

Value

($)

Equity

Funds

43.4%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

2,492,711

23,680,751

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

7,773,554

94,060,007

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,223,277

12,049,281

NVIT

International

Index

Fund,

Class

Y(a)

3,662,250

35,963,296

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

363,928

6,241,359

Total

Equity

Funds

(cost

$179,235,888)

171,994,694

Fixed

Income

Funds

37.3%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

3,544,499

30,128,240

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

173,537

1,508,032

NVIT

Bond

Index

Fund,

Class

Y(a)

11,331,121

100,507,047

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,611,014

15,691,278

Total

Fixed

Income

Funds

(cost

$169,312,628)

147,834,597

Total

Investment

Companies

(cost

$348,548,516)

319,829,291

Exchange

Traded

Funds

6.6%

Equity

Funds

1.4%

iShares

Core

MSCI

Emerging

Markets

ETF

37,905

1,803,899

iShares

Core

S&P

Small-Cap

ETF(b)

41,944

3,956,577

Total

Equity

Funds

(cost

$6,248,244)

5,760,476

Fixed

Income

Funds

5.2%

iShares

20+

Year

Treasury

Bond

ETF

15,491

1,373,897

iShares

7-10

Year

Treasury

Bond

ETF

135,908

12,447,814

iShares

U.S.

Treasury

Bond

ETF

302,342

6,663,617

Total

Fixed

Income

Funds

(cost

$25,214,858)

20,485,328

Total

Exchange

Traded

Funds

(cost

$31,463,102)

26,245,804

Short-Term

Investment

8.2%

Shares

Value

($)

Money

Market

Fund

8.2%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.27%

(c)

32,484,248

32,484,248

Total

Short-Term

Investment

(cost

$32,484,248)

32,484,248

Total

Investments

(cost

$412,495,866)

—

95.5%

378,559,343

Other

assets

in

excess

of

liabilities

—

4.5%

17,859,785

NET

ASSETS

—

100.0%

$

396,419,128

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$88,953,

which

was

collateralized

by

$91,489

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2023.

ETF

Exchange

Traded

Fund

28

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(22)

12/2023

USD

(2,245,650)

903

Russell

2000

E-Mini

Index

(8)

12/2023

USD

(719,440)

1,940

S&P

500

E-Mini

Index

(16)

12/2023

USD

(3,460,400)

(3,491)

S&P

Midcap

400

E-Mini

Index

(6)

12/2023

USD

(1,512,240)

(1,005)

Net

contracts

(1,653)

As

of

September

30,

2023,

the

Fund

had

$413,908

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

29

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

30

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

26,245,804

$

–

$

–

$

26,245,804

Futures

Contracts

2,843

–

–

2,843

Investment

Companies

319,829,291

–

–

319,829,291

Short-Term

Investment

32,484,248

–

–

32,484,248

Total

Assets

$

378,562,186

$

–

$

–

$

378,562,186

Liabilities:

Futures

Contracts

$

(4,496)

$

–

$

–

$

(4,496)

Total

Liabilities

$

(4,496)

$

–

$

–

$

(4,496)

Total

$

378,557,690

$

–

$

–

$

378,557,690

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

2,843

Total

$

2,843

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(4,496)

Total

$

(4,496)

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

87.9%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,275,263

11,337,092

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,771,473

13,286,050

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,630,320

24,514,580

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

6,875,273

70,196,540

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

922,753

8,710,787

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,016,568

29,894,184

Total

Equity

Funds

(cost

$164,807,157)

157,939,233

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

12.1%

Nationwide

Bond

Fund,

Class

R6(a)

231,009

1,811,111

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

947,284

9,056,037

NVIT

Core

Bond

Fund,

Class

Y(a)

1,231,109

10,883,008

Total

Fixed

Income

Funds

(cost

$24,612,839)

21,750,156

Total

Investment

Companies

(cost

$189,419,996)

179,689,389

Total

Investments

(cost

$189,419,996)

—

100.0%

179,689,389

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

89,242

)

NET

ASSETS

—

100.0%

$

179,600,147

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

2

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

179,689,389

$

–

$

–

$

179,689,389

Total

$

179,689,389

$

–

$

–

$

179,689,389

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,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

76.9%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,458,373

21,854,933

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,482,005

26,115,035

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,166,402

48,150,866

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

13,339,027

136,191,469

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,817,820

17,160,225

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

5,834,928

57,824,133

Total

Equity

Funds

(cost

$317,430,870)

307,296,661

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

23.1%

Nationwide

Bond

Fund,

Class

R6(a)

1,022,577

8,017,002

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

4,196,066

40,114,393

NVIT

Core

Bond

Fund,

Class

Y(a)

4,994,629

44,152,517

Total

Fixed

Income

Funds

(cost

$106,817,422)

92,283,912

Total

Investment

Companies

(cost

$424,248,292)

399,580,573

Total

Investments

(cost

$424,248,292)

—

100.0%

399,580,573

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

158,209

)

NET

ASSETS

—

100.0%

$

399,422,364

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

4

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

399,580,573

$

–

$

–

$

399,580,573

Total

$

399,580,573

$

–

$

–

$

399,580,573

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,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

56.8%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

5,884,605

52,314,140

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

13,474,316

101,057,371

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

15,872,212

147,929,015

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

47,817,127

488,212,872

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,589,868

43,328,357

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

21,152,147

209,617,772

Total

Equity

Funds

(cost

$1,071,027,670)

1,042,459,527

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

43.2%

Nationwide

Bond

Fund,

Class

R6(a)

5,938,851

46,560,593

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

30,822,633

294,664,371

NVIT

Core

Bond

Fund,

Class

Y(a)

35,420,340

313,115,802

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

3,377,527

27,932,145

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

11,422,045

111,250,722

Total

Fixed

Income

Funds

(cost

$924,010,707)

793,523,633

Total

Investment

Companies

(cost

$1,995,038,377)

1,835,983,160

Total

Investments

(cost

$1,995,038,377)

—

100.0%

1,835,983,160

Liabilities

in

excess

of

other

assets

—

0.0%

†

(680,753)

NET

ASSETS

—

100.0%

$

1,835,302,407

†

A

mount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

6

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,835,983,160

$

–

$

–

$

1,835,983,160

Total

$

1,835,983,160

$

–

$

–

$

1,835,983,160

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,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

36.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

782,129

6,953,129

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,033,127

15,248,454

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

3,515,061

32,760,368

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

8,386,971

85,630,976

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

734,172

6,930,584

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,904,120

38,689,833

Total

Equity

Funds

(cost

$190,050,644)

186,213,344

Fixed

Income

Funds

63.4%

Nationwide

Bond

Fund,

Class

R6(a)

2,629,379

20,614,334

Investment

Companies

Shares

Value

($)

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,191,044

10,350,174

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

10,135,306

96,893,522

NVIT

Core

Bond

Fund,

Class

Y(a)

13,272,187

117,326,134

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,251,176

10,347,226

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,827,345

66,498,337

Total

Fixed

Income

Funds

(cost

$370,935,814)

322,029,727

Total

Investment

Companies

(cost

$560,986,458)

508,243,071

Total

Investments

(cost

$560,986,458)

—

100.0%

508,243,071

Liabilities

in

excess

of

other

assets

—

0.0%

†

(210,689)

NET

ASSETS

—

100.0%

$

508,032,382

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

8

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

508,243,071

$

–

$

–

$

508,243,071

Total

$

508,243,071

$

–

$

–

$

508,243,071

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,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

18.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,007,076

7,553,068

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

1,959,336

18,261,011

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

4,367,430

44,591,460

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

240,836

2,273,490

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

1,892,659

18,756,254

Total

Equity

Funds

(cost

$89,504,931)

91,435,283

Fixed

Income

Funds

82.0%

Nationwide

Bond

Fund,

Class

R6(a)

3,575,291

28,030,283

Investment

Companies

Shares

Value

($)

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,339,621

20,331,305

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

12,740,989

121,803,854

NVIT

Core

Bond

Fund,

Class

Y(a)

14,944,471

132,109,120

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,536,891

12,710,091

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

10,433,702

101,624,262

Total

Fixed

Income

Funds

(cost

$476,124,556)

416,608,915

Total

Investment

Companies

(cost

$565,629,487)

508,044,198

Total

Investments

(cost

$565,629,487)

—

100.0%

508,044,198

Liabilities

in

excess

of

other

assets

—

0.0%

†

(208,921)

NET

ASSETS

—

100.0%

$

507,835,277

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

10

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

508,044,198

$

–

$

–

$

508,044,198

Total

$

508,044,198

$

–

$

–

$

508,044,198

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,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

46.7%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,060,420

36,097,133

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

8,283,101

62,123,255

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

13,945,301

129,970,201

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

31,564,687

322,275,459

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,033,633

28,637,494

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

14,258,994

141,306,627

Total

Equity

Funds

(cost

$739,702,432)

720,410,169

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

53.3%

Nationwide

Bond

Fund,

Class

R6(a)

6,972,669

54,665,725

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

29,164,358

278,811,260

NVIT

Core

Bond

Fund,

Class

Y(a)

35,063,768

309,963,706

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,829,790

23,402,361

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

15,981,596

155,660,746

Total

Fixed

Income

Funds

(cost

$953,050,085)

822,503,798

Total

Investment

Companies

(cost

$1,692,752,517)

1,542,913,967

Total

Investments

(cost

$1,692,752,517)

—

100.0%

1,542,913,967

Liabilities

in

excess

of

other

assets

—

0.0%

†

(583,121)

NET

ASSETS

—

100.0%

$

1,542,330,846

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

12

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,542,913,967

$

–

$

–

$

1,542,913,967

Total

$

1,542,913,967

$

–

$

–

$

1,542,913,967

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

Capital

Appreciation

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

66.8%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

8,861,478

78,778,537

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

15,290,513

114,678,845

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

18,728,787

174,552,294

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

56,938,154

581,338,556

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

6,458,956

60,972,548

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

21,238,987

210,478,364

Total

Equity

Funds

(cost

$1,255,261,501)

1,220,799,144

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

33.2%

Nationwide

Bond

Fund,

Class

R6(a)

4,728,349

37,070,258

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

23,017,565

220,047,920

NVIT

Core

Bond

Fund,

Class

Y(a)

31,120,043

275,101,182

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,236,056

18,492,186

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,729,924

55,809,460

Total

Fixed

Income

Funds

(cost

$708,954,257)

606,521,006

Total

Investment

Companies

(cost

$1,964,215,758)

1,827,320,150

Total

Investments

(cost

$1,964,215,758)

—

100.0%

1,827,320,150

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

681,821

)

NET

ASSETS

—

100.0%

$

1,826,638,329

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

14

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,827,320,150

$

–

$

–

$

1,827,320,150

Total

$

1,827,320,150

$

–

$

–

$

1,827,320,150

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

Managed

Growth

&

Income

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

95.9%

Shares

Value

($)

Equity

Funds

45.5%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,176,351

10,457,763

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,421,637

18,162,275

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,102,947

38,239,463

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

9,433,017

96,311,100

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

895,538

8,453,877

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

4,343,492

43,044,009

Total

Equity

Funds

(cost

$218,785,273)

214,668,487

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

50.4%

Nationwide

Bond

Fund,

Class

R6(a)

1,991,507

15,613,416

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

8,399,433

80,298,584

NVIT

Core

Bond

Fund,

Class

Y(a)

10,062,157

88,949,471

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

807,271

6,676,128

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,785,856

46,614,241

Total

Fixed

Income

Funds

(cost

$269,987,350)

238,151,840

Total

Investment

Companies

(cost

$488,772,623)

452,820,327

Total

Investments

(cost

$488,772,623)

—

95.9%

452,820,327

Other

assets

in

excess

of

liabilities

—

4.1%

19,210,577

NET

ASSETS

—

100.0%

$

472,030,904

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

35

12/2023

USD

3,572,625

(122,032)

Russell

2000

E-Mini

Index

8

12/2023

USD

719,440

(28,571)

S&P

500

E-Mini

Index

27

12/2023

USD

5,839,425

(263,856)

S&P

Midcap

400

E-Mini

Index

6

12/2023

USD

1,512,240

(50,175)

Net

contracts

(464,634)

As

of

September

30,

2023,

the

Fund

had

$606,152

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

452,820,327

$

–

$

–

$

452,820,327

Total

Assets

$

452,820,327

$

–

$

–

$

452,820,327

Liabilities:

Futures

Contracts

$

(464,634)

$

–

$

–

$

(464,634)

Total

Liabilities

$

(464,634)

$

–

$

–

$

(464,634)

Total

$

452,355,693

$

–

$

–

$

452,355,693

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(464,634)

Total

$

(464,634)

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,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

96.9%

Shares

Value

($)

Equity

Funds

55.7%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,333,834

29,637,781

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

7,737,250

58,029,377

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

9,151,231

85,289,477

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

27,966,810

285,541,131

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,643,818

24,957,645

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

12,621,729

125,081,333

Total

Equity

Funds

(cost

$621,468,543)

608,536,744

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

41.2%

Nationwide

Bond

Fund,

Class

R6(a)

3,323,760

26,058,276

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

17,446,783

166,791,245

NVIT

Core

Bond

Fund,

Class

Y(a)

19,986,384

176,679,634

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,886,444

15,600,893

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,708,870

65,344,394

Total

Fixed

Income

Funds

(cost

$512,578,415)

450,474,442

Total

Investment

Companies

(cost

$1,134,046,958)

1,059,011,186

Total

Investments

(cost

$1,134,046,958)

—

96.9%

1,059,011,186

Other

assets

in

excess

of

liabilities

—

3.1%

34,171,845

NET

ASSETS

—

100.0%

$

1,093,183,031

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(304)

12/2023

USD

(31,030,800)

16,936

Russell

2000

E-Mini

Index

(

71)

12/2023

USD

(6,385,030)

(17,322)

S&P

500

E-Mini

Index

(253)

12/2023

USD

(54,717,575)

(19,499)

S&P

Midcap

400

E-Mini

Index

(59)

12/2023

USD

(14,870,360)

(51,948)

Net

contracts

(71,833)

As

of

September

30,

2023,

the

Fund

had

$5,464,142

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

19

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

16,936

$

–

$

–

$

16,936

Investment

Companies

1,059,011,186

–

–

1,059,011,186

Total

Assets

$

1,059,028,122

$

–

$

–

$

1,059,028,122

Liabilities:

Futures

Contracts

$

(88,769)

$

–

$

–

$

(88,769)

Total

Liabilities

$

(88,769)

$

–

$

–

$

(88,769)

Total

$

1,058,939,353

$

–

$

–

$

1,058,939,353

20

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

Financial

futures

contracts

(“futures

contracts”)

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

The

Fund

is

subject

to

equity

risk

in

the

normal

course

of

pursuing

its

objective(s)

in

two

respects.

First,

the

Fund

has

set

a

baseline

target

equity

exposure

of

60%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

80%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

16,936

Total

$

16,936

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(88,769)

Total

$

(88,769)

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

94.5%

Shares

Value

($)

Alternative

Assets

94.5%

BlackRock

Global

Allocation

VI

Fund,

Class

I*

19,960,318

302,997,621

Total

Alternative

Assets

(cost

$321,843,594)

302,997,621

Total

Investment

Company

(cost

$321,843,594)

302,997,621

Total

Investments

(cost

$321,843,594)

—

94.5%

302,997,621

Other

assets

in

excess

of

liabilities

—

5.5%

17,544,864

NET

ASSETS

—

100.0%

$

320,542,485

*

Denotes

a

non-income

producing

security.

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

117

12/2023

USD

11,942,775

(380,059)

S&P

500

E-Mini

Index

90

12/2023

USD

19,464,750

(818,052)

S&P

Midcap

400

E-Mini

Index

1

12/2023

USD

252,040

(8,482)

Net

contracts

(1,206,593)

As

of

September

30,

2023,

the

Fund

had

$1,538,859

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

2

-

Statement

of

Investments

-

September

30,

2023

(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

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Company

$

302,997,621

$

–

$

–

$

302,997,621

Total

Assets

$

302,997,621

$

–

$

–

$

302,997,621

Liabilities:

Futures

Contracts

$

(1,206,593)

$

–

$

–

$

(1,206,593)

Total

Liabilities

$

(1,206,593)

$

–

$

–

$

(1,206,593)

Total

$

301,791,028

$

–

$

–

$

301,791,028

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

3

(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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,206,593)

Total

$

(1,206,593)

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,

2023

(Unaudited)

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

Exchange

Traded

Funds

100

.0

%

Shares

Value

($)

Fixed

Income

Funds

100.0%

iShares

Core

10+

Year

USD

Bond

ETF

104,619

4,943,248

iShares

Core

1-5

Year

USD

Bond

ETF

163,753

7,594,864

iShares

Core

Total

USD

Bond

Market

ETF(a)

114,305

4,996,843

iShares

Core

U.S.

Aggregate

Bond

ETF(a)

264,095

24,835,494

iShares

MBS

ETF

55,517

4,929,909

iShares

U.S.

Treasury

Bond

ETF

111,332

2,453,757

Total

Exchange

Traded

Funds

(cost

$57,664,940)

49,754,115

Repurchase

Agreements

9

.6

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,802,964,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$1,838,208.(b)

1,802,165

1,802,165

MetLife,

Inc.,

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,443,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$1,020,559.(b)

1,000,000

1,000,000

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,889,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$4,802,165)

4,802,165

Total

Investments

(cost

$62,467,105)

—

109.6%

54,556,280

Liabilities

in

excess

of

other

assets

—

(9.6)%

(

4,777,990

)

NET

ASSETS

—

100.0%

$

49,778,290

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$4,805,248,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,802,165

and

by

$117,573

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.56%,

and

maturity

dates

ranging

from

10/3/2023

–

2/15/2051,

a

total

value

of

$4,919,738.

(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,

2023

was

$4,802,165.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

49,754,115

$

–

$

–

$

49,754,115

Repurchase

Agreements

–

4,802,165

–

4,802,165

Total

$

49,754,115

$

4,802,165

$

–

$

54,556,280

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,

2023

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Exchange

Traded

Funds

99

.9

%

Shares

Value

($)

Equity

Funds

99.9%

iShares

Core

MSCI

EAFE

ETF(a)

106,095

6,827,213

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

136,914

7,979,348

iShares

Core

S&P

500

ETF

9,987

4,288,717

iShares

Core

S&P

Mid-Cap

ETF(a)

42,775

10,665,946

iShares

Core

S&P

Small-Cap

ETF

18,117

1,708,977

iShares

Core

S&P

Total

US

Stock

Market

ETF(a)

180,413

16,993,100

iShares

MSCI

USA

Momentum

Factor

ETF

8,343

1,165,517

iShares

MSCI

USA

Quality

Factor

ETF

9,464

1,247,261

iShares

MSCI

USA

Size

Factor

ETF

9,804

1,150,794

iShares

MSCI

USA

Value

Factor

ETF(a)

12,815

1,162,577

iShares

U.S.

Small-Cap

Equity

Factor

ETF(a)

23,483

1,214,776

iShares

US

Equity

Factor

ETF(a)

126,943

5,499,171

Total

Exchange

Traded

Funds

(cost

$56,978,980)

59,903,397

Repurchase

Agreements

12

.2

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$6,307,736,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$6,431,039.(b)

6,304,940

6,304,940

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,445,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$7,304,940)

7,304,940

Total

Investments

(cost

$64,283,920)

—

112.1%

67,208,337

Liabilities

in

excess

of

other

assets

—

(12.1)%

(

7,230,447

)

NET

ASSETS

—

100.0%

$

59,977,890

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$9,202,568,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,304,940

and

by

$2,144,488

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.56%,

and

maturity

dates

ranging

from

10/3/2023

–

2/15/2051,

a

total

value

of

$9,449,428.

(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,

2023

was

$7,304,940.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

59,903,397

$

–

$

–

$

59,903,397

Repurchase

Agreements

–

7,304,940

–

7,304,940

Total

$

59,903,397

$

7,304,940

$

–

$

67,208,337

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,

2023

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

Investment

Company

94.3%

Shares

Value

($)

Equity

Fund

94.3%

American

Funds

Growth-Income

Fund,

Class

1

11,714,126

620,731,549

Total

Investment

Company

(cost

$552,474,584)

620,731,549

Total

Investments

(cost

$552,474,584)

—

94.3%

620,731,549

Other

assets

in

excess

of

liabilities

—

5.7%

37,861,030

NET

ASSETS

—

100.0%

$

658,592,579

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

25

12/2023

USD

2,551,875

(68,839)

Russell

2000

E-Mini

Index

2

12/2023

USD

179,860

(7,835)

S&P

500

E-Mini

Index

148

12/2023

USD

32,008,700

(1,298,192)

S&P

Midcap

400

E-Mini

Index

10

12/2023

USD

2,520,400

(84,066)

Net

contracts

(1,458,932)

As

of

September

30,

2023,

the

Fund

had

$2,083,909

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Growth-Income

Fund

-

September

30,

2023

(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

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Company

$

620,731,549

$

–

$

–

$

620,731,549

Total

Assets

$

620,731,549

$

–

$

–

$

620,731,549

Liabilities:

Futures

Contracts

$

(1,458,932)

$

–

$

–

$

(1,458,932)

Total

Liabilities

$

(1,458,932)

$

–

$

–

$

(1,458,932)

Total

$

619,272,617

$

–

$

–

$

619,272,617

10

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

(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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,458,932)

Total

$

(1,458,932)

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

Asset

Allocation

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

92.5%

Shares

Value

($)

Balanced

Fund

27.7%

American

Balanced

Fund,

Class

R6

24,699,257

729,863,036

Total

Balanced

Fund

(cost

$826,969,103)

729,863,036

Equity

Funds

46.0%

American

Funds

Growth

Fund,

Class

1

8,321,289

724,285,021

American

Funds

Washington

Mutual

Investors

Fund,

Class

1

36,667,658

484,746,436

Total

Equity

Funds

(cost

$1,495,981,092)

1,209,031,457

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

18.8%

American

Funds

U.S.

Government

Securities

Fund,

Class

1

12,753,849

123,202,179

Bond

Fund

of

America

(The),

Class

R6

34,020,536

370,143,427

Total

Fixed

Income

Funds

(cost

$583,204,060)

493,345,606

Total

Investment

Companies

(cost

$2,906,154,255)

2,432,240,099

Total

Investments

(cost

$2,906,154,255)

—

92.5%

2,432,240,099

Other

assets

in

excess

of

liabilities

—

7.5%

196,888,047

NET

ASSETS

—

100.0%

$

2,629,128,146

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

95

12/2023

USD

9,697,125

(282,222)

Russell

2000

E-Mini

Index

24

12/2023

USD

2,158,320

(89,196)

S&P

500

E-Mini

Index

901

12/2023

USD

194,863,775

(8,291,783)

S&P

Midcap

400

E-Mini

Index

48

12/2023

USD

12,097,920

(405,987)

Net

contracts

(9,069,188)

As

of

September

30,

2023,

the

Fund

had

$12,360,652

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,432,240,099

$

–

$

–

$

2,432,240,099

Total

Assets

$

2,432,240,099

$

–

$

–

$

2,432,240,099

Liabilities:

Futures

Contracts

$

(9,069,188)

$

–

$

–

$

(9,069,188)

Total

Liabilities

$

(9,069,188)

$

–

$

–

$

(9,069,188)

Total

$

2,423,170,911

$

–

$

–

$

2,423,170,911

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(9,069,188)

Total

$

(9,069,188)

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,

2023

(Unaudited)

-

Consolidated

Statement

of

Investments

-

1

Corporate

Bonds

7.6%

Principal

Amount

($)

Value

($)

NETHERLANDS

3.8%

Banks

3.8%

Nederlandse

Waterschapsbank

NV,

Reg.

S,

1.13%,

3/15/2024

1,400,000

1,371,620

SOUTH

KOREA

3.8%

Oil,

Gas

&

Consumable

Fuels

3.8%

Harvest

Operations

Corp.,

Reg.

S,

1.00%,

4/26/2024

1,400,000

1,359,904

Total

Corporate

Bonds

(cost

$2,744,461)

2,731,524

Foreign

Government

Securities

7.8%

JAPAN

3.9%

Japan

Finance

Organization

for

Municipalities,

2.13%,

10/25/2023

(a)

1,400,000

1,396,976

NORWAY

3.9%

Kommunalbanken

A/S,

Reg.

S,

0.25%,

12/8/2023

1,400,000

1,386,757

Total

Foreign

Government

Securities

(cost

$2,785,445)

2,783,733

Supranational

15.5%

New

Development

Bank

(The),

Reg.

S,

0.63%,

7/22/2024

1,400,000

1,336,789

Supranational

Principal

Amount

($)

Value

($)

Asian

Infrastructure

Investment

Bank

(The),

2.25%,

5/16/2024

1,450,000

1,419,085

Corp.

Andina

de

Fomento

,

3.75%,

11/23/2023

1,400,000

1,395,088

Inter-American

Development

Bank,

3.00%,

2/21/2024

1,400,000

1,386,084

Total

Supranational

(cost

$5,559,643)

5,537,046

Total

Investments

(cost

$11,089,549)

—

30.9%

11,052,303

Other

assets

in

excess

of

liabilities

—

69.1%

24,683,557

NET

ASSETS

—

100.0%

$

35,735,860

(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,

2023

was

$1,396,976

which

represents

3.91%

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,

2023

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Australia

10

Year

Bond

77

12/2023

AUD

5,543,453

(171,974)

Euro-Bund

35

12/2023

EUR

4,760,162

(106,400)

FTSE

100

Index

42

12/2023

GBP

3,930,943

82,821

Micro

Gold

122

12/2023

USD

2,276,642

(164,691)

Mini-DAX

Index

38

12/2023

EUR

3,118,824

(69,690)

NASDAQ

100

Micro

E-Mini

Index

71

12/2023

USD

2,111,043

(87,519)

Russell

2000

E-Mini

Index

25

12/2023

USD

2,248,250

(101,298)

S&P

500

E-Mini

Index

128

12/2023

USD

2,768,320

(115,688)

Silver

6

12/2023

USD

673,500

(37,306)

TOPIX

Index

23

12/2023

JPY

3,576,051

(10,420)

Net

contracts

(782,165)

As

of

September

30,

2023,

the

Fund

had

$1,392,564

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,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

2,731,524

$

–

$

2,731,524

Foreign

Government

Securities

–

2,783,733

–

2,783,733

Futures

Contracts

82,821

–

–

82,821

Supranational

–

5,537,046

–

5,537,046

Total

Assets

$

82,821

$

11,052,303

$

–

$

11,135,124

Liabilities:

Futures

Contracts

$

(864,986)

$

–

$

–

$

(864,986)

Total

Liabilities

$

(864,986)

$

–

$

–

$

(864,986)

Total

$

(782,165)

$

11,052,303

$

–

$

10,270,138

4

-

Consolidated

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

82,821

Total

$

82,821

Liabilities:

Futures

C

ontracts

Commodity

risk

Unrealised

depreciation

from

futures

contracts

$

(201,997)

Equity

risk

Unrealized

depreciation

from

futures

contracts

(384,615)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(278,374)

Total

$

(864,986)

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99

.0

%

Shares

Value

($)

BRAZIL

5

.9

%

Automobile

Components

0

.2

%

Mahle

Metal

Leve

SA

70,600

677,691

Banks

0

.7

%

Banco

Bradesco

SA,

ADR

565,800

1,612,530

Banco

Bradesco

SA

34,100

85,885

Banco

do

Brasil

SA

20,400

191,478

Banco

Santander

Brasil

SA,

ADR

9,500

48,735

Itausa

SA

(Preference)

462,500

832,703

2,771,331

Diversified

Consumer

Services

0

.2

%

YDUQS

Participacoes

SA

167,200

660,943

Diversified

Telecommunication

Services

0

.3

%

Telefonica

Brasil

SA

137,100

1,177,742

Telefonica

Brasil

SA,

ADR

24,800

212,040

1,389,782

Electric

Utilities

0

.1

%

Cia

Energetica

de

Minas

Gerais

47,109

179,006

Cia

Paranaense

de

Energia

*

5,100

45,140

224,146

Electrical

Equipment

0

.3

%

WEG

SA

184,400

1,330,572

Household

Durables

0

.0

%

†

Cury

Construtora

e

Incorporadora

SA

46,900

151,713

Insurance

0

.3

%

BB

Seguridade

Participacoes

SA

176,400

1,095,273

Porto

Seguro

SA

*

16,100

84,207

1,179,480

Machinery

0

.3

%

Marcopolo

SA

(Preference)

890,500

1,031,067

Randon

SA

Implementos

e

Participacoes

(Preference)

33,000

76,550

1,107,617

Metals

&

Mining

1

.3

%

Gerdau

SA

(Preference)

502,700

2,413,216

Vale

SA,

Class

B,

ADR

230,800

3,092,720

5,505,936

Oil,

Gas

&

Consumable

Fuels

2

.2

%

Enauta

Participacoes

SA

126,800

454,069

Petroleo

Brasileiro

SA,

ADR

308,800

4,628,912

Petroleo

Brasileiro

SA

(Preference)

643,800

4,436,688

9,519,669

24,518,880

CHILE

0

.1

%

Banks

0

.0

%

†

Banco

de

Chile

1,255,200

127,815

Marine

Transportation

0

.1

%

Cia

Sud

Americana

de

Vapores

SA

6,057,993

363,350

491,165

CHINA

29

.9

%

Automobiles

2

.4

%

Beiqi

Foton

Motor

Co.

Ltd.,

Class

A

*

209,300

99,251

BYD

Co.

Ltd.,

Class

A

91,300

2,962,268

BYD

Co.

Ltd.,

Class

H

111,000

3,416,733

Geely

Automobile

Holdings

Ltd.

844,000

993,292

Li

Auto,

Inc.,

Class

A

*

137,400

2,457,324

9,928,868

Common

Stocks

Shares

Value

($)

CHINA

Banks

1

.0

%

China

CITIC

Bank

Corp.

Ltd.,

Class

H

2,988,000

1,387,529

China

Construction

Bank

Corp.,

Class

H

4,464,000

2,515,304

China

Everbright

Bank

Co.

Ltd.,

Class

H

505,000

150,956

4,053,789

Beverages

0

.4

%

Nongfu

Spring

Co.

Ltd.,

Class

H

Reg.

S

(a)

107,800

616,741

Tsingtao

Brewery

Co.

Ltd.,

Class

H

134,000

1,090,021

1,706,762

Broadline

Retail

4

.9

%

Alibaba

Group

Holding

Ltd.

*

1,260,000

13,660,158

JD.com,

Inc.,

Class

A

169,545

2,464,316

PDD

Holdings,

Inc.,

ADR

*

27,600

2,706,732

Vipshop

Holdings

Ltd.,

ADR

*

110,400

1,767,504

20,598,710

Building

Products

0

.1

%

China

Lesso

Group

Holdings

Ltd.

516,000

274,137

Capital

Markets

0

.1

%

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

4,666,000

469,480

China

Galaxy

Securities

Co.

Ltd.,

Class

H

296,500

152,217

621,697

Construction

&

Engineering

0

.4

%

China

Communications

Services

Corp.

Ltd.,

Class

H

1,320,000

553,724

China

Railway

Group

Ltd.,

Class

H

1,192,000

612,721

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

1,313,000

590,722

1,757,167

Diversified

Consumer

Services

0

.2

%

East

Buy

Holding

Ltd.

Reg.

S

*(a)

(b)

33,000

154,901

New

Oriental

Education

&

Technology

Group,

Inc.

*

103,600

614,029

768,930

Electrical

Equipment

0

.1

%

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

10,480

293,799

Energy

Equipment

&

Services

0

.0

%

†

Offshore

Oil

Engineering

Co.

Ltd.,

Class

A

213,100

187,537

Entertainment

1

.1

%

Kingsoft

Corp.

Ltd.

95,200

342,674

NetEase,

Inc.

150,800

3,027,394

Tencent

Music

Entertainment

Group,

ADR

*

163,300

1,041,854

4,411,922

Health

Care

Providers

&

Services

0

.6

%

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

444,000

1,276,302

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

562,773

834,572

Sinopharm

Group

Co.

Ltd.,

Class

H

106,400

308,887

2,419,761

2

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Hotels,

Restaurants

&

Leisure

2

.0

%

H

World

Group

Ltd.,

ADR

*(b)

8,300

327,269

Meituan,

Class

B

Reg.

S

*(a)

405,660

5,889,106

Tongcheng

Travel

Holdings

Ltd.

Reg.

S

*

165,200

361,475

Trip.com

Group

Ltd.,

ADR

*

32,200

1,126,034

Trip.com

Group

Ltd.

*

15,800

557,440

8,261,324

Household

Durables

0

.2

%

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

130,090

647,037

Industrial

Conglomerates

0

.2

%

CITIC

Ltd.

907,000

826,691

Insurance

2

.9

%

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

169,780

671,678

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

931,400

2,313,723

China

Taiping

Insurance

Holdings

Co.

Ltd.

1,479,000

1,463,961

New

China

Life

Insurance

Co.

Ltd.,

Class

H

481,700

1,158,080

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

5,956,000

2,127,245

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

45,042

301,134

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

728,500

4,126,371

12,162,192

Interactive

Media

&

Services

5

.7

%

Autohome,

Inc.,

ADR

7,700

233,695

Baidu,

Inc.,

Class

A

*

131,400

2,214,966

Kuaishou

Technology

Reg.

S

*(a)

277,300

2,202,506

Tencent

Holdings

Ltd.

489,800

18,982,226

23,633,393

Life

Sciences

Tools

&

Services

0

.1

%

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(a)

76,000

446,363

Machinery

1

.6

%

CIMC

Enric

Holdings

Ltd.

158,000

137,546

CRRC

Corp.

Ltd.,

Class

H

2,944,000

1,414,344

Sinotruk

Hong

Kong

Ltd.

969,000

1,855,151

Weichai

Power

Co.

Ltd.,

Class

A

110,200

189,021

Weichai

Power

Co.

Ltd.,

Class

H

831,000

1,127,538

Yutong

Bus

Co.

Ltd.,

Class

A

808,300

1,463,941

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

119,700

413,871

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

473,600

257,036

6,858,448

Marine

Transportation

0

.5

%

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

1,215,200

1,633,573

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

400,500

408,795

2,042,368

Metals

&

Mining

0

.2

%

Jiangxi

Copper

Co.

Ltd.,

Class

H

82,000

127,870

Common

Stocks

Shares

Value

($)

CHINA

Metals

&

Mining

Shougang

Fushan

Resources

Group

Ltd.

2,618,000

886,806

1,014,676

Oil,

Gas

&

Consumable

Fuels

0

.8

%

PetroChina

Co.

Ltd.,

Class

A

762,100

832,567

PetroChina

Co.

Ltd.,

Class

H

3,600,000

2,702,496

3,535,063

Pharmaceuticals

2

.1

%

Apeloa

Pharmaceutical

Co.

Ltd.,

Class

A

207,100

510,387

China

Medical

System

Holdings

Ltd.

1,105,000

1,666,481

CSPC

Pharmaceutical

Group

Ltd.

2,840,000

2,076,091

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

53,900

362,052

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

556,569

4,079,674

8,694,685

Real

Estate

Management

&

Development

0

.5

%

China

Overseas

Land

&

Investment

Ltd.

174,000

357,511

China

Resources

Land

Ltd.

258,000

1,016,775

China

Vanke

Co.

Ltd.,

Class

H

426,800

466,186

Greentown

China

Holdings

Ltd.

139,000

142,584

1,983,056

Software

0

.6

%

360

Security

Technology,

Inc.,

Class

A

*

514,700

692,594

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

14,443

737,865

Kingdee

International

Software

Group

Co.

Ltd.

*

709,000

869,640

2,300,099

Technology

Hardware,

Storage

&

Peripherals

1

.1

%

Legend

Holdings

Corp.,

Class

H

Reg.

S

(a)

134,400

120,076

Lenovo

Group

Ltd.

784,000

787,700

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

68,699

1,373,965

Xiaomi

Corp.,

Class

B

Reg.

S

*(a)

1,417,600

2,207,457

4,489,198

Transportation

Infrastructure

0

.1

%

Jiangsu

Expressway

Co.

Ltd.,

Class

H

362,000

326,156

124,243,828

GREECE

0

.8

%

Hotels,

Restaurants

&

Leisure

0

.7

%

OPAP

SA

181,982

3,050,547

Specialty

Retail

0

.1

%

JUMBO

SA

9,345

257,053

3,307,600

HONG

KONG

0

.3

%

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Truly

International

Holdings

Ltd.

2,916,000

265,582

Pharmaceuticals

0

.2

%

Sino

Biopharmaceutical

Ltd.

3,067,000

1,111,295

1,376,877

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

INDIA

15

.7

%

Aerospace

&

Defense

0

.2

%

Bharat

Dynamics

Ltd.

Reg.

S

13,534

167,977

Bharat

Electronics

Ltd.

331,157

551,516

719,493

Automobile

Components

0

.4

%

Ceat

Ltd.

24,386

622,394

MRF

Ltd.

895

1,153,886

1,776,280

Automobiles

1

.2

%

Eicher

Motors

Ltd.

29,595

1,227,508

Maruti

Suzuki

India

Ltd.

2,571

328,575

Tata

Motors

Ltd.

331,394

2,512,344

Tata

Motors

Ltd.,

Class

A

177,873

916,391

4,984,818

Banks

2

.0

%

Bank

of

Baroda

193,706

499,044

Canara

Bank

46,205

209,065

ICICI

Bank

Ltd.,

ADR

(b)

157,231

3,635,181

IDFC

First

Bank

Ltd.

*

404,211

464,777

State

Bank

of

India

459,858

3,311,654

8,119,721

Beverages

0

.5

%

Varun

Beverages

Ltd.

199,118

2,266,322

Capital

Markets

0

.1

%

JM

Financial

Ltd.

404,480

420,465

Construction

&

Engineering

1

.6

%

KNR

Constructions

Ltd.

128,778

440,461

Larsen

&

Toubro

Ltd.

168,804

6,140,130

6,580,591

Construction

Materials

1

.2

%

Shree

Cement

Ltd.

3,592

1,105,313

UltraTech

Cement

Ltd.

39,631

3,932,650

5,037,963

Electric

Utilities

0

.0

%

†

Power

Grid

Corp.

of

India

Ltd.

45,226

108,738

Financial

Services

1

.2

%

Bajaj

Holdings

&

Investment

Ltd.

4,402

376,941

L&T

Finance

Holdings

Ltd.

443,661

709,615

Power

Finance

Corp.

Ltd.

581,096

1,761,159

REC

Ltd.

571,388

1,976,405

4,824,120

Health

Care

Providers

&

Services

0

.3

%

Narayana

Hrudayalaya

Ltd.

Reg.

S

95,611

1,250,446

Hotels,

Restaurants

&

Leisure

0

.0

%

†

Indian

Hotels

Co.

Ltd.,

Class

A

37,884

187,089

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

NTPC

Ltd.

169,754

501,425

Insurance

0

.4

%

General

Insurance

Corp.

of

India

Reg.

S

(a)

126,027

341,538

Religare

Enterprises

Ltd.

*

70,717

206,020

SBI

Life

Insurance

Co.

Ltd.

Reg.

S

(a)

65,023

1,021,432

1,568,990

IT

Services

0

.9

%

Tata

Consultancy

Services

Ltd.

84,250

3,573,808

Machinery

0

.6

%

Cochin

Shipyard

Ltd.

Reg.

S

(a)

24,667

322,473

Craftsman

Automation

Ltd.

5,382

299,750

Common

Stocks

Shares

Value

($)

INDIA

Machinery

Cummins

India

Ltd.

54,929

1,121,510

Jamna

Auto

Industries

Ltd.

541,168

761,829

2,505,562

Metals

&

Mining

1

.1

%

APL

Apollo

Tubes

Ltd.

23,190

452,922

Godawari

Power

and

Ispat

Ltd.

66,623

505,884

Jindal

Stainless

Ltd.

38,685

220,475

JSW

Steel

Ltd.

257,029

2,408,218

NMDC

Ltd.

471,045

836,568

4,424,067

Oil,

Gas

&

Consumable

Fuels

0

.8

%

Bharat

Petroleum

Corp.

Ltd.

200,025

834,525

Great

Eastern

Shipping

Co.

Ltd.

(The)

104,043

1,061,770

Oil

&

Natural

Gas

Corp.

Ltd.

199,353

459,738

Petronet

LNG

Ltd.

111,034

320,422

Reliance

Industries

Ltd.

23,346

655,321

3,331,776

Paper

&

Forest

Products

0

.0

%

†

Century

Plyboards

India

Ltd.

453

3,526

Pharmaceuticals

2

.0

%

Ajanta

Pharma

Ltd.

40,761

883,982

Aurobindo

Pharma

Ltd.

10,827

119,164

Cipla

Ltd.

81,137

1,158,942

Dr

Reddy's

Laboratories

Ltd.,

ADR

52,054

3,480,850

Lupin

Ltd.

65,331

920,184

Torrent

Pharmaceuticals

Ltd.

21,883

508,078

Zydus

Lifesciences

Ltd.

229,518

1,699,937

8,771,137

Software

0

.1

%

KPIT

Technologies

Ltd.

17,378

240,778

Tobacco

0

.7

%

ITC

Ltd.

572,162

3,063,238

Trading

Companies

&

Distributors

0

.2

%

IndiaMart

InterMesh

Ltd.

Reg.

S

(a)

27,986

968,241

Transportation

Infrastructure

0

.1

%

Adani

Ports

&

Special

Economic

Zone

Ltd.

32,295

320,865

65,549,459

INDONESIA

2

.4

%

Banks

2

.1

%

Bank

Central

Asia

Tbk.

PT

6,670,100

3,805,417

Bank

Mandiri

Persero

Tbk.

PT

8,466,800

3,300,756

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

5,491,700

1,855,915

8,962,088

Capital

Markets

0

.0

%

†

Saratoga

Investama

Sedaya

Tbk.

PT

470,700

53,618

Construction

Materials

0

.0

%

†

Indocement

Tunggal

Prakarsa

Tbk.

PT

212,400

136,701

Industrial

Conglomerates

0

.1

%

Astra

International

Tbk.

PT

518,300

208,537

Metals

&

Mining

0

.1

%

Aneka

Tambang

Tbk.

2,244,400

263,217

4

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

INDONESIA

Oil,

Gas

&

Consumable

Fuels

0

.1

%

United

Tractors

Tbk.

PT

308,100

562,528

10,186,689

MEXICO

2

.9

%

Banks

0

.9

%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

354,200

2,969,568

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

*

337,900

664,458

3,634,026

Beverages

1

.4

%

Arca

Continental

SAB

de

CV

152,302

1,383,237

Coca-Cola

Femsa

SAB

de

CV,

ADR

46,260

3,628,635

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

12,480

1,362,192

6,374,064

Diversified

REITs

0

.1

%

Fibra

Uno

Administracion

SA

de

CV

218,400

364,052

Household

Products

0

.2

%

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

336,186

669,382

Metals

&

Mining

0

.3

%

Ternium

SA,

ADR

26,700

1,065,330

12,106,854

PERU

0

.2

%

Banks

0

.2

%

Credicorp

Ltd.

5,800

742,226

PHILIPPINES

0

.7

%

Banks

0

.2

%

Metropolitan

Bank

&

Trust

Co.

980,600

934,390

Hotels,

Restaurants

&

Leisure

0

.1

%

Bloomberry

Resorts

Corp.

*

1,161,000

207,182

Jollibee

Foods

Corp.

12,920

52,391

259,573

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

Aboitiz

Power

Corp.

567,400

335,972

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Semirara

Mining

&

Power

Corp.,

Class

A

888,100

547,768

Transportation

Infrastructure

0

.2

%

International

Container

Terminal

Services,

Inc.

172,370

629,816

2,707,519

POLAND

1

.3

%

Banks

0

.3

%

Bank

Polska

Kasa

Opieki

SA

26,229

602,618

Santander

Bank

Polska

SA

*

7,424

608,500

1,211,118

Insurance

0

.9

%

Powszechny

Zaklad

Ubezpieczen

SA

375,933

3,557,031

Oil,

Gas

&

Consumable

Fuels

0

.1

%

ORLEN

SA

33,439

447,869

5,216,018

Common

Stocks

Shares

Value

($)

QATAR

0

.5

%

Banks

0

.2

%

Commercial

Bank

PSQC

(The)

195,702

290,388

Qatar

Islamic

Bank

SAQ

32,889

167,645

Qatar

National

Bank

QPSC

67,806

286,859

744,892

Chemicals

0

.0

%

†

Mesaieed

Petrochemical

Holding

Co.

123,227

62,792

Energy

Equipment

&

Services

0

.1

%

Gulf

International

Services

QSC

282,449

227,327

Multi-Utilities

0

.2

%

Qatar

Electricity

&

Water

Co.

QSC

197,266

951,581

1,986,592

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

0

SAUDI

ARABIA

3

.6

%

Banks

1

.4

%

Al

Rajhi

Bank

28,903

523,338

Arab

National

Bank

211,926

1,355,349

Riyad

Bank

288,835

2,137,027

Saudi

Awwal

Bank

154,016

1,416,767

Saudi

Investment

Bank

(The)

82,003

345,352

Saudi

National

Bank

(The)

44,660

390,889

6,168,722

Building

Products

0

.1

%

Bawan

Co.

59,129

518,715

Chemicals

0

.0

%

†

Sahara

International

Petrochemical

Co.

15,230

153,631

Construction

Materials

0

.3

%

City

Cement

Co.

18,580

91,964

Hail

Cement

Co.

73,625

240,275

Saudi

Cement

Co.

54,745

762,014

1,094,253

Consumer

Staples

Distribution

&

Retail

0

.0

%

†

Abdullah

Al

Othaim

Markets

Co.

54,890

198,543

Food

Products

0

.1

%

Almarai

Co.

JSC

9,070

154,082

Savola

Group

(The)

5,674

54,378

208,460

Health

Care

Providers

&

Services

0

.3

%

Al

Hammadi

Holding

32,541

451,535

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

1,542

96,830

Mouwasat

Medical

Services

Co.

7,086

194,379

National

Medical

Care

Co.

2,763

90,440

Saudi

Chemical

Co.

Holding

371,460

453,076

1,286,260

Insurance

0

.2

%

Bupa

Arabia

for

Cooperative

Insurance

Co.

14,935

828,069

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

Oil,

Gas

&

Consumable

Fuels

1

.1

%

Aldrees

Petroleum

and

Transport

Services

Co.

56,816

2,126,596

Saudi

Arabian

Oil

Co.

Reg.

S

(a)

242,745

2,265,500

4,392,096

Transportation

Infrastructure

0

.1

%

Saudi

Industrial

Services

Co.

45,569

317,658

15,166,407

SOUTH

AFRICA

2

.5

%

Banks

0

.1

%

Absa

Group

Ltd.

52,241

480,502

Broadline

Retail

0

.2

%

Naspers

Ltd.,

Class

N

6,277

1,001,701

Capital

Markets

0

.1

%

Investec

Ltd.

78,694

449,390

Financial

Services

1

.5

%

FirstRand

Ltd.

1,694,035

5,709,207

Remgro

Ltd.

12,784

100,245

5,809,452

Hotels,

Restaurants

&

Leisure

0

.1

%

Sun

International

Ltd.

173,110

381,900

Insurance

0

.5

%

Momentum

Metropolitan

Holdings

225,857

235,161

Old

Mutual

Ltd.

672,524

428,740

Sanlam

Ltd.

461,367

1,596,223

2,260,124

10,383,069

SOUTH

KOREA

12

.7

%

Aerospace

&

Defense

0

.1

%

Hanwha

Aerospace

Co.

Ltd.

3,638

281,931

Automobile

Components

0

.4

%

Hankook

Tire

&

Technology

Co.

Ltd.

21,374

625,651

Hyundai

Mobis

Co.

Ltd.

2,177

387,844

Sebang

Global

Battery

Co.

Ltd.

7,317

320,358

SL

Corp.

5,987

144,585

SNT

Motiv

Co.

Ltd.

3,318

107,171

1,585,609

Automobiles

2

.8

%

Hyundai

Motor

Co.

37,737

5,342,248

Hyundai

Motor

Co.

(Preference)

1,322

101,878

Kia

Corp.

100,078

6,006,722

11,450,848

Banks

2

.1

%

DGB

Financial

Group,

Inc.

69,783

406,261

Hana

Financial

Group,

Inc.

63,821

2,007,068

KB

Financial

Group,

Inc.

88,932

3,657,810

Shinhan

Financial

Group

Co.

Ltd.

105,790

2,793,449

8,864,588

Capital

Markets

0

.1

%

Korea

Investment

Holdings

Co.

Ltd.

6,331

249,012

Chemicals

0

.2

%

Ecopro

Co.

Ltd.

1,007

664,360

Hyosung

TNC

Corp.

1,414

368,676

1,033,036

Financial

Services

0

.4

%

Meritz

Financial

Group,

Inc.

42,538

1,739,722

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Industrial

Conglomerates

1

.1

%

GS

Holdings

Corp.

32,095

945,518

Samsung

C&T

Corp.

44,325

3,526,852

4,472,370

Insurance

0

.6

%

DB

Insurance

Co.

Ltd.

18,522

1,226,688

Korean

Reinsurance

Co.

99,883

609,737

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

2,826

544,262

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Preference)

1,072

150,222

2,530,909

Interactive

Media

&

Services

0

.1

%

NAVER

Corp.

1,902

283,832

Machinery

0

.7

%

HD

Hyundai

Construction

Equipment

Co.

Ltd.

17,536

948,873

HD

Hyundai

Infracore

Co.

Ltd.

60,138

473,228

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

*

12,800

1,052,500

Hyundai

Rotem

Co.

Ltd.

*

4,343

89,458

Samsung

Heavy

Industries

Co.

Ltd.

*

40,126

233,171

2,797,230

Metals

&

Mining

0

.2

%

Hyundai

Steel

Co.

8,833

248,947

POSCO

Holdings,

Inc.

1,650

646,584

895,531

Pharmaceuticals

0

.0

%

†

Chong

Kun

Dang

Pharmaceutical

Corp.

2,299

159,376

Semiconductors

&

Semiconductor

Equipment

0

.2

%

Hanmi

Semiconductor

Co.

Ltd.

20,865

821,927

TechWing,

Inc.

35,215

175,744

997,671

Software

0

.0

%

†

Douzone

Bizon

Co.

Ltd.

7,078

152,056

Technology

Hardware,

Storage

&

Peripherals

3

.7

%

Samsung

Electronics

Co.

Ltd.

262,263

13,287,546

Samsung

Electronics

Co.

Ltd.

(Preference)

47,509

1,918,064

15,205,610

52,699,331

TAIWAN

15

.3

%

Automobile

Components

0

.0

%

†

Depo

Auto

Parts

Ind

Co.

Ltd.

25,000

103,877

Automobiles

0

.2

%

China

Motor

Corp.

232,000

701,320

Containers

&

Packaging

0

.0

%

†

Ton

Yi

Industrial

Corp.

277,000

141,621

Electronic

Equipment,

Instruments

&

Components

1

.4

%

Hon

Hai

Precision

Industry

Co.

Ltd.

965,000

3,110,845

Primax

Electronics

Ltd.

142,000

304,669

Supreme

Electronics

Co.

Ltd.

1,120,000

1,912,673

Taiwan

Surface

Mounting

Technology

Corp.

139,000

396,161

5,724,348

6

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

TAIWAN

Metals

&

Mining

0

.3

%

EVERGREEN

Steel

Corp.

106,000

233,247

Tung

Ho

Steel

Enterprise

Corp.

547,000

1,027,833

1,261,080

Semiconductors

&

Semiconductor

Equipment

8

.2

%

ASE

Technology

Holding

Co.

Ltd.

993,000

3,373,761

Chipbond

Technology

Corp.

743,000

1,570,503

eMemory

Technology,

Inc.

7,000

437,933

Everlight

Electronics

Co.

Ltd.

383,000

556,678

ITE

Technology,

Inc.

91,000

444,607

Keystone

Microtech

Corp.

21,000

127,673

Materials

Analysis

Technology,

Inc.

23,000

188,087

MediaTek,

Inc.

111,000

2,535,846

MPI

Corp.

11,000

69,978

Novatek

Microelectronics

Corp.

156,000

2,046,743

Radiant

Opto-Electronics

Corp.

286,000

1,089,818

Sino-American

Silicon

Products,

Inc.

237,000

1,156,036

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,258,000

20,414,939

34,012,602

Technology

Hardware,

Storage

&

Peripherals

5

.2

%

Advantech

Co.

Ltd.

132,087

1,417,993

Asia

Vital

Components

Co.

Ltd.

61,000

646,327

ASROCK,

Inc.

43,000

283,080

Catcher

Technology

Co.

Ltd.

214,000

1,212,676

Chicony

Electronics

Co.

Ltd.

375,000

1,344,948

Clevo

Co.

141,000

138,112

Compal

Electronics,

Inc.

2,711,000

2,589,440

Darfon

Electronics

Corp.

105,000

140,438

Elitegroup

Computer

Systems

Co.

Ltd.

212,000

194,891

Getac

Holdings

Corp.

567,000

1,364,262

Gigabyte

Technology

Co.

Ltd.

92,000

805,061

IEI

Integration

Corp.

301,000

739,236

Innodisk

Corp.

44,278

409,319

Lite-On

Technology

Corp.

661,000

2,512,512

Micro-Star

International

Co.

Ltd.

259,000

1,317,503

Mitac

Holdings

Corp.

250,000

318,230

Pegatron

Corp.

752,000

1,786,642

Quanta

Computer,

Inc.

505,000

3,762,302

Transcend

Information,

Inc.

66,000

148,514

Wistron

Corp.

204,000

644,249

21,775,735

63,720,583

THAILAND

2

.4

%

Banks

0

.8

%

Krung

Thai

Bank

PCL

3,365,900

1,754,753

Thanachart

Capital

PCL

91,900

126,171

TMBThanachart

Bank

PCL

26,896,900

1,269,938

3,150,862

Health

Care

Providers

&

Services

0

.7

%

Bumrungrad

Hospital

PCL

421,100

3,091,513

Independent

Power

and

Renewable

Electricity

Producers

0

.5

%

Gulf

Energy

Development

PCL

1,649,400

2,060,855

Oil,

Gas

&

Consumable

Fuels

0

.4

%

PTT

PCL

1,945,900

1,787,444

10,090,674

Common

Stocks

Shares

Value

($)

TURKEY

0

.8

%

Automobiles

0

.1

%

Tofas

Turk

Otomobil

Fabrikasi

A/S

46,404

497,391

Industrial

Conglomerates

0

.4

%

KOC

Holding

A/S

333,098

1,771,433

Passenger

Airlines

0

.3

%

Turk

Hava

Yollari

AO

*

130,573

1,149,135

3,417,959

UNITED

ARAB

EMIRATES

1

.0

%

Banks

0

.5

%

Abu

Dhabi

Commercial

Bank

PJSC

101,255

238,507

Abu

Dhabi

Islamic

Bank

PJSC

193,762

593,845

Dubai

Islamic

Bank

PJSC

394,838

628,904

Emirates

NBD

Bank

PJSC

148,674

720,665

2,181,921

Passenger

Airlines

0

.5

%

Air

Arabia

PJSC

2,608,363

1,995,429

4,177,350

Total

Common

Stocks

(cost

$418,085,844)

412,089,080

Repurchase

Agreement

0

.2

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$839,661,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$856,074.(c)

839,288

839,288

Total

Repurchase

Agreement

(cost

$839,288)

839,288

Total

Investments

(cost

$418,925,132)

—

99.2%

412,928,368

Other

assets

in

excess

of

liabilities

—

0.8%

3,259,875

NET

ASSETS

—

100.0%

$

416,188,243

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

7

*

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,

2023

was

$16,556,334

which

represents

3.98%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$827,886,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$839,288.

(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,

2023

was

$839,288.

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

8

-

Statement

of

Investments

-

September

30,

2023

(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,

2023

(Unaudited)

-

Statement

of

Investments

-

9

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

1,001,424

$

–

$

1,001,424

Automobile

Components

677,691

3,465,766

–

4,143,457

Automobiles

–

27,563,245

–

27,563,245

Banks

10,910,579

41,237,412

–

52,147,991

Beverages

6,374,064

3,973,084

–

10,347,148

Broadline

Retail

4,474,236

17,126,175

–

21,600,411

Building

Products

–

792,852

–

792,852

Capital

Markets

–

1,794,182

–

1,794,182

Chemicals

–

1,249,459

–

1,249,459

Construction

&

Engineering

–

8,337,758

–

8,337,758

Construction

Materials

–

6,268,917

–

6,268,917

Consumer

Staples

Distribution

&

Retail

–

198,543

–

198,543

Containers

&

Packaging

–

141,621

–

141,621

Diversified

Consumer

Services

660,943

768,930

–

1,429,873

Diversified

REITs

364,052

–

–

364,052

Diversified

Telecommunication

Services

1,389,782

–

–

1,389,782

Electric

Utilities

224,146

108,738

–

332,884

Electrical

Equipment

1,330,572

293,799

–

1,624,371

Electronic

Equipment,

Instruments

&

Components

–

5,989,930

–

5,989,930

Energy

Equipment

&

Services

–

414,864

–

414,864

Entertainment

1,041,854

3,370,068

–

4,411,922

Financial

Services

–

12,373,294

–

12,373,294

Food

Products

–

208,460

–

208,460

Health

Care

Providers

&

Services

–

8,047,980

–

8,047,980

Hotels,

Restaurants

&

Leisure

1,453,303

10,687,130

–

12,140,433

Household

Durables

151,713

647,037

–

798,750

Household

Products

669,382

–

–

669,382

Independent

Power

and

Renewable

Electricity

Producers

–

2,898,252

–

2,898,252

Industrial

Conglomerates

–

7,279,031

–

7,279,031

Insurance

1,179,480

22,907,315

–

24,086,795

Interactive

Media

&

Services

233,695

23,683,530

–

23,917,225

IT

Services

–

3,573,808

–

3,573,808

Life

Sciences

Tools

&

Services

–

446,363

–

446,363

Machinery

1,107,617

12,161,240

–

13,268,857

Marine

Transportation

363,350

2,042,368

–

2,405,718

Metals

&

Mining

6,571,266

7,858,571

–

14,429,837

Multi-Utilities

–

951,581

–

951,581

Oil,

Gas

&

Consumable

Fuels

9,519,669

14,604,544

–

24,124,213

Paper

&

Forest

Products

–

3,526

–

3,526

Passenger

Airlines

–

3,144,564

–

3,144,564

Pharmaceuticals

3,480,850

15,255,643

–

18,736,493

Real

Estate

Management

&

Development

–

1,983,056

–

1,983,056

Semiconductors

&

Semiconductor

Equipment

–

35,010,273

–

35,010,273

Software

–

2,692,933

–

2,692,933

Specialty

Retail

–

257,053

–

257,053

Technology

Hardware,

Storage

&

Peripherals

–

41,470,543

–

41,470,543

Tobacco

–

3,063,238

–

3,063,238

Trading

Companies

&

Distributors

–

968,241

–

968,241

Transportation

Infrastructure

–

1,594,495

–

1,594,495

Total

Common

Stocks

$

52,178,244

$

359,910,836

$

–

$

412,089,080

Repurchase

Agreement

–

839,288

–

839,288

Total

$

52,178,244

$

360,750,124

$

–

$

412,928,368

10

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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,

2023,

the

Fund

had

no

open

futures

contracts.  

As

of

September

30,

2023,

the

Fund

held

four

common

stocks

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Total

Balance

as

of

12/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

(

3,933,847

)

(

3,933,847

)

Purchases

—

—

Sales

(

917,584

)

(

917,584

)

Change

in

Unrealized

Appreciation/Depreciation

4,851,431

4,851,431

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2023

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2023

$

—

$

—

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

International

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

98.1%

Shares

Value

($)

AUSTRALIA

7.4%

Banks

1.6%

ANZ

Group

Holdings

Ltd.

201,888

3,321,605

Commonwealth

Bank

of

Australia

112,881

7,192,616

National

Australia

Bank

Ltd.

22,527

420,533

10,934,754

Capital

Markets

0.4%

Macquarie

Group

Ltd.

26,470

2,848,155

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

100,349

923,576

Consumer

Staples

Distribution

&

Retail

1.0%

Woolworths

Group

Ltd.

278,748

6,715,885

Diversified

Telecommunication

Services

0.3%

Telstra

Group

Ltd.

744,717

1,841,590

Financial

Services

0.1%

Challenger

Ltd.

65,190

269,298

Helia

Group

Ltd.

134,188

300,935

570,233

Health

Care

Equipment

&

Supplies

0.3%

Cochlear

Ltd.

14,165

2,321,970

Insurance

0.4%

Insurance

Australia

Group

Ltd.

562,234

2,054,053

Suncorp

Group

Ltd.

61,798

557,099

2,611,152

Metals

&

Mining

1.8%

BHP

Group

Ltd.

253,799

7,196,616

BlueScope

Steel

Ltd.

64,141

801,034

Glencore

plc

533,093

3,048,656

Perenti

Ltd.

*

317,487

220,170

Perseus

Mining

Ltd.

629,280

660,422

Rio

Tinto

plc,

ADR

(a)

14,742

938,181

12,865,079

Oil,

Gas

&

Consumable

Fuels

0.6%

Whitehaven

Coal

Ltd.

60,227

273,795

Woodside

Energy

Group

Ltd.

178,850

4,166,940

4,440,735

Retail

REITs

0.7%

Scentre

Group

2,266,533

3,605,634

Vicinity

Ltd.

1,001,020

1,091,022

4,696,656

Software

0.1%

Technology

One

Ltd.

66,726

663,707

51,433,492

AUSTRIA

0.5%

Banks

0.5%

BAWAG

Group

AG

Reg.

S

*(b)

31,835

1,462,523

Erste

Group

Bank

AG

50,231

1,735,238

Raiffeisen

Bank

International

AG

*

29,365

426,288

3,624,049

BELGIUM

0.2%

Banks

0.0%

†

KBC

Ancora

5,525

225,858

Consumer

Staples

Distribution

&

Retail

0.0%

†

Etablissements

Franz

Colruyt

NV

5,403

233,829

Insurance

0.1%

Ageas

SA/NV

13,470

555,488

Common

Stocks

Shares

Value

($)

BELGIUM

Oil,

Gas

&

Consumable

Fuels

0.1%

Euronav

NV

30,745

498,010

1,513,185

CHINA

0.6%

Broadline

Retail

0.4%

Prosus

NV

*

94,817

2,794,216

Machinery

0.2%

Yangzijiang

Shipbuilding

Holdings

Ltd.

1,321,700

1,603,883

4,398,099

DENMARK

2.5%

Banks

0.4%

Jyske

Bank

A/S

(Registered)

*

23,652

1,728,346

Sydbank

A/S

20,557

978,862

2,707,208

Biotechnology

0.4%

Genmab

A/S

*

7,754

2,743,988

Marine

Transportation

0.2%

AP

Moller

-

Maersk

A/S

,

Class

A

359

636,931

AP

Moller

-

Maersk

A/S

,

Class

B

610

1,099,285

1,736,216

Pharmaceuticals

1.3%

Novo

Nordisk

A/S

,

Class

B

101,344

9,218,842

Textiles,

Apparel

&

Luxury

Goods

0.2%

Pandora

A/S

11,352

1,170,264

17,576,518

FINLAND

1.5%

Banks

0.6%

Nordea

Bank

Abp

350,873

3,855,683

Consumer

Staples

Distribution

&

Retail

0.0%

†

Kesko

OYJ

,

Class

B

17,188

307,448

Insurance

0.8%

Sampo

OYJ

,

Class

A

117,763

5,091,151

Machinery

0.1%

Konecranes

OYJ

19,534

647,289

Paper

&

Forest

Products

0.0%

†

UPM-

Kymmene

OYJ

5,945

203,342

Real

Estate

Management

&

Development

0.0%

†

Kojamo

OYJ

26,998

238,148

10,343,061

FRANCE

10.3%

Aerospace

&

Defense

2.4%

Airbus

SE

14,233

1,904,125

Dassault

Aviation

SA

27,315

5,137,817

Safran

SA

31,789

4,970,337

Thales

SA

30,046

4,215,853

16,228,132

Banks

0.1%

Societe

Generale

SA

29,587

715,717

Building

Products

0.1%

Cie

de

Saint-Gobain

SA

16,157

967,942

Chemicals

1.1%

Air

Liquide

SA

41,925

7,065,075

Arkema

SA

4,380

431,901

7,496,976

12

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Construction

&

Engineering

1.0%

Eiffage

SA

48,220

4,580,369

Vinci

SA

24,502

2,712,536

7,292,905

Electrical

Equipment

0.8%

Legrand

SA

58,594

5,377,565

Nexans

SA

5,122

414,298

5,791,863

Energy

Equipment

&

Services

0.1%

Vallourec

SACA

*(a)

31,091

377,920

Financial

Services

0.3%

Edenred

SE

34,417

2,150,385

Hotels,

Restaurants

&

Leisure

0.1%

La

Francaise

des

Jeux

SAEM

Reg.

S

(b)

30,825

1,001,053

Insurance

0.0%

†

SCOR

SE

7,305

227,572

IT

Services

0.0%

†

Alten

SA

1,486

195,041

Multi-Utilities

1.1%

Engie

SA

321,137

4,924,125

Veolia

Environnement

SA

85,040

2,460,218

7,384,343

Office

REITs

0.0%

†

Gecina

SA

2,366

240,948

Pharmaceuticals

0.2%

Ipsen

SA

12,605

1,650,977

Software

0.7%

Dassault

Systemes

SE

127,461

4,738,838

Textiles,

Apparel

&

Luxury

Goods

1.8%

Hermes

International

SCA

4,847

8,811,334

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,968

2,993,565

11,804,899

Trading

Companies

&

Distributors

0.5%

Rexel

SA

168,682

3,775,268

72,040,779

GERMANY

9.7%

Aerospace

&

Defense

0.3%

MTU

Aero

Engines

AG

9,761

1,773,444

Automobiles

1.5%

Bayerische

Motoren

Werke

AG

41,844

4,262,206

Bayerische

Motoren

Werke

AG

(Preference)

26,403

2,465,170

Mercedes-Benz

Group

AG

24,379

1,698,049

Porsche

Automobil

Holding

SE

(Preference)

37,498

1,848,509

10,273,934

Banks

0.1%

Commerzbank

AG

54,595

622,864

Capital

Markets

0.2%

Deutsche

Bank

AG

(Registered)

116,600

1,287,544

DWS

Group

GmbH

&

Co.

KGaA

Reg.

S

(b)

7,308

248,735

1,536,279

Chemicals

0.2%

BASF

SE

32,479

1,474,301

Common

Stocks

Shares

Value

($)

GERMANY

Diversified

Telecommunication

Services

0.2%

Deutsche

Telekom

AG

(Registered)

81,606

1,713,680

Health

Care

Providers

&

Services

0.1%

Fresenius

SE

&

Co.

KGaA

12,739

397,104

Health

Care

Technology

0.0%

†

CompuGroup

Medical

SE

&

Co.

KgaA

5,534

216,923

Household

Products

0.4%

Henkel

AG

&

Co.

KGaA

23,011

1,453,113

Henkel

AG

&

Co.

KGaA

(Preference)

23,396

1,669,828

3,122,941

Industrial

Conglomerates

0.4%

Siemens

AG

(Registered)

20,746

2,974,215

Insurance

1.8%

Allianz

SE

(Registered)

1,235

294,500

Hannover

Rueck

SE

10,882

2,391,302

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

25,189

9,826,942

12,512,744

Machinery

0.1%

GEA

Group

AG

25,069

926,623

Multi-Utilities

1.0%

E.ON

SE

584,765

6,926,861

Personal

Care

Products

0.0%

†

Beiersdorf

AG

586

75,667

Pharmaceuticals

0.2%

Bayer

AG

(Registered)

18,639

895,229

Merck

KGaA

3,420

571,622

1,466,851

Semiconductors

&

Semiconductor

Equipment

0.6%

Infineon

Technologies

AG

129,571

4,297,213

Software

2.1%

SAP

SE

102,476

13,301,999

TeamViewer

SE

*(b)

55,533

936,116

14,238,115

Trading

Companies

&

Distributors

0.5%

Brenntag

SE

42,957

3,335,831

67,885,590

HONG

KONG

1.4%

Industrial

Conglomerates

0.4%

Jardine

Matheson

Holdings

Ltd.

59,300

2,751,561

Insurance

0.8%

AIA

Group

Ltd.

744,200

6,019,884

Real

Estate

Management

&

Development

0.2%

Swire

Pacific

Ltd.

,

Class

A

179,000

1,208,523

9,979,968

ISRAEL

0.1%

Financial

Services

0.1%

Plus500

Ltd.

46,731

783,166

ITALY

1.1%

Banks

0.6%

Banca

Popolare

di

Sondrio

SpA

95,368

491,316

Banco

BPM

SpA

367,706

1,754,130

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

ITALY

Banks

Credito

Emiliano

SpA

27,047

222,321

UniCredit

SpA

66,461

1,590,364

4,058,131

Capital

Markets

0.0%

†

Banca

Generali

SpA

8,641

305,317

Electrical

Equipment

0.0%

†

Prysmian

SpA

4,370

175,323

Energy

Equipment

&

Services

0.1%

Saipem

SpA

*

322,523

490,988

Financial

Services

0.2%

Banca

Mediolanum

SpA

145,376

1,241,142

Insurance

0.2%

Unipol

Gruppo

SpA

217,866

1,177,927

7,448,828

JAPAN

24.7%

Air

Freight

&

Logistics

0.1%

Nippon

Express

Holdings,

Inc.

20,000

1,043,541

Automobile

Components

0.9%

Aisan

Industry

Co.

Ltd.

55,400

495,361

Aisin

Corp.

129,900

4,906,388

Exedy

Corp.

8,200

143,334

FCC

Co.

Ltd.

(a)

33,400

420,160

KYB

Corp.

(a)

10,600

342,725

6,307,968

Automobiles

2.7%

Honda

Motor

Co.

Ltd.

355,200

3,993,955

Isuzu

Motors

Ltd.

58,000

728,987

Mazda

Motor

Corp.

314,200

3,562,310

Mitsubishi

Motors

Corp.

145,800

634,602

Nissan

Motor

Co.

Ltd.

846,700

3,734,802

Subaru

Corp.

161,800

3,143,067

Toyota

Motor

Corp.

123,100

2,212,016

18,009,739

Banks

1.1%

Mitsubishi

UFJ

Financial

Group,

Inc.

832,300

7,059,518

Sumitomo

Mitsui

Trust

Holdings,

Inc.

18,400

691,084

7,750,602

Broadline

Retail

0.5%

Isetan

Mitsukoshi

Holdings

Ltd.

(a)

78,200

905,609

J

Front

Retailing

Co.

Ltd.

23,000

235,204

Takashimaya

Co.

Ltd.

139,900

2,040,438

3,181,251

Capital

Markets

0.2%

Okasan

Securities

Group,

Inc.

142,100

660,410

Tokai

Tokyo

Financial

Holdings,

Inc.

211,900

687,310

1,347,720

Chemicals

0.8%

Air

Water,

Inc.

(a)

102,200

1,273,212

Asahi

Kasei

Corp.

559,300

3,515,638

UBE

Corp.

(a)

36,700

618,836

5,407,686

Commercial

Services

&

Supplies

0.5%

Dai

Nippon

Printing

Co.

Ltd.

43,900

1,141,816

Itoki

Corp.

(a)

106,400

1,072,766

Kokuyo

Co.

Ltd.

52,000

824,702

Common

Stocks

Shares

Value

($)

JAPAN

Commercial

Services

&

Supplies

Okamura

Corp.

32,600

492,782

Pilot

Corp.

8,200

281,312

3,813,378

Construction

&

Engineering

0.2%

Kajima

Corp.

33,200

540,295

Toyo

Construction

Co.

Ltd.

63,100

514,102

1,054,397

Consumer

Staples

Distribution

&

Retail

0.7%

H2O

Retailing

Corp.

62,000

752,392

Life

Corp.

5,400

131,445

Mitsubishi

Shokuhin

Co.

Ltd.

16,300

425,095

Seven

&

i

Holdings

Co.

Ltd.

95,700

3,747,572

5,056,504

Diversified

Telecommunication

Services

0.1%

Nippon

Telegraph

&

Telephone

Corp.

817,800

965,902

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

49,700

635,767

Shikoku

Electric

Power

Co.,

Inc.

44,700

305,493

941,260

Entertainment

0.0%

†

Gree

,

Inc.

18,700

74,412

Financial

Services

1.5%

Mitsubishi

HC

Capital,

Inc.

743,200

4,950,101

ORIX

Corp.

209,200

3,906,155

Tokyo

Century

Corp.

46,500

1,854,614

10,710,870

Ground

Transportation

0.1%

Kyushu

Railway

Co.

8,800

187,155

Nikkon

Holdings

Co.

Ltd.

19,300

407,980

595,135

Hotels,

Restaurants

&

Leisure

0.5%

Heiwa

Corp.

(a)

65,000

932,469

HIS

Co.

Ltd.

*(a)

23,400

282,709

Kyoritsu

Maintenance

Co.

Ltd.

(a)

10,000

416,195

Oriental

Land

Co.

Ltd.

(a)

52,400

1,720,214

3,351,587

Household

Durables

0.7%

Sekisui

Chemical

Co.

Ltd.

211,200

3,040,393

Sekisui

House

Ltd.

84,200

1,676,509

4,716,902

Insurance

1.4%

MS&AD

Insurance

Group

Holdings,

Inc.

57,300

2,095,770

Sompo

Holdings,

Inc.

50,900

2,178,780

T&D

Holdings,

Inc.

79,900

1,311,724

Tokio

Marine

Holdings,

Inc.

189,300

4,363,812

9,950,086

IT

Services

0.6%

Fujitsu

Ltd.

7,600

894,192

NEC

Corp.

48,800

2,695,402

Otsuka

Corp.

10,500

444,609

TIS,

Inc.

16,700

367,585

4,401,788

Leisure

Products

0.2%

Mars

Group

Holdings

Corp.

(a)

23,500

437,699

Sankyo

Co.

Ltd.

28,600

1,305,770

1,743,469

Machinery

1.0%

Komatsu

Ltd.

15,000

405,369

Mitsubishi

Heavy

Industries

Ltd.

10,200

571,467

14

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Machinery

Mitsubishi

Logisnext

Co.

Ltd.

39,500

360,654

Shinmaywa

Industries

Ltd.

51,300

437,311

Sumitomo

Heavy

Industries

Ltd.

200,500

5,083,146

6,857,947

Marine

Transportation

0.2%

Iino

Kaiun

Kaisha

Ltd.

36,300

254,671

Nippon

Yusen

KK

47,800

1,238,658

1,493,329

Media

0.0%

†

SKY

Perfect

JSAT

Holdings,

Inc.

44,500

207,443

Metals

&

Mining

1.8%

JFE

Holdings,

Inc.

(a)

380,000

5,583,740

Kobe

Steel

Ltd.

(a)

316,000

4,092,958

Maruichi

Steel

Tube

Ltd.

25,600

636,768

Nakayama

Steel

Works

Ltd.

(a)

48,000

290,433

Nippon

Steel

Corp.

(a)

70,000

1,640,612

12,244,511

Oil,

Gas

&

Consumable

Fuels

0.2%

Inpex

Corp.

93,900

1,409,196

Pharmaceuticals

2.0%

Astellas

Pharma,

Inc.

52,100

719,626

Ono

Pharmaceutical

Co.

Ltd.

214,300

4,110,220

Otsuka

Holdings

Co.

Ltd.

130,900

4,656,737

Santen

Pharmaceutical

Co.

Ltd.

201,000

1,841,115

Shionogi

&

Co.

Ltd.

30,200

1,350,402

Sumitomo

Pharma

Co.

Ltd.

164,900

592,749

Towa

Pharmaceutical

Co.

Ltd.

30,500

582,500

13,853,349

Real

Estate

Management

&

Development

2.8%

Daiwa

House

Industry

Co.

Ltd.

96,600

2,593,992

Hulic

Co.

Ltd.

24,100

216,142

Mitsubishi

Estate

Co.

Ltd.

335,100

4,380,505

Mitsui

Fudosan

Co.

Ltd.

127,100

2,799,429

Sumitomo

Realty

&

Development

Co.

Ltd.

116,400

3,023,815

Tokyu

Fudosan

Holdings

Corp.

959,500

5,896,316

18,910,199

Semiconductors

&

Semiconductor

Equipment

1.4%

Axell

Corp.

11,300

141,472

Mimasu

Semiconductor

Industry

Co.

Ltd.

14,600

271,377

Renesas

Electronics

Corp.

*

46,800

718,030

SCREEN

Holdings

Co.

Ltd.

96,000

4,660,987

SUMCO

Corp.

154,700

2,011,976

Tokyo

Electron

Ltd.

10,100

1,374,456

Tokyo

Seimitsu

Co.

Ltd.

4,100

205,224

Yamaichi

Electronics

Co.

Ltd.

(a)

33,000

378,901

9,762,423

Software

0.2%

Computer

Engineering

&

Consulting

Ltd.

20,500

218,774

Trend

Micro,

Inc.

30,400

1,151,710

1,370,484

Specialty

Retail

0.0%

†

Yellow

Hat

Ltd.

19,200

243,599

Trading

Companies

&

Distributors

1.2%

ITOCHU

Corp.

67,900

2,453,243

Mitsubishi

Corp.

18,100

862,296

Sumitomo

Corp.

137,700

2,746,915

Common

Stocks

Shares

Value

($)

JAPAN

Trading

Companies

&

Distributors

Toyota

Tsusho

Corp.

40,900

2,403,809

8,466,263

Transportation

Infrastructure

0.1%

Kamigumi

Co.

Ltd.

(a)

38,800

799,247

Wireless

Telecommunication

Services

0.9%

KDDI

Corp.

89,700

2,745,833

SoftBank

Group

Corp.

90,000

3,808,941

6,554,774

172,596,961

MALTA

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Kambi

Group

plc

*

32,765

486,901

NETHERLANDS

4.6%

Banks

0.0%

†

ABN

AMRO

Bank

NV,

CVA

Reg.

S

(b)

24,489

346,759

Beverages

0.3%

Heineken

Holding

NV

28,548

2,148,546

Capital

Markets

0.0%

†

Van

Lanschot

Kempen

NV,

CVA

8,237

220,909

Consumer

Staples

Distribution

&

Retail

0.8%

Koninklijke

Ahold

Delhaize

NV

190,277

5,737,442

Financial

Services

0.2%

EXOR

NV

(a)

12,866

1,140,482

Oil,

Gas

&

Consumable

Fuels

1.3%

Shell

plc

286,056

9,220,636

Semiconductors

&

Semiconductor

Equipment

2.0%

ASML

Holding

NV

22,261

13,072,528

31,887,302

NEW

ZEALAND

0.3%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

118,582

341,851

Software

0.3%

Xero

Ltd.

*

21,538

1,561,316

1,903,167

NORWAY

0.6%

Aerospace

&

Defense

0.3%

Kongsberg

Gruppen

ASA

42,429

1,747,237

Banks

0.0%

†

DNB

Bank

ASA

6,278

126,448

Energy

Equipment

&

Services

0.2%

Aker

Solutions

ASA

Reg.

S

103,660

418,335

PGS

ASA

*

636,408

554,294

TGS

ASA

40,925

556,303

1,528,932

Insurance

0.0%

†

Protector

Forsikring

ASA

13,095

212,829

Marine

Transportation

0.1%

Hoegh

Autoliners

ASA

37,089

266,560

Stolt-Nielsen

Ltd.

7,871

228,031

Wallenius

Wilhelmsen

ASA

47,326

374,127

868,718

4,484,164

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

PORTUGAL

0.2%

Consumer

Staples

Distribution

&

Retail

0.2%

Jeronimo

Martins

SGPS

SA

61,544

1,381,240

SINGAPORE

0.7%

Banks

0.2%

Oversea-Chinese

Banking

Corp.

Ltd.

35,200

328,749

United

Overseas

Bank

Ltd.

71,400

1,486,350

1,815,099

Industrial

Conglomerates

0.2%

Keppel

Corp.

Ltd.

267,400

1,327,189

Multi-Utilities

0.2%

Sembcorp

Industries

Ltd.

355,000

1,319,756

Oil,

Gas

&

Consumable

Fuels

0.1%

Hafnia

Ltd.

86,732

539,114

5,001,158

SOUTH

AFRICA

0.1%

Metals

&

Mining

0.1%

Anglo

American

plc

37,096

1,027,052

SPAIN

2.9%

Banks

1.0%

Banco

Bilbao

Vizcaya

Argentaria

SA

161,117

1,311,901

Banco

Santander

SA

802,449

3,047,198

Bankinter

SA

(a)

408,722

2,605,465

6,964,564

Hotels,

Restaurants

&

Leisure

0.6%

Amadeus

IT

Group

SA

71,861

4,330,609

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

52,089

857,468

Specialty

Retail

1.2%

Industria

de

Diseno

Textil

SA

215,030

8,003,270

20,155,911

SWEDEN

6.2%

Aerospace

&

Defense

0.3%

Saab

AB

,

Class

B

40,300

2,049,361

Automobiles

0.1%

Volvo

Car

AB

,

Class

B

*

152,403

615,879

Banks

0.6%

Skandinaviska

Enskilda

Banken

AB

,

Class

A

170,748

2,033,797

Swedbank

AB

,

Class

A

112,320

2,067,826

4,101,623

Biotechnology

0.2%

Swedish

Orphan

Biovitrum

AB

*(a)

67,129

1,373,115

Electronic

Equipment,

Instruments

&

Components

0.4%

Hexagon

AB

,

Class

B

309,404

2,633,313

Financial

Services

1.5%

Investor

AB

,

Class

A

32,771

620,397

Investor

AB

,

Class

B

512,343

9,806,569

10,426,966

Hotels,

Restaurants

&

Leisure

0.5%

Evolution

AB

Reg.

S

(b)

32,196

3,244,322

Household

Products

0.1%

Essity

AB

,

Class

B

23,652

509,707

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

2.2%

Atlas

Copco

AB

,

Class

B

26,566

310,352

Epiroc

AB

,

Class

B

131,103

2,096,277

Sandvik

AB

41,326

757,674

SKF

AB

,

Class

B

179,291

2,972,871

Trelleborg

AB

,

Class

B

74,427

1,846,911

Volvo

AB

,

Class

B

406,110

8,359,631

16,343,716

Metals

&

Mining

0.3%

SSAB

AB

,

Class

A

71,023

399,486

SSAB

AB

,

Class

B

263,544

1,443,435

1,842,921

Software

0.0%

†

Fortnox

AB

48,969

260,526

Specialty

Retail

0.0%

†

Clas

Ohlson

AB

,

Class

B

25,468

272,416

43,673,865

SWITZERLAND

5.2%

Capital

Markets

1.4%

Julius

Baer

Group

Ltd.

61,419

3,936,090

UBS

Group

AG

(Registered)

226,697

5,603,442

9,539,532

Chemicals

0.1%

Sika

AG

(Registered)

2,217

561,915

Electrical

Equipment

1.3%

ABB

Ltd.

(Registered)

260,945

9,325,196

Food

Products

0.4%

Chocoladefabriken

Lindt

&

Spruengli

AG

179

1,991,005

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

5

548,187

2,539,192

Insurance

0.3%

Zurich

Insurance

Group

AG

4,274

1,958,507

Life

Sciences

Tools

&

Services

0.1%

Lonza

Group

AG

(Registered)

823

380,758

Pharmaceuticals

1.4%

Novartis

AG

(Registered)

101,974

10,405,827

Software

0.1%

Temenos

AG

(Registered)

7,809

547,719

Specialty

Retail

0.1%

Dufry

AG

(Registered)

*

20,834

792,857

36,051,503

UNITED

KINGDOM

9.0%

Aerospace

&

Defense

0.7%

BAE

Systems

plc

60,332

732,362

Melrose

Industries

plc

246,364

1,404,057

Rolls-Royce

Holdings

plc

*

1,032,384

2,767,470

4,903,889

Banks

0.9%

NatWest

Group

plc

1,202,038

3,439,453

Standard

Chartered

plc

312,001

2,883,494

6,322,947

Broadline

Retail

0.3%

Next

plc

20,015

1,776,096

Consumer

Staples

Distribution

&

Retail

0.1%

Marks

&

Spencer

Group

plc

*

188,382

541,978

16

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Electric

Utilities

0.1%

SSE

plc

26,821

525,554

Financial

Services

0.1%

M&G

plc

296,046

708,987

OSB

Group

plc

62,142

247,898

956,885

Hotels,

Restaurants

&

Leisure

0.7%

Compass

Group

plc

198,638

4,839,167

Playtech

plc

*

44,365

247,434

5,086,601

Household

Durables

0.2%

Bellway

plc

10,106

280,908

Berkeley

Group

Holdings

plc

8,825

440,190

Redrow

plc

34,368

207,229

Vistry

Group

plc

52,986

587,932

1,516,259

Industrial

Conglomerates

0.4%

CK

Hutchison

Holdings

Ltd.

42,500

226,510

Smiths

Group

plc

144,637

2,849,887

3,076,397

Insurance

0.7%

Aviva

plc

977,051

4,619,771

Beazley

plc

40,209

270,431

Lancashire

Holdings

Ltd.

47,344

340,954

5,231,156

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S

(b)

24,240

181,701

Media

0.7%

Informa

plc

503,793

4,590,744

Multi-Utilities

0.4%

Centrica

plc

623,418

1,170,393

National

Grid

plc

123,587

1,475,227

2,645,620

Oil,

Gas

&

Consumable

Fuels

0.8%

BP

plc,

ADR

139,853

5,415,108

TORM

plc

,

Class

A

14,029

380,289

5,795,397

Pharmaceuticals

1.1%

AstraZeneca

plc,

ADR

109,378

7,407,078

Software

0.1%

Sage

Group

plc

(The)

63,219

760,832

Specialty

Retail

0.1%

Dunelm

Group

plc

41,748

533,181

JD

Sports

Fashion

plc

161,275

293,808

826,989

Tobacco

1.5%

British

American

Tobacco

plc

321,358

10,088,084

Imperial

Brands

plc

9,962

202,297

10,290,381

Trading

Companies

&

Distributors

0.1%

Travis

Perkins

plc

34,255

350,873

62,787,377

UNITED

STATES

8.2%

Automobiles

1.2%

Stellantis

NV

423,209

8,117,498

Construction

Materials

0.4%

Holcim

AG

40,980

2,623,767

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electrical

Equipment

0.7%

Schneider

Electric

SE

29,965

4,940,113

Energy

Equipment

&

Services

0.5%

Tenaris

SA

221,734

3,503,627

Food

Products

1.4%

Nestle

SA

(Registered)

88,155

9,954,585

Insurance

0.2%

Swiss

Re

AG

15,079

1,547,837

Pharmaceuticals

3.7%

GSK

plc,

ADR

66,691

2,417,549

Roche

Holding

AG

43,484

11,860,920

Sanofi

106,384

11,415,235

25,693,704

Professional

Services

0.1%

Experian

plc

26,431

863,478

57,244,609

Total

Common

Stocks

(cost

$652,715,383)

685,707,945

Repurchase

Agreements

0.9%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,442,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$5,580,984,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$5,690,080.(c)

5,578,510

5,578,510

Total

Repurchase

Agreements

(cost

$6,578,510)

6,578,510

Total

Investments

(cost

$659,293,893)

—

99.0%

692,286,455

Other

assets

in

excess

of

liabilities

—

1.0%

7,252,936

NET

ASSETS

—

100.0%

$

699,539,391

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

17

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$17,425,102,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,578,510

and

by

$11,876,263

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.40%,

and

maturity

dates

ranging

from

10/3/2023

–

2/15/2052,

a

total

value

of

$18,454,773.

(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,

2023

was

$7,421,209

which

represents

1.06%

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,

2023

was

$6,578,510.

ADR

American

Depositary

Receipt

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

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

3

12/2023

EUR

133,340

(2,662)

FTSE

100

Index

1

12/2023

GBP

93,594

1,522

Net

contracts

(1,140)

As

of

September

30,

2023,

the

Fund

had

$14,565

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

GBP

British

Pound

18

-

Statement

of

Investments

-

September

30,

2023

(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,

2023

(Unaudited)

-

Statement

of

Investments

-

19

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

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

$

–

$

26,702,063

$

–

$

26,702,063

Air

Freight

&

Logistics

–

1,043,541

–

1,043,541

Automobile

Components

–

6,307,968

–

6,307,968

Automobiles

–

37,017,050

–

37,017,050

Banks

–

54,172,306

–

54,172,306

Beverages

–

2,148,546

–

2,148,546

Biotechnology

–

4,117,103

–

4,117,103

Broadline

Retail

–

7,751,563

–

7,751,563

Building

Products

–

967,942

–

967,942

Capital

Markets

–

15,797,912

–

15,797,912

Chemicals

–

14,940,878

–

14,940,878

Commercial

Services

&

Supplies

–

4,736,954

–

4,736,954

Construction

&

Engineering

–

8,347,302

–

8,347,302

Construction

Materials

–

2,623,767

–

2,623,767

Consumer

Staples

Distribution

&

Retail

–

19,974,326

–

19,974,326

Diversified

Telecommunication

Services

–

4,863,023

–

4,863,023

Electric

Utilities

–

1,466,814

–

1,466,814

Electrical

Equipment

–

20,232,495

–

20,232,495

Electronic

Equipment,

Instruments

&

Components

–

2,633,313

–

2,633,313

Energy

Equipment

&

Services

–

5,901,467

–

5,901,467

Entertainment

–

74,412

–

74,412

Financial

Services

–

27,980,129

–

27,980,129

Food

Products

–

12,493,777

–

12,493,777

Ground

Transportation

–

595,135

–

595,135

Health

Care

Equipment

&

Supplies

–

2,321,970

–

2,321,970

Health

Care

Providers

&

Services

–

397,104

–

397,104

Health

Care

Technology

–

216,923

–

216,923

Hotels,

Restaurants

&

Leisure

–

17,501,073

–

17,501,073

Household

Durables

–

6,233,161

–

6,233,161

Household

Products

–

3,632,648

–

3,632,648

Industrial

Conglomerates

–

10,129,362

–

10,129,362

Insurance

–

47,096,333

–

47,096,333

Interactive

Media

&

Services

–

181,701

–

181,701

IT

Services

–

4,596,829

–

4,596,829

Leisure

Products

–

1,743,469

–

1,743,469

Life

Sciences

Tools

&

Services

–

380,758

–

380,758

Machinery

–

26,379,458

–

26,379,458

Marine

Transportation

–

4,098,263

–

4,098,263

Media

–

4,798,187

–

4,798,187

Metals

&

Mining

938,181

27,041,382

–

27,979,563

Multi-Utilities

–

18,276,580

–

18,276,580

Office

REITs

–

240,948

–

240,948

Oil,

Gas

&

Consumable

Fuels

5,415,108

17,345,448

–

22,760,556

Paper

&

Forest

Products

–

203,342

–

203,342

Personal

Care

Products

–

75,667

–

75,667

Pharmaceuticals

9,824,627

59,872,001

–

69,696,628

Professional

Services

–

863,478

–

863,478

Real

Estate

Management

&

Development

–

20,356,870

–

20,356,870

Retail

REITs

–

4,696,656

–

4,696,656

Semiconductors

&

Semiconductor

Equipment

–

27,132,164

–

27,132,164

Software

–

24,141,537

–

24,141,537

Specialty

Retail

–

10,139,131

–

10,139,131

Textiles,

Apparel

&

Luxury

Goods

–

12,975,163

–

12,975,163

Tobacco

–

10,290,381

–

10,290,381

Trading

Companies

&

Distributors

–

15,928,235

–

15,928,235

Transportation

Infrastructure

–

799,247

–

799,247

20

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

(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

Fund's

futures

contracts

are

reflected

in

the

Statement

of

Assets

and

Liabilities

under

“Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statement

of

Operations

under

“Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

futures

contracts,"

as

applicable.

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

–

$

6,554,774

$

–

$

6,554,774

Total

Common

Stocks

$

16,177,916

$

669,530,029

$

–

$

685,707,945

Futures

Contracts

1,522

–

–

1,522

Repurchase

Agreements

–

6,578,510

–

6,578,510

Total

Assets

$

16,179,438

$

676,108,539

$

–

$

692,287,977

Liabilities:

Futures

Contracts

$

(2,662)

$

–

$

–

$

(2,662)

Total

Liabilities

$

(2,662)

$

–

$

–

$

(2,662)

Total

$

16,176,776

$

676,108,539

$

–

$

692,285,315

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

21

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,522

Total

$

1,522

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(2,662)

Total

$

(2,662)

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,

2023

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

(formerly

NVIT

GS

Large

Cap

Equity

Insights

Fund)

Common

Stocks

98.5%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)*

40,724

7,805,976

Curtiss-Wright

Corp.

2,607

510,008

L3Harris

Technologies,

Inc.

32,486

5,656,462

Lockheed

Martin

Corp.

32,687

13,367,676

Woodward,

Inc.

5,059

628,631

27,968,753

Air

Freight

&

Logistics

0.2%

CH

Robinson

Worldwide,

Inc.

51,228

4,412,268

Automobile

Components

0.7%

Aptiv

plc*

71,789

7,077,678

Lear

Corp.

58,912

7,905,990

14,983,668

Automobiles

1.8%

General

Motors

Co.

310,420

10,234,548

Tesla,

Inc.*

105,558

26,412,723

Thor

Industries,

Inc.

12,126

1,153,546

37,800,817

Banks

3.5%

Bank

of

America

Corp.

673,140

18,430,573

BOK

Financial

Corp.

13,665

1,092,927

Citizens

Financial

Group,

Inc.

97,665

2,617,422

Commerce

Bancshares,

Inc.

51,976

2,493,809

Cullen/Frost

Bankers,

Inc.

35,946

3,278,635

East

West

Bancorp,

Inc.

100,488

5,296,722

JPMorgan

Chase

&

Co.

240,286

34,846,276

M&T

Bank

Corp.

26,327

3,329,049

Prosperity

Bancshares,

Inc.

60,728

3,314,534

74,699,947

Beverages

1.6%

Coca-Cola

Co.

(The)

281,904

15,780,986

Coca-Cola

Europacific

Partners

plc

83,901

5,242,134

Constellation

Brands,

Inc.,

Class

A

27,409

6,888,704

Monster

Beverage

Corp.*

128,627

6,810,800

34,722,624

Biotechnology

3.5%

AbbVie,

Inc.

139,704

20,824,278

Biogen,

Inc.*

25,388

6,524,970

BioMarin

Pharmaceutical,

Inc.*

59,022

5,222,266

Gilead

Sciences,

Inc.

134,101

10,049,529

Incyte

Corp.*

149,314

8,625,870

Moderna,

Inc.*

61,196

6,320,935

Neurocrine

Biosciences,

Inc.*

58,786

6,613,425

Vertex

Pharmaceuticals,

Inc.*

25,993

9,038,806

73,220,079

Broadline

Retail

3.0%

Amazon.com,

Inc.*

503,050

63,947,716

Building

Products

0.7%

Allegion

plc

43,342

4,516,237

Lennox

International,

Inc.

6,105

2,285,956

Trane

Technologies

plc

35,110

7,124,170

13,926,363

Capital

Markets

2.1%

Ameriprise

Financial,

Inc.

10,523

3,469,223

Bank

of

New

York

Mellon

Corp.

(The)

72,865

3,107,692

CME

Group,

Inc.

66,917

13,398,122

Common

Stocks

Shares

Value

($)

Capital

Markets

Interactive

Brokers

Group,

Inc.,

Class

A

22,964

1,987,764

MSCI,

Inc.,

Class

A

13,416

6,883,481

Nasdaq,

Inc.

117,955

5,731,433

Northern

Trust

Corp.

109,217

7,588,397

Stifel

Financial

Corp.

47,839

2,939,228

45,105,340

Chemicals

1.9%

Celanese

Corp.,

Class

A

49,254

6,182,362

Dow,

Inc.

35,452

1,827,905

Linde

plc

67,711

25,212,191

Sherwin-Williams

Co.

(The)

29,175

7,441,084

40,663,542

Commercial

Services

&

Supplies

0.8%

Cintas

Corp.

20,581

9,899,667

Republic

Services,

Inc.,

Class

A

48,520

6,914,585

16,814,252

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

39,492

7,263,764

Cisco

Systems,

Inc.

109,740

5,899,622

Motorola

Solutions,

Inc.

13,329

3,628,687

16,792,073

Construction

Materials

0.7%

Martin

Marietta

Materials,

Inc.

7,945

3,261,263

Vulcan

Materials

Co.

54,840

11,078,777

14,340,040

Consumer

Finance

1.1%

Ally

Financial,

Inc.

114,826

3,063,558

American

Express

Co.

50,728

7,568,110

Capital

One

Financial

Corp.

23,470

2,277,764

Discover

Financial

Services

55,886

4,841,404

Synchrony

Financial

194,444

5,944,153

23,694,989

Consumer

Staples

Distribution

&

Retail

1.9%

Costco

Wholesale

Corp.

32,079

18,123,352

Kroger

Co.

(The)

47,018

2,104,056

Performance

Food

Group

Co.*

87,801

5,167,967

Target

Corp.

16,655

1,841,543

Walmart,

Inc.

75,525

12,078,713

39,315,631

Containers

&

Packaging

0.3%

Avery

Dennison

Corp.

35,185

6,427,244

Distributors

0.5%

LKQ

Corp.

203,606

10,080,533

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

572,474

8,598,559

Electric

Utilities

1.0%

Entergy

Corp.

43,907

4,061,398

FirstEnergy

Corp.

148,130

5,063,083

NextEra

Energy,

Inc.

106,011

6,073,370

Xcel

Energy,

Inc.

102,439

5,861,560

21,059,411

Electrical

Equipment

1.1%

AMETEK,

Inc.

75,463

11,150,413

Eaton

Corp.

plc

24,571

5,240,503

NVIT

GS

Large

Cap

Equity

Fund

(formerly

NVIT

GS

Large

Cap

Equity

Insights

Fund)

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Rockwell

Automation,

Inc.

19,978

5,711,111

22,102,027

Electronic

Equipment,

Instruments

&

Components

0.5%

Avnet,

Inc.

54,869

2,644,137

CDW

Corp.

34,776

7,016,406

9,660,543

Entertainment

1.2%

Electronic

Arts,

Inc.

50,120

6,034,448

Netflix,

Inc.*

29,486

11,133,913

TKO

Group

Holdings,

Inc.

39,660

3,333,820

Warner

Bros

Discovery,

Inc.*

354,550

3,850,413

24,352,594

Financial

Services

4.9%

Berkshire

Hathaway,

Inc.,

Class

B*

112,486

39,403,846

Equitable

Holdings,

Inc.

153,818

4,366,893

Fidelity

National

Information

Services,

Inc.

85,862

4,745,593

Fiserv,

Inc.*

60,147

6,794,205

Mastercard,

Inc.,

Class

A

10,127

4,009,381

PayPal

Holdings,

Inc.*

106,926

6,250,894

Toast,

Inc.,

Class

A*

55,506

1,039,627

Visa,

Inc.,

Class

A

162,755

37,435,277

104,045,716

Food

Products

0.3%

Kraft

Heinz

Co.

(The)

37,462

1,260,222

McCormick

&

Co.,

Inc.

(Non-Voting)

75,082

5,679,202

6,939,424

Ground

Transportation

0.7%

Old

Dominion

Freight

Line,

Inc.

16,656

6,814,636

Ryder

System,

Inc.

5,670

606,406

Saia,

Inc.*

17,186

6,851,199

14,272,241

Health

Care

Equipment

&

Supplies

1.2%

Boston

Scientific

Corp.*

89,765

4,739,592

Cooper

Cos.,

Inc.

(The)

15,708

4,995,301

Envista

Holdings

Corp.*

61,800

1,722,984

Intuitive

Surgical,

Inc.*

26,635

7,785,144

Stryker

Corp.

1,287

351,699

Zimmer

Biomet

Holdings,

Inc.

43,300

4,859,126

24,453,846

Health

Care

Providers

&

Services

3.9%

Cencora,

Inc.

33,552

6,038,354

Centene

Corp.*

281,277

19,374,360

CVS

Health

Corp.

109,493

7,644,801

Elevance

Health,

Inc.

31,922

13,899,477

HCA

Healthcare,

Inc.

9,550

2,349,109

Humana,

Inc.

21,033

10,232,975

UnitedHealth

Group,

Inc.

43,222

21,792,100

81,331,176

Health

Care

REITs

0.3%

Ventas,

Inc.

133,959

5,643,693

Hotel

&

Resort

REITs

0.7%

Host

Hotels

&

Resorts,

Inc.

426,907

6,860,396

Park

Hotels

&

Resorts,

Inc.

671,045

8,267,274

15,127,670

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

2.1%

Boyd

Gaming

Corp.

49,395

3,004,698

Domino's

Pizza,

Inc.

17,741

6,720,113

Expedia

Group,

Inc.*

52,190

5,379,223

Las

Vegas

Sands

Corp.

163,425

7,491,402

McDonald's

Corp.

34,129

8,990,944

Wynn

Resorts

Ltd.

68,984

6,374,812

Yum!

Brands,

Inc.

47,093

5,883,799

43,844,991

Household

Durables

0.7%

DR

Horton,

Inc.

36,343

3,905,782

Lennar

Corp.,

Class

A

99,536

11,170,925

15,076,707

Household

Products

1.5%

Colgate-Palmolive

Co.

92,499

6,577,604

Kimberly-Clark

Corp.

96,150

11,619,727

Procter

&

Gamble

Co.

(The)

98,746

14,403,092

32,600,423

Industrial

Conglomerates

0.4%

General

Electric

Co.

84,885

9,384,037

Industrial

REITs

1.0%

First

Industrial

Realty

Trust,

Inc.

97,129

4,622,369

Prologis,

Inc.

121,957

13,684,795

Rexford

Industrial

Realty,

Inc.

74,830

3,692,861

22,000,025

Insurance

2.7%

Allstate

Corp.

(The)

63,344

7,057,155

Arch

Capital

Group

Ltd.*

84,217

6,712,937

Everest

Group

Ltd.

2,315

860,416

Globe

Life,

Inc.

103,299

11,231,700

Kinsale

Capital

Group,

Inc.

15,923

6,594,192

Marsh

&

McLennan

Cos.,

Inc.

42,234

8,037,130

Progressive

Corp.

(The)

6,944

967,299

Reinsurance

Group

of

America,

Inc.

7,623

1,106,783

Travelers

Cos.,

Inc.

(The)

72,151

11,782,980

W

R

Berkley

Corp.

26,552

1,685,787

56,036,379

Interactive

Media

&

Services

5.9%

Alphabet,

Inc.,

Class

A*

586,979

76,812,072

Alphabet,

Inc.,

Class

C*

156,924

20,690,429

Match

Group,

Inc.*

135,151

5,294,541

Meta

Platforms,

Inc.,

Class

A*

74,305

22,307,104

125,104,146

IT

Services

0.8%

Accenture

plc,

Class

A

35,314

10,845,283

Gartner,

Inc.*

1,714

588,947

Okta,

Inc.,

Class

A*

11,422

931,007

VeriSign,

Inc.*

18,647

3,776,577

16,141,814

Life

Sciences

Tools

&

Services

1.4%

Agilent

Technologies,

Inc.

3,155

352,792

Bruker

Corp.

104,186

6,490,788

Medpace

Holdings,

Inc.*

4,799

1,161,982

Mettler-Toledo

International,

Inc.*

14,950

16,565,646

24

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

(formerly

NVIT

GS

Large

Cap

Equity

Insights

Fund)

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

West

Pharmaceutical

Services,

Inc.

15,370

5,766,978

30,338,186

Machinery

2.1%

Allison

Transmission

Holdings,

Inc.

9,207

543,765

Caterpillar,

Inc.

39,926

10,899,798

Cummins,

Inc.

20,253

4,627,000

Fortive

Corp.

82,522

6,119,832

Illinois

Tool

Works,

Inc.

29,051

6,690,736

ITT,

Inc.

60,030

5,877,537

PACCAR,

Inc.

62,477

5,311,795

Xylem,

Inc.

47,310

4,306,629

44,377,092

Media

0.2%

Interpublic

Group

of

Cos.,

Inc.

(The)

144,991

4,155,442

News

Corp.,

Class

A

26,547

532,533

4,687,975

Metals

&

Mining

0.3%

Steel

Dynamics,

Inc.

65,961

7,072,338

Multi-Utilities

0.6%

Ameren

Corp.

76,554

5,728,536

NiSource,

Inc.

141,470

3,491,480

WEC

Energy

Group,

Inc.

54,193

4,365,246

13,585,262

Oil,

Gas

&

Consumable

Fuels

3.1%

Antero

Resources

Corp.*

168,705

4,281,733

Chesapeake

Energy

Corp.

40,752

3,514,045

Chevron

Corp.

48,318

8,147,381

ConocoPhillips

34,914

4,182,697

Exxon

Mobil

Corp.

119,717

14,076,325

Hess

Corp.

60,251

9,218,403

Marathon

Oil

Corp.

262,369

7,018,371

Marathon

Petroleum

Corp.

55,604

8,415,109

Valero

Energy

Corp.

39,776

5,636,657

64,490,721

Pharmaceuticals

3.3%

AstraZeneca

plc,

ADR-UK

86,128

5,832,588

Bristol-Myers

Squibb

Co.

316,320

18,359,213

Elanco

Animal

Health,

Inc.*

345,200

3,880,048

Eli

Lilly

&

Co.

34,520

18,541,728

Johnson

&

Johnson

39,477

6,148,543

Merck

&

Co.,

Inc.

57,442

5,913,654

Organon

&

Co.

76,979

1,336,355

Royalty

Pharma

plc,

Class

A

384,138

10,425,505

70,437,634

Professional

Services

0.3%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

52,393

5,724,983

Residential

REITs

0.7%

AvalonBay

Communities,

Inc.

31,641

5,434,025

Equity

LifeStyle

Properties,

Inc.

66,459

4,234,103

Mid-America

Apartment

Communities,

Inc.

33,861

4,356,218

14,024,346

Common

Stocks

Shares

Value

($)

Retail

REITs

0.3%

Simon

Property

Group,

Inc.

57,676

6,230,738

Semiconductors

&

Semiconductor

Equipment

4.9%

Applied

Materials,

Inc.

98,378

13,620,434

Broadcom,

Inc.

4,723

3,922,829

Enphase

Energy,

Inc.*

32,550

3,910,883

KLA

Corp.

35,405

16,238,857

Marvell

Technology,

Inc.

90,190

4,881,985

Microchip

Technology,

Inc.

49,311

3,848,724

MKS

Instruments,

Inc.

52,010

4,500,945

NVIDIA

Corp.

110,494

48,063,785

Texas

Instruments,

Inc.

27,620

4,391,856

103,380,298

Software

12.4%

Adobe,

Inc.*

32,724

16,685,968

AppLovin

Corp.,

Class

A*

137,553

5,496,618

Autodesk,

Inc.*

672

139,043

Confluent,

Inc.,

Class

A*

85,145

2,521,143

DocuSign,

Inc.,

Class

A*

105,010

4,410,420

Dropbox,

Inc.,

Class

A*

220,833

6,013,283

Dynatrace,

Inc.*

116,584

5,447,970

Fair

Isaac

Corp.*

12,477

10,836,649

Fortinet,

Inc.*

196,072

11,505,505

HubSpot,

Inc.*

10,417

5,130,373

Intuit,

Inc.

48,737

24,901,683

Microsoft

Corp.

430,946

136,071,199

Oracle

Corp.

31,701

3,357,770

Palo

Alto

Networks,

Inc.*

26,701

6,259,782

Salesforce,

Inc.*

116,673

23,658,951

262,436,357

Specialized

REITs

0.4%

CubeSmart

125,886

4,800,033

SBA

Communications

Corp.,

Class

A

18,941

3,791,420

8,591,453

Specialty

Retail

2.6%

Burlington

Stores,

Inc.*

23,432

3,170,350

CarMax,

Inc.*

98,284

6,951,627

Chewy,

Inc.,

Class

A*

36,572

667,805

Home

Depot,

Inc.

(The)

11,813

3,569,416

Lowe's

Cos.,

Inc.

43,186

8,975,778

O'Reilly

Automotive,

Inc.*

12,973

11,790,641

Ross

Stores,

Inc.

122,648

13,853,091

Ulta

Beauty,

Inc.*

13,035

5,206,831

54,185,539

Technology

Hardware,

Storage

&

Peripherals

7.0%

Apple,

Inc.

700,464

119,926,441

Dell

Technologies,

Inc.,

Class

C

202,129

13,926,688

Hewlett

Packard

Enterprise

Co.

708,610

12,308,556

HP,

Inc.

21,161

543,838

146,705,523

Textiles,

Apparel

&

Luxury

Goods

0.7%

Lululemon

Athletica,

Inc.*

16,213

6,251,895

NIKE,

Inc.,

Class

B

83,369

7,971,744

14,223,639

Tobacco

0.3%

Philip

Morris

International,

Inc.

60,786

5,627,568

NVIT

GS

Large

Cap

Equity

Fund

(formerly

NVIT

GS

Large

Cap

Equity

Insights

Fund)

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

0.2%

Ferguson

plc

29,603

4,868,805

Total

Investments

(cost

$1,876,130,495)

—

98.5%

2,077,679,758

Other

assets

in

excess

of

liabilities

—

1.5%

31,882,912

NET

ASSETS

—

100.0%

$

2,109,562,670

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

26

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

(formerly

NVIT

GS

Large

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

Large

Cap

Equity

Fund

(formerly

NVIT

GS

Large

Cap

Equity

Insights

Fund)

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

27

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

2023,

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,077,679,758

$

–

$

–

$

2,077,679,758

Total

$

2,077,679,758

$

–

$

–

$

2,077,679,758

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.

28

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

99.0%

Shares

Value

($)

Aerospace

&

Defense

1.0%

AAR

Corp.*

6,292

374,563

National

Presto

Industries,

Inc.

5,883

426,282

Parsons

Corp.*

22,397

1,217,277

Triumph

Group,

Inc.*

10,878

83,325

2,101,447

Air

Freight

&

Logistics

0.3%

Hub

Group,

Inc.,

Class

A*

6,805

534,465

Automobile

Components

1.6%

Adient

plc*

32,822

1,204,567

American

Axle

&

Manufacturing

Holdings,

Inc.*

102,545

744,477

Dorman

Products,

Inc.*

1,594

120,762

Goodyear

Tire

&

Rubber

Co.

(The)*

77,307

960,926

Luminar

Technologies,

Inc.,

Class

A*(a)

3,582

16,298

Patrick

Industries,

Inc.

1,269

95,251

XPEL,

Inc.

Reg.

S*(a)

2,383

183,753

3,326,034

Banks

8.5%

Amalgamated

Financial

Corp.

34,866

600,393

Ameris

Bancorp

20,641

792,408

Axos

Financial,

Inc.*

5,579

211,221

BancFirst

Corp.

8,928

774,325

Bancorp,

Inc.

(The)*(a)

21,848

753,756

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

49,683

1,345,416

Banner

Corp.

2,266

96,033

Business

First

Bancshares,

Inc.(a)

11,137

208,930

Capital

City

Bank

Group,

Inc.

3,266

97,425

Capitol

Federal

Financial,

Inc.

26,940

128,504

Cathay

General

Bancorp

3,889

135,182

Central

Pacific

Financial

Corp.

8,532

142,314

Community

Trust

Bancorp,

Inc.

5,414

185,484

Enterprise

Financial

Services

Corp.

3,152

118,200

Esquire

Financial

Holdings,

Inc.

6,490

296,528

FB

Financial

Corp.

880

24,957

Financial

Institutions,

Inc.

4,495

75,651

First

Bancorp(a)

57,848

778,634

First

Bancorp,

Inc.

(The)

1,691

39,738

First

Commonwealth

Financial

Corp.

54,615

666,849

First

Financial

Bankshares,

Inc.

8,158

204,929

Glacier

Bancorp,

Inc.

30,499

869,221

Hancock

Whitney

Corp.

16,781

620,729

Hanmi

Financial

Corp.

26,411

428,651

Heartland

Financial

USA,

Inc.

1,972

58,036

Heritage

Financial

Corp.

37,485

611,380

Home

Bancorp,

Inc.

8,503

270,991

HomeTrust

Bancshares,

Inc.

3,466

75,108

Independent

Bank

Corp.

1,629

29,876

International

Bancshares

Corp.

18,791

814,402

Macatawa

Bank

Corp.

25,872

231,813

Metrocity

Bankshares,

Inc.

3,764

74,075

Common

Stocks

Shares

Value

($)

Banks

National

Bank

Holdings

Corp.,

Class

A

22,018

655,256

Northeast

Community

Bancorp,

Inc.(a)

8,246

121,711

OFG

Bancorp

8,758

261,514

Old

National

Bancorp

31,145

452,848

Old

Second

Bancorp,

Inc.

11,416

155,372

Origin

Bancorp,

Inc.

1,412

40,764

Pathward

Financial,

Inc.

15,317

705,961

Preferred

Bank

866

53,908

Renasant

Corp.

446

11,681

Seacoast

Banking

Corp.

of

Florida

12,544

275,466

Sierra

Bancorp

4,630

87,785

Southside

Bancshares,

Inc.

5,303

152,196

Texas

Capital

Bancshares,

Inc.*

14,275

840,797

TrustCo

Bank

Corp.

21,343

582,450

UMB

Financial

Corp.

13,613

844,687

Veritex

Holdings,

Inc.

10,389

186,483

17,190,038

Beverages

1.2%

Coca-Cola

Consolidated,

Inc.

(a)

1,869

1,189,282

National

Beverage

Corp.*

4,348

204,443

Primo

Water

Corp.

73,567

1,015,225

2,408,950

Biotechnology

8.0%

ACADIA

Pharmaceuticals,

Inc.*

25,490

531,212

ADMA

Biologics,

Inc.*

125,648

449,820

Agenus,

Inc.*(a)

40,040

45,245

Akero

Therapeutics,

Inc.*

2,420

122,404

Alkermes

plc*

52,705

1,476,267

Amicus

Therapeutics,

Inc.*(a)

36,884

448,509

AnaptysBio,

Inc.*

7,527

135,185

Arcturus

Therapeutics

Holdings,

Inc.*

2,579

65,894

Aurinia

Pharmaceuticals,

Inc.*

78,310

608,469

BioCryst

Pharmaceuticals,

Inc.*(a)

1,834

12,985

Biohaven

Ltd.*(a)

26,067

678,003

Bridgebio

Pharma,

Inc.*(a)

7,120

187,754

CareDx,

Inc.*

28,847

201,929

Catalyst

Pharmaceuticals,

Inc.*

35,822

418,759

Day

One

Biopharmaceuticals,

Inc.*

5,175

63,497

Deciphera

Pharmaceuticals,

Inc.*

36,949

469,991

Denali

Therapeutics,

Inc.*(a)

8,935

184,329

Eagle

Pharmaceuticals,

Inc.*

12,596

198,639

Enanta

Pharmaceuticals,

Inc.*

9,753

108,941

Erasca,

Inc.*

14,683

28,926

Generation

Bio

Co.*(a)

12,633

47,879

Halozyme

Therapeutics,

Inc.*

31,955

1,220,681

Ideaya

Biosciences,

Inc.*(a)

10,445

281,806

Immunovant,

Inc.*

2,988

114,709

Iovance

Biotherapeutics,

Inc.*

39,306

178,842

iTeos

Therapeutics,

Inc.*(a)

5,391

59,032

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Biotechnology

KalVista

Pharmaceuticals,

Inc.*

5,660

54,506

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*(a)

49,081

852,537

Kodiak

Sciences,

Inc.*

33,169

59,704

Kymera

Therapeutics,

Inc.*(a)

1,799

25,006

MacroGenics,

Inc.*

42,594

198,488

Madrigal

Pharmaceuticals,

Inc.*

1,672

244,179

MannKind

Corp.*(a)

175,153

723,382

MeiraGTx

Holdings

plc*

8,375

41,121

Myriad

Genetics,

Inc.*

18,975

304,359

Nurix

Therapeutics,

Inc.*

14,794

116,281

Organogenesis

Holdings,

Inc.,

Class

A*

8,779

27,917

PMV

Pharmaceuticals,

Inc.*(a)

62,468

383,554

Poseida

Therapeutics,

Inc.,

Class

A*

47,532

113,126

PTC

Therapeutics,

Inc.*

7,552

169,240

REVOLUTION

Medicines,

Inc.*

3,305

91,482

Rhythm

Pharmaceuticals,

Inc.*

7,018

160,888

Rigel

Pharmaceuticals,

Inc.*

48,854

52,762

Rocket

Pharmaceuticals,

Inc.*

9,790

200,597

SpringWorks

Therapeutics,

Inc.*

15,295

353,620

Sutro

Biopharma,

Inc.*

92,569

321,214

TG

Therapeutics,

Inc.*(a)

21,545

180,116

Travere

Therapeutics,

Inc.*

21,810

194,981

Twist

Bioscience

Corp.*

9,046

183,272

Vanda

Pharmaceuticals,

Inc.*

42,636

184,188

Vaxcyte,

Inc.*(a)

5,617

286,355

Veracyte,

Inc.*

26,974

602,329

Vericel

Corp.*(a)

30,057

1,007,511

Viking

Therapeutics,

Inc.*(a)

23,721

262,592

Vir

Biotechnology,

Inc.*

2,763

25,889

Y-mAbs

Therapeutics,

Inc.*

48,559

264,647

16,025,550

Broadline

Retail

0.1%

Dillard's,

Inc.,

Class

A(a)

427

141,256

Building

Products

1.1%

AAON,

Inc.

17,661

1,004,381

American

Woodmark

Corp.*

3,925

296,769

CSW

Industrials,

Inc.

507

88,847

Masterbrand,

Inc.*

66,910

812,956

2,202,953

Capital

Markets

0.4%

Moelis

&

Co.,

Class

A

12,280

554,196

Open

Lending

Corp.*

13,705

100,321

Piper

Sandler

Cos.

408

59,287

StoneX

Group,

Inc.*

411

39,834

753,638

Chemicals

1.3%

Hawkins,

Inc.

779

45,844

Innospec,

Inc.

13,146

1,343,521

Minerals

Technologies,

Inc.(a)

19,044

1,042,850

Orion

SA

12,315

262,063

2,694,278

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

1.1%

ACV

Auctions,

Inc.,

Class

A*(a)

36,195

549,440

Ennis,

Inc.

33,958

720,589

Healthcare

Services

Group,

Inc.

7,476

77,975

Montrose

Environmental

Group,

Inc.*

6,467

189,224

Steelcase,

Inc.,

Class

A

55,961

625,084

2,162,312

Communications

Equipment

0.8%

NetScout

Systems,

Inc.*

22,082

618,738

Viavi

Solutions,

Inc.*

107,365

981,316

1,600,054

Construction

&

Engineering

3.0%

Arcosa,

Inc.

19,049

1,369,623

Comfort

Systems

USA,

Inc.

10,339

1,761,869

Construction

Partners,

Inc.,

Class

A*

2,544

93,009

Fluor

Corp.*

14,492

531,856

Great

Lakes

Dredge

&

Dock

Corp.*

37,629

299,903

IES

Holdings,

Inc.*

6,633

436,916

Northwest

Pipe

Co.*

5,758

173,719

Primoris

Services

Corp.

7,299

238,896

Sterling

Infrastructure,

Inc.*

16,328

1,199,782

6,105,573

Construction

Materials

0.7%

Summit

Materials,

Inc.,

Class

A*(a)

43,688

1,360,444

Consumer

Finance

0.1%

Regional

Management

Corp.

2,588

71,636

Upstart

Holdings,

Inc.*(a)

3,158

90,129

161,765

Consumer

Staples

Distribution

&

Retail

0.0%

†

Weis

Markets,

Inc.

440

27,720

Diversified

Consumer

Services

1.7%

Coursera,

Inc.*

82,974

1,550,784

Duolingo,

Inc.,

Class

A*(a)

10,658

1,767,843

Frontdoor,

Inc.*

2,621

80,176

Perdoceo

Education

Corp.

2,213

37,842

Strategic

Education,

Inc.

981

73,820

3,510,465

Diversified

REITs

0.5%

Alexander

&

Baldwin,

Inc.

34,591

578,707

American

Assets

Trust,

Inc.

17,820

346,599

925,306

Diversified

Telecommunication

Services

0.3%

Liberty

Latin

America

Ltd.,

Class

A*

7,918

64,611

Liberty

Latin

America

Ltd.,

Class

C*

70,591

576,022

640,633

Electric

Utilities

0.0%

†

ALLETE,

Inc.

1,842

97,258

Electrical

Equipment

3.5%

Allient,

Inc.

1,682

52,007

Atkore,

Inc.*

12,398

1,849,658

30

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Encore

Wire

Corp.(a)

8,877

1,619,697

Enovix

Corp.*(a)

4,677

58,696

FTC

Solar,

Inc.*(a)

85,937

109,999

NEXTracker,

Inc.,

Class

A*

32,159

1,291,506

Powell

Industries,

Inc.

11,454

949,537

Thermon

Group

Holdings,

Inc.*

31,337

860,827

Vicor

Corp.*

5,094

299,986

7,091,913

Electronic

Equipment,

Instruments

&

Components

2.0%

Badger

Meter,

Inc.

4,255

612,167

Belden,

Inc.

8,587

829,075

Benchmark

Electronics,

Inc.

2,425

58,830

ePlus,

Inc.*

5,720

363,334

Fabrinet*

4,348

724,464

Itron,

Inc.*

652

39,498

Methode

Electronics,

Inc.

4,901

111,988

Napco

Security

Technologies,

Inc.

2,378

52,911

PC

Connection,

Inc.

3,817

203,751

Sanmina

Corp.*

10,885

590,838

ScanSource,

Inc.*

1,599

48,466

Vishay

Precision

Group,

Inc.*(a)

9,374

314,779

3,950,101

Energy

Equipment

&

Services

1.7%

Borr

Drilling

Ltd.*

27,219

193,255

ChampionX

Corp.

10,081

359,085

Dril-Quip,

Inc.*

7,192

202,599

Helix

Energy

Solutions

Group,

Inc.*

15,241

170,242

Nabors

Industries

Ltd.*

9,103

1,120,943

Oil

States

International,

Inc.*

8,561

71,656

ProFrac

Holding

Corp.,

Class

A*(a)

34,258

372,727

RPC,

Inc.(a)

59,075

528,130

Tidewater,

Inc.*

4,882

346,964

3,365,601

Entertainment

0.6%

Cinemark

Holdings,

Inc.*(a)

7,741

142,047

IMAX

Corp.*

30,734

593,781

Madison

Square

Garden

Entertainment

Corp.,

Class

A*(a)

12,560

413,350

1,149,178

Financial

Services

2.8%

A-Mark

Precious

Metals,

Inc.

24,163

708,701

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

54,998

1,165,958

Essent

Group

Ltd.(a)

15,344

725,618

EVERTEC,

Inc.

6,435

239,253

I3

Verticals,

Inc.,

Class

A*(a)

11,360

240,150

Marqeta,

Inc.,

Class

A*

65,164

389,681

NMI

Holdings,

Inc.,

Class

A*

30,776

833,722

StoneCo

Ltd.,

Class

A*

122,014

1,301,889

5,604,972

Food

Products

0.5%

B&G

Foods,

Inc.(a)

14,349

141,912

Common

Stocks

Shares

Value

($)

Food

Products

John

B

Sanfilippo

&

Son,

Inc.

8,188

808,974

950,886

Gas

Utilities

0.1%

Northwest

Natural

Holding

Co.

7,600

290,016

Ground

Transportation

0.1%

Marten

Transport

Ltd.

5,871

115,717

Health

Care

Equipment

&

Supplies

2.3%

AngioDynamics,

Inc.*

24,705

180,594

Artivion,

Inc.*

6,240

94,598

AtriCure,

Inc.*

10,636

465,857

Embecta

Corp.

53,455

804,498

Inari

Medical,

Inc.*(a)

9,770

638,958

iRadimed

Corp.

2,682

119,000

LeMaitre

Vascular,

Inc.

6,320

344,314

LivaNova

plc*

3,354

177,359

Merit

Medical

Systems,

Inc.*

3,561

245,780

Nano-X

Imaging

Ltd.*

14,862

97,495

Pulmonx

Corp.*(a)

3,540

36,568

Surmodics,

Inc.*

3,359

107,790

UFP

Technologies,

Inc.*(a)

1,179

190,350

Utah

Medical

Products,

Inc.

4,944

425,184

Varex

Imaging

Corp.*(a)

41,269

775,444

4,703,789

Health

Care

Providers

&

Services

4.6%

Accolade,

Inc.*

31,892

337,417

Alignment

Healthcare,

Inc.*

102,737

712,995

Brookdale

Senior

Living,

Inc.*

56,363

233,343

Community

Health

Systems,

Inc.*(a)

22,907

66,430

Guardant

Health,

Inc.*

4,790

141,976

HealthEquity,

Inc.*

22,643

1,654,071

Hims

&

Hers

Health,

Inc.*(a)

126,636

796,540

Joint

Corp.

(The)*

40,422

363,394

National

HealthCare

Corp.

13,314

851,830

OPKO

Health,

Inc.*(a)

33,277

53,243

Owens

&

Minor,

Inc.*

5,306

85,745

Pediatrix

Medical

Group,

Inc.*

31,679

402,640

Pennant

Group,

Inc.

(The)*

50,893

566,439

PetIQ,

Inc.,

Class

A*

6,321

124,524

Progyny,

Inc.*

28,511

969,944

Select

Medical

Holdings

Corp.

51,392

1,298,676

Surgery

Partners,

Inc.*(a)

17,446

510,296

9,169,503

Health

Care

Technology

0.2%

Phreesia,

Inc.*

20,973

391,776

Hotel

&

Resort

REITs

3.0%

Chatham

Lodging

Trust

102,655

982,408

DiamondRock

Hospitality

Co.(a)

137,781

1,106,381

RLJ

Lodging

Trust

127,150

1,244,799

Ryman

Hospitality

Properties,

Inc.

17,317

1,442,160

Service

Properties

Trust

139,458

1,072,432

Xenia

Hotels

&

Resorts,

Inc.

9,214

108,541

5,956,721

Hotels,

Restaurants

&

Leisure

2.4%

Bloomin'

Brands,

Inc.

49,600

1,219,664

Cheesecake

Factory,

Inc.

(The)(a)

4,016

121,685

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Chuy's

Holdings,

Inc.*

22,053

784,646

Dine

Brands

Global,

Inc.

4,499

222,475

Everi

Holdings,

Inc.*

30,548

403,844

International

Game

Technology

plc

17,116

518,957

Monarch

Casino

&

Resort,

Inc.

(a)

5,390

334,719

PlayAGS,

Inc.*

31,208

203,476

Portillo's,

Inc.,

Class

A*(a)

43,025

662,155

Sabre

Corp.*

8,496

38,147

Shake

Shack,

Inc.,

Class

A*

4,925

285,995

Xponential

Fitness,

Inc.,

Class

A*

1,844

28,582

4,824,345

Household

Durables

1.8%

Beazer

Homes

USA,

Inc.*

12,547

312,546

Century

Communities,

Inc.

946

63,174

Dream

Finders

Homes,

Inc.,

Class

A*(a)

2,756

61,266

Green

Brick

Partners,

Inc.*

13,079

542,909

Hovnanian

Enterprises,

Inc.,

Class

A*

819

83,259

LGI

Homes,

Inc.*(a)

12,390

1,232,681

M/I

Homes,

Inc.*

16,189

1,360,524

MDC

Holdings,

Inc.(a)

1,765

72,771

3,729,130

Household

Products

0.1%

WD-40

Co.

1,185

240,839

Industrial

REITs

0.7%

LXP

Industrial

Trust(a)

95,594

850,786

Terreno

Realty

Corp.

9,446

536,533

1,387,319

Insurance

3.6%

Ambac

Financial

Group,

Inc.*

28,682

345,905

CNO

Financial

Group,

Inc.

55,747

1,322,876

Crawford

&

Co.,

Class

A

21,504

200,848

Employers

Holdings,

Inc.

33,981

1,357,541

Enstar

Group

Ltd.*(a)

490

118,580

Genworth

Financial,

Inc.,

Class

A*

109,434

641,283

Goosehead

Insurance,

Inc.,

Class

A*(a)

13,006

969,337

Hippo

Holdings,

Inc.*(a)

6,039

48,131

James

River

Group

Holdings

Ltd.

36,773

564,466

Palomar

Holdings,

Inc.*

18,225

924,919

Stewart

Information

Services

Corp.

15,314

670,753

Universal

Insurance

Holdings,

Inc.

5,964

83,615

7,248,254

Interactive

Media

&

Services

1.4%

Bumble,

Inc.,

Class

A*

77,404

1,154,868

Cargurus,

Inc.,

Class

A*

11,153

195,401

Cars.com,

Inc.*

16,437

277,128

Eventbrite,

Inc.,

Class

A*

28,148

277,539

Vimeo,

Inc.*

181,088

641,051

ZipRecruiter,

Inc.,

Class

A*

30,255

362,757

2,908,744

Common

Stocks

Shares

Value

($)

IT

Services

0.7%

Fastly,

Inc.,

Class

A*(a)

27,949

535,782

Perficient,

Inc.*

4,263

246,657

Rackspace

Technology,

Inc.*

30,432

71,515

Squarespace,

Inc.,

Class

A*

3,078

89,170

Thoughtworks

Holding,

Inc.*

39,831

162,511

Unisys

Corp.*

108,720

375,084

1,480,719

Leisure

Products

0.6%

Malibu

Boats,

Inc.,

Class

A*

14,792

725,104

MasterCraft

Boat

Holdings,

Inc.*

22,773

506,016

1,231,120

Life

Sciences

Tools

&

Services

0.7%

Adaptive

Biotechnologies

Corp.*

43,645

237,865

Mesa

Laboratories,

Inc.

9,252

972,108

NanoString

Technologies,

Inc.*(a)

67,040

115,309

1,325,282

Machinery

2.8%

Chart

Industries,

Inc.*(a)

3,457

584,648

Douglas

Dynamics,

Inc.

20,980

633,176

Franklin

Electric

Co.,

Inc.

16,683

1,488,624

Gorman-Rupp

Co.

(The)

5,355

176,180

Greenbrier

Cos.,

Inc.

(The)

14,216

568,640

Mueller

Industries,

Inc.

10,921

820,822

Omega

Flex,

Inc.(a)

1,099

86,524

Standex

International

Corp.

2,096

305,366

Wabash

National

Corp.

18,998

401,238

Watts

Water

Technologies,

Inc.,

Class

A

3,517

607,808

5,673,026

Marine

Transportation

0.0%

†

Costamare,

Inc.(a)

9,458

90,986

Media

0.7%

Daily

Journal

Corp.*

411

120,834

Gray

Television,

Inc.

13,996

96,852

TechTarget,

Inc.*

13,939

423,188

Thryv

Holdings,

Inc.*(a)

39,898

748,886

WideOpenWest,

Inc.*

3,275

25,054

1,414,814

Metals

&

Mining

2.3%

ATI,

Inc.*

16,151

664,614

Carpenter

Technology

Corp.(a)

23,178

1,557,793

Coeur

Mining,

Inc.*(a)

68,047

151,064

Commercial

Metals

Co.

13,004

642,528

Constellium

SE,

Class

A*

16,673

303,449

Haynes

International,

Inc.

16,360

761,067

Olympic

Steel,

Inc.

4,967

279,195

Ryerson

Holding

Corp.

4,716

137,188

SunCoke

Energy,

Inc.

8,660

87,899

Worthington

Industries,

Inc.

2,240

138,477

4,723,274

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.4%

Arbor

Realty

Trust,

Inc.

26,011

394,847

ARMOUR

Residential

REIT,

Inc.

81,425

346,056

BrightSpire

Capital,

Inc.,

Class

A(a)

22,567

141,269

32

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Invesco

Mortgage

Capital,

Inc.

(a)

46,368

464,144

KKR

Real

Estate

Finance

Trust,

Inc.(a)

21,909

260,060

Ladder

Capital

Corp.,

Class

A

23,400

240,084

MFA

Financial,

Inc.(a)

26,678

256,375

Nexpoint

Real

Estate

Finance,

Inc.

2,910

47,608

Two

Harbors

Investment

Corp.

48,516

642,352

2,792,795

Multi-Utilities

0.1%

Black

Hills

Corp.

2,893

146,357

Office

REITs

0.6%

Equity

Commonwealth

63,672

1,169,655

Oil,

Gas

&

Consumable

Fuels

5.5%

CONSOL

Energy,

Inc.

4,435

465,276

DHT

Holdings,

Inc.

86,845

894,504

Dorian

LPG

Ltd.

9,869

283,536

Energy

Fuels,

Inc.*(a)

2,532

20,813

Golar

LNG

Ltd.

20,920

507,519

International

Seaways,

Inc.

14,260

641,700

Kosmos

Energy

Ltd.*

115,394

943,923

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

16,910

387,408

Murphy

Oil

Corp.

12,470

565,514

Nordic

American

Tankers

Ltd.

272,131

1,121,180

PBF

Energy,

Inc.,

Class

A

8,440

451,793

Peabody

Energy

Corp.

11,631

302,290

Permian

Resources

Corp.,

Class

A(a)

44,480

620,941

Scorpio

Tankers,

Inc.

23,522

1,273,011

SilverBow

Resources,

Inc.*

2,159

77,227

Teekay

Corp.*

87,735

541,325

Teekay

Tankers

Ltd.,

Class

A

27,385

1,140,038

Vitesse

Energy,

Inc.

39,861

912,418

11,150,416

Personal

Care

Products

0.2%

Edgewell

Personal

Care

Co.

8,363

309,096

Pharmaceuticals

1.6%

Amneal

Pharmaceuticals,

Inc.*

76,506

322,855

Amphastar

Pharmaceuticals,

Inc.*

17,118

787,257

Arvinas,

Inc.*(a)

2,214

43,483

Assertio

Holdings,

Inc.*

22,849

58,494

Axsome

Therapeutics,

Inc.*

401

28,026

Collegium

Pharmaceutical,

Inc.*

7,434

166,150

Intra-Cellular

Therapies,

Inc.*(a)

5,759

299,986

Phibro

Animal

Health

Corp.,

Class

A

19,594

250,215

Prestige

Consumer

Healthcare,

Inc.*

23,173

1,325,264

3,281,730

Professional

Services

2.7%

Alight,

Inc.,

Class

A*

36,576

259,324

CBIZ,

Inc.*(a)

23,563

1,222,920

CSG

Systems

International,

Inc.(a)

3,194

163,277

Common

Stocks

Shares

Value

($)

Professional

Services

ExlService

Holdings,

Inc.*

49,895

1,399,056

Exponent,

Inc.(a)

17,258

1,477,285

Franklin

Covey

Co.*

10,502

450,746

Huron

Consulting

Group,

Inc.*(a)

870

90,619

IBEX

Holdings

Ltd.*

8,386

129,564

Legalzoom.com,

Inc.*

19,616

214,599

Upwork,

Inc.*

5,901

67,035

5,474,425

Real

Estate

Management

&

Development

0.6%

Anywhere

Real

Estate,

Inc.*

34,103

219,282

Compass,

Inc.,

Class

A*(a)

26,824

77,790

Cushman

&

Wakefield

plc*

14,776

112,593

Douglas

Elliman,

Inc.

28,590

64,613

Forestar

Group,

Inc.*

8,804

237,180

Newmark

Group,

Inc.,

Class

A

32,039

206,011

Redfin

Corp.*(a)

41,935

295,222

1,212,691

Residential

REITs

1.5%

Centerspace

11,622

700,342

Independence

Realty

Trust,

Inc.

88,020

1,238,441

NexPoint

Residential

Trust,

Inc.

30,763

989,953

2,928,736

Retail

REITs

0.2%

Alexander's,

Inc.

1,285

234,166

Macerich

Co.

(The)

11,479

125,236

Tanger

Factory

Outlet

Centers,

Inc.(a)

4,489

101,451

460,853

Semiconductors

&

Semiconductor

Equipment

1.9%

ACM

Research,

Inc.,

Class

A*

4,200

76,041

Amkor

Technology,

Inc.

1,680

37,968

Axcelis

Technologies,

Inc.*

9,355

1,525,333

Cohu,

Inc.*

10,238

352,597

Diodes,

Inc.*

1,140

89,878

FormFactor,

Inc.*(a)

19,928

696,284

Ichor

Holdings

Ltd.*

19,126

592,141

Onto

Innovation,

Inc.*

829

105,714

PDF

Solutions,

Inc.*

10,414

337,414

Photronics,

Inc.*

778

15,723

SiTime

Corp.*

674

77,004

3,906,097

Software

5.4%

Alarm.com

Holdings,

Inc.*

11,649

712,220

Amplitude,

Inc.,

Class

A*(a)

10,354

119,796

Appian

Corp.,

Class

A*

7,057

321,870

Asana,

Inc.,

Class

A*(a)

40,017

732,711

Braze,

Inc.,

Class

A*

2,177

101,731

C3.ai,

Inc.,

Class

A*(a)

1,203

30,700

Cleanspark,

Inc.*(a)

170,339

648,992

Clear

Secure,

Inc.,

Class

A

60,731

1,156,318

CommVault

Systems,

Inc.*

1,554

105,066

Consensus

Cloud

Solutions,

Inc.*

1,120

28,202

Ebix,

Inc.(a)

6,157

60,831

Instructure

Holdings,

Inc.*(a)

41,282

1,048,563

Intapp,

Inc.*

17,054

571,650

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Software

Marathon

Digital

Holdings,

Inc.*(a)

5,495

46,707

MicroStrategy,

Inc.,

Class

A*(a)

1,281

420,527

Q2

Holdings,

Inc.*

8,166

263,517

Rapid7,

Inc.*

4,836

221,392

Red

Violet,

Inc.*

5,057

101,190

Riot

Platforms,

Inc.*(a)

5,121

47,779

Sapiens

International

Corp.

NV

19,868

564,847

SolarWinds

Corp.*

30,206

285,145

SPS

Commerce,

Inc.*(a)

5,245

894,849

Tenable

Holdings,

Inc.*

25,992

1,164,442

Varonis

Systems,

Inc.,

Class

B*(a)

6,668

203,641

Weave

Communications,

Inc.*

9,116

74,295

Yext,

Inc.*

28,614

181,127

Zeta

Global

Holdings

Corp.,

Class

A*

74,535

622,367

Zuora,

Inc.,

Class

A*

10,953

90,253

10,820,728

Specialized

REITs

0.1%

Uniti

Group,

Inc.

27,344

129,064

Specialty

Retail

2.5%

Abercrombie

&

Fitch

Co.,

Class

A*

475

26,776

Academy

Sports

&

Outdoors,

Inc.

11,138

526,493

American

Eagle

Outfitters,

Inc.

11,782

195,699

Asbury

Automotive

Group,

Inc.*

5,821

1,339,238

Boot

Barn

Holdings,

Inc.*

1,484

120,486

CarParts.com,

Inc.*

45,877

189,013

Carvana

Co.,

Class

A*(a)

6,413

269,218

Cato

Corp.

(The),

Class

A(a)

7,842

60,070

Group

1

Automotive,

Inc.

3,479

934,842

Haverty

Furniture

Cos.,

Inc.

1,991

57,301

Monro,

Inc.

12,517

347,597

Sally

Beauty

Holdings,

Inc.*

47,672

399,491

Sleep

Number

Corp.*

2,768

68,065

Urban

Outfitters,

Inc.*

9,697

316,995

Winmark

Corp.

426

158,953

5,010,237

Technology

Hardware,

Storage

&

Peripherals

1.4%

Eastman

Kodak

Co.*(a)

28,597

120,393

Super

Micro

Computer,

Inc.*(a)

8,167

2,239,555

Xerox

Holdings

Corp.

26,415

414,451

2,774,399

Textiles,

Apparel

&

Luxury

Goods

0.8%

G-III

Apparel

Group

Ltd.*

13,164

328,047

Kontoor

Brands,

Inc.

13,166

578,119

Oxford

Industries,

Inc.

6,568

631,382

1,537,548

Trading

Companies

&

Distributors

1.6%

Applied

Industrial

Technologies,

Inc.(a)

7,697

1,190,033

Boise

Cascade

Co.(a)

1,395

143,741

H&E

Equipment

Services,

Inc.

4,572

197,465

Herc

Holdings,

Inc.

2,124

252,629

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

MRC

Global,

Inc.*

4,686

48,031

Rush

Enterprises,

Inc.,

Class

A

33,616

1,372,541

3,204,440

Total

Common

Stocks

(cost

$196,388,993)

199,297,431

Repurchase

Agreements

11.1%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

BofA

Securities,

Inc.,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$2,040,002.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$405,622,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$413,551.(b)

405,442

405,442

MetLife,

Inc.,

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$8,003,540,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$8,164,471.(b)

8,000,000

8,000,000

34

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$10,004,442,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$10,200,001.(b)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$22,405,442)

22,405,442

Total

Investments

(cost

$218,794,435)

—

110.1%

221,702,873

Liabilities

in

excess

of

other

assets

—

(10.1)%

(20,248,316)

NET

ASSETS

—

100.0%

$

201,454,557

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$27,215,749,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$22,405,442

and

by

$5,863,219

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/3/2023

–

11/15/2052,

a

total

value

of

$28,268,661.

(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,

2023

was

$22,405,442.

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

Small

Cap

Equity

Insights

Fund

-

September

30,

2023

(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,

2023

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

199,297,431

$

–

$

–

$

199,297,431

Repurchase

Agreements

–

22,405,442

–

22,405,442

Total

$

199,297,431

$

22,405,442

$

–

$

221,702,873

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

97.3%

Shares

Value

($)

Aerospace

&

Defense

0.0%

†

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

27,350

441,429

Air

Freight

&

Logistics

1.8%

FedEx

Corp.

60,842

16,118,263

Automobile

Components

1.0%

Lear

Corp.

66,629

8,941,612

Automobiles

2.0%

Ford

Motor

Co.

341,712

4,244,063

General

Motors

Co.

405,464

13,368,148

17,612,211

Banks

1.4%

Comerica,

Inc.

120,213

4,994,850

KeyCorp

685,171

7,372,440

12,367,290

Beverages

1.2%

Monster

Beverage

Corp.*

200,554

10,619,334

Biotechnology

3.9%

Apellis

Pharmaceuticals,

Inc.*

34,783

1,323,145

Exelixis

,

Inc.*

407,966

8,914,057

Incyte

Corp.*

112,950

6,525,122

Ionis

Pharmaceuticals,

Inc.*

44,104

2,000,557

Neurocrine

Biosciences,

Inc.*

36,041

4,054,613

Ultragenyx

Pharmaceutical,

Inc.*

58,119

2,071,942

Vertex

Pharmaceuticals,

Inc.*

26,062

9,062,800

33,952,236

Broadline

Retail

1.3%

Amazon.com,

Inc.*

86,600

11,008,592

Building

Products

1.3%

Builders

FirstSource

,

Inc.*

27,969

3,481,861

Trane

Technologies

plc

39,627

8,040,714

11,522,575

Capital

Markets

1.3%

Interactive

Brokers

Group,

Inc.,

Class

A

65,409

5,661,803

LPL

Financial

Holdings,

Inc.

17,261

4,102,077

Nasdaq,

Inc.

14,011

680,794

TPG,

Inc.,

Class

A

1,740

52,409

Virtu

Financial,

Inc.,

Class

A

46,416

801,604

11,298,687

Chemicals

3.2%

Corteva

,

Inc.

99,671

5,099,168

Dow,

Inc.

223,461

11,521,649

Eastman

Chemical

Co.

11,404

874,915

FMC

Corp.

49,121

3,289,634

Huntsman

Corp.

282,400

6,890,560

27,675,926

Commercial

Services

&

Supplies

0.2%

Copart

,

Inc.*

40,270

1,735,234

Communications

Equipment

1.8%

F5,

Inc.*

36,311

5,851,154

Juniper

Networks,

Inc.

341,958

9,503,013

15,354,167

Construction

&

Engineering

1.0%

AECOM

107,429

8,920,904

Common

Stocks

Shares

Value

($)

Consumer

Finance

1.3%

SLM

Corp.

205,098

2,793,435

Synchrony

Financial

288,748

8,827,026

11,620,461

Consumer

Staples

Distribution

&

Retail

0.1%

Kroger

Co.

(The)

22,412

1,002,937

Target

Corp.

1,409

155,793

1,158,730

Containers

&

Packaging

0.2%

Sealed

Air

Corp.

49,853

1,638,170

Electric

Utilities

2.6%

Constellation

Energy

Corp.

32,830

3,581,096

NRG

Energy,

Inc.

264,801

10,200,135

Pinnacle

West

Capital

Corp.

122,830

9,050,114

22,831,345

Entertainment

1.3%

Live

Nation

Entertainment,

Inc.*

131,463

10,916,687

Playtika

Holding

Corp.*

25,182

242,503

11,159,190

Financial

Services

3.5%

Fidelity

National

Information

Services,

Inc.

205,394

11,352,126

Mastercard

,

Inc.,

Class

A

48,057

19,026,247

30,378,373

Food

Products

2.1%

Archer-Daniels-Midland

Co.

126,498

9,540,479

Lamb

Weston

Holdings,

Inc.

92,717

8,572,614

Post

Holdings,

Inc.*

7,181

615,699

18,728,792

Ground

Transportation

0.7%

Landstar

System,

Inc.

3,191

564,615

Lyft,

Inc.,

Class

A*

529,453

5,580,435

6,145,050

Health

Care

Equipment

&

Supplies

1.6%

Edwards

Lifesciences

Corp.*

168,472

11,671,740

Tandem

Diabetes

Care,

Inc.*

93,594

1,943,947

13,615,687

Health

Care

Providers

&

Services

3.3%

DaVita,

Inc.*

107,566

10,168,214

Humana,

Inc.

12,922

6,286,812

McKesson

Corp.

2,344

1,019,288

Molina

Healthcare,

Inc.*

16,313

5,348,870

Tenet

Healthcare

Corp.*

86,433

5,695,070

28,518,254

Hotels,

Restaurants

&

Leisure

5.3%

Airbnb,

Inc.,

Class

A*

39,735

5,452,039

Booking

Holdings,

Inc.*

4,858

14,981,829

Domino's

Pizza,

Inc.

26,839

10,166,345

Expedia

Group,

Inc.*

96,194

9,914,716

MGM

Resorts

International

165,502

6,083,853

46,598,782

Household

Durables

1.2%

Lennar

Corp.,

Class

A

72,445

8,130,502

NVR,

Inc.*

329

1,961,926

10,092,428

38

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

1.3%

Vistra

Corp.

355,463

11,794,262

Insurance

5.9%

Allstate

Corp.

(The)

115,467

12,864,179

Brighthouse

Financial,

Inc.*

110,396

5,402,780

Everest

Group

Ltd.

21,327

7,926,606

Lincoln

National

Corp.

241,528

5,963,327

Reinsurance

Group

of

America,

Inc.

70,322

10,210,051

W

R

Berkley

Corp.

151,323

9,607,497

51,974,440

Interactive

Media

&

Services

5.1%

Alphabet,

Inc.,

Class

C*

133,183

17,560,179

Meta

Platforms,

Inc.,

Class

A*

84,433

25,347,631

Snap,

Inc.,

Class

A*

142,410

1,268,873

44,176,683

IT

Services

3.4%

Cognizant

Technology

Solutions

Corp.,

Class

A

29,156

1,975,027

DXC

Technology

Co.*

93,500

1,947,605

GoDaddy

,

Inc.,

Class

A*

108,478

8,079,441

Okta

,

Inc.,

Class

A*

43,311

3,530,280

Twilio

,

Inc.,

Class

A*

67,901

3,974,246

VeriSign,

Inc.*

50,777

10,283,866

29,790,465

Machinery

2.8%

AGCO

Corp.

50,190

5,936,473

Allison

Transmission

Holdings,

Inc.

35,748

2,111,277

Oshkosh

Corp.

95,026

9,068,331

Otis

Worldwide

Corp.

93,763

7,530,107

24,646,188

Media

0.7%

Fox

Corp.,

Class

A

86,089

2,685,977

Paramount

Global,

Class

B

300,497

3,876,411

6,562,388

Metals

&

Mining

0.1%

MP

Materials

Corp.*

35,116

670,716

Multi-Utilities

0.5%

DTE

Energy

Co.

45,327

4,500,064

Oil,

Gas

&

Consumable

Fuels

3.4%

APA

Corp.

34,705

1,426,375

Marathon

Petroleum

Corp.

95,446

14,444,798

Valero

Energy

Corp.

96,943

13,737,793

29,608,966

Pharmaceuticals

0.6%

Organon

&

Co.

278,700

4,838,232

Professional

Services

0.2%

TriNet

Group,

Inc.*

15,433

1,797,636

Residential

REITs

0.7%

Camden

Property

Trust

65,912

6,233,957

Semiconductors

&

Semiconductor

Equipment

6.5%

Cirrus

Logic,

Inc.*

11,142

824,063

Enphase

Energy,

Inc.*

18,834

2,262,905

Intel

Corp.

402,566

14,311,221

NVIDIA

Corp.

56,174

24,435,128

Qorvo

,

Inc.*

99,610

9,509,767

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Teradyne,

Inc.

52,183

5,242,304

56,585,388

Software

9.8%

Adobe,

Inc.*

2,144

1,093,226

Atlassian

Corp.,

Class

A*

52,024

10,483,356

Autodesk,

Inc.*

862

178,356

Crowdstrike

Holdings,

Inc.,

Class

A*

46,879

7,846,607

DocuSign,

Inc.,

Class

A*

51,085

2,145,570

Dropbox,

Inc.,

Class

A*

148,276

4,037,556

Five9,

Inc.*

42,926

2,760,142

Fortinet,

Inc.*

215,937

12,671,183

Microsoft

Corp.

111,696

35,268,012

Nutanix

,

Inc.,

Class

A*

49,845

1,738,594

Qualys

,

Inc.*

18,099

2,761,002

Smartsheet

,

Inc.,

Class

A*

69,604

2,816,178

Tenable

Holdings,

Inc.*

52,325

2,344,160

86,143,942

Specialized

REITs

0.1%

SBA

Communications

Corp.,

Class

A

3,031

606,715

Specialty

Retail

2.2%

Advance

Auto

Parts,

Inc.

81,453

4,555,666

AutoZone,

Inc.*

5,669

14,399,204

18,954,870

Technology

Hardware,

Storage

&

Peripherals

9.4%

Apple,

Inc.

365,039

62,498,327

Dell

Technologies,

Inc.,

Class

C

207,821

14,318,867

HP,

Inc.

200,605

5,155,549

81,972,743

Total

Investments

(cost

$728,003,479)

—

97.3%

850,911,377

Other

assets

in

excess

of

liabilities

—

2.7%

23,707,131

NET

ASSETS

—

100.0%

$

874,618,508

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

REIT

Real

Estate

Investment

Trust

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

39

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2023

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Adobe,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

1,157

8,446

8,446

Advance

Auto

Parts,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

25,474

28,276

28,276

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

8/30/2024

22,072

22,513

22,513

Airbnb,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

69,417

220,746

220,746

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

3/28/2024

63,670

3,184

3,184

American

Airlines

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

8/30/2024

446,477

89,296

89,296

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

7/31/2024

63,910

49,850

49,850

Applied

Industrial

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

5/31/2024

30,132

34,350

34,350

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

10/31/2024

34,113

10,357

10,357

Autodesk,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

35,596

164,809

164,809

Badger

Meter,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

23,778

194,980

194,980

Bank

of

New

York

Mellon

Corp.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

25,084

12,040

12,040

Biogen,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

17,637

8,995

8,995

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

4/30/2024

690

890

890

Bright

Horizons

Family

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

10/31/2024

18,674

44,071

44,071

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

10/31/2024

40,049

33,641

33,641

Casella

Waste

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

10/31/2024

56,921

103,597

103,597

Casey's

General

Stores,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

7,620

19,583

19,583

Chord

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

4/30/2024

15,508

36,289

36,289

40

-

Statement

of

Investments

-

September

30,

2023

(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

($)

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

10/31/2024

18,464

36,743

36,743

Clean

Harbors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

2,700

567

567

Copart

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

99,477

3,979

3,979

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

8/30/2024

16,191

11,010

11,010

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

8/30/2024

240,631

26,469

26,469

DXC

Technology

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

218,564

104,911

104,911

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

10/31/2024

65,316

105,160

105,160

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

10/31/2024

26,575

94,341

94,341

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

9,771

29,802

29,802

Fair

Isaac

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

4,549

77,697

77,697

Fiserv,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

37,801

8,694

8,694

FMC

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

21,537

33,167

33,167

Ford

Motor

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

812,189

146,194

146,194

Fox

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

190,447

53,325

53,325

Gen

Digital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

266,505

25,318

25,318

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

8/30/2024

33,680

53,888

53,888

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

8/30/2024

65,612

16,403

16,403

Hanover

Insurance

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

26,416

32,492

32,492

HP,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

133,239

12,242

12,242

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Intel

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

11,277

12,010

12,010

Joby

Aviation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

109,909

2,198

2,198

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

3/28/2024

132,984

1,330

1,330

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

7/31/2024

49,140

15,971

15,971

Kroger

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

202,653

113,486

113,486

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

4/30/2024

104,028

75,940

75,940

Lithia

Motors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

6,289

19,936

19,936

Marathon

Petroleum

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

10,419

4,538

4,538

Mastercard

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

8,980

3,861

3,861

MGM

Resorts

International

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

27,972

7,552

7,552

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

7/31/2024

14,577

53,060

53,060

MP

Materials

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

35,429

16,297

16,297

Mueller

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

7/31/2024

30,780

12,312

12,312

New

York

Community

Bancorp,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

466,485

4,665

4,665

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

29,805

308,482

308,482

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

8/30/2024

42,929

45,075

45,075

Otis

Worldwide

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

37,130

48,269

48,269

Paramount

Global

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

208,297

35,411

35,411

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

10/31/2024

150,691

12,055

12,055

42

-

Statement

of

Investments

-

September

30,

2023

(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

($)

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

37,171

4,832

4,832

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

5/31/2024

128

109

109

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

7/31/2024

26,833

53,398

53,398

Robinhood

Markets,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

189,917

45,580

45,580

SBA

Communications

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

41,638

206,524

206,524

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

10/31/2024

253,119

73,955

73,955

Smartsheet

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

19,099

23,301

23,301

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

10/31/2024

119,278

9,542

9,542

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

11/30/2023

12,140

59,000

59,000

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

10/31/2024

41,577

27,441

27,441

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

10/31/2024

56,956

232,950

232,950

Trane

Technologies

plc

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

21,683

89,796

89,796

Tyson

Foods,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

163,177

140,332

140,332

Vaxcyte

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

28,597

12,297

12,297

Virtu

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

11/29/2024

59,035

13,762

13,762

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

10/31/2024

408,111

69,379

69,379

–

–

Total

unrealized

appreciation

3,812,961

3,812,961

–

–

Acadia

Healthcare

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

6/28/2024

24,405

(39,536)

(39,536)

Advanced

Energy

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

9/30/2024

7,504

(23,112)

(23,112)

Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

43,818

(208,136)

(208,136)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2023

(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

($)

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.65%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

35,780

(36,138)

(36,138)

AGNC

Investment

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

85,562

(15,401)

(15,401)

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

10/31/2024

3,381

(811)

(811)

Analog

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

25,525

(78,741)

(78,741)

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

11/29/2024

234,432

(54,710)

(54,710)

Apellis

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

10/31/2024

8,407

(6,684)

(6,684)

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

10/31/2024

26,864

(5,641)

(5,641)

Archer-Daniels-

Midland

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

26,210

(2,707)

(2,707)

Avantor

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

107,474

(33,317)

(33,317)

Azenta

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

33,995

(77,849)

(77,849)

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

7/31/2024

108,225

(101,731)

(101,731)

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

7/31/2024

34,186

(20,170)

(20,170)

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

10/31/2024

132,059

(63,388)

(63,388)

Ceridian

HCM

Holding,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

62,008

(50,847)

(50,847)

Certara

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

34,262

(7,724)

(7,724)

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

42,234

(48,147)

(48,147)

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

9/30/2024

28,268

(34,204)

(34,204)

Cognex

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

20,728

(11,815)

(11,815)

Cognizant

Technology

Solutions

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

12,749

(5,865)

(5,865)

44

-

Statement

of

Investments

-

September

30,

2023

(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

($)

Coherent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

75,761

(50,760)

(50,760)

Columbia

Banking

System,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

159,405

(159,405)

(159,405)

Constellation

Energy

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

93,438

(129,693)

(129,693)

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

6/28/2024

21,597

(14,254)

(14,254)

DISH

Network

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

654,627

(91,648)

(91,648)

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

5/31/2024

42,128

(12,954)

(12,954)

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

8/30/2024

49,286

(19,591)

(19,591)

Entegris

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

31,018

(141,443)

(141,443)

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

2,625

(21,787)

(21,787)

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

17,546

(13,335)

(13,335)

Exelixis

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

16,968

(5,769)

(5,769)

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

19,184

(11,510)

(11,510)

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

9/30/2024

63,583

(72,485)

(72,485)

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

10/31/2024

219,678

(98,855)

(98,855)

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

6/28/2024

134,582

(133,236)

(133,236)

Harley-Davidson,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

39,887

(32,508)

(32,508)

Healthcare

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

9/30/2024

265,469

(143,353)

(143,353)

Humana,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

20,245

(124,810)

(124,810)

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

10/31/2024

28,188

(56,658)

(56,658)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2023

(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

($)

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

8/30/2024

38,024

(50,952)

(50,952)

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

10/31/2024

32,617

(47,295)

(47,295)

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

5/31/2024

6,081

(10,763)

(10,763)

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

11/30/2023

3,748

(5,210)

(5,210)

Kyndryl

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

9/30/2024

236,407

(14,184)

(14,184)

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

3/28/2024

73,655

(90,596)

(90,596)

Liberty

Media

Corp-

Liberty

Formula

One

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

19,725

(16,766)

(16,766)

Lucid

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

9.20%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

56,221

(7,309)

(7,309)

Marvell

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

10/31/2024

35,651

(56,329)

(56,329)

Masimo

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

26,583

(93,306)

(93,306)

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

10/31/2024

36,087

(321,535)

(321,535)

Medical

Properties

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

524,304

(298,853)

(298,853)

MKS

Instruments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

32,796

(106,224)

(106,224)

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

8/30/2024

17,988

(57,022)

(57,022)

Monster

Beverage

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

56,744

(9,646)

(9,646)

Motorola

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

8/30/2024

15,487

(2,168)

(2,168)

MSA

Safety,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

20,957

(3,356)

(3,356)

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

7/31/2024

160,512

(409,306)

(409,306)

Neurocrine

Biosciences,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

22,047

(65,259)

(65,259)

46

-

Statement

of

Investments

-

September

30,

2023

(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

($)

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

10/31/2024

66,605

(55,948)

(55,948)

Old

National

Bancorp

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

227,992

(47,878)

(47,878)

Omega

Healthcare

Investors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

12,516

(3,004)

(3,004)

Onto

Innovation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

17,806

(18,518)

(18,518)

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

9/30/2024

13,632

(11,451)

(11,451)

Paycor

HCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

75,368

(15,827)

(15,827)

Planet

Fitness,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

15,562

(47,620)

(47,620)

Polaris,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

17,786

(54,781)

(54,781)

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

8/30/2024

14,533

(180,209)

(180,209)

Power

Integrations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

6,036

(7,424)

(7,424)

Premier,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

734

(206)

(206)

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

10/31/2024

19,261

(14,831)

(14,831)

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

6/28/2024

17,109

(12,318)

(12,318)

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

11/30/2023

3,669

(1,981)

(1,981)

Rexford

Industrial

Realty,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

84,803

(24,593)

(24,593)

Ryan

Specialty

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

9/30/2024

18,053

(11,012)

(11,012)

S&P

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

12,551

(40,791)

(40,791)

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

10/31/2024

59,956

(133,102)

(133,102)

SoFi

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

3/28/2024

45,384

(17,700)

(17,700)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2023

(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

($)

SouthState

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

9,430

(9,241)

(9,241)

SPS

Commerce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

10,417

(938)

(938)

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

6/28/2024

3,238

(6,606)

(6,606)

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

6/28/2024

107,598

(16,140)

(16,140)

Super

Micro

Computer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

7,777

(129,720)

(129,720)

Surgery

Partners,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

27,534

(26,157)

(26,157)

T

Rowe

Price

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

6/28/2024

41,275

(105,251)

(105,251)

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

10/31/2024

29,313

(76,507)

(76,507)

Tandem

Diabetes

Care,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

13,275

(531)

(531)

TPG,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

8

(2)

(2)

Trade

Desk,

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

4/30/2024

15,370

(41,806)

(41,806)

Travelers

Cos.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

18,930

(68,337)

(68,337)

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

10/31/2024

69,890

(88,061)

(88,061)

Valero

Energy

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

7,353

(8,971)

(8,971)

Vertex

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

10/31/2024

17,417

(33,266)

(33,266)

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

10/31/2024

86,213

(70,695)

(70,695)

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

11/29/2024

151,096

(91,910)

(91,910)

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

5/31/2024

801

(200)

(200)

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

7/31/2024

105,989

(137,786)

(137,786)

48

-

Statement

of

Investments

-

September

30,

2023

(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

($)

Welltower

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

54,530

(93,792)

(93,792)

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

10/31/2024

26,779

(58,646)

(58,646)

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

79,093

(3,955)

(3,955)

–

–

Total

unrealized

depreciation

(5,694,519)

(5,694,519)

–

–

Net

unrealized

depreciation

(1,881,558)

(1,881,558)

Financing

Costs

of

Swap

Contracts

(218,597)

(218,597)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(2,100,155)

(2,100,155)

OBFR

Overnight

Bank

Funding

Rate

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2023

(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.

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.

50

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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

or 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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

850,911,377

$

–

$

–

$

850,911,377

Total

Return

Swaps†

–

3,812,961

–

3,812,961

Total

Assets

$

850,911,377

$

3,812,961

$

–

$

854,724,338

Liabilities:

Total

Return

Swaps†

$

–

$

(5,913,116)

$

–

$

(5,913,116)

Total

Liabilities

$

–

$

(5,913,116)

$

–

$

(5,913,116)

Total

$

850,911,377

$

(2,100,155)

$

–

$

848,811,222

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

3,812,961

Total

$

3,812,961

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(5,913,116)

Total

$

(5,913,116)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealiz

ed

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

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

87.0%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Axon

Enterprise,

Inc.*

3,568

709,996

Boeing

Co.

(The)*

27,939

5,355,348

General

Dynamics

Corp.

11,167

2,467,572

Howmet

Aerospace,

Inc.

19,398

897,158

Huntington

Ingalls

Industries,

Inc.

2,069

423,276

L3Harris

Technologies,

Inc.

9,210

1,603,645

Lockheed

Martin

Corp.

11,044

4,516,554

Northrop

Grumman

Corp.

7,045

3,101,139

RTX

Corp.

71,720

5,161,688

Textron,

Inc.

9,935

776,321

TransDigm

Group,

Inc.*

2,695

2,272,235

27,284,932

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

5,719

492,577

Expeditors

International

of

Washington,

Inc.

7,257

831,870

FedEx

Corp.

11,402

3,020,618

United

Parcel

Service,

Inc.,

Class

B

35,639

5,555,051

9,900,116

Automobile

Components

0.1%

Aptiv

plc*

14,223

1,402,246

BorgWarner,

Inc.

12,008

484,763

1,887,009

Automobiles

1.9%

Ford

Motor

Co.

193,466

2,402,848

General

Motors

Co.

68,007

2,242,191

Tesla,

Inc.*

136,066

34,046,434

38,691,473

Banks

2.6%

Bank

of

America

Corp.

340,652

9,327,052

Citigroup,

Inc.

94,888

3,902,743

Citizens

Financial

Group,

Inc.

23,272

623,690

Comerica,

Inc.

5,696

236,669

Fifth

Third

Bancorp(a)

33,147

839,614

Huntington

Bancshares,

Inc.

69,395

721,708

JPMorgan

Chase

&

Co.

143,196

20,766,284

KeyCorp(a)

47,146

507,291

M&T

Bank

Corp.

8,174

1,033,602

PNC

Financial

Services

Group,

Inc.

(The)

19,624

2,409,238

Regions

Financial

Corp.

45,696

785,971

Truist

Financial

Corp.

66,809

1,911,406

US

Bancorp(a)

76,225

2,519,999

Wells

Fargo

&

Co.

180,285

7,366,445

Zions

Bancorp

NA

6,623

231,076

53,182,788

Beverages

1.4%

Brown-Forman

Corp.,

Class

B

9,248

533,517

Coca-Cola

Co.

(The)

191,772

10,735,397

Constellation

Brands,

Inc.,

Class

A

7,912

1,988,523

Keurig

Dr

Pepper,

Inc.

50,233

1,585,856

Molson

Coors

Beverage

Co.,

Class

B(a)

9,329

593,231

Monster

Beverage

Corp.*

37,434

1,982,130

PepsiCo,

Inc.

67,830

11,493,115

28,911,769

Common

Stocks

Shares

Value

($)

Biotechnology

1.8%

AbbVie,

Inc.(a)

86,972

12,964,046

Amgen,

Inc.

26,357

7,083,707

Biogen,

Inc.*

7,075

1,818,346

Gilead

Sciences,

Inc.

61,397

4,601,091

Incyte

Corp.*

8,786

507,567

Moderna

,

Inc.*

16,316

1,685,280

Regeneron

Pharmaceuticals,

Inc.*

5,260

4,328,770

Vertex

Pharmaceuticals,

Inc.*

12,718

4,422,557

37,411,364

Broadline

Retail

2.9%

Amazon.com,

Inc.*

447,394

56,872,725

eBay,

Inc.

25,908

1,142,284

Etsy,

Inc.*(a)

5,628

363,456

58,378,465

Building

Products

0.4%

A

O

Smith

Corp.

6,359

420,521

Allegion

plc(a)

4,560

475,152

Carrier

Global

Corp.

41,140

2,270,928

Johnson

Controls

International

plc

33,522

1,783,706

Masco

Corp.

10,750

574,587

Trane

Technologies

plc(a)

11,227

2,278,070

7,802,964

Capital

Markets

2.5%

Ameriprise

Financial,

Inc.

5,057

1,667,192

Bank

of

New

York

Mellon

Corp.

(The)

38,970

1,662,070

BlackRock,

Inc.

6,915

4,470,478

Blackstone,

Inc.

34,973

3,747,007

Cboe

Global

Markets,

Inc.

5,199

812,136

Charles

Schwab

Corp.

(The)

73,271

4,022,578

CME

Group,

Inc.

17,726

3,549,100

FactSet

Research

Systems,

Inc.

1,878

821,174

Franklin

Resources,

Inc.(a)

13,981

343,653

Goldman

Sachs

Group,

Inc.

(The)

16,244

5,256,071

Intercontinental

Exchange,

Inc.

28,202

3,102,784

Invesco

Ltd.

22,566

327,658

MarketAxess

Holdings,

Inc.

1,868

399,080

Moody's

Corp.

7,776

2,458,538

Morgan

Stanley

62,868

5,134,430

MSCI,

Inc.,

Class

A

3,921

2,011,787

Nasdaq,

Inc.

16,226

788,421

Northern

Trust

Corp.

10,036

697,301

Raymond

James

Financial,

Inc.

9,032

907,084

S&P

Global,

Inc.

16,034

5,858,984

State

Street

Corp.

16,037

1,073,838

T.

Rowe

Price

Group,

Inc.(a)

11,222

1,176,851

50,288,215

Chemicals

1.5%

Air

Products

&

Chemicals,

Inc.

10,946

3,102,096

Albemarle

Corp.(a)

5,773

981,641

Celanese

Corp.,

Class

A(a)

5,153

646,805

CF

Industries

Holdings,

Inc.

9,223

790,780

Corteva

,

Inc.

34,657

1,773,052

Dow,

Inc.

34,384

1,772,839

DuPont

de

Nemours,

Inc.(a)

22,377

1,669,100

2

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Chemicals

Eastman

Chemical

Co.

6,058

464,770

Ecolab,

Inc.

12,500

2,117,500

FMC

Corp.

6,539

437,917

International

Flavors

&

Fragrances,

Inc.

12,671

863,782

Linde

plc

24,043

8,952,411

LyondellBasell

Industries

NV,

Class

A

12,457

1,179,678

Mosaic

Co.

(The)

16,478

586,617

PPG

Industries,

Inc.

11,843

1,537,221

Sherwin-Williams

Co.

(The)

11,657

2,973,118

29,849,327

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

4,261

2,049,584

Copart

,

Inc.*

43,158

1,859,678

Republic

Services,

Inc.,

Class

A

10,342

1,473,838

Rollins,

Inc.

11,463

427,914

Waste

Management,

Inc.

18,163

2,768,768

8,579,782

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

12,356

2,272,639

Cisco

Systems,

Inc.

200,797

10,794,847

F5,

Inc.*

2,931

472,301

Juniper

Networks,

Inc.

16,314

453,366

Motorola

Solutions,

Inc.

8,287

2,256,053

16,249,206

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

7,127

1,333,248

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,986

1,225,693

Vulcan

Materials

Co.

6,618

1,336,969

2,562,662

Consumer

Finance

0.4%

American

Express

Co.

28,668

4,276,979

Capital

One

Financial

Corp.

19,139

1,857,440

Discover

Financial

Services

12,428

1,076,638

Synchrony

Financial

20,837

636,987

7,848,044

Consumer

Staples

Distribution

&

Retail

1.6%

Costco

Wholesale

Corp.

21,836

12,336,467

Dollar

General

Corp.

10,650

1,126,770

Dollar

Tree,

Inc.*

10,385

1,105,483

Kroger

Co.

(The)(a)

32,537

1,456,031

Sysco

Corp.

24,689

1,630,708

Target

Corp.

22,872

2,528,957

Walgreens

Boots

Alliance,

Inc.

(a)

35,421

787,763

Walmart,

Inc.

70,325

11,247,077

32,219,256

Containers

&

Packaging

0.2%

Amcor

plc

72,905

667,810

Avery

Dennison

Corp.

3,893

711,134

Ball

Corp.(a)

15,664

779,754

International

Paper

Co.

17,460

619,306

Packaging

Corp.

of

America(a)

4,431

680,380

Sealed

Air

Corp.

7,072

232,386

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

11,947

427,703

4,118,473

Distributors

0.1%

Genuine

Parts

Co.

6,963

1,005,318

LKQ

Corp.

13,665

676,554

Pool

Corp.

1,964

699,380

2,381,252

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

352,264

5,291,005

Verizon

Communications,

Inc.

207,152

6,713,797

12,004,802

Electric

Utilities

1.4%

Alliant

Energy

Corp.(a)

12,971

628,445

American

Electric

Power

Co.,

Inc.

25,385

1,909,460

Constellation

Energy

Corp.(a)

15,801

1,723,573

Duke

Energy

Corp.

37,916

3,346,466

Edison

International

18,846

1,192,763

Entergy

Corp.

10,525

973,563

Evergy

,

Inc.

11,160

565,812

Eversource

Energy

17,273

1,004,425

Exelon

Corp.

48,628

1,837,652

FirstEnergy

Corp.

24,929

852,073

NextEra

Energy,

Inc.

99,718

5,712,844

NRG

Energy,

Inc.

10,701

412,203

PG&E

Corp.*

101,935

1,644,212

Pinnacle

West

Capital

Corp.

5,477

403,545

PPL

Corp.(a)

35,949

846,958

Southern

Co.

(The)

53,736

3,477,794

Xcel

Energy,

Inc.

27,643

1,581,732

28,113,520

Electrical

Equipment

0.5%

AMETEK,

Inc.

11,237

1,660,379

Eaton

Corp.

plc

19,661

4,193,298

Emerson

Electric

Co.

28,160

2,719,411

Generac

Holdings,

Inc.*(a)

2,991

325,900

Rockwell

Automation,

Inc.

5,593

1,598,871

10,497,859

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.,

Class

A

29,315

2,462,167

CDW

Corp.

6,669

1,345,537

Corning,

Inc.

37,111

1,130,772

Keysight

Technologies,

Inc.*(a)

8,665

1,146,466

TE

Connectivity

Ltd.

15,447

1,908,168

Teledyne

Technologies,

Inc.*

2,271

927,885

Trimble,

Inc.*

12,198

656,984

Zebra

Technologies

Corp.,

Class

A*

2,518

595,583

10,173,562

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.,

Class

A

50,815

1,794,786

Halliburton

Co.

43,958

1,780,299

Schlumberger

NV

70,028

4,082,632

7,657,717

Entertainment

1.1%

Activision

Blizzard,

Inc.

35,251

3,300,551

Electronic

Arts,

Inc.

11,994

1,444,078

Live

Nation

Entertainment,

Inc.*

6,871

570,568

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Entertainment

Netflix,

Inc.*

21,836

8,245,274

Take-Two

Interactive

Software,

Inc.*(a)

7,913

1,110,906

Walt

Disney

Co.

(The)*

90,162

7,307,630

Warner

Bros

Discovery,

Inc.*(a)

110,662

1,201,789

23,180,796

Financial

Services

3.8%

Berkshire

Hathaway,

Inc.,

Class

B*

89,861

31,478,308

Fidelity

National

Information

Services,

Inc.(a)

28,849

1,594,484

Fiserv,

Inc.*

30,039

3,393,206

FleetCor

Technologies,

Inc.*

3,622

924,842

Global

Payments,

Inc.

12,728

1,468,684

Jack

Henry

&

Associates,

Inc.

(a)

3,453

521,886

Mastercard

,

Inc.,

Class

A

40,997

16,231,122

PayPal

Holdings,

Inc.*

54,105

3,162,978

Visa,

Inc.,

Class

A(a)

79,174

18,210,812

76,986,322

Food

Products

0.8%

Archer-Daniels-Midland

Co.

26,416

1,992,295

Bunge

Ltd.

7,417

802,890

Campbell

Soup

Co.

10,265

421,686

Conagra

Brands,

Inc.

22,775

624,490

General

Mills,

Inc.

28,794

1,842,528

Hershey

Co.

(The)

7,384

1,477,391

Hormel

Foods

Corp.(a)

13,527

514,432

J

M

Smucker

Co.

(The)(a)

4,931

606,069

Kellogg

Co.

13,629

811,062

Kraft

Heinz

Co.

(The)

40,001

1,345,634

Lamb

Weston

Holdings,

Inc.

6,778

626,694

McCormick

&

Co.,

Inc.

(Non-Voting)

12,417

939,222

Mondelez

International,

Inc.,

Class

A

67,034

4,652,160

Tyson

Foods,

Inc.,

Class

A

13,846

699,084

17,355,637

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

7,261

769,158

Ground

Transportation

0.7%

CSX

Corp.

98,861

3,039,976

JB

Hunt

Transport

Services,

Inc.(a)

3,998

753,703

Norfolk

Southern

Corp.

11,209

2,207,388

Old

Dominion

Freight

Line,

Inc.

4,371

1,788,351

Union

Pacific

Corp.

30,031

6,115,213

13,904,631

Health

Care

Equipment

&

Supplies

2.2%

Abbott

Laboratories

85,509

8,281,547

Align

Technology,

Inc.*

3,580

1,093,046

Baxter

International,

Inc.

24,780

935,197

Becton

Dickinson

&

Co.

14,295

3,695,686

Boston

Scientific

Corp.*

72,149

3,809,467

Cooper

Cos.,

Inc.

(The)

2,531

804,883

Dentsply

Sirona,

Inc.

11,157

381,123

Dexcom

,

Inc.*

18,942

1,767,289

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Edwards

Lifesciences

Corp.*(a)

29,736

2,060,110

GE

HealthCare

Technologies,

Inc.(a)

18,943

1,288,882

Hologic

,

Inc.*

12,016

833,910

IDEXX

Laboratories,

Inc.*

4,045

1,768,757

Insulet

Corp.*

3,557

567,306

Intuitive

Surgical,

Inc.*

17,313

5,060,417

Medtronic

plc

65,592

5,139,789

ResMed

,

Inc.

7,392

1,093,055

STERIS

plc

4,840

1,061,993

Stryker

Corp.

16,655

4,551,312

Teleflex,

Inc.(a)

2,362

463,920

Zimmer

Biomet

Holdings,

Inc.

10,449

1,172,587

45,830,276

Health

Care

Providers

&

Services

2.6%

Cardinal

Health,

Inc.

12,572

1,091,501

Cencora

,

Inc.(a)

8,166

1,469,635

Centene

Corp.*

26,631

1,834,343

Cigna

Group

(The)

14,584

4,172,045

CVS

Health

Corp.

63,288

4,418,768

DaVita,

Inc.*

2,476

234,056

Elevance

Health,

Inc.

11,611

5,055,662

HCA

Healthcare,

Inc.

9,871

2,428,069

Henry

Schein,

Inc.*

6,490

481,883

Humana,

Inc.

6,091

2,963,393

Laboratory

Corp.

of

America

Holdings

4,244

853,256

McKesson

Corp.

6,647

2,890,448

Molina

Healthcare,

Inc.*

2,854

935,798

Quest

Diagnostics,

Inc.

5,730

698,258

UnitedHealth

Group,

Inc.

45,643

23,012,744

Universal

Health

Services,

Inc.,

Class

B

2,910

365,874

52,905,733

Health

Care

REITs

0.2%

Healthpeak

Properties,

Inc.

27,436

503,725

Ventas,

Inc.

19,644

827,602

Welltower

,

Inc.

25,484

2,087,649

3,418,976

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts,

Inc.(a)

33,518

538,634

Hotels,

Restaurants

&

Leisure

1.9%

Airbnb,

Inc.,

Class

A*

21,009

2,882,645

Booking

Holdings,

Inc.*

1,759

5,424,668

Caesars

Entertainment,

Inc.*

10,826

501,785

Carnival

Corp.*(a)

48,334

663,142

Chipotle

Mexican

Grill,

Inc.,

Class

A*

1,367

2,504,112

Darden

Restaurants,

Inc.

5,956

853,018

Domino's

Pizza,

Inc.

1,748

662,125

Expedia

Group,

Inc.*

6,978

719,222

Hilton

Worldwide

Holdings,

Inc.

13,058

1,961,050

Las

Vegas

Sands

Corp.

15,890

728,398

Marriott

International,

Inc.,

Class

A

12,295

2,416,705

McDonald's

Corp.

35,909

9,459,867

MGM

Resorts

International(a)

14,101

518,353

4

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

21,647

356,743

Royal

Caribbean

Cruises

Ltd.*(a)

11,292

1,040,445

Starbucks

Corp.

56,439

5,151,188

Wynn

Resorts

Ltd.

4,530

418,617

Yum!

Brands,

Inc.

13,661

1,706,805

37,968,888

Household

Durables

0.3%

DR

Horton,

Inc.

15,080

1,620,648

Garmin

Ltd.(a)

7,354

773,641

Lennar

Corp.,

Class

A

12,469

1,399,396

Mohawk

Industries,

Inc.*

2,566

220,188

NVR,

Inc.*

161

960,091

PulteGroup,

Inc.

10,914

808,182

Whirlpool

Corp.(a)

2,644

353,503

6,135,649

Household

Products

1.2%

Church

&

Dwight

Co.,

Inc.

11,886

1,089,114

Clorox

Co.

(The)

5,997

785,967

Colgate-Palmolive

Co.

40,735

2,896,666

Kimberly-Clark

Corp.

16,628

2,009,494

Procter

&

Gamble

Co.

(The)

116,155

16,942,368

23,723,609

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

34,722

527,774

Industrial

Conglomerates

0.7%

3M

Co.

27,182

2,544,779

General

Electric

Co.

53,629

5,928,686

Honeywell

International,

Inc.

32,716

6,043,954

14,517,419

Industrial

REITs

0.2%

Prologis,

Inc.

45,523

5,108,136

Insurance

1.9%

Aflac,

Inc.

26,638

2,044,466

Allstate

Corp.

(The)

12,750

1,420,478

American

International

Group,

Inc.

35,079

2,125,787

Aon

plc,

Class

A

10,106

3,276,567

Arch

Capital

Group

Ltd.*(a)

18,486

1,473,519

Arthur

J

Gallagher

&

Co.(a)

10,776

2,456,174

Assurant,

Inc.

2,514

360,960

Brown

&

Brown,

Inc.

11,959

835,217

Chubb

Ltd.

20,239

4,213,355

Cincinnati

Financial

Corp.

7,764

794,180

Everest

Group

Ltd.

2,139

795,002

Globe

Life,

Inc.

4,044

439,704

Hartford

Financial

Services

Group,

Inc.

(The)

14,770

1,047,341

Loews

Corp.

9,351

592,012

Marsh

&

McLennan

Cos.,

Inc.

24,339

4,631,712

MetLife,

Inc.

30,842

1,940,270

Principal

Financial

Group,

Inc.

11,207

807,688

Progressive

Corp.

(The)

28,842

4,017,691

Prudential

Financial,

Inc.

17,761

1,685,341

Travelers

Cos.,

Inc.

(The)

11,281

1,842,300

W

R

Berkley

Corp.

10,119

642,455

Common

Stocks

Shares

Value

($)

Insurance

Willis

Towers

Watson

plc(a)

5,059

1,057,129

38,499,348

Interactive

Media

&

Services

5.1%

Alphabet,

Inc.,

Class

A*

292,346

38,256,397

Alphabet,

Inc.,

Class

C*

248,682

32,788,722

Match

Group,

Inc.*

13,214

517,658

Meta

Platforms,

Inc.,

Class

A*

109,517

32,878,099

104,440,876

IT

Services

1.1%

Accenture

plc,

Class

A

31,082

9,545,593

Akamai

Technologies,

Inc.*(a)

7,259

773,374

Cognizant

Technology

Solutions

Corp.,

Class

A

24,940

1,689,436

DXC

Technology

Co.*

11,186

233,004

EPAM

Systems,

Inc.*

2,882

736,899

Gartner,

Inc.*

3,964

1,362,070

International

Business

Machines

Corp.

44,889

6,297,927

VeriSign,

Inc.*

4,282

867,233

21,505,536

Leisure

Products

0.0%

†

Hasbro,

Inc.

5,939

392,805

Life

Sciences

Tools

&

Services

1.4%

Agilent

Technologies,

Inc.

14,722

1,646,214

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,074

384,975

Bio-

Techne

Corp.

8,165

555,792

Charles

River

Laboratories

International,

Inc.*(a)

2,542

498,181

Danaher

Corp.

32,380

8,033,478

Illumina,

Inc.*

7,934

1,089,179

IQVIA

Holdings,

Inc.*

9,023

1,775,275

Mettler

-Toledo

International,

Inc.*

1,056

1,170,122

Revvity

,

Inc.(a)

6,068

671,728

Thermo

Fisher

Scientific,

Inc.

19,018

9,626,341

Waters

Corp.*(a)

2,833

776,837

West

Pharmaceutical

Services,

Inc.

3,594

1,348,505

27,576,627

Machinery

1.6%

Caterpillar,

Inc.

25,137

6,862,401

Cummins,

Inc.

6,891

1,574,318

Deere

&

Co.

13,436

5,070,478

Dover

Corp.

6,877

959,410

Fortive

Corp.

17,694

1,312,187

IDEX

Corp.

3,852

801,293

Illinois

Tool

Works,

Inc.

13,446

3,096,748

Ingersoll

Rand,

Inc.

20,124

1,282,301

Nordson

Corp.

2,726

608,362

Otis

Worldwide

Corp.

20,068

1,611,661

PACCAR,

Inc.

25,674

2,182,804

Parker-Hannifin

Corp.

6,318

2,460,987

Pentair

plc

8,060

521,885

Snap-on,

Inc.

2,719

693,508

Stanley

Black

&

Decker,

Inc.

7,680

641,894

Westinghouse

Air

Brake

Technologies

Corp.

9,008

957,280

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Machinery

Xylem,

Inc.

11,994

1,091,814

31,729,331

Media

0.7%

Charter

Communications,

Inc.,

Class

A*(a)

4,985

2,192,503

Comcast

Corp.,

Class

A

202,799

8,992,107

Fox

Corp.,

Class

A(a)

11,978

373,714

Fox

Corp.,

Class

B

7,090

204,759

Interpublic

Group

of

Cos.,

Inc.

(The)(a)

18,549

531,614

News

Corp.,

Class

A(a)

19,459

390,347

News

Corp.,

Class

B(a)

5,994

125,095

Omnicom

Group,

Inc.

9,866

734,820

Paramount

Global,

Class

B(a)

23,173

298,932

13,843,891

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

70,642

2,634,240

Newmont

Corp.

39,585

1,462,666

Nucor

Corp.

12,256

1,916,225

Steel

Dynamics,

Inc.

7,904

847,467

6,860,598

Multi-Utilities

0.6%

Ameren

Corp.

13,115

981,396

CenterPoint

Energy,

Inc.

30,690

824,027

CMS

Energy

Corp.

14,022

744,708

Consolidated

Edison,

Inc.

16,961

1,450,674

Dominion

Energy,

Inc.

41,769

1,865,821

DTE

Energy

Co.

10,313

1,023,875

NiSource,

Inc.

19,808

488,861

Public

Service

Enterprise

Group,

Inc.

24,593

1,399,588

Sempra

30,814

2,096,276

WEC

Energy

Group,

Inc.

15,840

1,275,912

12,151,138

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

7,609

761,661

Boston

Properties,

Inc.

7,490

445,505

1,207,166

Oil,

Gas

&

Consumable

Fuels

3.7%

APA

Corp.

15,090

620,199

Chevron

Corp.

87,426

14,741,772

ConocoPhillips

59,006

7,068,919

Coterra

Energy,

Inc.

37,425

1,012,346

Devon

Energy

Corp.

31,510

1,503,027

Diamondback

Energy,

Inc.(a)

8,964

1,388,344

EOG

Resources,

Inc.

28,591

3,624,195

EQT

Corp.(a)

17,915

726,991

Exxon

Mobil

Corp.

197,256

23,193,360

Hess

Corp.

13,845

2,118,285

Kinder

Morgan,

Inc.

95,048

1,575,896

Marathon

Oil

Corp.

30,194

807,690

Marathon

Petroleum

Corp.

19,702

2,981,701

Occidental

Petroleum

Corp.(a)

32,694

2,121,187

ONEOK,

Inc.

27,880

1,768,428

Phillips

66

21,941

2,636,211

Pioneer

Natural

Resources

Co.

11,487

2,636,841

Targa

Resources

Corp.

11,090

950,635

Valero

Energy

Corp.(a)

17,400

2,465,754

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The)

59,736

2,012,506

75,954,287

Passenger

Airlines

0.2%

Alaska

Air

Group,

Inc.*

6,167

228,672

American

Airlines

Group,

Inc.*(a)

33,776

432,671

Delta

Air

Lines,

Inc.

31,686

1,172,382

Southwest

Airlines

Co.

28,449

770,114

United

Airlines

Holdings,

Inc.*(a)

16,605

702,392

3,306,231

Personal

Care

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

11,637

1,682,128

Kenvue

,

Inc.

84,209

1,690,917

3,373,045

Pharmaceuticals

3.6%

Bristol-Myers

Squibb

Co.

102,940

5,974,638

Catalent

,

Inc.*

8,974

408,586

Eli

Lilly

&

Co.

39,292

21,104,912

Johnson

&

Johnson

118,654

18,480,361

Merck

&

Co.,

Inc.

125,035

12,872,353

Organon

&

Co.

13,205

229,239

Pfizer,

Inc.

278,202

9,227,960

Viatris

,

Inc.

56,388

555,986

Zoetis,

Inc.,

Class

A

22,641

3,939,081

72,793,116

Professional

Services

0.7%

Automatic

Data

Processing,

Inc.

20,300

4,883,774

Broadridge

Financial

Solutions,

Inc.

5,923

1,060,513

Ceridian

HCM

Holding,

Inc.*(a)

7,900

536,015

Equifax,

Inc.

6,132

1,123,260

Jacobs

Solutions,

Inc.

6,245

852,442

Leidos

Holdings,

Inc.

6,768

623,739

Paychex,

Inc.

15,686

1,809,066

Paycom

Software,

Inc.(a)

2,377

616,285

Robert

Half,

Inc.(a)

4,834

354,236

Verisk

Analytics,

Inc.,

Class

A

7,062

1,668,327

13,527,657

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*(a)

15,565

1,149,631

CoStar

Group,

Inc.*

20,121

1,547,104

2,696,735

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

6,933

1,190,673

Camden

Property

Trust

5,127

484,912

Equity

Residential

16,780

985,154

Essex

Property

Trust,

Inc.(a)

3,083

653,873

Invitation

Homes,

Inc.

28,511

903,514

Mid-America

Apartment

Communities,

Inc.

5,749

739,609

UDR,

Inc.

15,123

539,437

5,497,172

Retail

REITs

0.2%

Federal

Realty

Investment

Trust

3,904

353,819

Kimco

Realty

Corp.

31,542

554,824

6

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Retail

REITs

Realty

Income

Corp.(a)

34,895

1,742,656

Regency

Centers

Corp.

7,995

475,223

Simon

Property

Group,

Inc.(a)

16,430

1,774,933

4,901,455

Semiconductors

&

Semiconductor

Equipment

6.4%

Advanced

Micro

Devices,

Inc.*

79,612

8,185,706

Analog

Devices,

Inc.

24,707

4,325,949

Applied

Materials,

Inc.

41,378

5,728,784

Broadcom,

Inc.

20,335

16,889,844

Enphase

Energy,

Inc.*(a)

6,612

794,432

First

Solar,

Inc.*

5,107

825,240

Intel

Corp.

206,362

7,336,169

KLA

Corp.

6,786

3,112,467

Lam

Research

Corp.

6,568

4,116,625

Microchip

Technology,

Inc.

26,979

2,105,711

Micron

Technology,

Inc.

53,971

3,671,647

Monolithic

Power

Systems,

Inc.

2,390

1,104,180

NVIDIA

Corp.

121,708

52,941,763

NXP

Semiconductors

NV

12,760

2,550,979

ON

Semiconductor

Corp.*

21,160

1,966,822

Qorvo

,

Inc.*

4,572

436,489

QUALCOMM,

Inc.

54,990

6,107,190

Skyworks

Solutions,

Inc.(a)

7,832

772,157

SolarEdge

Technologies,

Inc.*(a)

2,877

372,600

Teradyne,

Inc.(a)

7,411

744,509

Texas

Instruments,

Inc.

44,740

7,114,107

131,203,370

Software

8.8%

Adobe,

Inc.*

22,459

11,451,844

ANSYS,

Inc.*

4,336

1,290,177

Autodesk,

Inc.*

10,571

2,187,246

Cadence

Design

Systems,

Inc.*

13,392

3,137,746

Fair

Isaac

Corp.*

1,230

1,068,292

Fortinet,

Inc.*

31,877

1,870,542

Gen

Digital,

Inc.

27,574

487,508

Intuit,

Inc.

13,800

7,050,972

Microsoft

Corp.

366,098

115,595,443

Oracle

Corp.

77,572

8,216,426

Palo

Alto

Networks,

Inc.*

14,997

3,515,897

PTC,

Inc.*

6,018

852,630

Roper

Technologies,

Inc.

5,252

2,543,439

Salesforce,

Inc.*

47,993

9,732,020

ServiceNow

,

Inc.*(a)

10,052

5,618,666

Synopsys,

Inc.*

7,498

3,441,357

Tyler

Technologies,

Inc.*

2,122

819,389

178,879,594

Specialized

REITs

0.9%

American

Tower

Corp.

22,970

3,777,417

Crown

Castle,

Inc.

21,241

1,954,809

Digital

Realty

Trust,

Inc.

14,906

1,803,924

Equinix

,

Inc.

4,610

3,348,059

Extra

Space

Storage,

Inc.(a)

10,204

1,240,602

Iron

Mountain,

Inc.(a)

14,206

844,547

Public

Storage

7,740

2,039,645

SBA

Communications

Corp.,

Class

A

5,385

1,077,915

VICI

Properties,

Inc.,

Class

A

49,451

1,439,024

Common

Stocks

Shares

Value

($)

Specialized

REITs

Weyerhaeuser

Co.

36,611

1,122,493

18,648,435

Specialty

Retail

1.8%

AutoZone,

Inc.*

895

2,273,291

Bath

&

Body

Works,

Inc.

11,488

388,294

Best

Buy

Co.,

Inc.

9,906

688,170

CarMax,

Inc.*

7,431

525,595

Home

Depot,

Inc.

(The)

49,539

14,968,704

Lowe's

Cos.,

Inc.

28,874

6,001,172

O'Reilly

Automotive,

Inc.*

3,002

2,728,398

Ross

Stores,

Inc.

16,731

1,889,767

TJX

Cos.,

Inc.

(The)

56,628

5,033,097

Tractor

Supply

Co.(a)

5,246

1,065,200

Ulta

Beauty,

Inc.*

2,483

991,834

36,553,522

Technology

Hardware,

Storage

&

Peripherals

6.3%

Apple,

Inc.

724,148

123,981,379

Hewlett

Packard

Enterprise

Co.(a)

63,067

1,095,474

HP,

Inc.

43,391

1,115,149

NetApp,

Inc.

10,655

808,501

Seagate

Technology

Holdings

plc(a)

9,830

648,289

Western

Digital

Corp.*

15,245

695,629

128,344,421

Textiles,

Apparel

&

Luxury

Goods

0.3%

NIKE,

Inc.,

Class

B

60,365

5,772,101

Ralph

Lauren

Corp.,

Class

A

1,911

221,848

Tapestry,

Inc.

11,199

321,971

VF

Corp.(a)

17,190

303,748

6,619,668

Tobacco

0.5%

Altria

Group,

Inc.

87,443

3,676,978

Philip

Morris

International,

Inc.

76,491

7,081,537

10,758,515

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

27,769

1,517,298

United

Rentals,

Inc.

3,409

1,515,539

WW

Grainger,

Inc.

2,232

1,544,187

4,577,024

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

9,734

1,205,361

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

25,507

3,572,255

Total

Common

Stocks

(cost

$1,138,336,308)

1,770,818,622

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Purchased

Options

0.2%

Number

of

Contracts

Value

($)

Call

Options

0.2%

Future

Equity

Index

Options:

0.2%

S&P

500

E-Mini

Index

11/30/2023

at

USD

4,460.00,

European

Style

Notional

Amount:

USD

107,844,458

Exchange

Traded

503

1,100,312

S&P

500

E-Mini

Index

11/17/2023

at

USD

4,460.00,

European

Style

Notional

Amount:

USD

107,844,458

Exchange

Traded

503

892,825

S&P

500

E-Mini

Index

12/15/2023

at

USD

4,450.00,

American

Style

Notional

Amount:

USD

107,844,458

Exchange

Traded

503

1,446,125

Total

Purchased

Options

(cost

$3,539,227)

3,439,262

Short-Term

Investments

8.9%

Shares

U.S.

Treasury

Obligation

8.9%

U.S.

Treasury

Bills

5.18%

10/19/2023

173,000,000

172,567,836

5.35%

11/28/2023(b)

8,010,000

7,942,434

Total

U.S.

Treasury

Obligation

(cost

$180,503,263)

180,510,270

Total

Short-Term

Investment

(cost

$180,503,263)

180,510,270

Repurchase

Agreements

0.7%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$5,002,209,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

BofA

Securities,

Inc.,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$2,040,002.(c)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$607,358,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$619,230.(c)

607,088

607,088

MetLife,

Inc.,

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,491,102,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$2,541,192.(c)

2,490,000

2,490,000

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$5,002,221,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$15,097,088)

15,097,088

Total

Investments

(cost

$1,337,475,886)

—

96.8%

1,969,865,242

Other

assets

in

excess

of

liabilities

—

3.2%

64,449,805

NET

ASSETS

—

100.0%

$

2,034,315,047

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$61,433,817,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,097,088

and

by

$47,929,725

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$63,026,813.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(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,

2023

was

$15,097,088.

8

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

2,105

12/2023

USD

239,509,531

(13,637,186)

Total

long

contracts

(13,637,186)

Short

Contracts

S&P

500

E-Mini

Index

(126)

12/2023

USD

(27,250,650)

63,117

Total

short

contracts

63,117

Net

contracts

(13,574,069)

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2023

(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,

2023

(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,

2023.

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

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,770,818,622

$

–

$

–

$

1,770,818,622

Futures

Contracts

63,117

–

–

63,117

Purchased

Option

3,439,262

–

–

3,439,262

Repurchase

Agreements

–

15,097,088

–

15,097,088

Short-Term

Investments

–

180,510,270

–

180,510,270

Total

Assets

$

1,774,321,001

$

195,607,358

$

–

$

1,969,928,359

Liabilities:

Futures

Contracts

$

(13,637,186)

$

–

$

–

$

(13,637,186)

Total

Liabilities

$

(13,637,186)

$

–

$

–

$

(13,637,186)

Total

$

1,760,683,815

$

195,607,358

$

–

$

1,956,291,173

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

11

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.

12

-

Statement

of

Investments

-

September

30,

2023

(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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

3,439,262

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

63,117

Total

$

3,502,379

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(13,637,186)

Total

$

(13,637,186)

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,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

87.4%

Shares

Value

($)

Aerospace

&

Defense

3.3%

Howmet

Aerospace,

Inc.

92,337

4,270,586

L3Harris

Technologies,

Inc.

17,350

3,020,982

Northrop

Grumman

Corp.

22,126

9,739,644

17,031,212

Air

Freight

&

Logistics

1.4%

FedEx

Corp.

27,642

7,322,919

Automobiles

0.7%

General

Motors

Co.

103,627

3,416,582

Banks

4.6%

JPMorgan

Chase

&

Co.

129,856

18,831,717

US

Bancorp

153,871

5,086,975

23,918,692

Biotechnology

3.2%

AbbVie,

Inc.

86,441

12,884,896

Gilead

Sciences,

Inc.

50,364

3,774,278

16,659,174

Capital

Markets

6.4%

Ameriprise

Financial,

Inc.

6,893

2,272,484

Ares

Management

Corp.,

Class

A

36,341

3,738,399

Charles

Schwab

Corp.

(The)

43,371

2,381,068

CME

Group,

Inc.

54,951

11,002,289

Goldman

Sachs

Group,

Inc.

(The)

13,666

4,421,908

LPL

Financial

Holdings,

Inc.

20,342

4,834,276

Morgan

Stanley

54,356

4,439,254

33,089,678

Chemicals

1.1%

CF

Industries

Holdings,

Inc.

68,370

5,862,044

Communications

Equipment

2.5%

Cisco

Systems,

Inc.

244,041

13,119,644

Construction

Materials

1.1%

CRH

plc(a)

105,292

5,762,631

Electric

Utilities

2.4%

Constellation

Energy

Corp.(a)

85,258

9,299,943

Exelon

Corp.

82,212

3,106,791

12,406,734

Electrical

Equipment

1.1%

Eaton

Corp.

plc

26,421

5,635,071

Energy

Equipment

&

Services

1.1%

Schlumberger

NV

97,311

5,673,231

Financial

Services

5.4%

Berkshire

Hathaway,

Inc.,

Class

B*

59,585

20,872,625

Voya

Financial,

Inc.

104,733

6,959,508

27,832,133

Food

Products

0.8%

Bunge

Ltd.

36,887

3,993,018

Health

Care

Equipment

&

Supplies

6.8%

Alcon,

Inc.CHF

30,042

2,315,037

Baxter

International,

Inc.

70,091

2,645,234

Becton

Dickinson

&

Co.

54,618

14,120,392

GE

HealthCare

Technologies,

Inc.(a)

37,529

2,553,473

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

plc

173,884

13,625,550

35,259,686

Health

Care

Providers

&

Services

2.7%

McKesson

Corp.

10,695

4,650,721

UnitedHealth

Group,

Inc.

18,741

9,449,025

14,099,746

Hotels,

Restaurants

&

Leisure

3.9%

International

Game

Technology

plc

423,415

12,837,943

Las

Vegas

Sands

Corp.

163,688

7,503,458

20,341,401

Insurance

9.9%

Allstate

Corp.

(The)

40,761

4,541,183

American

International

Group,

Inc.

114,488

6,937,973

Aon

plc,

Class

A

11,932

3,868,593

Assurant,

Inc.

67,381

9,674,564

Everest

Group

Ltd.

18,549

6,894,107

Progressive

Corp.

(The)

55,141

7,681,141

RenaissanceRe

Holdings

Ltd.

42,475

8,406,652

Willis

Towers

Watson

plc

16,541

3,456,407

51,460,620

Interactive

Media

&

Services

0.8%

Alphabet,

Inc.,

Class

A*

30,733

4,021,720

IT

Services

0.8%

International

Business

Machines

Corp.

31,194

4,376,518

Leisure

Products

0.8%

Hasbro,

Inc.

60,393

3,994,393

Life

Sciences

Tools

&

Services

2.2%

Danaher

Corp.*

45,528

11,148,859

Media

3.1%

Comcast

Corp.,

Class

A

112,540

4,990,024

Interpublic

Group

of

Cos.,

Inc.

(The)

185,435

5,314,567

Omnicom

Group,

Inc.

79,550

5,924,884

16,229,475

Metals

&

Mining

1.9%

Freeport-McMoRan,

Inc.

265,199

9,889,271

Oil,

Gas

&

Consumable

Fuels

11.7%

ConocoPhillips

28,878

3,459,584

EQT

Corp.(a)

156,224

6,339,570

Exxon

Mobil

Corp.

99,444

11,692,626

Hess

Corp.

54,927

8,403,831

Marathon

Petroleum

Corp.

46,700

7,067,578

Occidental

Petroleum

Corp.(a)

162,309

10,530,608

Pioneer

Natural

Resources

Co.

20,619

4,733,092

Shell

plc,

ADR-NL

129,551

8,340,493

60,567,382

Personal

Care

Products

1.8%

Kenvue

,

Inc.

458,173

9,200,114

Pharmaceuticals

1.9%

Sanofi,

ADR

181,394

9,729,974

Semiconductors

&

Semiconductor

Equipment

3.2%

Applied

Materials,

Inc.

52,438

7,260,041

14

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.

190,997

6,789,944

Micron

Technology,

Inc.

34,605

2,354,178

16,404,163

Software

0.8%

Dolby

Laboratories,

Inc.,

Class

A(a)

53,239

4,219,723

Total

Common

Stocks

(cost

$361,276,918)

452,665,808

Purchased

Options

0.2%

Number

of

Contracts

Call

Options

0.2%

Future

Equity

Index

Options:

0.2%

S&P

500

E-Mini

Index

11/30/2023

at

USD

4,460.00,

European

Style

Notional

Amount:

USD

27,014,715

Exchange

Traded

126

275,625

S&P

500

E-Mini

Index

11/17/2023

at

USD

4,460.00,

European

Style

Notional

Amount:

USD

27,014,715

Exchange

Traded

126

223,650

S&P

500

E-Mini

Index

12/15/2023

at

USD

4,450.00,

American

Style

Notional

Amount:

USD

27,014,715

Exchange

Traded

126

362,250

Total

Purchased

Options

(cost

$886,571)

861,525

Short-Term

Investments

4.6%

Shares

U.S.

Treasury

Obligation

4.6%

U.S.

Treasury

Bills

5.31%

10/19/2023

21,000,000

20,947,541

5.34%

11/28/2023(b)

2,924,000

2,899,335

Total

U.S.

Treasury

Obligation

(cost

$23,844,632)

23,846,876

Total

Short-Term

Investment

(cost

$23,844,632)

23,846,876

Repurchase

Agreement

0.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$288,380,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$294,016.(c)

288,251

288,251

Total

Repurchase

Agreement

(cost

$288,251)

288,251

Total

Investments

(cost

$386,296,372)

—

92.3%

477,662,460

Other

assets

in

excess

of

liabilities

—

7.7%

40,071,588

NET

ASSETS

—

100.0%

$

517,734,048

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$25,493,271,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$288,251

and

by

$26,015,968

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$26,304,219.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(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,

2023

was

$288,251.

ADR

American

Depositary

Receipt

NL

Netherlands

Currency:

CHF

Switzerland

Franc

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

642

12/2023

USD

48,400,380

(1,811,640)

U.S.

Treasury

Long

Bond

520

12/2023

USD

59,166,250

(3,368,806)

Total

long

contracts

(5,180,446)

Short

Contracts

S&P

500

E-Mini

Index

(329)

12/2023

USD

(71,154,475)

2,220,523

Total

short

contracts

2,220,523

Net

contracts

(2,959,923)

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

2023

(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,

2023

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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

and

equity

movements,

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

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

452,665,808

$

–

$

–

$

452,665,808

Futures

Contracts

2,220,523

–

–

2,220,523

Purchased

Option

861,525

–

–

861,525

Repurchase

Agreement

–

288,251

–

288,251

Short-Term

Investments

–

23,846,876

–

23,846,876

Total

Assets

$

455,747,856

$

24,135,127

$

–

$

479,882,983

Liabilities:

Futures

Contracts

$

(5,180,446)

$

–

$

–

$

(5,180,446)

Total

Liabilities

$

(5,180,446)

$

–

$

–

$

(5,180,446)

Total

$

450,567,410

$

24,135,127

$

–

$

474,702,537

18

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

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,

2023

(Unaudited)

-

Statement

of

Investments

-

19

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

861,525

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

2,220,523

Total

$

3,082,048

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,811,640)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(3,368,806)

Total

$

(5,180,446)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Common

Stocks

98.3%

Shares

Value

($)

Automobile

Components

1.1%

Mobileye

Global,

Inc.,

Class

A*(a)

1,155

47,990

Broadline

Retail

3.5%

Amazon.com,

Inc.*

1,187

150,892

Entertainment

1.1%

Take-Two

Interactive

Software,

Inc.*

359

50,400

Ground

Transportation

1.6%

Uber

Technologies,

Inc.*

1,479

68,019

Interactive

Media

&

Services

20.6%

Alphabet,

Inc.,

Class

A*

2,394

313,279

Baidu,

Inc.,

ADR-CN*

487

65,428

Match

Group,

Inc.*

930

36,433

Meta

Platforms,

Inc.,

Class

A*

1,365

409,787

Pinterest,

Inc.,

Class

A*

2,551

68,953

893,880

IT

Services

2.6%

Infosys

Ltd.,

ADR-IN

2,821

48,267

MongoDB,

Inc.,

Class

A*

84

29,052

Snowflake,

Inc.,

Class

A*

242

36,971

114,290

Semiconductors

&

Semiconductor

Equipment

30.7%

Advanced

Micro

Devices,

Inc.*

1,687

173,457

Analog

Devices,

Inc.

515

90,171

Broadcom,

Inc.

137

113,789

Marvell

Technology,

Inc.

1,804

97,651

Microchip

Technology,

Inc.

833

65,016

Micron

Technology,

Inc.

1,661

112,998

Monolithic

Power

Systems,

Inc.

122

56,364

NVIDIA

Corp.

1,188

516,768

QUALCOMM,

Inc.

943

104,730

1,330,944

Software

29.9%

Adobe,

Inc.*

281

143,282

Autodesk,

Inc.*

258

53,383

Crowdstrike

Holdings,

Inc.,

Class

A*

297

49,712

DocuSign,

Inc.,

Class

A*

653

27,426

Elastic

NV*

342

27,784

Guidewire

Software,

Inc.*

664

59,760

Intuit,

Inc.

231

118,027

Klaviyo,

Inc.,

Class

A*

773

26,669

Microsoft

Corp.

1,444

455,943

Oracle

Corp.

540

57,197

Procore

Technologies,

Inc.*

359

23,450

Salesforce,

Inc.*

1,003

203,388

Tyler

Technologies,

Inc.*

130

50,198

1,296,219

Technology

Hardware,

Storage

&

Peripherals

7.2%

Apple,

Inc.

1,406

240,721

Seagate

Technology

Holdings

plc

1,060

69,907

310,628

Total

Common

Stocks

(cost

$3,477,447)

4,263,262

Repurchase

Agreement

0.9%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$38,742,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$39,498.(b)

38,724

38,724

Total

Repurchase

Agreement

(cost

$38,724)

38,724

Total

Investments

(cost

$3,516,171)

—

99.2%

4,301,986

Other

assets

in

excess

of

liabilities

—

0.8%

33,802

NET

ASSETS

—

100.0%

$

4,335,788

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$38,309,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$38,724.

(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,

2023

was

$38,724.

ADR

American

Depositary

Receipt

CN

China

IN

India

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

21

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

4,263,262

$

–

$

–

$

4,263,262

Repurchase

Agreement

–

38,724

–

38,724

Total

$

4,263,262

$

38,724

$

–

$

4,301,986

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,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

Fund

Common

Stocks

96.6%

Shares

Value

($)

Aerospace

&

Defense

2.3%

L3Harris

Technologies,

Inc.

547

95,244

Automobiles

2.5%

Tesla,

Inc.*

411

102,840

Biotechnology

1.3%

Exact

Sciences

Corp.*

383

26,129

ImmunoGen,

Inc.*

1,752

27,804

53,933

Broadline

Retail

6.4%

Amazon.com,

Inc.*

2,107

267,842

Building

Products

1.5%

Trane

Technologies

plc

301

61,076

Capital

Markets

7.2%

Charles

Schwab

Corp.

(The)

1,374

75,433

Intercontinental

Exchange,

Inc.

520

57,210

MarketAxess

Holdings,

Inc.

274

58,537

S&P

Global,

Inc.

307

112,181

303,361

Chemicals

1.0%

Sherwin-Williams

Co.

(The)

164

41,828

Communications

Equipment

1.3%

Arista

Networks,

Inc.*

301

55,363

Electric

Utilities

1.8%

NextEra

Energy,

Inc.

1,286

73,675

Electrical

Equipment

0.4%

Plug

Power,

Inc.*(a)

2,490

18,924

Energy

Equipment

&

Services

2

.2%

Schlumberger

NV

1,560

90,948

Entertainment

2.2%

Netflix,

Inc.*

148

55,885

ROBLOX

Corp.,

Class

A*

1,305

37,793

93,678

Financial

Services

3.6%

Block,

Inc.,

Class

A*

608

26,910

Mastercard,

Inc.,

Class

A

316

125,108

152,018

Food

Products

0.8%

Lamb

Weston

Holdings,

Inc.

356

32,916

Ground

Transportation

1.9%

Uber

Technologies,

Inc.*

1,752

80,574

Health

Care

Equipment

&

Supplies

5.7%

Baxter

International,

Inc.

1,587

59,893

Boston

Scientific

Corp.*

328

17,319

Intuitive

Surgical,

Inc.*

200

58,458

Stryker

Corp.

379

103,569

239,239

Health

Care

Providers

&

Services

4.1%

UnitedHealth

Group,

Inc.

338

170,416

Hotels,

Restaurants

&

Leisure

3.5%

Domino's

Pizza,

Inc.

126

47,728

Royal

Caribbean

Cruises

Ltd.*

268

24,693

Trip.com

Group

Ltd.,

ADR-CN*

2,107

73,682

146,103

Industrial

Conglomerates

2.2%

Honeywell

International,

Inc.

493

91,077

Common

Stocks

Shares

Value

($)

Insurance

2.9%

Progressive

Corp.

(The)

865

120,495

Interactive

Media

&

Services

6.0%

Alphabet,

Inc.,

Class

A*

493

64,514

Meta

Platforms,

Inc.,

Class

A*

629

188,832

253,346

Oil,

Gas

&

Consumable

Fuels

0.8%

EOG

Resources,

Inc.

274

34,732

Pharmaceuticals

3.2%

Eli

Lilly

&

Co.

143

76,810

Zoetis,

Inc.,

Class

A

328

57,065

133,875

Professional

Services

1.4%

Automatic

Data

Processing,

Inc.

249

59,904

Semiconductors

&

Semiconductor

Equipment

10.7%

Advanced

Micro

Devices,

Inc.*

848

87,191

ASML

Holding

NV

(Registered),

ADR-NL

54

31,788

NVIDIA

Corp.

465

202,270

NXP

Semiconductors

NV

219

43,783

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

958

83,250

448,282

Software

12.3%

Autodesk,

Inc.*

164

33,933

Datadog,

Inc.,

Class

A*

301

27,418

HashiCorp,

Inc.,

Class

A*

1,177

26,871

Microsoft

Corp.

1,067

336,905

Salesforce,

Inc.*

438

88,818

513,945

Specialty

Retail

1.1%

Burlington

Stores,

Inc.*

331

44,784

Technology

Hardware,

Storage

&

Peripherals

4.9%

Apple,

Inc.

958

164,019

Pure

Storage,

Inc.,

Class

A*

1,207

42,994

207,013

Tobacco

1.4%

Philip

Morris

International,

Inc.

630

58,325

Total

Investments

(cost

$3,716,284)

—

96.6%

4,045,756

Other

assets

in

excess

of

liabilities

—

3.4%

143,689

NET

ASSETS

—

100.0%

$

4,189,445

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$18,916,

which

was

collateralized

by

$19,406

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

10/17/2023

–

11/15/2052.

NVIT

J.P.

Morgan

Innovators

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

23

ADR

American

Depositary

Receipt

CN

China

NL

Netherlands

TW

Taiwan

24

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

4,045,756

$

–

$

–

$

4,045,756

Total

$

4,045,756

$

–

$

–

$

4,045,756

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

Large

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

95.8%

Shares

Value

($)

Aerospace

&

Defense

1.0%

TransDigm

Group,

Inc.*

93

78,411

Automobiles

2.9%

Tesla,

Inc.*

921

230,453

Beverages

1.2%

Monster

Beverage

Corp.*

1,829

96,846

Biotechnology

5.0%

AbbVie,

Inc.

360

53,662

Alnylam

Pharmaceuticals,

Inc.*

102

18,064

Exact

Sciences

Corp.*

1,094

74,633

Moderna,

Inc.*

133

13,737

Regeneron

Pharmaceuticals,

Inc.*

230

189,281

Sarepta

Therapeutics,

Inc.*

201

24,365

Seagen,

Inc.*

92

19,518

393,260

Broadline

Retail

8.5%

Amazon.com,

Inc.*

4,372

555,768

MercadoLibre,

Inc.*

93

117,913

673,681

Building

Products

0.9%

Trane

Technologies

plc

337

68,381

Capital

Markets

1.7%

Blackstone,

Inc.

554

59,356

Charles

Schwab

Corp.

(The)

233

12,792

Morgan

Stanley

553

45,163

MSCI,

Inc.,

Class

A

31

15,905

133,216

Chemicals

0.3%

Sherwin-Williams

Co.

(The)

102

26,015

Electrical

Equipment

1.8%

Eaton

Corp.

plc

475

101,308

Rockwell

Automation,

Inc.

142

40,594

141,902

Electronic

Equipment,

Instruments

&

Components

1.0%

Amphenol

Corp.,

Class

A

913

76,683

Entertainment

2.8%

Netflix,

Inc.*

507

191,443

Spotify

Technology

SA*

175

27,062

218,505

Financial

Services

3.1%

Block,

Inc.,

Class

A*

66

2,921

Mastercard,

Inc.,

Class

A

584

231,211

PayPal

Holdings,

Inc.*

201

11,751

245,883

Ground

Transportation

1.8%

Uber

Technologies,

Inc.*

3,096

142,385

Health

Care

Equipment

&

Supplies

1.8%

Align

Technology,

Inc.*

249

76,025

Intuitive

Surgical,

Inc.*

227

66,350

142,375

Health

Care

Providers

&

Services

2.4%

HCA

Healthcare,

Inc.

308

75,762

McKesson

Corp.

263

114,365

190,127

Hotels,

Restaurants

&

Leisure

3.3%

Airbnb,

Inc.,

Class

A*

246

33,754

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Chipotle

Mexican

Grill,

Inc.,

Class

A*

39

71,441

Marriott

International,

Inc.,

Class

A

523

102,801

Starbucks

Corp.

561

51,202

259,198

Interactive

Media

&

Services

10.9%

Alphabet,

Inc.,

Class

C*

3,562

469,650

Meta

Platforms,

Inc.,

Class

A*

1,288

386,670

856,320

IT

Services

2.1%

Cognizant

Technology

Solutions

Corp.,

Class

A

583

39,493

MongoDB,

Inc.,

Class

A*

91

31,473

Shopify,

Inc.,

Class

A*

1,777

96,971

167,937

Life

Sciences

Tools

&

Services

0.2%

Thermo

Fisher

Scientific,

Inc.

31

15,691

Machinery

0.7%

Deere

&

Co.

153

57,739

Media

0.8%

Trade

Desk,

Inc.

(The),

Class

A*

805

62,911

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.

817

30,466

Oil,

Gas

&

Consumable

Fuels

1.2%

Cheniere

Energy,

Inc.

249

41,324

ConocoPhillips

451

54,030

95,354

Personal

Care

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

102

14,744

Pharmaceuticals

3.2%

Eli

Lilly

&

Co.

473

254,062

Semiconductors

&

Semiconductor

Equipment

10.3%

Advanced

Micro

Devices,

Inc.*

591

60,767

ASML

Holding

NV

(Registered),

ADR-NL

81

47,681

Broadcom,

Inc.

200

166,116

First

Solar,

Inc.*

518

83,704

Lam

Research

Corp.

96

60,170

NVIDIA

Corp.

902

392,361

810,799

Software

18.8%

Adobe,

Inc.*

244

124,416

HubSpot,

Inc.*

101

49,742

Intuit,

Inc.

172

87,882

Microsoft

Corp.

2,555

806,741

Oracle

Corp.

1,333

141,191

Salesforce,

Inc.*

672

136,268

Synopsys,

Inc.*

207

95,007

Workday,

Inc.,

Class

A*

182

39,103

1,480,350

Specialty

Retail

2.7%

AutoZone,

Inc.*

35

88,900

26

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Specialty

Retail

Lowe's

Cos.,

Inc.

615

127,821

216,721

Technology

Hardware,

Storage

&

Peripherals

4.8%

Apple,

Inc.

2,231

381,969

Total

Investments

(cost

$6,711,946)

—

95.8%

7,562,384

Other

assets

in

excess

of

liabilities

—

4.2%

330,800

NET

ASSETS

—

100.0%

$

7,893,184

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

7,562,384

$

–

$

–

$

7,562,384

Total

$

7,562,384

$

–

$

–

$

7,562,384

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.

28

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Common

Stocks

99.8%

Shares

Value

($)

Aerospace

&

Defense

2.5%

Howmet

Aerospace,

Inc.

8,057

372,636

Northrop

Grumman

Corp.

3,224

1,419,173

1,791,809

Automobiles

1.1%

Tesla,

Inc.*

3,139

785,441

Banks

3.2%

US

Bancorp

18,852

623,247

Wells

Fargo

&

Co.

40,573

1,657,813

2,281,060

Beverages

2.4%

Coca-Cola

Co.

(The)

29,737

1,664,677

Biotechnology

7.5%

AbbVie,

Inc.

15,473

2,306,405

Biogen,

Inc.*

2,786

716,030

Regeneron

Pharmaceuticals,

Inc.*

1,787

1,470,630

Vertex

Pharmaceuticals,

Inc.*

2,337

812,668

5,305,733

Broadline

Retail

4.1%

Amazon.com,

Inc.*

22,437

2,852,191

Building

Products

1.2%

Trane

Technologies

plc

3,989

809,408

Capital

Markets

4.9%

Ameriprise

Financial,

Inc.

2,940

969,259

Morgan

Stanley

18,897

1,543,318

S&P

Global,

Inc.

2,530

924,488

3,437,065

Chemicals

2.0%

Eastman

Chemical

Co.

5,735

439,989

PPG

Industries,

Inc.

7,677

996,475

1,436,464

Construction

Materials

1.2%

Vulcan

Materials

Co.

4,290

866,666

Consumer

Finance

1.6%

American

Express

Co.

7,526

1,122,804

Electric

Utilities

4.2%

NextEra

Energy,

Inc.

30,589

1,752,444

PG&E

Corp.*

75,364

1,215,621

2,968,065

Electrical

Equipment

2.0%

Eaton

Corp.

plc

6,607

1,409,141

Energy

Equipment

&

Services

1.9%

Baker

Hughes

Co.,

Class

A

37,863

1,337,321

Financial

Services

2.9%

Mastercard,

Inc.,

Class

A

5,123

2,028,247

Ground

Transportation

2.4%

Norfolk

Southern

Corp.

4,885

962,003

Common

Stocks

Shares

Value

($)

Ground

Transportation

Uber

Technologies,

Inc.*

15,077

693,391

1,655,394

Health

Care

Providers

&

Services

3.4%

UnitedHealth

Group,

Inc.

4,811

2,425,658

Hotels,

Restaurants

&

Leisure

1.9%

McDonald's

Corp.

5,080

1,338,275

Industrial

REITs

1.6%

Prologis,

Inc.

10,241

1,149,143

Insurance

1.7%

Progressive

Corp.

(The)

8,689

1,210,378

Interactive

Media

&

Services

6.1%

Alphabet,

Inc.,

Class

A*

17,779

2,326,560

Meta

Platforms,

Inc.,

Class

A*

6,586

1,977,183

4,303,743

IT

Services

1.3%

Accenture

plc,

Class

A

2,863

879,256

Life

Sciences

Tools

&

Services

1.3%

Danaher

Corp.

3,649

905,317

Machinery

2.3%

Deere

&

Co.

4,270

1,611,413

Oil,

Gas

&

Consumable

Fuels

3.3%

ConocoPhillips

7,628

913,834

Pioneer

Natural

Resources

Co.

5,985

1,373,857

2,287,691

Pharmaceuticals

2.2%

Bristol-Myers

Squibb

Co.

19,270

1,118,431

Eli

Lilly

&

Co.

786

422,184

1,540,615

Semiconductors

&

Semiconductor

Equipment

8.4%

Advanced

Micro

Devices,

Inc.*

5,564

572,091

Analog

Devices,

Inc.

3,119

546,106

ASML

Holding

NV

(Registered),

ADR-NL

340

200,144

NVIDIA

Corp.

6,062

2,636,909

NXP

Semiconductors

NV

9,633

1,925,829

5,881,079

Software

12.0%

Intuit,

Inc.

1,299

663,711

Microsoft

Corp.

20,672

6,527,184

Oracle

Corp.

12,000

1,271,040

8,461,935

Specialty

Retail

3.4%

Lowe's

Cos.,

Inc.

7,802

1,621,567

TJX

Cos.,

Inc.

(The)

8,635

767,479

2,389,046

Technology

Hardware,

Storage

&

Peripherals

5.8%

Apple,

Inc.

22,004

3,767,305

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Seagate

Technology

Holdings

plc

4,377

288,663

4,055,968

Total

Investments

(cost

$60,774,063)

—

99.8%

70,191,003

Other

assets

in

excess

of

liabilities

—

0.2%

151,576

NET

ASSETS

—

100.0%

$

70,342,579

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

30

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

2023,

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

70,191,003

$

–

$

–

$

70,191,003

Total

$

70,191,003

$

–

$

–

$

70,191,003

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,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Common

Stocks

98.6%

Shares

Value

($)

Automobiles

4.4%

Tesla,

Inc.*

1,141

285,501

Broadline

Retail

4.5%

Amazon.com,

Inc.*

1,587

201,739

MercadoLibre,

Inc.*

68

86,216

287,955

Communications

Equipment

0.6%

Arista

Networks,

Inc.*

195

35,866

Electrical

Equipment

0.9%

Rockwell

Automation,

Inc.

115

32,875

Vicor

Corp.*

398

23,438

56,313

Electronic

Equipment,

Instruments

&

Components

2.8%

Amphenol

Corp.,

Class

A

1,050

88,189

Jabil,

Inc.

747

94,787

182,976

Entertainment

4.1%

Netflix,

Inc.*

440

166,144

Take-Two

Interactive

Software,

Inc.*

715

100,379

266,523

Financial

Services

0.3%

Block,

Inc.,

Class

A*

448

19,828

Ground

Transportation

2.4%

Uber

Technologies,

Inc.*

3,336

153,423

Health

Care

Equipment

&

Supplies

0.8%

Dexcom,

Inc.*

545

50,848

Health

Care

Technology

1.1%

Veeva

Systems,

Inc.,

Class

A*

335

68,156

Hotels,

Restaurants

&

Leisure

2.0%

Booking

Holdings,

Inc.*

42

129,526

Interactive

Media

&

Services

9.9%

Alphabet,

Inc.,

Class

C*

1,973

260,140

Meta

Platforms,

Inc.,

Class

A*

1,248

374,662

634,802

IT

Services

7.7%

Cloudflare,

Inc.,

Class

A*

795

50,117

MongoDB,

Inc.,

Class

A*

421

145,607

Okta,

Inc.,

Class

A*

953

77,679

Shopify,

Inc.,

Class

A*

2,472

134,897

Snowflake,

Inc.,

Class

A*

583

89,065

497,365

Media

1.9%

Trade

Desk,

Inc.

(The),

Class

A*

1,553

121,367

Semiconductors

&

Semiconductor

Equipment

22.8%

Advanced

Micro

Devices,

Inc.*

1,695

174,280

Analog

Devices,

Inc.

464

81,242

ASML

Holding

NV

(Registered),

ADR-NL

130

76,526

Broadcom,

Inc.

101

83,889

Credo

Technology

Group

Holding

Ltd.*

3,137

47,839

Entegris,

Inc.

498

46,767

First

Solar,

Inc.*

422

68,191

GLOBALFOUNDRIES,

Inc.*(a)

730

42,479

Lam

Research

Corp.

235

147,291

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Marvell

Technology,

Inc.

1,805

97,705

Micron

Technology,

Inc.

1,008

68,574

MKS

Instruments,

Inc.

391

33,837

Monolithic

Power

Systems,

Inc.

210

97,020

NVIDIA

Corp.

552

240,114

Rambus,

Inc.*

815

45,469

Universal

Display

Corp.

420

65,936

Wolfspeed,

Inc.*

1,193

45,453

1,462,612

Software

30.2%

Adobe,

Inc.*

343

174,896

Atlassian

Corp.,

Class

A*

302

60,856

BILL

Holdings,

Inc.*

240

26,057

Confluent,

Inc.,

Class

A*

3,026

89,600

Crowdstrike

Holdings,

Inc.,

Class

A*

462

77,329

Datadog,

Inc.,

Class

A*

769

70,048

Elastic

NV*

949

77,097

HashiCorp,

Inc.,

Class

A*

982

22,419

HubSpot,

Inc.*

269

132,482

Intuit,

Inc.

194

99,122

Microsoft

Corp.

337

106,408

Oracle

Corp.

1,963

207,921

Palo

Alto

Networks,

Inc.*

229

53,687

Procore

Technologies,

Inc.*

1,231

80,409

Salesforce,

Inc.*

815

165,266

ServiceNow,

Inc.*

176

98,377

Synopsys,

Inc.*

508

233,157

Workday,

Inc.,

Class

A*

773

166,079

1,941,210

Specialized

REITs

1.3%

Equinix,

Inc.

114

82,794

Technology

Hardware,

Storage

&

Peripherals

0.9%

Apple,

Inc.

190

32,530

Super

Micro

Computer,

Inc.*

100

27,422

59,952

Total

Common

Stocks

(cost

$5,494,785)

6,337,017

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Repurchase

Agreement

0.5%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$29,714,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$30,294.(b)

29,700

29,700

Total

Repurchase

Agreement

(cost

$29,700)

29,700

Total

Investments

(cost

$5,524,485)

—

99.1%

6,366,717

Other

assets

in

excess

of

liabilities

—

0.9%

59,675

NET

ASSETS

—

100.0%

$

6,426,392

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$29,910,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$29,700

and

by

$1,137

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.75%

–

4.38%,

and

maturity

dates

ranging

from

1/31/2028

–

11/15/2051,

a

total

value

of

$30,837.

(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,

2023

was

$29,700.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

34

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

US

Technology

Leaders

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

6,337,017

$

–

$

–

$

6,337,017

Repurchase

Agreement

–

29,700

–

29,700

Total

$

6,337,017

$

29,700

$

–

$

6,366,717

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

97.3%

Shares

Value

($)

BRAZIL

2.6%

Broadline

Retail

1.8%

MercadoLibre,

Inc.

*

5,738

7,275,096

Financial

Services

0.8%

StoneCo

Ltd.

,

Class

A

*(a)

301,084

3,212,566

10,487,662

CANADA

1.2%

Commercial

Services

&

Supplies

1.2%

RB

Global,

Inc.

75,800

4,737,500

DENMARK

0.7%

Biotechnology

0.7%

Ascendis

Pharma

A/S,

ADR

*

29,514

2,763,691

INDIA

1.9%

Professional

Services

1.9%

WNS

Holdings

Ltd.,

ADR

*

114,912

7,866,876

ISRAEL

1.6%

Broadline

Retail

1.6%

Global-e

Online

Ltd.

*(a)

160,128

6,363,487

JAPAN

0.7%

Semiconductors

&

Semiconductor

Equipment

0.7%

Allegro

MicroSystems,

Inc.

*

95,200

3,040,688

SWITZERLAND

1.7%

Biotechnology

0.4%

CRISPR

Therapeutics

AG

*(a)

39,012

1,770,755

Textiles,

Apparel

&

Luxury

Goods

1.3%

On

Holding

AG

,

Class

A

*

185,652

5,164,838

6,935,593

UNITED

STATES

86.9%

Aerospace

&

Defense

2.2%

Axon

Enterprise,

Inc.

*

45,539

9,061,806

Biotechnology

4.1%

Exact

Sciences

Corp.

*

85,800

5,853,276

Halozyme

Therapeutics,

Inc.

*

95,400

3,644,280

Natera,

Inc.

*(a)

79,500

3,517,875

Sarepta

Therapeutics,

Inc.

*

30,429

3,688,603

16,704,034

Building

Products

2.4%

Advanced

Drainage

Systems,

Inc.

(a)

42,650

4,854,850

Trex

Co.,

Inc.

*

78,980

4,867,537

9,722,387

Capital

Markets

2.7%

MarketAxess

Holdings,

Inc.

17,519

3,742,759

Morningstar,

Inc.

(a)

30,400

7,120,896

10,863,655

Commercial

Services

&

Supplies

6.4%

Casella

Waste

Systems,

Inc.

,

Class

A

*

133,359

10,175,291

Rollins,

Inc.

186,238

6,952,265

Tetra

Tech,

Inc.

59,323

9,018,876

26,146,432

Construction

&

Engineering

1.4%

EMCOR

Group,

Inc.

26,900

5,659,491

Electrical

Equipment

1.6%

Vertiv

Holdings

Co.

,

Class

A

172,400

6,413,280

Electronic

Equipment,

Instruments

&

Components

4.5%

Novanta,

Inc.

*

45,973

6,594,367

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electronic

Equipment,

Instruments

&

Components

Teledyne

Technologies,

Inc.

*

28,987

11,843,509

18,437,876

Entertainment

5.3%

Endeavor

Group

Holdings,

Inc.

,

Class

A

141,900

2,823,810

Liberty

Media

Corp-Liberty

Formula

One

,

Class

C

*

101,141

6,301,084

Liberty

Media

Corp-Liberty

Live

,

Class

C

*(a)

114,588

3,678,275

TKO

Group

Holdings,

Inc.

45,500

3,824,730

Warner

Music

Group

Corp.

,

Class

A

153,845

4,830,733

21,458,632

Financial

Services

1.2%

Jack

Henry

&

Associates,

Inc.

31,900

4,821,366

Ground

Transportation

3.0%

JB

Hunt

Transport

Services,

Inc.

30,200

5,693,304

Saia,

Inc.

*

16,361

6,522,313

12,215,617

Health

Care

Equipment

&

Supplies

7.6%

Dexcom,

Inc.

*

35,364

3,299,461

Inari

Medical,

Inc.

*(a)

65,722

4,298,219

Inspire

Medical

Systems,

Inc.

*

28,920

5,738,885

iRhythm

Technologies,

Inc.

*(a)

51,936

4,895,487

PROCEPT

BioRobotics

Corp.

*(a)

104,500

3,428,645

Shockwave

Medical,

Inc.

*

33,671

6,703,896

TransMedics

Group,

Inc.

*(a)

51,400

2,814,150

31,178,743

Health

Care

Providers

&

Services

3.3%

HealthEquity,

Inc.

*

97,300

7,107,765

Option

Care

Health,

Inc.

*

195,652

6,329,342

13,437,107

Hotels,

Restaurants

&

Leisure

4.9%

Chipotle

Mexican

Grill,

Inc.

,

Class

A

*

3,000

5,495,490

Hyatt

Hotels

Corp.

,

Class

A

28,755

3,050,330

MGM

Resorts

International

(a)

123,200

4,528,832

Wingstop,

Inc.

37,778

6,793,996

19,868,648

Industrial

REITs

1.7%

Rexford

Industrial

Realty,

Inc.

140,176

6,917,686

Interactive

Media

&

Services

1.9%

IAC,

Inc.

*

99,399

5,008,716

ZoomInfo

Technologies,

Inc.

,

Class

A

*

178,631

2,929,548

7,938,264

IT

Services

3.8%

Globant

SA

*(a)

49,275

9,749,058

MongoDB,

Inc.

,

Class

A

*

16,939

5,858,523

15,607,581

Life

Sciences

Tools

&

Services

3.5%

Bio-Techne

Corp.

93,956

6,395,585

Repligen

Corp.

*(a)

30,600

4,865,706

Waters

Corp.

*

11,800

3,235,678

14,496,969

Machinery

1.5%

RBC

Bearings,

Inc.

*

27,000

6,321,510

Metals

&

Mining

1.6%

ATI,

Inc.

*(a)

159,500

6,563,425

2

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Personal

Care

Products

2.6%

BellRing

Brands,

Inc.

*

146,200

6,027,826

Coty,

Inc.

,

Class

A

*

436,100

4,784,017

10,811,843

Semiconductors

&

Semiconductor

Equipment

3.1%

Axcelis

Technologies,

Inc.

*

25,400

4,141,470

Entegris,

Inc.

28,000

2,629,480

Impinj,

Inc.

*(a)

56,516

3,110,075

Monolithic

Power

Systems,

Inc.

6,200

2,864,400

12,745,425

Software

11.2%

BILL

Holdings,

Inc.

*

59,865

6,499,543

CCC

Intelligent

Solutions

Holdings,

Inc.

*(a)

582,204

7,772,423

Confluent,

Inc.

,

Class

A

*(a)

216,200

6,401,682

Fair

Isaac

Corp.

*

5,800

5,037,474

HubSpot,

Inc.

*

9,572

4,714,210

Olo,

Inc.

,

Class

A

*

370,729

2,246,618

Tyler

Technologies,

Inc.

*

19,000

7,336,660

Zscaler,

Inc.

*

36,400

5,663,476

45,672,086

Specialty

Retail

0.7%

Wayfair,

Inc.

,

Class

A

*(a)

45,800

2,774,106

Trading

Companies

&

Distributors

4.7%

Applied

Industrial

Technologies,

Inc.

35,000

5,411,350

SiteOne

Landscape

Supply,

Inc.

*(a)

47,232

7,720,070

Watsco,

Inc.

(a)

16,600

6,270,152

19,401,572

355,239,541

Total

Common

Stocks

(cost

$352,447,857)

397,435,038

Repurchase

Agreements

6.4%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$5,002,209,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

BofA

Securities,

Inc.,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,442,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$1,020,001.(b)

1,000,000

1,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$3,149,933,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$3,211,508.(b)

3,148,537

3,148,537

MetLife,

Inc.,

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$15,006,638,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$15,308,383.(b)

15,000,000

15,000,000

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,889,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$26,148,537)

26,148,537

Total

Investments

(cost

$378,596,394)

—

103.7%

423,583,575

Liabilities

in

excess

of

other

assets

—

(3.7)%

(15,006,521)

NET

ASSETS

—

100.0%

$

408,577,054

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$47,978,919,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$26,148,537

and

by

$23,206,677

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/3/2023

–

2/15/2053,

a

total

value

of

$49,355,214.

(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,

2023

was

$26,148,537.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

NVIT

Allspring

Discovery

Fund

-

September

30,

2023

(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,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

397,435,038

$

–

$

–

$

397,435,038

Repurchase

Agreements

–

26,148,537

–

26,148,537

Total

$

397,435,038

$

26,148,537

$

–

$

423,583,575

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

97.5%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Lockheed

Martin

Corp.

18,456

7,547,765

Northrop

Grumman

Corp.

4,262

1,876,090

9,423,855

Air

Freight

&

Logistics

2.4%

CH

Robinson

Worldwide,

Inc.

65,856

5,672,177

Expeditors

International

of

Washington,

Inc.

68,492

7,851,238

United

Parcel

Service,

Inc.,

Class

B

9,845

1,534,540

15,057,955

Beverages

4.1%

Coca-Cola

Co.

(The)

126,268

7,068,483

Keurig

Dr

Pepper,

Inc.

13,810

435,982

Molson

Coors

Beverage

Co.,

Class

B

13,021

828,005

Monster

Beverage

Corp.*

163,734

8,669,715

PepsiCo,

Inc.

51,885

8,791,394

25,793,579

Biotechnology

5.0%

AbbVie,

Inc.

10,795

1,609,103

Amgen,

Inc.

28,044

7,537,105

Gilead

Sciences,

Inc.

47,837

3,584,905

Regeneron

Pharmaceuticals,

Inc.*

11,474

9,442,643

United

Therapeutics

Corp.*

16,863

3,808,846

Vertex

Pharmaceuticals,

Inc.*

15,596

5,423,353

31,405,955

Capital

Markets

1.6%

Cboe

Global

Markets,

Inc.

4,938

771,365

CME

Group,

Inc.(a)

32,212

6,449,486

LPL

Financial

Holdings,

Inc.

9,869

2,345,368

MarketAxess

Holdings,

Inc.

2,112

451,208

10,017,427

Chemicals

0.9%

Air

Products

&

Chemicals,

Inc.

4,353

1,233,640

CF

Industries

Holdings,

Inc.

18,817

1,613,370

Corteva

,

Inc.

41,820

2,139,511

LyondellBasell

Industries

NV,

Class

A

6,477

613,372

5,599,893

Commercial

Services

&

Supplies

3.2%

Copart

,

Inc.*

60,632

2,612,633

Republic

Services,

Inc.,

Class

A

59,075

8,418,778

Rollins,

Inc.

13,275

495,556

Waste

Management,

Inc.

55,836

8,511,640

20,038,607

Communications

Equipment

1.4%

Cisco

Systems,

Inc.

169,710

9,123,610

Construction

&

Engineering

0.0%

†

EMCOR

Group,

Inc.

1,386

291,600

Construction

Materials

0.2%

Knife

River

Corp.*

23,945

1,169,234

Consumer

Staples

Distribution

&

Retail

4.6%

Casey's

General

Stores,

Inc.

12,839

3,486,045

Costco

Wholesale

Corp.

17,045

9,629,743

Dollar

General

Corp.

2,901

306,926

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

Kroger

Co.

(The)

140,877

6,304,246

Walmart,

Inc.

57,654

9,220,604

28,947,564

Containers

&

Packaging

0.4%

AptarGroup,

Inc.

2,115

264,459

Packaging

Corp.

of

America

14,863

2,282,214

2,546,673

Diversified

Consumer

Services

0.1%

Grand

Canyon

Education,

Inc.*

3,335

389,795

Diversified

Telecommunication

Services

1.7%

AT&T,

Inc.

232,060

3,485,541

Verizon

Communications,

Inc.

230,212

7,461,171

10,946,712

Electric

Utilities

3.2%

Alliant

Energy

Corp.

5,271

255,380

American

Electric

Power

Co.,

Inc.

31,374

2,359,952

Avangrid

,

Inc.(a)

36,454

1,099,817

Duke

Energy

Corp.

44,721

3,947,076

Evergy

,

Inc.

38,619

1,957,983

Eversource

Energy

21,492

1,249,760

IDACORP,

Inc.

11,736

1,099,076

Pinnacle

West

Capital

Corp.

51,644

3,805,130

Xcel

Energy,

Inc.

76,480

4,376,186

20,150,360

Electrical

Equipment

0.9%

Eaton

Corp.

plc

26,238

5,596,041

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.,

Class

A

4,939

414,827

Entertainment

1.2%

Electronic

Arts,

Inc.

59,322

7,142,369

Take-Two

Interactive

Software,

Inc.*

5,816

816,508

7,958,877

Financial

Services

1.9%

Mastercard

,

Inc.,

Class

A

8,059

3,190,639

TFS

Financial

Corp.

15,071

178,139

Visa,

Inc.,

Class

A(a)

38,396

8,831,464

12,200,242

Food

Products

5.9%

Archer-Daniels-Midland

Co.

8,856

667,919

Campbell

Soup

Co.(a)

19,202

788,818

Flowers

Foods,

Inc.

112,210

2,488,818

General

Mills,

Inc.

50,887

3,256,259

Hershey

Co.

(The)

36,995

7,401,960

Hormel

Foods

Corp.

152,248

5,789,991

J

M

Smucker

Co.

(The)

36,549

4,492,238

Kellogg

Co.

21,078

1,254,352

Kraft

Heinz

Co.

(The)

72,728

2,446,570

McCormick

&

Co.,

Inc.

(Non-Voting)

26,377

1,995,156

Mondelez

International,

Inc.,

Class

A

92,274

6,403,816

Seaboard

Corp.(a)

86

322,758

37,308,655

6

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Ground

Transportation

2.7%

JB

Hunt

Transport

Services,

Inc.

21,547

4,062,040

Landstar

System,

Inc.

27,300

4,830,462

Old

Dominion

Freight

Line,

Inc.

13,450

5,502,933

U-Haul

Holding

Co.*(a)

4,550

248,294

U-Haul

Holding

Co.

(Non-

Voting)(a)

15,814

828,496

Union

Pacific

Corp.

9,445

1,923,285

17,395,510

Health

Care

Equipment

&

Supplies

3.0%

Abbott

Laboratories

84,286

8,163,099

Becton

Dickinson

&

Co.

12,973

3,353,910

Envista

Holdings

Corp.*

6,448

179,770

Hologic

,

Inc.*

12,645

877,563

Medtronic

plc

55,553

4,353,133

Stryker

Corp.

8,166

2,231,523

19,158,998

Health

Care

Providers

&

Services

5.9%

Chemed

Corp.

7,039

3,658,168

Cigna

Group

(The)

5,259

1,504,442

CVS

Health

Corp.

39,984

2,791,683

Elevance

Health,

Inc.

9,894

4,308,046

Humana,

Inc.

19,352

9,415,135

McKesson

Corp.

11,509

5,004,689

Molina

Healthcare,

Inc.*

971

318,381

Premier,

Inc.,

Class

A

14,247

306,311

Quest

Diagnostics,

Inc.

10,333

1,259,179

UnitedHealth

Group,

Inc.

17,891

9,020,463

37,586,497

Health

Care

Technology

0.1%

Veeva

Systems,

Inc.,

Class

A*(a)

4,094

832,924

Hotels,

Restaurants

&

Leisure

1.5%

Booking

Holdings,

Inc.*

170

524,272

McDonald's

Corp.

33,714

8,881,616

Wyndham

Hotels

&

Resorts,

Inc.

2,800

194,712

9,600,600

Household

Durables

0.7%

Garmin

Ltd.

20,795

2,187,634

NVR,

Inc.*

233

1,389,449

PulteGroup,

Inc.

7,234

535,678

Toll

Brothers,

Inc.

2,659

196,659

4,309,420

Household

Products

3.9%

Church

&

Dwight

Co.,

Inc.

48,747

4,466,687

Clorox

Co.

(The)

41,477

5,435,976

Colgate-Palmolive

Co.

76,725

5,455,915

Kimberly-Clark

Corp.

1,731

209,191

Procter

&

Gamble

Co.

(The)

62,108

9,059,073

24,626,842

Industrial

Conglomerates

0.9%

General

Electric

Co.

39,144

4,327,369

Honeywell

International,

Inc.

6,562

1,212,264

5,539,633

Insurance

5.8%

Allstate

Corp.

(The)

18,454

2,055,960

Aon

plc,

Class

A

1,560

505,783

Common

Stocks

Shares

Value

($)

Insurance

Arch

Capital

Group

Ltd.*

14,190

1,131,085

Assured

Guaranty

Ltd.

12,103

732,473

Chubb

Ltd.

15,976

3,325,884

Erie

Indemnity

Co.,

Class

A

3,369

989,778

Everest

Group

Ltd.

7,945

2,952,918

Markel

Group,

Inc.*

314

462,362

Marsh

&

McLennan

Cos.,

Inc.

21,592

4,108,958

Progressive

Corp.

(The)

58,859

8,199,059

RenaissanceRe

Holdings

Ltd.

3,606

713,699

Travelers

Cos.,

Inc.

(The)

25,638

4,186,942

Unum

Group

98,751

4,857,562

White

Mountains

Insurance

Group

Ltd.

1,530

2,288,406

36,510,869

Interactive

Media

&

Services

1.9%

Alphabet,

Inc.,

Class

A*

58,060

7,597,732

Meta

Platforms,

Inc.,

Class

A*

14,686

4,408,884

12,006,616

IT

Services

1.8%

Accenture

plc,

Class

A

13,497

4,145,064

Amdocs

Ltd.

8,422

711,575

International

Business

Machines

Corp.

44,834

6,290,210

11,146,849

Life

Sciences

Tools

&

Services

2.8%

Agilent

Technologies,

Inc.

3,763

420,779

Bio-

Techne

Corp.

4,656

316,934

Danaher

Corp.

13,614

3,377,633

Mettler

-Toledo

International,

Inc.*

2,405

2,664,908

QIAGEN

NV*

5,163

209,102

Revvity

,

Inc.

18,467

2,044,297

Thermo

Fisher

Scientific,

Inc.

16,860

8,534,026

West

Pharmaceutical

Services,

Inc.

1,191

446,875

18,014,554

Machinery

1.6%

Caterpillar,

Inc.

14,699

4,012,827

IDEX

Corp.

6,181

1,285,771

Illinois

Tool

Works,

Inc.

19,835

4,568,199

9,866,797

Media

0.6%

New

York

Times

Co.

(The),

Class

A

93,951

3,870,781

Metals

&

Mining

0.2%

Newmont

Corp.

18,652

689,191

Royal

Gold,

Inc.(a)

3,893

413,943

1,103,134

Multi-Utilities

2.6%

Ameren

Corp.(a)

48,372

3,619,677

Consolidated

Edison,

Inc.

37,368

3,196,085

Dominion

Energy,

Inc.

3,974

177,519

DTE

Energy

Co.

26,651

2,645,911

Public

Service

Enterprise

Group,

Inc.

33,665

1,915,875

WEC

Energy

Group,

Inc.

59,197

4,768,318

16,323,385

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

Office

REITs

0.0%

†

Hudson

Pacific

Properties,

Inc.

15,007

99,796

Oil,

Gas

&

Consumable

Fuels

2.7%

Chevron

Corp.

1,231

207,571

ConocoPhillips

16,604

1,989,159

Coterra

Energy,

Inc.

43,458

1,175,539

EOG

Resources,

Inc.

40,018

5,072,682

Exxon

Mobil

Corp.

17,250

2,028,255

HF

Sinclair

Corp.

4,222

240,358

Marathon

Petroleum

Corp.

33,331

5,044,314

Phillips

66

12,246

1,471,357

17,229,235

Pharmaceuticals

4.3%

Bristol-Myers

Squibb

Co.

19,355

1,123,364

Eli

Lilly

&

Co.

15,592

8,374,931

Johnson

&

Johnson

54,692

8,518,279

Merck

&

Co.,

Inc.

88,052

9,064,953

27,081,527

Professional

Services

3.1%

Automatic

Data

Processing,

Inc.

13,213

3,178,783

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

24,374

2,663,347

CACI

International,

Inc.,

Class

A*(a)

14,002

4,395,648

FTI

Consulting,

Inc.*(a)

26,144

4,664,351

Leidos

Holdings,

Inc.

2,556

235,561

Paychex,

Inc.

2,348

270,795

Robert

Half,

Inc.

36,864

2,701,394

Verisk

Analytics,

Inc.,

Class

A

5,869

1,386,493

19,496,372

Semiconductors

&

Semiconductor

Equipment

1.0%

Broadcom,

Inc.

3,981

3,306,539

First

Solar,

Inc.*

1,105

178,557

NVIDIA

Corp.

1,732

753,403

Texas

Instruments,

Inc.

13,119

2,086,052

6,324,551

Software

3.0%

Adobe,

Inc.*

2,432

1,240,077

Dolby

Laboratories,

Inc.,

Class

A

4,483

355,323

Microsoft

Corp.

19,506

6,159,020

Oracle

Corp.

44,769

4,741,932

Roper

Technologies,

Inc.

9,897

4,792,919

Synopsys,

Inc.*

2,794

1,282,362

Tyler

Technologies,

Inc.*

802

309,684

18,881,317

Specialized

REITs

0.4%

Public

Storage

9,036

2,381,167

Specialty

Retail

3.0%

AutoZone,

Inc.*

3,734

9,484,323

Home

Depot,

Inc.

(The)

1,185

358,060

Murphy

USA,

Inc.

571

195,128

O'Reilly

Automotive,

Inc.*

9,550

8,679,613

Ulta

Beauty,

Inc.*

670

267,631

18,984,755

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

20,005

3,425,056

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0.1%

Deckers

Outdoor

Corp.*

1,879

965,975

Tobacco

1.6%

Altria

Group,

Inc.

59,912

2,519,300

Philip

Morris

International,

Inc.

85,214

7,889,112

10,408,412

Water

Utilities

0.0%

†

American

Water

Works

Co.,

Inc.

1,366

169,152

Wireless

Telecommunication

Services

1.5%

T-Mobile

US,

Inc.*

67,179

9,408,419

Total

Common

Stocks

(cost

$467,972,874)

617,130,604

Repurchase

Agreement

0.4%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,503,937,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$2,552,884.(b)

2,502,828

2,502,828

Total

Repurchase

Agreement

(cost

$2,502,828)

2,502,828

Total

Investments

(cost

$470,475,702)

—

97.9%

619,633,432

Other

assets

in

excess

of

liabilities

—

2.1%

13,577,353

NET

ASSETS

—

100.0%

$

633,210,785

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$16,664,991,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,502,828

and

by

$14,616,354

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$17,119,182.

(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,

2023

was

$2,502,828.

REIT

Real

Estate

Investment

Trust

8

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

62

12/2023

USD

13,409,050

(658,271)

Net

contracts

(658,271)

As

of

September

30,

2023,

the

Fund

had

$694,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2023

(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,

2023

(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,

2023.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

617,130,604

$

–

$

–

$

617,130,604

Repurchase

Agreement

–

2,502,828

–

2,502,828

Total

Assets

$

617,130,604

$

2,502,828

$

–

$

619,633,432

Liabilities:

Futures

Contracts

$

(658,271)

$

–

$

–

$

(658,271)

Total

Liabilities

$

(658,271)

$

–

$

–

$

(658,271)

Total

$

616,472,333

$

2,502,828

$

–

$

618,975,161

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(658,271)

Total

$

(658,271)

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,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

93.7%

Shares

Value

($)

Aerospace

&

Defense

2.7%

L3Harris

Technologies,

Inc.

56,701

9,872,778

RTX

Corp.

46,071

3,315,730

13,188,508

Automobile

Components

0.4%

Lear

Corp.

14,860

1,994,212

Automobiles

1.8%

General

Motors

Co.

265,175

8,742,820

Banks

10.1%

Bank

of

America

Corp.

90,500

2,477,890

Citigroup,

Inc.

305,309

12,557,359

Citizens

Financial

Group,

Inc.

(a)

119,836

3,211,605

First

Citizens

BancShares,

Inc.,

Class

A(a)

7,743

10,686,114

JPMorgan

Chase

&

Co.

47,219

6,847,700

Wells

Fargo

&

Co.

341,684

13,961,208

49,741,876

Beverages

0.7%

Constellation

Brands,

Inc.,

Class

A

14,811

3,722,449

Building

Products

0.5%

Allegion

plc

23,350

2,433,070

Capital

Markets

2.3%

Carlyle

Group,

Inc.

(The)(a)

106,654

3,216,685

Goldman

Sachs

Group,

Inc.

(The)

3,780

1,223,094

Intercontinental

Exchange,

Inc.

23,691

2,606,484

Raymond

James

Financial,

Inc.

42,123

4,230,413

11,276,676

Chemicals

1.1%

CF

Industries

Holdings,

Inc.

5,231

448,506

International

Flavors

&

Fragrances,

Inc.

40,100

2,733,617

PPG

Industries,

Inc.

18,786

2,438,423

5,620,546

Communications

Equipment

2.2%

Cisco

Systems,

Inc.

198,676

10,680,822

Consumer

Staples

Distribution

&

Retail

1.4%

Dollar

General

Corp.

64,642

6,839,124

Containers

&

Packaging

1.3%

Sealed

Air

Corp.

192,632

6,329,888

Diversified

Telecommunication

Services

1.6%

AT&T,

Inc.

209,046

3,139,871

Verizon

Communications,

Inc.

141,489

4,585,658

7,725,529

Electric

Utilities

2.2%

American

Electric

Power

Co.,

Inc.

54,623

4,108,742

Exelon

Corp.

73,743

2,786,748

PG&E

Corp.*

238,147

3,841,311

10,736,801

Entertainment

0.6%

Activision

Blizzard,

Inc.

30,443

2,850,378

Common

Stocks

Shares

Value

($)

Financial

Services

4.1%

Apollo

Global

Management,

Inc.

16,076

1,442,982

Equitable

Holdings,

Inc.(a)

68,525

1,945,425

Fidelity

National

Information

Services,

Inc.

177,258

9,797,049

Visa,

Inc.,

Class

A(a)

29,829

6,860,968

20,046,424

Food

Products

2.8%

Kraft

Heinz

Co.

(The)

362,874

12,207,081

Mondelez

International,

Inc.,

Class

A

19,852

1,377,729

13,584,810

Ground

Transportation

0.4%

Union

Pacific

Corp.

9,468

1,927,969

Health

Care

Equipment

&

Supplies

6.4%

Baxter

International,

Inc.

284,550

10,738,917

Koninklijke

Philips

NV*(a)

273,892

5,458,527

Medtronic

plc

133,075

10,427,757

Zimmer

Biomet

Holdings,

Inc.

41,876

4,699,325

31,324,526

Health

Care

Providers

&

Services

8.0%

Cardinal

Health,

Inc.

95,066

8,253,630

Cencora,

Inc.(a)

13,712

2,467,749

Cigna

Group

(The)

24,984

7,147,173

Elevance

Health,

Inc.

16,840

7,332,473

Humana,

Inc.

6,056

2,946,365

Laboratory

Corp.

of

America

Holdings(a)

54,967

11,051,115

39,198,505

Household

Durables

2.2%

Newell

Brands,

Inc.(a)

210,901

1,904,436

Panasonic

Holdings

Corp.

432,200

4,859,864

Sony

Group

Corp.

46,800

3,828,319

10,592,619

Industrial

Conglomerates

0.4%

Siemens

AG

(Registered)

12,870

1,845,086

Insurance

6.9%

Allstate

Corp.

(The)

26,596

2,963,060

American

International

Group,

Inc.

204,691

12,404,275

Fidelity

National

Financial,

Inc.

(a)

145,176

5,995,769

First

American

Financial

Corp.

8,924

504,117

Prudential

plc

333,546

3,591,664

Willis

Towers

Watson

plc(a)

40,012

8,360,907

33,819,792

IT

Services

2.6%

Cognizant

Technology

Solutions

Corp.,

Class

A

188,771

12,787,348

Life

Sciences

Tools

&

Services

0.4%

Fortrea

Holdings,

Inc.*

63,177

1,806,230

Machinery

1.0%

Fortive

Corp.

18,703

1,387,014

Komatsu

Ltd.

125,400

3,388,889

4,775,903

Media

2.7%

Comcast

Corp.,

Class

A

221,637

9,827,385

12

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

Common

Stocks

Shares

Value

($)

Media

Fox

Corp.,

Class

A

118,226

3,688,651

13,516,036

Multi-Utilities

1.5%

Public

Service

Enterprise

Group,

Inc.

56,174

3,196,862

Sempra

63,170

4,297,455

7,494,317

Oil,

Gas

&

Consumable

Fuels

6.9%

BP

plc

1,903,068

12,287,819

ConocoPhillips

29,916

3,583,937

Shell

plc

445,040

14,130,029

Suncor

Energy,

Inc.

114,000

3,919,320

33,921,105

Personal

Care

Products

2.0%

Unilever

plc,

ADR-UK(a)

200,931

9,925,991

Pharmaceuticals

5.2%

AstraZeneca

plc

25,884

3,483,386

Bayer

AG

(Registered)

124,600

5,984,526

Eli

Lilly

&

Co.

6,145

3,300,664

Novo

Nordisk

A/S,

ADR-DK

32,082

2,917,537

Sanofi

89,954

9,652,260

25,338,373

Professional

Services

4.1%

Leidos

Holdings,

Inc.

108,122

9,964,524

Robert

Half,

Inc.(a)

16,821

1,232,643

SS&C

Technologies

Holdings,

Inc.

170,886

8,978,350

20,175,517

Semiconductors

&

Semiconductor

Equipment

0.8%

Intel

Corp.

38,580

1,371,519

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

28,916

2,512,800

3,884,319

Software

1.8%

Microsoft

Corp.

27,540

8,695,755

Specialty

Retail

0.6%

Ross

Stores,

Inc.

24,788

2,799,805

Technology

Hardware,

Storage

&

Peripherals

1.6%

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S(b)

6,118

7,695,652

Textiles,

Apparel

&

Luxury

Goods

0.5%

Ralph

Lauren

Corp.,

Class

A(a)

20,738

2,407,474

Tobacco

1.5%

British

American

Tobacco

plc,

ADR-UK(a)

230,526

7,240,822

Wireless

Telecommunication

Services

0.4%

Rogers

Communications,

Inc.,

Class

B

50,249

1,929,310

Total

Common

Stocks

(cost

$435,976,821)

458,616,387

Master

Limited

Partnership

2.1%

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

2.1%

Enterprise

Products

Partners

LP

377,470

10,331,354

Total

Master

Limited

Partnership

(cost  $8,216,695)

10,331,354

Repurchase

Agreements

3.5%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$12,297,616,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$12,538,009.(c)

12,292,166

12,292,166

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$5,002,221,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$17,292,166)

17,292,166

Total

Investments

(cost

$461,485,682)

—

99.3%

486,239,907

Other

assets

in

excess

of

liabilities

—

0.7%

3,518,751

NET

ASSETS

—

100.0%

$

489,758,658

NVIT

BlackRock

Equity

Dividend

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

13

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$30,003,306,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$17,292,166

and

by

$13,533,338

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$30,825,504.

(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,

2023

was

$7,695,652

which

represents

1.57%

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,

2023

was

$17,292,166.

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.

TW

Taiwan

UK

United

Kingdom

14

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

BlackRock

Equity

Dividend

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

15

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

t

he

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

13,188,508

$

–

$

–

$

13,188,508

Automobile

Components

1,994,212

–

–

1,994,212

Automobiles

8,742,820

–

–

8,742,820

Banks

49,741,876

–

–

49,741,876

Beverages

3,722,449

–

–

3,722,449

Building

Products

2,433,070

–

–

2,433,070

Capital

Markets

11,276,676

–

–

11,276,676

Chemicals

5,620,546

–

–

5,620,546

Communications

Equipment

10,680,822

–

–

10,680,822

Consumer

Staples

Distribution

&

Retail

6,839,124

–

–

6,839,124

Containers

&

Packaging

6,329,888

–

–

6,329,888

Diversified

Telecommunication

Services

7,725,529

–

–

7,725,529

Electric

Utilities

10,736,801

–

–

10,736,801

Entertainment

2,850,378

–

–

2,850,378

Financial

Services

20,046,424

–

–

20,046,424

Food

Products

13,584,810

–

–

13,584,810

Ground

Transportation

1,927,969

–

–

1,927,969

Health

Care

Equipment

&

Supplies

25,865,999

5,458,527

–

31,324,526

Health

Care

Providers

&

Services

39,198,505

–

–

39,198,505

Household

Durables

1,904,436

8,688,183

–

10,592,619

Industrial

Conglomerates

–

1,845,086

–

1,845,086

Insurance

30,228,128

3,591,664

–

33,819,792

IT

Services

12,787,348

–

–

12,787,348

Life

Sciences

Tools

&

Services

1,806,230

–

–

1,806,230

Machinery

1,387,014

3,388,889

–

4,775,903

Media

13,516,036

–

–

13,516,036

Multi-Utilities

7,494,317

–

–

7,494,317

Oil,

Gas

&

Consumable

Fuels

7,503,257

26,417,848

–

33,921,105

Personal

Care

Products

9,925,991

–

–

9,925,991

Pharmaceuticals

6,218,201

19,120,172

–

25,338,373

Professional

Services

20,175,517

–

–

20,175,517

Semiconductors

&

Semiconductor

Equipment

3,884,319

–

–

3,884,319

Software

8,695,755

–

–

8,695,755

Specialty

Retail

2,799,805

–

–

2,799,805

Technology

Hardware,

Storage

&

Peripherals

–

7,695,652

–

7,695,652

Textiles,

Apparel

&

Luxury

Goods

2,407,474

–

–

2,407,474

Tobacco

7,240,822

–

–

7,240,822

Wireless

Telecommunication

Services

1,929,310

–

–

1,929,310

Total

Common

Stocks

$

382,410,366

$

76,206,021

$

–

$

458,616,387

Master

Limited

Partnership

10,331,354

–

–

10,331,354

Repurchase

Agreements

–

17,292,166

–

17,292,166

Total

$

392,741,720

$

93,498,187

$

–

$

486,239,907

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,

2023

(Unaudited)

-

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustain-

able

U.S.

Equity

Fund)

Common

Stocks

97.7%

Shares

Value

($)

Capital

Markets

7.7%

Charles

Schwab

Corp.

(The)

15,488

850,291

Intercontinental

Exchange,

Inc.

23,254

2,558,405

Moody's

Corp.

2,913

921,003

S&P

Global,

Inc.

8,329

3,043,500

7,373,199

Chemicals

7.2%

Air

Products

&

Chemicals,

Inc.

5,078

1,439,105

Ecolab,

Inc.

15,494

2,624,684

Linde

plc

7,562

2,815,711

6,879,500

Consumer

Staples

Distribution

&

Retail

2.4%

Costco

Wholesale

Corp.

1,707

964,387

Dollar

General

Corp.

13,095

1,385,451

2,349,838

Containers

&

Packaging

0.7%

Ball

Corp.(a)

14,595

726,539

Electronic

Equipment,

Instruments

&

Components

3.7%

Amphenol

Corp.,

Class

A

30,740

2,581,852

TE

Connectivity

Ltd.

7,660

946,240

3,528,092

Entertainment

1.0%

Electronic

Arts,

Inc.

8,079

972,712

Financial

Services

13.8%

Fidelity

National

Information

Services,

Inc.

11,480

634,500

Fiserv,

Inc.*

19,968

2,255,585

Mastercard,

Inc.,

Class

A

11,675

4,622,249

PayPal

Holdings,

Inc.*

20,068

1,173,175

Visa,

Inc.,

Class

A(a)

19,754

4,543,618

13,229,127

Health

Care

Equipment

&

Supplies

1

.4%

IDEXX

Laboratories,

Inc.*

1,915

837,372

Intuitive

Surgical,

Inc.*

1,706

498,647

1,336,019

Hotels,

Restaurants

&

Leisure

1.3%

Starbucks

Corp.

13,622

1,243,280

Insurance

3.2%

Aon

plc,

Class

A

3,052

989,519

Marsh

&

McLennan

Cos.,

Inc.

10,933

2,080,550

3,070,069

Interactive

Media

&

Services

4.8%

Alphabet,

Inc.,

Class

C*

35,046

4,620,815

IT

Services

5.6%

Accenture

plc,

Class

A

3,635

1,116,345

Gartner,

Inc.*

7,934

2,726,202

VeriSign,

Inc.*

7,376

1,493,861

5,336,408

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

10.7%

Agilent

Technologies,

Inc.

13,113

1,466,296

Danaher

Corp.

18,542

4,600,270

Thermo

Fisher

Scientific,

Inc.

8,276

4,189,063

10,255,629

Machinery

4.0%

IDEX

Corp.

7,920

1,647,518

Xylem,

Inc.

23,629

2,150,948

3,798,466

Personal

Care

Products

1.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,805

1,128,213

Pharmaceuticals

3.6%

Zoetis,

Inc.,

Class

A

20,049

3,488,125

Professional

Services

3.7%

Verisk

Analytics,

Inc.,

Class

A

15,108

3,569,114

Semiconductors

&

Semiconductor

Equipment

0.9%

Texas

Instruments,

Inc.

5,237

832,735

Software

10.0%

Adobe,

Inc.*

4,139

2,110,476

Intuit,

Inc.

6,178

3,156,587

Microsoft

Corp.

13,805

4,358,929

9,625,992

Specialized

REITs

3.0%

American

Tower

Corp.

13,828

2,274,014

Crown

Castle,

Inc.

6,363

585,587

2,859,601

Specialty

Retail

6.5%

Lowe's

Cos.,

Inc.

5,973

1,241,428

O'Reilly

Automotive,

Inc.*

1,597

1,451,450

TJX

Cos.,

Inc.

(The)

40,430

3,593,418

6,286,296

Textiles,

Apparel

&

Luxury

Goods

1.3%

NIKE,

Inc.,

Class

B

12,882

1,231,777

Total

Investments

(cost

$86,139,217)

—

97.7%

93,741,546

Other

assets

in

excess

of

liabilities

—

2.3%

2,207,034

NET

ASSETS

—

100.0%

$

95,948,580

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$5,269,877,

which

was

collateralized

by

$5,386,970

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053.

REIT

Real

Estate

Investment

Trust

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

18

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Calvert

Equity

Fund

(formerly,

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

93,741,546

$

–

$

–

$

93,741,546

Total

$

93,741,546

$

–

$

–

$

93,741,546

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

Core

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

99.1%

Shares

Value

($)

Air

Freight

&

Logistics

1.6%

FedEx

Corp.

12,448

3,297,724

Automobile

Components

0.4%

Lear

Corp.

5,799

778,226

Automobiles

2.2%

Ford

Motor

Co.

194,497

2,415,653

General

Motors

Co.

70,234

2,315,615

4,731,268

Banks

0.8%

Comerica,

Inc.

19,096

793,439

Cullen/Frost

Bankers,

Inc.

3,766

343,497

First

Horizon

Corp.

24,459

269,538

KeyCorp

25,776

277,350

1,683,824

Beverages

1.1%

Monster

Beverage

Corp.*

42,242

2,236,714

Biotechnology

2.9%

Exelixis,

Inc.*

19,192

419,345

Incyte

Corp.*

23,593

1,362,968

Neurocrine

Biosciences,

Inc.*

3,991

448,988

Ultragenyx

Pharmaceutical,

Inc.*

6,488

231,297

Vertex

Pharmaceuticals,

Inc.*

10,242

3,561,553

6,024,151

Broadline

Retail

1.9%

Amazon.com,

Inc.*

20,147

2,561,087

eBay,

Inc.

31,349

1,382,177

3,943,264

Building

Products

1.2%

Builders

FirstSource,

Inc.*

2,135

265,786

Trane

Technologies

plc

9,679

1,963,966

Trex

Co.,

Inc.*

4,230

260,695

2,490,447

Capital

Markets

3.8%

Bank

of

New

York

Mellon

Corp.

(The)

46,250

1,972,562

Charles

Schwab

Corp.

(The)

45,026

2,471,927

Interactive

Brokers

Group,

Inc.,

Class

A

9,256

801,199

LPL

Financial

Holdings,

Inc.

4,394

1,044,234

Nasdaq,

Inc.

29,650

1,440,694

TPG,

Inc.,

Class

A

3,260

98,191

Virtu

Financial,

Inc.,

Class

A

16,013

276,545

8,105,352

Chemicals

2.2%

Dow,

Inc.

35,589

1,834,969

Eastman

Chemical

Co.

8,266

634,168

Huntsman

Corp.

16,526

403,234

International

Flavors

&

Fragrances,

Inc.

6,805

463,897

LyondellBasell

Industries

NV,

Class

A

11,488

1,087,914

Scotts

Miracle-Gro

Co.

(The)

4,405

227,650

4,651,832

Commercial

Services

&

Supplies

0.8%

Copart,

Inc.*

37,040

1,596,054

Communications

Equipment

0.9%

F5,

Inc.*

2,580

415,741

Common

Stocks

Shares

Value

($)

Communications

Equipment

Juniper

Networks,

Inc.

56,244

1,563,021

1,978,762

Construction

&

Engineering

0.4%

AECOM

10,297

855,063

Consumer

Finance

0.7%

SLM

Corp.

41,336

562,996

Synchrony

Financial

28,865

882,403

1,445,399

Consumer

Staples

Distribution

&

Retail

1.8%

Kroger

Co.

(The)

30,051

1,344,782

Target

Corp.

21,966

2,428,781

3,773,563

Electric

Utilities

3.2%

Constellation

Energy

Corp.

20,160

2,199,053

Exelon

Corp.

47,177

1,782,819

NRG

Energy,

Inc.

23,677

912,038

Pinnacle

West

Capital

Corp.

9,530

702,170

PPL

Corp.

45,389

1,069,365

6,665,445

Energy

Equipment

&

Services

0.6%

Baker

Hughes

Co.,

Class

A

36,066

1,273,851

Entertainment

0.4%

Live

Nation

Entertainment,

Inc.*

10,308

855,976

Playtika

Holding

Corp.*

10,400

100,152

956,128

Financial

Services

4.2%

Corebridge

Financial,

Inc.

21,982

434,144

Fidelity

National

Information

Services,

Inc.

48,409

2,675,565

Mastercard,

Inc.,

Class

A

13,626

5,394,670

PayPal

Holdings,

Inc.*

5,606

327,727

8,832,106

Food

Products

1.5%

Archer-Daniels-Midland

Co.

24,341

1,835,798

Tyson

Foods,

Inc.,

Class

A

27,832

1,405,238

3,241,036

Ground

Transportation

0.4%

Lyft,

Inc.,

Class

A*

55,138

581,154

Uber

Technologies,

Inc.*

7,548

347,133

928,287

Health

Care

Equipment

&

Supplies

1.1%

Edwards

Lifesciences

Corp.*

31,189

2,160,774

Tandem

Diabetes

Care,

Inc.*

8,149

169,255

2,330,029

Health

Care

Providers

&

Services

6.3%

Cardinal

Health,

Inc.

11,857

1,029,425

Cencora,

Inc.

6,653

1,197,340

Centene

Corp.*

19,205

1,322,840

DaVita,

Inc.*

12,761

1,206,297

Humana,

Inc.

6,767

3,292,281

McKesson

Corp.

8,780

3,817,983

Molina

Healthcare,

Inc.*

3,435

1,126,302

Tenet

Healthcare

Corp.*

4,759

313,571

13,306,039

Hotels,

Restaurants

&

Leisure

3.9%

Airbnb,

Inc.,

Class

A*

14,470

1,985,429

20

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Booking

Holdings,

Inc.*

1,337

4,123,241

Domino's

Pizza,

Inc.

1,894

717,428

Expedia

Group,

Inc.*

8,653

891,865

MGM

Resorts

International

16,528

607,569

8,325,532

Household

Durables

0.8%

Lennar

Corp.,

Class

A

12,845

1,441,594

Taylor

Morrison

Home

Corp.,

Class

A*

5,687

242,323

1,683,917

Household

Products

0.4%

Clorox

Co.

(The)

6,903

904,707

Insurance

5.3%

Allstate

Corp.

(The)

22,850

2,545,719

Brown

&

Brown,

Inc.

22,174

1,548,632

Lincoln

National

Corp.

19,573

483,257

Progressive

Corp.

(The)

20,148

2,806,616

Ryan

Specialty

Holdings,

Inc.,

Class

A*

12,094

585,350

Travelers

Cos.,

Inc.

(The)

10,287

1,679,970

W

R

Berkley

Corp.

22,638

1,437,287

11,086,831

Interactive

Media

&

Services

5.6%

Alphabet,

Inc.,

Class

C*

32,600

4,298,310

Meta

Platforms,

Inc.,

Class

A*

24,723

7,422,092

11,720,402

IT

Services

2.9%

DXC

Technology

Co.*

20,333

423,536

EPAM

Systems,

Inc.*

4,777

1,221,431

GoDaddy,

Inc.,

Class

A*

10,639

792,393

Kyndryl

Holdings,

Inc.*

24,605

371,536

Okta,

Inc.,

Class

A*

3,783

308,352

Snowflake,

Inc.,

Class

A*

1,372

209,600

Twilio,

Inc.,

Class

A*

4,165

243,778

VeriSign,

Inc.*

12,992

2,631,270

6,201,896

Life

Sciences

Tools

&

Services

0.4%

Illumina,

Inc.*

6,742

925,542

Machinery

1.5%

AGCO

Corp.

8,266

977,702

Otis

Worldwide

Corp.

27,348

2,196,318

3,174,020

Media

0.5%

Fox

Corp.,

Class

A

36,509

1,139,081

Multi-Utilities

0.9%

CMS

Energy

Corp.

10,129

537,951

DTE

Energy

Co.

13,637

1,353,881

1,891,832

Oil,

Gas

&

Consumable

Fuels

4.9%

APA

Corp.

7,620

313,182

ConocoPhillips

18,075

2,165,385

Marathon

Oil

Corp.

29,378

785,861

Marathon

Petroleum

Corp.

14,411

2,180,961

Phillips

66

15,235

1,830,485

Valero

Energy

Corp.

21,605

3,061,645

10,337,519

Common

Stocks

Shares

Value

($)

Passenger

Airlines

0.4%

American

Airlines

Group,

Inc.*

33,036

423,191

Southwest

Airlines

Co.

17,951

485,934

909,125

Personal

Care

Products

0.2%

BellRing

Brands,

Inc.*

7,856

323,903

Pharmaceuticals

1.0%

Bristol-Myers

Squibb

Co.

27,468

1,594,243

Merck

&

Co.,

Inc.

1,405

144,645

Organon

&

Co.

20,809

361,244

2,100,132

Professional

Services

0.0%

†

TriNet

Group,

Inc.*

928

108,093

Residential

REITs

0.5%

Camden

Property

Trust

10,140

959,041

Semiconductors

&

Semiconductor

Equipment

7.3%

Enphase

Energy,

Inc.*

3,209

385,561

Intel

Corp.

123,641

4,395,437

NVIDIA

Corp.

21,419

9,317,051

Teradyne,

Inc.

13,554

1,361,635

15,459,684

Software

10.4%

Adobe,

Inc.*

9,417

4,801,728

Atlassian

Corp.,

Class

A*

3,374

679,895

Crowdstrike

Holdings,

Inc.,

Class

A*

3,175

531,431

DocuSign,

Inc.,

Class

A*

6,290

264,180

Dropbox,

Inc.,

Class

A*

44,337

1,207,297

Five9,

Inc.*

2,855

183,577

Fortinet,

Inc.*

49,780

2,921,090

Guidewire

Software,

Inc.*

5,563

500,670

Microsoft

Corp.

29,899

9,440,609

Nutanix,

Inc.,

Class

A*

8,429

294,004

Qualys,

Inc.*

2,298

350,560

Smartsheet,

Inc.,

Class

A*

7,593

307,213

Tenable

Holdings,

Inc.*

5,188

232,422

Zscaler,

Inc.*

1,539

239,453

21,954,129

Specialized

REITs

0.9%

Public

Storage

2,439

642,725

SBA

Communications

Corp.,

Class

A

6,094

1,219,836

1,862,561

Specialty

Retail

1.9%

Advance

Auto

Parts,

Inc.

7,769

434,520

AutoZone,

Inc.*

1,380

3,505,186

3,939,706

Technology

Hardware,

Storage

&

Peripherals

9.0%

Apple,

Inc.

92,572

15,849,252

Dell

Technologies,

Inc.,

Class

C

25,559

1,761,015

HP,

Inc.

54,172

1,392,221

19,002,488

Total

Investments

(cost

$185,885,318)

—

99.1%

209,134,705

Other

assets

in

excess

of

liabilities

—

0.9%

1,845,438

NET

ASSETS

—

100.0%

$

210,980,143

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

21

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

REIT

Real

Estate

Investment

Trust

22

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

23

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

209,134,705

$

–

$

–

$

209,134,705

Total

$

209,134,705

$

–

$

–

$

209,134,705

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,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

96.9%

Shares

Value

($)

Aerospace

&

Defense

0.1%

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*(a)

24,045

388,086

Air

Freight

&

Logistics

0.2%

Forward

Air

Corp.

6,479

445,366

Automobile

Components

0.2%

Visteon

Corp.*(a)

4,195

579,204

Automobiles

1.3%

Tesla,

Inc.*

15,275

3,822,111

Beverages

1.0%

Monster

Beverage

Corp.*

54,412

2,881,115

Biotechnology

3.7%

ACADIA

Pharmaceuticals,

Inc.*

28,969

603,714

Apellis

Pharmaceuticals,

Inc.*(a)

12,402

471,772

Blueprint

Medicines

Corp.*

4,337

217,804

Exelixis,

Inc.*

66,504

1,453,112

Incyte

Corp.*

44,150

2,550,546

Ionis

Pharmaceuticals,

Inc.*(a)

37,508

1,701,363

Neurocrine

Biosciences,

Inc.*

6,071

682,987

PTC

Therapeutics,

Inc.*

26,443

592,588

Sarepta

Therapeutics,

Inc.*(a)

16,022

1,942,187

Ultragenyx

Pharmaceutical,

Inc.*(a)

13,844

493,539

10,709,612

Broadline

Retail

4.1%

Amazon.com,

Inc.*

79,390

10,092,057

eBay,

Inc.

36,105

1,591,869

11,683,926

Capital

Markets

3.5%

FactSet

Research

Systems,

Inc.

6,818

2,981,239

LPL

Financial

Holdings,

Inc.

11,760

2,794,764

MSCI,

Inc.,

Class

A

6,032

3,094,898

PJT

Partners,

Inc.,

Class

A

6,630

526,687

TPG,

Inc.,

Class

A(a)

24,807

747,187

10,144,775

Chemicals

0.2%

FMC

Corp.

7,823

523,906

Communications

Equipment

0.7%

Extreme

Networks,

Inc.*

28,118

680,737

Viavi

Solutions,

Inc.*

151,398

1,383,778

2,064,515

Construction

&

Engineering

0.2%

Fluor

Corp.*(a)

13,296

487,963

Construction

Materials

0.9%

Eagle

Materials,

Inc.

15,222

2,534,767

Consumer

Finance

0.1%

SLM

Corp.

15,367

209,299

Consumer

Staples

Distribution

&

Retail

1.0%

Target

Corp.

27,018

2,987,380

Electrical

Equipment

0.8%

NEXTracker,

Inc.,

Class

A*(a)

55,856

2,243,177

Electronic

Equipment,

Instruments

&

Components

1.1%

Jabil,

Inc.

24,526

3,112,104

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

0.1%

Cactus,

Inc.,

Class

A(a)

5,311

266,665

Entertainment

1.7%

Live

Nation

Entertainment,

Inc.*

22,413

1,861,175

Playtika

Holding

Corp.*

49,408

475,799

Spotify

Technology

SA*

16,656

2,575,684

4,912,658

Financial

Services

3.8%

Mastercard,

Inc.,

Class

A

22,159

8,772,970

PennyMac

Financial

Services,

Inc.

21,378

1,423,775

WEX,

Inc.*

3,502

658,691

10,855,436

Food

Products

0.8%

Cal-Maine

Foods,

Inc.

7,664

371,091

Lamb

Weston

Holdings,

Inc.

20,090

1,857,521

2,228,612

Gas

Utilities

0.2%

Chesapeake

Utilities

Corp.

4,707

460,109

Ground

Transportation

2.3%

Landstar

System,

Inc.(a)

5,150

911,241

Lyft,

Inc.,

Class

A*

126,476

1,333,057

RXO,

Inc.*

17,450

344,289

Uber

Technologies,

Inc.*

88,590

4,074,254

6,662,841

Health

Care

Equipment

&

Supplies

2.0%

Edwards

Lifesciences

Corp.*

53,756

3,724,216

Novocure

Ltd.*

21,231

342,880

Omnicell,

Inc.*

27,045

1,218,107

Tandem

Diabetes

Care,

Inc.*(a)

17,358

360,526

5,645,729

Health

Care

Providers

&

Services

6.8%

Cencora,

Inc.

18,973

3,414,571

DaVita,

Inc.*(a)

14,956

1,413,791

Elevance

Health,

Inc.

7,633

3,323,561

Humana,

Inc.

9,550

4,646,266

McKesson

Corp.

8,549

3,717,532

Molina

Healthcare,

Inc.*

8,755

2,870,677

19,386,398

Hotels,

Restaurants

&

Leisure

7.5%

Airbnb,

Inc.,

Class

A*

38,657

5,304,127

Booking

Holdings,

Inc.*

2,029

6,257,335

Domino's

Pizza,

Inc.

7,231

2,739,030

Expedia

Group,

Inc.*

26,286

2,709,298

Las

Vegas

Sands

Corp.

45,032

2,064,267

SeaWorld

Entertainment,

Inc.*

3,664

169,460

Travel

+

Leisure

Co.

47,269

1,736,190

Wynn

Resorts

Ltd.

3,939

364,003

21,343,710

Household

Durables

0.4%

Sonos,

Inc.*

82,418

1,064,016

Independent

Power

and

Renewable

Electricity

Producers

1.1%

Vistra

Corp.

96,565

3,204,027

Insurance

4.0%

Everest

Group

Ltd.

2,082

773,817

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Insurance

Lincoln

National

Corp.

52,730

1,301,904

Progressive

Corp.

(The)

27,157

3,782,970

RenaissanceRe

Holdings

Ltd.

8,768

1,735,362

Ryan

Specialty

Holdings,

Inc.,

Class

A*

45,980

2,225,432

Willis

Towers

Watson

plc

7,998

1,671,262

11,490,747

Interactive

Media

&

Services

3.3%

Alphabet,

Inc.,

Class

C*

25,264

3,331,059

Meta

Platforms,

Inc.,

Class

A*

20,278

6,087,658

9,418,717

IT

Services

3.2%

DigitalOcean

Holdings,

Inc.*(a)

15,196

365,160

EPAM

Systems,

Inc.*

736

188,188

GoDaddy,

Inc.,

Class

A*

30,883

2,300,166

MongoDB,

Inc.,

Class

A*(a)

5,410

1,871,103

Okta,

Inc.,

Class

A*

8,551

696,992

Twilio,

Inc.,

Class

A*(a)

18,001

1,053,598

VeriSign,

Inc.*

12,881

2,608,789

9,083,996

Machinery

3.4%

Allison

Transmission

Holdings,

Inc.

59,266

3,500,250

Helios

Technologies,

Inc.

4,852

269,189

Otis

Worldwide

Corp.

38,690

3,107,194

Terex

Corp.

47,650

2,745,593

9,622,226

Oil,

Gas

&

Consumable

Fuels

1.8%

Cheniere

Energy,

Inc.

19,292

3,201,701

Hess

Corp.

8,777

1,342,881

Par

Pacific

Holdings,

Inc.*

16,164

580,934

5,125,516

Pharmaceuticals

0.3%

Eli

Lilly

&

Co.

1,339

719,217

Professional

Services

1.4%

Genpact

Ltd.

40,562

1,468,344

Insperity,

Inc.

22,102

2,157,155

TriNet

Group,

Inc.*(a)

4,460

519,501

4,145,000

Semiconductors

&

Semiconductor

Equipment

3.2%

Enphase

Energy,

Inc.*

6,839

821,706

KLA

Corp.

8,639

3,962,364

NVIDIA

Corp.

4,744

2,063,592

Teradyne,

Inc.(a)

23,730

2,383,916

9,231,578

Software

21.9%

Adobe,

Inc.*

5,064

2,582,134

Alteryx,

Inc.,

Class

A*(a)

11,793

444,478

Atlassian

Corp.,

Class

A*

17,813

3,589,498

Autodesk,

Inc.*

13,672

2,828,874

Box,

Inc.,

Class

A*(a)

72,224

1,748,543

CommVault

Systems,

Inc.*

32,587

2,203,207

Crowdstrike

Holdings,

Inc.,

Class

A*

21,200

3,548,456

DocuSign,

Inc.,

Class

A*

31,120

1,307,040

Dropbox,

Inc.,

Class

A*(a)

121,545

3,309,670

Elastic

NV*

12,097

982,760

Five9,

Inc.*

5,097

327,737

Common

Stocks

Shares

Value

($)

Software

Fortinet,

Inc.*

68,840

4,039,531

Manhattan

Associates,

Inc.*

1,222

241,540

Microsoft

Corp.

82,405

26,019,379

Nutanix,

Inc.,

Class

A*

52,627

1,835,630

Pegasystems,

Inc.

10,762

467,178

Q2

Holdings,

Inc.*

15,169

489,504

Qualys,

Inc.*(a)

8,928

1,361,966

RingCentral,

Inc.,

Class

A*

5,987

177,395

Smartsheet,

Inc.,

Class

A*

28,105

1,137,128

Tenable

Holdings,

Inc.*

23,542

1,054,682

Varonis

Systems,

Inc.,

Class

B*

46,509

1,420,385

Zscaler,

Inc.*

10,342

1,609,112

62,725,827

Specialized

REITs

0.5%

SBA

Communications

Corp.,

Class

A

7,369

1,475,053

Specialty

Retail

1.5%

AutoZone,

Inc.*

1,725

4,381,483

Technology

Hardware,

Storage

&

Peripherals

6.2%

Apple,

Inc.

81,744

13,995,390

HP,

Inc.

90,126

2,316,238

Pure

Storage,

Inc.,

Class

A*

36,298

1,292,935

17,604,563

Trading

Companies

&

Distributors

0.4%

GMS,

Inc.*

7,110

454,827

Herc

Holdings,

Inc.

5,284

628,479

1,083,306

Total

Common

Stocks

(cost

$232,723,767)

276,954,736

Repurchase

Agreements

1.2%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$25,012,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$25,500.(b)

25,000

25,000

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$3,494,019,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$3,562,319.(b)

3,492,470

3,492,470

26

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$25,012,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$25,500.(b)

25,000

25,000

Total

Repurchase

Agreements

(cost

$3,542,470)

3,542,470

Total

Investments

(cost

$236,266,237)

—

98.1%

280,497,206

Other

assets

in

excess

of

liabilities

—

1.9%

5,573,689

NET

ASSETS

—

100.0%

$

286,070,895

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$16,246,825,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,542,470

and

by

$13,180,179

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$16,722,649.

(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,

2023

was

$3,542,470.

REIT

Real

Estate

Investment

Trust

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

27

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2023

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

10X

Genomics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

5,119

205

205

Adobe,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

9,224

67,336

67,336

Allegion

plc

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

2,575

3,502

3,502

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

10/31/2024

80,000

31,200

31,200

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

10/31/2024

100,062

78,048

78,048

Atlassian

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

5,007

19,978

19,978

Autodesk,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

1,493

6,913

6,913

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

4/30/2024

5,260

27,510

27,510

Axsome

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

1,668

3,969

3,969

Badger

Meter,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

8,768

71,897

71,897

Casella

Waste

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

10/31/2024

18,376

33,443

33,443

Cogent

Communications

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

10/31/2024

18,281

40,103

40,103

Cytokinetics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

11,141

5,125

5,125

DigitalOcean

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

10/31/2024

36,130

24,930

24,930

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

10/31/2024

9,986

6,790

6,790

Envestnet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

25,551

16,097

16,097

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

1,235

1,235

Fair

Isaac

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

1,619

27,653

27,653

Fiserv,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

12,145

2,794

2,794

28

-

Statement

of

Investments

-

September

30,

2023

(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

($)

Five9,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

11,550

9,240

9,240

Fluor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

5,938

238

238

FMC

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

7,305

11,250

11,250

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

8/30/2024

3,220

1,739

1,739

Forward

Air

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

20,834

59,168

59,168

Gen

Digital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

78,447

7,452

7,452

Genpact

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

6,384

751

751

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

10/31/2024

7,753

12,404

12,404

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

8/30/2024

34,877

8,720

8,720

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

36,243

22,108

22,108

Helios

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

5/31/2024

5,385

3,931

3,931

ICON

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

5,704

10,381

10,381

Insulet

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

311

688

688

Joby

Aviation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

56,142

1,123

1,123

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

9/30/2024

50,065

36,548

36,548

Live

Nation

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

9/30/2024

143

289

289

LPL

Financial

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

9/30/2024

1,407

830

830

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

9/30/2024

18,480

4,065

4,065

Manhattan

Associates,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

7,254

18,716

18,716

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Match

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

34,421

27,709

27,709

MaxLinear,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

47,205

5,664

5,664

Medpace

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

10/31/2024

2,982

17,504

17,504

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

10/31/2024

11,907

29,410

29,410

Mueller

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

7/31/2024

8,822

3,529

3,529

Natera,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

22,884

54,235

54,235

NeoGenomics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

6,015

721

721

Northern

Oil

and

Gas,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

9,590

3,165

3,165

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

36,584

377,344

377,344

Okta,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

12,701

10,288

10,288

Omnicell,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

396

174

174

Otter

Tail

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

16,748

45,094

45,094

PagerDuty,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

19,008

9,314

9,314

Par

Pacific

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

9/30/2024

8,624

4,571

4,571

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

10/31/2024

13,461

15,076

15,076

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

9/30/2024

10,556

9,712

9,712

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

10/31/2024

8,503

9,609

9,609

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

8/30/2024

10,171

20,240

20,240

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

29,147

29,147

30

-

Statement

of

Investments

-

September

30,

2023

(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

($)

Select

Medical

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

20,774

2,285

2,285

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

9/30/2024

22,697

31,549

31,549

Silicon

Laboratories,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

7,109

3,626

3,626

Sitio

Royalties

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

26,203

6,289

6,289

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

10/31/2024

78,605

24,368

24,368

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

1/31/2024

39,766

3,181

3,181

Spirit

AeroSystems

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

10/31/2024

12,802

4,224

4,224

Spotify

Technology

SA

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

3,480

3,097

3,097

SpringWorks

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

9/30/2024

16,345

8,500

8,500

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

10/31/2024

8,633

5,697

5,697

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

3/28/2024

184

1,788

1,788

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

9/30/2024

6,074

8,928

8,928

Twilio,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

3,263

3,556

3,556

Upbound

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

7/31/2024

9,377

188

188

Varonis

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

12/29/2023

6,496

2,339

2,339

Vaxcyte,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

21,100

9,073

9,073

Viavi

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

3/28/2024

24,074

3,129

3,129

Visteon

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

3,125

2,625

2,625

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

2/29/2024

3,194

211

211

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Wynn

Resorts

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,630

2,984

2,984

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

8/30/2024

20,104

8,443

8,443

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

10/31/2024

1,613

10,840

10,840

–

–

Total

unrealized

appreciation

1,497,795

1,497,795

–

–

Abbott

Laboratories

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

14,039

(18,531)

(18,531)

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

10/31/2024

62,790

(297,623)

(297,623)

Advanced

Energy

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

8/30/2024

7,718

(24,157)

(24,157)

Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

14,765

(70,133)

(70,133)

AeroVironment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

5,020

(6,878)

(6,878)

Akero

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

8/30/2024

3,081

(11,461)

(11,461)

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

10/31/2024

3,008

(722)

(722)

Altair

Engineering,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

13,488

(21,176)

(21,176)

Amphastar

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

10/31/2024

12,431

(6,340)

(6,340)

Amphenol

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

17,086

(31,438)

(31,438)

APA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,903

(8,836)

(8,836)

AppLovin

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

37,584

(15,034)

(15,034)

Atlanta

Braves

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

10/31/2024

36,529

(8,402)

(8,402)

Balchem

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

8,043

(5,309)

(5,309)

Beacon

Roofing

Supply,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

4,845

(4,312)

(4,312)

Belden,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

6,860

(16,715)

(16,715)

32

-

Statement

of

Investments

-

September

30,

2023

(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

($)

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

10/31/2024

30,294

(28,476)

(28,476)

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

10/31/2024

15,930

(9,399)

(9,399)

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

9/30/2024

9,427

(942)

(942)

Brink's

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

10/31/2024

7,754

(5,893)

(5,893)

Ceridian

HCM

Holding,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

13,639

(11,184)

(11,184)

Certara,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

25,053

(12,527)

(12,527)

Chesapeake

Utilities

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

1,842

(5,416)

(5,416)

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

10,964

(12,499)

(12,499)

CONMED

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

7,100

(23,551)

(23,551)

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

10/31/2024

18,251

(9,855)

(9,855)

DaVita,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

14,904

(18,034)

(18,034)

Dorman

Products,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

11,004

(3,961)

(3,961)

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

9/30/2024

16,385

(6,513)

(6,513)

Entegris,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

10,032

(45,746)

(45,746)

ePlus,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

6,593

(1,186)

(1,186)

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

730

(6,059)

(6,059)

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

14,979

(11,384)

(11,384)

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

3/28/2024

51,160

(17,394)

(17,394)

ExlService

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

9/30/2024

32,075

(25,339)

(25,339)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Extreme

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

4/30/2024

14,391

(2,015)

(2,015)

First

Financial

Bankshares,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

53,659

(71,380)

(71,380)

FirstCash

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

10/31/2024

1,148

(3,363)

(3,363)

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

9/30/2024

22,360

(25,491)

(25,491)

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

10/31/2024

11,654

(8,741)

(8,741)

GMS,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

3,672

(1,065)

(1,065)

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

6/28/2024

40,793

(40,385)

(40,385)

Herc

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

7/31/2024

3,097

(2,873)

(2,873)

ImmunoGen,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

10,146

(4,769)

(4,769)

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

(2,434)

(2,434)

InterDigital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

2,112

(570)

(570)

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

8/30/2024

4,204

(7,442)

(7,442)

IonQ,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

10,634

(6,806)

(6,806)

Iron

Mountain,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

24,252

(26,920)

(26,920)

Itron,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

11,538

(17,307)

(17,307)

J

&

J

Snack

Foods

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

8,445

(4,433)

(4,433)

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

10/31/2024

778

(1,081)

(1,081)

Kontoor

Brands,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

9,202

(15,552)

(15,552)

Krystal

Biotech,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

2,842

(909)

(909)

34

-

Statement

of

Investments

-

September

30,

2023

(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

($)

Landstar

System,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

8,409

(16,650)

(16,650)

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

8/30/2024

10,779

(29,103)

(29,103)

Livent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

17,325

(22,869)

(22,869)

Masimo

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

8,801

(30,892)

(30,892)

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

10/31/2024

16,220

(8,628)

(8,628)

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

8/30/2024

1,543

(2,037)

(2,037)

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

4/30/2024

533

(4,749)

(4,749)

Merit

Medical

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

10/31/2024

5,894

(6,189)

(6,189)

Motorola

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

8/30/2024

5,165

(723)

(723)

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

9/30/2024

32,709

(83,408)

(83,408)

Neurocrine

Biosciences,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

11,812

(34,964)

(34,964)

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

8/30/2024

10,041

(8,435)

(8,435)

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

8/30/2024

7,988

(18,612)

(18,612)

Onto

Innovation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,793

(7,064)

(7,064)

OSI

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

8/30/2024

12,250

(10,780)

(10,780)

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

10/31/2024

39,771

(5,170)

(5,170)

Paycor

HCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

24,778

(5,204)

(5,204)

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

10/31/2024

4,241

(52,588)

(52,588)

Power

Integrations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

10,174

(10,581)

(10,581)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

35

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

8/30/2024

17,503

(15,053)

(15,053)

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

6/28/2024

4,691

(3,378)

(3,378)

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

10/31/2024

4,810

(3,704)

(3,704)

Remitly

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

11,340

(5,557)

(5,557)

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

8/30/2024

2,179

(2,658)

(2,658)

RXO,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

13,216

(1,189)

(1,189)

Ryan

Specialty

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

4/30/2024

9,646

(5,884)

(5,884)

S&P

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

3,778

(12,278)

(12,278)

ServisFirst

Bancshares,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

34,006

(43,868)

(43,868)

Sprouts

Farmers

Market,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

14,415

(4,901)

(4,901)

SPS

Commerce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

4,661

(419)

(419)

Tandem

Diabetes

Care,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

15,673

(627)

(627)

TPG,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

19,414

(5,824)

(5,824)

Trade

Desk,

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

4/30/2024

15,005

(40,814)

(40,814)

TriNet

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

10/31/2024

9,989

(4,195)

(4,195)

U-Haul

Holding

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

12,878

(10,045)

(10,045)

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

11/30/2023

12,145

(15,303)

(15,303)

Union

Pacific

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

6,908

(16,859)

(16,859)

Yelp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

14,415

(5,189)

(5,189)

36

-

Statement

of

Investments

-

September

30,

2023

(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

($)

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

59,829

(2,992)

(2,992)

–

–

Total

unrealized

depreciation

(1,605,344)

(1,605,344)

–

–

Net

unrealized

depreciation

(107,549)

(107,549)

Financing

Costs

of

Swap

Contracts

6,062

6,062

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(101,487)

(101,487)

OBFR

Overnight

Bank

Funding

Rate

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

37

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

38

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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

or 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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

276,954,736

$

–

$

–

$

276,954,736

Repurchase

Agreements

–

3,542,470

–

3,542,470

Total

Return

Swaps†

–

1,497,795

–

1,497,795

Total

Assets

$

276,954,736

$

5,040,265

$

–

$

281,995,001

Liabilities:

Total

Return

Swaps†

$

–

$

(1,599,282)

$

–

$

(1,599,282)

Total

Liabilities

$

–

$

(1,599,282)

$

–

$

(1,599,282)

Total

$

276,954,736

$

3,440,983

$

–

$

280,395,719

†

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,

2023

(Unaudited)

-

Statement

of

Investments

-

39

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

1,497,795

Total

$

1,497,795

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(1,599,282)

Total

$

(1,599,282)

†

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.

40

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

96.1%

Shares

Value

($)

Aerospace

&

Defense

2.2%

General

Dynamics

Corp.

2,885

637,499

Huntington

Ingalls

Industries,

Inc.

17,540

3,588,333

Textron,

Inc.

34,500

2,695,830

6,921,662

Air

Freight

&

Logistics

0.5%

FedEx

Corp.

5,900

1,563,028

Automobile

Components

1.9%

Aptiv

plc*

23,821

2,348,512

BorgWarner,

Inc.

73,843

2,981,042

Cie

Generale

des

Etablissements

Michelin

SCA

25,104

769,433

6,098,987

Banks

2.1%

Capitol

Federal

Financial,

Inc.

47,089

224,615

First

Citizens

BancShares,

Inc.,

Class

A

689

950,889

First

Hawaiian,

Inc.(a)

40,761

735,736

Huntington

Bancshares,

Inc.

84,725

881,140

Prosperity

Bancshares,

Inc.

35,653

1,945,941

Truist

Financial

Corp.

37,661

1,077,481

US

Bancorp

13,721

453,616

Westamerica

Bancorp

8,181

353,828

6,623,246

Building

Products

1.2%

Builders

FirstSource,

Inc.*

5,700

709,593

Carrier

Global

Corp.

24,000

1,324,800

Cie

de

Saint-Gobain

SA

15,166

908,573

Owens

Corning

6,100

832,101

3,775,067

Capital

Markets

2.9%

Bank

of

New

York

Mellon

Corp.

(The)

94,361

4,024,497

Northern

Trust

Corp.

31,686

2,201,543

T.

Rowe

Price

Group,

Inc.(a)

28,259

2,963,521

9,189,561

Chemicals

2.4%

Akzo

Nobel

NV

16,151

1,165,529

Mosaic

Co.

(The)

32,919

1,171,916

Olin

Corp.

29,500

1,474,410

RPM

International,

Inc.

17,700

1,678,137

Westlake

Corp.(a)

16,950

2,113,157

7,603,149

Commercial

Services

&

Supplies

0.7%

Republic

Services,

Inc.,

Class

A

15,763

2,246,385

Communications

Equipment

1.0%

F5,

Inc.*

7,061

1,137,810

Juniper

Networks,

Inc.

26,566

738,269

Motorola

Solutions,

Inc.

4,750

1,293,140

3,169,219

Construction

&

Engineering

0.4%

Vinci

SA

10,720

1,186,776

Consumer

Finance

0.4%

Ally

Financial,

Inc.

44,893

1,197,745

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

2.8%

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

23,100

1,648,647

Dollar

Tree,

Inc.*

21,934

2,334,874

Koninklijke

Ahold

Delhaize

NV

57,361

1,729,612

Sysco

Corp.

25,175

1,662,809

US

Foods

Holding

Corp.*

33,925

1,346,823

8,722,765

Containers

&

Packaging

4.1%

Amcor

plc

126,487

1,158,621

AptarGroup,

Inc.

10,075

1,259,778

Avery

Dennison

Corp.

12,000

2,192,040

Crown

Holdings,

Inc.

26,000

2,300,480

Graphic

Packaging

Holding

Co.

62,220

1,386,262

Packaging

Corp.

of

America

25,621

3,934,104

Sonoco

Products

Co.(a)

11,042

600,133

12,831,418

Distributors

0.5%

LKQ

Corp.

29,155

1,443,464

Diversified

REITs

0.1%

WP

Carey,

Inc.

8,550

462,384

Diversified

Telecommunication

Services

0.9%

BCE,

Inc.(a)

16,767

640,065

Liberty

Global

plc,

Class

A*

127,340

2,180,061

2,820,126

Electric

Utilities

4.5%

Alliant

Energy

Corp.(a)

45,200

2,189,940

Duke

Energy

Corp.

13,185

1,163,708

Edison

International

18,314

1,159,093

Evergy,

Inc.

56,463

2,862,674

Eversource

Energy

11,714

681,169

Exelon

Corp.

33,300

1,258,407

OGE

Energy

Corp.

59,980

1,999,134

Pinnacle

West

Capital

Corp.

10,430

768,482

Xcel

Energy,

Inc.

36,500

2,088,530

14,171,137

Electrical

Equipment

0.8%

Emerson

Electric

Co.

15,380

1,485,246

Hubbell,

Inc.,

Class

B

2,700

846,207

nVent

Electric

plc

6,435

340,991

2,672,444

Electronic

Equipment,

Instruments

&

Components

2.5%

Amphenol

Corp.,

Class

A

24,100

2,024,159

Corning,

Inc.

12,336

375,878

Flex

Ltd.*

112,100

3,024,458

TE

Connectivity

Ltd.

7,550

932,652

Vontier

Corp.

46,224

1,429,246

7,786,393

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.,

Class

A

20,653

729,464

Entertainment

0.9%

Electronic

Arts,

Inc.

3,915

471,366

Liberty

Media

Corp-Liberty

Live,

Class

C*(a)

11,325

363,533

Live

Nation

Entertainment,

Inc.*(a)

13,600

1,129,344

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Entertainment

Warner

Bros

Discovery,

Inc.*

84,340

915,932

2,880,175

Financial

Services

1.9%

Fidelity

National

Information

Services,

Inc.

14,500

801,415

FleetCor

Technologies,

Inc.*

6,240

1,593,322

Global

Payments,

Inc.

30,100

3,473,239

5,867,976

Food

Products

2.4%

Conagra

Brands,

Inc.

77,668

2,129,656

General

Mills,

Inc.

7,242

463,416

J

M

Smucker

Co.

(The)(a)

3,802

467,304

Post

Holdings,

Inc.*(a)

22,360

1,917,146

Tyson

Foods,

Inc.,

Class

A

49,200

2,484,108

7,461,630

Gas

Utilities

0.8%

Atmos

Energy

Corp.(a)

2,666

282,409

National

Fuel

Gas

Co.(a)

14,600

757,886

Spire,

Inc.(a)

27,731

1,569,020

2,609,315

Ground

Transportation

1.6%

Heartland

Express,

Inc.

46,337

680,690

JB

Hunt

Transport

Services,

Inc.

11,200

2,111,424

Landstar

System,

Inc.(a)

6,000

1,061,640

Norfolk

Southern

Corp.

6,132

1,207,575

5,061,329

Health

Care

Equipment

&

Supplies

3.5%

Cooper

Cos.,

Inc.

(The)

4,600

1,462,846

Dentsply

Sirona,

Inc.

15,897

543,042

Embecta

Corp.

16,223

244,156

Envista

Holdings

Corp.*

24,521

683,645

Hologic,

Inc.*

32,114

2,228,712

Koninklijke

Philips

NV,

ADR-NL*(a)

71,693

1,429,558

Smith

&

Nephew

plc,

ADR-UK(a)

17,316

428,917

Zimmer

Biomet

Holdings,

Inc.

36,886

4,139,347

11,160,223

Health

Care

Providers

&

Services

5.1%

Cardinal

Health,

Inc.

9,825

853,006

Cencora,

Inc.

14,590

2,625,762

Centene

Corp.*

35,003

2,411,007

Henry

Schein,

Inc.*

26,243

1,948,543

Laboratory

Corp.

of

America

Holdings

12,935

2,600,582

Molina

Healthcare,

Inc.*

2,150

704,964

Quest

Diagnostics,

Inc.

30,647

3,734,643

Universal

Health

Services,

Inc.,

Class

B

10,565

1,328,337

16,206,844

Health

Care

REITs

0.3%

Healthpeak

Properties,

Inc.

60,443

1,109,733

Hotels,

Restaurants

&

Leisure

1.7%

Darden

Restaurants,

Inc.

11,450

1,639,869

Hilton

Worldwide

Holdings,

Inc.

9,350

1,404,183

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Yum!

Brands,

Inc.

17,600

2,198,944

5,242,996

Household

Products

0.7%

Henkel

AG

&

Co.

KGaA

(Preference)

9,311

664,548

Kimberly-Clark

Corp.

12,137

1,466,757

2,131,305

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Vistra

Corp.

40,942

1,358,456

Insurance

8.7%

Aflac,

Inc.

11,929

915,551

Allstate

Corp.

(The)

37,918

4,224,444

American

Financial

Group,

Inc.

18,850

2,104,980

Arch

Capital

Group

Ltd.*

18,340

1,461,881

Everest

Group

Ltd.

3,725

1,384,471

Fidelity

National

Financial,

Inc.

34,238

1,414,029

Hanover

Insurance

Group,

Inc.

(The)

7,184

797,280

Hartford

Financial

Services

Group,

Inc.

(The)

25,500

1,808,205

Markel

Group,

Inc.*

1,480

2,179,285

Old

Republic

International

Corp.

116,360

3,134,739

Progressive

Corp.

(The)

9,400

1,309,420

Reinsurance

Group

of

America,

Inc.

10,471

1,520,285

W

R

Berkley

Corp.

29,800

1,892,002

Willis

Towers

Watson

plc

16,168

3,378,465

27,525,037

Interactive

Media

&

Services

0.5%

IAC,

Inc.*

28,540

1,438,131

IT

Services

0.4%

Amdocs

Ltd.

14,162

1,196,547

Life

Sciences

Tools

&

Services

1.5%

Agilent

Technologies,

Inc.

11,575

1,294,317

Bio-Rad

Laboratories,

Inc.,

Class

A*

6,700

2,401,615

Fortrea

Holdings,

Inc.*

7,219

206,391

ICON

plc*

3,325

818,781

4,721,104

Machinery

3.5%

AGCO

Corp.

15,200

1,797,856

CNH

Industrial

NV(a)

61,200

740,520

Cummins,

Inc.

2,509

573,206

IMI

plc

18,727

356,174

Lincoln

Electric

Holdings,

Inc.

(a)

4,900

890,771

Middleby

Corp.

(The)*(a)

14,950

1,913,600

Oshkosh

Corp.

13,144

1,254,332

Parker-Hannifin

Corp.

2,225

866,682

Toro

Co.

(The)

16,800

1,396,080

Xylem,

Inc.

13,100

1,192,493

10,981,714

Media

3.2%

Altice

USA,

Inc.,

Class

A*

135,720

443,804

DISH

Network

Corp.,

Class

A*(a)

95,460

559,396

42

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Media

Fox

Corp.,

Class

A

39,240

1,224,288

Fox

Corp.,

Class

B

36,622

1,057,643

Interpublic

Group

of

Cos.,

Inc.

(The)

30,228

866,335

Liberty

Broadband

Corp.,

Class

C*(a)

23,663

2,160,905

Liberty

Media

Corp-Liberty

SiriusXM*

72,900

1,856,034

News

Corp.,

Class

A

79,800

1,600,788

Omnicom

Group,

Inc.

6,713

499,984

10,269,177

Metals

&

Mining

0.9%

Franco-Nevada

Corp.

15,075

2,012,362

Reliance

Steel

&

Aluminum

Co.

2,800

734,244

2,746,606

Multi-Utilities

2.7%

CenterPoint

Energy,

Inc.

48,680

1,307,058

CMS

Energy

Corp.

12,703

674,656

Dominion

Energy,

Inc.

55,100

2,461,317

NiSource,

Inc.

85,020

2,098,294

Northwestern

Energy

Group,

Inc.

29,409

1,413,396

WEC

Energy

Group,

Inc.

9,181

739,530

8,694,251

Office

REITs

1.0%

Alexandria

Real

Estate

Equities,

Inc.

19,200

1,921,920

JBG

SMITH

Properties(a)

86,408

1,249,460

3,171,380

Oil,

Gas

&

Consumable

Fuels

5.1%

Chesapeake

Energy

Corp.(a)

14,420

1,243,437

Coterra

Energy,

Inc.

85,300

2,307,365

Devon

Energy

Corp.

43,848

2,091,550

Diamondback

Energy,

Inc.

11,163

1,728,925

EQT

Corp.(a)

32,206

1,306,920

Hess

Corp.

10,825

1,656,225

HF

Sinclair

Corp.

16,540

941,622

Kinder

Morgan,

Inc.

115,300

1,911,674

Occidental

Petroleum

Corp.(a)

12,346

801,008

Williams

Cos.,

Inc.

(The)

59,860

2,016,683

16,005,409

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

14,300

790,361

Passenger

Airlines

0.9%

Alaska

Air

Group,

Inc.*

42,525

1,576,827

Southwest

Airlines

Co.

47,289

1,280,113

2,856,940

Personal

Care

Products

0.2%

Kenvue,

Inc.

26,144

524,972

Pharmaceuticals

1.1%

Catalent,

Inc.*

12,400

564,572

Jazz

Pharmaceuticals

plc*

5,500

711,920

Organon

&

Co.

42,640

740,230

Perrigo

Co.

plc

50,120

1,601,334

3,618,056

Professional

Services

3.5%

Clarivate

plc*

209,000

1,402,390

Common

Stocks

Shares

Value

($)

Professional

Services

FTI

Consulting,

Inc.*

9,950

1,775,180

Genpact

Ltd.

48,900

1,770,180

Leidos

Holdings,

Inc.

23,400

2,156,544

ManpowerGroup,

Inc.

18,150

1,330,758

Maximus,

Inc.

22,500

1,680,300

TransUnion

13,950

1,001,470

11,116,822

Residential

REITs

1.5%

Camden

Property

Trust

18,700

1,768,646

Equity

LifeStyle

Properties,

Inc.(a)

28,700

1,828,477

Essex

Property

Trust,

Inc.

5,290

1,121,956

4,719,079

Retail

REITs

1.4%

NNN

REIT,

Inc.

56,275

1,988,759

Realty

Income

Corp.

26,246

1,310,725

Regency

Centers

Corp.

20,112

1,195,457

4,494,941

Semiconductors

&

Semiconductor

Equipment

1.3%

MKS

Instruments,

Inc.(a)

21,500

1,860,610

Skyworks

Solutions,

Inc.

20,575

2,028,489

Teradyne,

Inc.(a)

2,662

267,425

4,156,524

Specialized

REITs

1.5%

Gaming

and

Leisure

Properties,

Inc.

27,140

1,236,227

Lamar

Advertising

Co.,

Class

A(a)

23,350

1,949,024

Public

Storage

3,709

977,396

VICI

Properties,

Inc.,

Class

A

18,710

544,461

4,707,108

Specialty

Retail

1.7%

Advance

Auto

Parts,

Inc.(a)

13,700

766,241

Dick's

Sporting

Goods,

Inc.(a)

12,250

1,330,105

GCI

Liberty,

Inc.,*∞

32,251

0

Ross

Stores,

Inc.

29,740

3,359,133

5,455,479

Technology

Hardware,

Storage

&

Peripherals

2.0%

Hewlett

Packard

Enterprise

Co.

123,800

2,150,406

HP,

Inc.

32,608

838,026

Western

Digital

Corp.*

69,680

3,179,498

6,167,930

Textiles,

Apparel

&

Luxury

Goods

0.9%

Ralph

Lauren

Corp.,

Class

A

14,500

1,683,305

Tapestry,

Inc.

37,000

1,063,750

2,747,055

Trading

Companies

&

Distributors

1.0%

Beacon

Roofing

Supply,

Inc.*

10,897

840,921

Bunzl

plc

26,325

934,344

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

13,493

1,324,338

3,099,603

Total

Common

Stocks

(cost

$296,574,865)

303,508,628

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Exchange

Traded

Fund

0.6%

Shares

Value

($)

Equity

Fund

0.6%

iShares

Russell

Mid-Cap

Value

ETF(a)

17,671

1,843,792

Total

Exchange

Traded

Fund

(cost

$1,836,989)

1,843,792

Master

Limited

Partnership

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

Enterprise

Products

Partners

LP

62,414

1,708,271

Total

Master

Limited

Partnership

(cost  $1,537,736)

1,708,271

Repurchase

Agreements

1.0%

Principal

Amount

($)

BofA

Securities,

Inc.,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,442,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,

maturing

8/15/2032;

total

market

value

$1,020,001.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,021,221,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$2,060,731.(b)

2,020,325

2,020,325

Total

Repurchase

Agreements

(cost

$3,020,325)

3,020,325

Total

Investments

(cost

$302,969,915)

—

98.2%

310,081,016

Other

assets

in

excess

of

liabilities

—

1.8%

5,713,450

NET

ASSETS

—

100.0%

$

315,794,466

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$21,950,982,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,020,325

and

by

$19,452,098

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$22,472,423.

(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,

2023

was

$3,020,325.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

NL

Netherlands

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

UK

United

Kingdom

44

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

568,027

CAD

765,900

Goldman

Sachs

Bank

USA

12/22/2023

3,389

USD

1,852,710

EUR

1,743,000

Bank

of

America

NA

12/22/2023

2,683

USD

1,853,044

EUR

1,743,000

JPMorgan

Chase

Bank

12/22/2023

3,018

USD

1,853,415

EUR

1,743,000

Morgan

Stanley

Co.,

Inc.

12/22/2023

3,389

USD

1,439,418

GBP

1,178,113

Goldman

Sachs

Bank

USA

12/22/2023

1,147

Total

unrealized

appreciation

13,626

CAD

23,658

USD

17,545

Goldman

Sachs

Bank

USA

12/22/2023

(103)

Total

unrealized

depreciation

(103)

Net

unrealized

appreciation

13,523

Currency:

CAD

Canadian

dollar

EUR

Euro

GBP

British

pound

USD

United

States

dollar

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

45

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

46

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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

$

6,921,662

$

–

$

–

$

6,921,662

Air

Freight

&

Logistics

1,563,028

–

–

1,563,028

Automobile

Components

5,329,554

769,433

–

6,098,987

Banks

6,623,246

–

–

6,623,246

Building

Products

2,866,494

908,573

–

3,775,067

Capital

Markets

9,189,561

–

–

9,189,561

Chemicals

6,437,620

1,165,529

–

7,603,149

Commercial

Services

&

Supplies

2,246,385

–

–

2,246,385

Communications

Equipment

3,169,219

–

–

3,169,219

Construction

&

Engineering

–

1,186,776

–

1,186,776

Consumer

Finance

1,197,745

–

–

1,197,745

Consumer

Staples

Distribution

&

Retail

6,993,153

1,729,612

–

8,722,765

Containers

&

Packaging

12,831,418

–

–

12,831,418

Distributors

1,443,464

–

–

1,443,464

Diversified

REITs

462,384

–

–

462,384

Diversified

Telecommunication

Services

2,820,126

–

–

2,820,126

Electric

Utilities

14,171,137

–

–

14,171,137

Electrical

Equipment

2,672,444

–

–

2,672,444

Electronic

Equipment,

Instruments

&

Components

7,786,393

–

–

7,786,393

Energy

Equipment

&

Services

729,464

–

–

729,464

Entertainment

2,880,175

–

–

2,880,175

Financial

Services

5,867,976

–

–

5,867,976

Food

Products

7,461,630

–

–

7,461,630

Gas

Utilities

2,609,315

–

–

2,609,315

Ground

Transportation

5,061,329

–

–

5,061,329

Health

Care

Equipment

&

Supplies

11,160,223

–

–

11,160,223

Health

Care

Providers

&

Services

16,206,844

–

–

16,206,844

Health

Care

REITs

1,109,733

–

–

1,109,733

Hotels,

Restaurants

&

Leisure

5,242,996

–

–

5,242,996

Household

Products

1,466,757

664,548

–

2,131,305

Independent

Power

and

Renewable

Electricity

Producers

1,358,456

–

–

1,358,456

Insurance

27,525,037

–

–

27,525,037

Interactive

Media

&

Services

1,438,131

–

–

1,438,131

IT

Services

1,196,547

–

–

1,196,547

Life

Sciences

Tools

&

Services

4,721,104

–

–

4,721,104

Machinery

10,625,540

356,174

–

10,981,714

Media

10,269,177

–

–

10,269,177

Metals

&

Mining

2,746,606

–

–

2,746,606

Multi-Utilities

8,694,251

–

–

8,694,251

Office

REITs

3,171,380

–

–

3,171,380

Oil,

Gas

&

Consumable

Fuels

16,005,409

–

–

16,005,409

Paper

&

Forest

Products

790,361

–

–

790,361

Passenger

Airlines

2,856,940

–

–

2,856,940

Personal

Care

Products

524,972

–

–

524,972

Pharmaceuticals

3,618,056

–

–

3,618,056

Professional

Services

11,116,822

–

–

11,116,822

Residential

REITs

4,719,079

–

–

4,719,079

Retail

REITs

4,494,941

–

–

4,494,941

Semiconductors

&

Semiconductor

Equipment

4,156,524

–

–

4,156,524

Specialized

REITs

4,707,108

–

–

4,707,108

Specialty

Retail

5,455,479

–

–

5,455,479

Technology

Hardware,

Storage

&

Peripherals

6,167,930

–

–

6,167,930

Textiles,

Apparel

&

Luxury

Goods

2,747,055

–

–

2,747,055

Trading

Companies

&

Distributors

2,165,259

934,344

–

3,099,603

Total

Common

Stocks

$

295,793,639

$

7,714,989

$

–

$

303,508,628

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

47

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Fund

$

1,843,792

$

–

$

–

$

1,843,792

Forward

Foreign

Currency

Contracts

–

13,626

–

13,626

Master

Limited

Partnership

1,708,271

–

–

1,708,271

Repurchase

Agreements

–

3,020,325

–

3,020,325

Total

Assets

$

299,345,702

$

10,748,940

$

–

$

310,094,642

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(103)

$

–

$

(103)

Total

Liabilities

$

–

$

(103)

$

–

$

(103)

Total

$

299,345,702

$

10,748,837

$

–

$

310,094,539

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

13,626

Total

$

13,626

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(103)

Total

$

(103)

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.

48

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

97.6%

Shares

Value

($)

Aerospace

&

Defense

2.0%

Curtiss-Wright

Corp.

8,304

1,624,512

Hexcel

Corp.

12,446

810,732

2,435,244

Automobile

Components

2.0%

Fox

Factory

Holding

Corp.*(a)

5,863

580,906

Patrick

Industries,

Inc.

2,487

186,674

Visteon

Corp.*

11,624

1,604,926

2,372,506

Banks

0.4%

Synovus

Financial

Corp.

7,420

206,276

Triumph

Financial,

Inc.*

4,420

286,372

492,648

Beverages

1.3%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

827

322,141

Celsius

Holdings,

Inc.*

7,430

1,274,988

1,597,129

Biotechnology

4.3%

Alkermes

plc*

14,892

417,125

Apogee

Therapeutics,

Inc.*(a)

2,450

52,185

Blueprint

Medicines

Corp.*

6,067

304,685

Celldex

Therapeutics,

Inc.*(a)

6,756

185,925

Crinetics

Pharmaceuticals,

Inc.*

9,168

272,656

Cytokinetics,

Inc.*(a)

10,772

317,343

Denali

Therapeutics,

Inc.*

8,371

172,694

Geron

Corp.*

58,019

123,000

Halozyme

Therapeutics,

Inc.*

7,852

299,946

ImmunoGen

,

Inc.*

24,574

389,989

Intellia

Therapeutics,

Inc.*

3,687

116,583

Ionis

Pharmaceuticals,

Inc.*(a)

3,137

142,294

Karuna

Therapeutics,

Inc.*

1,684

284,748

Kymera

Therapeutics,

Inc.*(a)

4,384

60,938

Morphic

Holding,

Inc.*(a)

4,176

95,672

Nuvalent

,

Inc.,

Class

A*(a)

4,202

193,166

Prothena

Corp.

plc*(a)

3,437

165,835

RayzeBio

,

Inc.*(a)

4,273

94,861

REVOLUTION

Medicines,

Inc.*

9,241

255,791

Rocket

Pharmaceuticals,

Inc.*

2,900

59,421

Sage

Therapeutics,

Inc.*

3,803

78,266

Syndax

Pharmaceuticals,

Inc.*(a)

8,316

120,748

Ultragenyx

Pharmaceutical,

Inc.*

6,992

249,265

Vaxcyte

,

Inc.*(a)

7,154

364,711

Veracyte

,

Inc.*

7,178

160,285

Zentalis

Pharmaceuticals,

Inc.*(a)

4,784

95,967

5,074,099

Broadline

Retail

0.9%

Global-e

Online

Ltd.*

13,690

544,041

Ollie's

Bargain

Outlet

Holdings,

Inc.*

4,844

373,860

Savers

Value

Village,

Inc.*

7,471

139,483

1,057,384

Building

Products

2.0%

AAON,

Inc.

11,570

657,986

AZEK

Co.,

Inc.

(The),

Class

A*

24,272

721,849

Common

Stocks

Shares

Value

($)

Building

Products

Trex

Co.,

Inc.*(a)

7,195

443,428

Zurn

Elkay

Water

Solutions

Corp.(a)

19,387

543,224

2,366,487

Capital

Markets

2.8%

Evercore

,

Inc.,

Class

A

6,840

943,099

Hamilton

Lane,

Inc.,

Class

A

19,765

1,787,547

StepStone

Group,

Inc.,

Class

A

4,000

126,320

Stifel

Financial

Corp.

7,480

459,571

3,316,537

Chemicals

1.6%

Axalta

Coating

Systems

Ltd.*

16,734

450,145

Cabot

Corp.

8,354

578,682

Ingevity

Corp.*

4,314

205,389

Livent

Corp.*(a)

38,384

706,649

1,940,865

Commercial

Services

&

Supplies

2.8%

Casella

Waste

Systems,

Inc.,

Class

A*

14,505

1,106,731

Clean

Harbors,

Inc.*(a)

12,177

2,037,943

Tetra

Tech,

Inc.

1,327

201,744

3,346,418

Construction

&

Engineering

2.9%

Ameresco

,

Inc.,

Class

A*(a)

4,233

163,225

Comfort

Systems

USA,

Inc.

9,688

1,650,932

EMCOR

Group,

Inc.

3,280

690,079

Fluor

Corp.*(a)

13,793

506,203

WillScot

Mobile

Mini

Holdings

Corp.*

10,024

416,898

3,427,337

Construction

Materials

0.5%

Eagle

Materials,

Inc.

3,472

578,157

Diversified

Consumer

Services

1.7%

Duolingo

,

Inc.,

Class

A*(a)

10,321

1,711,944

European

Wax

Center,

Inc.,

Class

A*(a)

18,552

300,543

2,012,487

Electrical

Equipment

2.2%

Atkore

,

Inc.*(a)

4,166

621,526

NEXTracker

,

Inc.,

Class

A*(a)

13,933

559,549

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

20,343

371,260

Vertiv

Holdings

Co.,

Class

A

24,960

928,512

Vicor

Corp.*

3,359

197,811

2,678,658

Electronic

Equipment,

Instruments

&

Components

3.1%

Badger

Meter,

Inc.

4,973

715,466

Fabrinet

*

4,703

783,614

Insight

Enterprises,

Inc.*(a)

3,618

526,419

Littelfuse

,

Inc.

1,088

269,084

Novanta

,

Inc.*

9,555

1,370,569

3,665,152

Energy

Equipment

&

Services

2.9%

Cactus,

Inc.,

Class

A(a)

6,308

316,725

Helmerich

&

Payne,

Inc.

8,879

374,338

TechnipFMC

plc

59,771

1,215,742

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Weatherford

International

plc*(a)

17,288

1,561,625

3,468,430

Entertainment

0.6%

TKO

Group

Holdings,

Inc.(a)

8,922

749,983

Financial

Services

2.1%

Flywire

Corp.*(a)

22,034

702,664

MGIC

Investment

Corp.

32,435

541,340

Remitly

Global,

Inc.*

26,302

663,336

Shift4

Payments,

Inc.,

Class

A*(a)

3,645

201,824

WEX,

Inc.*

2,388

449,159

2,558,323

Food

Products

0.6%

Freshpet

,

Inc.*

6,001

395,346

Sovos

Brands,

Inc.*

14,977

337,731

733,077

Ground

Transportation

1.2%

Saia,

Inc.*

3,484

1,388,897

Health

Care

Equipment

&

Supplies

6.1%

AtriCure

,

Inc.*

7,419

324,952

Axonics

,

Inc.*(a)

14,904

836,412

Glaukos

Corp.*

9,705

730,301

Haemonetics

Corp.*(a)

11,860

1,062,419

Inari

Medical,

Inc.*(a)

5,241

342,761

Inspire

Medical

Systems,

Inc.*

3,400

674,696

iRhythm

Technologies,

Inc.*(a)

6,711

632,579

Lantheus

Holdings,

Inc.*(a)

8,339

579,394

Merit

Medical

Systems,

Inc.*

7,242

499,843

Novocure

Ltd.*

1,208

19,509

QuidelOrtho

Corp.*

2,694

196,770

Shockwave

Medical,

Inc.*

5,266

1,048,461

TransMedics

Group,

Inc.*(a)

5,736

314,046

7,262,143

Health

Care

Providers

&

Services

5.1%

Acadia

Healthcare

Co.,

Inc.*

13,684

962,122

Encompass

Health

Corp.

20,438

1,372,616

Ensign

Group,

Inc.

(The)(a)

4,786

444,763

HealthEquity

,

Inc.*

11,965

874,043

Owens

&

Minor,

Inc.*(a)

11,188

180,798

Privia

Health

Group,

Inc.*(a)

18,189

418,347

Progyny

,

Inc.*

10,460

355,849

RadNet

,

Inc.*

22,695

639,772

Surgery

Partners,

Inc.*(a)

29,494

862,700

6,111,010

Health

Care

Technology

0.3%

Evolent

Health,

Inc.,

Class

A*(a)

13,653

371,771

Hotel

&

Resort

REITs

0.2%

Ryman

Hospitality

Properties,

Inc.

3,380

281,486

Hotels,

Restaurants

&

Leisure

3.6%

Cava

Group,

Inc.*(a)

5,706

174,775

DraftKings

,

Inc.,

Class

A*(a)

11,557

340,238

Red

Rock

Resorts,

Inc.,

Class

A

20,910

857,310

Shake

Shack,

Inc.,

Class

A*

6,034

350,394

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Texas

Roadhouse,

Inc.,

Class

A

4,556

437,832

Wingstop

,

Inc.

9,373

1,685,640

Wyndham

Hotels

&

Resorts,

Inc.

7,250

504,165

4,350,354

Household

Durables

1.8%

Century

Communities,

Inc.

4,701

313,933

Meritage

Homes

Corp.

2,029

248,329

SharkNinja

,

Inc.*(a)

4,730

219,283

Taylor

Morrison

Home

Corp.,

Class

A*

16,718

712,354

TopBuild

Corp.*

2,396

602,833

2,096,732

Insurance

1.6%

Kinsale

Capital

Group,

Inc.

3,963

1,641,197

Selective

Insurance

Group,

Inc.

2,502

258,132

1,899,329

Interactive

Media

&

Services

0.8%

Bumble,

Inc.,

Class

A*

11,791

175,922

Eventbrite,

Inc.,

Class

A*

25,161

248,087

Ziff

Davis,

Inc.*

2,832

180,370

ZoomInfo

Technologies,

Inc.,

Class

A*

22,169

363,572

967,951

IT

Services

1.0%

Endava

plc,

ADR-UK*

6,091

349,319

Grid

Dynamics

Holdings,

Inc.*(a)

17,476

212,858

Perficient

,

Inc.*

2,730

157,958

Squarespace,

Inc.,

Class

A*

14,322

414,908

1,135,043

Leisure

Products

0.5%

YETI

Holdings,

Inc.*

11,812

569,575

Life

Sciences

Tools

&

Services

1.6%

10X

Genomics,

Inc.,

Class

A*(a)

10,757

443,726

Cytek

Biosciences,

Inc.*(a)

18,619

102,777

Medpace

Holdings,

Inc.*

4,863

1,177,478

Repligen

Corp.*(a)

1,147

182,385

1,906,366

Machinery

2.4%

Chart

Industries,

Inc.*(a)

3,394

573,993

Esab

Corp.

9,618

675,376

Hillman

Solutions

Corp.*

40,976

338,052

ITT,

Inc.

3,436

336,419

John

Bean

Technologies

Corp.

(a)

5,045

530,431

SPX

Technologies,

Inc.*(a)

5,642

459,259

2,913,530

Metals

&

Mining

1.4%

ATI,

Inc.*

23,245

956,532

Carpenter

Technology

Corp.(a)

5,337

358,700

Commercial

Metals

Co.

7,250

358,222

1,673,454

Oil,

Gas

&

Consumable

Fuels

3.4%

Chord

Energy

Corp.

2,843

460,765

50

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Gulfport

Energy

Corp.*

2,193

260,221

Magnolia

Oil

&

Gas

Corp.,

Class

A

24,101

552,154

Matador

Resources

Co.(a)

18,824

1,119,651

Northern

Oil

and

Gas,

Inc.(a)

18,659

750,652

SM

Energy

Co.

23,955

949,816

4,093,259

Paper

&

Forest

Products

0

.3%

Louisiana-Pacific

Corp.

6,137

339,192

Personal

Care

Products

2.1%

BellRing

Brands,

Inc.*

10,307

424,958

elf

Beauty,

Inc.*(a)

19,111

2,098,961

2,523,919

Pharmaceuticals

1.2%

Aclaris

Therapeutics,

Inc.*

18,088

123,903

Intra-Cellular

Therapies,

Inc.*

16,161

841,826

Revance

Therapeutics,

Inc.*(a)

16,622

190,654

Ventyx

Biosciences,

Inc.*(a)

8,324

289,093

1,445,476

Professional

Services

2.7%

CACI

International,

Inc.,

Class

A*

1,316

413,132

Ceridian

HCM

Holding,

Inc.*(a)

2,964

201,107

ExlService

Holdings,

Inc.*

10,639

298,317

Insperity

,

Inc.

2,395

233,752

KBR,

Inc.

18,950

1,116,913

TriNet

Group,

Inc.*

2,608

303,780

Verra

Mobility

Corp.,

Class

A*

35,658

666,805

3,233,806

Retail

REITs

0.4%

Phillips

Edison

&

Co.,

Inc.(a)

13,980

468,889

Semiconductors

&

Semiconductor

Equipment

6.8%

Allegro

MicroSystems

,

Inc.*

11,160

356,450

Axcelis

Technologies,

Inc.*

8,566

1,396,686

Cirrus

Logic,

Inc.*

3,697

273,430

Diodes,

Inc.*

4,786

377,328

Lattice

Semiconductor

Corp.*

14,764

1,268,671

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

9,806

799,974

MKS

Instruments,

Inc.(a)

3,267

282,726

Nova

Ltd.*(a)

4,823

542,298

Onto

Innovation,

Inc.*

7,608

970,172

Power

Integrations,

Inc.(a)

11,060

843,989

Rambus,

Inc.*

17,630

983,578

8,095,302

Software

12.0%

Agilysys

,

Inc.*

5,839

386,308

Alarm.com

Holdings,

Inc.*

7,358

449,868

Altair

Engineering,

Inc.,

Class

A*(a)

15,512

970,431

Blackbaud

,

Inc.*

6,077

427,335

Braze,

Inc.,

Class

A*

23,064

1,077,781

CCC

Intelligent

Solutions

Holdings,

Inc.*(a)

56,352

752,299

Confluent,

Inc.,

Class

A*(a)

22,490

665,929

CyberArk

Software

Ltd.*

6,219

1,018,486

DoubleVerify

Holdings,

Inc.*

20,693

578,369

EngageSmart

,

Inc.*

22,376

402,544

Five9,

Inc.*

3,356

215,791

Common

Stocks

Shares

Value

($)

Software

Gitlab

,

Inc.,

Class

A*(a)

18,367

830,556

Guidewire

Software,

Inc.*(a)

10,453

940,770

Intapp

,

Inc.*

8,658

290,216

Manhattan

Associates,

Inc.*

6,468

1,278,465

Monday.com

Ltd.*

4,398

700,249

PowerSchool

Holdings,

Inc.,

Class

A*(a)

18,956

429,543

Rapid7,

Inc.*(a)

1,920

87,898

Samsara,

Inc.,

Class

A*

18,307

461,519

Sprinklr

,

Inc.,

Class

A*

14,009

193,885

Sprout

Social,

Inc.,

Class

A*(a)

14,690

732,737

SPS

Commerce,

Inc.*

2,162

368,859

Workiva

,

Inc.,

Class

A*(a)

10,989

1,113,625

14,373,463

Technology

Hardware,

Storage

&

Peripherals

0.3%

Super

Micro

Computer,

Inc.*

1,403

384,731

Textiles,

Apparel

&

Luxury

Goods

1.3%

Crocs,

Inc.*(a)

4,468

394,212

Deckers

Outdoor

Corp.*

1,039

534,139

On

Holding

AG,

Class

A*

13,989

389,174

VF

Corp.(a)

12,162

214,903

1,532,428

Trading

Companies

&

Distributors

2.8%

Applied

Industrial

Technologies,

Inc.

9,089

1,405,250

Boise

Cascade

Co.

3,266

336,529

FTAI

Aviation

Ltd.

5,279

187,669

H&E

Equipment

Services,

Inc.

22,116

955,190

Herc

Holdings,

Inc.

2,111

251,082

Rush

Enterprises,

Inc.,

Class

A

6,330

258,454

3,394,174

Total

Common

Stocks

(cost

$98,921,959)

116,683,201

Exchange

Traded

Fund

0.4%

Equity

Fund

0.4%

iShares

Russell

2000

Growth

ETF(a)

2,132

477,888

Total

Exchange

Traded

Fund

(cost

$435,088)

477,888

Repurchase

Agreements

5.0%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$4,934,137,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$5,030,589.(b)

4,931,950

4,931,950

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,443,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$1,020,559.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$5,931,950)

5,931,950

Total

Investments

(cost

$105,288,997)

—

103.0%

123,093,039

Liabilities

in

excess

of

other

assets

—

(3.0)%

(3,565,619)

NET

ASSETS

—

100.0%

$

119,527,420

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$24,909,701,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,931,950

and

by

$19,695,650

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$25,627,600.

(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,

2023

was

$5,931,950.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

52

-

Statement

of

Investments

-

September

30,

2023

(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,

2023

(Unaudited)

-

Statement

of

Investments

-

53

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

116,683,201

$

–

$

–

$

116,683,201

Exchange

Traded

Fund

477,888

–

–

477,888

Repurchase

Agreements

–

5,931,950

–

5,931,950

Total

$

117,161,089

$

5,931,950

$

–

$

123,093,039

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.

54

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

97.5%

Shares

Value

($)

Aerospace

&

Defense

0.1%

Kaman

Corp.(a)

8,499

167,005

Air

Freight

&

Logistics

0.0%

†

Radiant

Logistics,

Inc.*

13,875

78,394

Automobile

Components

2.6%

Adient

plc*

18,528

679,977

American

Axle

&

Manufacturing

Holdings,

Inc.*(a)

25,487

185,036

Cooper-Standard

Holdings,

Inc.*

2,250

30,195

Dana,

Inc.(a)

72,980

1,070,617

Dorman

Products,

Inc.*(a)

32,500

2,462,200

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

36,310

451,333

Stoneridge,

Inc.*

9,380

188,257

5,067,615

Banks

6.7%

1st

Source

Corp.

1,590

66,923

Amalgamated

Financial

Corp.

(a)

5,363

92,351

Amerant

Bancorp,

Inc.,

Class

A(a)

2,322

40,496

Atlantic

Union

Bankshares

Corp.

3,410

98,140

Banc

of

California,

Inc.

3,773

46,710

BankUnited

,

Inc.

20,860

473,522

BCB

Bancorp,

Inc.

3,196

35,603

Berkshire

Hills

Bancorp,

Inc.(a)

18,504

371,005

Byline

Bancorp,

Inc.

3,301

65,063

Capital

Bancorp,

Inc.(a)

3,073

58,786

Capital

City

Bank

Group,

Inc.

3,672

109,536

Capstar

Financial

Holdings,

Inc.(a)

7,212

102,338

Carter

Bankshares

,

Inc.*

4,632

58,039

Central

Pacific

Financial

Corp.

26,516

442,287

Community

Trust

Bancorp,

Inc.

6,849

234,647

Customers

Bancorp,

Inc.*

32,886

1,132,923

Eastern

Bankshares

,

Inc.

12,050

151,107

FB

Financial

Corp.

9,159

259,749

Financial

Institutions,

Inc.

6,112

102,865

First

Bancorp

85,666

1,153,064

First

Business

Financial

Services,

Inc.(a)

764

22,928

First

Financial

Corp.(a)

7,221

244,142

First

Foundation,

Inc.(a)

70,674

429,698

First

Internet

Bancorp

7,909

128,205

First

Savings

Financial

Group,

Inc.

865

12,932

Five

Star

Bancorp

1,000

20,060

FS

Bancorp,

Inc.

1,120

33,040

Great

Southern

Bancorp,

Inc.

(a)

3,219

154,254

Guaranty

Bancshares,

Inc.

3,052

87,562

Hanmi

Financial

Corp.

18,795

305,043

HarborOne

Bancorp,

Inc.(a)

23,385

222,625

HBT

Financial,

Inc.

3,264

59,535

Heartland

Financial

USA,

Inc.

2,818

82,934

Heritage

Commerce

Corp.

655

5,548

Home

Bancorp,

Inc.

843

26,866

HomeStreet

,

Inc.(a)

22,302

173,733

Common

Stocks

Shares

Value

($)

Banks

HomeTrust

Bancshares,

Inc.

5,589

121,114

Horizon

Bancorp,

Inc.(a)

9,210

98,363

Independent

Bank

Corp.(a)

8,307

152,350

Investar

Holding

Corp.

1,360

14,402

Macatawa

Bank

Corp.

1,488

13,332

Mercantile

Bank

Corp.

2,680

82,839

Midland

States

Bancorp,

Inc.

7,844

161,116

MidWestOne

Financial

Group,

Inc.

199

4,046

MVB

Financial

Corp.

407

9,190

Northfield

Bancorp,

Inc.

6,713

63,438

Northrim

Bancorp,

Inc.

2,505

99,248

OceanFirst

Financial

Corp.

6,546

94,721

OFG

Bancorp

31,207

931,841

Old

Second

Bancorp,

Inc.

5,202

70,799

Pathward

Financial,

Inc.

13,635

628,437

Peapack

-Gladstone

Financial

Corp.

5,163

132,431

Preferred

Bank(a)

4,493

279,689

Primis

Financial

Corp.

5,970

48,656

QCR

Holdings,

Inc.(a)

6,533

316,981

RBB

Bancorp

3,770

48,181

Sierra

Bancorp

2,845

53,941

SmartFinancial

,

Inc.

3,843

82,125

South

Plains

Financial,

Inc.(a)

2,612

69,061

Southern

First

Bancshares,

Inc.*(a)

2,801

75,459

Texas

Capital

Bancshares,

Inc.*(a)

24,976

1,471,086

Third

Coast

Bancshares,

Inc.*

1,560

26,676

Trustmark

Corp.(a)

2,700

58,671

UMB

Financial

Corp.

8,064

500,371

Veritex

Holdings,

Inc.

9,140

164,063

Western

New

England

Bancorp,

Inc.(a)

360

2,336

12,979,222

Biotechnology

3.2%

2seventy

bio,

Inc.*(a)

55,942

219,293

AnaptysBio

,

Inc.*(a)

15,749

282,852

Arcus

Biosciences,

Inc.*

2,750

49,362

Biohaven

Ltd.*(a)

6,020

156,580

Bluebird

Bio,

Inc.*(a)

94,919

288,554

C4

Therapeutics,

Inc.*

37,989

70,660

CareDx

,

Inc.*

64,415

450,905

Century

Therapeutics,

Inc.*(a)

6,300

12,600

Deciphera

Pharmaceuticals,

Inc.*

17,725

225,462

Emergent

BioSolutions

,

Inc.*(a)

67,430

229,262

Enanta

Pharmaceuticals,

Inc.*

15,677

175,112

Exelixis

,

Inc.*

46,275

1,011,109

Fate

Therapeutics,

Inc.*

102,155

216,569

FibroGen

,

Inc.*(a)

129,981

112,161

Ironwood

Pharmaceuticals,

Inc.,

Class

A*(a)

63,762

614,028

iTeos

Therapeutics,

Inc.*

17,099

187,234

Kodiak

Sciences,

Inc.*

8,200

14,760

Lyell

Immunopharma

,

Inc.*(a)

18,800

27,636

MacroGenics

,

Inc.*(a)

8,500

39,610

Nurix

Therapeutics,

Inc.*

20,850

163,881

Olema

Pharmaceuticals,

Inc.*

1,950

24,082

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

Biotechnology

Precigen

,

Inc.*(a)

1,512

2,147

PTC

Therapeutics,

Inc.*

17,741

397,576

REGENXBIO,

Inc.*

20,953

344,886

Sangamo

Therapeutics,

Inc.*(a)

33,000

19,793

Stoke

Therapeutics,

Inc.*(a)

11,400

44,916

Sutro

Biopharma,

Inc.*(a)

47,117

163,496

Travere

Therapeutics,

Inc.*(a)

28,336

253,324

Vanda

Pharmaceuticals,

Inc.*

51,155

220,990

Vir

Biotechnology,

Inc.*(a)

8,798

82,437

Y-

mAbs

Therapeutics,

Inc.*(a)

7,200

39,240

6,140,517

Broadline

Retail

1.3%

1stdibs.com,

Inc.*(a)

9,623

35,028

Ollie's

Bargain

Outlet

Holdings,

Inc.*

32,000

2,469,760

2,504,788

Building

Products

5.0%

American

Woodmark

Corp.*

30,200

2,283,422

AZEK

Co.,

Inc.

(The),

Class

A*(a)

65,800

1,956,892

CSW

Industrials,

Inc.

9,300

1,629,732

Hayward

Holdings,

Inc.*(a)

192,700

2,717,070

Insteel

Industries,

Inc.(a)

800

25,968

JELD-WEN

Holding,

Inc.*

15,516

207,294

Quanex

Building

Products

Corp.(a)

7,625

214,796

Resideo

Technologies,

Inc.*

39,533

624,621

9,659,795

Capital

Markets

1.8%

Donnelley

Financial

Solutions,

Inc.*

3,622

203,846

StoneX

Group,

Inc.*

5,975

579,097

TPG,

Inc.,

Class

A(a)

940

28,313

Virtus

Investment

Partners,

Inc.(a)

13,500

2,726,865

3,538,121

Chemicals

3.6%

American

Vanguard

Corp.

9,101

99,474

Ashland,

Inc.

20,500

1,674,440

Core

Molding

Technologies,

Inc.*

392

11,168

Ecovyst

,

Inc.*(a)

57,802

568,772

Element

Solutions,

Inc.

202,300

3,967,103

Origin

Materials,

Inc.*(a)

39,043

49,975

Rayonier

Advanced

Materials,

Inc.*

65,004

230,114

Trinseo

plc

42,786

349,562

Valhi,

Inc.

120

1,591

6,952,199

Commercial

Services

&

Supplies

2.9%

BrightView

Holdings,

Inc.*

10,700

82,925

CoreCivic

,

Inc.*

79,179

890,764

Enviri

Corp.*

52,559

379,476

SP

Plus

Corp.*

39,300

1,418,730

Steelcase,

Inc.,

Class

A

57,458

641,806

UniFirst

Corp.

12,950

2,110,979

5,524,680

Common

Stocks

Shares

Value

($)

Communications

Equipment

0.3%

Comtech

Telecommunications

Corp.

20,456

178,990

DZS,

Inc.*(a)

13,317

27,966

KVH

Industries,

Inc.*(a)

3,350

17,085

NETGEAR,

Inc.*

23,401

294,618

Ribbon

Communications,

Inc.*

50,520

135,394

654,053

Construction

&

Engineering

3.8%

API

Group

Corp.*

125,700

3,259,401

Argan

,

Inc.

7,938

361,338

EMCOR

Group,

Inc.

10,600

2,230,134

Fluor

Corp.*

15,110

554,537

Great

Lakes

Dredge

&

Dock

Corp.*

5,550

44,234

Limbach

Holdings,

Inc.*

907

28,779

Matrix

Service

Co.*

7,700

90,860

Primoris

Services

Corp.(a)

16,913

553,562

Tutor

Perini

Corp.*

37,709

295,261

7,418,106

Consumer

Finance

2.7%

Bread

Financial

Holdings,

Inc.

8,884

303,833

Enova

International,

Inc.*

9,148

465,359

EZCORP,

Inc.,

Class

A*(a)

42,679

352,102

Green

Dot

Corp.,

Class

A*

19,918

277,458

LendingClub

Corp.*

90,162

549,988

Navient

Corp.(a)

83,263

1,433,789

Oportun

Financial

Corp.*

3,000

21,660

PRA

Group,

Inc.*

15,699

301,578

PROG

Holdings,

Inc.*(a)

37,227

1,236,308

Regional

Management

Corp.

1,920

53,145

SLM

Corp.

21,161

288,213

5,283,433

Consumer

Staples

Distribution

&

Retail

1.5%

Andersons,

Inc.

(The)

4,111

211,758

Grocery

Outlet

Holding

Corp.*

91,800

2,648,430

2,860,188

Diversified

Consumer

Services

0.4%

2U,

Inc.*(a)

68,729

169,761

Chegg

,

Inc.*

44,932

400,793

Grand

Canyon

Education,

Inc.*

1,422

166,203

736,757

Diversified

REITs

0.1%

Armada

Hoffler

Properties,

Inc.

12,202

124,948

Diversified

Telecommunication

Services

0.2%

Bandwidth,

Inc.,

Class

A*(a)

26,702

300,931

Electric

Utilities

0.4%

NRG

Energy,

Inc.

18,335

706,264

Electrical

Equipment

0.4%

Babcock

&

Wilcox

Enterprises,

Inc.*(a)

5,700

23,997

Powell

Industries,

Inc.(a)

8,685

719,986

743,983

Electronic

Equipment,

Instruments

&

Components

2.9%

Benchmark

Electronics,

Inc.

13,418

325,521

Daktronics,

Inc.*

19,435

173,360

ePlus

,

Inc.*

70,200

4,459,104

FARO

Technologies,

Inc.*(a)

20,920

318,612

56

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

nLight

,

Inc.*(a)

4,454

46,321

ScanSource

,

Inc.*

9,268

280,913

5,603,831

Energy

Equipment

&

Services

1.1%

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

30,656

681,483

Bristow

Group,

Inc.,

Class

A*

3,000

84,510

Helix

Energy

Solutions

Group,

Inc.*(a)

45,752

511,050

Oil

States

International,

Inc.*

12,270

102,700

Patterson-UTI

Energy,

Inc.(a)

57,478

795,495

2,175,238

Entertainment

0.1%

Playtika

Holding

Corp.*(a)

10,682

102,868

Financial

Services

1.2%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

3,780

80,136

Jackson

Financial,

Inc.,

Class

A(a)

36,451

1,393,157

Merchants

Bancorp(a)

8,649

239,750

Ocwen

Financial

Corp.*(a)

1,734

44,876

Paysafe

Ltd.*(a)

4,055

48,620

PennyMac

Financial

Services,

Inc.

6,540

435,564

Waterstone

Financial,

Inc.(a)

9,414

103,083

2,345,186

Food

Products

0.8%

Lancaster

Colony

Corp.

9,800

1,617,294

Gas

Utilities

0.2%

Northwest

Natural

Holding

Co.

12,204

465,705

Ground

Transportation

2.6%

ArcBest

Corp.

14,774

1,501,777

Covenant

Logistics

Group,

Inc.,

Class

A

9,756

427,800

Landstar

System,

Inc.(a)

17,200

3,043,368

TuSimple

Holdings,

Inc.,

Class

A*(a)

13,462

21,001

4,993,946

Health

Care

Equipment

&

Supplies

1.6%

AngioDynamics

,

Inc.*

40,900

298,979

Bioventus

,

Inc.,

Class

A*(a)

1,000

3,300

Cue

Health,

Inc.*(a)

4,600

2,035

Cutera

,

Inc.*

4,700

28,294

ICU

Medical,

Inc.*(a)

17,800

2,118,378

Inogen

,

Inc.*

24,800

129,456

OraSure

Technologies,

Inc.*

32,060

190,116

Zimvie

,

Inc.*

25,896

243,681

3,014,239

Health

Care

Providers

&

Services

5.2%

Addus

HomeCare

Corp.*(a)

56,700

4,830,273

Castle

Biosciences,

Inc.*(a)

20,000

337,800

Cross

Country

Healthcare,

Inc.*(a)

13,423

332,756

DocGo

,

Inc.*(a)

264,369

1,409,087

Ensign

Group,

Inc.

(The)(a)

28,400

2,639,212

OPKO

Health,

Inc.*

56,100

89,760

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Tenet

Healthcare

Corp.*

6,092

401,402

10,040,290

Health

Care

Technology

1.0%

American

Well

Corp.,

Class

A*

74,813

87,531

Computer

Programs

&

Systems,

Inc.*

10,201

162,604

Health

Catalyst,

Inc.*

54,431

550,842

Veradigm

,

Inc.*

84,046

1,104,364

1,905,341

Hotel

&

Resort

REITs

2.5%

Apple

Hospitality

REIT,

Inc.(a)

82,389

1,263,847

Chatham

Lodging

Trust

14,712

140,794

Pebblebrook

Hotel

Trust(a)

32,419

440,574

RLJ

Lodging

Trust

120,660

1,181,262

Sunstone

Hotel

Investors,

Inc.

(a)

93,541

874,608

Xenia

Hotels

&

Resorts,

Inc.(a)

78,400

923,552

4,824,637

Hotels,

Restaurants

&

Leisure

1.4%

Bluegreen

Vacations

Holding

Corp.,

Class

A

5,240

192,203

Wyndham

Hotels

&

Resorts,

Inc.

32,700

2,273,958

Xponential

Fitness,

Inc.,

Class

A*(a)

21,103

327,097

2,793,258

Household

Durables

2.4%

GoPro,

Inc.,

Class

A*(a)

143,267

449,859

Hooker

Furnishings

Corp.(a)

3,198

62,201

KB

Home

28,676

1,327,125

Landsea

Homes

Corp.*(a)

17,847

160,445

Taylor

Morrison

Home

Corp.,

Class

A*

26,572

1,132,233

Tri

Pointe

Homes,

Inc.*

49,572

1,355,794

Universal

Electronics,

Inc.*

9,400

85,070

VOXX

International

Corp.,

Class

A*(a)

4,634

36,979

4,609,706

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Infinity

Bio-energy

Ltd.*^∞

155,500

0

Vistra

Corp.(a)

22,940

761,149

761,149

Insurance

4.8%

Brighthouse

Financial,

Inc.*

7,898

386,528

CNO

Financial

Group,

Inc.(a)

44,312

1,051,524

Donegal

Group,

Inc.,

Class

A(a)

4,395

62,651

eHealth,

Inc.*

7,509

55,567

Employers

Holdings,

Inc.

16,815

671,759

Enstar

Group

Ltd.*(a)

14,100

3,412,200

Hanover

Insurance

Group,

Inc.

(The)

848

94,111

Horace

Mann

Educators

Corp.

3,300

96,954

James

River

Group

Holdings

Ltd.(a)

12,972

199,120

Lincoln

National

Corp.

27,025

667,247

Mercury

General

Corp.

2,640

73,999

Oscar

Health,

Inc.,

Class

A*

19,722

109,852

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Insurance

ProAssurance

Corp.

31,730

599,380

Reinsurance

Group

of

America,

Inc.

5,551

805,950

Selectquote

,

Inc.*

24,238

28,358

Skyward

Specialty

Insurance

Group,

Inc.*(a)

17,808

487,227

United

Fire

Group,

Inc.(a)

7,353

145,222

Universal

Insurance

Holdings,

Inc.

22,026

308,804

9,256,453

Interactive

Media

&

Services

0.0%

†

DHI

Group,

Inc.*

4,485

13,724

Outbrain

,

Inc.*

3,600

17,532

TrueCar

,

Inc.*

25,080

51,916

83,172

IT

Services

1.2%

Brightcove

,

Inc.*

3,600

11,844

DXC

Technology

Co.*

12,970

270,165

Edgio

,

Inc.*

6,700

5,709

Kyndryl

Holdings,

Inc.*

14,265

215,402

Squarespace,

Inc.,

Class

A*(a)

34,686

1,004,853

Thoughtworks

Holding,

Inc.*(a)

135,600

553,248

Unisys

Corp.*(a)

47,591

164,189

2,225,410

Leisure

Products

0.2%

American

Outdoor

Brands,

Inc.*

3,614

35,345

Funko

,

Inc.,

Class

A*(a)

47,526

363,574

Latham

Group,

Inc.*

2,300

6,440

405,359

Life

Sciences

Tools

&

Services

0.1%

Codexis

,

Inc.*(a)

24,200

45,738

NanoString

Technologies,

Inc.*(a)

21,100

36,292

Quanterix

Corp.*

1,500

40,710

Seer,

Inc.,

Class

A*(a)

24,400

53,924

176,664

Machinery

3.5%

AGCO

Corp.(a)

5,038

595,895

Astec

Industries,

Inc.

8,971

422,624

Hillman

Solutions

Corp.*(a)

383,600

3,164,700

Manitowoc

Co.,

Inc.

(The)*

37,133

558,852

Oshkosh

Corp.

4,292

409,585

Park-Ohio

Holdings

Corp.(a)

2,200

43,802

Proto

Labs,

Inc.*

14,700

388,080

REV

Group,

Inc.(a)

17,622

281,952

Titan

International,

Inc.*

36,700

492,881

Trinity

Industries,

Inc.(a)

15,260

371,581

6,729,952

Media

0.6%

PubMatic,

Inc.,

Class

A*

7,264

87,894

Scholastic

Corp.(a)

14,805

564,663

Stagwell

,

Inc.,

Class

A*

58,453

274,145

WideOpenWest

,

Inc.*(a)

28,700

219,555

1,146,257

Metals

&

Mining

2.3%

Alpha

Metallurgical

Resources,

Inc.

1,513

392,971

MP

Materials

Corp.*(a)

3,045

58,160

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Olympic

Steel,

Inc.(a)

7,454

418,989

Ryerson

Holding

Corp.

24,399

709,767

Schnitzer

Steel

Industries,

Inc.,

Class

A

24,079

670,600

SunCoke

Energy,

Inc.

74,948

760,722

Warrior

Met

Coal,

Inc.

28,295

1,445,309

4,456,518

Office

REITs

0.6%

Equity

Commonwealth

66,634

1,224,066

Oil,

Gas

&

Consumable

Fuels

5.6%

Berry

Corp.

14,700

120,540

California

Resources

Corp.(a)

28,835

1,615,048

Centrus

Energy

Corp.,

Class

A*(a)

2,220

126,007

CNX

Resources

Corp.*(a)

39,940

901,845

CONSOL

Energy,

Inc.(a)

5,068

531,684

CVR

Energy,

Inc.(a)

20,683

703,842

Delek

US

Holdings,

Inc.

17,300

491,493

DHT

Holdings,

Inc.

26,744

275,463

Dorian

LPG

Ltd.(a)

15,483

444,827

Gulfport

Energy

Corp.*(a)

9,901

1,174,853

Par

Pacific

Holdings,

Inc.*

26,267

944,036

REX

American

Resources

Corp.*

8,948

364,362

Scorpio

Tankers,

Inc.(a)

19,098

1,033,584

SM

Energy

Co.(a)

11,700

463,905

Teekay

Tankers

Ltd.,

Class

A(a)

19,220

800,129

World

Kinect

Corp.(a)

39,586

887,914

10,879,532

Paper

&

Forest

Products

0.3%

Clearwater

Paper

Corp.*

14,260

516,925

Passenger

Airlines

0.1%

Hawaiian

Holdings,

Inc.*(a)

41,542

262,961

Personal

Care

Products

1.3%

Inter

Parfums

,

Inc.

18,600

2,498,724

Nature's

Sunshine

Products,

Inc.*

3,570

59,155

2,557,879

Pharmaceuticals

0.3%

Amneal

Pharmaceuticals,

Inc.*

20,400

86,088

Arvinas

,

Inc.*(a)

2,160

42,422

Atea

Pharmaceuticals,

Inc.*

13,200

39,600

Athira

Pharma,

Inc.*

6,200

12,524

Cara

Therapeutics,

Inc.*(a)

57,400

96,432

Nektar

Therapeutics,

Class

A*(a)

211,308

125,855

NGM

Biopharmaceuticals,

Inc.*

24,900

26,643

Nuvation

Bio,

Inc.*(a)

15,500

20,770

Phathom

Pharmaceuticals,

Inc.*(a)

6,613

68,577

Zevra

Therapeutics,

Inc.*(a)

3,170

15,280

534,191

Professional

Services

2.9%

Barrett

Business

Services,

Inc.

2,334

210,620

Conduent

,

Inc.*

31,678

110,239

Heidrick

&

Struggles

International,

Inc.

8,227

205,840

58

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

HireRight

Holdings

Corp.*(a)

10,525

100,093

Kelly

Services,

Inc.,

Class

A

11,613

211,240

Mistras

Group,

Inc.*(a)

4,700

25,615

Resources

Connection,

Inc.

12,238

182,469

TrueBlue

,

Inc.*

22,429

329,033

Verra

Mobility

Corp.,

Class

A*(a)

223,600

4,181,320

5,556,469

Real

Estate

Management

&

Development

1.3%

Compass,

Inc.,

Class

A*(a)

71,582

207,588

Cushman

&

Wakefield

plc*(a)

194,000

1,478,280

Douglas

Elliman

,

Inc.

81,532

184,262

Forestar

Group,

Inc.*(a)

16,155

435,216

Opendoor

Technologies,

Inc.*(a)

74,116

195,666

2,501,012

Semiconductors

&

Semiconductor

Equipment

0.2%

Cirrus

Logic,

Inc.*(a)

4,274

316,105

Software

4

.9%

Adeia

,

Inc.(a)

58,653

626,414

American

Software,

Inc.,

Class

A

15,866

181,824

Cerence

,

Inc.*(a)

23,367

475,986

Consensus

Cloud

Solutions,

Inc.*

5,520

138,994

CS

Disco,

Inc.*(a)

12,800

84,992

Dropbox,

Inc.,

Class

A*(a)

38,121

1,038,035

E2open

Parent

Holdings,

Inc.*(a)

326,500

1,482,310

EverCommerce

,

Inc.*

16,433

164,823

Informatica

,

Inc.,

Class

A*

1,572

33,122

LiveRamp

Holdings,

Inc.*

38,140

1,099,958

MeridianLink

,

Inc.*(a)

136,400

2,326,984

Nutanix

,

Inc.,

Class

A*(a)

30,081

1,049,225

ON24,

Inc.(a)

6,096

38,588

SecureWorks

Corp.,

Class

A*

4,792

29,758

SolarWinds

Corp.*

34,999

330,390

Upland

Software,

Inc.*(a)

34,322

158,568

Xperi

,

Inc.*

22,908

225,873

9,485,844

Specialty

Retail

2.2%

1-800-Flowers.com,

Inc.,

Class

A*

17,556

122,892

Aaron's

Co.,

Inc.

(The)

29,988

313,975

America's

Car-Mart,

Inc.*(a)

22,900

2,083,671

Barnes

&

Noble

Education,

Inc.*(a)

10,159

11,073

Children's

Place,

Inc.

(The)*

2,675

72,305

Genesco,

Inc.*

15,793

486,740

Lands'

End,

Inc.*

17,600

131,472

Sonic

Automotive,

Inc.,

Class

A(a)

18,451

881,220

Stitch

Fix,

Inc.,

Class

A*

13,000

44,850

Tilly's,

Inc.,

Class

A*

11,426

92,779

4,240,977

Technology

Hardware,

Storage

&

Peripherals

0.7%

Quantum

Corp.*(a)

8,300

5,063

Turtle

Beach

Corp.*

17,255

156,589

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Xerox

Holdings

Corp.(a)

74,507

1,169,015

1,330,667

Textiles,

Apparel

&

Luxury

Goods

0.8%

G-III

Apparel

Group

Ltd.*

43,132

1,074,849

Movado

Group,

Inc.

4,514

123,458

Unifi,

Inc.*(a)

9,116

64,724

Vera

Bradley,

Inc.*

17,334

114,578

Wolverine

World

Wide,

Inc.

21,200

170,872

1,548,481

Tobacco

0.2%

Vector

Group

Ltd.(a)

32,155

342,129

Trading

Companies

&

Distributors

3.0%

Beacon

Roofing

Supply,

Inc.*(a)

32,000

2,469,440

BlueLinx

Holdings,

Inc.*

700

57,463

Boise

Cascade

Co.(a)

18,081

1,863,066

DXP

Enterprises,

Inc.*

1,220

42,661

Global

Industrial

Co.

2,466

82,611

GMS,

Inc.*

10,782

689,725

NOW,

Inc.*

57,015

676,768

5,881,734

Wireless

Telecommunication

Services

0.0%

†

Spok

Holdings,

Inc.

4,800

68,496

Total

Common

Stocks

(cost

$185,777,295)

188,420,940

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

2,406

0

Total

Rights

(cost

$6,109)

0

Repurchase

Agreements

17.7%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$25,012,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$25,500.(b)

25,000

25,000

BofA

Securities,

Inc.,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$2,040,002.(b)

2,000,000

2,000,000

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

59

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$14,103,433,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$14,379,126.(b)

14,097,183

14,097,183

Credit

Suisse

AG,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$200,089,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.38%

-

5.00%,

maturing

5/15/2037

-

2/15/2052;

total

market

value

$204,090.(b)

200,000

200,000

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$18,007,995,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$18,360,001.(b)

18,000,0

00

18,000,000

Total

Repurchase

Agreements

(cost

$34,322,183)

34,322,183

Total

Investments

(cost

$220,105,587)

—

115.2%

222,743,123

Liabilities

in

excess

of

other

assets

—

(15.2)%

(29,324,656)

NET

ASSETS

—

100.0%

$

193,418,467

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$48,317,553,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$34,322,183

and

by

$15,721,569

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$50,043,752.

(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,

2023

was

$34,322,183.

CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

60

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

61

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

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

$

167,005

$

–

$

–

$

167,005

Air

Freight

&

Logistics

78,394

–

–

78,394

Automobile

Components

5,067,615

–

–

5,067,615

Banks

12,979,222

–

–

12,979,222

Biotechnology

6,140,517

–

–

6,140,517

Broadline

Retail

2,504,788

–

–

2,504,788

Building

Products

9,659,795

–

–

9,659,795

Capital

Markets

3,538,121

–

–

3,538,121

Chemicals

6,952,199

–

–

6,952,199

Commercial

Services

&

Supplies

5,524,680

–

–

5,524,680

Communications

Equipment

654,053

–

–

654,053

Construction

&

Engineering

7,418,106

–

–

7,418,106

Consumer

Finance

5,283,433

–

–

5,283,433

Consumer

Staples

Distribution

&

Retail

2,860,188

–

–

2,860,188

Diversified

Consumer

Services

736,757

–

–

736,757

Diversified

REITs

124,948

–

–

124,948

Diversified

Telecommunication

Services

300,931

–

–

300,931

Electric

Utilities

706,264

–

–

706,264

Electrical

Equipment

743,983

–

–

743,983

Electronic

Equipment,

Instruments

&

Components

5,603,831

–

–

5,603,831

Energy

Equipment

&

Services

2,175,238

–

–

2,175,238

Entertainment

102,868

–

–

102,868

Financial

Services

2,345,186

–

–

2,345,186

Food

Products

1,617,294

–

–

1,617,294

Gas

Utilities

465,705

–

–

465,705

Ground

Transportation

4,993,946

–

–

4,993,946

Health

Care

Equipment

&

Supplies

3,014,239

–

–

3,014,239

Health

Care

Providers

&

Services

10,040,290

–

–

10,040,290

Health

Care

Technology

1,905,341

–

–

1,905,341

Hotel

&

Resort

REITs

4,824,637

–

–

4,824,637

Hotels,

Restaurants

&

Leisure

2,793,258

–

–

2,793,258

Household

Durables

4,609,706

–

–

4,609,706

Independent

Power

and

Renewable

Electricity

Producers

761,149

–

–

761,149

Insurance

9,256,453

–

–

9,256,453

Interactive

Media

&

Services

83,172

–

–

83,172

IT

Services

2,225,410

–

–

2,225,410

Leisure

Products

405,359

–

–

405,359

Life

Sciences

Tools

&

Services

176,664

–

–

176,664

Machinery

6,729,952

–

–

6,729,952

Media

1,146,257

–

–

1,146,257

Metals

&

Mining

4,456,518

–

–

4,456,518

Office

REITs

1,224,066

–

–

1,224,066

Oil,

Gas

&

Consumable

Fuels

10,879,532

–

–

10,879,532

Paper

&

Forest

Products

516,925

–

–

516,925

Passenger

Airlines

262,961

–

–

262,961

Personal

Care

Products

2,557,879

–

–

2,557,879

Pharmaceuticals

534,191

–

–

534,191

Professional

Services

5,556,469

–

–

5,556,469

Real

Estate

Management

&

Development

2,501,012

–

–

2,501,012

Semiconductors

&

Semiconductor

Equipment

316,105

–

–

316,105

Software

9,485,844

–

–

9,485,844

Specialty

Retail

4,240,977

–

–

4,240,977

Technology

Hardware,

Storage

&

Peripherals

1,330,667

–

–

1,330,667

Textiles,

Apparel

&

Luxury

Goods

1,548,481

–

–

1,548,481

Tobacco

342,129

–

–

342,129

62

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

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. 

Level

1

Level

2

Level

3

Total

Assets:

Trading

Companies

&

Distributors

$

5,881,734

$

–

$

–

$

5,881,734

Wireless

Telecommunication

Services

68,496

–

–

68,496

Total

Common

Stocks

$

188,420,940

$

–

$

–

$

188,420,940

Repurchase

Agreements

–

34,322,183

–

34,322,183

Rights

–

–

–

–

Total

$

188,420,940

$

34,322,183

$

–

$

222,743,123

As

of

September

30,

2023,

the

Fund

held

one

common

stock

investment

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

98.1%

Shares

Value

($)

AUSTRALIA

0.0%

†

Capital

Markets

0.0%

†

Aet

&

D

Holdings

No.

1

*^∞

106,305

0

CANADA

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

Teekay

Tankers

Ltd.

,

Class

A

40,430

1,683,101

ISRAEL

0.5%

Broadline

Retail

0.3%

Global-e

Online

Ltd.

*(a)

21,542

856,079

Semiconductors

&

Semiconductor

Equipment

0.2%

Nova

Ltd.

*(a)

7,652

860,391

1,716,470

JAPAN

0.2%

Semiconductors

&

Semiconductor

Equipment

0.2%

Allegro

MicroSystems,

Inc.

*

17,601

562,176

MONACO

0.6%

Oil,

Gas

&

Consumable

Fuels

0.6%

Scorpio

Tankers,

Inc.

37,024

2,003,739

PANAMA

0.0%

†

Financial

Services

0.0%

†

Banco

Latinoamericano

de

Comercio

Exterior

SA

,

Class

E

4,080

86,496

PUERTO

RICO

1.3%

Banks

1.3%

First

Bancorp

170,917

2,300,542

OFG

Bancorp

61,143

1,825,730

4,126,272

SWITZERLAND

0.2%

Textiles,

Apparel

&

Luxury

Goods

0.2%

On

Holding

AG

,

Class

A

*

22,168

616,714

UNITED

KINGDOM

0.8%

Energy

Equipment

&

Services

0.6%

TechnipFMC

plc

93,389

1,899,533

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Infinity

Bio-energy

Ltd.

*^∞

94,500

0

IT

Services

0.2%

Endava

plc,

ADR

*

9,595

550,273

2,449,806

UNITED

STATES

94.0%

Aerospace

&

Defense

1.1%

Curtiss-Wright

Corp.

9,118

1,783,754

Hexcel

Corp.

19,528

1,272,054

Kaman

Corp.

16,726

328,666

3,384,474

Air

Freight

&

Logistics

0.0%

†

Radiant

Logistics,

Inc.

*

19,859

112,203

Automobile

Components

2.1%

Adient

plc

*

49,598

1,820,247

American

Axle

&

Manufacturing

Holdings,

Inc.

*(a)

34,933

253,614

Cooper-Standard

Holdings,

Inc.

*

4,150

55,693

Dana,

Inc.

145,736

2,137,946

Goodyear

Tire

&

Rubber

Co.

(The)

*

53,211

661,413

Stoneridge,

Inc.

*

16,979

340,769

Common

Stocks

Shares

Value

($)

UNITED

STATES

Automobile

Components

Visteon

Corp.

*(a)

11,428

1,577,864

6,847,546

Banks

7.0%

1st

Source

Corp.

4,069

171,264

Amalgamated

Financial

Corp.

(a)

9,372

161,386

Amerant

Bancorp,

Inc.

,

Class

A

(a)

1,450

25,288

Atlantic

Union

Bankshares

Corp.

6,676

192,135

Banc

of

California,

Inc.

15,706

194,440

BankUnited,

Inc.

43,183

980,254

Bankwell

Financial

Group,

Inc.

1,851

44,924

BCB

Bancorp,

Inc.

7,431

82,781

Berkshire

Hills

Bancorp,

Inc.

51,754

1,037,668

Byline

Bancorp,

Inc.

13,252

261,197

Capital

Bancorp,

Inc.

(a)

3,180

60,833

Capital

City

Bank

Group,

Inc.

6,687

199,473

Capstar

Financial

Holdings,

Inc.

10,321

146,455

Carter

Bankshares,

Inc.

*

8,467

106,092

Central

Pacific

Financial

Corp.

64,239

1,071,507

Community

Trust

Bancorp,

Inc.

12,640

433,046

Customers

Bancorp,

Inc.

*

64,402

2,218,650

Eastern

Bankshares,

Inc.

22,450

281,523

FB

Financial

Corp.

12,149

344,546

Financial

Institutions,

Inc.

11,604

195,295

First

Financial

Corp.

14,131

477,769

First

Foundation,

Inc.

144,829

880,560

First

Internet

Bancorp

15,728

254,951

First

Savings

Financial

Group,

Inc.

1,433

21,423

Five

Star

Bancorp

6,039

121,142

FS

Bancorp,

Inc.

2,350

69,325

Great

Southern

Bancorp,

Inc.

(a)

6,470

310,042

Guaranty

Bancshares,

Inc.

3,415

97,976

Hanmi

Financial

Corp.

(a)

41,355

671,192

HarborOne

Bancorp,

Inc.

36,551

347,966

HBT

Financial,

Inc.

6,368

116,152

Heartland

Financial

USA,

Inc.

5,660

166,574

Heritage

Commerce

Corp.

1,024

8,673

Home

Bancorp,

Inc.

(a)

1,500

47,805

HomeStreet,

Inc.

(a)

48,644

378,937

HomeTrust

Bancshares,

Inc.

11,387

246,756

Horizon

Bancorp,

Inc.

(a)

19,753

210,962

Independent

Bank

Corp.

17,100

313,614

Investar

Holding

Corp.

1,804

19,104

Macatawa

Bank

Corp.

13,797

123,621

Mercantile

Bank

Corp.

4,601

142,217

Midland

States

Bancorp,

Inc.

14,801

304,013

MVB

Financial

Corp.

1,464

33,057

NBT

Bancorp,

Inc.

6,712

212,703

Northfield

Bancorp,

Inc.

4,561

43,101

Northrim

Bancorp,

Inc.

4,095

162,244

OceanFirst

Financial

Corp.

8,908

128,899

Old

Second

Bancorp,

Inc.

13,938

189,696

Pathward

Financial,

Inc.

27,739

1,278,491

Peapack-Gladstone

Financial

Corp.

10,049

257,757

Preferred

Bank

8,377

521,468

Primis

Financial

Corp.

(a)

10,826

88,232

QCR

Holdings,

Inc.

14,167

687,383

RBB

Bancorp

10,692

136,644

Sierra

Bancorp

3,626

68,749

SmartFinancial,

Inc.

4,200

89,754

South

Plains

Financial,

Inc.

4,692

124,056

64

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Southern

First

Bancshares,

Inc.

*

5,449

146,796

Texas

Capital

Bancshares,

Inc.

*

50,098

2,950,773

Third

Coast

Bancshares,

Inc.

*

3,342

57,148

Trustmark

Corp.

3,300

71,709

UMB

Financial

Corp.

22,538

1,398,483

Veritex

Holdings,

Inc.

18,179

326,313

Washington

Federal,

Inc.

13,957

357,578

Western

New

England

Bancorp,

Inc.

2,402

15,589

22,886,154

Beverages

0.6%

Celsius

Holdings,

Inc.

*

12,176

2,089,402

Biotechnology

4.2%

2seventy

bio,

Inc.

*(a)

72,868

285,643

Aadi

Bioscience,

Inc.

*

1,300

6,292

AnaptysBio,

Inc.

*

33,530

602,199

Arcus

Biosciences,

Inc.

*

8,198

147,154

Biohaven

Ltd.

*

12,780

332,408

Bluebird

Bio,

Inc.

*(a)

189,085

574,818

C4

Therapeutics,

Inc.

*

49,047

91,227

CareDx,

Inc.

*

120,560

843,919

Century

Therapeutics,

Inc.

*(a)

12,600

25,200

Coherus

Biosciences,

Inc.

*

20,519

76,741

Cytokinetics,

Inc.

*(a)

6,760

199,150

Deciphera

Pharmaceuticals,

Inc.

*

36,569

465,158

Emergent

BioSolutions,

Inc.

*

131,399

446,757

Enanta

Pharmaceuticals,

Inc.

*

31,217

348,694

Exelixis,

Inc.

*

92,290

2,016,536

Fate

Therapeutics,

Inc.

*(a)

177,900

377,148

FibroGen,

Inc.

*(a)

235,835

203,502

Halozyme

Therapeutics,

Inc.

*

12,481

476,774

ImmunoGen,

Inc.

*

11,024

174,951

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

*

112,344

1,081,872

iTeos

Therapeutics,

Inc.

*(a)

33,405

365,785

Karuna

Therapeutics,

Inc.

*

2,750

464,998

Kodiak

Sciences,

Inc.

*

16,197

29,155

Lyell

Immunopharma,

Inc.

*(a)

30,523

44,869

MacroGenics,

Inc.

*

16,438

76,601

Nurix

Therapeutics,

Inc.

*

47,973

377,068

Olema

Pharmaceuticals,

Inc.

*

2,750

33,963

Precigen,

Inc.

*(a)

1,967

2,793

PTC

Therapeutics,

Inc.

*

34,406

771,038

REGENXBIO,

Inc.

*

39,507

650,285

Sangamo

Therapeutics,

Inc.

*

62,400

37,428

Stoke

Therapeutics,

Inc.

*(a)

20,771

81,838

Sutro

Biopharma,

Inc.

*(a)

88,977

308,750

Travere

Therapeutics,

Inc.

*

74,032

661,846

Ultragenyx

Pharmaceutical,

Inc.

*

6,285

224,060

Vanda

Pharmaceuticals,

Inc.

*

103,790

448,373

Vir

Biotechnology,

Inc.

*

16,453

154,165

Y-mAbs

Therapeutics,

Inc.

*

11,903

64,871

Zymeworks,

Inc.

*

4,900

31,066

13,605,095

Broadline

Retail

0.3%

1stdibs.com,

Inc.

*(a)

8,223

29,932

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

7,633

589,114

Savers

Value

Village,

Inc.

*

11,774

219,821

838,867

Common

Stocks

Shares

Value

($)

UNITED

STATES

Building

Products

1.3%

AAON,

Inc.

(a)

18,169

1,033,271

AZEK

Co.,

Inc.

(The)

,

Class

A

*

18,198

541,209

Insteel

Industries,

Inc.

800

25,968

Quanex

Building

Products

Corp.

15,492

436,410

Resideo

Technologies,

Inc.

*

82,418

1,302,203

Trex

Co.,

Inc.

*(a)

11,360

700,117

4,039,178

Capital

Markets

1.7%

Donnelley

Financial

Solutions,

Inc.

*

4,868

273,971

Evercore,

Inc.

,

Class

A

(a)

10,833

1,493,654

Hamilton

Lane,

Inc.

,

Class

A

31,478

2,846,871

StoneX

Group,

Inc.

*

9,582

928,687

TPG,

Inc.

,

Class

A

(a)

920

27,710

5,570,893

Chemicals

0.9%

American

Vanguard

Corp.

13,539

147,981

Core

Molding

Technologies,

Inc.

*

2,978

84,843

Ecovyst,

Inc.

*

109,048

1,073,033

Livent

Corp.

*(a)

21,703

399,552

Origin

Materials,

Inc.

*(a)

79,962

102,351

Rayonier

Advanced

Materials,

Inc.

*

96,699

342,314

Trinseo

plc

80,821

660,308

2,810,382

Commercial

Services

&

Supplies

2.4%

BrightView

Holdings,

Inc.

*

21,112

163,618

Casella

Waste

Systems,

Inc.

,

Class

A

*

17,141

1,307,858

Clean

Harbors,

Inc.

*

16,180

2,707,885

CoreCivic,

Inc.

*

125,459

1,411,414

Enviri

Corp.

*

95,771

691,467

Steelcase,

Inc.

,

Class

A

119,178

1,331,218

7,613,460

Communications

Equipment

0.3%

Comtech

Telecommunications

Corp.

31,799

278,241

DZS,

Inc.

*

10,003

21,006

KVH

Industries,

Inc.

*(a)

6,856

34,966

NETGEAR,

Inc.

*

36,757

462,771

Ribbon

Communications,

Inc.

*

100,425

269,139

1,066,123

Construction

&

Engineering

2.2%

Argan,

Inc.

14,556

662,589

Comfort

Systems

USA,

Inc.

11,805

2,011,691

EMCOR

Group,

Inc.

5,318

1,118,854

Fluor

Corp.

*

28,756

1,055,345

Great

Lakes

Dredge

&

Dock

Corp.

*

8,355

66,589

Limbach

Holdings,

Inc.

*(a)

5,595

177,529

Matrix

Service

Co.

*

15,384

181,531

Primoris

Services

Corp.

36,156

1,183,386

Tutor

Perini

Corp.

*

67,849

531,258

6,988,772

Construction

Materials

0.3%

Eagle

Materials,

Inc.

5,480

912,530

Consumer

Finance

3.2%

Bread

Financial

Holdings,

Inc.

7,740

264,708

Enova

International,

Inc.

*

26,660

1,356,194

EZCORP,

Inc.

,

Class

A

*(a)

74,199

612,142

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

UNITED

STATES

Consumer

Finance

Green

Dot

Corp.

,

Class

A

*

44,326

617,461

LendingClub

Corp.

*

168,602

1,028,472

Navient

Corp.

155,722

2,681,533

Oportun

Financial

Corp.

*

6,118

44,172

PRA

Group,

Inc.

*

28,213

541,972

PROG

Holdings,

Inc.

*

76,562

2,542,624

Regional

Management

Corp.

6,022

166,689

SLM

Corp.

40,412

550,411

10,406,378

Consumer

Staples

Distribution

&

Retail

0.2%

Andersons,

Inc.

(The)

7,236

372,726

SpartanNash

Co.

5,888

129,536

502,262

Diversified

Consumer

Services

1.1%

2U,

Inc.

*

135,007

333,467

Chegg,

Inc.

*

85,784

765,193

Duolingo,

Inc.

,

Class

A

*(a)

12,160

2,016,980

Grand

Canyon

Education,

Inc.

*

2,790

326,095

3,441,735

Diversified

REITs

0.1%

Armada

Hoffler

Properties,

Inc.

25,442

260,526

Diversified

Telecommunication

Services

0.2%

Bandwidth,

Inc.

,

Class

A

*

53,351

601,266

Electric

Utilities

0.6%

ALLETE,

Inc.

10,814

570,979

NRG

Energy,

Inc.

36,137

1,391,997

1,962,976

Electrical

Equipment

1.5%

Atkore,

Inc.

*(a)

6,485

967,497

Babcock

&

Wilcox

Enterprises,

Inc.

*

11,200

47,152

NEXTracker,

Inc.

,

Class

A

*(a)

21,883

878,821

Powell

Industries,

Inc.

16,904

1,401,342

Vertiv

Holdings

Co.

,

Class

A

40,697

1,513,928

4,808,740

Electronic

Equipment,

Instruments

&

Components

1.7%

Badger

Meter,

Inc.

7,819

1,124,920

Benchmark

Electronics,

Inc.

50,107

1,215,596

Daktronics,

Inc.

*

45,871

409,169

FARO

Technologies,

Inc.

*

42,159

642,082

nLight,

Inc.

*

13,274

138,050

Novanta,

Inc.

*

9,994

1,433,538

ScanSource,

Inc.

*

13,225

400,850

5,364,205

Energy

Equipment

&

Services

1.8%

Atlas

Energy

Solutions,

Inc.

,

Class

A

(a)

64,362

1,430,767

Bristow

Group,

Inc.

,

Class

A

*

9,627

271,193

Helix

Energy

Solutions

Group,

Inc.

*

25,550

285,394

Oil

States

International,

Inc.

*

24,440

204,563

Patterson-UTI

Energy,

Inc.

111,119

1,537,887

Weatherford

International

plc

*(a)

21,230

1,917,705

5,647,509

Entertainment

0.4%

Playtika

Holding

Corp.

*

21,202

204,175

TKO

Group

Holdings,

Inc.

14,424

1,212,482

1,416,657

Financial

Services

1.9%

Flywire

Corp.

*

35,468

1,131,075

Common

Stocks

Shares

Value

($)

UNITED

STATES

Financial

Services

Jackson

Financial,

Inc.

,

Class

A

71,655

2,738,653

Merchants

Bancorp

(a)

13,989

387,775

Ocwen

Financial

Corp.

*

4,728

122,361

Paysafe

Ltd.

*

5,128

61,485

PennyMac

Financial

Services,

Inc.

12,260

816,516

Remitly

Global,

Inc.

*

23,724

598,319

Waterstone

Financial,

Inc.

12,028

131,707

5,987,891

Gas

Utilities

0.1%

Northwest

Natural

Holding

Co.

10,374

395,872

Ground

Transportation

1.3%

ArcBest

Corp.

7,248

736,759

Covenant

Logistics

Group,

Inc.

,

Class

A

25,559

1,120,762

Saia,

Inc.

*

5,945

2,369,975

TuSimple

Holdings,

Inc.

,

Class

A

*

5,445

8,494

4,235,990

Health

Care

Equipment

&

Supplies

2.9%

AngioDynamics,

Inc.

*

77,395

565,757

Axonics,

Inc.

*

23,540

1,321,065

Cue

Health,

Inc.

*(a)

10,138

4,484

Cutera,

Inc.

*

10,400

62,608

Glaukos

Corp.

*

8,539

642,560

Haemonetics

Corp.

*

9,994

895,263

Inogen,

Inc.

*

47,221

246,494

Inspire

Medical

Systems,

Inc.

*

3,386

671,918

iRhythm

Technologies,

Inc.

*(a)

4,683

441,420

Lantheus

Holdings,

Inc.

*(a)

7,732

537,219

Merit

Medical

Systems,

Inc.

*

11,397

786,621

OraSure

Technologies,

Inc.

*(a)

84,256

499,638

Shockwave

Medical,

Inc.

*

7,973

1,587,423

TransMedics

Group,

Inc.

*(a)

8,964

490,779

Zimvie,

Inc.

*

49,177

462,756

9,216,005

Health

Care

Providers

&

Services

2.7%

Acadia

Healthcare

Co.,

Inc.

*

22,015

1,547,875

Addus

HomeCare

Corp.

*

100

8,519

Castle

Biosciences,

Inc.

*(a)

37,300

629,997

Cross

Country

Healthcare,

Inc.

*

26,398

654,406

Encompass

Health

Corp.

18,813

1,263,481

HealthEquity,

Inc.

*

7,587

554,230

OPKO

Health,

Inc.

*

151,763

242,821

Privia

Health

Group,

Inc.

*(a)

29,373

675,579

Progyny,

Inc.

*

16,590

564,392

RadNet,

Inc.

*(a)

20,181

568,902

Surgery

Partners,

Inc.

*(a)

45,446

1,329,296

Tenet

Healthcare

Corp.

*

11,567

762,150

8,801,648

Health

Care

Technology

1.4%

American

Well

Corp.

,

Class

A

*

147,518

172,596

Computer

Programs

&

Systems,

Inc.

*

19,672

313,572

Evolent

Health,

Inc.

,

Class

A

*(a)

21,415

583,130

Health

Catalyst,

Inc.

*

121,345

1,228,011

HealthStream,

Inc.

1,000

21,580

Veradigm,

Inc.

*

158,525

2,083,019

4,401,908

Hotel

&

Resort

REITs

2.7%

Apple

Hospitality

REIT,

Inc.

(a)

166,452

2,553,373

Chatham

Lodging

Trust

28,607

273,769

66

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Hotel

&

Resort

REITs

Pebblebrook

Hotel

Trust

(a)

30,950

420,611

RLJ

Lodging

Trust

228,235

2,234,421

Sunstone

Hotel

Investors,

Inc.

(a)

152,663

1,427,399

Xenia

Hotels

&

Resorts,

Inc.

149,855

1,765,292

8,674,865

Hotels,

Restaurants

&

Leisure

1.7%

Bluegreen

Vacations

Holding

Corp.

,

Class

A

7,241

265,600

Cava

Group,

Inc.

*(a)

9,378

287,248

DraftKings,

Inc.

,

Class

A

*

19,881

585,297

Red

Rock

Resorts,

Inc.

,

Class

A

34,309

1,406,669

Shake

Shack,

Inc.

,

Class

A

*

9,313

540,806

Wingstop,

Inc.

9,598

1,726,103

Xponential

Fitness,

Inc.

,

Class

A

*(a)

38,865

602,408

5,414,131

Household

Durables

3.4%

GoPro,

Inc.

,

Class

A

*(a)

281,212

883,006

Hooker

Furnishings

Corp.

(a)

5,453

106,061

KB

Home

56,124

2,597,419

Landsea

Homes

Corp.

*

31,001

278,699

Meritage

Homes

Corp.

4,102

502,044

Taylor

Morrison

Home

Corp.

,

Class

A

*

66,423

2,830,283

TopBuild

Corp.

*

3,762

946,519

Tri

Pointe

Homes,

Inc.

*

96,560

2,640,916

Universal

Electronics,

Inc.

*

18,610

168,421

VOXX

International

Corp.

,

Class

A

*(a)

9,833

78,467

11,031,835

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Vistra

Corp.

40,394

1,340,273

Insurance

4.3%

Brighthouse

Financial,

Inc.

*

13,376

654,621

CNO

Financial

Group,

Inc.

(a)

87,681

2,080,670

Donegal

Group,

Inc.

,

Class

A

8,425

120,098

eHealth,

Inc.

*

13,152

97,325

Employers

Holdings,

Inc.

(a)

32,578

1,301,491

Hanover

Insurance

Group,

Inc.

(The)

3,920

435,042

Horace

Mann

Educators

Corp.

4,420

129,860

James

River

Group

Holdings

Ltd.

22,582

346,634

Kinsale

Capital

Group,

Inc.

(a)

6,161

2,551,456

Lincoln

National

Corp.

51,318

1,267,041

Mercury

General

Corp.

840

23,545

Oscar

Health,

Inc.

,

Class

A

*

38,888

216,606

ProAssurance

Corp.

61,500

1,161,735

Reinsurance

Group

of

America,

Inc.

10,733

1,558,324

Selectquote,

Inc.

*

47,083

55,087

Skyward

Specialty

Insurance

Group,

Inc.

*(a)

34,928

955,630

United

Fire

Group,

Inc.

12,603

248,909

Universal

Insurance

Holdings,

Inc.

45,685

640,504

13,844,578

Interactive

Media

&

Services

0.1%

DHI

Group,

Inc.

*

4,302

13,164

Outbrain,

Inc.

*

7,962

38,775

TrueCar,

Inc.

*

81,980

169,699

221,638

Common

Stocks

Shares

Value

($)

UNITED

STATES

IT

Services

0.9%

Brightcove,

Inc.

*

6,961

22,902

DXC

Technology

Co.

*(a)

24,631

513,064

Edgio,

Inc.

*(a)

12,800

10,907

Kyndryl

Holdings,

Inc.

*

7,370

111,287

Squarespace,

Inc.

,

Class

A

*

65,599

1,900,402

Unisys

Corp.

*(a)

86,648

298,936

2,857,498

Leisure

Products

0.2%

American

Outdoor

Brands,

Inc.

*

1,687

16,499

Funko,

Inc.

,

Class

A

*(a)

90,289

690,711

Latham

Group,

Inc.

*(a)

4,400

12,320

719,530

Life

Sciences

Tools

&

Services

1.0%

10X

Genomics,

Inc.

,

Class

A

*(a)

16,819

693,784

Codexis,

Inc.

*

48,013

90,745

Medpace

Holdings,

Inc.

*

7,859

1,902,899

NanoString

Technologies,

Inc.

*(a)

40,665

69,944

Quanterix

Corp.

*

2,592

70,347

Repligen

Corp.

*(a)

2,026

322,154

Seer,

Inc.

,

Class

A

*

56,141

124,072

3,273,945

Machinery

2.5%

AGCO

Corp.

9,813

1,160,682

Astec

Industries,

Inc.

16,463

775,572

Esab

Corp.

15,024

1,054,985

Manitowoc

Co.,

Inc.

(The)

*

81,636

1,228,621

Oshkosh

Corp.

7,840

748,171

Park-Ohio

Holdings

Corp.

(a)

4,350

86,609

Proto

Labs,

Inc.

*

27,052

714,173

REV

Group,

Inc.

(a)

39,744

635,904

Titan

International,

Inc.

*

71,209

956,337

Trinity

Industries,

Inc.

32,828

799,362

8,160,416

Media

0.7%

PubMatic,

Inc.

,

Class

A

*

15,280

184,888

Scholastic

Corp.

26,225

1,000,221

Stagwell,

Inc.

,

Class

A

*(a)

110,198

516,829

WideOpenWest,

Inc.

*

56,337

430,978

2,132,916

Metals

&

Mining

3.1%

Alpha

Metallurgical

Resources,

Inc.

2,966

770,359

ATI,

Inc.

*

36,600

1,506,090

Carpenter

Technology

Corp.

(a)

8,409

565,169

Commercial

Metals

Co.

11,393

562,928

MP

Materials

Corp.

*(a)

5,974

114,103

Olympic

Steel,

Inc.

(a)

14,164

796,158

Ryerson

Holding

Corp.

49,742

1,446,995

Schnitzer

Steel

Industries,

Inc.

,

Class

A

39,089

1,088,629

SunCoke

Energy,

Inc.

99,471

1,009,631

Warrior

Met

Coal,

Inc.

43,363

2,214,982

10,075,044

Office

REITs

0.7%

Equity

Commonwealth

127,032

2,333,578

Oil,

Gas

&

Consumable

Fuels

6.5%

Berry

Corp.

28,500

233,700

California

Resources

Corp.

(a)

55,720

3,120,878

Centrus

Energy

Corp.

,

Class

A

*(a)

5,140

291,746

CNX

Resources

Corp.

*

73,600

1,661,888

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

CONSOL

Energy,

Inc.

9,778

1,025,810

CVR

Energy,

Inc.

(a)

39,275

1,336,528

Delek

US

Holdings,

Inc.

32,720

929,575

DHT

Holdings,

Inc.

54,734

563,760

Dorian

LPG

Ltd.

24,511

704,201

Gulfport

Energy

Corp.

*

18,770

2,227,248

Matador

Resources

Co.

29,883

1,777,441

Northern

Oil

and

Gas,

Inc.

(a)

22,241

894,755

Par

Pacific

Holdings,

Inc.

*

49,877

1,792,579

REX

American

Resources

Corp.

*

18,622

758,288

SM

Energy

Co.

46,782

1,854,906

World

Kinect

Corp.

83,327

1,869,025

21,042,328

Paper

&

Forest

Products

0.3%

Clearwater

Paper

Corp.

*

24,956

904,655

Passenger

Airlines

0.2%

Hawaiian

Holdings,

Inc.

*(a)

81,251

514,319

Personal

Care

Products

1.0%

BellRing

Brands,

Inc.

*

16,014

660,257

elf

Beauty,

Inc.

*

20,937

2,299,511

Nature's

Sunshine

Products,

Inc.

*

6,626

109,793

3,069,561

Pharmaceuticals

0.6%

Amneal

Pharmaceuticals,

Inc.

*

15,027

63,414

Arvinas,

Inc.

*

4,242

83,313

Atea

Pharmaceuticals,

Inc.

*

25,852

77,556

Athira

Pharma,

Inc.

*

4,310

8,706

Cara

Therapeutics,

Inc.

*

116,184

195,189

Intra-Cellular

Therapies,

Inc.

*

14,436

751,972

Nektar

Therapeutics

,

Class

A

*

390,929

232,837

NGM

Biopharmaceuticals,

Inc.

*

71,376

76,372

Nuvation

Bio,

Inc.

*(a)

36,898

49,443

Phathom

Pharmaceuticals,

Inc.

*(a)

11,950

123,922

Revance

Therapeutics,

Inc.

*(a)

9,298

106,648

Zevra

Therapeutics,

Inc.

*(a)

5,405

26,052

1,795,424

Professional

Services

1.2%

Barrett

Business

Services,

Inc.

4,449

401,478

Conduent,

Inc.

*

30,226

105,186

Heidrick

&

Struggles

International,

Inc.

14,394

360,138

HireRight

Holdings

Corp.

*(a)

26,460

251,635

KBR,

Inc.

23,799

1,402,712

Kelly

Services,

Inc.

,

Class

A

20,047

364,655

Mistras

Group,

Inc.

*(a)

7,500

40,875

Resources

Connection,

Inc.

21,211

316,256

TrueBlue,

Inc.

*

50,107

735,070

3,978,005

Real

Estate

Management

&

Development

0.6%

Compass,

Inc.

,

Class

A

*

135,941

394,229

Douglas

Elliman,

Inc.

152,158

343,877

Forestar

Group,

Inc.

*

27,694

746,077

Opendoor

Technologies,

Inc.

*(a)

145,094

383,048

1,867,231

Semiconductors

&

Semiconductor

Equipment

2.5%

Axcelis

Technologies,

Inc.

*

9,944

1,621,369

Diodes,

Inc.

*

7,747

610,773

Lattice

Semiconductor

Corp.

*

23,958

2,058,711

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

MACOM

Technology

Solutions

Holdings,

Inc.

*

15,486

1,263,348

Onto

Innovation,

Inc.

*

6,863

875,170

Power

Integrations,

Inc.

(a)

7,692

586,977

Rambus,

Inc.

*

18,893

1,054,040

8,070,388

Software

7.5%

Adeia,

Inc.

108,459

1,158,342

Altair

Engineering,

Inc.

,

Class

A

*

18,806

1,176,503

American

Software,

Inc.

,

Class

A

2,179

24,971

Braze,

Inc.

,

Class

A

*

25,429

1,188,297

CCC

Intelligent

Solutions

Holdings,

Inc.

*

90,606

1,209,590

Cerence,

Inc.

*(a)

37,676

767,460

Confluent,

Inc.

,

Class

A

*(a)

34,693

1,027,260

Consensus

Cloud

Solutions,

Inc.

*

1,720

43,310

CS

Disco,

Inc.

*(a)

23,500

156,040

CyberArk

Software

Ltd.

*

9,641

1,578,907

DoubleVerify

Holdings,

Inc.

*

23,691

662,163

Dropbox,

Inc.

,

Class

A

*(a)

68,812

1,873,750

EverCommerce,

Inc.

*

33,550

336,507

Gitlab,

Inc.

,

Class

A

*(a)

27,988

1,265,617

Guidewire

Software,

Inc.

*

10,983

988,470

Informatica,

Inc.

,

Class

A

*

3,137

66,097

LiveRamp

Holdings,

Inc.

*

64,824

1,869,524

Manhattan

Associates,

Inc.

*(a)

9,072

1,793,172

Monday.com

Ltd.

*

7,076

1,126,641

Nutanix,

Inc.

,

Class

A

*

59,383

2,071,278

ON24,

Inc.

(a)

11,500

72,795

Samsara,

Inc.

,

Class

A

*

29,666

747,880

SecureWorks

Corp.

,

Class

A

*

15,295

94,982

SolarWinds

Corp.

*

69,128

652,568

Sprout

Social,

Inc.

,

Class

A

*(a)

11,895

593,323

Upland

Software,

Inc.

*(a)

55,745

257,542

Workiva,

Inc.

,

Class

A

*(a)

11,939

1,209,898

Xperi,

Inc.

*

42,914

423,132

24,436,019

Specialty

Retail

1.3%

1-800-Flowers.com,

Inc.

,

Class

A

*

27,945

195,615

Aaron's

Co.,

Inc.

(The)

55,911

585,388

Barnes

&

Noble

Education,

Inc.

*

15,769

17,188

Children's

Place,

Inc.

(The)

*

9,251

250,055

Genesco,

Inc.

*

28,207

869,340

Lands'

End,

Inc.

*(a)

29,597

221,090

Sonic

Automotive,

Inc.

,

Class

A

(a)

33,834

1,615,912

Stitch

Fix,

Inc.

,

Class

A

*

33,621

115,992

Tilly's,

Inc.

,

Class

A

*

21,742

176,545

4,047,125

Technology

Hardware,

Storage

&

Peripherals

0.7%

Quantum

Corp.

*

18,942

11,555

Turtle

Beach

Corp.

*

29,276

265,680

Xerox

Holdings

Corp.

135,022

2,118,495

2,395,730

Textiles,

Apparel

&

Luxury

Goods

1.1%

Deckers

Outdoor

Corp.

*

1,731

889,890

G-III

Apparel

Group

Ltd.

*

78,770

1,962,947

Movado

Group,

Inc.

8,325

227,689

Unifi,

Inc.

*(a)

18,221

129,369

Vera

Bradley,

Inc.

*

30,019

198,426

68

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Textiles,

Apparel

&

Luxury

Goods

Wolverine

World

Wide,

Inc.

33,725

271,824

3,680,145

Tobacco

0.3%

Vector

Group

Ltd.

79,675

847,742

Trading

Companies

&

Distributors

3.0%

Applied

Industrial

Technologies,

Inc.

7,412

1,145,969

BlueLinx

Holdings,

Inc.

*

1,427

117,142

Boise

Cascade

Co.

(a)

34,833

3,589,193

DXP

Enterprises,

Inc.

*

2,380

83,157

Global

Industrial

Co.

7,080

237,180

GMS,

Inc.

*

17,390

1,112,438

H&E

Equipment

Services,

Inc.

33,958

1,466,646

NOW,

Inc.

*

153,033

1,816,502

9,568,227

Wireless

Telecommunication

Services

0.0%

†

Spok

Holdings,

Inc.

9,305

132,782

302,646,575

Total

Common

Stocks

(cost

$303,936,938)

315,891,349

Rights

0.0%

†

Number

of

Rights

UNITED

STATES

0.0%

†

Biotechnology

0.0%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

4,756

0

Total

Rights

(cost

$12,075)

0

Repurchase

Agreements

4.5%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$4,001,767,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,782,414,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$1,817,256.(b)

1,781,624

1,781,624

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Credit

Suisse

AG,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$850,376,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.38%

-

5.00%,

maturing

5/15/2037

-

2/15/2052;

total

market

value

$867,383.(b)

850,000

850,000

MetLife,

Inc.,

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$7,003,098,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$7,143,912.(b)

7,000,000

7,000,000

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,445,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$14,631,624)

14,631,624

Total

Investments

(cost

$318,580,637)

—

102.6%

330,522,973

Liabilities

in

excess

of

other

assets

—

(2.6)%

(8,409,742)

NET

ASSETS

—

100.0%

$

322,113,231

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$40,701,474,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,631,624

and

by

$27,399,842

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$42,031,466.

(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,

2023

was

$14,631,624.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2023

(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,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

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

$

3,384,474

$

–

$

–

$

3,384,474

Air

Freight

&

Logistics

112,203

–

–

112,203

Automobile

Components

6,847,546

–

–

6,847,546

Banks

27,012,426

–

–

27,012,426

Beverages

2,089,402

–

–

2,089,402

Biotechnology

13,605,095

–

–

13,605,095

Broadline

Retail

1,694,946

–

–

1,694,946

Building

Products

4,039,178

–

–

4,039,178

Capital

Markets

5,570,893

–

–

5,570,893

Chemicals

2,810,382

–

–

2,810,382

Commercial

Services

&

Supplies

7,613,460

–

–

7,613,460

Communications

Equipment

1,066,123

–

–

1,066,123

Construction

&

Engineering

6,988,772

–

–

6,988,772

Construction

Materials

912,530

–

–

912,530

Consumer

Finance

10,406,378

–

–

10,406,378

Consumer

Staples

Distribution

&

Retail

502,262

–

–

502,262

Diversified

Consumer

Services

3,441,735

–

–

3,441,735

Diversified

REITs

260,526

–

–

260,526

Diversified

Telecommunication

Services

601,266

–

–

601,266

Electric

Utilities

1,962,976

–

–

1,962,976

Electrical

Equipment

4,808,740

–

–

4,808,740

Electronic

Equipment,

Instruments

&

Components

5,364,205

–

–

5,364,205

Energy

Equipment

&

Services

7,547,042

–

–

7,547,042

Entertainment

1,416,657

–

–

1,416,657

Financial

Services

6,074,387

–

–

6,074,387

Gas

Utilities

395,872

–

–

395,872

Ground

Transportation

4,235,990

–

–

4,235,990

Health

Care

Equipment

&

Supplies

9,216,005

–

–

9,216,005

Health

Care

Providers

&

Services

8,801,648

–

–

8,801,648

Health

Care

Technology

4,401,908

–

–

4,401,908

Hotel

&

Resort

REITs

8,674,865

–

–

8,674,865

Hotels,

Restaurants

&

Leisure

5,414,131

–

–

5,414,131

Household

Durables

11,031,835

–

–

11,031,835

Independent

Power

and

Renewable

Electricity

Producers

1,340,273

–

–

1,340,273

Insurance

13,844,578

–

–

13,844,578

Interactive

Media

&

Services

221,638

–

–

221,638

IT

Services

3,407,771

–

–

3,407,771

Leisure

Products

719,530

–

–

719,530

Life

Sciences

Tools

&

Services

3,273,945

–

–

3,273,945

Machinery

8,160,416

–

–

8,160,416

Media

2,132,916

–

–

2,132,916

Metals

&

Mining

10,075,044

–

–

10,075,044

Office

REITs

2,333,578

–

–

2,333,578

Oil,

Gas

&

Consumable

Fuels

24,729,168

–

–

24,729,168

Paper

&

Forest

Products

904,655

–

–

904,655

Passenger

Airlines

514,319

–

–

514,319

Personal

Care

Products

3,069,561

–

–

3,069,561

Pharmaceuticals

1,795,424

–

–

1,795,424

Professional

Services

3,978,005

–

–

3,978,005

Real

Estate

Management

&

Development

1,867,231

–

–

1,867,231

Semiconductors

&

Semiconductor

Equipment

9,492,955

–

–

9,492,955

Software

24,436,019

–

–

24,436,019

Specialty

Retail

4,047,125

–

–

4,047,125

Technology

Hardware,

Storage

&

Peripherals

2,395,730

–

–

2,395,730

Textiles,

Apparel

&

Luxury

Goods

4,296,859

–

–

4,296,859

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

71

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:

Tobacco

$

847,742

$

–

$

–

$

847,742

Trading

Companies

&

Distributors

9,568,227

–

–

9,568,227

Wireless

Telecommunication

Services

132,782

–

–

132,782

Total

Common

Stocks

$

315,891,349

$

–

$

–

$

315,891,349

Repurchase

Agreements

–

14,631,624

–

14,631,624

Rights

–

–

–

–

Total

$

315,891,349

$

14,631,624

$

–

$

330,522,973

As

of

September

30,

2023,

the

Fund

held

two

common

stock

investments

and

one

rights

investment

that

were

categorized

as

Level

3

inves

tments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

72

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Real

Estate

Fund

Common

Stocks

98.9%

Shares

Value

($)

Construction

&

Engineering

0.6%

WillScot

Mobile

Mini

Holdings

Corp.*

25,022

1,040,665

Diversified

REITs

3.1%

American

Assets

Trust,

Inc.

95,853

1,864,341

Empire

State

Realty

Trust,

Inc.,

Class

A

498,939

4,011,469

5,875,810

Health

Care

REITs

10.6%

CareTrust

REIT,

Inc.

241,841

4,957,741

Omega

Healthcare

Investors,

Inc.

117,851

3,907,939

Welltower,

Inc.

140,561

11,514,757

20,380,437

Hotel

&

Resort

REITs

1.5%

Ryman

Hospitality

Properties,

Inc.

34,754

2,894,313

Hotels,

Restaurants

&

Leisure

2.0%

Hyatt

Hotels

Corp.,

Class

A

26,933

2,857,053

Wynn

Resorts

Ltd.

10,335

955,057

3,812,110

Industrial

REITs

17.0%

EastGroup

Properties,

Inc.

38,399

6,394,585

Plymouth

Industrial

REIT,

Inc.

162,236

3,398,844

Prologis,

Inc.

204,471

22,943,691

32,737,120

Office

REITs

3.4%

Kilroy

Realty

Corp.

83,251

2,631,564

SL

Green

Realty

Corp.

105,255

3,926,012

6,557,576

Real

Estate

Management

&

Development

3.9%

CBRE

Group,

Inc.,

Class

A*

38,914

2,874,188

Corp.

Inmobiliaria

Vesta

SAB

de

CV,

ADR-MX

88,631

2,913,301

Tricon

Residential,

Inc.

237,400

1,756,760

7,544,249

Common

Stocks

Shares

Value

($)

Residential

REITs

16.3%

American

Homes

4

Rent,

Class

A

200,168

6,743,660

AvalonBay

Communities,

Inc.

63,661

10,933,140

Essex

Property

Trust,

Inc.

23,081

4,895,249

UDR,

Inc.

122,876

4,382,987

Veris

Residential,

Inc.

263,957

4,355,291

31,310,327

Retail

REITs

12.3%

Brixmor

Property

Group,

Inc.

339,556

7,055,974

Getty

Realty

Corp.

93,635

2,596,498

Kite

Realty

Group

Trust

68,678

1,471,083

Phillips

Edison

&

Co.,

Inc.

118,016

3,958,256

Simon

Property

Group,

Inc.

41,392

4,471,578

Tanger

Factory

Outlet

Centers,

Inc.

183,762

4,153,021

23,706,410

Specialized

REITs

28.2%

American

Tower

Corp.

10,920

1,795,794

CubeSmart

75,923

2,894,944

Digital

Realty

Trust,

Inc.

47,228

5,715,532

EPR

Properties

73,976

3,072,963

Equinix,

Inc.

22,757

16,527,499

Iron

Mountain,

Inc.

95,340

5,667,963

Public

Storage

40,055

10,555,294

VICI

Properties,

Inc.,

Class

A

240,589

7,001,140

Weyerhaeuser

Co.

29,745

911,982

54,143,111

Total

Investments

(cost

$172,465,916)

—

98.9%

190,002,128

Other

assets

in

excess

of

liabilities

—

1.1%

2,178,894

NET

ASSETS

—

100.0%

$

192,181,022

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

MX

Mexico

REIT

Real

Estate

Investment

Trust

NVIT

Real

Estate

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

73

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

190,002,128

$

–

$

–

$

190,002,128

Total

$

190,002,128

$

–

$

–

$

190,002,128

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

7.8%

Principal

Amount

($)

Value

($)

Airlines

0.9%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

273,000

237,207

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

2,025,381

1,691,193

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

230,801

223,432

2,151,832

Automobiles

2.2%

Ford

Credit

Auto

Lease

Trust,

Series

2023-B,

Class

C,

6.43%,

4/15/2027

985,000

983,244

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(a)

600,000

559,373

Series

2021-2,

Class

F,

4.19%,

2/15/2029(a)

490,000

458,254

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(a)

1,560,000

1,456,284

Series

2021-3,

Class

F,

3.69%,

2/26/2029(a)

1,000,000

885,836

Santander

Bank

Auto

Credit-

Linked

Notes,

Series

2022-A,

Class

D,

9.97%,

5/15/2032(a)

1,075,000

1,038,675

5,381,666

Credit

Card

0.5%

Continental

Credit

Card

ABS

LLC,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026(a)

1,200,000

1,156,567

Equipment

Loans

&

Leases

0.3%

NMEF

Funding

LLC,

Series

2023-A,

Class

C,

8.04%,

6/17/2030(a)

750,000

731,101

Other

3

.9%

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

E,

8.85%,

11/15/2036(a)(b)

1,500,000

1,392,781

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

8.00%,

10/16/2036(a)(b)

1,435,000

1,359,635

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

2,100,000

1,788,559

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

1,710,000

1,373,344

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(a)

780,000

627,839

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

7.69%,

2/20/2030(a)(b)

650,000

638,284

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2019-1A,

Class

D,

4.75%,

1/20/2036(a)

114,366

110,450

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

912,898

Tricon

American

Homes

Trust,

Series

2017-SFR2,

Class

F,

5.10%,

1/17/2036(a)

1,300,000

1,290,284

9,494,074

Total

Asset-Backed

Securities

(cost

$20,716,303)

18,915,240

Collateralized

Mortgage

Obligations

14.2%

Bellemeade

Re

Ltd.,

Series

2021-3A,

Class

B1,

9.16%,

9/25/2031(a)(b)

2,100,000

2,064,897

Connecticut

Avenue

Securities

Trust

Series

2023-R03,

Class

2M1,

7.81%,

4/25/2043(a)

(b)

942,943

953,813

Series

2023-R06,

Class

1M1,

7.01%,

7/25/2043(a)

(b)

985,334

985,334

Eagle

RE

Ltd.

Series

2023-1,

Class

M1B,

0.00%,

9/26/2033(a)(b)

2,380,000

2,380,000

Series

2021-2,

Class

M2,

9.56%,

4/25/2034(a)(b)

2,690,000

2,730,377

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.24%,

7/25/2051(a)(b)

618,931

422,350

FHLMC

STACR

REMIC

Trust,

Series

2020-DNA6,

Class

B2,

10.96%,

12/25/2050(a)

(b)

2,115,000

2,181,093

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

16.43%,

10/25/2048(a)

(b)

2,800,000

3,440,814

Series

2019-DNA3,

Class

B2,

13.58%,

7/25/2049(a)(b)

1,360,000

1,508,105

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2023-DNA2,

Class

M1A,

7.41%,

4/25/2043(a)

(b)

1,126,965

1,137,525

Series

2020-HQA5,

Class

B2,

12.71%,

11/25/2050(a)

(b)

1,140,000

1,251,451

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.20%,

6/1/2051(a)(b)

84,762,665

861,909

GCAT

Trust,

Series

2021-

CM1,

Class

M1,

2.28%,

4/25/2065(a)(b)

805,000

614,291

2

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,897,960

350,448

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

954,339

167,434

Home

RE

Ltd.,

Series

2020-

1,

Class

B1,

12.43%,

10/25/2030(a)(b)

300,000

305,538

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.23%,

7/25/2051(a)(b)

28,333,750

305,874

JP

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

52,452,454

306,558

Series

2021-8,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

47,294,292

258,492

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

9.78%,

7/25/2029(a)(b)

3,270,000

3,332,400

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

9.71%,

4/25/2034(a)(b)

1,390,000

1,397,842

Radnor

RE

Ltd.

Series

2023-1,

Class

M1A,

8.01%,

7/25/2033(a)(b)

1,930,000

1,939,577

Series

2023-1,

Class

M1B,

9.66%,

7/25/2033(a)(b)

510,000

513,825

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

15.93%,

2/25/2047(a)(b)

2,000,000

2,307,391

Towd

Point

Mortgage

Trust,

Series

2022-SJ1,

Class

B1,

5.25%,

3/25/2062(a)(b)

1,829,000

1,533,336

Triangle

Re

Ltd.,

Series

2021-3,

Class

B1,

10.26%,

2/25/2034(a)(b)

910,000

905,517

Visio

Trust,

Series

2020-

1R,

Class

M1,

2.93%,

11/25/2055(a)

490,000

399,732

Total

Collateralized

Mortgage

Obligations

(cost

$32,940,760)

34,555,923

Commercial

Mortgage-Backed

Securities

7.4%

BX

Trust,

Series

2021-

ARIA,

Class

D,

7.34%,

10/15/2036(a)(b)

1,700,000

1,622,112

Commercial

Mortgage

Trust,

Series

2015-CR26,

Class

D,

3.61%,

10/10/2048(b)

3,000,000

1,996,165

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

9.06%,

1/25/2051(a)(b)

1,275,000

1,226,911

Series

2021-MN3,

Class

M2,

9.31%,

11/25/2051(a)

(b)

1,615,000

1,532,594

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

7.55%,

10/15/2036(a)(b)

700,000

647,644

Series

2021-IP,

Class

E,

9.00%,

10/15/2036(a)(b)

300,000

270,804

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C2,

Class

D,

3.48%,

6/15/2049(a)(b)

2,500,000

1,053,563

Med

Trust,

Series

2021-

MDLN,

Class

F,

9.45%,

11/15/2038(a)(b)

1,084,794

1,029,997

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.34%,

4/15/2048(a)(b)

2,000,000

1,395,171

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,203,083

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

715,000

509,809

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

CE,

14.18%,

10/25/2049(a)(b)

2,136,000

2,067,542

SLG

Office

Trust,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(a)

3,425

,000

2,366,024

Total

Commercial

Mortgage-Backed

Securities

(cost

$22,182,109)

17,921,419

Common

Stocks

0.2%

Shares

Paper

&

Forest

Products

0.0%

†

Catalyst

Paper

Corp.

*^∞

344,368

0

Passenger

Airlines

0.2%

Grupo

Aeromexico

SAB

de

CV

*^∞

43,743

401,600

Total

Common

Stocks

(cost

$729,291)

401,600

Convertible

Bond

0.6%

Principal

Amount

($)

Passenger

Airlines

0.6%

Air

Canada,

4.00%,

7/1/2025

1,377,000

1,542,529

Total

Convertible

Bond

(cost

$1,424,486)

1,542,529

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Convertible

Preferred

Stock

0.4%

Principal

Amount

($)

Value

($)

Banks

0.4%

Wells

Fargo

&

Co.,

7.50%

902

1,005,730

Total

Convertible

Preferred

Stock

(cost

$1,268,738)

1,005,730

Corporate

Bonds

56.9%

Air

Freight

&

Logistics

0.3%

Rand

Parent

LLC

,

8.50%,

2/15/2030(a)(c)

850,000

786,336

Western

Global

Airlines

LLC

,

10.38%,

8/15/2025(a)(d)

1,530,000

1,912

788,248

Automobile

Components

0.5%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)(c)

1,247,000

1,169,062

Automobiles

0.7%

Hyundai

Capital

America

,

5.68%,

6/26/2028(a)(c)

950,000

928,772

6.20%,

9/21/2030(a)

770,000

758,423

1,687,195

Banks

14.5%

Banco

Santander

SA

,

6.92%,

8/8/2033(c)

800,000

764,387

Bank

of

America

Corp.

,

(SOFR

+

1.84%),

5.87%,

9/15/2034(c)(e)

1,175,000

1,143,487

Bank

of

Nova

Scotia

(The)

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

4.59%,

5/4/2037(e)

2,695,000

2,246,152

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)(e)

1,845,000

1,892,90

0

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.00%),

5.75%,

8/9/2033(c)(e)

1,155,000

1,065,909

CaixaBank

SA

,

(SOFR

+

2.77%),

6.84%,

9/13/2034(a)(e)

1,280,000

1,253,734

Citigroup,

Inc.

,

(SOFR

+

2.66%),

6.17%,

5/25/2034(e)

1,110,000

1,060,742

Comerica

Bank

,

(SOFR

+

2.61%),

5.33%,

8/25/2033(e)

989,000

815,597

Federation

des

Caisses

Desjardins

du

Quebec

,

5.70%,

3/14/2028(a)(c)

1,200,000

1,184,539

HSBC

Holdings

plc

,

(SOFR

+

3.35%),

7.39%,

11/3/2028(e)

1,820,000

1,882,867

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(e)(f)

2,408,000

1,552,429

(SOFR

+

2.09%),

6.11%,

9/11/2034(c)(e)

285,000

276,767

Intesa

Sanpaolo

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

4.40%),

8.25%,

11/21/2033(a)(e)

1,380,000

1,390,084

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.90%),

7.78%,

6/20/2054(a)(e)

955,000

860,039

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.91%),

8.00%,

9/27/2029(e)(f)

1,000,000

896,466

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

4.98%,

8/11/2033(c)(e)

855,000

758,750

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(e)

1,407,000

1,455,300

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(e)

1,815,000

1,366,002

Nordea

Bank

Abp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%,

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

1,525,000

1,108,880

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(c)(e)

535,000

485,164

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.20%),

6.22%,

6/15/2033(a)(e)

2,300,000

2,082,908

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.95%),

6.69%,

1/10/2034(a)(e)

200,000

194,136

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

4.03%,

1/21/2043(a)(e)

1,255,000

787,417

4

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.58%),

6.30%,

7/6/2034(a)(e)

1,020,000

983,944

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(e)

2,350,000

1,993,546

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

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

3,000,000

2,730,483

US

Bancorp

,

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)(e)

1,240,000

1,079,270

(SOFR

+

2.09%),

5.85%,

10/21/2033(c)(e)

1,995,000

1,888,510

Wells

Fargo

&

Co.

,

(SOFR

+

1.99%),

5.56%,

7/25/2034(c)(e)

120,000

113,626

35,314,035

Building

Products

0.1%

Fortune

Brands

Innovations,

Inc.

,

4.50%,

3/25/2052

335,000

246,762

Capital

Markets

4.2%

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(e)

1,310,000

1,167,231

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(e)

695,000

649,600

Nomura

Holdings,

Inc.

,

5.61%,

7/6/2029

2,400,000

2,324,901

Northern

Trust

Corp.

,

6.13%,

11/2/2032(c)

2,870,000

2,833,845

State

Street

Corp.

,

(SOFR

+

1.89%),

5.16%,

5/18/2034(c)(e)

1,568,000

1,458,267

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

5.96%,

1/12/2034(a)(e)

1,890,000

1,812,899

10,246,743

Chemicals

1.3%

Albemarle

Corp.

,

5.05%,

6/1/2032(c)

730,000

662,275

5.65%,

6/1/2052(c)

1,016,000

848,748

OCI

NV

,

6.70%,

3/16/2033(a)

1,765,000

1,684,082

3,195,105

Consumer

Finance

5.2%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

1,090,000

866,454

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Ally

Financial,

Inc.

,

(SOFR

+

3.26%),

6.99%,

6/13/2029(e)

1,040,000

1,017,634

8.00%,

11/1/2031

1,219,000

1,230,745

Avation

Capital

SA

,

6.50%,

10/31/2026(a)(g)

2,083,147

1,760,983

Avolon

Holdings

Funding

Ltd.

,

6.38%,

5/4/2028(a)(c)

1,485,000

1,459,018

Capital

One

Financial

Corp.

,

(SOFR

+

2.60%),

5.82%,

2/1/2034(e)

480,000

432,575

(SOFR

+

2.86%),

6.38%,

6/8/2034(e)

1,260,000

1,189,082

Ford

Motor

Credit

Co.

LLC

,

2.90%,

2/10/2029(c)

3,000,000

2,462,089

General

Motors

Financial

Co.,

Inc.

,

6.40%,

1/9/2033(c)

2,340,000

2,285,255

12,703,835

Diversified

REITs

0.6%

Uniti

Group

LP

,

6.00%,

1/15/2030(a)

2,200,000

1,397,000

Diversified

Telecommunication

Services

1.2%

Altice

France

SA

,

5.13%,

1/15/2029(a)

200,000

142,205

5.13%,

7/15/2029(a)(c)

1,785,000

1,268,967

Total

Play

Telecomunicaciones

SA

de

CV

,

6.38%,

9/20/2028(a)

1,355,000

670,454

Windstream

Escrow

LLC

,

7.75%,

8/15/2028(a)(c)

1,135,000

902,058

2,983,684

Electric

Utilities

1.8%

Enel

Finance

International

NV

,

5.00%,

6/15/2032(a)

2,050,000

1,854,590

Light

Servicos

de

Eletricidade

SA

,

4.38%,

6/18/2026(a)(d)

1,730,000

771,031

Monongahela

Power

Co.

,

5.85%,

2/15/2034(a)

315,000

309,184

Vistra

Operations

Co.

LLC

,

7.75%,

10/15/2031(a)

1,195,000

1,177,128

6.95%,

10/15/2033(a)

295,000

289,346

4,401,279

Electrical

Equipment

0.8%

Energizer

Gamma

Acquisition

BV

,

3.50%,

6/30/2029(a)

EUR

1,080,000

910,139

Regal

Rexnord

Corp.

,

6.30%,

2/15/2030(a)

1,030,000

994,952

1,905,091

Financial

Services

4.4%

Alamo

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.18%),

12.62%,

6/7/2024(a)(e)

450,000

443,745

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Alamo

Re

Ltd.,

Series

A,

(T-BILL

1MO

+

8.50%),

13.94%,

6/7/2026(a)(e)

450,000

457,335

Aquila

Re

I

Ltd.

,

Series

A-1,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.46%,

6/8/2026(a)(e)

450,000

454,815

Series

C-1,

(3

Month

Treasury

Bill

Rate

+

9.25%),

14.46%,

6/8/2026(a)(e)

450,000

464,985

Atlas

Capital

DAC

,

Series

A,

(SOFR

+

7.25%),

12.58%,

6/5/2026(a)(e)

450,000

454,230

Black

Kite

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.90%),

12.32%,

6/9/2025(a)(e)

450,000

443,925

Cape

Lookout

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

6.50%),

11.97%,

4/28/2026(a)(e)

450,000

457,695

Citrus

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.75%),

12.10%,

6/7/2026(a)(e)

450,000

458,955

Easton

Re

Pte.

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.53%),

9.97%,

1/8/2024(a)(e)

400,000

400,600

Four

Lakes

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.50%),

11.77%,

1/7/2026(a)(e)

450,000

449,640

Gateway

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

13.00%),

18.44%,

2/24/2026(a)(e)

450,000

473,535

Hypatia

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.50%),

14.91%,

4/8/2026(a)(e)

450,000

468,450

Lightning

Re

,

Series

2023,

(3

Month

Treasury

Bill

Rate

+

11.00%),

16.44%,

3/31/2026(a)(e)

400,000

418,040

Locke

Tavern

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.75%),

4.75%,

4/9/2026(a)(e)

450,000

457,560

Long

Point

Re

IV

Ltd.

,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

4.25%),

9.70%,

6/1/2026(a)(e)

450,000

447,300

Mona

Lisa

Re

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

12.50%),

17.77%,

1/8/2026(a)(e)

450,000

481,500

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Mystic

Re

IV

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

11.60%),

11.69%,

1/8/2025(a)(e)

450,000

436,905

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.25%),

14.52%,

1/8/2026(a)(e)

450,000

459,945

Queen

Street

2023

RE

DAC

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.50%),

12.94%,

12/8/2025(a)(e)

450,000

462,645

Sanders

Re

III

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.50%),

8.96%,

4/7/2026(a)(e)

450,000

425,970

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.00%),

13.47%,

6/5/2026(a)(e)

450,000

466,740

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.21%,

4/7/2027(a)(e)

450,000

445,950

Sussex

Capital

UK

Pcc

Ltd.

,

(3

Month

Treasury

Bill

Rate

+

8.38%),

13.72%,

1/8/2025(a)(e)

450,000

432,720

Ursa

Re

Ltd.

,

Series

Aa,

(3

Month

Treasury

Bill

Rate

+

5.50%),

10.89%,

12/6/2025(a)(e)

450,000

453,915

10,817,100

Food

Products

1.4%

JBS

USA

LUX

SA

,

5.75%,

4/1/2033(c)

645,000

589,893

6.50%,

12/1/2052(c)

1,285,000

1,150,455

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)

2,245,000

1,737,293

3,477,641

Gas

Utilities

0.7%

KeySpan

Gas

East

Corp.

,

5.99%,

3/6/2033(a)

1,770,000

1,708,107

Ground

Transportation

0.3%

Ashtead

Capital,

Inc.

,

5.95%,

10/15/2033(a)(c)

700,000

664,550

Health

Care

Providers

&

Services

0.3%

CVS

Health

Corp.

,

5.25%,

2/21/2033(c)

805,000

762,664

Health

Care

REITs

0.7%

MPT

Operating

Partnership

LP

,

3.50%,

3/15/2031

2,550,000

1,592,398

Hotels,

Restaurants

&

Leisure

1.1%

Deuce

Finco

plc

,

5.50%,

6/15/2027(a)

GBP

655,000

700,748

Grupo

Posadas

SAB

de

CV

,

5.00%,

12/30/2027(a)(c)

(g)(h)

1,529,690

1,273,021

6

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5.63%,

2/15/2029(a)(c)

910,000

823,550

2,797,319

Insurance

4.0%

Bonanza

RE

Ltd.

,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.14%,

3/16/2025(a)(e)

250,000

175,000

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.25%),

13.64%,

1/8/2026(a)(e)

450,000

452,475

Farmers

Exchange

Capital

III

,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(e)

2,010,000

1,710,863

First

Coast

Re

IV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.00%),

9.00%,

4/7/2026(a)(e)

400,000

400,920

FloodSmart

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

16.25%),

21.67%,

3/11/2026(a)(e)

800,000

826,960

Integrity

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

12.00%),

17.44%,

6/6/2025(a)(e)

400,000

418,960

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

714,200

Merna

Reinsurance

II

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.75%),

13.20%,

7/7/2026(a)(e)

400,000

405,440

Series

B,

(3

Month

Treasury

Bill

Rate

+

10.25%),

15.70%,

7/7/2026(a)(e)

450,000

479,610

Metropolitan

Life

Global

Funding

I

,

5.15%,

3/28/2033(a)

1,145,000

1,084,258

Mutual

of

Omaha

Insurance

Co.

,

(ICE

LIBOR

USD

3

Month

+

2.64%),

4.30%,

7/15/2054(a)(e)

170,000

165,873

Residential

Reinsurance

2020

Ltd.

,

Series

3,

(3

Month

Treasury

Bill

Rate

+

8.24%),

13.66%,

12/6/2024(a)(e)

416,000

413,005

Solomon

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.69%,

6/8/2026(a)(e)

450,000

457,425

Titania

RE

Ltd.

,

Series

A,

(T-BILL

1MO

+

12.25%),

17.70%,

2/27/2026(a)(e)

450,000

483,255

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Torrey

Pines

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.00%),

10.45%,

6/5/2026(a)(e)

450,000

455,400

Torrey

Pines

Re

Pte.

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.18%),

9.37%,

6/7/2024(a)(e)

250,000

242,850

Vitality

Re

XII

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

2.75%),

8.21%,

1/7/2025(a)(e)

250,000

245,150

Vitality

Re

XIII

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.00%),

7.28%,

1/6/2026(a)(e)

450,000

441,225

Series

B,

(3

Month

Treasury

Bill

Rate

+

2.75%),

8.21%,

1/6/2026(a)(e)

250,000

241,250

9,814,119

Machinery

1.0%

Nordson

Corp.

,

5.60%,

9/15/2028

2,350,000

2,327,439

Media

1.1%

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)(c)

2,384,000

1,822,888

CSC

Holdings

LLC

,

4.63%,

12/1/2030(a)

1,400,000

744,314

5.00%,

11/15/2031(a)

300,000

160,793

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(d)

693,000

13,860

2,741,855

Metals

&

Mining

0.0%

†

ATI,

Inc.

,

7.25%,

8/15/2030(c)

48,000

47,640

Multi-Utilities

0.4%

Algonquin

Power

&

Utilities

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.75%,

1/18/2082(e)

1,330,000

1,083,950

Office

REITs

1.0%

Corporate

Office

Properties

LP

,

2.90%,

12/1/2033(c)

3,150,000

2,206,578

Highwoods

Realty

LP

,

3.05%,

2/15/2030

79,000

60,713

2.60%,

2/1/2031

83,000

59,596

2,326,887

Oil,

Gas

&

Consumable

Fuels

4.9%

Aker

BP

ASA

,

6.00%,

6/13/2033(a)

2,005,000

1,937,787

Civitas

Resources,

Inc.

,

8.38%,

7/1/2028(a)

840,000

854,700

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Enbridge,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.43%),

8.50%,

1/15/2084(e)

990,000

981,853

Energy

Transfer

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(e)(f)

1,173,000

1,011,326

Golar

LNG

Ltd.

,

7.00%,

10/20/2025(a)

688,751

677,387

International

Petroleum

Corp.

,

Reg.

S,

7.25%,

2/1/2027(a)

(c)

1,154,000

1,077,836

MC

Brazil

Downstream

Trading

SARL

,

7.25%,

6/30/2031(a)

2,116,091

1,622,809

Midwest

Connector

Capital

Co.

LLC

,

4.63%,

4/1/2029(a)

481,000

439,624

Petroleos

Mexicanos

,

6.70%,

2/16/2032

2,047,000

1,519,222

SCC

Power

plc

,

8.00%,

12/31/2028(a)(g)

1,902,399

727,139

0.00%,

5/17/2032(a)(g)

1,030,465

114,382

Tullow

Oil

plc

,

10.25%,

5/15/2026(a)

1,106,000

961,114

11,925,179

Passenger

Airlines

1.6%

ABRA

Global

Finance

,

6.00%,

3/2/2028(a)(g)

1,144,849

911,808

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)

345,000

320,867

Grupo

Aeromexico

SAB

de

CV

,

8.50%,

3/17/2027(a)

1,115,000

1,044,197

VistaJet

Malta

Finance

plc

,

7.88%,

5/1/2027(a)(c)

810,000

697,613

6.38%,

2/1/2030(a)(c)

1,192,000

920,647

3,895,132

Personal

Care

Products

0.4%

Coty,

Inc.

,

5.75%,

9/15/2028(a)

EUR

895,000

948,567

Pharmaceuticals

0.0%

†

Tricida,

Inc.

,

3.50%,

5/15/2027∞

2,520,000

0

Real

Estate

Management

&

Development

0.4%

Kennedy-Wilson,

Inc.

,

4.75%,

2/1/2030

1,160,000

865,493

Residential

REITs

0.9%

Sun

Communities

Operating

LP

,

5.70%,

1/15/2033(c)

2,305,000

2,178,027

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

0.3%

Foundry

JV

Holdco

LLC

,

5.88%,

1/25/2034(a)

660,000

630,466

Wireless

Telecommunication

Services

0.8%

T-Mobile

USA,

Inc.

,

5.05%,

7/15/2033

1,770,000

1,642,225

5.75%,

1/15/2034

225,000

219,493

1,861,718

Total

Corporate

Bonds

(cost

$156,620,890)

138,504,290

Foreign

Government

Security

0.3%

SERBIA

0.3%

Republic

of

Serbia,

2.05%,

9/23/2036(a)

EUR

1,225,000

764,775

Total

Foreign

Government

Security

(cost

$1,400,414)

764,775

Loan

Participations

0.6%

Media

0.6%

Radiate

Holdco

LLC,

Term

Loan

B,

(SOFR

+

3.25%),

8.68%,

9/25/2026

(e)

1,655,513

1,350,203

0

Oil

&

Gas

Services

0.0%

†

ProFrac

Holdings

II

LLC,

Term

Loan,

(SOFR

+

7.25%),

12.78%,

3/4/2025

(e)

73,963

73,870

0

Total

Loan

Participations

(cost

$1,727,525)

1,424,073

Warrants

0.0

%

†

Number

of

Warrants

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026

*

35,000

20,196

Total

Warrants

(cost

$0)

20,196

Repurchase

Agreements

5.6%

Principal

Amount

($)

Value

($)

Bank

of

America

NA

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,442,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$1,020,000.

(i)

1,000,000

1,000,000

8

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$2,040,002.

(i)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$7,780,021,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$7,932,104.

(i)

7,776,573

7,776,573

Pershing

LLC

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$3,001,333,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$3,060,000.

(i)

3,000,000

3,000,00

0

Total

Repurchase

Agreements

(cost

$13,776,573)

13,776,573

Total

Investments

(cost

$252,787,089)

—

94.0%

228,832,348

Other

assets

in

excess

of

liabilities

—

6.0%

14,670,016

NET

ASSETS

—

100.0%

$

243,502,364

*

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,

2023

was

$145,991,418

which

represents

59.96%

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,

2023.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$24,811,202,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$13,776,573

and

by

$11,965,335

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$25,741,908.

(d)

Security

in

default.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2023.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2023.

The

maturity

date

reflects

the

next

call

date.

(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.

(h)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2023.

(i)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2023

was

$13,776,573.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

2023

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

40-V1

5.00

Quarterly

6/20/2028

4.54

USD

69,600,000

(1,132,598)

(139,479)

(1,272,077)

Markit

CDX

North

American

Investment

Grade

Index

Series

40-V1

1.00

Quarterly

6/20/2028

0.68

USD

23,500,000

(204,321)

(118,118)

(322,439)

(1,336,919)

(257,597)

(1,594,516)

As

of

September

30,

2023,

the

Fund

had

$3,869,989

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

10

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

2,677,936

EUR

2,511,150

JPMorgan

Chase

Bank

10/25/2023

20,553

USD

684,103

GBP

556,985

Brown

Brothers

Harriman

Co.

10/25/2023

4,431

Total

unrealized

appreciation

24,984

USD

61,325

MXN

1,098,151

Bank

of

America

NA

12/19/2023

(857)

USD

488,907

MXN

8,747,683

Morgan

Stanley

Co.,

Inc.

12/19/2023

(6,426)

Total

unrealized

depreciation

(7,283)

Net

unrealized

appreciation

17,701

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

106

12/2023

USD

21,487,359

(56,029)

U.S.

Treasury

5

Year

Note

26

12/2023

USD

2,739,344

(2,503)

U.S.

Treasury

Long

Bond

53

12/2023

USD

6,030,406

(318,676)

Total

long

contracts

(377,208)

Short

Contracts

Euro-Bobl

(14)

12/2023

EUR

(1,713,274)

22,036

Euro-Bund

(29)

12/2023

EUR

(3,944,135)

112,513

U.S.

Treasury

10

Year

Note

(29)

12/2023

USD

(3,133,812)

56,177

U.S.

Treasury

10

Year

Ultra

Note

(421)

12/2023

USD

(46,967,812)

1,389,803

U.S.

Treasury

Ultra

Bond

(43)

12/2023

USD

(5,103,562)

386,633

Total

short

contracts

1,967,162

Net

contracts

1,589,954

As

of

September

30,

2023,

the

Fund

had

$1,465,177

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,

2023

(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.

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.

12

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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.

(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. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

18,915,240

$

–

$

18,915,240

Collateralized

Mortgage

Obligations

–

34,555,923

–

34,555,923

Commercial

Mortgage-Backed

Securities

–

17,921,419

–

17,921,419

Common

Stocks

–

–

401,600

401,600

Convertible

Bond

–

1,542,529

–

1,542,529

Convertible

Preferred

Stock

1,005,730

–

–

1,005,730

Corporate

Bonds

–

138,504,290

–

138,504,290

Foreign

Government

Security

–

764,775

–

764,775

Forward

Foreign

Currency

Contracts

–

24,984

–

24,984

Futures

Contracts

1,967,162

–

–

1,967,162

Loan

Participations

–

1,424,073

–

1,424,073

Repurchase

Agreements

–

13,776,573

–

13,776,573

Warrants

20,196

–

–

20,196

Total

Assets

$

2,993,088

$

227,429,806

$

401,600

$

230,824,494

Liabilities:

Credit

Default

Swaps†

$

–

$

(257,597)

$

–

$

(

257,597)

Forward

Foreign

Currency

Contracts

–

(7,283)

–

(7,283)

Futures

Contracts

(377,208)

–

–

(377,208)

Total

Liabilities

$

(377,208)

$

(264,880)

$

–

$

(642,088)

Total

$

2,615,880

$

227,164,926

$

401,600

$

230,182,406

†

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,

2023,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Common

Stocks

Total

Balance

as

of

12/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

42,434

42,434

Transfers

into

Level

3

359,166

359,166

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2023

$

401,600

$

401,600

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2023

$

42,434

$

42,434

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

13

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and 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,

2023

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

14

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

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,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

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.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

24,984

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

1,967,162

Total

$

1,992,146

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(257,597)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(7,283)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(377,208)

Total

$

(642,088)

†

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,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Asset-Backed

Securities

8.5%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

35,558

34,423

Automobiles

1.5%

AmeriCredit

Automobile

Receivables

Trust

Series

2022-1,

Class

A2,

2.05%,

1/20/2026

108,299

108,090

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,814,000

1,771,434

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2020-1A,

Class

A,

2.33%,

8/20/2026(a)

2,475,000

2,319,088

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

1,496,000

1,496,907

Credit

Acceptance

Auto

Loan

Trust,

Series

2022-

3A,

Class

A,

6.57%,

10/15/2032(a)

1,765,000

1,767,575

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

2,644,000

2,625,002

Ford

Credit

Auto

Owner

Trust,

Series

2022-C,

Class

A4,

4.59%,

12/15/2027

4,071,000

3,978,570

Santander

Drive

Auto

Receivables

Trust

Series

2022-1,

Class

B,

2.36%,

8/17/2026

4,273,000

4,213,895

Series

2022-5,

Class

A3,

4.11%,

8/17/2026

1,539,659

1,529,302

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A2A,

5.89%,

3/22/2027(a)

2,018,000

2,015,038

Tesla

Auto

Lease

Trust,

Series

2023-B,

Class

A3,

6.13%,

9/21/2026(a)

4,393,000

4,391,045

26,215,946

Equipment

Loans

&

Leases

0.3%

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

652,619

646,416

Daimler

Trucks

Retail

Trust,

Series

2023-1,

Class

A3,

5.90%,

3/15/2027

4,184,000

4,184,131

4,830,547

Other

6.2%

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

A1,

6.63%,

4/21/2035(a)(b)

8,660,000

8,567,485

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

7.09%,

4/15/2034(a)(b)

5,600,000

5,483,716

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(a)

4,008,000

3,451,827

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2I,

2.05%,

11/20/2051(a)

4,112,745

3,600,194

Flexential

Issuer,

Series

2021-1A,

Class

A2,

3.25%,

11/27/2051(a)

4,941,000

4,326,428

Fortress

Credit

Opportunities

IX

CLO

Ltd.,

Series

2017-

9A,

Class

A1TR,

7.12%,

10/15/2033(a)(b)

7,250,000

7,057,309

Hilton

Grand

Vacations

Trust

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

483,411

463,087

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

978,833

983,668

Marlette

Funding

Trust,

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

458,760

456,927

MCF

CLO

IX

Ltd.,

Series

2019-1A,

Class

A1R,

6.81%,

7/17/2031(a)(b)

6,213,000

6,117,867

MF1

Ltd.

Series

2021-FL7,

Class

AS,

6.90%,

10/16/2036(a)(b)

6,378,500

6,176,380

Series

2022-FL8,

Class

A,

6.68%,

2/19/2037(a)(b)

4,332,500

4,266,037

Neuberger

Berman

Loan

Advisers

CLO

47

Ltd.,

Series

2022-47A,

Class

A,

6.61%,

4/14/2035(a)(b)

12,721,428

12,580,042

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

7,268,000

6,267,177

Pagaya

AI

Debt

Selection

Trust,

Series

2021-3,

Class

A,

1.15%,

5/15/2029(a)

106,368

105,972

PFS

Financing

Corp.,

Series

2021-B,

Class

A,

0.77%,

8/15/2026(a)

8,280,000

7,895,345

Purewest

Funding

LLC,

Series

2021-1,

Class

A1,

4.09%,

12/22/2036(a)

1,539,957

1,460,381

SBA

Tower

Trust,

2.59%,

10/15/2031(a)

3,130,000

2,389,162

Stratus

CLO

Ltd.,

Series

2021-3A,

Class

A,

6.54%,

12/29/2029(a)(b)

4,680,834

4,661,283

Textainer

Marine

Containers

VII

Ltd.

Series

2020-2A,

Class

A,

2.10%,

9/20/2045(a)

3,001,813

2,631,428

Series

2021-2A,

Class

A,

2.23%,

4/20/2046(a)

3,045,167

2,600,144

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

6.77%,

7/21/2034(a)(b)

1,450,000

1,436,335

Upstart

Securitization

Trust,

Series

2021-5,

Class

A,

1.31%,

11/20/2031(a)

484,204

476,841

Voya

CLO

Ltd.,

Series

2019-2A,

Class

A,

6.86%,

7/20/2032(a)(b)

14,600,000

14,578,713

108,033,748

Student

Loan

0.5%

Navient

Private

Education

Refi

Loan

Trust

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

5,422,696

4,538,556

Series

2021-GA,

Class

A,

1.58%,

4/15/2070(a)

5,364,529

4,527,807

9,066,363

Total

Asset-Backed

Securities

(cost

$155,602,726)

148,181,027

Collateralized

Mortgage

Obligations

1.2%

Angel

Oak

Mortgage

Trust,

Series

2019-6,

Class

A1,

2.62%,

11/25/2059(a)(b)

490,364

469,359

BRAVO

Residential

Funding

Trust,

Series

2023-

NQM5,

Class

A2,

6.86%,

6/25/2063(a)(c)

1,766,470

1,759,118

GCAT

Trust,

Series

2019-

NQM3,

Class

A1,

2.69%,

11/25/2059(a)(b)

763,127

700,981

GNMA

REMICS,

Series

2023-19,

Class

WB,

5.69%,

11/20/2051(b)

2,482,656

2,482,664

Imperial

Fund

Mortgage

Trust,

Series

2023-NQM1,

Class

A1,

5.94%,

2/25/2068(a)(c)

2,041,309

2,008,333

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM5,

Class

A1,

2.71%,

11/25/2059(a)(b)

1,104,495

982,733

Series

2022-NQM1,

Class

A1,

2.28%,

4/25/2061(a)(b)

8,036,943

6,583,025

Starwood

Mortgage

Residential

Trust,

Series

2021-3,

Class

A1,

1.13%,

6/25/2056(a)(b)

2,306,907

1,815,163

Towd

Point

Mortgage

Trust,

Series

2023-1,

Class

A1,

3.75%,

1/25/2063(a)

1,709,764

1,563,369

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

2.64%,

11/25/2059(a)(c)

295,494

281,324

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2021-3,

Class

A1,

1.05%,

6/25/2066(a)(b)

2,882,136

2,389,378

Total

Collateralized

Mortgage

Obligations

(cost

$23,844,202)

21,035,447

Commercial

Mortgage-Backed

Securities

0.8%

Citigroup

Commercial

Mortgage

Trust,

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

4,182,953

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

3,795,000

3,623,651

Series

2017-C39,

Class

A5,

3.42%,

9/15/2050

3,895,000

3,534,888

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

AS,

4.07%,

9/15/2057(b)

2,620,000

2,403,974

Total

Commercial

Mortgage-Backed

Securities

(cost

$15,561,268)

13,745,466

Corporate

Bonds

49.0%

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)

,

2.20%,

2/4/2026

4,607,000

4,230,072

3.63%,

2/1/2031

10,130,000

8,750,203

5.71%,

5/1/2040

1,560,000

1,439,260

5.81%,

5/1/2050

3,910,000

3,540,572

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028

3,388,000

3,107,078

Rolls-Royce

plc

,

5.75%,

10/15/2027(a)

3,620,000

3,492,787

TransDigm,

Inc.

,

6.25%,

3/15/2026(a)

705,000

692,719

7.50%,

3/15/2027

425,000

425,773

5.50%,

11/15/2027

610,000

571,173

6.75%,

8/15/2028(a)

863,000

849,614

27,099,251

Automobiles

0.7%

Ford

Motor

Co.

,

4.75%,

1/15/2043

360,000

262,779

5.29%,

12/8/2046(d)

360,000

273,724

General

Motors

Co.

,

6.80%,

10/1/2027

3,845,000

3,923,874

Stellantis

Finance

US,

Inc.

,

2.69%,

9/15/2031(a)

1,521,000

1,172,294

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

3,485,000

3,339,643

3.75%,

5/13/2030(a)

4,385,000

3,809,453

12,781,767

18

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

7.1%

Banco

Santander

SA

,

Reg.

S,

(USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

+

4.99%),

7.50%,

2/08/2024(e)(f)

1,200,000

1,167,240

5.59%,

8/8/2028

5,400,000

5,282,495

2.75%,

12/3/2030

4,400,000

3,278,660

Bank

of

America

Corp.

,

Series

JJ,

(CME

Term

SOFR

3

Month

+

3.55%),

5.13%,

6/20/2024(e)(f)

1,870,000

1,812,800

Series

X,

(CME

Term

SOFR

3

Month

+

3.97%),

6.25%,

9/05/2024(e)(f)

1,240,000

1,219,953

4.45%,

3/3/2026

4,155,000

4,001,807

Series

FF,

(CME

Term

SOFR

3

Month

+

3.19%),

5.88%,

3/15/2028(e)(f)

1,000,000

907,162

(CME

Term

SOFR

3

Month

+

1.77%),

3.71%,

4/24/2028(f)

3,125,000

2,878,103

(SOFR

+

2.15%),

2.59%,

4/29/2031(f)

4,605,000

3,700,537

(SOFR

+

1.32%),

2.69%,

4/22/2032(f)

5,870,000

4,613,474

(SOFR

+

1.22%),

2.30%,

7/21/2032(f)

5,145,000

3,898,522

BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.63%,

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

1,290,000

915,998

Citigroup,

Inc.

,

Series

U,

(SOFR

+

3.81%),

5.00%,

9/12/2024(e)(f)

1,239,000

1,171,686

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(e)(f)

750,000

675,157

(CME

Term

SOFR

3

Month

+

1.16%),

3.35%,

4/24/2025(f)

5,475,000

5,377,349

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%,

12/10/2025(e)(f)

840,000

734,791

(CME

Term

SOFR

3

Month

+

1.82%),

3.89%,

1/10/2028(f)

2,080,000

1,938,952

Citizens

Bank

NA

,

2.25%,

4/28/2025

729,000

674,983

(SOFR

+

1.45%),

6.06%,

10/24/2025(f)

3,135,000

3,024,768

Citizens

Financial

Group,

Inc.

,

Series

B,

(CME

Term

SOFR

3

Month

+

3.26%),

8.53%,

1/06/2024(e)(f)

2,650,000

2,371,750

Fifth

Third

Bancorp

,

Series

L,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%),

4.50%,

9/30/2025(e)(f)

655,000

586,604

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

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

4,

218,264

ING

Groep

NV

,

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%,

4/16/2025(e)(f)

1,000,000

942,508

(SOFR

+

1.64%),

3.87%,

3/28/2026(d)(f)

7,254,000

7,000,811

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%,

11/16/2026(e)(f)

1,385,000

1,226,502

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

1,455,271

JPMorgan

Chase

&

Co.

,

Series

CC,

(CME

Term

SOFR

3

Month

+

2.84%),

8.21%,

11/01/2023(e)(f)

1,430,000

1,428,306

Series

FF,

(CME

Term

SOFR

3

Month

+

3.38%),

5.00%,

8/01/2024(e)(f)

1,385,000

1,338,699

Series

HH,

(CME

Term

SOFR

3

Month

+

3.13%),

4.60%,

2/01/2025(e)(f)

2,208,000

2,065,561

(CME

Term

SOFR

3

Month

+

1.42%),

3.22%,

3/1/2025(f)

9,650,000

9,523,410

Series

KK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.65%,

6/01/2026(e)(f)

450,000

392,777

(CME

Term

SOFR

3

Month

+

1.51%),

2.74%,

10/15/2030(f)

4,550,000

3,805,015

(SOFR

+

1.07%),

1.95%,

2/4/2032(f)

4,610,000

3,496,100

(CME

Term

SOFR

3

Month

+

1.51%),

2.53%,

11/19/2041(f)

2,385,000

1,498,043

NatWest

Group

plc

,

4.60%,

6/28/2031(e)(g)

1,890,000

1,250,959

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.36%),

6.50%,

3/9/2029(f)

1,280,000

1,248,334

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

1,321,722

Toronto-Dominion

Bank

(The)

,

5.53%,

7/17/2026

6,291,000

6,245,149

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Financial

Corp.

,

Series

L,

(CME

Term

SOFR

3

Month

+

3.36%),

8.77%,

12/15/2024(e)(f)

760,000

748,602

Series

P,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%),

4.95%,

9/01/2025(e)(f)

590,000

542,553

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

3/01/2030(e)(f)

650,000

555,725

(SOFR

+

2.36%),

5.87%,

6/8/2034(f)

742,000

698,388

US

Bancorp

,

(SOFR

+

2.26%),

5.84%,

6/12/2034(f)

1,532,000

1,444,906

Wells

Fargo

&

Co.

,

Series

S,

5.90%,

6/15/2024(c)(e)(g)

1,290,000

1,264,142

Series

U,

(ICE

LIBOR

USD

3

Month

+

3.99%),

5.87%,

6/15/2025(c)(e)(f)

645,000

632,474

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%,

3/15/2026(e)(f)

1,335,000

1,165,920

(SOFR

+

2.00%),

2.19%,

4/30/2026(f)

1,680,000

1,577,408

(SOFR

+

1.51%),

3.53%,

3/24/2028(f)

3,183,000

2,923,183

(SOFR

+

1.74%),

5.57%,

7/25/2029(f)

2,408,000

2,349,225

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(d)(f)

8,980,000

7,475,450

(SOFR

+

2.53%),

3.07%,

4/30/2041(f)

5,055,000

3,396,221

123,464,419

Beverages

1.1%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

2,805,000

2,444,681

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

7,843,000

6,554,620

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

2,677,000

2,345,398

2.88%,

5/1/2030

6,555,000

5,501,332

2.25%,

8/1/2031

2,625,000

2,044,857

18,890,888

Biotechnology

1.2%

AbbVie,

Inc.

,

2.95%,

11/21/2026(d)

12,930,000

11,999,183

Amgen,

Inc.

,

5.25%,

3/2/2030

1,019,000

995,549

2.80%,

8/15/2041

5,190,000

3,366,682

5.65%,

3/2/2053

2,441,000

2,284,587

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Gilead

Sciences,

Inc.

,

2.80%,

10/1/2050

2,675,000

1,615,707

20,261,708

Broadline

Retail

0.4%

Amazon.com,

Inc.

,

3.10%,

5/12/2051

3,765,000

2,484,585

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)(d)

2,885,000

2,445,730

Prosus

NV

,

3.26%,

1/19/2027(a)

2,250,000

1,993,281

6,923,596

Building

Products

0.4%

Carrier

Global

Corp.

,

2.49%,

2/15/2027(d)

1,046,000

941,993

2.72%,

2/15/2030

3,515,000

2,929,318

Smyrna

Ready

Mix

Concrete

LLC

,

6.00%,

11/1/2028(a)

2,710,000

2,502,579

6,373,890

Capital

Markets

2.4%

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

943,538

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%,

2/10/2025(e)(f)

1,144,000

1,059,371

(CME

Term

SOFR

3

Month

+

1.46%),

3.27%,

9/29/2025(f)

2,200,000

2,131,786

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%,

5/10/2026(e)(f)

605,000

493,332

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

854,446

(SOFR

+

1.09%),

1.99%,

1/27/2032(d)(f)

4,720,000

3,538,220

(SOFR

+

1.28%),

2.62%,

4/22/2032(f)

5,415,000

4,229,531

(SOFR

+

1.25%),

2.38%,

7/21/2032(f)

6,565,000

4,999,829

Morgan

Stanley

,

(SOFR

+

1.15%),

2.72%,

7/22/2025(f)

3,440,000

3,338,453

3.63%,

1/20/2027

4,000,000

3,734,140

(CME

Term

SOFR

3

Month

+

1.40%),

3.77%,

1/24/2029(f)

2,825,000

2,575,988

(SOFR

+

1.14%),

2.70%,

1/22/2031(f)

7,235,000

5,915,415

20

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(SOFR

+

1.02%),

1.93%,

4/28/2032(f)

4,630,000

3,439,161

Nasdaq,

Inc.

,

5.35%,

6/28/2028

1,398,000

1,372,459

5.95%,

8/15/2053

366,000

341,874

UBS

Group

AG

,

Reg.

S,

(USD

Swap

Semi

5

Year

+

4.59%),

6.88%,

8/07/2025(e)(f)

1,276,000

1,202,997

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%,

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

1,040,000

745,080

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(f)

1,359,000

1,343,118

42,258,738

Chemicals

1.5%

Alpek

SAB

de

CV

,

3.25%,

2/25/2031(a)

4,982,000

3,910,629

Braskem

Idesa

SAPI

,

7.45%,

11/15/2029(a)

785,000

489,233

6.99%,

2/20/2032(a)(d)

3,628,000

2,181,310

Braskem

Netherlands

Finance

BV

,

4.50%,

1/31/2030(a)

5,844,000

4,763,024

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027

7,573,000

7,467,506

Orbia

Advance

Corp.

SAB

de

CV

,

2.88%,

5/11/2031(a)

1,769,000

1,376,767

Sasol

Financing

USA

LLC

,

5.88%,

3/27/2024

400,000

396,059

4.38%,

9/18/2026

200,000

177,297

6.50%,

9/27/2028

400,000

357,316

Sherwin-Williams

Co.

(The)

,

2.90%,

3/15/2052

5,312,000

3,072,284

Tronox,

Inc.

,

4.63%,

3/15/2029(a)

290,000

234,032

Westlake

Corp.

,

3.38%,

8/15/2061

2,530,000

1,398,791

25,824,248

Commercial

Services

&

Supplies

0.1%

Prime

Security

Services

Borrower

LLC

,

5.75%,

4/15/2026(a)

590,000

572,399

6.25%,

1/15/2028(a)(d)

1,250,000

1,157,711

1,730,110

Construction

Materials

0.1%

Cemex

SAB

de

CV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.16%),

9.13%,

3/14/2028(a)(d)(e)(f)

1,420,000

1,478,227

Consumer

Finance

2.9%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

6,420,000

5,103,334

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

American

Express

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%,

9/15/2026(e)(f)

1,625,000

1,290,232

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

6.02%,

12/6/2024(f)

6,065,000

5,996,827

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%,

9/01/2026(e)(f)

1,000,000

750,591

Discover

Financial

Services

,

Series

C,

(CME

Term

SOFR

3

Month

+

3.34%),

5.50%,

10/30/2027(e)(f)

3,050,000

2,214,679

6.70%,

11/29/2032(d)

1,606,000

1,552,409

Ford

Motor

Credit

Co.

LLC

,

3.37%,

11/17/2023

2,900,000

2,882,810

2.30%,

2/10/2025

10,914,000

10,236,974

4.13%,

8/17/2027

7,453,000

6,788,013

5.11%,

5/3/2029

585,000

535,468

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028(d)

2,741,000

2,272,400

2.35%,

1/8/2031(d)

10,208,000

7,721,224

Synchrony

Financial

,

2.88%,

10/28/2031(d)

5,103,000

3,615,520

50,960,481

Consumer

Staples

Distribution

&

Retail

0.4%

7-Eleven,

Inc.

,

1.80%,

2/10/2031(a)

3,130,000

2,373,159

Sysco

Corp.

,

6.60%,

4/1/2050(d)

1,511,000

1,559,880

3.15%,

12/14/2051

2,505,000

1,540,323

US

Foods,

Inc.

,

7.25%,

1/15/2032(a)

652,000

651,341

6,124,703

Containers

&

Packaging

0.6%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(a)

200,000

192,193

4.00%,

9/1/2029(a)

3,043,000

2,381,364

Graham

Packaging

Co.,

Inc.

,

7.13%,

8/15/2028(a)

295,000

247,137

LABL,

Inc.

,

5.88%,

11/1/2028(a)(d)

1,187,000

1,065,593

Sealed

Air

Corp.

,

1.57%,

10/15/2026(a)

6,640,000

5,780,243

6.13%,

2/1/2028(a)

271,000

262,469

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(c)

585,000

534,623

10,463,622

Diversified

REITs

0.4%

GLP

Capital

LP

,

3.25%,

1/15/2032(d)

1,358,000

1,053,929

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

REITs

Simon

Property

Group

LP

,

5.85%,

3/8/2053

1,734,000

1,600,901

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

3,660,000

3,501,813

6,156,643

Diversified

Telecommunication

Services

1.5%

Altice

France

Holding

SA

,

6.00%,

2/15/2028(a)(d)

1,010,000

499,370

Altice

France

SA

,

8.13%,

2/1/2027(a)

355,000

314,813

5.50%,

1/15/2028(a)

540,000

415,917

AT&T,

Inc.

,

4.35%,

3/1/2029

2,955,000

2,749,990

2.25%,

2/1/2032

4,105,000

3,089,542

3.50%,

6/1/2041

1,420,000

986,517

3.50%,

9/15/2053

12,145,000

7,503,777

3.65%,

9/15/2059

1,290,000

784,898

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

100,000

96,592

4.75%,

3/1/2030(a)

55,000

46,170

Frontier

Communications

Holdings

LLC

,

5.00%,

5/1/2028(a)(d)

220,000

187,841

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

195,000

201,337

8.75%,

3/15/2032

265,000

306,564

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030(d)

6,085,000

4,616,049

2.65%,

11/20/2040

1,185,000

750,127

3.70%,

3/22/2061

5,420,000

3,449,046

Virgin

Media

Finance

plc

,

5.00%,

7/15/2030(a)(d)

585,000

459,827

26,458,377

Electric

Utilities

2.6%

AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(a)(d)

3,964,190

3,369,172

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

3,156,000

3,097,029

CenterPoint

Energy

Houston

Electric

LLC

,

5.30%,

4/1/2053(d)

516,000

482,365

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

3,230,000

2,422,614

Duke

Energy

Corp.

,

3.50%,

6/15/2051(d)

2,665,000

1,726,495

5.00%,

8/15/2052(d)

7,175,000

5,964,331

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

2,500,000

1,587,879

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

2,099,937

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)

779,000

771,438

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Electricite

de

France

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.41%),

9.13%,

3/15/2033(a)(e)(f)

1,670,000

1,739,699

6.90%,

5/23/2053(a)

1,818,000

1,803,917

Enel

Finance

America

LLC

,

7.10%,

10/14/2027(a)

1,292,000

1,336,534

Enel

Finance

International

NV

,

7.50%,

10/14/2032(a)

1,371,000

1,463,491

Exelon

Corp.

,

4.05%,

4/15/2030

6,194,000

5,574,663

FirstEnergy

Corp.

,

Series

C,

7.38%,

11/15/2031

45,000

49,107

Series

C,

5.10%,

7/15/2047(c)

450,000

381,896

Indiana

Michigan

Power

Co.

,

5.63%,

4/1/2053

376,000

354,650

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

2,345,000

1,525,571

NextEra

Energy

Capital

Holdings,

Inc.

,

1.90%,

6/15/2028

2,320,000

1,963,076

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

490,000

371,741

3.88%,

2/15/2032(a)

385,000

289,016

Pacific

Gas

and

Electric

Co.

,

3.25%,

6/1/2031

5,875,000

4,668,769

3.30%,

8/1/2040

1,410,000

902,785

Southwestern

Public

Service

Co.

,

Series

8,

3.15%,

5/1/2050

2,825,000

1,736,297

Vistra

Operations

Co.

LLC

,

4.38%,

5/1/2029(a)

270,000

232,101

45,914,573

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026

2,886,000

2,590,257

Entertainment

0.4%

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(a)

785,000

774,003

4.75%,

10/15/2027(a)(d)

385,000

352,516

Netflix,

Inc.

,

5.88%,

11/15/2028(d)

1,862,000

1,872,541

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025

4,095,000

3,949,586

6,948,646

Financial

Services

0.9%

EDP

Finance

BV

,

6.30%,

10/11/2027(a)

653,000

661,659

Fiserv,

Inc.

,

5.60%,

3/2/2033

1,244,000

1,205,666

Global

Payments,

Inc.

,

5.40%,

8/15/2032

2,653,000

2,486,794

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031

10,714,000

8,211,450

22

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

MPH

Acquisition

Holdings

LLC

,

5.75%,

11/1/2028(a)(d)

1,410,000

1,058,205

Synchrony

Bank

,

5.40%,

8/22/2025

2,951,000

2,844,096

16,467,870

Food

Products

0.7%

J

M

Smucker

Co.

(The)

,

2.75%,

9/15/2041

4,817,000

3,029,423

Kraft

Heinz

Foods

Co.

,

5.20%,

7/15/2045

35,000

30,580

4.88%,

10/1/2049

5,265,000

4,394,889

NBM

US

Holdings,

Inc.

,

7.00%,

5/14/2026(a)

4,285,000

4,249,204

11,704,096

Ground

Transportation

0.2%

AerCap

Global

Aviation

Trust

,

(CME

Term

SOFR

3

Month

+

4.56%),

6.50%,

6/15/2045(a)(f)

229,000

224,379

Canadian

Pacific

Railway

Co.

,

3.00%,

12/2/2041

2,941,000

2,288,942

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(a)

1,418,000

1,068,968

3,582,289

Health

Care

Equipment

&

Supplies

0.1%

Stryker

Corp.

,

0.60%,

12/1/2023(d)

2,350,000

2,329,055

Health

Care

Providers

&

Services

0.8%

Community

Health

Systems,

Inc.

,

8.00%,

3/15/2026(a)

430,000

409,821

5.63%,

3/15/2027(a)(d)

125,000

107,214

8.00%,

12/15/2027(a)(d)

479,000

446,668

6.00%,

1/15/2029(a)

135,000

109,023

6.88%,

4/15/2029(a)

850,000

451,367

6.13%,

4/1/2030(a)

885,000

450,244

4.75%,

2/15/2031(a)(d)

220,000

155,698

CVS

Health

Corp.

,

3.00%,

8/15/2026(d)

3,045,000

2,830,945

1.75%,

8/21/2030

4,080,000

3,139,564

5.88%,

6/1/2053(d)

577,000

533,576

HCA,

Inc.

,

7.69%,

6/15/2025

85,000

86,977

5.38%,

9/1/2026

690,000

677,166

3.13%,

3/15/2027(d)

1,099,000

998,539

5.63%,

9/1/2028

145,000

141,384

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026

1,856,000

1,778,103

6.13%,

10/1/2028

1,370,000

1,286,087

13,602,376

Health

Care

REITs

0.3%

Ventas

Realty

LP

,

3.50%,

4/15/2024

6,105,000

6,016,204

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

1.1%

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

350,000

345,209

8.13%,

7/1/2027(a)(d)

770,000

773,671

7.00%,

2/15/2030(a)

1,648,000

1,603,606

Sands

China

Ltd.

,

3.10%,

3/8/2029(c)

200,000

165,474

4.88%,

6/18/2030(c)(d)

4,200,000

3,625,702

Starbucks

Corp.

,

2.55%,

11/15/2030

5,610,000

4,606,444

Wynn

Macau

Ltd.

,

5.63%,

8/26/2028(a)(d)

8,198,000

7,107,277

5.63%,

8/26/2028(a)

1,950,000

1,690,557

19,917,940

Independent

Power

and

Renewable

Electricity

Producers

0.5%

AES

Andes

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.92%),

6.35%,

10/7/2079(a)(f)

5,000,000

4,699,138

Constellation

Energy

Generation

LLC

,

5.80%,

3/1/2033

4,027,000

3,926,463

8,625,601

Industrial

REITs

0.1%

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031

3,445,000

2,568,780

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

5,822,864

American

International

Group,

Inc.

,

4.38%,

6/30/2050(d)

4,738,000

3,672,038

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

5,963,000

5,598,821

Liberty

Mutual

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.13%,

12/15/2051(a)(f)

5,514,000

4,533,253

Massachusetts

Mutual

Life

Insurance

Co.

,

3.73%,

10/15/2070(a)

5,250,000

3,195,430

MetLife,

Inc.

,

6.40%,

12/15/2036

7,586,000

7,412,428

30,234,834

Interactive

Media

&

Services

0.2%

Meta

Platforms,

Inc.

,

4.45%,

8/15/2052

4,840,000

3,831,177

IT

Services

0.1%

Kyndryl

Holdings,

Inc.

,

2.05%,

10/15/2026

1,054,000

920,023

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

0.3%

TK

Elevator

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)

4,784,000

4,384,672

Media

1.8%

AMC

Networks,

Inc.

,

4.25%,

2/15/2029

4,071,000

2,497,947

Charter

Communications

Operating

LLC

,

2.80%,

4/1/2031

2,835,000

2,210,894

5.75%,

4/1/2048

2,009,000

1,604,108

4.80%,

3/1/2050

1,720,000

1,202,738

3.70%,

4/1/2051

2,565,000

1,492,555

Comcast

Corp.

,

2.35%,

1/15/2027

7,820,000

7,082,742

3.30%,

2/1/2027

2,740,000

2,558,342

Cox

Communications,

Inc.

,

4.80%,

2/1/2035(a)

6,985,000

6,037,049

CSC

Holdings

LLC

,

7.50%,

4/1/2028(a)(d)

505,000

327,894

6.50%,

2/1/2029(a)

200,000

165,687

5.75%,

1/15/2030(a)

2,425,000

1,358,717

4.63%,

12/1/2030(a)

445,000

236,586

Outfront

Media

Capital

LLC

,

5.00%,

8/15/2027(a)(d)

531,000

467,854

Paramount

Global

,

4.20%,

5/19/2032(d)

4,317,000

3,431,864

Univision

Communications,

Inc.

,

8.00%,

8/15/2028(a)(d)

139,000

134,761

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)(d)

440,000

379,685

31,189,423

Metals

&

Mining

0.1%

ArcelorMittal

SA

,

7.00%,

10/15/2039(c)(d)

285,000

285,504

6.75%,

3/1/2041(c)

95,000

90,542

CSN

Inova

Ventures

,

6.75%,

1/28/2028(a)

219,000

202,659

Freeport-McMoRan,

Inc.

,

5.25%,

9/1/2029

245,000

231,473

5.40%,

11/14/2034

385,000

352,367

5.45%,

3/15/2043

825,000

703,391

1,865,936

Multi-Utilities

0.3%

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025(d)

2,645,000

2,440,008

NiSource,

Inc.

,

5.25%,

3/30/2028

485,000

475,319

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

3,120,000

2,355,452

5,270,779

Office

REITs

0.2%

Boston

Properties

LP

,

3.80%,

2/1/2024

2,736,000

2,710,706

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

7.5%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

,

Reg.

S,

4.60%,

11/2/2047

550,000

474,440

BP

Capital

Markets

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%,

6/22/2025(e)(f)

6,495,000

6,193,894

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029(d)

795,000

719,851

3.25%,

1/31/2032(d)

630,000

500,723

5.95%,

6/30/2033(a)

874,000

842,947

CITGO

Petroleum

Corp.

,

7.00%,

6/15/2025(a)(d)

2,743,000

2,702,205

8.38%,

1/15/2029(a)

269,000

268,651

Columbia

Pipelines

Holding

Co.

LLC

,

6.06%,

8/15/2026(a)

689,000

691,161

Columbia

Pipelines

Operating

Co.

LLC

,

6.54%,

11/15/2053(a)

1,524,000

1,489,903

Crestwood

Midstream

Partners

LP

,

7.38%,

2/1/2031(a)

352,000

358,494

CVR

Energy,

Inc.

,

5.25%,

2/15/2025(a)

2,793,000

2,724,655

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)(d)

675,000

583,903

4.30%,

4/15/2032(a)

3,995,000

3,394,951

Ecopetrol

SA

,

8.63%,

1/19/2029

2,189,000

2,196,742

EIG

Pearl

Holdings

Sarl

,

4.39%,

11/30/2046(a)

9,720,000

7,041,557

Enbridge,

Inc.

,

5.70%,

3/8/2033(d)

2,776,000

2,659,404

Endeavor

Energy

Resources

LP

,

5.75%,

1/30/2028(a)

4,555,000

4,395,409

Energy

Transfer

LP

,

4.50%,

11/1/2023

4,000,000

3,993,912

2.90%,

5/15/2025

2,930,000

2,783,574

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(e)(f)

1,506,000

1,298,430

Enterprise

Products

Operating

LLC

,

4.25%,

2/15/2048

5,310,000

4,156,983

Series

E,

(CME

Term

SOFR

3

Month

+

3.29%),

5.25%,

8/16/2077(f)

2,500,000

2,199,959

Genesis

Energy

LP

,

6.50%,

10/1/2025

115,000

113,024

6.25%,

5/15/2026(d)

330,000

316,336

Howard

Midstream

Energy

Partners

LLC

,

6.75%,

1/15/2027(a)

1,239,000

1,177,050

8.88%,

7/15/2028(a)(d)

2,409,000

2,430,079

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

2,120,000

1,821,839

24

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Korea

National

Oil

Corp.

,

1.75%,

4/18/2025(a)

2,812,000

2,646,484

Magellan

Midstream

Partners

LP

,

3.25%,

6/1/2030(d)

2,270,000

1,933,980

Marathon

Oil

Corp.

,

4.40%,

7/15/2027

1,710,000

1,608,392

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

9,845,000

9,642,020

MPLX

LP

,

4.90%,

4/15/2058

7,900,000

5,873,336

NGPL

PipeCo

LLC

,

7.77%,

12/15/2037(a)

3,413,000

3,510,431

ONEOK,

Inc.

,

5.80%,

11/1/2030

1,209,000

1,183,673

6.10%,

11/15/2032

1,246,000

1,230,252

6.63%,

9/1/2053(d)

5,383,000

5,271,062

Parkland

Corp.

,

4.50%,

10/1/2029(a)

6,092,000

5,216,732

4.63%,

5/1/2030(a)

3,000,000

2,557,438

Petroleos

de

Venezuela

SA

,

Reg.

S,

6.00%,

5/16/2024(h)

322,820

16,948

Reg.

S,

6.00%,

11/15/2026(h)

830,693

43,611

Reg.

S,

5.38%,

4/12/2027(h)

789,800

41,465

Petroleos

Mexicanos

,

6.88%,

10/16/2025

97,000

92,919

5.95%,

1/28/2031

435,000

311,351

6.70%,

2/16/2032

759,000

563,307

6.75%,

9/21/2047

303,000

179,538

7.69%,

1/23/2050

116,000

74,516

6.95%,

1/28/2060

131,000

77,538

Phillips

66

,

1.30%,

2/15/2026

2,420,000

2,187,534

Pioneer

Natural

Resources

Co.

,

2.15%,

1/15/2031

4,695,000

3,704,818

Saudi

Arabian

Oil

Co.

,

Reg.

S,

4.25%,

4/16/2039

950,000

771,829

4.25%,

4/16/2039(a)

200,000

162,491

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030

7,766,000

7,268,290

4.88%,

2/1/2031

1,266,000

1,133,892

Transcanada

Trust

,

Series

16-A,

(ICE

LIBOR

USD

3

Month

+

4.64%),

5.88%,

8/15/2076(f)

1,515,000

1,381,353

Valero

Energy

Corp.

,

4.00%,

6/1/2052

1,972,000

1,356,399

Western

Midstream

Operating

LP

,

6.35%,

1/15/2029

1,269,000

1,271,617

4.05%,

2/1/2030(c)

560,000

489,491

6.15%,

4/1/2033

511,000

492,813

Williams

Cos.,

Inc.

(The)

,

4.50%,

11/15/2023

1,955,000

1,950,116

2.60%,

3/15/2031

10,000,000

7,964,546

3.50%,

10/15/2051

2,000,000

1,275,550

131,015,808

Corporate

Bonds

Principal

Amount

($)

Value

($)

Paper

&

Forest

Products

0.3%

Suzano

Austria

GmbH

,

6.00%,

1/15/2029

200,000

194,633

Series

DM3N,

3.13%,

1/15/2032

5,750,000

4,416,037

4,610,670

Passenger

Airlines

0.4%

Air

Canada

,

3.88%,

8/15/2026(a)

255,000

231,427

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

737,917

720,696

5.75%,

4/20/2029(a)(d)

500,000

465,025

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

1,250,000

1,155,988

4.63%,

4/15/2029(a)

4,641,000

3,989,082

6,562,218

Pharmaceuticals

0.3%

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

5.30%,

5/19/2053

2,530,000

2,350,756

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

5.13%,

5/9/2029(d)

841,000

760,264

Viatris,

Inc.

,

4.00%,

6/22/2050

4,135,000

2,499,745

5,610,765

Retail

REITs

0.1%

Brixmor

Operating

Partnership

LP

,

3.85%,

2/1/2025

1,524,000

1,468,178

Semiconductors

&

Semiconductor

Equipment

1.3%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

4,411,000

3,528,167

3.47%,

4/15/2034(a)

9,110,000

7,155,096

3.14%,

11/15/2035(a)

694,000

505,983

3.19%,

11/15/2036(a)

9,155,000

6,573,181

Intel

Corp.

,

5.20%,

2/10/2033

588,000

569,323

5.70%,

2/10/2053

388,000

363,848

Micron

Technology,

Inc.

,

2.70%,

4/15/2032

1,124,000

858,412

NXP

BV

,

3.25%,

11/30/2051

5,000,000

3,040,422

22,594,432

Software

0.4%

Oracle

Corp.

,

4.00%,

7/15/2046

2,510,000

1,771,161

3.60%,

4/1/2050

3,585,000

2,318,966

3.95%,

3/25/2051

1,505,000

1,031,745

5.55%,

2/6/2053

768,000

672,894

VMware,

Inc.

,

2.20%,

8/15/2031

2,540,000

1,916,763

7,711,529

Specialized

REITs

0.6%

Crown

Castle,

Inc.

,

1.05%,

7/15/2026

1,655,000

1,452,223

2.10%,

4/1/2031

1,655,000

1,262,536

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

EPR

Properties

,

4.50%,

6/1/2027(d)

385,000

344,624

4.95%,

4/15/2028(d)

340,000

301,265

3.75%,

8/15/2029(d)

140,000

112,465

Extra

Space

Storage

LP

,

5.70%,

4/1/2028

1,213,000

1,198,715

2.35%,

3/15/2032

1,535,000

1,160,303

Iron

Mountain,

Inc.

,

5.25%,

3/15/2028(a)(d)

785,000

725,715

5.00%,

7/15/2028(a)

70,000

63,669

7.00%,

2/15/2029(a)

3,545,000

3,467,128

4.88%,

9/15/2029(a)

56,000

49,081

5.63%,

7/15/2032(a)

895,000

772,655

10,910,379

Technology

Hardware,

Storage

&

Peripherals

0.8%

Apple,

Inc.

,

3.35%,

2/9/2027(d)

2,545,000

2,406,623

2.38%,

2/8/2041

2,595,000

1,734,853

2.70%,

8/5/2051

2,530,000

1,540,573

2.55%,

8/20/2060(d)

2,035,000

1,165,847

Dell

International

LLC

,

6.02%,

6/15/2026(d)

938,000

941,657

8.10%,

7/15/2036(d)

1,296,000

1,449,827

8.35%,

7/15/2046

602,000

703,615

3.45%,

12/15/2051(a)

6,699,000

4,173,600

14,116,595

Tobacco

1.0%

Altria

Group,

Inc.

,

3.40%,

2/4/2041

1,829,000

1,188,135

4.25%,

8/9/2042

2,457,000

1,778,547

BAT

Capital

Corp.

,

2.26%,

3/25/2028(d)

4,275,000

3,615,489

6.34%,

8/2/2030

1,940,000

1,910,853

7.08%,

8/2/2053

699,000

660,316

BAT

International

Finance

plc

,

1.67%,

3/25/2026(d)

3,036,000

2,735,332

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029

871,000

861,120

2.10%,

5/1/2030

5,645,000

4,505,135

17,254,927

Trading

Companies

&

Distributors

0.0%

†

United

Rentals

North

America,

Inc.

,

3.75%,

1/15/2032(d)

810,000

653,509

Transportation

Infrastructure

0.4%

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

3.38%,

7/24/2024(a)

7,915,000

7,668,617

Wireless

Telecommunication

Services

0.9%

Sprint

LLC

,

7.13%,

6/15/2024

355,000

357,160

7.63%,

3/1/2026

315,000

323,731

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028

2,985,000

2,566,742

2.63%,

2/15/2029

215,000

182,142

2.40%,

3/15/2029

2,561,000

2,154,996

3.88%,

4/15/2030

5,240,000

4,642,488

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.,

2.55%,

2/15/2031

2,990,000

2,379,170

2.88%,

2/15/2031

550,000

445,914

4.38%,

4/15/2040

2,975,000

2,390,495

15,442,838

Total

Corporate

Bonds

(cost

$1,019,202,777)

853,546,370

Foreign

Government

Securities

0.7%

ARGENTINA

0.1%

Argentine

Republic,

1.00%,

7/9/2029

758,076

210,367

0.75%,

7/9/2030(c)

1,280,000

363,945

4.25%,

1/9/2038(c)

1,780,588

521,497

3.50%,

7/9/2041(c)

1,840,000

470,647

1,566,456

COLOMBIA

0.1%

Republic

of

Colombia,

7.38%,

9/18/2037

132,000

121,448

6.13%,

1/18/2041

290,000

226,652

5.00%,

6/15/2045

1,000,000

654,348

5.20%,

5/15/2049

330,000

216,185

1,218,633

ECUADOR

0.0%

†

Republic

of

Ecuador,

0.00%,

7/31/2030(a)

97,034

28,680

6.00%,

7/31/2030(a)(c)(d)

396,900

201,681

Reg.

S,

6.00%,

7/31/2030(c)

310,000

157,524

3.50%,

7/31/2035(a)(c)

750,130

277,034

2.50%,

7/31/2040(a)(c)

476,700

155,514

820,433

EGYPT

0.0%

†

Arab

Republic

of

Egypt,

Reg.

S,

8.50%,

1/31/2047

400,000

212,472

Reg.

S,

7.90%,

2/21/2048

430,000

219,408

Reg.

S,

8.70%,

3/1/2049

600,000

319,830

751,710

HUNGARY

0.1%

Hungary

Government

Bond,

6.75%,

9/25/2052(a)

1,220,000

1,156,438

OMAN

0.0%

†

Sultanate

of

Oman

Government

Bond,

Reg.

S,

7.00%,

1/25/2051(d)

200,000

188,146

ROMANIA

0.1%

Romania

Government

Bond,

Reg.

S,

3.00%,

2/14/2031(d)

918,000

737,686

Reg.

S,

5.13%,

6/15/2048

290,000

225,951

26

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

Reg.

S,

4.00%,

2/14/2051(d)

200,000

127,220

1,090,857

SAUDI

ARABIA

0.2%

Kingdom

of

Saudi

Arabia,

5.50%,

10/25/2032(a)

3,676,000

3,675,780

SENEGAL

0.0%

†

Republic

of

Senegal,

Reg.

S,

6.75%,

3/13/2048

400,000

267,620

UKRAINE

0.1%

Ukraine

Government

Bond,

Reg.

S,

7.75%,

9/1/2027(h)

120,000

34,200

Reg.

S,

7.75%,

9/1/2029(h)

410,000

116,440

Reg.

S,

9.75%,

11/1/2030(h)

1,500,000

442,500

Reg.

S,

6.88%,

5/21/2031(h)

300,000

78,000

Reg.

S,

7.38%,

9/25/2034(h)

290,000

76,200

+

0.00%),

7.75%,

8/1/2041(a)(f)(h)

228,000

103,740

851,080

VENEZUELA

0.0%

†

Bolivarian

Republic

of

Venezuela,

Reg.

S,

8.25%,

10/13/2024(h)

542,900

48,867

Total

Foreign

Government

Securities

(cost

$17,566,762)

11,636,020

Mortgage-Backed

Securities

26.3%

FHLMC

Gold

Pool

Pool#

C03795

3.50%,

4/1/2042

402,729

357,746

Pool#

Q08997

3.50%,

6/1/2042

243,301

216,241

Pool#

Q19480

4.00%,

6/1/2043

728,975

666,835

Pool#

V80509

4.00%,

10/1/2043

101,945

93,466

Pool#

Q29697

3.50%,

11/1/2044

299,673

264,690

Pool#

G07961

3.50%,

3/1/2045

243,564

214,727

Pool#

V82196

4.50%,

1/1/2046

122,158

114,793

Pool#

G61281

3.50%,

1/1/2048

666,543

584,303

FHLMC

UMBS

Pool

Pool#

SB0492

2.00%,

10/1/2035

9,002,544

7,774,818

Pool#

QA7325

3.00%,

2/1/2050

1,103,760

921,954

Pool#

QA6750

3.00%,

2/1/2050

103,452

86,615

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QA8311

3.00%,

3/1/2050

935,095

786,597

Pool#

RA2650

3.00%,

5/1/2050

925,527

776,954

Pool#

QB4785

2.50%,

10/1/2050

1,701,238

1,360,704

Pool#

SD0612

2.50%,

11/1/2050

10,827,868

8,784,462

Pool#

SD7535

2.50%,

2/1/2051

6,448,319

5,203,771

Pool#

QB9401

2.00%,

3/1/2051

2,080,763

1,604,840

Pool#

QC2992

2.50%,

6/1/2051

19,445,754

15,490,912

Pool#

RA5910

3.50%,

9/1/2051

7,546,791

6,504,203

Pool#

SD1607

2.50%,

3/1/2052

11,355,446

9,172,568

Pool#

QE3991

4.00%,

5/1/2052

8,661,790

7,716,486

Pool#

RA7557

4.50%,

6/1/2052

17,604,879

16,175,642

Pool#

RA7556

4.50%,

6/1/2052

13,106,652

12,040,051

Pool#

SD1440

3.50%,

7/1/2052

6,060,787

5,231,505

Pool#

SD1716

5.00%,

9/1/2052

9,743,925

9,302,938

Pool#

SD1686

5.50%,

9/1/2052

8,634,349

8,431,447

Pool#

SD1853

5.50%,

11/1/2052

4,197,146

4,113,374

FNMA

UMBS

Pool

Pool#

FM6329

2.00%,

3/1/2036

9,056,519

7,818,722

Pool#

CA9439

2.50%,

3/1/2036

18,014,983

15,965,899

Pool#

CB3424

3.00%,

5/1/2037

7,669,821

6,964,721

Pool#

FS4267

4.50%,

3/1/2038

2,815,192

2,719,286

Pool#

AH9471

4.50%,

4/1/2041

272,326

255,865

Pool#

AH4038

4.50%,

4/1/2041

178,824

168,923

Pool#

AI3506

4.50%,

6/1/2041

8,972

8,463

Pool#

FS3014

5.00%,

10/1/2042

13,372,580

12,812,722

Pool#

AL2866

3.50%,

11/1/2042

5,078,755

4,491,745

Pool#

AQ9328

3.50%,

1/1/2043

85,165

75,521

Pool#

AB9046

3.50%,

4/1/2043

508,589

450,652

Pool#

AT2021

3.50%,

4/1/2043

353,803

313,795

Pool#

AB9864

3.50%,

7/1/2043

185,871

164,659

Pool#

AS0212

3.50%,

8/1/2043

819,408

725,119

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS0210

3.50%,

8/1/2043

492,359

436,167

Pool#

AU3742

3.50%,

8/1/2043

281,556

249,481

Pool#

AU6857

4.00%,

9/1/2043

272,058

248,747

Pool#

AU4386

4.00%,

10/1/2043

82,754

75,766

Pool#

AS1559

4.00%,

1/1/2044

508,641

465,479

Pool#

AW2478

4.50%,

6/1/2044

85,286

80,032

Pool#

AL6432

4.00%,

1/1/2045

515,624

470,820

Pool#

AS5175

3.50%,

6/1/2045

480,950

422,812

Pool#

AS6464

3.50%,

1/1/2046

432,881

380,507

Pool#

MA3305

3.50%,

3/1/2048

4,221,270

3,695,647

Pool#

BO8947

3.00%,

1/1/2050

642,637

537,212

Pool#

FM4334

3.00%,

4/1/2050

1,389,826

1,161,242

Pool#

FS2253

3.50%,

4/1/2050

7,059,344

6,176,437

Pool#

CA5689

3.00%,

5/1/2050

1,991,424

1,672,452

Pool#

BP9581

2.50%,

8/1/2050

1,342,683

1,081,158

Pool#

FM5316

2.00%,

12/1/2050

1,509,370

1,153,469

Pool#

FS2008

3.00%,

1/1/2051

12,812,395

10,653,160

Pool#

FM7599

3.50%,

1/1/2051

8,024,039

7,028,008

Pool#

CA8817

2.00%,

2/1/2051

3,393,461

2,592,385

Pool#

BR4515

2.00%,

2/1/2051

2,282,063

1,745,830

Pool#

BR4029

2.00%,

2/1/2051

2,033,475

1,560,270

Pool#

BR4051

2.00%,

2/1/2051

1,555,475

1,193,490

Pool#

BR2667

2.00%,

2/1/2051

1,443,570

1,113,410

Pool#

BR7795

2.50%,

4/1/2051

2,909,104

2,322,257

Pool#

FM7151

2.00%,

5/1/2051

860,144

657,145

Pool#

FM7189

2.50%,

5/1/2051

2,745,859

2,191,943

Pool#

FS3080

3.00%,

5/1/2051

9,364,041

7,862,210

Pool#

FM7398

2.50%,

6/1/2051

14,443,611

11,707,328

Pool#

FM7738

2.50%,

6/1/2051

2,032,220

1,625,531

Pool#

BT0417

2.50%,

6/1/2051

1,283,352

1,022,706

Pool#

FM9134

3.00%,

6/1/2051

14,235,323

12,094,880

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BT1339

2.50%,

7/1/2051

2,275,358

1,812,204

Pool#

FM8178

2.50%,

7/1/2051

1,468,105

1,168,972

Pool#

CB1038

2.50%,

7/1/2051

1,295,601

1,036,563

Pool#

FS3391

2.50%,

8/1/2051

5,731,290

4,611,335

Pool#

FP0012

3.00%,

8/1/2051

3,792,231

3,185,275

Pool#

FM9563

3.00%,

10/1/2051

14,145,752

11,767,451

Pool#

FS3537

2.50%,

4/1/2052

8,168,382

6,613,040

Pool#

FS1380

3.50%,

4/1/2052

7,752,190

6,746,378

Pool#

CB3674

3.50%,

5/1/2052

9,406,020

8,093,753

Pool#

CB3678

4.00%,

5/1/2052

8,985,223

8,002,869

Pool#

MA4644

4.00%,

5/1/2052

8,748,543

7,796,200

Pool#

FS1855

4.00%,

5/1/2052

7,998,617

7,178,574

Pool#

FS1804

4.00%,

5/1/2052

7,211,938

6,473,007

Pool#

FS2074

3.00%,

6/1/2052

5,426,713

4,555,444

Pool#

MA4625

3.50%,

6/1/2052

9,134,788

7,861,834

Pool#

CB3851

4.00%,

6/1/2052

4,838,581

4,376,718

Pool#

FS2513

4.00%,

7/1/2052

12,857,601

11,484,632

Pool#

FS2323

4.00%,

7/1/2052

6,209,085

5,546,053

Pool#

FS2293

4.50%,

7/1/2052

16,967,697

15,647,336

Pool#

FS2257

4.50%,

7/1/2052

3,283,373

3,040,208

Pool#

CB4037

5.00%,

7/1/2052

8,485,484

8,009,058

Pool#

FS2790

5.00%,

9/1/2052

12,598,051

11,929,302

Pool#

FS3210

5.00%,

9/1/2052

5,824,409

5,505,619

Pool#

FS3220

5.50%,

11/1/2052

8,441,849

8,170,637

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

437,243

391,333

Pool#

MA0783

3.50%,

2/20/2043

535,430

479,308

Pool#

MA2892

3.50%,

6/20/2045

26,741

23,796

Pool#

MA3663

3.50%,

5/20/2046

312,337

278,480

Pool#

MA3803

3.50%,

7/20/2046

147,138

130,856

Pool#

MA4262

3.50%,

2/20/2047

12,477

11,085

28

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4510

3.50%,

6/20/2047

473,277

420,170

Pool#

MA4586

3.50%,

7/20/2047

320,536

284,693

Pool#

MA4837

3.50%,

11/20/2047

556,629

493,604

Pool#

MA4962

3.50%,

1/20/2048

326,268

290,134

Pool#

MA6542

3.50%,

3/20/2050

359,503

320,707

Pool#

BT6867

3.00%,

5/20/2050

3,411,276

2,912,920

Pool#

MA6994

2.00%,

11/20/2050

10,285,507

8,174,418

Pool#

MA7590

3.00%,

9/20/2051

11,119,647

9,454,103

Pool#

MA7705

2.50%,

11/20/2051

15,385,450

12,587,755

Total

Mortgage-Backed

Securities

(cost

$508,670,301)

457,472,539

Municipal

Bonds

0.4%

California

0.2

%

State

of

California,

GO,

7.55%,

4/1/2039

3,000,000

3,529,807

Michigan

0.2

%

University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

3,285,000

2,622,931

Total

Municipal

Bonds

(cost

$8,268,535)

6,152,738

U.S.

Treasury

Obligations

12.2%

U.S.

Treasury

Bonds

2.25%,

5/15/2041

20,013,000

13,730,794

1.75%,

8/15/2041

43,551,900

27,121,265

3.88%,

2/15/2043

1,036,000

901,644

3.13%,

8/15/2044

25,177,900

19,237,489

1.25%,

5/15/2050

9,925,800

4,682,961

1.38%,

8/15/2050

1,274,800

622,063

1.88%,

2/15/2051

8,220,200

4,607,165

2.38%,

5/15/2051

29,422,000

18,659,984

3.63%,

5/15/2053

1,409,700

1,167,188

U.S.

Treasury

Notes

2.88%,

5/31/2025

(d)

11,740,000

11,307,546

4.25%,

5/31/2025

(d)

10,100,000

9,950,078

0.88%,

9/30/2026

68,406,000

61,041,667

2.50%,

3/31/2027

(d)

120,000

111,464

0.50%,

4/30/2027

9,398,500

8,103,269

3.13%,

8/31/2027

575,000

542,679

4.00%,

2/29/2028

15,793,900

15,385,480

3.63%,

5/31/2028

8,935,000

8,563,639

1.75%,

1/31/2029

2,080,000

1,797,737

3.88%,

11/30/2029

1,835,000

1,758,733

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.88%,

8/15/2033

2,305,000

2,177,865

Total

U.S.

Treasury

Obligations

(cost

$265,471,300)

211,470,710

Repurchase

Agreements

1.5%

Bank

of

America

NA

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$2,040,000.

(i)

2,000,000

2,000,000

BofA

Securities,

Inc.

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$2,040,002.

(i)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,613,296,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$1,644,832.

(i)

1,612,581

1,612,581

Credit

Suisse

AG

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$11,004,859,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.38%

-

5.00%,

maturing

5/15/2037

-

2/15/2052;

total

market

value

$11,224,960.

(i)

11,000,000

11,000,000

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$8,003,540,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$8,164,471.

(i)

8,000,000

8,000,000

Pershing

LLC

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,889,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$2,040,000.

(i)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$26,612,581)

26,612,581

Total

Investments

(cost

$2,040,800,452)

—

100.6%

1,749,852,898

Liabilities

in

excess

of

other

assets

—

(0.6)%

(9,768,788)

NET

ASSETS

—

100.0%

$

1,740,084,110

†

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,

2023

was

$369,542,035

which

represents

21.24%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2023.

(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,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$48,919,896,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$26,612,581

and

by

$23,928,953

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$50,541,534.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2023.

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,

2023.

(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,

2023

was

$26,612,581.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

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

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

30

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

118

12/2023

USD

23,919,891

(83,023)

U.S.

Treasury

5

Year

Note

974

12/2023

USD

102,620,031

(898,811)

U.S.

Treasury

Long

Bond

306

12/2023

USD

34,817,063

(1,446,566)

U.S.

Treasury

Ultra

Bond

10

12/2023

USD

1,186,875

(23,526)

Total

long

contracts

(2,451,926)

Short

Contracts

U.S.

Treasury

10

Year

Note

(478)

12/2023

USD

(51,653,875)

453,240

U.S.

Treasury

10

Year

Ultra

Note

(9)

12/2023

USD

(1,004,063)

5,188

Total

short

contracts

458,428

Net

contracts

(1,993,498)

As

of

September

30,

2023,

the

Fund

had

$2,041,870

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

148,181,027

$

–

$

148,181,027

Collateralized

Mortgage

Obligations

–

21,035,447

–

21,035,447

Commercial

Mortgage-Backed

Securities

–

13,745,466

–

13,745,466

Corporate

Bonds

–

853,546,370

–

853,546,370

Foreign

Government

Securities

–

11,636,020

–

11,636,020

Futures

Contracts

458,428

–

–

458,428

Mortgage-Backed

Securities

–

457,472,539

–

457,472,539

Municipal

Bonds

–

6,152,738

–

6,152,738

Repurchase

Agreements

–

26,612,581

–

26,612,581

32

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Treasury

Obligations

$

–

$

211,470,710

$

–

$

211,470,710

Total

Assets

$

458,428

$

1,749,852,898

$

–

$

1,750,311,326

Liabilities:

Futures

Contracts

$

(2,451,926)

$

–

$

–

$

(2,451,926)

Total

Liabilities

$

(2,451,926)

$

–

$

–

$

(2,451,926)

Total

$

(1,993,498)

$

1,749,852,898

$

–

$

1,747,859,400

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

458,428

Total

$

458,428

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(2,451,926)

Total

$

(2,451,926)

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.

34

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

.

Asset-Backed

Securities

7.8%

Principal

Amount

($)

Value

($)

Airlines

0.8%

British

Airways

Pass-Through

Trust

Series

2013-1,

Class

A,

4.63%,

6/20/2024(a)

2,374,950

2,345,740

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

3,851,161

3,361,659

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%,

10/15/2027

7,033,183

6,973,105

12,680,504

Home

Equity

0.1%

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

6.68%,

1/25/2036(b)

406,440

396,719

RASC

Trust,

Series

2005-

KS12,

Class

M2,

6.12%,

1/25/2036(b)

913,580

906,747

1,303,466

Other

6.9%

AMMC

CLO

22

Ltd.,

Series

2018-22A,

Class

A,

6.64%,

4/25/2031(a)(b)

6,304,954

6,288,152

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

6.65%,

4/20/2031(a)(b)

4,984,940

4,973,420

Apidos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

6.74%,

1/20/2035(a)(b)

3,000,000

2,992,770

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

6.77%,

10/25/2034(a)(b)

2,050,000

2,030,970

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

6.71%,

4/20/2035(a)(b)

5,000,000

4,934,060

ARES

XLIV

CLO

Ltd.,

Series

2017-44A,

Class

A1R,

6.65%,

4/15/2034(a)(b)

1,000,000

988,337

Broad

River

Bsl

Funding

CLO

Ltd.,

Series

2020-1A,

Class

AR,

6.76%,

7/20/2034(a)(b)

6,600,000

6,524,503

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

6.73%,

4/20/2034(a)(b)

800,000

794,905

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1R,

6.72%,

10/17/2034(a)(b)

1,800,000

1,776,197

CVS

Pass-Through

Trust

6.04%,

12/10/2028

3,311,229

3,276,218

6.94%,

1/10/2030

6,482,061

6,489,275

Dryden

77

CLO

Ltd.,

Series

2020-77A,

Class

AR,

6.76%,

5/20/2034(a)(b)

5,000,000

4,960,615

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

670,062

546,111

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

FCI

Funding

LLC,

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

414,692

402,434

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

1,833,454

1,608,732

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

3,669,093

3,092,308

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

1,375,449

1,178,416

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

338,032

302,567

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

1,471,477

1,305,994

Series

2014-2A,

Class

A,

3.99%,

9/21/2040(a)

515,702

472,581

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

622,912

563,729

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

6.57%,

4/15/2034(a)(b)

1,550,000

1,529,783

Series

2021-2A,

Class

A,

6.69%,

7/15/2034(a)(b)

5,000,000

4,961,480

LCM

37

Ltd.,

Series

37A,

Class

A1,

6.79%,

4/15/2034(a)(b)

1,900,000

1,880,825

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

6.72%,

1/20/2035(a)(b)

4,000,000

3,980,000

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

6.66%,

4/15/2035(a)(b)

4,000,000

3,972,788

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

AR,

6.57%,

1/20/2032(a)(b)

1,000,000

995,632

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

AR,

6.73%,

10/20/2035(a)(b)

5,000,000

4,958,205

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

6.70%,

10/15/2034(a)(b)

1,550,000

1,534,568

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

2,465,365

2,190,671

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

6.72%,

7/15/2035(a)(b)

5,000,000

4,966,545

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

10,588,388

10,471,646

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,557,972

7,017,663

NVIT

Core

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

6.67%,

7/15/2034(a)(b)

5,000,000

4,958,730

108,920,830

Total

Asset-Backed

Securities

(cost

$127,697,974)

122,904,800

Collateralized

Mortgage

Obligations

0.9%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

785,619

729,214

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

6.56%,

1/20/2037(a)(b)

2,056,372

2,028,375

Chase

Mortgage

Finance

Corp.

Series

2016-SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

636,675

558,311

Series

2016-SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

4,279,564

3,728,293

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

259,424

246,528

FNMA

REMICS,

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

33,085

32,229

New

Residential

Mortgage

Loan

Trust,

Series

2014-

2A,

Class

A3,

3.75%,

5/25/2054(a)(b)

473,017

428,702

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

2,723,000

2,164,407

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

2,723,000

2,098,317

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

1,839,000

1,388,773

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

885,115

787,292

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

665,526

598,881

Total

Collateralized

Mortgage

Obligations

(cost

$17,417,631)

14,789,322

Commercial

Mortgage-Backed

Securities

1.5%

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.25%,

7/5/2040(a)(b)

1,400,000

1,258,481

BB-UBS

Trust,

Series

2012-

SHOW,

Class

B,

3.88%,

11/5/2036(a)

5,000,000

4,510,099

BXP

Trust,

Series

2017-

GM,

Class

B,

3.54%,

6/13/2039(a)(b)

3,900,000

3,432,426

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

CityLine

Commercial

Mortgage

Trust,

Series

2016-CLNE,

Class

A,

2.87%,

11/10/2031(a)(b)

7,388,000

6,796,960

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C18,

Class

300B,

4.00%,

8/15/2031

10,500,000

6,739,959

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

850,000

741,473

Total

Commercial

Mortgage-Backed

Securities

(cost

$29,423,157)

23,479,398

Corporate

Bonds

29.8%

Aerospace

&

Defense

0.9%

Boeing

Co.

(The)

,

2.95%,

2/1/2030(d)

4,775,000

4,017,251

3.25%,

2/1/2035

3,500,000

2,690,804

3.55%,

3/1/2038(d)

1,060,000

777,077

L3Harris

Technologies,

Inc.

,

5.60%,

7/31/2053(d)

275,000

257,170

Lockheed

Martin

Corp.

,

4.07%,

12/15/2042(d)

600,000

491,214

RTX

Corp.

,

5.15%,

2/27/2033

3,350,000

3,172,333

4.15%,

5/15/2045

2,000,000

1,514,271

5.38%,

2/27/2053(d)

750,000

678,739

13,598,859

Automobile

Components

0.2%

Icahn

Enterprises

LP

,

4.75%,

9/15/2024

2,850,000

2,745,026

Automobiles

0.6%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)(d)

5,080,000

4,397,929

1.80%,

1/10/2028(a)

672,000

562,985

5.80%,

4/1/2030(a)

2,500,000

2,432,190

6.38%,

4/8/2030(a)(d)

1,730,000

1,728,131

9,121,235

Banks

3.9%

Bank

of

America

Corp.

,

4.25%,

10/22/2026

3,000,000

2,849,883

Series

L,

4.18%,

11/25/2027

4,000,000

3,718,404

(CME

Term

SOFR

3

Month

+

1.47%),

3.97%,

2/7/2030(e)

2,340,000

2,101,550

(SOFR

+

1.53%),

1.90%,

7/23/2031(e)

2,500,000

1,899,641

(SOFR

+

1.91%),

5.29%,

4/25/2034(d)(e)

3,500,000

3,256,788

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(d)(e)

6,750,000

5,029,900

36

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

BPCE

SA

,

5.70%,

10/22/2023(a)

3,000,000

2,997,145

4.50%,

3/15/2025(a)

500,000

482,237

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(e)

5,750,000

4,282,894

Citigroup,

Inc.

,

(SOFR

+

3.91%),

4.41%,

3/31/2031(e)

3,250,000

2,923,593

(SOFR

+

1.94%),

3.79%,

3/17/2033(e)

3,650,000

3,044,958

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(d)

6,200,000

4,326,177

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)

4,000,000

3,236,386

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

2,000,000

1,884,678

JPMorgan

Chase

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.11%),

1.76%,

11/19/2031(e)

1,600,000

1,203,458

(SOFR

+

2.08%),

4.91%,

7/25/2033(e)

1,125,000

1,035,056

(SOFR

+

2.58%),

5.72%,

9/14/2033(d)(e)

2,075,000

1,994,658

(CME

Term

SOFR

3

Month

+

1.51%),

2.53%,

11/19/2041(e)

1,850,000

1,162,004

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(d)(e)

3,724,000

3,377,106

Truist

Financial

Corp.

,

(SOFR

+

1.85%),

5.12%,

1/26/2034(e)

2,500,000

2,234,870

US

Bancorp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%),

2.49%,

11/3/2036(e)

500,000

352,248

Wells

Fargo

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.09%),

2.41%,

10/30/2025(d)(e)

1,000,000

958,306

(SOFR

+

1.50%),

3.35%,

3/2/2033(e)

3,000,000

2,425,030

(SOFR

+

2.10%),

4.90%,

7/25/2033(e)

1,500,000

1,357,500

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

3,514,374

61,648,844

Beverages

0.7%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

4,500,000

3,921,948

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Anheuser-Busch

InBev

Finance,

Inc.

,

4.90%,

2/1/2046(d)

1,700,000

1,481,625

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.90%,

1/23/2031(d)

2,500,000

2,434,036

Bacardi

Ltd.

,

5.90%,

6/15/2043(a)

1,500,000

1,386,214

5.30%,

5/15/2048(a)(d)

2,325,000

2,005,305

PepsiCo,

Inc.

,

3.90%,

7/18/2032

825,000

751,747

11,980,875

Biotechnology

0.9%

AbbVie,

Inc.

,

4.25%,

11/21/2049

1,350,000

1,068,744

Amgen,

Inc.

,

4.05%,

8/18/2029(d)

1,675,000

1,554,752

5.65%,

3/2/2053(d)

4,500,000

4,211,652

CSL

Finance

plc

,

4.25%,

4/27/2032(a)

7,000,000

6,335,408

4.75%,

4/27/2052(a)(d)

1,500,000

1,269,332

Gilead

Sciences,

Inc.

,

4.80%,

4/1/2044

775,000

675,754

15,115,642

Broadline

Retail

0.2%

Amazon.com,

Inc.

,

4.70%,

12/1/2032

4,175,000

3,986,167

Capital

Markets

2.3%

Brookfield

Finance,

Inc.

,

4.35%,

4/15/2030(d)

5,500,000

4,968,566

FMR

LLC

,

6.50%,

12/14/2040(a)(d)

2,000,000

1,961,233

5.15%,

2/1/2043(a)

1,000,000

837,533

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.73%),

1.76%,

1/24/2025(d)(e)

750,000

738,115

3.50%,

4/1/2025

500,000

481,435

(SOFR

+

0.82%),

1.54%,

9/10/2027(d)(e)

750,000

656,696

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(d)(e)

5,000,000

4,561,899

(CME

Term

SOFR

3

Month

+

1.40%),

3.77%,

1/24/2029(d)(e)

750,000

683,891

(SOFR

+

2.62%),

5.30%,

4/20/2037(e)

2,400,000

2,138,438

S&P

Global,

Inc.

,

2.90%,

3/1/2032(d)

8,000,000

6,584,163

State

Street

Corp.

,

(SOFR

+

1.57%),

4.82%,

1/26/2034(d)(e)

4,175,000

3,806,737

NVIT

Core

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

37

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

9,448,542

36,867,248

Chemicals

0.3%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

5,750,000

5,550,800

Commercial

Services

&

Supplies

0.2%

Stericycle,

Inc.

,

5.38%,

7/15/2024(a)

2,500,000

2,467,735

Consumer

Finance

0.2%

American

Express

Co.

,

(SOFR

+

1.00%),

4.99%,

5/1/2026(e)

1,000,000

982,462

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025(d)

2,500,000

2,344,918

3,327,380

Consumer

Staples

Distribution

&

Retail

0.3%

Walmart,

Inc.

,

4.15%,

9/9/2032(d)

5,000,000

4,655,436

4.50%,

4/15/2053

900,000

774,668

5,430,104

Containers

&

Packaging

0.3%

Berry

Global,

Inc.

,

5.50%,

4/15/2028(a)(d)

2,600,000

2,511,509

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

2,350,000

2,084,464

4,595,973

Diversified

REITs

0.3%

VICI

Properties

LP

,

4.63%,

6/15/2025(a)

1,500,000

1,448,535

WP

Carey,

Inc.

,

2.45%,

2/1/2032

4,750,000

3,580,305

5,028,840

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

,

5.40%,

2/15/2034(d)

1,500,000

1,403,848

3.65%,

6/1/2051

4,945,000

3,188,506

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

1,712,000

1,363,155

4.00%,

3/22/2050

3,345,000

2,396,513

8,352,022

Electric

Utilities

5.7%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

9,525,000

8,941,647

American

Electric

Power

Co.,

Inc.

,

5.70%,

8/15/2025

3,750,000

3,730,780

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032(d)

1,175,000

1,051,533

Series

Z,

3.70%,

5/1/2050

4,555,000

3,058,508

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

DTE

Electric

Co.

,

5.20%,

4/1/2033(d)

7,175,000

6,957,835

Duke

Energy

Corp.

,

5.00%,

8/15/2052

500,000

415,633

Duke

Energy

Ohio,

Inc.

,

5.25%,

4/1/2033

4,385,000

4,233,327

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028(d)

3,750,000

3,524,907

Evergy

Kansas

Central,

Inc.

,

5.70%,

3/15/2053(d)

2,000,000

1,875,128

Evergy

Missouri

West,

Inc.

,

3.75%,

3/15/2032(a)

3,140,000

2,645,121

Evergy,

Inc.

,

2.90%,

9/15/2029

3,505,000

2,993,631

Exelon

Corp.

,

4.05%,

4/15/2030

695,000

625,507

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

13,750,000

12,468,256

Georgia

Power

Co.

,

4.70%,

5/15/2032(d)

4,750,000

4,400,929

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

2,000,000

1,927,155

2.75%,

3/1/2032(a)(d)

2,670,000

2,090,993

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033(d)

4,675,000

4,567,242

Louisville

Gas

and

Electric

Co.

,

Series

LOU,

5.45%,

4/15/2033

2,000,000

1,958,713

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

6,000,000

5,573,412

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

1,315,000

1,316,990

NextEra

Energy

Operating

Partners

LP

,

4.25%,

7/15/2024(a)

2,310,000

2,260,758

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

1,235,000

939,563

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030(d)

472,000

423,881

Southern

California

Edison

Co.

,

5.85%,

11/1/2027(d)

2,100,000

2,111,266

Southern

Co.

(The)

,

4.40%,

7/1/2046(d)

2,500,000

1,938,172

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

1,200,000

1,144,309

3.70%,

1/30/2027(a)

6,000,000

5,472,769

4.30%,

7/15/2029(a)(d)

1,403,000

1,226,686

89,874,651

Energy

Equipment

&

Services

0.3%

Schlumberger

Holdings

Corp.

,

3.90%,

5/17/2028(a)

4,389,000

4,076,807

Entertainment

0.3%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031(d)

3,000,000

2,484,059

38

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Warnermedia

Holdings,

Inc.

,

4.28%,

3/15/2032(d)

2,550,000

2,164,487

4,648,546

Financial

Services

0.1%

Global

Payments,

Inc.

,

2.65%,

2/15/2025(d)

1,500,000

1,429,135

Food

Products

0.4%

Cargill,

Inc.

,

5.13%,

10/11/2032(a)

5,000,000

4,846,793

4.38%,

4/22/2052(a)

1,650,000

1,339,708

Ingredion,

Inc.

,

3.90%,

6/1/2050(d)

500,000

333,152

6,519,653

Ground

Transportation

1.1%

Ashtead

Capital,

Inc.

,

4.38%,

8/15/2027(a)

2,500,000

2,323,594

4.00%,

5/1/2028(a)(d)

6,500,000

5,909,403

4.25%,

11/1/2029(a)(d)

1,730,000

1,531,814

ERAC

USA

Finance

LLC

,

5.40%,

5/1/2053(a)

4,000,000

3,696,225

Norfolk

Southern

Corp.

,

4.55%,

6/1/2053

1,650,000

1,332,196

Union

Pacific

Corp.

,

3.84%,

3/20/2060

2,800,000

1,962,369

16,755,601

Health

Care

Equipment

&

Supplies

0.5%

Baxter

International,

Inc.

,

3.13%,

12/1/2051

4,000,000

2,380,219

GE

HealthCare

Technologies,

Inc.

,

5.60%,

11/15/2025

1,000,000

994,228

5.86%,

3/15/2030(d)

5,000,000

4,960,182

8,334,629

Health

Care

Providers

&

Services

0.8%

CVS

Health

Corp.

,

5.00%,

2/20/2026

3,000,000

2,953,429

4.25%,

4/1/2050

115,000

85,083

Dignity

Health

,

3.81%,

11/1/2024

4,000,000

3,901,110

HCA,

Inc.

,

5.25%,

4/15/2025(d)

1,500,000

1,481,445

UnitedHealth

Group,

Inc.

,

2.00%,

5/15/2030

3,050,000

2,469,715

5.88%,

2/15/2053

1,300,000

1,304,625

12,195,407

Health

Care

REITs

0.1%

Welltower

OP

LLC

,

4.00%,

6/1/2025(d)

1,000,000

966,174

Household

Durables

0.1%

Newell

Brands,

Inc.

,

4.88%,

6/1/2025(d)

2,500,000

2,395,470

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Alexander

Funding

Trust

II

,

7.47%,

7/31/2028(a)(d)

1,770,000

1,772,318

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Calpine

Corp.

,

5.25%,

6/1/2026(a)(d)

1,200,000

1,165,057

2,937,375

Industrial

Conglomerates

0.1%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032(d)

1,207,000

1,112,470

Insurance

0.7%

Five

Corners

Funding

Trust

IV

,

6.00%,

2/15/2053(a)(d)

3,875,000

3,670,512

MassMutual

Global

Funding

II

,

1.55%,

10/9/2030(a)(d)

2,000,000

1,510,400

New

York

Life

Global

Funding

,

4.55%,

1/28/2033(a)(d)

6,750,000

6,188,099

11,369,011

IT

Services

0.2%

International

Business

Machines

Corp.

,

4.40%,

7/27/2032

4,150,000

3,815,550

Machinery

0.1%

Daimler

Truck

Finance

North

America

LLC

,

3.50%,

4/7/2025(a)

1,500,000

1,447,936

Media

0.5%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

1,450,000

1,157,768

3.70%,

4/1/2051

600,000

349,136

Comcast

Corp.

,

2.65%,

2/1/2030(d)

3,905,000

3,298,382

2.94%,

11/1/2056

5,432,000

3,087,149

7,892,435

Metals

&

Mining

0.0%

†

Glencore

Funding

LLC

,

1.63%,

9/1/2025(a)(d)

420,000

387,304

Multi-Utilities

0.5%

Black

Hills

Corp.

,

3.05%,

10/15/2029(d)

1,350,000

1,140,851

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049

3,500,000

2,729,160

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

2,825,000

2,719,662

3.25%,

6/15/2026

1,250,000

1,175,329

7,765,002

Oil,

Gas

&

Consumable

Fuels

1.7%

Antero

Midstream

Partners

LP

,

7.88%,

5/15/2026(a)

900,000

906,408

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051

1,800,000

1,099,007

Chesapeake

Energy

Corp.

,

5.50%,

2/1/2026(a)(d)

900,000

870,870

Continental

Resources,

Inc.

,

4.38%,

1/15/2028(d)

865,000

802,286

5.75%,

1/15/2031(a)

1,310,000

1,230,686

NVIT

Core

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Continental

Resources,

Inc.,

2.88%,

4/1/2032(a)

1,905,000

1,426,558

Energy

Transfer

LP

,

6.50%,

2/1/2042

2,850,000

2,724,820

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

1,500,000

1,049,509

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

450,000

386,711

3.25%,

8/1/2050

395,000

234,961

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

5,400,000

4,292,520

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025

1,000,000

994,920

6.60%,

3/15/2046(d)

2,535,000

2,490,840

Targa

Resources

Partners

LP

,

5.00%,

1/15/2028(d)

1,500,000

1,426,500

4.88%,

2/1/2031

1,905,000

1,706,213

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

320,000

304,119

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

3,815,623

3,606,576

7.50%,

1/15/2028(a)

1,000,000

1,026,139

26,579,643

Passenger

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)(d)

1,200,000

1,089,070

Pharmaceuticals

0.6%

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028(d)

2,500,000

2,367,200

Merck

&

Co.,

Inc.

,

6.55%,

9/15/2037

3,335,000

3,590,349

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.75%,

5/19/2033

4,175,000

3,946,535

9,904,084

Residential

REITs

0.6%

American

Homes

4

Rent

LP

,

3.63%,

4/15/2032

2,000,000

1,654,875

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

5,525,000

4,030,818

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

4,226,000

3,507,302

9,192,995

Retail

REITs

0.1%

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030(d)

2,124,000

1,891,094

Semiconductors

&

Semiconductor

Equipment

0.4%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)(d)

2,000,000

1,599,713

Foundry

JV

Holdco

LLC

,

5.88%,

1/25/2034(a)

5,586,000

5,336,039

6,935,752

Software

0.5%

Microsoft

Corp.

,

3.45%,

8/8/2036

5,000,000

4,216,198

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Oracle

Corp.

,

2.95%,

4/1/2030

1,000,000

841,486

3.60%,

4/1/2040(d)

3,500,000

2,528,896

7,586,580

Specialized

REITs

0.1%

American

Tower

Corp.

,

2.95%,

1/15/2025(d)

1,500,000

1,441,524

Specialty

Retail

0.7%

AutoZone,

Inc.

,

4.75%,

8/1/2032

6,500,000

5,962,463

Home

Depot,

Inc.

(The)

,

2.88%,

4/15/2027(d)

3,200,000

2,962,557

Lowe's

Cos.,

Inc.

,

5.00%,

4/15/2033

2,000,000

1,882,377

10,807,397

Technology

Hardware,

Storage

&

Peripherals

0.6%

Apple,

Inc.

,

3.35%,

8/8/2032

8,350,000

7,367,421

Hewlett

Packard

Enterprise

Co.

,

5.90%,

10/1/2024

1,500,000

1,498,782

HP,

Inc.

,

3.40%,

6/17/2030(d)

1,000,000

851,331

9,717,534

Tobacco

0.6%

BAT

Capital

Corp.

,

4.74%,

3/16/2032(d)

3,000,000

2,643,550

6.42%,

8/2/2033

1,350,000

1,312,062

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029(d)

945,000

934,281

5.75%,

11/17/2032

1,475,000

1,439,194

5.38%,

2/15/2033(d)

1,250,000

1,184,796

4.25%,

11/10/2044(d)

2,000,000

1,524,425

9,038,308

Wireless

Telecommunication

Services

0.3%

T-Mobile

USA,

Inc.

,

4.75%,

2/1/2028(d)

2,000,000

1,917,035

3.30%,

2/15/2051

3,960,000

2,477,777

4,394,812

Total

Corporate

Bonds

(cost

$530,846,502)

472,318,699

Mortgage-Backed

Securities

28.2%

FHLMC

UMBS

Pool

Pool#

SB0861

2.50%,

2/1/2037

9,996,244

8,828,075

Pool#

SB8183

3.50%,

10/1/2037

12,292,131

11,365,371

Pool#

SD8018

4.00%,

10/1/2049

1,765,328

1,593,012

Pool#

SD8080

2.00%,

6/1/2050

3,312,855

2,539,011

Pool#

SD8079

2.00%,

7/1/2050

8,284,255

6,347,206

40

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8084

3.00%,

8/1/2050

7,839,396

6,523,382

Pool#

SD1372

2.50%,

9/1/2051

19,899,294

15,803,858

Pool#

SD8178

2.50%,

11/1/2051

6,972,542

5,546,693

Pool#

SD8181

1.50%,

12/1/2051

7,281,284

5,237,561

Pool#

RA6433

2.50%,

12/1/2051

9,691,668

7,698,878

Pool#

SD8199

2.00%,

3/1/2052

50,721,777

38,629,861

Pool#

SD3088

2.00%,

3/1/2052

7,828,243

5,962,628

Pool#

SD8200

2.50%,

3/1/2052

13,641,075

10,834,795

Pool#

QE0799

2.50%,

4/1/2052

9,202,857

7,315,007

Pool#

SD8213

3.00%,

5/1/2052

4,652,658

3,846,222

Pool#

SD2254

3.50%,

7/1/2052

1,699,437

1,463,043

Pool#

QE6924

4.00%,

8/1/2052

28,926,413

25,769,640

Pool#

SD8255

3.50%,

10/1/2052

4,062,763

3,495,862

Pool#

SD8288

5.00%,

1/1/2053

30,271,995

28,580,900

Pool#

SD8302

6.50%,

2/1/2053

2,216,000

2,227,231

Pool#

SD8309

6.00%,

3/1/2053

1,663,891

1,642,629

Pool#

SD2921

4.50%,

5/1/2053

14,716,766

13,525,254

Pool#

SD8338

4.00%,

6/1/2053

4,967,955

4,424,696

FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,253,552

2,201,266

Pool#

468516

5.17%,

6/1/2028

797,218

774,053

Pool#

468127

5.70%,

5/1/2041

1,076,758

1,076,301

FNMA

UMBS

Pool

Pool#

FS1360

3.00%,

4/1/2037

6,468,175

5,851,577

Pool#

AR9398

3.50%,

6/1/2043

800,862

705,401

Pool#

BC0180

4.00%,

1/1/2046

2,229,643

2,030,411

Pool#

AS7908

3.00%,

9/1/2046

5,049,929

4,268,226

Pool#

AS8483

3.00%,

12/1/2046

2,142,686

1,818,429

Pool#

MA2863

3.00%,

1/1/2047

3,434,697

2,903,984

Pool#

AS8784

3.00%,

2/1/2047

2,208,583

1,857,817

Pool#

BE7557

3.50%,

2/1/2047

4,030,613

3,532,599

Pool#

BM2003

4.00%,

10/1/2047

3,340,967

3,032,578

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BJ3716

3.50%,

12/1/2047

2,004,871

1,757,074

Pool#

MA3210

3.50%,

12/1/2047

844,951

739,741

Pool#

BM3355

3.50%,

2/1/2048

1,350,278

1,182,152

Pool#

CA1532

3.50%,

4/1/2048

4,388,157

3,857,975

Pool#

CA2208

4.50%,

8/1/2048

950,573

885,025

Pool#

CA2469

4.00%,

10/1/2048

894,514

809,291

Pool#

MA3745

3.50%,

8/1/2049

4,659,099

4,110,398

Pool#

FS2041

2.00%,

8/1/2051

8,384,982

6,390,939

Pool#

FS1080

2.50%,

2/1/2052

32,564,773

25,903,326

Pool#

BU8883

3.00%,

3/1/2052

18,865,212

15,620,532

Pool#

FS2122

3.00%,

3/1/2052

5,459,370

4,527,804

Pool#

MA4577

2.00%,

4/1/2052

18,707,985

14,247,167

Pool#

BV8011

3.00%,

8/1/2052

9,786,692

8,099,990

Pool#

MA4733

4.50%,

9/1/2052

18,702,016

17,178,603

Pool#

MA4782

3.50%,

10/1/2052

14,407,269

12,399,932

Pool#

MA4805

4.50%,

11/1/2052

5,695,151

5,231,256

Pool#

MA4839

4.00%,

12/1/2052

4,838,246

4,309,715

Pool#

MA4980

6.00%,

4/1/2053

3,740,314

3,692,503

Pool#

DA1019

6.50%,

9/1/2053

1,000,000

1,006,207

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

5.00%,

10/25/2038

17,000,000

16,553,750

GNMA

II

Pool

Pool#

MA8349

5.50%,

10/20/2052

9,508,718

9,238,412

Pool#

MA8429

5.50%,

11/20/2052

3,989,776

3,872,814

Pool#

MA8430

6.00%,

11/20/2052

4,910,799

4,868,698

Pool#

MA8571

6.00%,

1/20/2053

2,267,988

2,249,217

Pool#

MA8726

5.50%,

3/20/2053

14,177,193

13,767,010

Pool#

MA8727

6.00%,

3/20/2053

4,081,022

4,046,932

Pool#

MA8950

6.50%,

6/20/2053

4,955,259

4,973,604

GNMA

TBA

3.50%,

10/15/2053

7,600,000

6,656,531

Total

Mortgage-Backed

Securities

(cost

$501,223,420)

447,430,055

NVIT

Core

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Municipal

Bonds

0.9%

Principal

Amount

($)

Value

($)

California

0.3

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

3,885,000

4,252,812

District

of

Columbia

0.6

%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

D,

7.46%,

10/1/2046

6,000,000

7,013,639

Series

D,

8.00%,

10/1/2047

2,000,000

2,418,432

9,432,071

Total

Municipal

Bonds

(cost

$14,110,997)

13,684,883

Purchased

Option

0.0%

†

Number

of

Contracts

Call

Option

0.0%

†

Future

Interest

Rate

Options

0.0%

†

U.S.

Treasury

30

Year

Bond

11/24/2023

at

USD

123.00,

American

Style,

Notional

Amount:

USD

6,000,000

Exchange

Traded*

60

15,000

0

Total

Purchased

Option

(cost

$89,062)

15,000

U.S.

Government

Agency

Security

0.8%

Principal

Amount

($)

Tennessee

Valley

Authority,

5.88%,

4/1/2036

11,793,000

12,565,677

Total

U.S.

Government

Agency

Security

(cost

$13,764,326)

12,565,677

U.S.

Treasury

Obligations

29.6%

U.S.

Treasury

Bonds

2.00%,

11/15/2041

18,000,000

11,681,016

2.38%,

2/15/2042

55,000,000

38,016,602

3.25%,

5/15/2042

11,500,000

9,164,063

3.13%,

2/15/2043

23,000,000

17,805,234

3.88%,

2/15/2043

6,200,000

5,395,937

3.88%,

5/15/2043

18,000,000

15,648,750

2.25%,

8/15/2046

7,000,000

4,438,437

2.25%,

2/15/2052

54,800,000

33,629,219

2.88%,

5/15/2052

6,375,000

4,520,024

3.63%,

2/15/2053

1,000,000

827,031

3.63%,

5/15/2053

6,000,000

4,967,813

U.S.

Treasury

Notes

0.13%,

10/15/2023

1,000,000

998,126

0.25%,

3/15/2024

(d)

4,300,000

4,201,906

2.13%,

3/31/2024

(d)

5,000,000

4,918,164

0.38%,

4/15/2024

(d)

5,000,000

4,865,820

4.50%,

11/30/2024

20,000,000

19,799,219

1.00%,

12/15/2024

30,000,000

28,487,109

4.25%,

12/31/2024

24,600,000

24,268,477

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.13%,

1/31/2025

11,700,000

11,519,016

4.25%,

5/31/2025

24,000,000

23,643,750

2.88%,

6/15/2025

9,000,000

8,664,609

3.00%,

7/15/2025

22,000,000

21,200,781

0.25%,

8/31/2025

20,000,000

18,249,219

4.00%,

2/15/2026

12,200,000

11,942,180

3.63%,

5/15/2026

33,000,000

31,988,086

1.25%,

12/31/2026

26,000,000

23,290,313

2.25%,

2/15/2027

(d)

2,000,000

1,845,547

0.50%,

4/30/2027

1,000,000

862,188

3.25%,

6/30/2027

7,000,000

6,650,820

2.25%,

8/15/2027

11,000,000

10,052,109

3.88%,

12/31/2027

6,000,000

5,815,078

3.50%,

1/31/2028

12,300,000

11,738,332

3.63%,

5/31/2028

18,300,000

17,539,406

1.50%,

11/30/2028

11,000,000

9,426,055

2.75%,

5/31/2029

6,000,000

5,435,625

3.25%,

6/30/2029

2,000,000

1,858,594

3.50%,

1/31/2030

8,300,000

7,779,629

3.75%,

5/31/2030

6,000,000

5,696,250

2.88%,

5/15/2032

1,500,000

1,316,660

Total

U.S.

Treasury

Obligations

(cost

$513,561,415)

470,147,194

Repurchase

Agreements

0.6%

Bank

of

America

NA

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,442,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$1,020,000.

(f)

1,000,000

1,000,000

BofA

Securities,

Inc.

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,442,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$1,020,001.

(f)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$657,243,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$670,090.

(f)

656,951

656,951

42

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Credit

Suisse

AG

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$5,002,209,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.38%

-

5.00%,

maturing

5/15/2037

-

2/15/2052;

total

market

value

$5,102,254.

(f)

5,000,000

5,000,000

Pershing

LLC

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,889,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$2,040,000.

(f)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$9,656,951)

9,656,951

Total

Investments

(cost

$1,757,791,435)

—

100.1%

1,586,991,979

Liabilities

in

excess

of

other

assets

—

(0.1)%

(1,078,148)

NET

ASSETS

—

100.0%

$

1,585,913,831

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2023

was

$293,236,630

which

represents

18.49%

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,

2023.

(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,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$93,025,272,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$9,656,951

and

by

$86,572,515

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$96,229,466.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2023.

(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,

2023

was

$9,656,951.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

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

NVIT

Core

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

2023

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

Investement

Grade

index

Series

41-V1

1.00

Quarterly

12/20/2028

0.73

USD

74,000,000

(1,061,010)

138,047

(922,963)

(1,061,010)

138,047

(922,963)

As

of

September

30,

2023,

the

Fund

had

$992,451

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

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

264

12/2023

USD

53,515,688

(231,634)

U.S.

Treasury

5

Year

Note

771

12/2023

USD

81,232,078

(821,038)

U.S.

Treasury

10

Year

Note

776

12/2023

USD

83,856,500

(1,747,066)

U.S.

Treasury

Ultra

Bond

65

12/2023

USD

7,714,688

(564,250)

Total

long

contracts

(3,363,988)

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(258)

12/2023

USD

(28,783,125)

841,444

U.S.

Treasury

Long

Bond

(341)

12/2023

USD

(38,799,406)

2,177,948

Total

short

contracts

3,019,392

Net

contracts

(344,596)

As

of

September

30,

2023,

the

Fund

had

$2,109,881

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

44

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

Written

Call

Options

Contracts

as

of

September

30,

2023

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

30

Year

Bond

Exchange

Traded

60

USD

6,000,000

USD

128.00

11/24/2023

(5,625)

Total

written

call

options

contracts

(5,625)

Written

Put

Options

Contracts

as

of

September

30,

2023

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

30

Year

Bond

Exchange

Traded

60

USD

6,000,000

USD

110.00

11/24/2023

(77,812)

Total

written

put

options

contracts

(77,812)

Total

Written

Options

Contracts

(Premiums

Received

($90,938))

(83,437)

Currency:

USD

United

States

dollar

NVIT

Core

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

45

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

122,904,800

$

–

$

122,904,800

Collateralized

Mortgage

Obligations

–

14,789,322

–

14,789,322

Commercial

Mortgage-Backed

Securities

–

23,479,398

–

23,479,398

Corporate

Bonds

–

472,318,699

–

472,318,699

Credit

Default

Swaps†

–

138,047

–

138,047

Futures

Contracts

3,019,392

–

–

3,019,392

Mortgage-Backed

Securities

–

447,430,055

–

447,430,055

Municipal

Bonds

–

13,684,883

–

13,684,883

Purchased

Option

15,000

–

–

15,000

46

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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

and

equity

movements,

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

Level

1

Level

2

Level

3

Total

Assets:

Repurchase

Agreements

$

–

$

9,656,951

$

–

$

9,656,951

U.S.

Government

Agency

Security

–

12,565,677

–

12,565,677

U.S.

Treasury

Obligations

–

470,147,194

–

470,147,194

Total

Assets

$

3,034,392

$

1,587,115,026

$

–

$

1,590,149,418

Liabilities:

Futures

Contracts

$

(3,363,988)

$

–

$

–

$

(3,363,988)

Written

Options

(83,437)

–

–

(83,437)

Total

Liabilities

$

(3,447,425)

$

–

$

–

$

(3,447,425)

Total

$

(413,033)

$

1,587,115,026

$

–

$

1,586,701,993

†

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,

2023

(Unaudited)

-

Statement

of

Investments

-

47

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and 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

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

48

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

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,

2023

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.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

NVIT

Core

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

15,000

Swap

Contracts†

Credit

risk

Unrealized

appreciation

from

centrally

cleared

swap

contracts

138,047

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

3,019,392

Total

$

3,172,439

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(83,437

)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(3,363,988)

Total

$

(3,447,425)

†

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.

50

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Asset-Backed

Securities

17

.1

%

Principal

Amount

($)

Value

($)

Airlines

0

.8

%

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

632,932

528,498

Sprite

Ltd.,

Series

2021-

1,

Class

A,

3.75%,

11/15/2046(a)

388,765

348,481

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

707,581

595,288

1,472,267

Automobiles

0

.4

%

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

250,000

240,830

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-2A,

Class

C,

1.08%,

6/15/2026(a)

434,386

425,140

665,970

Home

Equity

6

.6

%

Aegis

Asset-Backed

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2003-2,

Class

M2,

7.98%,

11/25/2033(b)

742,527

628,378

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE2,

Class

A4,

5.66%,

5/25/2037(b)

1,360,809

915,693

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB4,

Class

AV3,

2.92%,

5/25/2036(b)

2,198,963

1,382,938

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-

NC1,

Class

A3,

5.61%,

4/25/2037(b)

427,661

272,541

JP

Morgan

Mortgage

Acquisition

Trust

Series

2006-RM1,

Class

A5,

5.91%,

8/25/2036(b)

1,587,695

675,794

Series

2007-CH3,

Class

M2,

5.75%,

3/25/2037(b)

1,500,000

1,248,758

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

5.64%,

5/25/2037(b)

1,062,270

994,049

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-HE3,

Class

A4,

5.93%,

6/25/2037(b)

3,795,972

923,300

New

Century

Home

Equity

Loan

Trust,

Series

2006-

1,

Class

A2C,

5.99%,

5/25/2036(b)

1,500,000

1,298,291

Option

One

Mortgage

Loan

Trust,

Series

2006-1,

Class

M2,

6.00%,

1/25/2036(b)

2,049,000

1,418,027

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

760,182

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-FR4,

Class

A2B,

5.77%,

8/25/2036(b)

3,953,048

1,256,034

11,773,985

Other

9

.1

%

Affirm

Asset

Securitization

Trust

Series

2020-Z1,

Class

A,

3.46%,

10/15/2024(a)

417

416

Series

2023-B,

Class

A,

6.82%,

9/15/2028(a)

300,000

300,454

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A1A,

6.82%,

7/20/2034(a)(b)

500,000

495,825

Canyon

Capital

CLO

Ltd.,

Series

2019-1A,

Class

DR,

8.67%,

4/15/2032(a)(b)

600,000

583,391

Cathedral

Lake

VIII

Ltd.,

Series

2021-8A,

Class

A1,

6.82%,

1/20/2035(a)(b)

500,000

494,828

CBAM

Ltd.,

Series

2019-

10A,

Class

DR,

9.09%,

4/20/2032(a)(b)

750,000

743,698

Fillmore

Park

CLO

Ltd.,

Series

2018-1A,

Class

D,

8.47%,

7/15/2030(a)(b)

500,000

483,237

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(b)

1,000,000

865,876

Franklin

Park

Place

CLO

I

LLC,

Series

2022-1A,

Class

A,

6.71%,

4/14/2035(a)(b)

500,000

491,778

FS

RIALTO,

Series

2021-

FL2,

Class

A,

6.67%,

5/16/2038(a)(b)

368,783

364,135

FS

Rialto

Issuer

LLC,

Series

2022-FL4,

Class

AS,

7.71%,

1/19/2039(a)(b)

200,000

195,053

GoldenTree

Loan

Management

US

CLO

15

Ltd.,

Series

2022-

15A,

Class

DR,

9.74%,

10/20/2036(a)(b)

500,000

500,012

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-5CS,

Class

C,

3.50%,

10/20/2048(a)

452,427

311,299

Gulf

Stream

Meridian

3

Ltd.,

Series

2021-IIIA,

Class

A1,

6.89%,

4/15/2034(a)(b)

500,000

494,846

Home

Partners

of

America

Trust

Series

2021-1,

Class

D,

2.48%,

9/17/2041(a)

1,027,546

816,577

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2021-1,

Class

F,

3.33%,

9/17/2041(a)

603,834

479,185

LCM

XV

LP,

Series

15A,

Class

DR,

9.29%,

7/20/2030(a)(b)

250,000

237,157

Marble

Point

CLO

XXII

Ltd.,

Series

2021-2A,

Class

A,

6.81%,

7/25/2034(a)(b)

500,000

489,946

Marlette

Funding

Trust,

Series

2019-4A,

Class

C,

3.76%,

12/17/2029(a)

112,075

111,073

ME

Funding

LLC,

Series

2019-1,

Class

A2,

6.45%,

7/30/2049(a)

721,875

705,901

Pagaya

AI

Debt

Selection

Trust

Series

2021-1,

Class

B,

2.13%,

11/15/2027(a)

258,961

255,913

Series

2021-3,

Class

B,

1.74%,

5/15/2029(a)

499,973

488,509

Pagaya

AI

Debt

Trust,

Series

2022-1,

Class

B,

3.34%,

10/15/2029(a)

499,934

472,314

PMT

Issuer

Trust-FMSR,

Series

2021-FT1,

Class

A,

8.43%,

3/25/2026(a)(b)

850,000

827,856

PRET

LLC,

Series

2021-

NPL5,

Class

A1,

2.49%,

10/25/2051(a)(c)

746,516

701,595

Progress

Residential,

Series

2021-SFR4,

Class

A,

1.56%,

5/17/2038(a)

1,047,658

932,225

Progress

Residential

Trust,

Series

2022-SFR3,

Class

A,

3.20%,

4/17/2039(a)

487,668

443,263

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

6.78%,

10/20/2030(a)(b)

470,703

470,140

Sunnova

Helios

V

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048(a)

404,099

339,861

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

446,253

387,638

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

6.65%,

1/17/2032(a)

(b)

500,000

496,467

Upstart

Pass-Through

Trust

Series

2021-ST3,

Class

A,

2.00%,

5/20/2027(a)

119,121

115,100

Series

2021-ST4,

Class

A,

2.00%,

7/20/2027(a)

103,645

99,127

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

391,728

306,711

VOLT

XCVI

LLC,

Series

2021-

NPL5,

Class

A1,

2.12%,

3/27/2051(a)(c)

283,391

268,172

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Wellfleet

CLO

X

Ltd.,

Series

2019-XA,

Class

A2R,

7.34%,

7/20/2032(a)(b)

500,000

479,269

16,248,847

Student

Loan

0

.2

%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

500,000

445,823

Total

Asset-Backed

Securities

(cost

$35,587,081)

30,606,892

Collateralized

Mortgage

Obligations

16

.8

%

ACRE

Commercial

Mortgage

Ltd.,

Series

2021-

FL4,

Class

A,

6.28%,

12/18/2037(a)(b)

63,066

62,643

Alternative

Loan

Trust

Series

2005-64CB,

Class

1A12,

5.50%,

12/25/2035(b)

931,157

773,376

Series

2006-13T1,

Class

A1,

6.00%,

5/25/2036

1,895,168

938,316

Series

2006-OA7,

Class

1A2,

5.57%,

6/25/2046(b)

1,312,356

1,091,806

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

5.91%,

2/25/2036(b)

896,599

783,207

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1,572,447

701,445

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,133,830

533,902

CIM

Trust,

Series

2023-

R4,

Class

A1,

5.00%,

5/25/2062(a)(b)

950,432

917,883

COLT

Mortgage

Loan

Trust,

Series

2022-4,

Class

A1,

4.30%,

3/25/2067(a)(b)

870,093

814,937

FHLMC

REMICS

Series

5004,

Class

LS,

IO,

0.72%,

7/25/2050(b)

2,757,989

277,862

Series

5198,

Class

KZ,

2.00%,

2/25/2052

2,274,506

1,237,457

FHLMC

STACR

REMIC

Trust,

Series

2021-DNA7,

Class

M2,

7.11%,

11/25/2041(a)

(b)

1,000,000

976,560

FNMA

REMICS

Series

2013-20,

Class

MA,

2.50%,

3/25/2033

1,335,330

1,206,982

Series

2014-11,

Class

KZ,

2.50%,

10/25/2041

1,949,734

1,653,758

Series

2018-33,

Class

A,

3.00%,

5/25/2048

614,461

526,973

Series

2019-64,

Class

D,

2.50%,

11/25/2049

401,162

332,858

52

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2020-77,

Class

S,

IO,

0.00%,

11/25/2050(b)

5,761,015

178,021

Series

2021-61,

Class

KZ,

2.50%,

9/25/2051

3,160,219

1,601,767

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(b)

700,000

525,033

GNMA

REMICS

Series

2019-84,

Class

SA,

IO,

0.00%,

7/20/2049(b)

4,465,085

37,920

Series

2020-79,

Class

IN,

IO,

2.50%,

6/20/2050

7,109,841

964,474

Series

2020-151,

Class

MI,

IO,

2.50%,

10/20/2050

2,989,443

395,797

Series

2021-57,

Class

IA,

IO,

2.50%,

12/20/2050

3,496,301

430,345

Series

2021-30,

Class

KI,

IO,

3.00%,

2/20/2051

2,769,771

432,393

Series

2022-174,

Class

AZ,

3.50%,

5/20/2051

4,419,285

3,387,142

Series

2022-61,

Class

EI,

IO,

3.00%,

7/20/2051

3,893,989

539,667

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

5.79%,

7/25/2047(b)

663,160

446,107

JP

Morgan

Mortgage

Trust,

Series

2006-S1,

Class

2A9,

6.50%,

4/25/2036

326,515

317,241

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

A1,

2.69%,

10/25/2060(a)(b)

378,126

365,294

New

Residential

Mortgage

Loan

Trust,

Series

2021-

NQ1R,

Class

M1,

2.27%,

7/25/2055(a)(b)

550,000

396,431

PRPM

LLC,

Series

2022-

5,

Class

A1,

6.90%,

9/27/2027(a)(c)

1,760,688

1,737,011

RALI

Trust

Series

2006-QS6,

Class

1A11,

6.00%,

6/25/2036(b)

1,456,489

1,027,012

Series

2006-QS17,

Class

A7,

6.00%,

12/25/2036

946,308

742,147

Seasoned

Credit

Risk

Transfer

Trust,

Series

2019-4,

Class

MV,

3.00%,

2/25/2059

1,838,515

1,517,005

Towd

Point

Mortgage

Trust,

Series

2022-1,

Class

A1,

3.75%,

7/25/2062(a)(b)

1,119,329

1,007,739

Verus

Securitization

Trust

Series

2021-6,

Class

B1,

4.05%,

10/25/2066(a)(b)

600,000

374,298

Series

2022-4,

Class

A2,

4.74%,

4/25/2067(a)(b)

806,697

740,259

Total

Collateralized

Mortgage

Obligations

(cost

$36,775,559)

29,993,068

Commercial

Mortgage-Backed

Securities

6

.1

%

Principal

Amount

($)

Value

($)

BANK

Series

2020-BN30,

Class

XB,

IO,

0.83%,

12/15/2053(b)

3,036,000

124,079

Series

2017-BNK6,

Class

XA,

IO,

0.91%,

7/15/2060(b)

4,062,933

88,433

Series

2018-BN10,

Class

XA,

IO,

0.83%,

2/15/2061(b)

2,739,705

67,101

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.16%,

2/15/2053(b)

1,967,486

92,268

Series

2021-C12,

Class

XA,

IO,

1.07%,

11/15/2054(b)

2,714,399

141,126

Series

2022-C18,

Class

XD,

IO,

2.35%,

12/15/2055(a)(b)

1,000,000

152,824

BB-UBS

Trust

Series

2012-SHOW,

Class

XB,

IO,

0.28%,

11/5/2036(a)

(b)

4,823,000

8,261

Series

2012-SHOW,

Class

XA,

IO,

0.73%,

11/5/2036(a)

(b)

8,760,000

47,350

Benchmark

Mortgage

Trust

Series

2020-B19,

Class

XA,

IO,

1.88%,

9/15/2053(b)

1,309,760

89,379

Series

2021-B27,

Class

XA,

IO,

1.38%,

7/15/2054(b)

1,995,391

131,232

BX

Commercial

Mortgage

Trust

Series

2021-VOLT,

Class

E,

7.45%,

9/15/2036(a)(b)

134,000

127,768

Series

2021-SOAR,

Class

A,

6.12%,

6/15/2038(a)(b)

185,681

182,327

BX

Trust

Series

2019-OC11,

Class

E,

4.08%,

12/9/2041(a)(b)

211,000

168,128

Series

2019-OC11,

Class

D,

4.08%,

12/9/2041(a)(b)

100,000

82,203

BXMT

Ltd.,

Series

2021-

FL4,

Class

A,

6.50%,

5/15/2038(a)(b)

125,000

119,007

CD

Mortgage

Trust,

Series

2017-CD6,

Class

XA,

IO,

1.01%,

11/13/2050(b)

5,059,010

116,759

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XA,

IO,

1.76%,

5/10/2058(b)

1,905,677

56,694

Citigroup

Commercial

Mortgage

Trust

Series

2020-555,

Class

E,

3.62%,

12/10/2041(a)(b)

115,000

82,002

Series

2014-GC19,

Class

XA,

IO,

1.24%,

3/11/2047(b)

2,838,652

455

Series

2014-GC21,

Class

XA,

IO,

1.28%,

5/10/2047(b)

2,725,281

7,128

Series

2016-GC36,

Class

D,

2.85%,

2/10/2049(a)

139,000

51,206

CLNC

Ltd.,

Series

2019-

FL1,

Class

A,

6.69%,

8/20/2035(a)(b)

4,162

4,153

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Commercial

Mortgage

Trust

Series

2017-PANW,

Class

E,

4.13%,

10/10/2029(a)(b)

254,000

203,738

Series

2014-CR20,

Class

XA,

IO,

1.07%,

11/10/2047(b)

5,240,362

29,944

Series

2015-CR23,

Class

C,

4.44%,

5/10/2048(b)

407,000

355,357

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

2.02%,

1/15/2049(b)

600,091

20,986

Series

2017-CX10,

Class

XA,

IO,

0.89%,

11/15/2050(b)

5,994,614

134,610

Series

2017-CX10,

Class

C,

4.31%,

11/15/2050(b)

247,000

167,043

Series

2019-C18,

Class

B,

3.59%,

12/15/2052

255,000

199,930

CSMC

Trust

Series

2017-CALI,

Class

F,

3.90%,

11/10/2032(a)(b)

250,000

40,044

Series

2020-NET,

Class

A,

2.26%,

8/15/2037(a)

157,251

140,754

Series

2021-B33,

Class

A1,

3.05%,

10/10/2043(a)

100,000

81,868

Series

2021-B33,

Class

A2,

3.17%,

10/10/2043(a)

157,000

111,362

FNMA

ACES

REMICS

Series

2022-M4,

Class

A1X,

2.55%,

5/25/2030(b)

1,282,758

1,129,359

Series

2020-M7,

Class

X2,

IO,

1.33%,

3/25/2031(b)

5,156,849

314,599

Series

2022-M5,

Class

X,

IO,

0.69%,

1/1/2034(b)

13,031,000

470,199

GNMA

REMICS

Series

2021-35,

Class

,

IO,

1.03%,

12/16/2062(b)

4,292,257

302,455

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

4,759,126

256,320

Series

2021-129,

Class

,

IO,

0.98%,

6/16/2063(b)

5,343,599

360,835

Series

2021-79,

Class

,

IO,

0.88%,

8/16/2063(b)

5,044,181

317,444

Series

2021-65,

Class

,

IO,

0.88%,

8/16/2063(b)

4,966,982

309,837

Series

2021-150,

Class

,

IO,

1.03%,

11/16/2063(b)

6,013,447

426,272

Series

2022-49,

Class

,

IO,

0.76%,

3/16/2064(b)

6,626,714

386,304

Series

2021-208,

Class

,

IO,

0.76%,

6/16/2064(b)

6,377,799

352,955

GPMT

Ltd.,

Series

2021-

FL3,

Class

A,

6.70%,

7/16/2035(a)(b)

112,994

111,180

Great

Wolf

Trust

Series

2019-WOLF,

Class

E,

8.18%,

12/15/2036(a)(b)

100,000

98,651

Series

2019-WOLF,

Class

F,

8.58%,

12/15/2036(a)(b)

100,000

98,309

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GS

Mortgage

Securities

Corp.

Trust,

Series

2018-

TWR,

Class

D,

7.23%,

7/15/2031(a)(b)

100,000

48,000

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.69%,

11/10/2049(b)

5,378,145

74,625

Series

2017-GS8,

Class

XA,

IO,

1.08%,

11/10/2050(b)

4,781,261

139,101

Series

2018-GS9,

Class

C,

4.50%,

3/10/2051(b)

175,000

140,099

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

FFX,

5.54%,

7/5/2033(a)(b)

113,000

67,235

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

D,

4.13%,

9/15/2047(a)(b)

200,000

165,561

JPMDB

Commercial

Mortgage

Securities

Trust

Series

2020-COR7,

Class

XA,

IO,

1.77%,

5/13/2053(b)

1,345,363

83,668

Series

2020-COR7,

Class

B,

3.29%,

5/13/2053(b)

158,000

112,594

LoanCore

Issuer

Ltd.,

Series

2019-CRE2,

Class

AS,

6.95%,

5/15/2036(a)(b)

102,412

102,311

Med

Trust,

Series

2021-

MDLN,

Class

G,

10.70%,

11/15/2038(a)(b)

200,040

189,042

MHC

Commercial

Mortgage

Trust,

Series

2021-

MHC,

Class

A,

6.25%,

4/15/2038(a)(b)

184,498

181,953

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

XA,

IO,

1.41%,

5/15/2050(b)

2,386,323

75,791

Morgan

Stanley

Capital

I

Trust

Series

2019-L3,

Class

XA,

IO,

0.75%,

11/15/2052(b)

3,014,843

87,659

Series

2020-L4,

Class

B,

3.08%,

2/15/2053

114,000

83,240

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

C,

7.65%,

1/15/2036(a)(b)

150,000

128,250

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

XA,

IO,

2.02%,

10/10/2048(b)

2,659,499

91,821

UBS

Commercial

Mortgage

Trust

Series

2017-C3,

Class

B,

4.09%,

8/15/2050(b)

194,000

161,081

Series

2017-C4,

Class

B,

4.24%,

10/15/2050(b)

161,000

139,323

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

XA,

IO,

0.71%,

5/15/2048(b)

8,082,513

52,949

54

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2016-C35,

Class

B,

3.44%,

7/15/2048

200,000

166,364

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(b)

161,000

122,348

Series

2021-C59,

Class

XA,

IO,

1.66%,

4/15/2054(b)

1,657,195

125,999

Total

Commercial

Mortgage-Backed

Securities

(cost

$12,478,140)

10,899,252

Corporate

Bonds

13

.5

%

Aerospace

&

Defense

0

.1

%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

170,000

143,022

TransDigm,

Inc.

,

5.50%,

11/15/2027

65,000

60,863

203,885

Automobile

Components

0

.0

%

†

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

30,000

28,125

Goodyear

Tire

&

Rubber

Co.

(The)

,

5.25%,

7/15/2031

40,000

33,096

61,221

Automobiles

0

.1

%

Ford

Motor

Co.

,

3.25%,

2/12/2032

120,000

92,480

Hyundai

Capital

America

,

5.68%,

6/26/2028(a)

110,000

107,542

200,022

Banks

1

.9

%

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

134,500

Banco

GNB

Sudameris

SA

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.56%),

7.05%,

4/3/2027(e)

50,000

46,941

Banco

Industrial

SA

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%),

4.88%,

1/29/2031(e)

150,000

138,328

Banco

Internacional

del

Peru

SAA

Interbank

,

Reg.

S,

(ICE

LIBOR

USD

3

Month

+

5.76%),

6.63%,

3/19/2029(e)

100,000

98,745

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

164,993

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

Hapoalim

BM

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.16%),

3.26%,

1/21/2032(a)(e)

200,000

170,498

Bank

of

America

Corp.

,

(SOFR

+

1.11%),

3.84%,

4/25/2025(e)

30,000

29,575

(SOFR

+

1.75%),

4.83%,

7/22/2026(e)

40,000

38,996

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(e)

285,000

207,388

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(e)

190,000

141,582

Bank

of

Nova

Scotia

(The)

,

3.45%,

4/11/2025

265,000

255,151

Citigroup,

Inc.

,

(CME

Term

SOFR

3

Month

+

1.65%),

3.67%,

7/24/2028(e)

310,000

284,367

DBS

Group

Holdings

Ltd.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.10%),

1.82%,

3/10/2031(e)

200,000

181,553

Global

Bank

Corp.

,

Reg.

S,

(ICE

LIBOR

USD

3

Month

+

3.30%),

5.25%,

4/16/2029(e)

200,000

181,560

Itau

Unibanco

Holding

SA

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.63%,

2/27/2025(d)(e)

200,000

164,289

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.99%),

4.85%,

7/25/2028(e)

70,000

67,477

(CME

Term

SOFR

3

Month

+

1.25%),

2.58%,

4/22/2032(e)

180,000

141,989

(SOFR

+

1.26%),

2.96%,

1/25/2033(e)

175,000

139,322

Multibank,

Inc.

,

7.75%,

2/3/2028(a)

200,000

201,300

Santander

Holdings

USA,

Inc.

,

(SOFR

+

1.25%),

2.49%,

1/6/2028(e)

160,000

138,924

Toronto-Dominion

Bank

(The)

,

4.69%,

9/15/2027

145,000

139,448

Truist

Financial

Corp.

,

(SOFR

+

1.44%),

4.87%,

1/26/2029(e)

65,000

61,016

Wells

Fargo

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.57%),

3.58%,

5/22/2028(e)

155,000

141,902

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(SOFR

+

1.98%),

4.81%,

7/25/2028(e)

60,000

57,256

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(e)

185,000

136,876

3,463,976

Beverages

0

.1

%

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

60,000

52,568

2.88%,

5/1/2030

105,000

88,122

PepsiCo,

Inc.

,

3.60%,

2/18/2028

45,000

42,579

Primo

Water

Holdings,

Inc.

,

4.38%,

4/30/2029(a)

45,000

38,475

221,744

Biotechnology

0

.1

%

AbbVie,

Inc.

,

3.85%,

6/15/2024

50,000

49,263

3.80%,

3/15/2025

95,000

92,345

Amgen,

Inc.

,

5.25%,

3/2/2030

35,000

34,195

5.75%,

3/2/2063

60,000

55,349

231,152

Building

Products

0

.1

%

Advanced

Drainage

Systems,

Inc.

,

6.38%,

6/15/2030(a)

100,000

96,045

Builders

FirstSource,

Inc.

,

6.38%,

6/15/2032(a)

50,000

47,065

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

36,311

Standard

Industries,

Inc.

,

4.38%,

7/15/2030(a)

55,000

45,551

224,972

Capital

Markets

0

.5

%

Blackstone

Holdings

Finance

Co.

LLC

,

2.00%,

1/30/2032(a)

230,000

167,754

Goldman

Sachs

Group,

Inc.

(The)

,

(CME

Term

SOFR

3

Month

+

1.43%),

6.80%,

5/15/2026(e)

289,000

290,777

Macquarie

Group

Ltd.

,

(SOFR

+

1.53%),

2.87%,

1/14/2033(a)(e)

200,000

151,159

Morgan

Stanley

,

(SOFR

+

1.36%),

2.48%,

9/16/2036(e)

390,000

283,291

892,981

Chemicals

0

.2

%

ASP

Unifrax

Holdings,

Inc.

,

5.25%,

9/30/2028(a)

30,000

21,364

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Braskem

Netherlands

Finance

BV

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

1/23/2081(e)

200,000

196,910

Sasol

Financing

USA

LLC

,

5.50%,

3/18/2031

200,000

156,737

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

50,000

40,438

415,449

Commercial

Services

&

Supplies

0

.2

%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

65,000

61,590

9.75%,

7/15/2027(a)

55,000

49,193

Garda

World

Security

Corp.

,

6.00%,

6/1/2029(a)

70,000

57,252

Madison

IAQ

LLC

,

4.13%,

6/30/2028(a)

55,000

47,463

WASH

Multifamily

Acquisition,

Inc.

,

5.75%,

4/15/2026(a)

55,000

51,356

266,854

Communications

Equipment

0

.0

%

†

CommScope,

Inc.

,

4.75%,

9/1/2029(a)

45,000

33,100

Construction

&

Engineering

0

.2

%

Bioceanico

Sovereign

Certificate

Ltd.

,

Reg.

S,

0.00%,

6/5/2034(f)

133,586

92,961

Pike

Corp.

,

5.50%,

9/1/2028(a)

125,000

109,360

Quanta

Services,

Inc.

,

2.35%,

1/15/2032

190,000

142,574

344,895

Construction

Materials

0

.1

%

Cemex

SAB

de

CV

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.13%,

6/08/2026(d)(e)

200,000

187,239

Consumer

Finance

0

.4

%

American

Express

Co.

,

3.95%,

8/1/2025

140,000

135,431

Avolon

Holdings

Funding

Ltd.

,

2.13%,

2/21/2026(a)

100,000

89,579

3.25%,

2/15/2027(a)

50,000

44,534

Capital

One

Financial

Corp.

,

(SOFR

+

2.16%),

4.99%,

7/24/2026(e)

150,000

145,538

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

90,000

74,613

3.10%,

1/12/2032

35,000

27,079

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(a)(g)

61,199

58,292

56

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Navient

Corp.

,

5.00%,

3/15/2027

30,000

26,966

OneMain

Finance

Corp.

,

6.63%,

1/15/2028

70,000

64,587

666,619

Consumer

Staples

Distribution

&

Retail

0

.3

%

Dollar

General

Corp.

,

4.25%,

9/20/2024

70,000

68,795

3.50%,

4/3/2030

155,000

132,452

Dollar

Tree,

Inc.

,

4.00%,

5/15/2025

135,000

130,667

Sysco

Corp.

,

3.25%,

7/15/2027

80,000

73,526

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

45,000

34,304

US

Foods,

Inc.

,

7.25%,

1/15/2032(a)

65,000

64,934

504,678

Containers

&

Packaging

0

.2

%

Clydesdale

Acquisition

Holdings,

Inc.

,

6.63%,

4/15/2029(a)

35,000

32,543

Pactiv

Evergreen

Group

Issuer

LLC

,

4.38%,

10/15/2028(a)

50,000

43,383

Trident

TPI

Holdings,

Inc.

,

12.75%,

12/31/2028(a)

65,000

67,925

WRKCo,

Inc.

,

3.75%,

3/15/2025

135,000

131,059

274,910

Distributors

0

.0

%

†

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

60,000

56,984

Diversified

Consumer

Services

0

.0

%

†

Metis

Merger

Sub

LLC

,

6.50%,

5/15/2029(a)

80,000

67,577

Diversified

Telecommunication

Services

0

.3

%

AT&T,

Inc.

,

2.75%,

6/1/2031

45,000

36,000

2.25%,

2/1/2032

185,000

139,236

CCO

Holdings

LLC

,

4.75%,

3/1/2030(a)

50,000

41,973

4.75%,

2/1/2032(a)

45,000

36,000

4.25%,

1/15/2034(a)

40,000

29,451

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(a)

15,000

13,642

5.00%,

5/1/2028(a)

30,000

25,615

Level

3

Financing,

Inc.

,

10.50%,

5/15/2030(a)

37,000

37,244

Verizon

Communications,

Inc.

,

1.75%,

1/20/2031

185,000

139,408

498,569

Electric

Utilities

0

.9

%

AEP

Texas,

Inc.

,

Series

H,

3.45%,

1/15/2050

155,000

99,888

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Duke

Energy

Carolinas

LLC

,

3.55%,

3/15/2052

60,000

40,976

Duke

Energy

Corp.

,

2.65%,

9/1/2026

235,000

216,157

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

50,000

41,107

Exelon

Corp.

,

5.15%,

3/15/2028

95,000

93,230

4.10%,

3/15/2052

30,000

21,695

JSW

Hydro

Energy

Ltd.

,

4.13%,

5/18/2031(a)

168,000

139,615

LLPL

Capital

Pte.

Ltd.

,

Reg.

S,

6.88%,

2/4/2039

160,920

143,306

Mexico

Generadora

de

Energia

S

de

rl

,

Reg.

S,

5.50%,

12/6/2032

131,562

124,631

Minejesa

Capital

BV

,

Reg.

S,

5.63%,

8/10/2037

200,000

152,572

Monongahela

Power

Co.

,

5.40%,

12/15/2043(a)

75,000

66,299

NextEra

Energy

Capital

Holdings,

Inc.

,

4.26%,

9/1/2024

60,000

59,031

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

85,000

64,486

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

85,000

64,666

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

160,000

141,731

Vistra

Operations

Co.

LLC

,

7.75%,

10/15/2031(a)

40,000

39,402

1,508,792

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Arrow

Electronics,

Inc.

,

3.88%,

1/12/2028

120,000

109,428

Energy

Equipment

&

Services

0

.1

%

Halliburton

Co.

,

4.85%,

11/15/2035

65,000

58,454

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(a)

56,250

55,382

Weatherford

International

Ltd.

,

6.50%,

9/15/2028(a)

45,000

45,004

158,840

Entertainment

0

.0

%

†

Live

Nation

Entertainment,

Inc.

,

4.75%,

10/15/2027(a)

75,000

68,672

Financial

Services

0

.1

%

National

Rural

Utilities

Cooperative

Finance

Corp.

,

4.80%,

3/15/2028

30,000

29,254

Nationstar

Mortgage

Holdings,

Inc.

,

5.75%,

11/15/2031(a)

85,000

70,314

PennyMac

Financial

Services,

Inc.

,

4.25%,

2/15/2029(a)

90,000

72,822

172,390

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0

.2

%

Agrosuper

SA

,

Reg.

S,

4.60%,

1/20/2032

150,000

119,958

MARB

BondCo

plc

,

Reg.

S,

3.95%,

1/29/2031

200,000

148,306

Post

Holdings,

Inc.

,

4.63%,

4/15/2030(a)

9,000

7,706

Smithfield

Foods,

Inc.

,

4.25%,

2/1/2027(a)

150,000

138,665

414,635

Gas

Utilities

0

.1

%

Ferrellgas

LP

,

5.38%,

4/1/2026(a)

35,000

32,805

Suburban

Propane

Partners

LP

,

5.00%,

6/1/2031(a)

75,000

62,605

Superior

Plus

LP

,

4.50%,

3/15/2029(a)

70,000

60,831

156,241

Ground

Transportation

0

.2

%

CSX

Corp.

,

3.35%,

9/15/2049

205,000

136,707

Penske

Truck

Leasing

Co.

LP

,

4.20%,

4/1/2027(a)

70,000

65,170

Triton

Container

International

Ltd.

,

3.25%,

3/15/2032

180,000

134,607

XPO,

Inc.

,

7.13%,

6/1/2031(a)

70,000

68,952

405,436

Health

Care

Equipment

&

Supplies

0

.2

%

Bausch

&

Lomb

Escrow

Corp.

,

8.38%,

10/1/2028(a)

80,000

80,238

Becton

Dickinson

&

Co.

,

4.69%,

2/13/2028

135,000

130,879

Medline

Borrower

LP

,

5.25%,

10/1/2029(a)

95,000

82,108

293,225

Health

Care

Providers

&

Services

0

.6

%

AdaptHealth

LLC

,

5.13%,

3/1/2030(a)

80,000

61,950

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(a)

50,000

40,379

CVS

Health

Corp.

,

5.13%,

2/21/2030

40,000

38,473

5.30%,

6/1/2033

70,000

66,301

5.88%,

6/1/2053

80,000

73,980

Elevance

Health,

Inc.

,

4.10%,

5/15/2032

160,000

142,514

HCA,

Inc.

,

4.13%,

6/15/2029

75,000

67,896

5.13%,

6/15/2039

80,000

69,300

Legacy

LifePoint

Health

LLC

,

4.38%,

2/15/2027(a)

40,000

34,400

ModivCare

Escrow

Issuer,

Inc.

,

5.00%,

10/1/2029(a)

75,000

53,813

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Owens

&

Minor,

Inc.

,

6.63%,

4/1/2030(a)

70,000

62,131

Tenet

Healthcare

Corp.

,

6.25%,

2/1/2027

35,000

33,866

6.13%,

6/15/2030

85,000

79,691

UnitedHealth

Group,

Inc.

,

4.25%,

1/15/2029

300,000

285,611

1,110,305

Health

Care

REITs

0

.1

%

Welltower

OP

LLC

,

2.05%,

1/15/2029

175,000

144,649

Hotel

&

Resort

REITs

0

.1

%

Host

Hotels

&

Resorts

LP

,

Series

I,

3.50%,

9/15/2030

170,000

140,950

Park

Intermediate

Holdings

LLC

,

4.88%,

5/15/2029(a)

70,000

59,217

200,167

Hotels,

Restaurants

&

Leisure

0

.7

%

Boyne

USA,

Inc.

,

4.75%,

5/15/2029(a)

125,000

109,332

Caesars

Entertainment,

Inc.

,

4.63%,

10/15/2029(a)

45,000

38,118

Carnival

Corp.

,

5.75%,

3/1/2027(a)

165,000

149,362

Cedar

Fair

LP

,

5.25%,

7/15/2029

40,000

34,764

Expedia

Group,

Inc.

,

5.00%,

2/15/2026

110,000

107,723

3.80%,

2/15/2028

200,000

182,714

Fertitta

Entertainment

LLC

,

6.75%,

1/15/2030(a)

60,000

48,906

Light

&

Wonder

International,

Inc.

,

7.25%,

11/15/2029(a)

75,000

73,500

Marriott

International,

Inc.

,

Series

HH,

2.85%,

4/15/2031

175,000

141,067

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

100,000

85,137

NCL

Corp.

Ltd.

,

5.88%,

2/15/2027(a)

45,000

42,794

Premier

Entertainment

Sub

LLC

,

5.63%,

9/1/2029(a)

45,000

34,650

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

75,000

64,687

Viking

Cruises

Ltd.

,

5.88%,

9/15/2027(a)

80,000

73,016

9.13%,

7/15/2031(a)

120,000

120,055

1,305,825

Household

Durables

0

.0

%

†

Mattamy

Group

Corp.

,

4.63%,

3/1/2030(a)

60,000

51,065

SWF

Escrow

Issuer

Corp.

,

6.50%,

10/1/2029(a)

15,000

9,595

60,660

58

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Products

0

.0

%

†

Kronos

Acquisition

Holdings,

Inc.

,

5.00%,

12/31/2026(a)

25,000

22,778

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Calpine

Corp.

,

4.63%,

2/1/2029(a)

30,000

25,121

Insurance

0

.5

%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

40,000

37,200

6.75%,

4/15/2028(a)

30,000

28,952

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

75,000

65,717

Athene

Holding

Ltd.

,

3.95%,

5/25/2051

190,000

124,647

Brighthouse

Financial

Global

Funding

,

1.00%,

4/12/2024(a)

45,000

43,792

Brown

&

Brown,

Inc.

,

2.38%,

3/15/2031

130,000

100,448

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

50,000

49,148

Guardian

Life

Global

Funding

,

1.25%,

5/13/2026(a)

155,000

137,464

HUB

International

Ltd.

,

7.25%,

6/15/2030(a)

25,000

24,954

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(a)

170,000

109,458

MetLife,

Inc.

,

5.25%,

1/15/2054

155,000

138,266

860,046

Interactive

Media

&

Services

0

.1

%

Meta

Platforms,

Inc.

,

5.60%,

5/15/2053

145,000

137,237

Life

Sciences

Tools

&

Services

0

.0

%

†

Fortrea

Holdings,

Inc.

,

7.50%,

7/1/2030(a)

30,000

29,190

Machinery

0

.0

%

†

Parker-Hannifin

Corp.

,

4.25%,

9/15/2027

35,000

33,438

Media

0

.5

%

Cengage

Learning,

Inc.

,

9.50%,

6/15/2024(a)

4,000

4,003

Charter

Communications

Operating

LLC

,

2.30%,

2/1/2032

250,000

182,194

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)

25,000

19,116

Comcast

Corp.

,

2.94%,

11/1/2056

242,000

137,535

Directv

Financing

LLC

,

5.88%,

8/15/2027(a)

40,000

35,367

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

45,000

34,594

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

GCI

LLC

,

4.75%,

10/15/2028(a)

50,000

43,125

McGraw-Hill

Education,

Inc.

,

5.75%,

8/1/2028(a)

45,000

38,824

News

Corp.

,

5.13%,

2/15/2032(a)

30,000

26,212

Omnicom

Group,

Inc.

,

2.45%,

4/30/2030

180,000

145,076

Scripps

Escrow

II,

Inc.

,

3.88%,

1/15/2029(a)

65,000

48,882

Sirius

XM

Radio,

Inc.

,

5.50%,

7/1/2029(a)

85,000

75,181

Townsquare

Media,

Inc.

,

6.88%,

2/1/2026(a)

30,000

28,332

Univision

Communications,

Inc.

,

7.38%,

6/30/2030(a)

40,000

36,556

854,997

Metals

&

Mining

0

.2

%

BHP

Billiton

Finance

USA

Ltd.

,

5.25%,

9/8/2030

145,000

141,619

Glencore

Funding

LLC

,

1.63%,

4/27/2026(a)

100,000

90,045

Novelis

Corp.

,

4.75%,

1/30/2030(a)

40,000

34,618

SunCoke

Energy,

Inc.

,

4.88%,

6/30/2029(a)

55,000

46,735

313,017

Multi-Utilities

0

.1

%

DTE

Energy

Co.

,

4.22%,

11/1/2024(c)

70,000

68,695

4.88%,

6/1/2028

150,000

144,966

213,661

Office

REITs

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

140,000

99,112

Oil,

Gas

&

Consumable

Fuels

1

.3

%

AI

Candelaria

Spain

SA

,

Reg.

S,

5.75%,

6/15/2033

250,000

176,886

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

24,000

22,907

BP

Capital

Markets

America,

Inc.

,

4.89%,

9/11/2033

150,000

140,823

Callon

Petroleum

Co.

,

7.50%,

6/15/2030(a)

60,000

58,175

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

150,000

137,918

Chesapeake

Energy

Corp.

,

5.88%,

2/1/2029(a)

65,000

61,162

Civitas

Resources,

Inc.

,

8.38%,

7/1/2028(a)

40,000

40,700

CNX

Resources

Corp.

,

6.00%,

1/15/2029(a)

50,000

46,721

Cosan

Overseas

Ltd.

,

Reg.

S,

8.25%,

11/05/2023(d)(h)

100,000

99,750

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

59

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Ecopetrol

SA

,

5.88%,

11/2/2051

200,000

127,462

Energy

Transfer

LP

,

4.75%,

1/15/2026

70,000

68,112

5.00%,

5/15/2044(c)

90,000

70,365

EQM

Midstream

Partners

LP

,

4.75%,

1/15/2031(a)

85,000

73,163

Exxon

Mobil

Corp.

,

2.99%,

3/19/2025

85,000

82,078

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

60,000

55,189

4.25%,

2/15/2030(a)

85,000

71,675

Hilcorp

Energy

I

LP

,

5.75%,

2/1/2029(a)

60,000

54,180

Kinder

Morgan,

Inc.

,

5.20%,

6/1/2033

150,000

138,739

MPLX

LP

,

1.75%,

3/1/2026

60,000

54,405

NGL

Energy

Operating

LLC

,

7.50%,

2/1/2026(a)

40,000

39,562

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030

65,000

65,861

Parkland

Corp.

,

4.50%,

10/1/2029(a)

55,000

47,098

Petroleos

del

Peru

SA

,

Reg.

S,

4.75%,

6/19/2032

200,000

140,812

Petroleos

Mexicanos

,

6.75%,

9/21/2047

100,000

59,254

Phillips

66

Co.

,

4.95%,

12/1/2027

60,000

58,798

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

95,000

92,161

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)

15,000

15,037

Southwestern

Energy

Co.

,

5.38%,

2/1/2029

40,000

36,839

4.75%,

2/1/2032

45,000

38,623

Sunoco

LP

,

6.00%,

4/15/2027

35,000

33,923

4.50%,

5/15/2029

20,000

17,554

Venture

Global

LNG,

Inc.

,

8.13%,

6/1/2028(a)

45,000

44,556

8.38%,

6/1/2031(a)

30,000

29,492

Williams

Cos.,

Inc.

(The)

,

3.75%,

6/15/2027

60,000

55,787

2,355,767

Paper

&

Forest

Products

0

.1

%

Georgia-Pacific

LLC

,

3.60%,

3/1/2025(a)

141,000

136,603

Passenger

Airlines

0

.1

%

American

Airlines,

Inc.

,

7.25%,

2/15/2028(a)

30,000

28,683

5.75%,

4/20/2029(a)

185,000

172,059

200,742

Corporate

Bonds

Principal

Amount

($)

Value

($)

Personal

Care

Products

0

.1

%

Coty,

Inc.

,

5.00%,

4/15/2026(a)

40,000

38,425

6.63%,

7/15/2030(a)

60,000

58,580

97,005

Pharmaceuticals

0

.2

%

1375209

BC

Ltd.

,

9.00%,

1/30/2028(a)

5,000

4,942

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

35,000

21,769

11.00%,

9/30/2028(a)

9,000

6,106

14.00%,

10/15/2030(a)

1,000

590

Merck

&

Co.,

Inc.

,

4.50%,

5/17/2033

50,000

46,791

Royalty

Pharma

plc

,

3.30%,

9/2/2040

205,000

134,228

Viatris,

Inc.

,

1.65%,

6/22/2025

45,000

41,567

255,993

Professional

Services

0

.1

%

Jacobs

Engineering

Group,

Inc.

,

5.90%,

3/1/2033

150,000

142,130

VT

Topco,

Inc.

,

8.50%,

8/15/2030(a)

70,000

69,338

211,468

Real

Estate

Management

&

Development

0

.0

%

†

Realogy

Group

LLC

,

5.25%,

4/15/2030(a)

40,000

27,765

Residential

REITs

0

.1

%

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

190,000

138,616

Retail

REITs

0

.0

%

†

Realty

Income

Corp.

,

5.05%,

1/13/2026

70,000

69,003

Semiconductors

&

Semiconductor

Equipment

0

.2

%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

173,000

138,375

Marvell

Technology,

Inc.

,

1.65%,

4/15/2026

120,000

108,441

NXP

BV

,

3.88%,

6/18/2026

115,000

109,339

Qorvo,

Inc.

,

1.75%,

12/15/2024(a)

50,000

46,978

403,133

Software

0

.3

%

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

60,000

50,190

Central

Parent

LLC

,

8.00%,

6/15/2029(a)

50,000

49,815

Clarivate

Science

Holdings

Corp.

,

4.88%,

7/1/2029(a)

45,000

38,355

Microsoft

Corp.

,

2.92%,

3/17/2052

100,000

65,591

60

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Oracle

Corp.

,

6.25%,

11/9/2032

15,000

15,185

3.80%,

11/15/2037

15,000

11,445

3.60%,

4/1/2050

160,000

103,497

Workday,

Inc.

,

3.70%,

4/1/2029

165,000

149,653

483,731

Specialized

REITs

0

.3

%

American

Tower

Corp.

,

3.60%,

1/15/2028

95,000

86,204

Crown

Castle,

Inc.

,

4.30%,

2/15/2029

155,000

143,120

Equinix,

Inc.

,

3.90%,

4/15/2032

80,000

68,359

2.95%,

9/15/2051

150,000

86,124

Iron

Mountain,

Inc.

,

7.00%,

2/15/2029(a)

80,000

78,242

4.50%,

2/15/2031(a)

30,000

24,674

486,723

Specialty

Retail

0

.2

%

Lowe's

Cos.,

Inc.

,

4.40%,

9/8/2025

170,000

166,191

Michaels

Cos.,

Inc.

(The)

,

5.25%,

5/1/2028(a)

60,000

47,886

Sonic

Automotive,

Inc.

,

4.63%,

11/15/2029(a)

90,000

74,606

SRS

Distribution,

Inc.

,

4.63%,

7/1/2028(a)

55,000

47,515

Staples,

Inc.

,

7.50%,

4/15/2026(a)

35,000

28,782

Victoria's

Secret

&

Co.

,

4.63%,

7/15/2029(a)

45,000

32,621

397,601

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

Hewlett

Packard

Enterprise

Co.

,

5.90%,

10/1/2024

55,000

54,955

NetApp,

Inc.

,

1.88%,

6/22/2025

120,000

112,208

167,163

Tobacco

0

.1

%

Philip

Morris

International,

Inc.

,

5.50%,

9/7/2030

165,000

160,444

Trading

Companies

&

Distributors

0

.1

%

Air

Lease

Corp.

,

3.25%,

3/1/2025

115,000

110,069

Transportation

Infrastructure

0

.2

%

Adani

International

Container

Terminal

Pvt

Ltd.

,

Reg.

S,

3.00%,

2/16/2031

183,000

137,476

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

Reg.

S,

4.38%,

7/3/2029

200,000

159,873

Corporate

Bonds

Principal

Amount

($)

Value

($)

Transportation

Infrastructure

Rutas

2

&

7

Finance

Ltd.

,

Reg.

S,

0.00%,

9/30/2036(f)

180,000

114,840

412,189

Water

Utilities

0

.1

%

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

220,000

137,086

Veralto

Corp.

,

5.35%,

9/18/2028(a)

70,000

69,208

206,294

Wireless

Telecommunication

Services

0

.2

%

CT

Trust

,

Reg.

S,

5.13%,

2/3/2032

200,000

156,042

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

235,000

216,332

372,374

Total

Corporate

Bonds

(cost

$27,342,305)

24,207,372

Foreign

Government

Securities

0

.2

%

COLOMBIA

0.1%

Republic

of

Colombia,

4.13%,

5/15/2051

250,000

139,094

DOMINICAN

REPUBLIC

0.0%

†

Dominican

Republic

Government

Bond,

Reg.

S,

8.63%,

4/20/2027

100,000

102,881

SOUTH

AFRICA

0.1%

Republic

of

South

Africa,

4.30%,

10/12/2028

200,000

172,907

Total

Foreign

Government

Securities

(cost

$544,603)

414,882

Mortgage-Backed

Securities

21

.3

%

FHLMC

Gold

Pool

Pool#

Q50135

3.50%,

8/1/2047

1,371,425

1,202,236

Pool#

G08775

4.00%,

8/1/2047

426,613

384,403

Pool#

Q51461

3.50%,

10/1/2047

581,262

509,876

FHLMC

Pool

Gold

Pool

Pool#

WN2407

4.38%,

5/1/2028

1,800,000

1,713,694

Pool#

WN1257

4.84%,

4/1/2030

1,800,000

1,733,126

Pool#

WA3229

4.09%,

9/1/2032

3,963,464

3,617,339

FHLMC

UMBS

Pool

Pool#

SD0257

3.00%,

1/1/2050

1,613,239

1,337,305

Pool#

SD8257

4.50%,

10/1/2052

1,409,585

1,294,765

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

61

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

1,725,214

Pool#

BL5793

2.54%,

2/1/2032

2,113,000

1,742,817

Pool#

BS3020

1.96%,

9/1/2033

1,300,000

966,979

Pool#

BS3514

2.08%,

10/1/2033

5,900,000

4,414,572

FNMA

UMBS

Pool

Pool#

BE2453

3.00%,

12/1/2046

1,276,334

1,076,647

Pool#

MA2888

2.50%,

1/1/2047

998,794

807,732

Pool#

AS9937

3.00%,

7/1/2047

984,414

830,760

Pool#

MA4097

3.00%,

8/1/2050

2,625,507

2,189,052

Pool#

FM4865

2.50%,

11/1/2050

2,914,197

2,331,600

Pool#

FS1472

3.50%,

11/1/2050

2,410,132

2,102,452

Pool#

FM8215

2.50%,

3/1/2051

1,419,903

1,145,026

Pool#

FM7203

2.00%,

5/1/2051

2,480,775

1,895,975

Pool#

CB0705

3.00%,

6/1/2051

1,392,420

1,159,194

Pool#

MA4416

3.50%,

9/1/2051

1,201,730

1,035,966

Pool#

FS3394

4.00%,

10/1/2052

3,279,557

2,923,312

Total

Mortgage-Backed

Securities

(cost

$45,495,425)

38,140,042

U.S.

Treasury

Obligations

20

.3

%

U.S.

Treasury

Bonds

3.63%,

5/15/2053

16,200,000

13,413,093

4.13%,

8/15/2053

12,300,000

11,166,094

U.S.

Treasury

Notes

3.88%,

3/31/2025

870,000

852,702

3.88%,

4/30/2025

1,360,000

1,332,322

4.00%,

2/15/2026

440,000

430,702

3.75%,

4/15/2026

1,380,000

1,342,266

4.50%,

7/15/2026

1,300,000

1,288,016

4.00%,

2/29/2028

380,000

370,173

3.63%,

3/31/2028

1,010,000

968,259

3.63%,

5/31/2028

760,000

728,412

4.00%,

6/30/2028

1,380,000

1,343,182

3.75%,

5/31/2030

1,080,000

1,025,325

3.75%,

6/30/2030

1,090,000

1,034,563

3.50%,

2/15/2033

1,130,000

1,036,775

Total

U.S.

Treasury

Obligations

(cost

$39,395,488)

36,331,884

Investment

Company

2

.1

%

Shares

Value

($)

Fixed

Income

Fund

2

.1

%

DoubleLine

Floating

Rate

Fund,

Class

I

412,891

3,716,020

Total

Investment

Company

(cost

$3,937,321)

3,716,020

Short-Term

Investment

0

.2

%

Principal

Amount

($)

U.S.

Treasury

Obligation

0

.2

%

U.S.

Treasury

Bills,

4.75%,

12/28/2023

380,000

375,115

Total

Short-Term

Investment

(cost

$375,760)

375,115

Total

Investments

(cost

$201,931,682)

—

97.6%

174,684,527

Other

assets

in

excess

of

liabilities

—

2.4%

4,292,337

NET

ASSETS

—

100.0%

$

178,976,864

†

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,

2023

was

$37,227,033

which

represents

20.80%

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,

2023.

(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,

2023.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2023.

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,

2023.

(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.

(h)

Perpetual

bond

security.

The

maturity

date

reflects

the

next

call

date.

62

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

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,

2023

(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,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

30,606,892

$

–

$

30,606,892

Collateralized

Mortgage

Obligations

–

29,993,068

–

29,993,068

Commercial

Mortgage-Backed

Securities

–

10,899,252

–

10,899,252

Corporate

Bonds

–

24,207,372

–

24,207,372

Foreign

Government

Securities

–

414,882

–

414,882

Investment

Company

3,716,020

–

–

3,716,020

Mortgage-Backed

Securities

–

38,140,042

–

38,140,042

Short-Term

Investment

–

375,115

–

375,115

U.S.

Treasury

Obligations

–

36,331,884

–

36,331,884

Total

$

3,716,020

$

170,968,507

$

–

$

174,684,527

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,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stock

0.0%

†

Shares

Value

($)

Media

Entertainment

0.0%

†

iHeartMedia,

Inc.,

Class A

*

4,485

14,172

Total

Common

Stock

(cost

$80,730)

14,172

Corporate

Bonds

95.5%

Principal

Amount

($)

Aerospace

/

Defense

1.7%

TransDigm,

Inc.

,

6.25%,

3/15/2026(a)

450,000

442,161

5.50%,

11/15/2027

1,100,000

1,029,985

4.88%,

5/1/2029

150,000

131,789

6.88%,

12/15/2030(a)

75,000

73,541

1,677,476

Airlines

0.3%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

252,083

246,200

Automotive

6.2%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(a)

300,000

282,942

7.00%,

4/15/2028(a)

75,000

74,392

8.25%,

4/15/2031(a)

75,000

75,106

Clarios

Global

LP

,

6.75%,

5/15/2025(a)

23,000

22,827

8.50%,

5/15/2027(a)

1,075,000

1,071,916

6.75%,

5/15/2028(a)

100,000

97,625

Dana

Financing

Luxembourg

Sarl

,

5.75%,

4/15/2025(a)

26,000

25,435

Dana,

Inc.

,

5.38%,

11/15/2027

25,000

23,129

4.50%,

2/15/2032

325,000

251,574

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%,

10/15/2029(a)

550,000

454,664

Ford

Motor

Credit

Co.

LLC

,

3.38%,

11/13/2025

750,000

695,862

4.39%,

1/8/2026

400,000

377,532

2.70%,

8/10/2026

200,000

178,473

4.27%,

1/9/2027

450,000

415,611

7.35%,

11/4/2027

250,000

254,917

6.80%,

5/12/2028

200,000

199,769

5.11%,

5/3/2029

325,000

297,482

IHO

Verwaltungs

GmbH

,

6.00%,

5/15/2027(a)(b)

525,000

487,370

6.38%,

5/15/2029(a)(b)

325,000

293,203

OPENLANE,

Inc.

,

5.13%,

6/1/2025(a)

24,000

23,219

Real

Hero

Merger

Sub

2,

Inc.

,

6.25%,

2/1/2029(a)

350,000

270,200

ZF

North

America

Capital,

Inc.

,

6.88%,

4/14/2028(a)

150,000

146,771

6,020,019

Banking

0.2%

Ally

Financial,

Inc.

,

5.75%,

11/20/2025

225,000

218,555

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Materials

3.9%

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

4.00%,

1/15/2028(a)

75,000

66,478

Beacon

Roofing

Supply,

Inc.

,

6.50%,

8/1/2030(a)

50,000

48,456

Camelot

Return

Merger

Sub,

Inc.

,

8.75%,

8/1/2028(a)

325,000

313,512

CP

Atlas

Buyer,

Inc.

,

7.00%,

12/1/2028(a)

500,000

392,068

Foundation

Building

Materials,

Inc.

,

6.00%,

3/1/2029(a)

725,000

603,378

GYP

Holdings

III

Corp.

,

4.63%,

5/1/2029(a)

300,000

258,429

Interface,

Inc.

,

5.50%,

12/1/2028(a)

175,000

148,770

MIWD

Holdco

II

LLC

,

5.50%,

2/1/2030(a)

75,000

61,968

SRS

Distribution,

Inc.

,

6.13%,

7/1/2029(a)

200,000

170,331

6.00%,

12/1/2029(a)

600,000

504,000

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(a)

375,000

347,607

3.38%,

1/15/2031(a)

500,000

386,490

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(a)

375,000

331,429

White

Cap

Parent

LLC

,

8.25%,

3/15/2026(a)(b)

200,000

192,966

3,825,882

Cable

Satellite

8.0%

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

87,000

84,035

5.13%,

5/1/2027(a)

200,000

186,343

5.00%,

2/1/2028(a)

525,000

476,773

5.38%,

6/1/2029(a)

75,000

67,291

4.75%,

3/1/2030(a)

750,000

629,589

4.50%,

8/15/2030(a)

75,000

61,561

4.50%,

5/1/2032

400,000

313,939

4.50%,

6/1/2033(a)

125,000

95,642

4.25%,

1/15/2034(a)

50,000

36,814

CSC

Holdings

LLC

,

5.25%,

6/1/2024

200,000

190,248

5.50%,

4/15/2027(a)

400,000

342,830

7.50%,

4/1/2028(a)

250,000

162,324

5.75%,

1/15/2030(a)

775,000

434,229

4.50%,

11/15/2031(a)

400,000

283,112

Directv

Financing

LLC

,

5.88%,

8/15/2027(a)

275,000

243,149

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

150,000

115,313

5.13%,

6/1/2029

450,000

249,471

DISH

Network

Corp.

,

11.75%,

11/15/2027(a)

275,000

277,053

Intelsat

Jackson

Holdings

,

8.50%,

10/15/2024^∞(a)(c)

75,000

0

9.75%,

7/15/2025^∞(a)(c)

100,000

0

Intelsat

Jackson

Holdings

SA

,

5.50%,

8/1/2023^∞(c)

225,000

0

66

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Cable

Satellite

Sirius

XM

Radio,

Inc.

,

3.13%,

9/1/2026(a)

525,000

467,906

4.00%,

7/15/2028(a)

125,000

106,696

3.88%,

9/1/2031(a)

300,000

227,239

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%,

3/1/2028(a)

600,000

540,000

UPC

Broadband

Finco

BV

,

4.88%,

7/15/2031(a)

650,000

527,462

Virgin

Media

Secured

Finance

plc

,

5.50%,

5/15/2029(a)

200,000

178,177

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

225,000

194,157

Vmed

O2

UK

Financing

I

plc

,

4.75%,

7/15/2031(a)

675,000

545,314

VZ

Secured

Financing

BV

,

5.00%,

1/15/2032(a)

400,000

314,222

Ziggo

Bond

Co.

BV

,

6.00%,

1/15/2027(a)

225,000

205,985

5.13%,

2/28/2030(a)

250,000

186,504

7,743,378

Chemicals

2.8%

Axalta

Coating

Systems

LLC

,

4.75%,

6/15/2027(a)

175,000

162,607

3.38%,

2/15/2029(a)

150,000

124,888

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

225,000

194,172

HB

Fuller

Co.

,

4.25%,

10/15/2028

75,000

66,180

Herens

Holdco

Sarl

,

4.75%,

5/15/2028(a)

550,000

427,057

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

200,000

188,890

Olympus

Water

US

Holding

Corp.

,

7.13%,

10/1/2027(a)

225,000

208,116

4.25%,

10/1/2028(a)

200,000

163,043

9.75%,

11/15/2028(a)

225,000

224,514

6.25%,

10/1/2029(a)

450,000

347,723

Polar

US

Borrower

LLC

,

6.75%,

5/15/2026(a)

300,000

150,000

SNF

Group

SACA

,

3.38%,

3/15/2030(a)

250,000

201,776

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

300,000

242,625

7.38%,

3/1/2031(a)

50,000

48,474

2,750,065

Construction

Machinery

0.5%

H&E

Equipment

Services,

Inc.

,

3.88%,

12/15/2028(a)

325,000

277,515

United

Rentals

North

America,

Inc.

,

5.50%,

5/15/2027

37,000

35,956

4.88%,

1/15/2028

150,000

140,116

3.88%,

2/15/2031

50,000

41,590

495,177

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Cyclical

Services

3.0%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

300,000

284,262

9.75%,

7/15/2027(a)

725,000

648,450

6.00%,

6/1/2029(a)

200,000

149,098

Garda

World

Security

Corp.

,

9.50%,

11/1/2027(a)

807,000

771,586

7.75%,

2/15/2028(a)

100,000

98,040

6.00%,

6/1/2029(a)

375,000

306,708

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

200,000

188,659

Match

Group

Holdings

II

LLC

,

5.00%,

12/15/2027(a)

275,000

253,637

4.13%,

8/1/2030(a)

275,000

226,919

2,927,359

Consumer

Products

1.7%

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

800,000

759,784

Edgewell

Personal

Care

Co.

,

4.13%,

4/1/2029(a)

325,000

276,250

Energizer

Holdings,

Inc.

,

6.50%,

12/31/2027(a)

175,000

164,712

4.75%,

6/15/2028(a)

200,000

172,736

4.38%,

3/31/2029(a)

350,000

292,092

1,665,574

Diversified

Manufacturing

1.0%

Gates

Global

LLC

,

6.25%,

1/15/2026(a)

525,000

511,606

WESCO

Distribution,

Inc.

,

7.25%,

6/15/2028(a)

425,000

427,062

938,668

Finance

Companies

2.4%

GTCR

W-2

Merger

Sub

LLC

,

7.50%,

1/15/2031(a)

250,000

250,350

Navient

Corp.

,

6.75%,

6/25/2025

50,000

49,255

5.50%,

3/15/2029

550,000

462,006

9.38%,

7/25/2030

50,000

49,312

Rocket

Mortgage

LLC

,

2.88%,

10/15/2026(a)

250,000

220,172

3.63%,

3/1/2029(a)

300,000

248,021

3.88%,

3/1/2031(a)

75,000

59,803

4.00%,

10/15/2033(a)

75,000

56,639

United

Wholesale

Mortgage

LLC

,

5.50%,

11/15/2025(a)

375,000

356,692

5.75%,

6/15/2027(a)

325,000

294,157

5.50%,

4/15/2029(a)

375,000

316,875

2,363,282

Food

&

Beverage

2.2%

Aramark

Services,

Inc.

,

6.38%,

5/1/2025(a)

275,000

279,383

BellRing

Brands,

Inc.

,

7.00%,

3/15/2030(a)

500,000

492,330

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

50,000

47,372

4.25%,

8/1/2029(a)

275,000

237,556

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

67

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Beverage

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(a)

280,000

268,933

5.50%,

12/15/2029(a)

325,000

294,606

US

Foods,

Inc.

,

4.75%,

2/15/2029(a)

450,000

402,196

4.63%,

6/1/2030(a)

175,000

152,040

2,174,416

Food

&

Staples

Retailing

0.0%

†

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^∞(c)

100,000

0

Gaming

4.3%

Affinity

Interactive

,

6.88%,

12/15/2027(a)

375,000

317,917

Boyd

Gaming

Corp.

,

4.75%,

12/1/2027

100,000

92,058

4.75%,

6/15/2031(a)

50,000

42,549

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

175,000

172,605

8.13%,

7/1/2027(a)

400,000

401,907

7.00%,

2/15/2030(a)

125,000

121,632

Caesars

Resort

Collection

LLC

,

5.75%,

7/1/2025(a)

25,000

24,895

CCM

Merger,

Inc.

,

6.38%,

5/1/2026(a)

50,000

47,824

Churchill

Downs,

Inc.

,

6.75%,

5/1/2031(a)

250,000

236,250

Light

&

Wonder

International,

Inc.

,

7.25%,

11/15/2029(a)

175,000

171,500

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

375,000

319,264

Mohegan

Tribal

Gaming

Authority

,

8.00%,

2/1/2026(a)

575,000

529,115

Penn

Entertainment,

Inc.

,

4.13%,

7/1/2029(a)

150,000

122,578

Raptor

Acquisition

Corp.

,

4.88%,

11/1/2026(a)

100,000

93,625

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

700,000

603,750

Station

Casinos

LLC

,

4.50%,

2/15/2028(a)

275,000

239,891

4.63%,

12/1/2031(a)

175,000

139,979

VICI

Properties

LP

,

5.63%,

5/1/2024(a)

150,000

149,051

3.50%,

2/15/2025(a)

25,000

23,919

4.25%,

12/1/2026(a)

150,000

139,763

3.88%,

2/15/2029(a)

25,000

21,603

4.63%,

12/1/2029(a)

175,000

155,234

4.13%,

8/15/2030(a)

75,000

63,778

4,230,687

Health

Insurance

0.4%

Centene

Corp.

,

4.25%,

12/15/2027

100,000

92,191

4.63%,

12/15/2029

275,000

247,673

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Insurance

Centene

Corp.,

3.38%,

2/15/2030

75,000

62,556

402,420

Healthcare

4.5%

AHP

Health

Partners,

Inc.

,

5.75%,

7/15/2029(a)

450,000

378,000

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

225,000

205,128

3.88%,

11/1/2029(a)

400,000

341,868

Community

Health

Systems,

Inc.

,

6.88%,

4/15/2029(a)

400,000

212,408

6.13%,

4/1/2030(a)

250,000

127,188

5.25%,

5/15/2030(a)

150,000

114,026

Embecta

Corp.

,

5.00%,

2/15/2030(a)

100,000

78,000

6.75%,

2/15/2030(a)

175,000

143,063

Garden

Spinco

Corp.

,

8.63%,

7/20/2030(a)

125,000

130,482

Global

Medical

Response,

Inc.

,

6.50%,

10/1/2025(a)

100,000

67,750

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

275,000

262,914

6.50%,

5/15/2030(a)

200,000

195,754

Medline

Borrower

LP

,

3.88%,

4/1/2029(a)

200,000

169,084

5.25%,

10/1/2029(a)

1,025,000

885,904

Teleflex,

Inc.

,

4.63%,

11/15/2027

75,000

68,812

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026

175,000

167,655

6.25%,

2/1/2027

250,000

241,898

5.13%,

11/1/2027

200,000

186,127

6.13%,

10/1/2028

75,000

70,406

4.25%,

6/1/2029

175,000

150,631

6.13%,

6/15/2030

225,000

210,949

4,408,047

Independent

Energy

4.0%

Antero

Resources

Corp.

,

7.63%,

2/1/2029(a)

13,000

13,175

5.38%,

3/1/2030(a)

125,000

115,083

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(a)

350,000

341,835

8.25%,

12/31/2028(a)

175,000

173,179

5.88%,

6/30/2029(a)

75,000

67,441

Berry

Petroleum

Co.

LLC

,

7.00%,

2/15/2026(a)

125,000

119,726

Callon

Petroleum

Co.

,

7.50%,

6/15/2030(a)

100,000

96,958

Chesapeake

Energy

Corp.

,

7.00%,

10/1/2024(c)

200,000

4,000

5.50%,

2/1/2026(a)

25,000

24,191

5.88%,

2/1/2029(a)

25,000

23,524

Chord

Energy

Corp.

,

6.38%,

6/1/2026(a)

50,000

49,026

Civitas

Resources,

Inc.

,

8.38%,

7/1/2028(a)

150,000

152,625

8.75%,

7/1/2031(a)

50,000

51,073

68

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Energy

Comstock

Resources,

Inc.

,

6.75%,

3/1/2029(a)

400,000

367,957

5.88%,

1/15/2030(a)

150,000

129,844

CrownRock

LP

,

5.63%,

10/15/2025(a)

375,000

368,981

Endeavor

Energy

Resources

LP

,

5.75%,

1/30/2028(a)

50,000

48,248

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025

475,000

472,587

PDC

Energy,

Inc.

,

5.75%,

5/15/2026

100,000

99,655

Permian

Resources

Operating

LLC

,

6.88%,

4/1/2027(a)

275,000

271,074

Range

Resources

Corp.

,

4.88%,

5/15/2025

98,000

95,034

8.25%,

1/15/2029

125,000

128,153

4.75%,

2/15/2030(a)

75,000

66,562

Rockcliff

Energy

II

LLC

,

5.50%,

10/15/2029(a)

125,000

112,496

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)

75,000

75,188

SM

Energy

Co.

,

6.75%,

9/15/2026

125,000

122,703

6.50%,

7/15/2028

125,000

120,000

Southwestern

Energy

Co.

,

8.38%,

9/15/2028

175,000

180,660

5.38%,

3/15/2030

50,000

45,552

3,936,530

Industrial

-

Other

1.9%

Emerald

Debt

Merger

Sub

LLC

,

6.63%,

12/15/2030(a)

425,000

409,137

Madison

IAQ

LLC

,

5.88%,

6/30/2029(a)

775,000

624,062

SPX

Flow,

Inc.

,

8.75%,

4/1/2030(a)

425,000

392,955

TK

Elevator

Holdco

GmbH

,

7.63%,

7/15/2028(a)

225,000

204,801

TK

Elevator

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)

200,000

183,306

1,814,261

Insurance

-

P&C

7.8%

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

575,000

503,832

Ardonagh

Midco

2

plc

,

11.50%,

1/15/2027(a)(b)

844,879

825,869

AssuredPartners,

Inc.

,

7.00%,

8/15/2025(a)

300,000

296,383

5.63%,

1/15/2029(a)

125,000

108,216

BroadStreet

Partners,

Inc.

,

5.88%,

4/15/2029(a)

975,000

860,260

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

525,000

516,053

HUB

International

Ltd.

,

7.00%,

5/1/2026(a)

1,050,000

1,047,692

5.63%,

12/1/2029(a)

675,000

587,761

7.25%,

6/15/2030(a)

150,000

149,726

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

-

P&C

Jones

Deslauriers

Insurance

Management,

Inc.

,

8.50%,

3/15/2030(a)

325,000

327,386

10.50%,

12/15/2030(a)

325,000

330,666

NFP

Corp.

,

6.88%,

8/15/2028(a)

1,050,000

899,512

7.50%,

10/1/2030(a)

200,000

192,066

Ryan

Specialty

LLC

,

4.38%,

2/1/2030(a)

250,000

217,706

USI,

Inc.

,

6.88%,

5/1/2025(a)

700,000

694,608

7,557,736

Leisure

0.5%

SeaWorld

Parks

&

Entertainment,

Inc.

,

5.25%,

8/15/2029(a)

450,000

395,280

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(a)

75,000

69,000

464,280

Lodging

0.2%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

75,000

73,692

4.88%,

1/15/2030

100,000

91,008

3.63%,

2/15/2032(a)

50,000

40,310

205,010

Media

Entertainment

5.1%

Audacy

Capital

Corp.

,

6.50%,

5/1/2027(a)

425,000

8,500

6.75%,

3/31/2029(a)

200,000

3,758

CMG

Media

Corp.

,

8.88%,

12/15/2027(a)

400,000

313,088

Cumulus

Media

New

Holdings,

Inc.

,

6.75%,

7/1/2026(a)

163,000

123,472

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(c)

200,000

4,000

Gray

Escrow

II,

Inc.

,

5.38%,

11/15/2031(a)

175,000

114,526

Gray

Television,

Inc.

,

5.88%,

7/15/2026(a)

375,000

336,930

7.00%,

5/15/2027(a)

100,000

86,000

4.75%,

10/15/2030(a)

75,000

49,685

iHeartCommunications,

Inc.

,

6.38%,

5/1/2026

75,360

64,936

8.38%,

5/1/2027

520,964

373,721

4.75%,

1/15/2028(a)

125,000

95,560

Lamar

Media

Corp.

,

4.88%,

1/15/2029

75,000

67,875

3.63%,

1/15/2031

50,000

40,718

Nexstar

Media,

Inc.

,

5.63%,

7/15/2027(a)

325,000

289,223

4.75%,

11/1/2028(a)

375,000

310,391

Outfront

Media

Capital

LLC

,

4.25%,

1/15/2029(a)

25,000

19,838

4.63%,

3/15/2030(a)

175,000

137,569

ROBLOX

Corp.

,

3.88%,

5/1/2030(a)

125,000

100,302

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

69

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Entertainment

Scripps

Escrow

II,

Inc.

,

5.38%,

1/15/2031(a)

75,000

46,084

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

200,000

147,884

Sinclair

Television

Group,

Inc.

,

5.13%,

2/15/2027(a)

300,000

240,000

Stagwell

Global

LLC

,

5.63%,

8/15/2029(a)

900,000

726,750

TEGNA,

Inc.

,

5.00%,

9/15/2029

425,000

356,979

Univision

Communications,

Inc.

,

8.00%,

8/15/2028(a)

100,000

96,950

4.50%,

5/1/2029(a)

100,000

81,425

7.38%,

6/30/2030(a)

200,000

182,779

Urban

One,

Inc.

,

7.38%,

2/1/2028(a)

425,000

364,437

WMG

Acquisition

Corp.

,

3.75%,

12/1/2029(a)

225,000

189,000

4,972,380

Metals

&

Mining

0.5%

Cleveland-Cliffs,

Inc.

,

4.63%,

3/1/2029(a)

225,000

195,989

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

300,000

257,419

453,408

Midstream

6.2%

AmeriGas

Partners

LP

,

5.50%,

5/20/2025

75,000

72,714

5.88%,

8/20/2026

350,000

336,674

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

300,000

286,336

5.75%,

1/15/2028(a)

250,000

235,806

5.38%,

6/15/2029(a)

550,000

503,573

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

175,000

158,458

4.00%,

3/1/2031

150,000

128,240

3.25%,

1/31/2032

75,000

59,610

CNX

Midstream

Partners

LP

,

4.75%,

4/15/2030(a)

175,000

145,668

Crestwood

Midstream

Partners

LP

,

8.00%,

4/1/2029(a)

225,000

230,791

7.38%,

2/1/2031(a)

100,000

101,845

DT

Midstream,

Inc.

,

4.38%,

6/15/2031(a)

175,000

147,160

EQM

Midstream

Partners

LP

,

6.00%,

7/1/2025(a)

37,000

36,425

7.50%,

6/1/2027(a)

50,000

50,100

6.50%,

7/1/2027(a)

475,000

463,826

5.50%,

7/15/2028

25,000

23,462

4.50%,

1/15/2029(a)

125,000

111,245

4.75%,

1/15/2031(a)

325,000

279,740

6.50%,

7/15/2048

75,000

65,956

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

175,000

160,967

4.25%,

2/15/2030(a)

100,000

84,324

5.50%,

10/15/2030(a)

125,000

113,594

Corporate

Bonds

Principal

Amount

($)

Value

($)

Midstream

Holly

Energy

Partners

LP

,

6.38%,

4/15/2027(a)

75,000

73,633

5.00%,

2/1/2028(a)

275,000

253,012

NuStar

Logistics

LP

,

5.63%,

4/28/2027

150,000

142,909

Solaris

Midstream

Holdings

LLC

,

7.63%,

4/1/2026(a)

275,000

265,388

Suburban

Propane

Partners

LP

,

5.88%,

3/1/2027

150,000

143,250

5.00%,

6/1/2031(a)

375,000

313,024

Targa

Resources

Partners

LP

,

6.50%,

7/15/2027

75,000

75,581

5.00%,

1/15/2028

50,000

47,550

5.50%,

3/1/2030

250,000

233,978

TransMontaigne

Partners

LP

,

6.13%,

2/15/2026

150,000

128,063

Western

Midstream

Operating

LP

,

4.50%,

3/1/2028

150,000

139,563

5.45%,

4/1/2044

150,000

120,916

5.30%,

3/1/2048

250,000

195,135

5.50%,

8/15/2048

100,000

79,512

6,008,028

Oil

Field

Services

2.0%

Archrock

Partners

LP

,

6.88%,

4/1/2027(a)

375,000

362,753

6.25%,

4/1/2028(a)

325,000

302,583

Nabors

Industries

Ltd.

,

7.25%,

1/15/2026(a)

125,000

120,782

7.50%,

1/15/2028(a)

150,000

138,673

Nabors

Industries,

Inc.

,

7.38%,

5/15/2027(a)

75,000

72,553

Precision

Drilling

Corp.

,

7.13%,

1/15/2026(a)

100,000

99,022

6.88%,

1/15/2029(a)

125,000

118,400

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

600,000

587,726

6.88%,

9/1/2027

150,000

145,418

1,947,910

Packaging

4.8%

ARD

Finance

SA

,

6.50%,

6/30/2027(a)(b)

575,000

433,803

Ardagh

Metal

Packaging

Finance

USA

LLC

,

4.00%,

9/1/2029(a)

600,000

469,543

Ardagh

Packaging

Finance

plc

,

5.25%,

8/15/2027(a)

325,000

271,211

5.25%,

8/15/2027(a)

275,000

229,486

Ball

Corp.

,

6.88%,

3/15/2028

25,000

25,151

6.00%,

6/15/2029

100,000

97,082

Berry

Global,

Inc.

,

5.63%,

7/15/2027(a)

125,000

120,754

Clydesdale

Acquisition

Holdings,

Inc.

,

8.75%,

4/15/2030(a)

1,125,000

964,867

70

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Packaging

Crown

Americas

LLC

,

5.25%,

4/1/2030

150,000

138,930

Mauser

Packaging

Solutions

Holding

Co.

,

7.88%,

8/15/2026(a)

250,000

241,184

9.25%,

4/15/2027(a)

300,000

262,225

OI

European

Group

BV

,

4.75%,

2/15/2030(a)

125,000

108,732

Owens-Brockway

Glass

Container,

Inc.

,

6.63%,

5/13/2027(a)

207,000

201,801

7.25%,

5/15/2031(a)

150,000

146,625

Sealed

Air

Corp.

,

6.13%,

2/1/2028(a)

25,000

24,213

5.00%,

4/15/2029(a)

75,000

67,434

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(d)

950,000

868,190

4,671,231

Paper

0.7%

Clearwater

Paper

Corp.

,

5.38%,

2/1/2025(a)

375,000

363,750

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

75,000

70,697

3.50%,

3/1/2029(a)

250,000

211,035

3.75%,

2/1/2030(a)

25,000

20,903

666,385

Pharmaceuticals

1.2%

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

150,000

93,294

5.00%,

2/15/2029(a)

725,000

275,501

7.25%,

5/30/2029(a)

300,000

120,000

Grifols

SA

,

4.75%,

10/15/2028(a)

600,000

511,566

Organon

&

Co.

,

5.13%,

4/30/2031(a)

250,000

200,338

1,200,699

REIT

–

other

0.1%

RHP

Hotel

Properties

LP

,

7.25%,

7/15/2028(a)

50,000

49,125

Restaurants

2.4%

1011778

BC

ULC

,

4.38%,

1/15/2028(a)

250,000

225,337

4.00%,

10/15/2030(a)

1,075,000

893,297

Acushnet

Co.

,

7.38%,

10/15/2028(a)

50,000

50,375

Carnival

Corp.

,

7.00%,

8/15/2029(a)

50,000

49,301

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

150,000

142,500

Light

&

Wonder

International,

Inc.

,

7.50%,

9/1/2031(a)

125,000

123,544

NCL

Corp.

Ltd.

,

5.88%,

3/15/2026(a)

75,000

69,243

7.75%,

2/15/2029(a)

150,000

139,219

NCL

Finance

Ltd.

,

6.13%,

3/15/2028(a)

25,000

22,063

Corporate

Bonds

Principal

Amount

($)

Value

($)

Restaurants

Ontario

Gaming

GTA

LP

,

8.00%,

8/1/2030(a)

275,000

275,000

Royal

Caribbean

Cruises

Ltd.

,

4.25%,

7/1/2026(a)

100,000

91,689

Yum!

Brands,

Inc.

,

4.75%,

1/15/2030(a)

200,000

179,644

4.63%,

1/31/2032

50,000

43,371

5.38%,

4/1/2032

50,000

45,716

2,350,299

Retailers

1.0%

Academy

Ltd.

,

6.00%,

11/15/2027(a)

200,000

189,040

Asbury

Automotive

Group,

Inc.

,

4.63%,

11/15/2029(a)

325,000

279,136

5.00%,

2/15/2032(a)

75,000

62,140

Gap,

Inc.

(The)

,

3.63%,

10/1/2029(a)

125,000

92,503

Kontoor

Brands,

Inc.

,

4.13%,

11/15/2029(a)

250,000

206,579

LCM

Investments

Holdings

II

LLC

,

4.88%,

5/1/2029(a)

75,000

63,766

8.25%,

8/1/2031(a)

50,000

48,571

William

Carter

Co.

(The)

,

5.63%,

3/15/2027(a)

50,000

48,088

989,823

Supermarkets

0.6%

Albertsons

Cos.,

Inc.

,

5.88%,

2/15/2028(a)

100,000

96,248

6.50%,

2/15/2028(a)

75,000

74,128

3.50%,

3/15/2029(a)

425,000

362,349

532,725

Technology

10.2%

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

825,000

690,118

Black

Knight

InfoServ

LLC

,

3.63%,

9/1/2028(a)

225,000

201,476

Boxer

Parent

Co.,

Inc.

,

9.13%,

3/1/2026(a)

125,000

124,650

Capstone

Borrower,

Inc.

,

8.00%,

6/15/2030(a)

275,000

268,469

Cars.com,

Inc.

,

6.38%,

11/1/2028(a)

300,000

272,625

Central

Parent

LLC

,

8.00%,

6/15/2029(a)

75,000

74,723

Central

Parent,

Inc.

,

7.25%,

6/15/2029(a)

650,000

630,183

Ciena

Corp.

,

4.00%,

1/31/2030(a)

50,000

42,313

Clarivate

Science

Holdings

Corp.

,

3.88%,

7/1/2028(a)

50,000

43,285

4.88%,

7/1/2029(a)

550,000

468,791

Cloud

Software

Group,

Inc.

,

6.50%,

3/31/2029(a)

250,000

221,083

9.00%,

9/30/2029(a)

250,000

217,250

Coherent

Corp.

,

5.00%,

12/15/2029(a)

425,000

368,492

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

71

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Consensus

Cloud

Solutions,

Inc.

,

6.00%,

10/15/2026(a)

300,000

276,134

6.50%,

10/15/2028(a)

300,000

255,672

Dun

&

Bradstreet

Corp.

(The)

,

5.00%,

12/15/2029(a)

275,000

237,088

Elastic

NV

,

4.13%,

7/15/2029(a)

400,000

340,662

Entegris

Escrow

Corp.

,

5.95%,

6/15/2030(a)

200,000

185,471

Fair

Isaac

Corp.

,

4.00%,

6/15/2028(a)

75,000

67,056

Gartner,

Inc.

,

4.50%,

7/1/2028(a)

125,000

114,039

GoTo

Group,

Inc.

,

5.50%,

9/1/2027(a)

250,000

138,926

HealthEquity,

Inc.

,

4.50%,

10/1/2029(a)

450,000

387,619

Helios

Software

Holdings,

Inc.

,

4.63%,

5/1/2028(a)

250,000

215,245

Iron

Mountain,

Inc.

,

7.00%,

2/15/2029(a)

225,000

220,058

McAfee

Corp.

,

7.38%,

2/15/2030(a)

850,000

711,614

Millennium

Escrow

Corp.

,

6.63%,

8/1/2026(a)

150,000

119,564

NCR

Atleos

Escrow

Corp.

,

9.50%,

4/1/2029(a)

200,000

193,440

NCR

Corp.

,

5.75%,

9/1/2027(a)

25,000

25,186

5.13%,

4/15/2029(a)

325,000

286,344

5.25%,

10/1/2030(a)

350,000

301,624

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(a)

100,000

88,542

Open

Text

Corp.

,

3.88%,

12/1/2029(a)

175,000

143,853

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

150,000

125,490

Rackspace

Technology

Global,

Inc.

,

3.50%,

2/15/2028(a)

150,000

70,023

Rocket

Software,

Inc.

,

6.50%,

2/15/2029(a)

375,000

309,375

Science

Applications

International

Corp.

,

4.88%,

4/1/2028(a)

50,000

45,378

Seagate

HDD

Cayman

,

8.25%,

12/15/2029(a)

175,000

179,725

9.63%,

12/1/2032(a)

245,750

264,806

Sensata

Technologies

BV

,

5.88%,

9/1/2030(a)

200,000

186,325

Sensata

Technologies,

Inc.

,

4.38%,

2/15/2030(a)

50,000

43,175

3.75%,

2/15/2031(a)

25,000

20,233

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(a)

225,000

212,319

Synaptics,

Inc.

,

4.00%,

6/15/2029(a)

125,000

103,125

TTM

Technologies,

Inc.

,

4.00%,

3/1/2029(a)

350,000

290,263

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Veritas

US,

Inc.

,

7.50%,

9/1/2025(a)

125,000

104,439

9,886,271

Transportation

Services

0.2%

Watco

Cos.

LLC

,

6.50%,

6/15/2027(a)

250,000

237,425

Utility

-

Electric

2.8%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

16,000

15,534

4.50%,

2/15/2028(a)

125,000

112,653

5.13%,

3/15/2028(a)

325,000

289,392

4.63%,

2/1/2029(a)

75,000

62,802

5.00%,

2/1/2031(a)

50,000

40,430

3.75%,

3/1/2031(a)

150,000

120,844

Enviva

Partners

LP

,

6.50%,

1/15/2026(a)

400,000

326,004

NRG

Energy,

Inc.

,

6.63%,

1/15/2027

51,000

49,957

3.38%,

2/15/2029(a)

150,000

121,408

5.25%,

6/15/2029(a)

300,000

264,828

3.88%,

2/15/2032(a)

50,000

37,534

TerraForm

Power

Operating

LLC

,

5.00%,

1/31/2028(a)

325,000

294,938

4.75%,

1/15/2030(a)

175,000

149,520

TransAlta

Corp.

,

7.75%,

11/15/2029

200,000

202,500

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

175,000

166,878

5.63%,

2/15/2027(a)

300,000

284,482

5.00%,

7/31/2027(a)

175,000

160,893

7.75%,

10/15/2031(a)

50,000

49,252

2,749,849

Wireless

Communications

0.2%

Sprint

LLC

,

7.13%,

6/15/2024

75,000

75,456

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

50,000

46,028

3.38%,

4/15/2029

125,000

109,943

231,427

Total

Corporate

Bonds

(cost

$105,411,962)

93,012,007

72

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Rights

0.0%

†

Number

of

Rights

Value

($)

Cable

Satellite

0.0%

†

Intelsat

Jackson

Holdings

SA

12/05/2025*^∞

394

1,379

Total

Rights

(cost

$0)

1,379

Total

Investments

(cost

$105,492,692)

—

95.5%

93,027,558

Other

assets

in

excess

of

liabilities

—

4.5%

4,364,986

NET

ASSETS

—

100.0%

$

97,392,544

*

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,

2023

was

$79,765,870

which

represents

81.90%

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,

2023.

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

73

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.

74

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stock

$

14,172

$

–

$

–

$

14,172

Corporate

Bonds

Aerospace

/

Defense

–

1,677,476

–

1,677,476

Airlines

–

246,200

–

246,200

Automotive

–

6,020,019

–

6,020,019

Banking

–

218,555

–

218,555

Building

Materials

–

3,825,882

–

3,825,882

Cable

Satellite

–

7,743,378

–

7,743,378

Chemicals

–

2,750,065

–

2,750,065

Construction

Machinery

–

495,177

–

495,177

Consumer

Cyclical

Services

–

2,927,359

–

2,927,359

Consumer

Products

–

1,665,574

–

1,665,574

Diversified

Manufacturing

–

938,668

–

938,668

Finance

Companies

–

2,363,282

–

2,363,282

Food

&

Beverage

–

2,174,416

–

2,174,416

Food

&

Staples

Retailing

–

–

–

–

Gaming

–

4,230,687

–

4,230,687

Health

Insurance

–

402,420

–

402,420

Healthcare

–

4,408,047

–

4,408,047

Independent

Energy

–

3,936,530

–

3,936,530

Industrial

-

Other

–

1,814,261

–

1,814,261

Insurance

-

P&C

–

7,557,736

–

7,557,736

Leisure

–

464,280

–

464,280

Lodging

–

205,010

–

205,010

Media

Entertainment

–

4,972,380

–

4,972,380

Metals

&

Mining

–

453,408

–

453,408

Midstream

–

6,008,028

–

6,008,028

Oil

Field

Services

–

1,947,910

–

1,947,910

Packaging

–

4,671,231

–

4,671,231

Paper

–

666,385

–

666,385

Pharmaceuticals

–

1,200,699

–

1,200,699

REIT

–

other

–

49,125

–

49,125

Restaurants

–

2,350,299

–

2,350,299

Retailers

–

989,823

–

989,823

Supermarkets

–

532,725

–

532,725

Technology

–

9,886,271

–

9,886,271

Transportation

Services

–

237,425

–

237,425

Utility

-

Electric

–

2,749,849

–

2,749,849

Wireless

Communications

–

231,427

–

231,427

Total

Corporate

Bonds

$

–

$

93,012,007

$

–

$

93,012,007

Rights

–

–

1,379

1,379

Total

$

14,172

$

93,012,007

$

1,379

$

93,027,558

As

of

September

30,

2023,

the

Fund

held

four

corporate

bond

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

75

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

12/31/2022

$

350,378

$

—

$

2,364

$

352,742

Accrued

Accretion/(Amortization)

—

—

—

—

Realized

Gains

(Losses)

213,116

82

—

213,198

Purchases

—

—

—

—

Sales

(388,305)

(82)

—

(388,387)

Change

in

Unrealized

Appreciation/Depreciation

(175,189)

—

(985)

(176,174)

Transfers

into

Level

3

—

—

—

—

Transfers

out

of

Level

3

—

—

—

—

Balance

as

of

9/30/2023

$

—

$

—

$

1,379

$

1,379

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2023

$

—

$

—

$

(985)

$

(

985)

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,

2023

(Unaudited)

-

NVIT

Government

Bond

Fund

Asset-Backed

Securities

1

.9

%

Principal

Amount

($)

Value

($)

Automobiles

0

.8

%

Carvana

Auto

Receivables

Trust,

Series

2023-

P3,

Class

A2,

6.09%,

11/10/2026(a)

999,000

998,159

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

2,000,000

2,001,213

2,999,372

Equipment

Loans

&

Leases

0

.3

%

M&T

Equipment

Notes,

Series

2023-1A,

Class

A2,

6.09%,

7/15/2030(a)

1,000,000

997,750

Other

0

.8

%

Goodgreen,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

704,296

603,406

Reach

ABS

Trust,

Series

2023-1A,

Class

A,

7.05%,

2/18/2031(a)

243,025

243,589

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

2,310,000

2,080,982

2,927,977

Total

Asset-Backed

Securities

(cost

$7,255,338)

6,925,099

Collateralized

Mortgage

Obligations

5

.5

%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

237,813

220,739

Barclays

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A1,

4.47%,

2/25/2062(a)(c)

928,079

859,164

FHLMC

REMICS,

Series

2985,

Class

JR,

4.50%,

6/15/2025

358,973

354,894

FNMA

REMICS

Series

2005-40,

Class

YG,

5.00%,

5/25/2025

315,051

309,183

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

2,434,294

2,141,996

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

9,239,541

8,372,302

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

1,825,834

1,605,072

GCAT

2022-CM1

Trust,

Series

2022-HX1,

Class

A1,

2.89%,

12/27/2066(a)(b)

1,434,462

1,238,500

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(b)

631,409

576,947

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(b)

1,928,242

1,766,267

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Starwood

Mortgage

Residential

Trust,

Series

2022-3,

Class

A1,

4.16%,

3/25/2067(a)(b)

1,495,326

1,343,431

Verus

Securitization

Trust,

Series

2022-4,

Class

A1,

4.47%,

4/25/2067(a)(c)

806,696

754,471

Total

Collateralized

Mortgage

Obligations

(cost

$21,677,190)

19,542,966

Commercial

Mortgage-Backed

Securities

2

.6

%

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K-154,

Class

A2,

4.35%,

1/25/2033(b)

2,800,000

2,609,642

Series

K-157,

Class

A2,

4.20%,

5/25/2033

7,200,000

6,622,109

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,691,889)

9,231,751

Corporate

Bonds

7

.9

%

Financial

Services

7

.9

%

Private

Export

Funding

Corp.

,

Series

GG,

2.45%,

7/15/2024

5,500,000

5,373,458

Series

OO,

1.75%,

11/15/2024

10,000,000

9,539,544

Series

NN,

3.25%,

6/15/2025

14,000,000

13,467,390

Total

Corporate

Bonds

(cost

$29,517,819)

28,380,392

Mortgage-Backed

Securities

46

.1

%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

1,863,700

1,693,420

Pool#

G08881

3.50%,

6/1/2049

1,164,890

1,020,787

FHLMC

Non

Gold

Pool

Pool#

847558

,

5.53%,

6/1/2035

(b)

372,522

373,954

FHLMC

UMBS

Pool

Pool#

QN1359

3.00%,

1/1/2035

1,958,670

1,777,522

Pool#

SB8083

1.50%,

1/1/2036

7,367,261

6,177,610

Pool#

QO0449

2.00%,

6/1/2037

2,774,781

2,379,497

Pool#

SD8025

3.50%,

11/1/2049

2,617,016

2,289,643

Pool#

SD8030

3.00%,

12/1/2049

1,398,657

1,168,187

NVIT

Government

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

77

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8050

3.00%,

3/1/2050

2,059,164

1,718,914

Pool#

SD8080

2.00%,

6/1/2050

2,409,349

1,846,554

Pool#

SD8171

1.50%,

10/1/2051

3,015,652

2,170,161

Pool#

SD8182

2.00%,

12/1/2051

4,057,446

3,091,382

Pool#

RA6433

2.50%,

12/1/2051

2,907,500

2,309,663

Pool#

SD8199

2.00%,

3/1/2052

5,072,178

3,862,986

Pool#

QE0958

2.00%,

3/1/2052

3,615,974

2,757,407

Pool#

SD8200

2.50%,

3/1/2052

4,092,322

3,250,439

Pool#

QE0799

2.50%,

4/1/2052

2,760,857

2,194,502

Pool#

SD8244

4.00%,

9/1/2052

2,843,896

2,532,929

Pool#

SD8288

5.00%,

1/1/2053

3,010,475

2,842,299

Pool#

SD8302

6.50%,

2/1/2053

1,329,600

1,336,339

FNMA

Pool

Pool#

745684

4.50%,

4/1/2034(b)

1,021,398

1,032,099

Pool#

790760

5.92%,

9/1/2034(b)

334,246

330,681

Pool#

799144

4.16%,

4/1/2035(b)

63,903

62,641

Pool#

822705

4.95%,

4/1/2035(b)

163,330

159,434

Pool#

815217

4.81%,

5/1/2035(b)

513,459

498,877

Pool#

783609

4.96%,

5/1/2035(b)

345,719

338,814

Pool#

821377

5.81%,

5/1/2035(b)

86,128

84,389

Pool#

826181

5.85%,

7/1/2035(b)

569,070

562,435

Pool#

873932

6.31%,

8/1/2036

5,697,897

5,675,096

Pool#

745866

6.10%,

9/1/2036(b)

1,457,219

1,485,048

FNMA

UMBS

Pool

Pool#

MA4228

1.50%,

1/1/2036

4,090,846

3,430,279

Pool#

FS4058

2.50%,

12/1/2036

6,032,708

5,332,005

Pool#

BM5426

3.00%,

12/1/2047

8,913,318

7,530,743

Pool#

CA1564

4.50%,

4/1/2048

1,188,691

1,111,735

Pool#

BM5267

4.50%,

12/1/2048

2,860,470

2,676,717

Pool#

MA3664

4.00%,

5/1/2049

1,096,006

988,785

Pool#

MA3746

4.00%,

8/1/2049

1,166,664

1,052,082

Pool#

BP5843

2.50%,

5/1/2050

5,433,492

4,347,307

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4096

2.50%,

8/1/2050

3,574,010

2,858,471

Pool#

MA4119

2.00%,

9/1/2050

4,376,201

3,350,080

Pool#

MA4183

2.50%,

11/1/2050

3,002,581

2,403,716

Pool#

FS3885

3.00%,

11/1/2051

2,892,383

2,395,593

Pool#

MA4492

2.00%,

12/1/2051

4,963,874

3,784,873

Pool#

FS1648

2.50%,

1/1/2052

3,193,213

2,538,940

Pool#

FS1476

3.00%,

3/1/2052

1,833,174

1,518,217

Pool#

MA4577

2.00%,

4/1/2052

13,095,589

9,973,017

Pool#

FS1749

2.50%,

4/1/2052

4,171,432

3,316,662

Pool#

MA4656

4.50%,

7/1/2052

3,740,912

3,436,709

Pool#

MA4698

3.00%,

8/1/2052

1,915,297

1,585,011

Pool#

MA4732

4.00%,

9/1/2052

5,697,079

5,074,689

Pool#

MA4782

3.50%,

10/1/2052

9,604,846

8,266,621

Pool#

MA4785

5.00%,

10/1/2052

4,634,550

4,375,760

Pool#

MA4805

4.50%,

11/1/2052

2,847,575

2,615,628

Pool#

MA4839

4.00%,

12/1/2052

2,419,123

2,154,857

Pool#

MA4980

6.00%,

4/1/2053

1,402,618

1,384,689

GNMA

I

Pool

Pool#

748484

3.50%,

8/15/2025

41,618

39,381

Pool#

719433

3.50%,

10/15/2025

66,466

62,865

Pool#

682492

3.50%,

10/15/2025

62,008

57,933

Pool#

733504

3.50%,

11/15/2025

103,272

97,690

Pool#

682497

3.50%,

11/15/2025

82,322

77,730

Pool#

740930

3.50%,

11/15/2025

70,944

66,998

Pool#

749618

3.50%,

11/15/2025

34,203

32,311

Pool#

742371

3.50%,

11/15/2025

25,298

23,874

Pool#

750403

3.50%,

11/15/2025

11,092

10,492

Pool#

755650

3.50%,

12/15/2025

216,879

204,320

Pool#

682502

3.50%,

12/15/2025

69,145

65,414

GNMA

II

Pool

Pool#

MA8429

5.50%,

11/20/2052

2,089,883

2,028,617

Pool#

MA8571

6.00%,

1/20/2053

1,930,203

1,914,227

78

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Government

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA8647

5.00%,

2/20/2053

1,954,496

1,854,074

Pool#

MA8726

5.50%,

3/20/2053

2,444,344

2,373,622

Pool#

MA8727

6.00%,

3/20/2053

1,954,981

1,938,650

Pool#

MA8801

5.50%,

4/20/2053

2,480,371

2,408,215

Pool#

MA9018

6.00%,

7/20/2053

1,493,345

1,480,540

GNMA

TBA

3.50%,

10/15/2053

2,000,000

1,751,719

6.00%,

10/15/2053

1,600,000

1,585,374

6.50%,

10/15/2053

2,000,000

2,011,250

Total

Mortgage-Backed

Securities

(cost

$187,287,481)

164,612,191

U.S.

Government

Agency

Securities

13

.5

%

FFCB

3.14%,

7/2/2026

13,500,000

12,865,051

2.75%,

11/6/2026

2,000,000

1,878,204

1.95%,

11/27/2029

1,500,000

1,261,997

2.38%,

3/16/2032

15,000,000

12,275,888

3.19%,

3/9/2033

2,475,000

2,131,398

FHLB,

2.13%,

12/14/2029

2,590,000

2,201,147

Hashemite

Kingdom

of

Jordan

AID

Bond,

3.00%,

6/30/2025

2,125,000

2,021,197

Resolution

Funding

Corp.STRIPS,

0.00%,

1/15/2030(d)

10,000,000

7,344,429

State

of

Israel

AID

Bond,

5.50%,

9/18/2033

6,024,000

6,243,768

Total

U.S.

Government

Agency

Securities

(cost

$56,627,138)

48,223,079

U.S.

Treasury

Obligations

22

.5

%

U.S.

Treasury

Bonds

2.50%,

2/15/2045

14,600,000

9,914,312

2.50%,

2/15/2046

5,150,000

3,456,133

2.25%,

8/15/2046

18,250,000

11,571,640

1.25%,

5/15/2050

12,500,000

5,897,461

3.63%,

5/15/2053

(e)

3,500,000

2,897,891

U.S.

Treasury

Notes

3.63%,

5/15/2026

18,750,000

18,175,049

4.38%,

8/31/2028

26,000,000

25,742,031

3.75%,

6/30/2030

1,000,000

949,141

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.13%,

8/31/2030

2,000,000

1,941,250

Total

U.S.

Treasury

Obligations

(cost

$91,646,496)

80,544,908

Total

Investments

(cost

$403,703,351)

—

100.0%

357,460,386

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

131,745

)

NET

ASSETS

—

100.0%

$

357,328,641

†

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,

2023

was

$13,684,618

which

represents

3.83%

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,

2023.

(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,

2023.

(d)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$2,897,891,

which

was

collateralized

by

$2,990,663

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.38%

–

4.50%,

and

maturity

dates

ranging

from

11/30/2024

–

11/15/2032.

NVIT

Government

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

79

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

STRIPS

Separate

Trading

of

Registered

Interest

and

Principal

Securities

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

80

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

6,925,099

$

–

$

6,925,099

Collateralized

Mortgage

Obligations

–

19,542,966

–

19,542,966

Commercial

Mortgage-Backed

Securities

–

9,231,751

–

9,231,751

Corporate

Bonds

–

28,380,392

–

28,380,392

Mortgage-Backed

Securities

–

164,612,191

–

164,612,191

U.S.

Government

Agency

Securities

–

48,223,079

–

48,223,079

U.S.

Treasury

Obligations

–

80,544,908

–

80,544,908

Total

$

–

$

357,460,386

$

–

$

357,460,386

NVIT

Government

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

81

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

2023,

the

Fund

had

no

open

futures

contracts.  

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

82

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

28.8%

Principal

Amount

($)

Value

($)

Airlines

0.3%

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

1,218,001

1,063,187

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

2,048,500

2,031,002

Series

2019-2,

Class

B,

3.50%,

5/1/2028

121,172

109,167

3,203,356

Automobiles

18.2%

Ally

Auto

Receivables

Trust,

Series

2023-1,

Class

A3,

5.46%,

5/15/2028

1,810,000

1,806,062

American

Credit

Acceptance

Receivables

Trust

Series

2023-2,

Class

A,

5.89%,

10/13/2026(a)

2,109,592

2,103,715

Series

2023-3,

Class

C,

6.44%,

10/12/2029(a)

2,915,000

2,902,409

AmeriCredit

Automobile

Receivables

Trust,

Series

2023-2,

Class

B,

5.84%,

7/18/2029

5,365,000

5,352,298

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-3A,

Class

A,

5.44%,

2/22/2028(a)

8,015,000

7,869,480

BMW

Vehicle

Owner

Trust,

Series

2023-A,

Class

A3,

5.47%,

2/25/2028

1,205,000

1,201,831

Carmax

Auto

Owner

Trust

Series

2023-2,

Class

A3,

5.05%,

1/18/2028

8,410,000

8,315,920

Series

2023-3,

Class

A3,

5.28%,

5/15/2028

1,195,000

1,185,851

Carvana

Auto

Receivables

Trust

Series

2023-N1,

Class

A,

6.36%,

4/12/2027(a)

4,367,161

4,372,997

Series

2023-P4,

Class

A3,

6.16%,

10/10/2028(a)

3,320,000

3,320,130

Chesapeake

Funding

II

LLC,

Series

2023-1A,

Class

A1,

5.65%,

5/15/2035(a)

6,387,530

6,344,409

Citizens

Auto

Receivables

Trust

Series

2023-2,

Class

A2A,

6.09%,

10/15/2026(a)

2,505,000

2,505,089

Series

2023-1,

Class

A3,

5.84%,

1/18/2028(a)

5,345,000

5,334,181

Credit

Acceptance

Auto

Loan

Trust

Series

2023-2A,

Class

B,

6.61%,

7/15/2033(a)

6,600,000

6,494,981

Series

2023-3A,

Class

A,

6.39%,

8/15/2033(a)

400,000

398,912

Series

2023-3A,

Class

C,

7.62%,

12/15/2033(a)

555,000

551,751

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

DT

Auto

Owner

Trust,

Series

2023-2A,

Class

B,

5.41%,

2/15/2029(a)

3,470,000

3,418,884

Enterprise

Fleet

Financing

LLC,

Series

2023-2,

Class

A2,

5.56%,

4/22/2030(a)

3,095,000

3,071,123

Exeter

Automobile

Receivables

Trust

Series

2023-4A,

Class

A2,

6.07%,

12/15/2025

680,000

679,731

Series

2023-2A,

Class

B,

5.61%,

9/15/2027

4,035,000

3,990,412

Series

2023-3A,

Class

B,

6.11%,

9/15/2027

930,000

926,622

Fifth

Third

Auto

Trust,

Series

2023-1,

Class

A3,

5.53%,

8/15/2028

3,725,000

3,714,245

Flagship

Credit

Auto

Trust

Series

2022-4,

Class

A3,

6.32%,

6/15/2027(a)

2,315,000

2,326,238

Series

2023-2,

Class

C,

5.81%,

5/15/2029(a)

5,315,000

5,206,083

Ford

Credit

Auto

Owner

Trust

Series

2023-A,

Class

A2A,

5.14%,

3/15/2026

1,817,396

1,810,138

Series

2023-A,

Class

A3,

4.65%,

2/15/2028

1,610,000

1,579,825

Series

2023-B,

Class

A3,

5.23%,

5/15/2028

2,455,000

2,436,852

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,950,000

1,881,653

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2023-1,

Class

A1,

4.92%,

5/15/2028(a)

3,700,000

3,630,772

GECU

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A3,

5.63%,

8/15/2028(a)

2,640,000

2,618,544

GLS

Auto

Receivables

Issuer

Trust

Series

2023-2A,

Class

B,

5.52%,

11/15/2027(a)

5,945,000

5,844,346

Series

2023-3A,

Class

B,

5.89%,

1/18/2028(a)

3,110,000

3,098,528

GM

Financial

Automobile

Leasing

Trust

Series

2023-2,

Class

A3,

5.05%,

7/20/2026

2,940,000

2,906,170

Series

2023-3,

Class

A3,

5.38%,

11/20/2026

865,000

861,582

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2023-2,

Class

A2A,

5.10%,

5/18/2026

1,610,000

1,601,394

Series

2023-2,

Class

A3,

4.47%,

2/16/2028

1,660,000

1,622,877

Series

2023-3,

Class

A3,

5.45%,

6/16/2028

1,365,000

1,362,774

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

83

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Harley-Davidson

Motorcycle

Trust

Series

2023-B,

Class

A3,

5.69%,

8/15/2028

1,810,000

1,790,238

Series

2023-B,

Class

A4,

5.78%,

4/15/2031

1,460,000

1,450,722

Hertz

Vehicle

Financing

III

LLC,

Series

2023-3A,

Class

A,

5.94%,

2/25/2028(a)

2,490,000

2,483,761

Honda

Auto

Receivables

Owner

Trust

Series

2023-2,

Class

A3,

4.93%,

11/15/2027

2,188,000

2,158,879

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

3,670,000

3,661,068

Hyundai

Auto

Lease

Securitization

Trust

Series

2023-B,

Class

A3,

5.15%,

6/15/2026(a)

2,600,000

2,574,858

Series

2023-C,

Class

A3,

5.80%,

12/15/2026(a)

4,440,000

4,435,095

Hyundai

Auto

Receivables

Trust

Series

2023-A,

Class

A2A,

5.19%,

12/15/2025

1,880,000

1,873,061

Series

2023-A,

Class

A3,

4.58%,

4/15/2027

2,140,000

2,104,670

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

1,035,000

1,033,477

LAD

Auto

Receivables

Trust,

Series

2023-3A,

Class

A3,

6.12%,

9/15/2027(a)

4,050,000

4,045,173

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Series

2023-1,

Class

A,

6.18%,

8/25/2028(a)

1,710,000

1,707,281

Nissan

Auto

Lease

Trust,

Series

2023-B,

Class

A3,

5.69%,

7/15/2026

2,700,000

2,695,446

Nissan

Auto

Receivables

Owner

Trust,

Series

2023-A,

Class

A3,

4.91%,

11/15/2027

7,640,000

7,545,818

Prestige

Auto

Receivables

Trust,

Series

2023-

1A,

Class

C,

5.65%,

2/15/2028(a)

4,045,000

3,955,610

Santander

Drive

Auto

Receivables

Trust

Series

2023-2,

Class

A3,

5.21%,

7/15/2027

3,045,000

3,015,283

Series

2023-4,

Class

B,

5.77%,

12/15/2028

2,575,000

2,565,608

Series

2023-3,

Class

C,

5.77%,

11/15/2030

2,420,000

2,385,767

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A3,

5.47%,

10/20/2028(a)

4,295,000

4,248,229

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Toyota

Auto

Receivables

Owner

Trust

Series

2023-B,

Class

A3,

4.71%,

2/15/2028

2,970,000

2,911,147

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

1,285,000

1,274,246

Toyota

Lease

Owner

Trust

Series

2023-A,

Class

A3,

4.93%,

4/20/2026(a)

3,405,000

3,362,449

Series

2023-B,

Class

A3,

5.66%,

11/20/2026(a)

4,440,000

4,432,658

Volkswagen

Auto

Lease

Trust,

Series

2023-A,

Class

A3,

5.81%,

10/20/2026

5,880,000

5,876,401

Volkswagen

Auto

Loan

Enhanced

Trust,

Series

2023-1,

Class

A3,

5.02%,

6/20/2028

1,815,000

1,795,973

Westlake

Automobile

Receivables

Trust

Series

2022-1A,

Class

B,

2.75%,

3/15/2027(a)

500,000

489,105

Series

2022-1A,

Class

C,

3.11%,

3/15/2027(a)

3,050,000

2,945,497

Series

2023-3A,

Class

C,

6.02%,

9/15/2028(a)

4,815,000

4,782,863

Wheels

Fleet

Lease

Funding

1

LLC,

Series

2023-1A,

Class

A,

5.80%,

4/18/2038(a)

5,525,000

5,490,278

World

Omni

Auto

Receivables

Trust

Series

2023-B,

Class

A2A,

5.25%,

11/16/2026

1,760,000

1,751,855

Series

2023-B,

Class

A3,

4.66%,

5/15/2028

2,720,000

2,668,351

World

Omni

Automobile

Lease

Securitization

Trust,

Series

2023-A,

Class

A3,

5.07%,

9/15/2026

2,665,000

2,636,466

210,796,142

Credit

Card

1.0%

Mercury

Financial

Credit

Card

Master

Trust,

Series

2022-1A,

Class

A,

2.50%,

9/21/2026(a)

4,230,000

4,049,151

Mission

Lane

Credit

Card

Master

Trust,

Series

2023-A,

Class

A,

7.23%,

7/17/2028(a)

765,000

758,621

Synchrony

Card

Funding

LLC,

Series

2023-A1,

Class

A,

5.54%,

7/15/2029

1,055,000

1,053,166

World

Financial

Network

Credit

Card

Master

Trust,

Series

2023-A,

Class

A,

5.02%,

3/15/2030

5,960,000

5,858,476

11,719,414

84

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

1.9%

Daimler

Trucks

Retail

Trust,

Series

2023-1,

Class

A4,

5.93%,

12/16/2030

3,435,000

3,431,344

DLLMT

LLC,

Series

2023-

1A,

Class

A3,

5.34%,

3/22/2027(a)

6,780,000

6,685,968

GreatAmerica

Leasing

Receivables,

Series

2023-1,

Class

A3,

5.15%,

7/15/2027(a)

5,945,000

5,828,063

Kubota

Credit

Owner

Trust

Series

2023-1A,

Class

A2,

5.40%,

2/17/2026(a)

2,160,000

2,148,497

Series

2023-2A,

Class

A3,

5.28%,

1/18/2028(a)

2,300,000

2,278,112

M&T

Equipment

Notes,

Series

2023-1A,

Class

A3,

5.74%,

7/15/2030(a)

2,275,000

2,256,278

22,628,262

Other

7.1%

37

Capital

CLO

I,

Series

2021-1A,

Class

A,

6.77%,

10/15/2034(a)(b)

4,230,000

4,171,046

ACHV

ABS

TRUST

Series

2023-2PL,

Class

A,

6.42%,

5/20/2030(a)

401,754

401,939

Series

2023-3PL,

Class

A,

6.60%,

8/19/2030(a)

726,046

726,482

Affirm

Asset

Securitization

Trust,

Series

2023-B,

Class

A,

6.82%,

9/15/2028(a)

2,100,000

2,103,175

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

6.77%,

10/25/2034(a)(b)

2,700,000

2,674,936

ARES

XLIV

CLO

Ltd.,

Series

2017-44A,

Class

A1R,

6.65%,

4/15/2034(a)(b)

3,000,000

2,965,011

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

6.73%,

4/20/2034(a)(b)

700,000

695,542

Cedar

Funding

X

CLO

Ltd.,

Series

2019-10A,

Class

AR,

6.69%,

10/20/2032(a)(b)

2,750,000

2,728,286

Cedar

Funding

XII

CLO

Ltd.

Series

2020-12A,

Class

A1R,

6.74%,

10/25/2034(a)

(b)

3,300,000

3,270,828

Series

2020-12A,

Class

BR,

7.21%,

10/25/2034(a)(b)

700,000

678,780

Frontier

Issuer

LLC,

Series

2023-1,

Class

A2,

6.60%,

8/20/2053(a)

2,325,000

2,222,429

Hilton

Grand

Vacations

Trust,

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

1,676,616

1,684,897

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

6.57%,

4/15/2034(a)(b)

1,350,000

1,332,392

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2021-2A,

Class

A,

6.69%,

7/15/2034(a)(b)

5,000,000

4,961,480

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

6.72%,

1/20/2035(a)(b)

5,000,000

4,975,000

Marlette

Funding

Trust

Series

2023-2A,

Class

A,

6.04%,

6/15/2033(a)

2,578,435

2,569,814

Series

2023-3A,

Class

A,

6.49%,

9/15/2033(a)

2,786,914

2,789,808

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

7.44%,

5/20/2031(a)(b)

4,045,888

4,024,072

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

6.70%,

10/15/2034(a)(b)

1,300,000

1,287,057

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

6.72%,

7/15/2035(a)(b)

4,900,000

4,867,214

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

7,080,923

7,002,852

Series

2018-SFR1,

Class

E,

4.56%,

5/17/2037(a)

3,110,000

2,993,750

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

5,140,154

4,772,692

Series

2019-SFR1,

Class

E,

3.40%,

3/17/2038(a)

2,000,000

1,833,632

Series

2020-SFR2,

Class

C,

2.03%,

11/17/2039(a)

1,000,000

839,574

Series

2020-SFR2,

Class

D,

2.28%,

11/17/2039(a)

2,864,000

2,420,808

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/2039(a)

2,826,000

2,386,780

Tricon

Residential

Trust,

Series

2022-SFR1,

Class

D,

4.75%,

4/17/2039(a)

2,250,000

2,068,271

Verizon

Master

Trust,

Series

2023-2,

Class

A,

4.89%,

4/13/2028

7,705,000

7,624,577

83,073,124

Student

Loan

0.3%

Navient

Private

Education

Refi

Loan

Trust,

Series

2023-A,

Class

A,

5.51%,

10/15/2071(a)

3,117,459

3,053,515

Total

Asset-Backed

Securities

(cost

$339,604,376)

334,473,813

Collateralized

Mortgage

Obligations

1.3%

GS

Mortgage-Backed

Securities

Trust,

Series

2022-NQM1,

Class

A16,

4.00%,

5/25/2062(a)(b)

3,544,352

2,941,536

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

1,319

1,254

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

85

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

RALI

Trust,

Series

2003-

QS20,

Class

CB,

5.00%,

11/25/2018^∞

29,634

3

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

356,736

337,605

Verus

Securitization

Trust

Series

2022-1,

Class

A1,

2.72%,

1/25/2067(a)(c)

9,000,126

7,740,424

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

4,297,200

3,866,887

Total

Collateralized

Mortgage

Obligations

(cost

$17,279,415)

14,887,709

Commercial

Mortgage-Backed

Securities

1.4%

BANK5,

Series

2023-

5YR3,

Class

A3,

6.72%,

9/15/2056(b)

1,520,000

1,556,702

BBCMS

Mortgage

Trust,

Series

2020-BID,

Class

A,

7.59%,

10/15/2037(a)(b)

825,000

785,575

Benchmark

Mortgage

Trust,

Series

2023-V2,

Class

A3,

5.81%,

5/15/2055(b)

2,590,000

2,554,098

DC

Commercial

Mortgage

Trust,

Series

2023-

DC,

Class

A,

6.31%,

9/12/2040(a)

1,190,000

1,186,254

Eleven

Madison

Mortgage

Trust,

Series

2015-

11MD,

Class

A,

3.67%,

9/10/2035(a)(b)

2,025,000

1,766,869

GS

Mortgage

Securities

Corp.

II,

Series

2023-SHIP,

Class

A,

4.47%,

9/10/2038(a)(b)

1,825,000

1,744,064

GS

Mortgage

Securities

Corp.

Trust,

Series

2012-

BWTR,

Class

A,

2.95%,

11/5/2034(a)

1,015,000

743,250

Med

Trust,

Series

2021-

MDLN,

Class

A,

6.40%,

11/15/2038(a)(b)

2,498,011

2,435,318

SPGN

Mortgage

Trust

Series

2022-TFLM,

Class

C,

7.98%,

2/15/2039(a)(b)

1,270,000

1,186,894

Series

2022-TFLM,

Class

D,

8.83%,

2/15/2039(a)(b)

2,880,000

2,666,189

Total

Commercial

Mortgage-Backed

Securities

(cost

$17,117,732)

16,625,213

Corporate

Bonds

44.6%

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)

,

5.04%,

5/1/2027(d)

2,750,000

2,684,992

L3Harris

Technologies,

Inc.

,

5.40%,

1/15/2027

2,360,000

2,339,459

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Lockheed

Martin

Corp.

,

4.95%,

10/15/2025

3,500,000

3,473,290

RTX

Corp.

,

5.00%,

2/27/2026

6,000,000

5,926,923

14,424,664

Automobile

Components

0.3%

Aptiv

plc

,

2.40%,

2/18/2025(d)

3,105,000

2,954,348

Automobiles

1.2%

BMW

US

Capital

LLC

,

5.05%,

8/11/2028(a)(d)

5,955,000

5,823,562

Hyundai

Capital

America

,

5.95%,

9/21/2026(a)(d)

4,115,000

4,103,311

Nissan

Motor

Acceptance

Co.

LLC

,

7.05%,

9/15/2028(a)

1,085,000

1,084,812

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

3,025,000

2,898,830

13,910,515

Banks

11.4%

ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

6.34%,

9/18/2027(a)(e)

3,000,000

2,992,479

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(d)(e)

2,290,000

2,331,960

(SOFR

+

2.33%),

6.61%,

9/13/2029(a)(e)

440,000

438,170

ASB

Bank

Ltd.

,

5.35%,

6/15/2026(a)

4,110,000

4,062,034

Australia

&

New

Zealand

Banking

Group

Ltd.

,

5.38%,

7/3/2025

3,650,000

3,635,949

Series

3a2,

5.67%,

10/3/2025

2,220,000

2,221,268

Bank

of

America

Corp.

,

(CME

Term

SOFR

3

Month

+

1.23%),

3.46%,

3/15/2025(d)(e)

5,000,000

4,933,247

Bank

of

America

NA

,

5.65%,

8/18/2025

5,970,000

5,954,428

Bank

of

Ireland

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

6.25%,

9/16/2026(a)(e)

2,390,000

2,375,020

Bank

of

Montreal

,

5.30%,

6/5/2026(d)

2,905,000

2,865,872

5.72%,

9/25/2028(d)

2,945,000

2,913,707

CaixaBank

SA

,

(SOFR

+

2.77%),

6.84%,

9/13/2034(a)(e)

1,655,000

1,621,039

Canadian

Imperial

Bank

of

Commerce

,

5.62%,

7/17/2026

3,585,000

3,567,802

5.99%,

10/3/2028

5,870,000

5,856,902

86

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citibank

NA

,

5.80%,

9/29/2028(d)

5,875,000

5,875,838

Citigroup,

Inc.

,

(SOFR

+

1.55%),

5.61%,

9/29/2026(e)

3,500,000

3,464,413

(SOFR

+

2.66%),

6.17%,

5/25/2034(e)

1,210,000

1,156,304

Citizens

Bank

NA

,

(SOFR

+

1.45%),

6.06%,

10/24/2025(d)(e)

4,000,000

3,859,353

Commonwealth

Bank

of

Australia

,

5.50%,

9/12/2025

4,175,000

4,167,432

Cooperatieve

Rabobank

UA

,

5.50%,

7/18/2025

4,235,000

4,215,926

5.50%,

10/5/2026

1,560,000

1,555,374

Credit

Agricole

SA

,

4.38%,

3/17/2025(a)

2,140,000

2,067,882

(SOFR

+

1.86%),

6.32%,

10/3/2029(a)(e)

3,165,000

3,165,365

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

6.26%,

9/22/2026(a)(e)

5,855,000

5,852,877

Fifth

Third

Bancorp

,

(SOFR

+

2.34%),

6.34%,

7/27/2029(d)(e)

1,680,000

1,659,615

Fifth

Third

Bank

NA

,

(United

States

SOFR

Compounded

Index

+

1.23%),

5.85%,

10/27/2025(d)(e)

5,000,000

4,918,843

HSBC

Holdings

plc

,

(SOFR

+

0.71%),

0.98%,

5/24/2025(e)

2,000,000

1,926,846

(SOFR

+

1.57%),

5.89%,

8/14/2027(d)(e)

5,505,000

5,437,842

HSBC

USA,

Inc.

,

5.63%,

3/17/2025

585,000

581,536

Huntington

Bancshares,

Inc.

,

(SOFR

+

2.02%),

6.21%,

8/21/2029(d)(e)

2,115,000

2,069,000

Huntington

National

Bank

(The)

,

(SOFR

+

1.22%),

5.70%,

11/18/2025(e)

3,065,000

2,995,766

ING

Groep

NV

,

(SOFR

+

2.09%),

6.11%,

9/11/2034(d)(e)

490,000

475,845

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)(d)

2,275,000

2,302,673

KeyBank

NA

,

5.85%,

11/15/2027

2,360,000

2,244,365

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.48%),

5.99%,

8/7/2027(e)

3,205,000

3,176,138

National

Australia

Bank

Ltd.

,

5.20%,

5/13/2025

1,565,000

1,555,300

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

National

Bank

of

Canada

,

(SOFR

+

1.01%),

3.75%,

6/9/2025(e)

2,400,000

2,354,252

NatWest

Markets

plc

,

1.60%,

9/29/2026(a)(d)

2,005,000

1,762,240

Royal

Bank

of

Canada

,

5.20%,

7/20/2026(d)

2,985,000

2,952,436

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.70%),

6.57%,

6/12/2029(e)

1,760,000

1,716,858

Sumitomo

Mitsui

Financial

Group,

Inc.

,

5.72%,

9/14/2028

5,890,000

5,813,067

Swedbank

AB

,

6.14%,

9/12/2026(a)(d)

5,875,000

5,851,018

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(e)

1,950,000

1,786,352

132,730,633

Beverages

0.4%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

5,000,000

4,851,841

Biotechnology

0.4%

Amgen,

Inc.

,

5.25%,

3/2/2025

5,000,000

4,962,574

Capital

Markets

4.4%

Ares

Capital

Corp.

,

3.25%,

7/15/2025(d)

1,905,000

1,784,445

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.03%),

4.95%,

4/26/2027(e)

4,425,000

4,319,178

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026(d)

2,110,000

1,816,170

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(d)

1,435,000

1,174,421

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/2025

1,950,000

1,827,022

Blue

Owl

Credit

Income

Corp.

,

7.95%,

6/13/2028(a)

2,900,000

2,874,624

Charles

Schwab

Corp.

(The)

,

5.88%,

8/24/2026(d)

5,285,000

5,267,594

Deutsche

Bank

AG

,

(SOFR

+

2.52%),

7.15%,

7/13/2027(e)

1,130,000

1,137,649

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.08%),

5.80%,

8/10/2026(d)(e)

5,970,000

5,924,348

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026(d)

1,355,000

1,187,528

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

665,000

581,440

Jefferies

Financial

Group,

Inc.

,

5.88%,

7/21/2028(d)

1,880,000

1,839,833

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

87

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

1,335,000

1,179,601

Morgan

Stanley

,

(SOFR

+

1.67%),

4.68%,

7/17/2026(e)

5,000,000

4,870,853

(SOFR

+

0.86%),

1.51%,

7/20/2027(d)(e)

3,500,000

3,092,569

S&P

Global,

Inc.

,

5.25%,

9/15/2033(a)

545,000

531,228

Sixth

Street

Specialty

Lending,

Inc.

,

6.95%,

8/14/2028

585,000

578,599

State

Street

Corp.

,

5.27%,

8/3/2026

3,210,000

3,179,845

UBS

AG

,

5.65%,

9/11/2028

4,775,000

4,695,484

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.80%),

6.25%,

9/22/2029(a)(e)

2,930,000

2,899,261

50,761,692

Chemicals

0.8%

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027(d)

1,620,000

1,597,433

6.35%,

11/15/2028

1,305,000

1,288,599

EIDP,

Inc.

,

4.50%,

5/15/2026(d)

3,755,000

3,657,460

LYB

International

Finance

III

LLC

,

1.25%,

10/1/2025(d)

3,260,000

2,970,476

9,513,968

Communications

Equipment

0.1%

Viasat,

Inc.

,

5.63%,

4/15/2027(a)

1,350,000

1,169,593

Consumer

Finance

2.9%

Ally

Financial,

Inc.

,

7.10%,

11/15/2027

2,335,000

2,334,704

American

Express

Co.

,

(SOFR

+

1.28%),

5.28%,

7/27/2029(d)(e)

4,200,000

4,094,717

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)

2,405,000

2,328,251

Capital

One

Financial

Corp.

,

(SOFR

+

2.64%),

6.31%,

6/8/2029(d)(e)

3,890,000

3,801,686

Caterpillar

Financial

Services

Corp.

,

5.15%,

8/11/2025(d)

5,100,000

5,072,684

4.35%,

5/15/2026

350,000

342,148

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025(d)

1,995,000

1,986,169

Harley-Davidson

Financial

Services,

Inc.

,

6.50%,

3/10/2028(a)(d)

1,730,000

1,710,259

Navient

Corp.

,

9.38%,

7/25/2030(d)

1,440,000

1,420,200

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

PACCAR

Financial

Corp.

,

5.05%,

8/10/2026(d)

2,905,000

2,891,007

Toyota

Motor

Credit

Corp.

,

5.00%,

8/14/2026

3,700,000

3,663,586

5.25%,

9/11/2028

3,395,000

3,375,843

33,021,254

Diversified

Telecommunication

Services

0.2%

AT&T,

Inc.

,

5.40%,

2/15/2034(d)

1,405,000

1,314,937

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)(d)

1,400,000

1,304,403

2,619,340

Electric

Utilities

2.5%

American

Electric

Power

Co.,

Inc.

,

5.70%,

8/15/2025

3,140,000

3,123,906

Edison

International

,

4.70%,

8/15/2025(d)

2,985,000

2,904,705

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)

1,320,000

1,307,187

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)(d)

4,700,000

4,261,877

Interstate

Power

and

Light

Co.

,

5.70%,

10/15/2033

965,000

949,026

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)

4,180,000

4,072,587

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

1,100,000

1,101,665

5.75%,

9/1/2025(d)

2,455,000

2,448,106

Pacific

Gas

and

Electric

Co.

,

6.10%,

1/15/2029(d)

1,790,000

1,748,335

Pennsylvania

Electric

Co.

,

5.15%,

3/30/2026(a)

810,000

794,806

Southern

California

Edison

Co.

,

5.65%,

10/1/2028

1,290,000

1,287,691

Vistra

Operations

Co.

LLC

,

3.55%,

7/15/2024(a)(d)

1,670,000

1,628,698

5.13%,

5/13/2025(a)

2,000,000

1,948,845

5.63%,

2/15/2027(a)

1,750,000

1,659,476

29,236,910

Electrical

Equipment

0.1%

Sensata

Technologies

BV

,

5.63%,

11/1/2024(a)

650,000

642,459

Electronic

Equipment,

Instruments

&

Components

0.4%

Avnet,

Inc.

,

6.25%,

3/15/2028(d)

1,725,000

1,720,113

Flex

Ltd.

,

6.00%,

1/15/2028

2,845,000

2,830,513

4,550,626

Entertainment

0.1%

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

1,255,000

1,158,638

88

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

1.0%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)(d)

2,037,000

1,754,877

Corebridge

Financial,

Inc.

,

6.05%,

9/15/2033(a)(d)

1,295,000

1,258,620

Element

Fleet

Management

Corp.

,

6.27%,

6/26/2026(a)

3,570,000

3,557,811

Fidelity

National

Information

Services,

Inc.

,

4.50%,

7/15/2025

2,420,000

2,360,917

Synchrony

Bank

,

5.40%,

8/22/2025(d)

2,505,000

2,414,253

11,346,478

Food

Products

1.0%

Cargill,

Inc.

,

4.50%,

6/24/2026(a)

1,580,000

1,545,241

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026

4,125,000

4,083,106

JBS

USA

LUX

SA

,

6.75%,

3/15/2034(a)

2,930,000

2,850,861

Unilever

Capital

Corp.

,

4.88%,

9/8/2028(d)

2,935,000

2,891,140

11,370,348

Ground

Transportation

0.2%

Penske

Truck

Leasing

Co.

LP

,

5.55%,

5/1/2028(a)(d)

2,615,000

2,533,018

Health

Care

Equipment

&

Supplies

0.5%

DH

Europe

Finance

II

Sarl

,

2.20%,

11/15/2024(d)

3,065,000

2,946,644

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(d)

2,925,000

2,910,338

5,856,982

Health

Care

Providers

&

Services

0.3%

CVS

Health

Corp.

,

5.00%,

2/20/2026

3,000,000

2,953,430

HCA,

Inc.

,

5.38%,

2/1/2025

650,000

643,121

3,596,551

Health

Care

REITs

0.2%

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

1,820,000

1,768,756

Hotels,

Restaurants

&

Leisure

1.0%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

2,275,000

2,278,742

Hyatt

Hotels

Corp.

,

5.38%,

4/23/2025(c)(d)

2,965,000

2,932,001

5.75%,

1/30/2027(d)

2,050,000

2,036,852

International

Game

Technology

plc

,

4.13%,

4/15/2026(a)

1,750,000

1,646,253

Marriott

International,

Inc.

,

5.55%,

10/15/2028(d)

2,490,000

2,462,143

11,355,991

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

3.6%

CNO

Global

Funding

,

2.65%,

1/6/2029(a)(d)

2,020,000

1,686,474

Corebridge

Global

Funding

,

0.90%,

9/22/2025(a)

2,055,000

1,862,100

5.75%,

7/2/2026(a)

1,120,000

1,106,476

Five

Corners

Funding

Trust

,

4.42%,

11/15/2023(a)

7,577,000

7,557,159

Jackson

National

Life

Global

Funding

,

5.25%,

4/12/2028(a)

4,180,000

3,891,291

MassMutual

Global

Funding

II

,

4.15%,

8/26/2025(a)

1,206,000

1,173,168

MetLife,

Inc.

,

5.38%,

7/15/2033(d)

1,890,000

1,816,895

Mutual

of

Omaha

Cos.

Global

Funding

,

5.80%,

7/27/2026(a)

4,065,000

4,025,044

New

York

Life

Global

Funding

,

5.45%,

9/18/2026(a)(d)

5,880,000

5,864,918

Pricoa

Global

Funding

I

,

4.20%,

8/28/2025(a)(d)

3,000,000

2,916,054

Principal

Life

Global

Funding

II

,

2.25%,

11/21/2024(a)

6,000,000

5,747,512

Protective

Life

Global

Funding

,

5.21%,

4/14/2026(a)

4,180,000

4,094,841

41,741,932

Machinery

0.7%

CNH

Industrial

Capital

LLC

,

5.50%,

1/12/2029

1,865,000

1,832,720

Daimler

Truck

Finance

North

America

LLC

,

1.13%,

12/14/2023(a)(d)

5,000,000

4,950,866

5.40%,

9/20/2028(a)

1,750,000

1,717,466

8,501,052

Media

0.3%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

4,000,000

3,908,609

Metals

&

Mining

1.0%

Glencore

Funding

LLC

,

6.13%,

10/6/2028(a)

5,875,000

5,864,916

Mineral

Resources

Ltd.

,

9.25%,

10/1/2028(a)

2,970,000

2,999,700

Reliance

Steel

&

Aluminum

Co.

,

1.30%,

8/15/2025

3,230,000

2,960,450

11,825,066

Multi-Utilities

1.9%

Ameren

Corp.

,

2.50%,

9/15/2024(d)

3,075,000

2,974,087

CenterPoint

Energy,

Inc.

,

5.25%,

8/10/2026(d)

4,180,000

4,126,235

DTE

Energy

Co.

,

4.22%,

11/1/2024(c)

2,980,000

2,924,438

NiSource,

Inc.

,

0.95%,

8/15/2025

3,225,000

2,941,215

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

89

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Sempra

,

5.40%,

8/1/2026

2,920,000

2,889,032

Southern

Co.

Gas

Capital

Corp.

,

5.75%,

9/15/2033

1,270,000

1,245,013

WEC

Energy

Group,

Inc.

,

5.60%,

9/12/2026

5,135,000

5,134,154

22,234,174

Oil,

Gas

&

Consumable

Fuels

2.3%

Continental

Resources,

Inc.

,

3.80%,

6/1/2024(d)

4,000,000

3,935,527

Crescent

Energy

Finance

LLC

,

9.25%,

2/15/2028(a)

925,000

944,379

Enbridge,

Inc.

,

5.70%,

3/8/2033

1,145,000

1,096,908

EQT

Corp.

,

6.13%,

2/1/2025(c)(d)

1,613,000

1,607,437

ONEOK,

Inc.

,

5.55%,

11/1/2026

2,120,000

2,106,180

Ovintiv,

Inc.

,

5.65%,

5/15/2028(d)

2,945,000

2,880,622

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026(d)

3,690,000

3,642,570

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)

2,595,000

2,601,487

Targa

Resources

Partners

LP

,

5.00%,

1/15/2028(d)

4,000,000

3,804,000

Williams

Cos.,

Inc.

(The)

,

3.90%,

1/15/2025(d)

4,500,000

4,379,083

26,998,193

Passenger

Airlines

0.3%

Air

Canada

,

3.88%,

8/15/2026(a)(d)

595,000

539,997

Southwest

Airlines

Co.

,

5.25%,

5/4/2025

2,895,000

2,861,413

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

255,000

219,180

3,620,590

Semiconductors

&

Semiconductor

Equipment

0.3%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)

1,265,000

1,141,526

Intel

Corp.

,

2.88%,

5/11/2024(d)

2,000,000

1,965,465

3,106,991

Software

0.6%

Intuit,

Inc.

,

5.13%,

9/15/2028

5,880,000

5,817,089

PTC,

Inc.

,

3.63%,

2/15/2025(a)

1,350,000

1,297,391

7,114,480

Specialty

Retail

0.9%

Advance

Auto

Parts,

Inc.

,

5.90%,

3/9/2026(d)

1,165,000

1,125,135

AutoNation,

Inc.

,

4.50%,

10/1/2025(d)

465,000

448,987

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

AutoZone,

Inc.

,

5.05%,

7/15/2026

3,300,000

3,251,852

Lowe's

Cos.,

Inc.

,

4.80%,

4/1/2026

5,915,000

5,803,838

10,629,812

Technology

Hardware,

Storage

&

Peripherals

0.5%

Dell

International

LLC

,

5.85%,

7/15/2025(d)

2,870,000

2,866,174

NetApp,

Inc.

,

1.88%,

6/22/2025(d)

3,150,000

2,945,456

5,811,630

Tobacco

0.9%

Altria

Group,

Inc.

,

2.35%,

5/6/2025

2,480,000

2,345,779

BAT

Capital

Corp.

,

6.34%,

8/2/2030

2,575,000

2,536,312

Philip

Morris

International,

Inc.

,

5.25%,

9/7/2028(d)

5,890,000

5,767,598

10,649,689

Trading

Companies

&

Distributors

0.6%

Aircastle

Ltd.

,

6.50%,

7/18/2028(a)(d)

1,010,000

990,485

TTX

Co.

,

5.50%,

9/25/2026(a)

5,875,000

5,859,914

6,850,399

Total

Corporate

Bonds

(cost

$526,258,611)

517,329,796

Foreign

Government

Security

0.2%

PANAMA

0.2%

Republic

of

Panama,

6.88%,

1/31/2036

2,130,000

2,130,436

Total

Foreign

Government

Security

(cost

$2,112,683)

2,130,436

Mortgage-Backed

Securities

1.7%

FHLMC

Non

Gold

Pool

Pool#

1Q0648

4.01%,

6/1/2037(b)

123,990

124,691

Pool#

1B3601

4.31%,

10/1/2037(b)

96,581

95,947

FHLMC

UMBS

Pool#

SD8245

,

4.50%,

9/1/2052

5,618,323

5,160,670

FNMA

Pool

Pool#

747271

6.14%,

7/1/2034(b)

173,396

171,303

Pool#

886345

5.81%,

8/1/2036(b)

27,167

26,697

Pool#

949691

5.98%,

9/1/2037(b)

61,835

60,796

90

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4582

2.00%,

4/1/2037

2,753,934

2,361,973

Pool#

BN0906

4.00%,

11/1/2048

2,555,094

2,310,868

Pool#

MA4700

4.00%,

8/1/2052

3,760,065

3,349,231

Pool#

MA4803

3.50%,

11/1/2052

3,364,712

2,895,505

Pool#

MA4806

5.00%,

11/1/2052

3,333,473

3,147,341

Total

Mortgage-Backed

Securities

(cost

$20,511,683)

19,705,022

U.S.

Treasury

Obligations

20.5%

U.S.

Treasury

Notes

0.38%,

8/15/2024

(d)

21,100,000

20,186,766

4.50%,

11/30/2024

34,510,000

34,163,552

3.88%,

4/30/2025

47,385,000

46,420,641

4.63%,

6/30/2025

63,115,000

62,575,071

4.75%,

7/31/2025

26,475,000

26,299,189

5.00%,

8/31/2025

(d)

48,705,000

48,606,068

Total

U.S.

Treasury

Obligations

(cost

$239,776,346)

238,251,287

Short-Term

Investment

0.4%

U.S.

Treasury

Obligation

0.4%

U.S.

Treasury

Bills,

5.31%,

10/12/2023

4,220,000

4,213,814

Total

Short-Term

Investment

(cost

$4,213,216)

4,213,814

Repurchase

Agreements

2.9%

Bank

of

America

NA

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$15,456,824,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$15,759,000.

(f)

15,450,000

15,450,000

BofA

Securities,

Inc.

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,442,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$1,020,001.

(f)

1,000,000

1,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$8,674,732,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$8,844,305.

(f)

8,670,887

8,670,887

MetLife,

Inc.

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$7,003,098,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$7,143,912.

(f)

7,000,000

7,000,000

Pershing

LLC

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,889,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$2,040,000.

(f)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$34,120,887)

34,120,887

Total

Investments

(cost

$1,200,994,949)

—

101.8%

1,181,737,977

Liabilities

in

excess

of

other

assets

—

(1.8)%

(21,396,777)

NET

ASSETS

—

100.0%

$

1,160,341,200

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

91

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

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,

2023

was

$420,200,672

which

represents

36.21%

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,

2023.

(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,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$98,268,919,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$34,120,887

and

by

$68,571,490

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

8/15/2053,

a

total

value

of

$102,692,377.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2023.

(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,

2023

was

$34,120,887.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

10

Year

Note

(519)

12/2023

USD

(56,084,438)

1,055,216

U.S.

Treasury

10

Year

Ultra

Note

(133)

12/2023

USD

(14,837,812)

361,610

Net

contracts

1,416,826

As

of

September

30,

2023,

the

Fund

had

$1,410,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

92

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

93

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,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and 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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

334,473,813

$

–

$

334,473,813

Collateralized

Mortgage

Obligations  

–

14,887,706

3

14,887,709

Commercial

Mortgage-Backed

Securities

–

16,625,213

–

16,625,213

Corporate

Bonds

–

517,329,796

–

517,329,796

Foreign

Government

Security

–

2,130,436

–

2,130,436

Futures

Contracts

1,416,826

–

–

1,416,826

Mortgage-Backed

Securities

–

19,705,022

–

19,705,022

Repurchase

Agreements

–

34,120,887

–

34,120,887

Short-Term

Investment

–

4,213,814

–

4,213,814

U.S.

Treasury

Obligations

–

238,251,287

–

238,251,287

Total

$

1,416,826

$

1,181,737,974

$

3

$

1,183,154,803

Collateralized

Mortgage

Obligation

Total

Balance

as

of

12/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(19,259)

(19,259)

Transfers

into

Level

3

19,262

19,262

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2023

$

3

$

3

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2023

$

(19,259)

$

(19,259)

94

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

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

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

2023

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).

As

of September

30,

2023,

the

Fund

had

no

open swap

contracts. 

(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

and

equity

movements,

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

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

95

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

As

of September

30,

2023,

the

Fund

had

no

open

option

contracts. 

(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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

96

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

1,416,826

Total

$

1,416,826

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0

.4

%

Principal

Amount

($)

Value

($)

Airlines

0

.0

%

†

United

Airlines

Pass-Through

Trust

Series

2013-1,

Class

A,

4.30%,

8/15/2025

276,626

264,671

Series

2020-1,

Class

A,

5.88%,

10/15/2027

245,820

243,720

Series

2023-1,

Class

A,

5.80%,

1/15/2036

103,000

100,126

608,517

Automobiles

0

.2

%

Toyota

Auto

Receivables

Owner

Trust,

Series

2023-A,

Class

A3,

4.63%,

9/15/2027

4,384,000

4,309,058

Credit

Card

0

.1

%

American

Express

Credit

Account

Master

Trust,

Series

2022-2,

Class

A,

3.39%,

5/15/2027

1,500,000

1,449,933

BA

Credit

Card

Trust,

Series

2021-A1,

Class

A1,

0.44%,

9/15/2026

100,000

97,135

Capital

One

Multi-Asset

Execution

Trust,

Series

2022-A3,

Class

A,

4.95%,

10/15/2027

1,500,000

1,482,792

3,029,860

Other

0

.1

%

Evergy

Metro,

Inc.,

3.65%,

8/15/2025

500,000

478,852

Verizon

Master

Trust,

Series

2023-1,

Class

A,

4.49%,

1/22/2029(a)

1,000,000

979,929

1,458,781

Total

Asset-Backed

Securities

(cost

$9,541,458)

9,406,216

Commercial

Mortgage-Backed

Securities

1

.8

%

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

1,375,000

1,271,307

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

920,400

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

2,605,176

Series

2021-B25,

Class

A5,

2.58%,

4/15/2054

1,500,000

1,142,234

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC25,

Class

AS,

4.02%,

10/10/2047

1,500,000

1,437,732

Series

2016-P5,

Class

A4,

2.94%,

10/10/2049

600,000

544,045

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,365,738

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

2,461,225

Commercial

Mortgage

Trust

Series

2014-UBS2,

Class

A5,

3.96%,

3/10/2047

1,500,000

1,488,615

Series

2014-UBS3,

Class

A4,

3.82%,

6/10/2047

1,500,000

1,470,813

Series

2015-DC1,

Class

A5,

3.35%,

2/10/2048

1,000,000

956,714

Series

2015-PC1,

Class

A5,

3.90%,

7/10/2050

1,000,000

960,888

CSAIL

Commercial

Mortgage

Trust,

Series

2018-

CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,141,896

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,500,000

2,322,646

Series

K100,

Class

A2,

2.67%,

9/25/2029

3,500,000

3,054,023

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

753,220

Series

K121,

Class

A2,

1.55%,

10/25/2030

2,000,000

1,568,241

Series

K-155,

Class

A2,

4.25%,

4/25/2033

1,000,000

923,881

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

2,206,551

FNMA

ACES

REMICS

Series

2018-M14,

Class

A2,

3.70%,

8/25/2028(a)

1,331,065

1,245,138

Series

2013-M6,

Class

1AC,

3.45%,

2/25/2043(a)

110,936

101,133

GS

Mortgage

Securities

Trust,

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

1,500,000

1,422,777

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

A4,

3.73%,

5/15/2048

1,000,000

953,982

Morgan

Stanley

Capital

I

Trust

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

1,180,000

1,030,121

Series

2021-L7,

Class

A5,

2.57%,

10/15/2054

3,000,000

2,332,407

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

1,500,000

1,432,273

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,366,445

Total

Commercial

Mortgage-Backed

Securities

(cost

$43,805,518)

38,479,621

2

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

25

.1

%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

0

.5

%

Boeing

Co.

(The)

,

4.88%,

5/1/2025

300,000

294,846

2.20%,

2/4/2026(b)

550,000

505,001

2.25%,

6/15/2026(b)

500,000

454,946

5.04%,

5/1/2027(b)

500,000

488,180

3.20%,

3/1/2029(b)

500,000

439,102

2.95%,

2/1/2030(b)

85,000

71,511

5.15%,

5/1/2030(b)

800,000

764,399

3.25%,

2/1/2035

100,000

76,880

5.71%,

5/1/2040

350,000

322,911

3.75%,

2/1/2050

200,000

135,875

5.81%,

5/1/2050

500,000

452,759

5.93%,

5/1/2060

460,000

413,042

General

Dynamics

Corp.

,

1.15%,

6/1/2026

45,000

40,349

2.63%,

11/15/2027(b)

300,000

270,540

3.63%,

4/1/2030

200,000

181,193

2.25%,

6/1/2031(b)

30,000

24,228

2.85%,

6/1/2041

50,000

34,339

4.25%,

4/1/2050

200,000

164,324

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027(b)

200,000

182,837

L3Harris

Technologies,

Inc.

,

5.40%,

1/15/2027

100,000

99,130

2.90%,

12/15/2029

100,000

85,151

1.80%,

1/15/2031(b)

185,000

141,305

5.40%,

7/31/2033(b)

95,000

91,321

4.85%,

4/27/2035

90,000

81,859

Leidos,

Inc.

,

3.63%,

5/15/2025

100,000

96,143

Lockheed

Martin

Corp.

,

3.55%,

1/15/2026

126,000

121,258

3.90%,

6/15/2032(b)

50,000

44,842

5.25%,

1/15/2033(b)

25,000

24,694

3.60%,

3/1/2035(b)

110,000

92,948

4.07%,

12/15/2042

393,000

321,745

4.70%,

5/15/2046(b)

250,000

219,590

4.09%,

9/15/2052

300,000

235,719

4.15%,

6/15/2053

100,000

78,868

5.70%,

11/15/2054(b)

25,000

24,938

4.30%,

6/15/2062

100,000

78,259

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

500,000

482,149

3.25%,

1/15/2028(b)

400,000

366,833

4.70%,

3/15/2033(b)

100,000

93,363

4.75%,

6/1/2043

250,000

214,694

4.03%,

10/15/2047

400,000

306,170

4.95%,

3/15/2053(b)

75,000

65,852

RTX

Corp.

,

3.95%,

8/16/2025

200,000

193,507

5.00%,

2/27/2026

75,000

74,087

4.13%,

11/16/2028(b)

600,000

559,473

1.90%,

9/1/2031

50,000

37,838

2.38%,

3/15/2032

185,000

142,842

5.15%,

2/27/2033

125,000

118,371

4.70%,

12/15/2041(b)

50,000

41,857

4.50%,

6/1/2042

700,000

572,639

3.75%,

11/1/2046

100,000

70,811

4.63%,

11/16/2048

400,000

325,933

3.03%,

3/15/2052

195,000

117,298

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

RTX

Corp.,

5.38%,

2/27/2053(b)

95,000

85,974

11,024,723

Air

Freight

&

Logistics

0

.1

%

FedEx

Corp.

,

3.10%,

8/5/2029(b)

100,000

87,924

3.90%,

2/1/2035

380,000

316,586

4.55%,

4/1/2046(b)

500,000

395,815

5.25%,

5/15/2050

200,000

176,103

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027

100,000

92,169

4.88%,

3/3/2033(b)

60,000

57,801

6.20%,

1/15/2038(b)

295,000

315,114

3.40%,

9/1/2049(b)

320,000

228,216

5.30%,

4/1/2050

150,000

142,859

5.05%,

3/3/2053(b)

60,000

54,999

1,867,586

Automobile

Components

0

.0

%

†

Aptiv

plc

,

3.25%,

3/1/2032(b)

110,000

90,182

5.40%,

3/15/2049(b)

50,000

41,206

3.10%,

12/1/2051

50,000

28,583

4.15%,

5/1/2052

100,000

69,566

BorgWarner,

Inc.

,

2.65%,

7/1/2027

55,000

49,105

Lear

Corp.

,

2.60%,

1/15/2032

50,000

37,751

5.25%,

5/15/2049

150,000

121,260

Magna

International,

Inc.

,

5.50%,

3/21/2033

20,000

19,543

457,196

Automobiles

0

.1

%

General

Motors

Co.

,

6.13%,

10/1/2025

400,000

399,654

4.20%,

10/1/2027(b)

250,000

233,058

6.80%,

10/1/2027

100,000

102,051

5.40%,

10/15/2029(b)

60,000

57,189

5.60%,

10/15/2032(b)

90,000

84,029

5.15%,

4/1/2038

250,000

208,797

6.25%,

10/2/2043(b)

300,000

268,783

5.20%,

4/1/2045

250,000

194,379

5.40%,

4/1/2048(b)

200,000

157,971

Honda

Motor

Co.

Ltd.

,

2.97%,

3/10/2032(b)

100,000

84,178

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

250,000

296,094

Toyota

Motor

Corp.

,

5.12%,

7/13/2028

25,000

24,865

5.12%,

7/13/2033(b)

25,000

24,390

2,135,438

Banks

4

.7

%

Banco

Santander

SA

,

2.75%,

5/28/2025

200,000

188,355

5.18%,

11/19/2025

200,000

194,547

5.29%,

8/18/2027(b)

400,000

386,750

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Santander

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(c)

200,000

174,881

3.80%,

2/23/2028

600,000

540,733

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.18%,

3/24/2028(c)

200,000

184,675

5.59%,

8/8/2028

200,000

195,648

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

3.23%,

11/22/2032(b)(c)

200,000

151,364

6.92%,

8/8/2033(b)

200,000

191,097

Bank

of

America

Corp.

,

Series

L,

3.95%,

4/21/2025(b)

310,000

299,339

3.88%,

8/1/2025(b)

250,000

242,170

(SOFR

+

0.65%),

1.53%,

12/6/2025(c)

400,000

377,694

(CME

Term

SOFR

3

Month

+

0.90%),

2.02%,

2/13/2026(c)

300,000

282,280

4.45%,

3/3/2026

125,000

120,391

(SOFR

+

1.33%),

3.38%,

4/2/2026(b)(c)

400,000

382,838

3.50%,

4/19/2026

290,000

273,792

(SOFR

+

1.15%),

1.32%,

6/19/2026(c)

500,000

458,537

(SOFR

+

1.75%),

4.83%,

7/22/2026(c)

235,000

229,099

4.25%,

10/22/2026

435,000

413,233

(SOFR

+

1.01%),

1.20%,

10/24/2026(b)(c)

200,000

180,858

(SOFR

+

1.29%),

5.08%,

1/20/2027(b)(c)

220,000

215,040

(CME

Term

SOFR

3

Month

+

1.32%),

3.56%,

4/23/2027(c)

100,000

93,818

(SOFR

+

0.96%),

1.73%,

7/22/2027(c)

850,000

753,235

(SOFR

+

1.34%),

5.93%,

9/15/2027(c)

125,000

124,071

(CME

Term

SOFR

3

Month

+

1.84%),

3.82%,

1/20/2028(c)

500,000

464,320

(SOFR

+

1.05%),

2.55%,

2/4/2028(c)

280,000

249,669

(SOFR

+

1.58%),

4.38%,

4/27/2028(c)

260,000

245,506

(SOFR

+

2.04%),

4.95%,

7/22/2028(b)(c)

250,000

240,216

(SOFR

+

1.99%),

6.20%,

11/10/2028(b)(c)

70,000

70,316

(CME

Term

SOFR

3

Month

+

1.30%),

3.42%,

12/20/2028(b)(c)

1,000,000

897,049

(SOFR

+

1.63%),

5.20%,

4/25/2029(c)

215,000

207,110

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

1.06%),

2.09%,

6/14/2029(c)

100,000

83,713

(CME

Term

SOFR

3

Month

+

1.57%),

4.27%,

7/23/2029(b)(c)

600,000

552,987

(SOFR

+

1.57%),

5.82%,

9/15/2029(b)(c)

125,000

123,466

(CME

Term

SOFR

3

Month

+

1.45%),

2.88%,

10/22/2030(c)

200,000

166,627

(CME

Term

SOFR

3

Month

+

1.25%),

2.50%,

2/13/2031(c)

200,000

160,288

(SOFR

+

2.15%),

2.59%,

4/29/2031(b)(c)

600,000

482,155

(SOFR

+

1.37%),

1.92%,

10/24/2031(b)(c)

400,000

301,774

(SOFR

+

1.32%),

2.69%,

4/22/2032(c)

630,000

495,143

(SOFR

+

1.22%),

2.30%,

7/21/2032(c)

100,000

75,773

(SOFR

+

1.21%),

2.57%,

10/20/2032(c)

280,000

215,150

(SOFR

+

1.33%),

2.97%,

2/4/2033(c)

350,000

275,994

(SOFR

+

1.83%),

4.57%,

4/27/2033(c)

290,000

257,472

(SOFR

+

2.16%),

5.02%,

7/22/2033(b)(c)

265,000

243,812

(SOFR

+

1.91%),

5.29%,

4/25/2034(b)(c)

680,000

632,747

(SOFR

+

1.84%),

5.87%,

9/15/2034(b)(c)

125,000

121,648

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(b)(c)

300,000

218,303

(CME

Term

SOFR

3

Month

+

2.08%),

4.24%,

4/24/2038(c)

750,000

616,774

7.75%,

5/14/2038

200,000

223,844

(CME

Term

SOFR

3

Month

+

1.58%),

4.08%,

4/23/2040(c)

300,000

237,921

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

300,000

192,113

5.88%,

2/7/2042

250,000

245,088

(SOFR

+

1.58%),

3.31%,

4/22/2042(c)

300,000

208,815

5.00%,

1/21/2044

350,000

307,973

(CME

Term

SOFR

3

Month

+

2.25%),

4.44%,

1/20/2048(b)(c)

300,000

239,522

(CME

Term

SOFR

3

Month

+

1.78%),

4.33%,

3/15/2050(c)

300,000

232,485

(CME

Term

SOFR

3

Month

+

3.41%),

4.08%,

3/20/2051(b)(c)

600,000

443,724

4

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

1.88%),

2.83%,

10/24/2051(c)

60,000

35,267

(SOFR

+

1.56%),

2.97%,

7/21/2052(c)

50,000

30,167

Bank

of

America

NA

,

5.65%,

8/18/2025

250,000

249,348

5.53%,

8/18/2026

250,000

248,787

Bank

of

Montreal

,

1.85%,

5/1/2025

500,000

469,250

5.92%,

9/25/2025

50,000

49,890

5.30%,

6/5/2026

40,000

39,461

1.25%,

9/15/2026(b)

300,000

263,698

2.65%,

3/8/2027

100,000

89,964

5.20%,

2/1/2028(b)

150,000

146,413

5.72%,

9/25/2028

100,000

98,937

Bank

of

Nova

Scotia

(The)

,

5.25%,

12/6/2024(b)

20,000

19,816

1.45%,

1/10/2025

50,000

47,247

3.45%,

4/11/2025(b)

90,000

86,655

5.45%,

6/12/2025

40,000

39,616

4.75%,

2/2/2026

60,000

58,568

1.05%,

3/2/2026(b)

250,000

223,129

1.35%,

6/24/2026

300,000

266,486

1.30%,

9/15/2026(b)

200,000

176,045

1.95%,

2/2/2027

50,000

44,257

5.25%,

6/12/2028(b)

40,000

38,949

4.85%,

2/1/2030(b)

60,000

56,502

2.15%,

8/1/2031

300,000

229,735

2.45%,

2/2/2032

50,000

38,747

Barclays

plc

,

5.20%,

5/12/2026

500,000

481,695

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

5.30%,

8/9/2026(c)

200,000

195,874

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.05%),

7.33%,

11/2/2026(c)

200,000

203,038

(SOFR

+

2.21%),

5.83%,

5/9/2027(c)

200,000

196,416

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(c)

400,000

352,426

4.34%,

1/10/2028

200,000

185,434

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

5.50%,

8/9/2028(c)

200,000

192,175

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)

200,000

205,192

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

400,000

373,673

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(c)

200,000

178,738

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

7.44%,

11/2/2033(c)

200,000

205,376

(SOFR

+

2.98%),

6.22%,

5/9/2034(c)

400,000

378,916

5.25%,

8/17/2045

205,000

171,987

4.95%,

1/10/2047

200,000

160,988

Canadian

Imperial

Bank

of

Commerce

,

1.00%,

10/18/2024(b)

200,000

189,935

5.14%,

4/28/2025(b)

60,000

59,218

3.95%,

8/4/2025

60,000

57,927

1.25%,

6/22/2026(b)

200,000

177,199

5.62%,

7/17/2026

25,000

24,880

5.93%,

10/2/2026

50,000

49,988

5.00%,

4/28/2028

60,000

57,604

5.99%,

10/3/2028

50,000

49,888

6.09%,

10/3/2033

50,000

49,668

Citibank

NA

,

5.86%,

9/29/2025(b)

250,000

250,244

5.80%,

9/29/2028(b)

250,000

250,036

Citigroup,

Inc.

,

3.30%,

4/27/2025(b)

560,000

538,028

(SOFR

+

0.69%),

2.01%,

1/25/2026(c)

145,000

136,924

4.60%,

3/9/2026(b)

350,000

337,894

(SOFR

+

1.53%),

3.29%,

3/17/2026(c)

90,000

86,128

(SOFR

+

2.84%),

3.11%,

4/8/2026(b)(c)

400,000

381,726

3.40%,

5/1/2026(b)

500,000

469,625

(SOFR

+

1.55%),

5.61%,

9/29/2026(c)

230,000

227,661

3.20%,

10/21/2026(b)

500,000

461,614

(SOFR

+

0.77%),

1.46%,

6/9/2027(b)(c)

285,000

251,921

4.45%,

9/29/2027

500,000

469,424

(CME

Term

SOFR

3

Month

+

1.82%),

3.89%,

1/10/2028(c)

500,000

466,094

(SOFR

+

1.28%),

3.07%,

2/24/2028(b)(c)

400,000

362,840

(SOFR

+

1.89%),

4.66%,

5/24/2028(b)(c)

70,000

66,907

(CME

Term

SOFR

3

Month

+

1.41%),

3.52%,

10/27/2028(b)(c)

700,000

633,260

(CME

Term

SOFR

3

Month

+

1.60%),

3.98%,

3/20/2030(b)(c)

500,000

449,042

(SOFR

+

1.42%),

2.98%,

11/5/2030(c)

200,000

167,452

(SOFR

+

1.15%),

2.67%,

1/29/2031(b)(c)

100,000

81,101

(SOFR

+

3.91%),

4.41%,

3/31/2031(c)

300,000

269,870

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

300,000

239,222

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(SOFR

+

1.17%),

2.56%,

5/1/2032(c)

245,000

189,654

6.63%,

6/15/2032(b)

333,000

336,201

(SOFR

+

1.35%),

3.06%,

1/25/2033(c)

450,000

355,742

(SOFR

+

1.94%),

3.79%,

3/17/2033(c)

90,000

75,081

(SOFR

+

2.09%),

4.91%,

5/24/2033(b)(c)

335,000

304,819

(SOFR

+

2.34%),

6.27%,

11/17/2033(b)(c)

200,000

199,409

(SOFR

+

2.66%),

6.17%,

5/25/2034(c)

445,000

425,252

8.13%,

7/15/2039(b)

350,000

411,528

(SOFR

+

4.55%),

5.32%,

3/26/2041(b)(c)

300,000

270,916

6.68%,

9/13/2043

150,000

149,153

4.65%,

7/23/2048(b)

200,000

161,881

Citizens

Financial

Group,

Inc.

,

2.50%,

2/6/2030

170,000

131,996

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(c)

40,000

33,504

Comerica,

Inc.

,

4.00%,

2/1/2029

250,000

208,805

Cooperatieve

Rabobank

UA

,

1.38%,

1/10/2025(b)

250,000

236,531

3.38%,

5/21/2025(b)

250,000

240,797

5.25%,

5/24/2041(b)

175,000

167,429

5.25%,

8/4/2045(b)

250,000

214,630

Fifth

Third

Bancorp

,

(SOFR

+

1.36%),

4.06%,

4/25/2028(c)

40,000

36,810

(United

States

SOFR

Compounded

Index

+

2.19%),

6.36%,

10/27/2028(b)(c)

60,000

59,470

(United

States

SOFR

Compounded

Index

+

2.13%),

4.77%,

7/28/2030(b)(c)

60,000

54,468

(SOFR

+

1.66%),

4.34%,

4/25/2033(c)

40,000

33,828

Fifth

Third

Bank

NA

,

3.95%,

7/28/2025

200,000

192,337

3.85%,

3/15/2026(b)

300,000

277,488

2.25%,

2/1/2027

295,000

258,520

HSBC

Holdings

plc

,

(SOFR

+

1.43%),

3.00%,

3/10/2026(c)

200,000

190,592

(SOFR

+

1.54%),

1.65%,

4/18/2026(c)

1,200,000

1,115,303

3.90%,

5/25/2026

700,000

662,312

(SOFR

+

3.03%),

7.34%,

11/3/2026(c)

300,000

306,232

(SOFR

+

1.57%),

5.89%,

8/14/2027(c)

400,000

395,120

(SOFR

+

1.10%),

2.25%,

11/22/2027(c)

200,000

176,545

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

(SOFR

+

2.11%),

4.76%,

6/9/2028(b)(c)

200,000

189,228

(SOFR

+

3.35%),

7.39%,

11/3/2028(c)

215,000

222,427

(SOFR

+

1.29%),

2.21%,

8/17/2029(b)(c)

200,000

164,846

4.95%,

3/31/2030

200,000

186,890

(CME

Term

SOFR

3

Month

+

1.87%),

3.97%,

5/22/2030(c)

600,000

527,651

(SOFR

+

1.95%),

2.36%,

8/18/2031(c)

300,000

230,431

(SOFR

+

1.19%),

2.80%,

5/24/2032(b)(c)

220,000

170,401

(SOFR

+

2.53%),

4.76%,

3/29/2033(c)

200,000

170,327

(SOFR

+

2.87%),

5.40%,

8/11/2033(c)

300,000

276,454

(SOFR

+

4.25%),

8.11%,

11/3/2033(c)

300,000

315,490

(SOFR

+

2.39%),

6.25%,

3/9/2034(c)

200,000

195,470

6.50%,

5/2/2036(b)

400,000

378,830

6.50%,

9/15/2037

400,000

375,497

6.80%,

6/1/2038

200,000

193,151

(SOFR

+

2.65%),

6.33%,

3/9/2044(c)

200,000

192,040

5.25%,

3/14/2044(b)

250,000

208,242

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.97%),

4.44%,

8/4/2028(c)

30,000

27,710

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.17%),

2.49%,

8/15/2036(c)

250,000

176,054

Huntington

National

Bank

(The)

,

(United

States

SOFR

Compounded

Index

+

1.65%),

4.55%,

5/17/2028(c)

250,000

233,799

ING

Groep

NV

,

3.95%,

3/29/2027

300,000

281,123

(SOFR

+

1.83%),

4.02%,

3/28/2028(b)(c)

400,000

371,350

4.55%,

10/2/2028

200,000

187,809

JPMorgan

Chase

&

Co.

,

3.13%,

1/23/2025

500,000

482,663

(SOFR

+

1.16%),

2.30%,

10/15/2025(b)(c)

250,000

239,788

(SOFR

+

0.61%),

1.56%,

12/10/2025(b)(c)

200,000

189,016

(SOFR

+

1.07%),

5.55%,

12/15/2025(b)(c)

300,000

297,908

(SOFR

+

0.92%),

2.60%,

2/24/2026(c)

90,000

85,683

(CME

Term

SOFR

3

Month

+

1.59%),

2.01%,

3/13/2026(b)(c)

300,000

282,502

3.30%,

4/1/2026

500,000

472,073

6

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(SOFR

+

1.32%),

4.08%,

4/26/2026(b)(c)

355,000

344,515

2.95%,

10/1/2026(b)

1,000,000

925,907

8.00%,

4/29/2027(b)

290,000

312,897

(SOFR

+

0.77%),

1.47%,

9/22/2027(c)

200,000

175,217

4.25%,

10/1/2027(b)

500,000

474,440

(SOFR

+

1.17%),

2.95%,

2/24/2028(b)(c)

85,000

77,108

(SOFR

+

1.56%),

4.32%,

4/26/2028(b)(c)

360,000

341,569

(CME

Term

SOFR

3

Month

+

1.64%),

3.54%,

5/1/2028(b)(c)

500,000

459,747

(SOFR

+

1.99%),

4.85%,

7/25/2028(c)

180,000

173,514

(CME

Term

SOFR

3

Month

+

1.38%),

4.01%,

4/23/2029(c)

600,000

552,944

(SOFR

+

1.02%),

2.07%,

6/1/2029(c)

500,000

421,304

(SOFR

+

1.45%),

5.30%,

7/24/2029(c)

235,000

228,651

(SOFR

+

1.75%),

4.57%,

6/14/2030(b)(c)

200,000

186,567

(SOFR

+

2.04%),

2.52%,

4/22/2031(b)(c)

400,000

324,232

(CME

Term

SOFR

3

Month

+

1.25%),

2.58%,

4/22/2032(c)

75,000

59,162

(SOFR

+

1.18%),

2.55%,

11/8/2032(c)

510,000

394,686

(SOFR

+

1.26%),

2.96%,

1/25/2033(c)

130,000

103,497

(SOFR

+

1.80%),

4.59%,

4/26/2033(c)

35,000

31,551

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)

790,000

726,839

(SOFR

+

2.58%),

5.72%,

9/14/2033(b)(c)

270,000

259,546

(SOFR

+

1.85%),

5.35%,

6/1/2034(b)(c)

225,000

213,362

5.60%,

7/15/2041

400,000

380,606

(CME

Term

SOFR

3

Month

+

1.51%),

2.53%,

11/19/2041(c)

300,000

188,433

5.40%,

1/6/2042(b)

500,000

467,269

4.85%,

2/1/2044

500,000

435,507

(CME

Term

SOFR

3

Month

+

1.84%),

4.26%,

2/22/2048(c)

750,000

583,481

(CME

Term

SOFR

3

Month

+

1.64%),

3.96%,

11/15/2048(c)

250,000

182,406

(SOFR

+

2.44%),

3.11%,

4/22/2051(c)

600,000

372,528

(SOFR

+

1.58%),

3.33%,

4/22/2052(b)(c)

200,000

129,975

KeyBank

NA

,

5.85%,

11/15/2027

250,000

237,751

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

KeyBank

NA,

6.95%,

2/1/2028

225,000

217,857

KeyCorp

,

2.25%,

4/6/2027

50,000

42,463

(United

States

SOFR

Compounded

Index

+

2.06%),

4.79%,

6/1/2033(c)

105,000

87,523

Korea

Development

Bank

(The)

,

3.00%,

1/13/2026

500,000

472,337

4.38%,

2/15/2033

200,000

184,244

Kreditanstalt

fuer

Wiederaufbau

,

0.63%,

1/22/2026

850,000

768,712

2.88%,

4/3/2028(b)

1,000,000

923,507

3.88%,

6/15/2028

1,200,000

1,155,729

0.00%,

6/29/2037(d)

750,000

381,872

Landwirtschaftliche

Rentenbank

,

1.75%,

7/27/2026

1,000,000

916,020

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024(b)

205,000

200,380

4.58%,

12/10/2025

350,000

334,717

4.65%,

3/24/2026

200,000

191,499

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.48%),

5.99%,

8/7/2027(c)

200,000

198,199

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.80%),

3.75%,

3/18/2028(b)(c)

200,000

183,662

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(c)

500,000

446,615

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%),

5.87%,

3/6/2029(b)(c)

300,000

293,338

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(c)

200,000

206,866

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/2046(c)

300,000

182,864

M&T

Bank

Corp.

,

(United

States

SOFR

Compounded

Index

+

1.78%),

4.55%,

8/16/2028(c)

40,000

36,843

Manufacturers

&

Traders

Trust

Co.

,

4.70%,

1/27/2028

250,000

230,888

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.45%),

0.96%,

10/11/2025(b)(c)

200,000

189,115

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Mitsubishi

UFJ

Financial

Group,

Inc.,

3.85%,

3/1/2026

750,000

716,622

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.54%,

7/20/2027(c)

200,000

177,146

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(b)(c)

200,000

176,338

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(b)(c)

200,000

177,912

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

5.02%,

7/20/2028(b)(c)

300,000

290,258

3.74%,

3/7/2029(b)

600,000

545,501

3.20%,

7/18/2029

500,000

434,296

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

2.31%,

7/20/2032(c)

300,000

229,874

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.85%,

1/19/2033(c)

200,000

157,194

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%),

5.13%,

7/20/2033(c)

300,000

280,857

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.55%,

7/9/2027(c)

200,000

176,843

3.17%,

9/11/2027(b)

250,000

226,316

4.02%,

3/5/2028(b)

300,000

278,646

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

5.78%,

7/6/2029(c)

200,000

197,222

(CME

Term

SOFR

3

Month

+

1.77%),

2.20%,

7/10/2031(b)(c)

400,000

309,324

2.56%,

9/13/2031

200,000

151,365

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

5.75%,

7/6/2034(c)

200,000

190,914

National

Australia

Bank

Ltd.

,

2.50%,

7/12/2026(b)

750,000

692,822

NatWest

Group

plc

,

4.80%,

4/5/2026

300,000

289,768

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.85%),

7.47%,

11/10/2026(c)

300,000

306,033

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

6/14/2027(b)(c)

200,000

176,626

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(c)

200,000

178,393

(ICE

LIBOR

USD

3

Month

+

1.75%),

4.89%,

5/18/2029(b)(c)

400,000

374,119

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(c)

500,000

465,939

Oesterreichische

Kontrollbank

AG

,

1.50%,

2/12/2025

1,000,000

947,791

PNC

Bank

NA

,

2.95%,

2/23/2025

500,000

478,447

3.88%,

4/10/2025

500,000

482,232

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.32%),

5.81%,

6/12/2026(c)

62,000

61,505

1.15%,

8/13/2026(b)

100,000

88,162

(SOFR

+

1.09%),

4.76%,

1/26/2027(b)(c)

140,000

136,092

(SOFR

+

1.62%),

5.35%,

12/2/2028(b)(c)

135,000

130,489

(SOFR

+

1.84%),

5.58%,

6/12/2029(b)(c)

362,000

351,181

2.55%,

1/22/2030(b)

500,000

405,746

(SOFR

+

0.98%),

2.31%,

4/23/2032(b)(c)

200,000

154,478

(United

States

SOFR

Compounded

Index

+

2.14%),

6.04%,

10/28/2033(b)(c)

300,000

291,142

(SOFR

+

1.93%),

5.07%,

1/24/2034(b)(c)

125,000

113,356

(SOFR

+

1.95%),

5.94%,

8/18/2034(c)

100,000

96,082

Regions

Financial

Corp.

,

2.25%,

5/18/2025

400,000

373,140

1.80%,

8/12/2028(b)

200,000

162,292

Royal

Bank

of

Canada

,

0.75%,

10/7/2024(b)

300,000

284,604

5.66%,

10/25/2024

40,000

39,858

2.25%,

11/1/2024

500,000

480,648

3.38%,

4/14/2025(b)

40,000

38,592

4.95%,

4/25/2025

80,000

78,841

4.88%,

1/12/2026

100,000

98,140

1.20%,

4/27/2026

100,000

89,186

1.15%,

7/14/2026(b)

200,000

176,727

5.20%,

7/20/2026(b)

75,000

74,182

1.40%,

11/2/2026(b)

300,000

263,780

2.05%,

1/21/2027

200,000

179,054

3.63%,

5/4/2027(b)

40,000

37,314

4.24%,

8/3/2027(b)

90,000

85,519

6.00%,

11/1/2027

40,000

40,289

8

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Royal

Bank

of

Canada,

4.90%,

1/12/2028(b)

100,000

97,129

5.20%,

8/1/2028(b)

75,000

72,998

2.30%,

11/3/2031(b)

200,000

155,129

3.88%,

5/4/2032(b)

40,000

34,866

5.00%,

2/1/2033(b)

100,000

93,176

5.00%,

5/2/2033(b)

80,000

74,326

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.33%),

5.81%,

9/9/2026(c)

40,000

39,341

3.24%,

10/5/2026

300,000

271,760

(SOFR

+

1.25%),

2.49%,

1/6/2028(b)(c)

125,000

108,535

(SOFR

+

2.36%),

6.50%,

3/9/2029(b)(c)

60,000

58,515

(SOFR

+

2.70%),

6.57%,

6/12/2029(c)

24,000

23,412

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

453,226

(SOFR

+

2.75%),

6.83%,

11/21/2026(c)

300,000

301,680

(SOFR

+

1.22%),

2.47%,

1/11/2028(c)

200,000

174,061

(SOFR

+

2.60%),

6.53%,

1/10/2029(c)

200,000

198,149

Sumitomo

Mitsui

Financial

Group,

Inc.

,

3.78%,

3/9/2026

450,000

428,437

2.63%,

7/14/2026(b)

400,000

367,177

1.40%,

9/17/2026(b)

200,000

175,885

3.36%,

7/12/2027

300,000

274,910

3.35%,

10/18/2027

500,000

454,724

5.72%,

9/14/2028

200,000

197,388

1.90%,

9/17/2028

200,000

165,062

3.04%,

7/16/2029

400,000

341,698

3.20%,

9/17/2029(b)

500,000

430,181

5.81%,

9/14/2033

200,000

194,321

2.93%,

9/17/2041(b)

300,000

195,632

Synovus

Bank

,

5.63%,

2/15/2028

250,000

226,518

Toronto-Dominion

Bank

(The)

,

1.25%,

12/13/2024(b)

200,000

189,338

1.45%,

1/10/2025

100,000

94,668

3.77%,

6/6/2025

100,000

96,719

0.75%,

1/6/2026(b)

200,000

178,449

1.20%,

6/3/2026(b)

200,000

177,346

5.53%,

7/17/2026(b)

75,000

74,453

1.25%,

9/10/2026(b)

100,000

88,064

1.95%,

1/12/2027

100,000

89,069

2.80%,

3/10/2027

100,000

90,901

4.11%,

6/8/2027(b)

100,000

94,389

4.69%,

9/15/2027

90,000

86,554

5.52%,

7/17/2028(b)

75,000

74,028

2.00%,

9/10/2031(b)

100,000

76,099

2.45%,

1/12/2032

100,000

77,489

3.20%,

3/10/2032(b)

100,000

81,854

4.46%,

6/8/2032(b)

355,000

318,351

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Bank

,

2.15%,

12/6/2024(b)

400,000

381,566

3.63%,

9/16/2025(b)

250,000

236,152

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.15%),

2.64%,

9/17/2029(b)(c)

250,000

232,097

2.25%,

3/11/2030(b)

300,000

229,639

Truist

Financial

Corp.

,

2.85%,

10/26/2024(b)

250,000

241,296

4.00%,

5/1/2025

500,000

482,729

(SOFR

+

1.46%),

4.26%,

7/28/2026(b)(c)

90,000

86,644

(SOFR

+

1.63%),

5.90%,

10/28/2026(c)

100,000

98,896

(SOFR

+

2.05%),

6.05%,

6/8/2027(c)

55,000

54,402

1.13%,

8/3/2027(b)

300,000

250,539

(SOFR

+

1.37%),

4.12%,

6/6/2028(b)(c)

65,000

60,323

(SOFR

+

1.44%),

4.87%,

1/26/2029(c)

80,000

75,097

(SOFR

+

0.86%),

1.89%,

6/7/2029(b)(c)

300,000

246,360

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

90,000

76,348

(SOFR

+

2.30%),

6.12%,

10/28/2033(c)

100,000

96,156

(SOFR

+

1.85%),

5.12%,

1/26/2034(c)

30,000

26,818

(SOFR

+

2.36%),

5.87%,

6/8/2034(c)

45,000

42,355

US

Bancorp

,

(SOFR

+

1.43%),

5.73%,

10/21/2026(b)(c)

300,000

297,504

Series

X,

3.15%,

4/27/2027

300,000

274,103

(SOFR

+

0.73%),

2.22%,

1/27/2028(b)(c)

100,000

88,220

3.90%,

4/26/2028(b)

500,000

460,436

(SOFR

+

1.66%),

4.55%,

7/22/2028(b)(c)

105,000

98,627

(SOFR

+

1.23%),

4.65%,

2/1/2029(c)

100,000

93,584

(SOFR

+

2.02%),

5.78%,

6/12/2029(b)(c)

40,000

38,935

(SOFR

+

1.02%),

2.68%,

1/27/2033(c)

100,000

75,273

(SOFR

+

2.11%),

4.97%,

7/22/2033(b)(c)

115,000

100,094

(SOFR

+

2.09%),

5.85%,

10/21/2033(b)(c)

200,000

189,324

(SOFR

+

1.60%),

4.84%,

2/1/2034(c)

100,000

88,046

(SOFR

+

2.26%),

5.84%,

6/12/2034(c)

300,000

282,945

US

Bank

NA

,

2.80%,

1/27/2025(b)

1,000,000

958,476

Wells

Fargo

&

Co.

,

3.00%,

2/19/2025(b)

825,000

792,590

3.00%,

4/22/2026(b)

500,000

465,746

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(SOFR

+

1.32%),

3.91%,

4/25/2026(c)

800,000

770,842

(SOFR

+

2.00%),

2.19%,

4/30/2026(b)(c)

400,000

375,573

(SOFR

+

1.56%),

4.54%,

8/15/2026(c)

70,000

67,988

3.00%,

10/23/2026(b)

700,000

642,875

4.30%,

7/22/2027(b)

200,000

188,468

(SOFR

+

1.51%),

3.53%,

3/24/2028(c)

200,000

183,675

(SOFR

+

2.10%),

2.39%,

6/2/2028(c)

800,000

701,575

(SOFR

+

1.98%),

4.81%,

7/25/2028(c)

125,000

119,284

(SOFR

+

1.74%),

5.57%,

7/25/2029(c)

210,000

204,874

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(b)(c)

500,000

416,228

(CME

Term

SOFR

3

Month

+

1.26%),

2.57%,

2/11/2031(b)(c)

300,000

242,495

(SOFR

+

1.50%),

3.35%,

3/2/2033(c)

200,000

161,669

(SOFR

+

2.10%),

4.90%,

7/25/2033(c)

175,000

158,375

(SOFR

+

2.02%),

5.39%,

4/24/2034(c)

1,040,000

972,304

(SOFR

+

1.99%),

5.56%,

7/25/2034(b)(c)

265,000

250,924

(SOFR

+

2.53%),

3.07%,

4/30/2041(c)

600,000

403,112

5.38%,

11/2/2043

250,000

216,749

5.61%,

1/15/2044

188,000

166,711

4.65%,

11/4/2044

300,000

233,270

4.90%,

11/17/2045

300,000

240,630

4.40%,

6/14/2046

350,000

259,021

(CME

Term

SOFR

3

Month

+

4.50%),

5.01%,

4/4/2051(c)

500,000

420,116

(SOFR

+

2.13%),

4.61%,

4/25/2053(c)

300,000

234,881

Wells

Fargo

Bank

NA

,

5.55%,

8/1/2025

250,000

249,177

5.45%,

8/7/2026(b)

500,000

496,653

Westpac

Banking

Corp.

,

1.15%,

6/3/2026(b)

200,000

178,931

5.46%,

11/18/2027(b)

200,000

200,153

3.40%,

1/25/2028

300,000

278,108

1.95%,

11/20/2028

200,000

169,234

2.65%,

1/16/2030(b)

120,000

102,579

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.35%),

2.89%,

2/4/2030(c)

300,000

282,800

2.15%,

6/3/2031(b)

300,000

238,361

(USD

SOFR

Spread-

Adjusted

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(b)(c)

300,000

277,872

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Westpac

Banking

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(c)

500,000

431,802

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(c)

85,000

62,889

3.13%,

11/18/2041

65,000

39,945

101,830,458

Beverages

0

.5

%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

250,000

240,090

4.70%,

2/1/2036

510,000

467,433

4.90%,

2/1/2046(b)

770,000

671,089

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044

150,000

128,419

4.90%,

2/1/2046(b)

300,000

261,463

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.00%,

4/13/2028(b)

250,000

236,572

4.75%,

1/23/2029

900,000

872,608

3.50%,

6/1/2030

400,000

355,883

4.60%,

4/15/2048

363,000

306,810

4.44%,

10/6/2048

581,000

478,406

5.55%,

1/23/2049(b)

650,000

622,565

5.80%,

1/23/2059(b)

150,000

146,737

Brown-Forman

Corp.

,

4.75%,

4/15/2033

40,000

38,019

Coca-Cola

Co.

(The)

,

2.90%,

5/25/2027(b)

500,000

464,053

3.45%,

3/25/2030

200,000

181,028

2.00%,

3/5/2031(b)

95,000

76,466

2.25%,

1/5/2032(b)

300,000

243,292

2.88%,

5/5/2041

300,000

213,372

2.60%,

6/1/2050

400,000

244,569

3.00%,

3/5/2051(b)

135,000

90,605

Coca-Cola

Femsa

SAB

de

CV

,

2.75%,

1/22/2030

150,000

127,496

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027(b)

500,000

464,075

2.88%,

5/1/2030

100,000

83,926

2.25%,

8/1/2031

405,000

315,492

4.90%,

5/1/2033

60,000

55,687

Diageo

Capital

plc

,

2.38%,

10/24/2029

210,000

177,849

Diageo

Investment

Corp.

,

7.45%,

4/15/2035(b)

250,000

286,401

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050

300,000

218,532

Keurig

Dr

Pepper,

Inc.

,

3.95%,

4/15/2029

50,000

46,184

4.05%,

4/15/2032(b)

50,000

44,201

4.50%,

4/15/2052(b)

250,000

197,314

Molson

Coors

Beverage

Co.

,

3.00%,

7/15/2026

190,000

176,578

5.00%,

5/1/2042

250,000

215,636

4.20%,

7/15/2046

300,000

225,616

10

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

PepsiCo,

Inc.

,

2.25%,

3/19/2025(b)

300,000

286,593

4.55%,

2/13/2026(b)

60,000

59,360

3.00%,

10/15/2027(b)

300,000

278,542

3.60%,

2/18/2028

25,000

23,655

4.45%,

5/15/2028

60,000

58,905

2.75%,

3/19/2030

700,000

606,336

1.63%,

5/1/2030(b)

130,000

104,435

1.40%,

2/25/2031

200,000

153,636

1.95%,

10/21/2031

100,000

78,774

3.90%,

7/18/2032(b)

35,000

31,892

4.45%,

2/15/2033(b)

60,000

57,492

2.63%,

10/21/2041

50,000

34,011

4.45%,

4/14/2046

300,000

259,738

3.63%,

3/19/2050

200,000

150,171

2.75%,

10/21/2051

50,000

31,265

4.20%,

7/18/2052

25,000

20,655

4.65%,

2/15/2053

60,000

53,272

11,263,198

Biotechnology

0

.5

%

AbbVie,

Inc.

,

2.60%,

11/21/2024

400,000

385,624

3.80%,

3/15/2025(b)

250,000

243,013

3.60%,

5/14/2025(b)

500,000

483,226

3.20%,

5/14/2026(b)

120,000

113,350

2.95%,

11/21/2026

800,000

742,409

3.20%,

11/21/2029

550,000

485,347

4.55%,

3/15/2035(b)

195,000

177,369

4.50%,

5/14/2035

500,000

451,767

4.05%,

11/21/2039

380,000

310,886

4.40%,

11/6/2042

375,000

311,798

4.75%,

3/15/2045

168,000

144,204

4.88%,

11/14/2048

300,000

262,166

4.25%,

11/21/2049

675,000

534,372

Amgen,

Inc.

,

5.25%,

3/2/2025

290,000

287,829

5.15%,

3/2/2028(b)

290,000

285,214

1.65%,

8/15/2028

200,000

168,377

4.05%,

8/18/2029(b)

120,000

111,385

5.25%,

3/2/2030

300,000

293,096

2.00%,

1/15/2032

200,000

151,778

3.35%,

2/22/2032(b)

55,000

46,457

4.20%,

3/1/2033

120,000

106,689

5.25%,

3/2/2033

315,000

301,127

2.80%,

8/15/2041

200,000

129,737

5.60%,

3/2/2043

290,000

269,608

4.40%,

5/1/2045

400,000

316,943

4.56%,

6/15/2048

274,000

220,417

3.38%,

2/21/2050

400,000

261,849

4.66%,

6/15/2051

318,000

257,276

3.00%,

1/15/2052(b)

200,000

120,820

4.20%,

2/22/2052

25,000

18,724

4.88%,

3/1/2053(b)

55,000

45,743

5.65%,

3/2/2053

405,000

379,049

4.40%,

2/22/2062

165,000

122,241

5.75%,

3/2/2063

180,000

166,046

Baxalta,

Inc.

,

4.00%,

6/23/2025

60,000

58,186

Biogen,

Inc.

,

2.25%,

5/1/2030

200,000

159,745

3.15%,

5/1/2050

230,000

140,484

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Biogen,

Inc.,

3.25%,

2/15/2051

130,000

80,717

Gilead

Sciences,

Inc.

,

3.65%,

3/1/2026

145,000

138,807

1.20%,

10/1/2027

60,000

51,030

1.65%,

10/1/2030(b)

115,000

89,793

5.25%,

10/15/2033(b)

50,000

48,770

5.65%,

12/1/2041

200,000

194,182

4.50%,

2/1/2045

500,000

416,519

4.75%,

3/1/2046

200,000

171,258

4.15%,

3/1/2047

400,000

316,012

2.80%,

10/1/2050

95,000

57,380

5.55%,

10/15/2053

45,000

43,265

Regeneron

Pharmaceuticals,

Inc.

,

2.80%,

9/15/2050

65,000

37,517

10,709,601

Broadline

Retail

0

.3

%

Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027(b)

500,000

459,705

4.00%,

12/6/2037(b)

200,000

153,876

4.20%,

12/6/2047(b)

500,000

349,480

Amazon.com,

Inc.

,

4.70%,

11/29/2024

130,000

128,792

1.00%,

5/12/2026(b)

250,000

224,772

3.30%,

4/13/2027(b)

195,000

183,476

3.15%,

8/22/2027(b)

250,000

232,540

4.55%,

12/1/2027(b)

400,000

391,723

1.65%,

5/12/2028

200,000

172,117

3.45%,

4/13/2029(b)

180,000

166,210

4.65%,

12/1/2029

130,000

126,801

1.50%,

6/3/2030(b)

200,000

158,335

2.10%,

5/12/2031(b)

300,000

240,501

3.60%,

4/13/2032

270,000

239,422

4.70%,

12/1/2032

130,000

124,120

4.80%,

12/5/2034(b)

100,000

96,222

3.88%,

8/22/2037(b)

200,000

170,728

2.88%,

5/12/2041(b)

200,000

141,318

4.05%,

8/22/2047

400,000

321,436

2.50%,

6/3/2050

250,000

146,464

3.10%,

5/12/2051

300,000

197,975

3.95%,

4/13/2052

190,000

146,860

4.25%,

8/22/2057

250,000

200,130

2.70%,

6/3/2060

100,000

56,583

3.25%,

5/12/2061

200,000

128,218

eBay,

Inc.

,

1.40%,

5/10/2026

40,000

35,819

3.60%,

6/5/2027

500,000

464,881

2.60%,

5/10/2031

75,000

60,109

3.65%,

5/10/2051

100,000

66,228

JD.com,

Inc.

,

3.38%,

1/14/2030

200,000

171,920

5,756,761

Building

Products

0

.1

%

Allegion

plc

,

3.50%,

10/1/2029

250,000

219,104

Carlisle

Cos.,

Inc.

,

2.20%,

3/1/2032

100,000

75,750

Carrier

Global

Corp.

,

2.49%,

2/15/2027(b)

31,000

27,917

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

Carrier

Global

Corp.,

2.72%,

2/15/2030

50,000

41,669

3.38%,

4/5/2040

300,000

214,574

3.58%,

4/5/2050

350,000

236,192

Fortune

Brands

Innovations,

Inc.

,

3.25%,

9/15/2029(b)

50,000

43,344

4.00%,

3/25/2032(b)

100,000

85,248

5.88%,

6/1/2033(b)

32,000

30,819

4.50%,

3/25/2052

30,000

22,098

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

183,000

175,330

1.75%,

9/15/2030(b)

100,000

77,804

2.00%,

9/16/2031

100,000

76,554

4.90%,

12/1/2032

65,000

62,114

4.63%,

7/2/2044(b)(e)

100,000

81,231

Masco

Corp.

,

2.00%,

2/15/2031(b)

250,000

191,584

3.13%,

2/15/2051

60,000

34,843

Owens

Corning

,

4.30%,

7/15/2047

200,000

151,115

Trane

Technologies

Financing

Ltd.

,

4.50%,

3/21/2049

250,000

199,894

2,047,184

Capital

Markets

1

.7

%

Ameriprise

Financial,

Inc.

,

4.50%,

5/13/2032(b)

50,000

45,846

5.15%,

5/15/2033

45,000

42,505

Ares

Capital

Corp.

,

2.88%,

6/15/2027

100,000

87,247

2.88%,

6/15/2028

250,000

209,098

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

50,000

43,120

Bank

of

New

York

Mellon

Corp.

(The)

,

2.10%,

10/24/2024

250,000

240,208

Series

J,

0.85%,

10/25/2024

100,000

94,864

Series

G,

3.00%,

2/24/2025

205,000

197,183

(SOFR

+

1.35%),

4.41%,

7/24/2026(c)

25,000

24,292

1.05%,

10/15/2026(b)

100,000

87,439

2.05%,

1/26/2027(b)

200,000

178,721

(SOFR

+

1.03%),

4.95%,

4/26/2027(c)

80,000

78,087

(SOFR

+

1.15%),

3.99%,

6/13/2028(c)

40,000

37,710

(United

States

SOFR

Compounded

Index

+

1.80%),

5.80%,

10/25/2028(b)(c)

25,000

24,951

Series

J,

1.90%,

1/25/2029

200,000

166,476

(SOFR

+

1.17%),

4.54%,

2/1/2029(c)

100,000

95,298

3.85%,

4/26/2029(b)

90,000

83,489

1.80%,

7/28/2031

100,000

75,882

2.50%,

1/26/2032(b)

100,000

78,564

(SOFR

+

1.42%),

4.29%,

6/13/2033(c)

40,000

35,371

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Bank

of

New

York

Mellon

Corp.

(The),

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(c)

180,000

176,939

(SOFR

+

1.51%),

4.71%,

2/1/2034(c)

100,000

90,281

Series

J,

(SOFR

+

1.61%),

4.97%,

4/26/2034(c)

80,000

73,767

Blackstone

Private

Credit

Fund

,

4.70%,

3/24/2025

100,000

97,011

7.05%,

9/29/2025

50,000

50,077

3.25%,

3/15/2027(b)

200,000

173,727

4.00%,

1/15/2029(b)

200,000

170,014

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028

200,000

163,682

Blue

Owl

Capital

Corp.

,

2.88%,

6/11/2028(b)

230,000

189,123

Blue

Owl

Capital

Corp.

III

,

3.13%,

4/13/2027

50,000

42,696

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

50,000

37,530

Brookfield

Finance

LLC

,

3.45%,

4/15/2050

200,000

121,489

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026

40,000

38,357

3.90%,

1/25/2028(b)

40,000

36,842

4.85%,

3/29/2029(b)

300,000

283,952

3.50%,

3/30/2051

35,000

21,769

3.63%,

2/15/2052

15,000

9,313

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030(b)

300,000

229,771

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026(b)

170,000

150,694

1.15%,

5/13/2026

400,000

354,294

2.45%,

3/3/2027

40,000

35,630

(SOFR

+

2.21%),

5.64%,

5/19/2029(b)(c)

300,000

293,827

1.65%,

3/11/2031

200,000

148,003

2.30%,

5/13/2031

300,000

232,029

1.95%,

12/1/2031

100,000

73,487

2.90%,

3/3/2032(b)

100,000

78,987

CI

Financial

Corp.

,

4.10%,

6/15/2051

50,000

28,940

CME

Group,

Inc.

,

3.00%,

3/15/2025(b)

500,000

481,714

2.65%,

3/15/2032(b)

50,000

40,741

Credit

Suisse

AG

,

7.95%,

1/9/2025

250,000

254,421

2.95%,

4/9/2025(b)

400,000

380,078

5.00%,

7/9/2027

250,000

240,144

7.50%,

2/15/2028

500,000

523,013

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

55,000

58,690

Deutsche

Bank

AG

,

(SOFR

+

2.58%),

3.96%,

11/26/2025(c)

200,000

193,161

(SOFR

+

1.87%),

2.13%,

11/24/2026(b)(c)

155,000

140,174

12

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Deutsche

Bank

AG,

(SOFR

+

1.22%),

2.31%,

11/16/2027(b)(c)

170,000

148,033

(SOFR

+

1.32%),

2.55%,

1/7/2028(c)

200,000

174,532

(SOFR

+

3.18%),

6.72%,

1/18/2029(c)

300,000

298,217

(SOFR

+

3.04%),

3.55%,

9/18/2031(c)

350,000

282,172

(SOFR

+

1.72%),

3.04%,

5/28/2032(c)

150,000

114,786

(SOFR

+

3.65%),

7.08%,

2/10/2034(b)(c)

200,000

180,748

FactSet

Research

Systems,

Inc.

,

2.90%,

3/1/2027(b)

30,000

27,356

3.45%,

3/1/2032

25,000

20,718

FS

KKR

Capital

Corp.

,

2.63%,

1/15/2027

100,000

85,634

3.25%,

7/15/2027(b)

50,000

43,053

3.13%,

10/12/2028

150,000

122,061

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025(b)

670,000

645,124

3.75%,

5/22/2025(b)

500,000

481,902

4.25%,

10/21/2025

500,000

481,832

(SOFR

+

1.08%),

5.80%,

8/10/2026(c)

300,000

297,706

3.85%,

1/26/2027

800,000

750,324

(SOFR

+

0.80%),

1.43%,

3/9/2027(b)(c)

250,000

222,572

(SOFR

+

1.51%),

4.39%,

6/15/2027(c)

65,000

62,547

(SOFR

+

0.82%),

1.54%,

9/10/2027(c)

500,000

437,797

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

240,000

211,909

(SOFR

+

1.11%),

2.64%,

2/24/2028(b)(c)

95,000

84,712

(SOFR

+

1.85%),

3.62%,

3/15/2028(b)(c)

75,000

69,201

(SOFR

+

1.73%),

4.48%,

8/23/2028(c)

200,000

189,302

(CME

Term

SOFR

3

Month

+

1.56%),

4.22%,

5/1/2029(b)(c)

700,000

647,520

(SOFR

+

1.28%),

2.62%,

4/22/2032(c)

390,000

304,620

(SOFR

+

1.25%),

2.38%,

7/21/2032(c)

280,000

213,245

(SOFR

+

1.26%),

2.65%,

10/21/2032(c)

165,000

127,358

(SOFR

+

1.41%),

3.10%,

2/24/2033(b)(c)

695,000

555,796

6.45%,

5/1/2036

400,000

397,732

6.75%,

10/1/2037

500,000

506,324

(CME

Term

SOFR

3

Month

+

1.63%),

4.02%,

10/31/2038(b)(c)

500,000

393,587

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(CME

Term

SOFR

3

Month

+

1.69%),

4.41%,

4/23/2039(c)

200,000

164,613

6.25%,

2/1/2041

350,000

353,010

(SOFR

+

1.51%),

3.21%,

4/22/2042(c)

200,000

135,581

(SOFR

+

1.47%),

2.91%,

7/21/2042(c)

300,000

193,750

(SOFR

+

1.63%),

3.44%,

2/24/2043(c)

35,000

24,139

4.80%,

7/8/2044

300,000

249,574

Golub

Capital

BDC,

Inc.

,

2.05%,

2/15/2027

100,000

84,216

Intercontinental

Exchange,

Inc.

,

3.65%,

5/23/2025(b)

45,000

43,451

3.75%,

12/1/2025(b)

160,000

153,665

4.00%,

9/15/2027

180,000

170,137

4.35%,

6/15/2029(b)

150,000

141,100

2.10%,

6/15/2030

165,000

131,967

1.85%,

9/15/2032

500,000

365,597

4.60%,

3/15/2033

110,000

100,865

4.25%,

9/21/2048

100,000

78,932

3.00%,

6/15/2050

75,000

46,381

4.95%,

6/15/2052(b)

120,000

103,894

5.20%,

6/15/2062

110,000

96,175

Jefferies

Financial

Group,

Inc.

,

4.85%,

1/15/2027(b)

500,000

479,840

5.88%,

7/21/2028

70,000

68,504

2.63%,

10/15/2031

50,000

37,996

Legg

Mason,

Inc.

,

4.75%,

3/15/2026

500,000

488,643

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

100,000

88,360

Moody's

Corp.

,

3.25%,

1/15/2028

300,000

275,062

2.00%,

8/19/2031(b)

60,000

46,555

2.75%,

8/19/2041

75,000

48,764

3.25%,

5/20/2050

35,000

22,431

3.10%,

11/29/2061

95,000

55,178

Morgan

Stanley

,

(SOFR

+

0.56%),

1.16%,

10/21/2025(b)(c)

600,000

566,382

(SOFR

+

0.94%),

2.63%,

2/18/2026(b)(c)

300,000

285,549

(SOFR

+

1.99%),

2.19%,

4/28/2026(b)(c)

640,000

601,211

(SOFR

+

1.67%),

4.68%,

7/17/2026(c)

80,000

77,934

3.13%,

7/27/2026

500,000

464,398

3.63%,

1/20/2027(b)

750,000

700,151

(SOFR

+

1.30%),

5.05%,

1/28/2027(b)(c)

105,000

102,924

3.95%,

4/23/2027

500,000

464,413

(SOFR

+

0.88%),

1.59%,

5/4/2027(c)

600,000

534,048

(SOFR

+

0.86%),

1.51%,

7/20/2027(c)

480,000

424,124

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(SOFR

+

1.00%),

2.48%,

1/21/2028(b)(c)

195,000

173,866

(SOFR

+

1.61%),

4.21%,

4/20/2028(c)

80,000

75,222

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(b)(c)

300,000

273,714

(CME

Term

SOFR

3

Month

+

1.40%),

3.77%,

1/24/2029(c)

600,000

547,113

(SOFR

+

1.73%),

5.12%,

2/1/2029(b)(c)

90,000

86,671

(SOFR

+

1.59%),

5.16%,

4/20/2029(c)

255,000

245,324

(SOFR

+

1.63%),

5.45%,

7/20/2029(b)(c)

35,000

34,106

(CME

Term

SOFR

3

Month

+

1.89%),

4.43%,

1/23/2030(b)(c)

500,000

462,572

(SOFR

+

1.14%),

2.70%,

1/22/2031(c)

600,000

490,566

(SOFR

+

3.12%),

3.62%,

4/1/2031(c)

420,000

361,819

7.25%,

4/1/2032

324,000

354,943

(SOFR

+

1.02%),

1.93%,

4/28/2032(c)

500,000

371,400

(SOFR

+

1.18%),

2.24%,

7/21/2032(b)(c)

500,000

376,843

(SOFR

+

1.20%),

2.51%,

10/20/2032(c)

275,000

210,310

(SOFR

+

1.29%),

2.94%,

1/21/2033(c)

70,000

55,126

(SOFR

+

2.08%),

4.89%,

7/20/2033(c)

45,000

40,888

(SOFR

+

2.56%),

6.34%,

10/18/2033(c)

130,000

130,741

(SOFR

+

1.87%),

5.25%,

4/21/2034(c)

170,000

157,842

(SOFR

+

1.88%),

5.42%,

7/21/2034(b)(c)

35,000

33,015

(SOFR

+

1.36%),

2.48%,

9/16/2036(c)

450,000

326,874

(SOFR

+

2.62%),

5.30%,

4/20/2037(c)

80,000

71,281

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(c)

90,000

84,121

(SOFR

+

1.49%),

3.22%,

4/22/2042(c)

400,000

275,598

4.30%,

1/27/2045

300,000

237,032

(SOFR

+

4.84%),

5.60%,

3/24/2051(b)(c)

100,000

93,688

(SOFR

+

1.43%),

2.80%,

1/25/2052(c)

205,000

119,345

Nasdaq,

Inc.

,

5.35%,

6/28/2028(b)

65,000

63,813

1.65%,

1/15/2031

400,000

302,060

5.55%,

2/15/2034(b)

80,000

76,356

3.95%,

3/7/2052

250,000

174,482

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

300,000

263,981

2.17%,

7/14/2028(b)

200,000

165,942

5.61%,

7/6/2029(b)

200,000

193,742

3.10%,

1/16/2030(b)

200,000

165,752

2.61%,

7/14/2031(b)

200,000

152,957

Northern

Trust

Corp.

,

4.00%,

5/10/2027

65,000

61,486

6.13%,

11/2/2032(b)

130,000

128,362

Oaktree

Specialty

Lending

Corp.

,

2.70%,

1/15/2027

100,000

86,109

7.10%,

2/15/2029

100,000

96,531

Prospect

Capital

Corp.

,

3.36%,

11/15/2026

100,000

86,604

Raymond

James

Financial,

Inc.

,

4.95%,

7/15/2046

250,000

206,936

S&P

Global,

Inc.

,

2.45%,

3/1/2027

30,000

27,326

2.70%,

3/1/2029

100,000

87,432

2.50%,

12/1/2029

80,000

67,967

1.25%,

8/15/2030

110,000

83,964

2.90%,

3/1/2032(b)

325,000

267,482

3.25%,

12/1/2049

65,000

42,965

2.30%,

8/15/2060

40,000

19,715

State

Street

Corp.

,

3.30%,

12/16/2024(b)

310,000

300,516

(SOFR

+

1.13%),

5.10%,

5/18/2026(c)

60,000

59,242

2.65%,

5/19/2026(b)

300,000

280,011

5.27%,

8/3/2026

100,000

99,060

(SOFR

+

1.35%),

5.75%,

11/4/2026(c)

55,000

54,807

(SOFR

+

0.56%),

1.68%,

11/18/2027(b)(c)

200,000

177,180

(SOFR

+

0.73%),

2.20%,

2/7/2028(c)

40,000

35,647

(SOFR

+

1.72%),

5.82%,

11/4/2028(c)

60,000

60,080

2.40%,

1/24/2030(b)

200,000

165,561

(SOFR

+

1.00%),

2.62%,

2/7/2033(c)

20,000

15,697

(SOFR

+

1.57%),

4.82%,

1/26/2034(b)(c)

110,000

100,297

(SOFR

+

1.89%),

5.16%,

5/18/2034(c)

60,000

55,801

UBS

Group

AG

,

3.75%,

3/26/2025(b)

390,000

375,106

4.55%,

4/17/2026

250,000

240,114

4.88%,

5/15/2045

400,000

328,331

35,548,086

Chemicals

0

.4

%

Air

Products

and

Chemicals,

Inc.

,

1.50%,

10/15/2025

25,000

23,122

1.85%,

5/15/2027(b)

105,000

93,235

2.05%,

5/15/2030(b)

145,000

119,232

4.80%,

3/3/2033

70,000

67,156

2.70%,

5/15/2040(b)

65,000

44,550

2.80%,

5/15/2050(b)

40,000

25,186

14

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Albemarle

Corp.

,

5.65%,

6/1/2052(b)

100,000

83,538

Cabot

Corp.

,

5.00%,

6/30/2032

30,000

27,424

Celanese

US

Holdings

LLC

,

6.05%,

3/15/2025

71,000

70,745

1.40%,

8/5/2026(b)

100,000

87,076

6.17%,

7/15/2027(b)

100,000

98,607

6.35%,

11/15/2028

90,000

88,869

6.33%,

7/15/2029(b)

165,000

161,735

6.55%,

11/15/2030

100,000

97,863

6.38%,

7/15/2032

70,000

67,446

6.70%,

11/15/2033

55,000

53,538

CF

Industries,

Inc.

,

5.15%,

3/15/2034

300,000

275,753

Dow

Chemical

Co.

(The)

,

6.30%,

3/15/2033

25,000

25,786

9.40%,

5/15/2039

206,000

260,633

4.38%,

11/15/2042(b)

300,000

233,524

4.80%,

5/15/2049

350,000

280,745

6.90%,

5/15/2053(b)

25,000

26,258

DuPont

de

Nemours,

Inc.

,

4.49%,

11/15/2025(b)

300,000

292,867

4.73%,

11/15/2028(b)

400,000

386,665

5.42%,

11/15/2048(b)

300,000

274,928

Eastman

Chemical

Co.

,

5.75%,

3/8/2033

35,000

33,442

4.65%,

10/15/2044(b)

200,000

153,718

Ecolab,

Inc.

,

5.25%,

1/15/2028

75,000

74,864

1.30%,

1/30/2031(b)

200,000

151,241

2.13%,

2/1/2032

100,000

78,423

2.13%,

8/15/2050(b)

200,000

104,281

2.70%,

12/15/2051

75,000

43,819

2.75%,

8/18/2055

65,000

36,687

FMC

Corp.

,

5.15%,

5/18/2026

40,000

38,861

3.45%,

10/1/2029(b)

60,000

50,525

5.65%,

5/18/2033

40,000

36,181

4.50%,

10/1/2049

85,000

58,549

6.38%,

5/18/2053

40,000

35,383

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

70,000

52,164

Linde,

Inc.

,

4.70%,

12/5/2025(b)

400,000

395,285

3.20%,

1/30/2026

250,000

239,299

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034(b)

147,000

163,666

LYB

International

Finance

III

LLC

,

2.25%,

10/1/2030(b)

135,000

107,264

5.63%,

5/15/2033

40,000

38,508

4.20%,

5/1/2050

200,000

140,782

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

250,000

185,129

Mosaic

Co.

(The)

,

4.05%,

11/15/2027

250,000

234,666

Nutrien

Ltd.

,

3.00%,

4/1/2025(b)

150,000

143,352

5.95%,

11/7/2025

50,000

50,054

4.90%,

3/27/2028(b)

25,000

24,145

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Nutrien

Ltd.,

5.88%,

12/1/2036

125,000

118,568

5.25%,

1/15/2045

154,000

130,423

5.80%,

3/27/2053(b)

150,000

137,785

PPG

Industries,

Inc.

,

1.20%,

3/15/2026

110,000

98,724

2.80%,

8/15/2029

300,000

259,190

RPM

International,

Inc.

,

2.95%,

1/15/2032

45,000

35,006

Sherwin-Williams

Co.

(The)

,

3.95%,

1/15/2026(b)

400,000

385,272

2.95%,

8/15/2029(b)

200,000

172,807

2.20%,

3/15/2032(b)

200,000

153,167

4.50%,

6/1/2047(b)

150,000

119,951

2.90%,

3/15/2052

80,000

46,269

Westlake

Corp.

,

2.88%,

8/15/2041

100,000

61,737

4.38%,

11/15/2047(b)

200,000

146,236

7,801,904

Commercial

Services

&

Supplies

0

.1

%

Cintas

Corp.

No.

2

,

3.45%,

5/1/2025

30,000

28,979

4.00%,

5/1/2032

40,000

36,075

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

14,537

Republic

Services,

Inc.

,

3.20%,

3/15/2025(b)

500,000

482,928

1.45%,

2/15/2031

165,000

123,989

2.38%,

3/15/2033(b)

200,000

153,665

6.20%,

3/1/2040

70,000

70,773

Waste

Connections,

Inc.

,

4.25%,

12/1/2028

100,000

94,563

2.20%,

1/15/2032(b)

100,000

77,034

3.20%,

6/1/2032

50,000

41,482

4.20%,

1/15/2033

100,000

89,314

2.95%,

1/15/2052

70,000

42,477

Waste

Management,

Inc.

,

4.88%,

2/15/2029

75,000

73,335

2.00%,

6/1/2029

35,000

29,171

4.63%,

2/15/2030(b)

50,000

47,755

4.63%,

2/15/2033(b)

50,000

46,559

4.88%,

2/15/2034(b)

75,000

70,978

2.95%,

6/1/2041

85,000

58,315

4.15%,

7/15/2049

125,000

99,427

1,681,356

Communications

Equipment

0

.1

%

Cisco

Systems,

Inc.

,

3.50%,

6/15/2025

400,000

387,554

5.90%,

2/15/2039

300,000

309,383

5.50%,

1/15/2040

200,000

196,739

Motorola

Solutions,

Inc.

,

2.30%,

11/15/2030

300,000

232,965

5.60%,

6/1/2032

100,000

95,666

1,222,307

Construction

&

Engineering

0

.0

%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030

100,000

81,564

2.35%,

1/15/2032

50,000

37,520

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

&

Engineering

Quanta

Services,

Inc.,

3.05%,

10/1/2041

55,000

34,651

153,735

Construction

Materials

0

.0

%

†

Eagle

Materials,

Inc.

,

2.50%,

7/1/2031(b)

65,000

50,808

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030

500,000

409,656

2.40%,

7/15/2031

25,000

19,548

3.20%,

7/15/2051

50,000

31,240

Vulcan

Materials

Co.

,

4.50%,

6/15/2047

250,000

200,492

711,744

Consumer

Finance

0

.8

%

AerCap

Ireland

Capital

DAC

,

1.65%,

10/29/2024

150,000

142,686

4.45%,

4/3/2026(b)

200,000

192,009

2.45%,

10/29/2026

480,000

429,934

3.88%,

1/23/2028(b)

500,000

453,448

3.00%,

10/29/2028

300,000

257,243

3.30%,

1/30/2032

300,000

238,474

3.40%,

10/29/2033(b)

150,000

116,028

3.85%,

10/29/2041(b)

150,000

106,413

Ally

Financial,

Inc.

,

4.63%,

3/30/2025

100,000

96,556

4.75%,

6/9/2027(b)

40,000

36,873

7.10%,

11/15/2027

100,000

99,987

2.20%,

11/2/2028(b)

165,000

130,370

8.00%,

11/1/2031

150,000

151,445

American

Express

Co.

,

3.00%,

10/30/2024(b)

500,000

484,753

3.63%,

12/5/2024(b)

500,000

486,615

2.25%,

3/4/2025

35,000

33,260

3.95%,

8/1/2025

130,000

125,758

4.20%,

11/6/2025(b)

200,000

193,920

4.90%,

2/13/2026

200,000

196,216

(SOFR

+

1.00%),

4.99%,

5/1/2026(c)

80,000

78,597

1.65%,

11/4/2026(b)

200,000

177,011

2.55%,

3/4/2027(b)

60,000

54,097

3.30%,

5/3/2027

300,000

276,442

(SOFR

+

0.97%),

5.39%,

7/28/2027(c)

25,000

24,650

5.85%,

11/5/2027(b)

95,000

95,686

4.05%,

5/3/2029(b)

60,000

55,842

(SOFR

+

1.28%),

5.28%,

7/27/2029(b)(c)

100,000

97,493

(SOFR

+

2.26%),

4.99%,

5/26/2033(c)

25,000

22,861

(SOFR

+

1.76%),

4.42%,

8/3/2033(b)(c)

130,000

115,992

(SOFR

+

1.84%),

5.04%,

5/1/2034(c)

120,000

110,634

American

Honda

Finance

Corp.

,

1.50%,

1/13/2025

50,000

47,429

Series

A,

4.60%,

4/17/2025

60,000

59,040

1.30%,

9/9/2026(b)

115,000

102,036

2.35%,

1/8/2027

100,000

90,724

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

American

Honda

Finance

Corp.,

4.70%,

1/12/2028

20,000

19,435

2.25%,

1/12/2029

50,000

42,765

4.60%,

4/17/2030(b)

60,000

56,913

Capital

One

Financial

Corp.

,

(SOFR

+

1.29%),

2.64%,

3/3/2026(b)(c)

290,000

273,693

(SOFR

+

2.16%),

4.99%,

7/24/2026(b)(c)

60,000

58,215

3.75%,

7/28/2026

250,000

231,792

3.65%,

5/11/2027(b)

300,000

274,259

(SOFR

+

2.06%),

4.93%,

5/10/2028(b)(c)

300,000

284,717

(SOFR

+

2.08%),

5.47%,

2/1/2029(c)

100,000

95,190

(SOFR

+

2.64%),

6.31%,

6/8/2029(b)(c)

40,000

39,092

(SOFR

+

1.79%),

3.27%,

3/1/2030(c)

95,000

79,468

(SOFR

+

2.60%),

5.25%,

7/26/2030(b)(c)

60,000

55,621

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

100,000

68,526

(SOFR

+

2.60%),

5.82%,

2/1/2034(c)

90,000

81,108

(SOFR

+

2.86%),

6.38%,

6/8/2034(c)

280,000

264,240

Caterpillar

Financial

Services

Corp.

,

2.15%,

11/8/2024(b)

500,000

481,492

3.25%,

12/1/2024

500,000

486,934

4.90%,

1/17/2025(b)

40,000

39,719

5.15%,

8/11/2025(b)

100,000

99,464

3.65%,

8/12/2025

100,000

96,859

4.35%,

5/15/2026

100,000

97,756

1.15%,

9/14/2026

100,000

88,974

1.70%,

1/8/2027

200,000

178,980

3.60%,

8/12/2027(b)

100,000

94,346

Discover

Financial

Services

,

4.10%,

2/9/2027

250,000

228,428

General

Motors

Financial

Co.,

Inc.

,

1.20%,

10/15/2024(b)

65,000

61,779

6.05%,

10/10/2025

50,000

49,779

5.25%,

3/1/2026(b)

455,000

444,503

5.40%,

4/6/2026

65,000

63,655

1.50%,

6/10/2026(b)

200,000

176,720

2.35%,

2/26/2027

50,000

44,066

5.00%,

4/9/2027(b)

200,000

191,975

6.00%,

1/9/2028

100,000

98,776

5.80%,

6/23/2028(b)

55,000

53,731

2.40%,

10/15/2028(b)

195,000

161,663

5.85%,

4/6/2030(b)

45,000

43,104

3.60%,

6/21/2030(b)

200,000

167,390

2.70%,

6/10/2031

145,000

110,977

6.40%,

1/9/2033(b)

125,000

122,075

John

Deere

Capital

Corp.

,

4.55%,

10/11/2024

30,000

29,693

1.25%,

1/10/2025(b)

200,000

189,520

3.40%,

6/6/2025

30,000

29,012

4.95%,

6/6/2025

25,000

24,836

16

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

John

Deere

Capital

Corp.,

4.05%,

9/8/2025

55,000

53,710

5.30%,

9/8/2025

25,000

24,941

4.80%,

1/9/2026

40,000

39,535

0.70%,

1/15/2026(b)

200,000

180,279

4.75%,

6/8/2026

40,000

39,463

1.05%,

6/17/2026

100,000

89,487

2.25%,

9/14/2026(b)

250,000

230,955

1.30%,

10/13/2026

55,000

49,063

1.70%,

1/11/2027

200,000

178,343

4.15%,

9/15/2027(b)

60,000

57,820

4.75%,

1/20/2028(b)

40,000

39,274

1.50%,

3/6/2028(b)

250,000

213,320

4.95%,

7/14/2028

35,000

34,517

3.35%,

4/18/2029

40,000

36,452

4.85%,

10/11/2029

40,000

39,255

4.70%,

6/10/2030

40,000

38,465

1.45%,

1/15/2031(b)

200,000

154,053

4.35%,

9/15/2032(b)

60,000

55,798

PACCAR

Financial

Corp.

,

3.55%,

8/11/2025

30,000

29,020

4.95%,

10/3/2025(b)

80,000

79,330

4.45%,

3/30/2026(b)

20,000

19,686

2.00%,

2/4/2027

100,000

89,887

4.60%,

1/10/2028(b)

100,000

97,520

Synchrony

Financial

,

4.88%,

6/13/2025

30,000

28,764

4.50%,

7/23/2025(b)

275,000

261,868

2.88%,

10/28/2031(b)

180,000

127,532

Toyota

Motor

Credit

Corp.

,

4.80%,

1/10/2025(b)

40,000

39,623

1.45%,

1/13/2025(b)

200,000

189,894

1.80%,

2/13/2025(b)

500,000

475,152

3.95%,

6/30/2025(b)

75,000

72,985

3.65%,

8/18/2025

75,000

72,547

5.60%,

9/11/2025

25,000

25,036

4.45%,

5/18/2026(b)

60,000

58,668

1.13%,

6/18/2026(b)

500,000

446,490

5.00%,

8/14/2026

100,000

99,016

3.20%,

1/11/2027(b)

200,000

187,005

1.90%,

1/13/2027(b)

100,000

89,655

3.05%,

3/22/2027(b)

100,000

92,715

4.55%,

9/20/2027(b)

90,000

87,552

4.63%,

1/12/2028

40,000

39,069

5.25%,

9/11/2028

25,000

24,859

4.45%,

6/29/2029(b)

90,000

86,444

2.15%,

2/13/2030(b)

500,000

412,337

4.55%,

5/17/2030

60,000

56,864

1.90%,

9/12/2031

100,000

77,551

4.70%,

1/12/2033

45,000

42,523

16,226,084

Consumer

Staples

Distribution

&

Retail

0

.3

%

Costco

Wholesale

Corp.

,

1.60%,

4/20/2030

500,000

401,486

Dollar

General

Corp.

,

4.63%,

11/1/2027(b)

70,000

66,971

5.20%,

7/5/2028

20,000

19,401

3.50%,

4/3/2030

500,000

427,264

5.00%,

11/1/2032(b)

75,000

68,040

5.45%,

7/5/2033(b)

20,000

18,471

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031(b)

50,000

38,748

3.38%,

12/1/2051

50,000

29,554

Kroger

Co.

(The)

,

7.50%,

4/1/2031

257,000

281,005

5.40%,

7/15/2040

200,000

177,762

5.40%,

1/15/2049

50,000

44,648

3.95%,

1/15/2050(b)

100,000

72,076

Sysco

Corp.

,

2.40%,

2/15/2030

100,000

82,357

5.95%,

4/1/2030(b)

200,000

201,656

2.45%,

12/14/2031

100,000

78,323

6.60%,

4/1/2050

300,000

309,705

3.15%,

12/14/2051

50,000

30,745

Target

Corp.

,

2.25%,

4/15/2025(b)

280,000

266,814

2.50%,

4/15/2026(b)

750,000

705,148

1.95%,

1/15/2027

130,000

117,408

2.35%,

2/15/2030(b)

105,000

87,752

2.65%,

9/15/2030

50,000

42,242

4.50%,

9/15/2032(b)

100,000

93,010

4.40%,

1/15/2033

150,000

138,306

3.63%,

4/15/2046(b)

200,000

147,078

4.80%,

1/15/2053

150,000

128,309

Walgreens

Boots

Alliance,

Inc.

,

3.45%,

6/1/2026

20,000

18,528

3.20%,

4/15/2030(b)

500,000

406,726

4.80%,

11/18/2044

70,000

50,149

Walmart,

Inc.

,

3.90%,

9/9/2025(b)

60,000

58,488

4.00%,

4/15/2026

30,000

29,209

1.05%,

9/17/2026

50,000

44,582

3.95%,

9/9/2027(b)

60,000

57,897

3.90%,

4/15/2028

45,000

42,960

3.70%,

6/26/2028(b)

300,000

284,483

1.50%,

9/22/2028(b)

100,000

84,808

4.00%,

4/15/2030

160,000

150,271

1.80%,

9/22/2031(b)

300,000

236,106

4.15%,

9/9/2032

60,000

55,865

4.10%,

4/15/2033

80,000

73,169

6.50%,

8/15/2037

350,000

387,497

2.50%,

9/22/2041

600,000

401,543

4.05%,

6/29/2048

125,000

102,462

2.65%,

9/22/2051(b)

400,000

247,201

4.50%,

4/15/2053

80,000

68,859

6,875,082

Containers

&

Packaging

0

.1

%

Amcor

Finance

USA,

Inc.

,

5.63%,

5/26/2033

40,000

38,407

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

50,000

48,357

2.63%,

6/19/2030

50,000

40,365

2.69%,

5/25/2031

75,000

59,467

Avery

Dennison

Corp.

,

2.25%,

2/15/2032

100,000

75,162

5.75%,

3/15/2033

90,000

88,154

Berry

Global,

Inc.

,

1.57%,

1/15/2026(b)

300,000

271,180

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

International

Paper

Co.

,

6.00%,

11/15/2041

350,000

336,211

Packaging

Corp.

of

America

,

3.00%,

12/15/2029

50,000

42,813

4.05%,

12/15/2049

100,000

72,684

3.05%,

10/1/2051

40,000

23,838

Sonoco

Products

Co.

,

1.80%,

2/1/2025(b)

200,000

188,642

2.25%,

2/1/2027

165,000

146,409

3.13%,

5/1/2030

50,000

42,029

2.85%,

2/1/2032(b)

200,000

159,305

WRKCo,

Inc.

,

4.90%,

3/15/2029(b)

250,000

238,899

1,871,922

Diversified

Consumer

Services

0

.0

%

†

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049(b)

35,000

25,551

California

Institute

of

Technology

,

3.65%,

9/1/2119

100,000

61,221

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

67,364

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

57,860

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

21,652

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050

150,000

87,648

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111

100,000

99,236

4.68%,

7/1/2114

75,000

61,996

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050

28,000

16,978

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

52,439

3.30%,

7/15/2056

200,000

133,878

Trustees

of

Boston

University

,

Series

CC,

4.06%,

10/1/2048

16,000

12,752

Trustees

of

Princeton

University

(The)

,

Series

2020,

2.52%,

7/1/2050

84,000

51,118

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

27,321

University

of

Southern

California

,

Series

21A,

2.95%,

10/1/2051(b)

200,000

126,606

4.98%,

10/1/2053(b)

75,000

68,820

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

35,530

1,007,970

Diversified

REITs

0

.1

%

Broadstone

Net

Lease

LLC

,

2.60%,

9/15/2031

85,000

59,473

Digital

Realty

Trust

LP

,

5.55%,

1/15/2028

380,000

371,625

GLP

Capital

LP

,

5.30%,

1/15/2029

500,000

463,510

Rayonier

LP

,

2.75%,

5/17/2031

45,000

34,754

Simon

Property

Group

LP

,

3.30%,

1/15/2026

170,000

161,345

1.38%,

1/15/2027

100,000

87,291

2.45%,

9/13/2029(b)

250,000

207,904

2.65%,

2/1/2032

100,000

78,072

5.50%,

3/8/2033

100,000

94,876

4.25%,

11/30/2046

350,000

253,995

5.85%,

3/8/2053

100,000

92,324

STORE

Capital

Corp.

,

2.70%,

12/1/2031

100,000

68,248

VICI

Properties

LP

,

4.75%,

2/15/2028(b)

85,000

79,498

4.95%,

2/15/2030

80,000

73,197

5.13%,

5/15/2032(b)

85,000

76,081

5.63%,

5/15/2052

30,000

24,843

WP

Carey,

Inc.

,

3.85%,

7/15/2029

120,000

106,069

2.45%,

2/1/2032(b)

70,000

52,762

2,385,867

Diversified

Telecommunication

Services

0

.7

%

AT&T,

Inc.

,

1.70%,

3/25/2026(b)

300,000

272,203

2.30%,

6/1/2027(b)

300,000

265,634

1.65%,

2/1/2028(b)

200,000

168,799

4.35%,

3/1/2029(b)

500,000

465,311

4.30%,

2/15/2030(b)

300,000

273,180

2.75%,

6/1/2031(b)

500,000

400,001

2.25%,

2/1/2032

300,000

225,789

2.55%,

12/1/2033

360,000

264,416

5.40%,

2/15/2034(b)

110,000

102,949

4.50%,

5/15/2035(b)

310,000

264,422

4.85%,

3/1/2039(b)

500,000

423,083

3.50%,

6/1/2041

300,000

208,419

4.65%,

6/1/2044

250,000

196,138

3.65%,

6/1/2051

500,000

322,397

3.50%,

9/15/2053

1,140,000

704,348

3.55%,

9/15/2055

975,000

596,854

3.80%,

12/1/2057

814,000

515,690

3.65%,

9/15/2059

379,000

230,602

Bell

Canada

(The)

,

5.10%,

5/11/2033(b)

60,000

56,089

Series

US-4,

3.65%,

3/17/2051(b)

250,000

168,164

3.65%,

8/15/2052(b)

50,000

33,547

British

Telecommunications

plc

,

9.62%,

12/15/2030(b)(e)

250,000

294,459

18

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(e)

369,000

422,668

Orange

SA

,

9.00%,

3/1/2031(e)

100,000

118,130

5.38%,

1/13/2042

250,000

227,605

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

400,000

412,998

8.75%,

3/15/2032

300,000

347,054

Telefonica

Emisiones

SA

,

7.05%,

6/20/2036

300,000

308,660

5.21%,

3/8/2047

250,000

199,116

5.52%,

3/1/2049

350,000

288,071

TELUS

Corp.

,

2.80%,

2/16/2027(b)

200,000

183,086

3.40%,

5/13/2032

60,000

48,976

4.30%,

6/15/2049(b)

100,000

72,901

Verizon

Communications,

Inc.

,

3.38%,

2/15/2025(b)

498,000

481,848

0.85%,

11/20/2025(b)

250,000

226,180

1.45%,

3/20/2026(b)

105,000

94,805

4.13%,

3/16/2027

300,000

285,316

2.10%,

3/22/2028(b)

125,000

107,368

4.33%,

9/21/2028

283,000

265,916

3.88%,

2/8/2029(b)

110,000

100,732

4.02%,

12/3/2029

800,000

725,413

3.15%,

3/22/2030(b)

200,000

170,708

1.75%,

1/20/2031

500,000

376,779

2.55%,

3/21/2031

348,000

277,090

2.36%,

3/15/2032

840,000

640,885

5.05%,

5/9/2033(b)

45,000

42,039

4.81%,

3/15/2039(b)

385,000

331,773

2.65%,

11/20/2040

600,000

379,811

3.40%,

3/22/2041

530,000

375,739

2.85%,

9/3/2041

110,000

71,113

2.88%,

11/20/2050

700,000

404,667

3.55%,

3/22/2051(b)

270,000

177,666

3.88%,

3/1/2052(b)

90,000

63,360

2.99%,

10/30/2056

500,000

277,547

3.00%,

11/20/2060

180,000

97,461

3.70%,

3/22/2061

350,000

222,724

15,278,699

Electric

Utilities

1

.5

%

AEP

Texas,

Inc.

,

4.70%,

5/15/2032

20,000

18,301

5.25%,

5/15/2052

20,000

17,134

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

50,000

28,497

Series

O,

4.50%,

6/15/2052

80,000

64,810

5.40%,

3/15/2053

440,000

408,870

Alabama

Power

Co.

,

3.75%,

9/1/2027

40,000

37,788

3.94%,

9/1/2032

40,000

35,259

4.15%,

8/15/2044

350,000

269,172

3.13%,

7/15/2051

80,000

48,981

American

Electric

Power

Co.,

Inc.

,

5.75%,

11/1/2027

100,000

100,577

5.95%,

11/1/2032

100,000

99,705

5.63%,

3/1/2033

24,000

23,224

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032(b)

30,000

26,848

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029

50,000

42,771

2.20%,

12/15/2031(b)

100,000

75,704

6.35%,

12/15/2032

100,000

102,208

5.55%,

8/1/2033(b)

25,000

24,234

3.50%,

12/1/2049

200,000

127,426

Baltimore

Gas

and

Electric

Co.

,

2.25%,

6/15/2031

80,000

63,636

3.20%,

9/15/2049

115,000

74,063

2.90%,

6/15/2050

60,000

35,744

4.55%,

6/1/2052

30,000

24,061

5.40%,

6/1/2053(b)

25,000

22,974

CenterPoint

Energy

Houston

Electric

LLC

,

5.20%,

10/1/2028(b)

105,000

104,194

Series

ai.,

4.45%,

10/1/2032

40,000

36,751

4.50%,

4/1/2044

250,000

204,754

Series

AD,

2.90%,

7/1/2050

60,000

36,548

Series

AJ,

4.85%,

10/1/2052(b)

40,000

34,755

Commonwealth

Edison

Co.

,

4.35%,

11/15/2045

200,000

157,957

3.65%,

6/15/2046

250,000

175,873

4.00%,

3/1/2048

350,000

264,551

Series

127,

3.20%,

11/15/2049

155,000

98,033

Series

131,

2.75%,

9/1/2051

200,000

113,425

Connecticut

Light

and

Power

Co.

(The)

,

Series

A,

2.05%,

7/1/2031

100,000

78,178

4.90%,

7/1/2033

25,000

23,740

5.25%,

1/15/2053

100,000

91,295

Dominion

Energy

South

Carolina,

Inc.

,

Series

A,

2.30%,

12/1/2031

50,000

38,821

6.05%,

1/15/2038

150,000

149,710

5.10%,

6/1/2065

100,000

86,233

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032

40,000

33,100

5.20%,

4/1/2033

40,000

38,789

4.30%,

7/1/2044

500,000

400,683

Series

B,

3.65%,

3/1/2052

25,000

17,522

5.40%,

4/1/2053(b)

40,000

37,388

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026(b)

500,000

467,609

2.45%,

2/1/2030

100,000

83,604

2.85%,

3/15/2032

70,000

57,134

4.95%,

1/15/2033

80,000

76,015

6.00%,

1/15/2038

400,000

396,719

3.70%,

12/1/2047

500,000

356,593

3.20%,

8/15/2049

50,000

32,044

3.55%,

3/15/2052(b)

35,000

23,903

5.35%,

1/15/2053(b)

100,000

91,400

5.40%,

1/15/2054

34,000

31,408

Duke

Energy

Corp.

,

0.90%,

9/15/2025

50,000

45,476

5.00%,

12/8/2025

65,000

64,087

5.00%,

12/8/2027

85,000

82,980

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Duke

Energy

Corp.,

4.30%,

3/15/2028

80,000

75,856

2.45%,

6/1/2030

70,000

56,839

2.55%,

6/15/2031(b)

150,000

118,936

4.50%,

8/15/2032

90,000

80,960

5.75%,

9/15/2033(b)

75,000

73,681

3.50%,

6/15/2051

200,000

129,568

5.00%,

8/15/2052

90,000

74,814

6.10%,

9/15/2053

75,000

72,736

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027

250,000

234,203

2.50%,

12/1/2029

70,000

59,335

2.40%,

12/15/2031(b)

95,000

75,109

5.65%,

4/1/2040

300,000

284,106

3.40%,

10/1/2046

500,000

336,084

3.00%,

12/15/2051

45,000

27,404

Duke

Energy

Indiana

LLC

,

6.35%,

8/15/2038

250,000

256,064

5.40%,

4/1/2053(b)

40,000

36,583

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

124,414

5.25%,

4/1/2033

25,000

24,135

Duke

Energy

Progress

LLC

,

3.40%,

4/1/2032(b)

50,000

42,499

5.25%,

3/15/2033

30,000

29,066

4.15%,

12/1/2044

100,000

76,632

4.20%,

8/15/2045

250,000

190,737

5.35%,

3/15/2053

50,000

45,446

Edison

International

,

3.55%,

11/15/2024(b)

175,000

170,054

4.70%,

8/15/2025(b)

40,000

38,924

4.13%,

3/15/2028(b)

500,000

460,549

5.25%,

11/15/2028

25,000

24,054

Emera

US

Finance

LP

,

4.75%,

6/15/2046

200,000

147,546

Entergy

Arkansas

LLC

,

5.15%,

1/15/2033

100,000

95,991

5.30%,

9/15/2033

40,000

38,588

Entergy

Corp.

,

1.90%,

6/15/2028(b)

500,000

422,269

2.80%,

6/15/2030

80,000

66,368

3.75%,

6/15/2050

35,000

23,183

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

200,000

164,429

Entergy

Mississippi

LLC

,

5.00%,

9/1/2033(b)

20,000

18,795

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029(b)

50,000

46,038

1.75%,

3/15/2031(b)

400,000

305,206

3.55%,

9/30/2049

200,000

134,911

5.00%,

9/15/2052

20,000

16,964

5.80%,

9/1/2053

25,000

23,909

Evergy

Kansas

Central,

Inc.

,

4.10%,

4/1/2043

200,000

150,162

5.70%,

3/15/2053(b)

20,000

18,751

Evergy

Metro,

Inc.

,

4.95%,

4/15/2033

30,000

28,096

Evergy,

Inc.

,

2.90%,

9/15/2029

250,000

213,526

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025

245,000

236,917

Series

Q,

0.80%,

8/15/2025

100,000

91,140

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Eversource

Energy,

4.75%,

5/15/2026

30,000

29,326

2.90%,

3/1/2027

50,000

45,657

4.60%,

7/1/2027

35,000

33,663

5.45%,

3/1/2028(b)

95,000

93,899

Series

O,

4.25%,

4/1/2029(b)

400,000

372,559

Series

R,

1.65%,

8/15/2030

100,000

76,603

3.38%,

3/1/2032(b)

50,000

41,475

5.13%,

5/15/2033

40,000

37,205

3.45%,

1/15/2050(b)

100,000

65,362

Exelon

Corp.

,

5.15%,

3/15/2028

30,000

29,441

4.05%,

4/15/2030

300,000

270,003

5.30%,

3/15/2033

60,000

57,214

5.63%,

6/15/2035

300,000

288,215

4.10%,

3/15/2052

35,000

25,311

5.60%,

3/15/2053

60,000

54,579

Florida

Power

&

Light

Co.

,

2.85%,

4/1/2025

60,000

57,625

3.13%,

12/1/2025(b)

500,000

476,302

4.45%,

5/15/2026

25,000

24,464

5.05%,

4/1/2028

35,000

34,555

4.40%,

5/15/2028(b)

35,000

33,749

4.63%,

5/15/2030

35,000

33,395

5.10%,

4/1/2033(b)

60,000

58,044

4.80%,

5/15/2033

25,000

23,631

5.65%,

2/1/2037

450,000

442,136

3.95%,

3/1/2048

500,000

381,460

2.88%,

12/4/2051

10,000

6,054

5.30%,

4/1/2053(b)

40,000

37,117

Georgia

Power

Co.

,

4.65%,

5/16/2028(b)

100,000

96,473

4.70%,

5/15/2032

60,000

55,591

4.95%,

5/17/2033(b)

100,000

93,734

4.30%,

3/15/2042

500,000

399,978

5.13%,

5/15/2052(b)

225,000

198,251

Iberdrola

International

BV

,

5.81%,

3/15/2025(b)

118,000

117,999

Idaho

Power

Co.

,

5.50%,

3/15/2053(b)

20,000

18,492

5.80%,

4/1/2054

25,000

23,968

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046

350,000

284,746

5.63%,

4/1/2053(b)

30,000

28,297

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

200,000

180,480

5.70%,

10/15/2033

25,000

24,586

3.10%,

11/30/2051

70,000

41,096

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033(b)

20,000

19,539

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049

450,000

343,785

MidAmerican

Energy

Co.

,

5.35%,

1/15/2034

25,000

24,667

5.80%,

10/15/2036

550,000

545,606

4.80%,

9/15/2043

400,000

341,197

2.70%,

8/1/2052

100,000

56,643

20

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Mississippi

Power

Co.

,

Series

B,

3.10%,

7/30/2051

100,000

59,266

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030

100,000

81,640

Series

EE,

3.13%,

8/1/2050

100,000

60,676

Series

GG,

5.90%,

5/1/2053(b)

30,000

28,827

6.00%,

3/15/2054

50,000

48,825

NextEra

Energy

Capital

Holdings,

Inc.

,

4.45%,

6/20/2025(b)

70,000

68,278

1.88%,

1/15/2027(b)

270,000

239,080

4.63%,

7/15/2027

150,000

144,579

4.90%,

2/28/2028

100,000

96,783

1.90%,

6/15/2028(b)

125,000

105,769

2.75%,

11/1/2029(b)

245,000

207,928

5.00%,

2/28/2030(b)

100,000

95,535

2.25%,

6/1/2030

300,000

240,170

2.44%,

1/15/2032(b)

145,000

112,173

5.00%,

7/15/2032(b)

105,000

98,126

5.05%,

2/28/2033(b)

100,000

93,312

3.00%,

1/15/2052

85,000

50,127

5.25%,

2/28/2053(b)

100,000

86,589

Northern

States

Power

Co.

,

4.00%,

8/15/2045

165,000

123,898

4.50%,

6/1/2052

25,000

20,310

5.10%,

5/15/2053

40,000

35,789

NSTAR

Electric

Co.

,

3.95%,

4/1/2030

200,000

182,607

Ohio

Power

Co.

,

Series

R,

2.90%,

10/1/2051

90,000

53,347

Oklahoma

Gas

and

Electric

Co.

,

5.40%,

1/15/2033

150,000

145,128

Oncor

Electric

Delivery

Co.

LLC

,

4.55%,

9/15/2032

40,000

36,872

4.55%,

12/1/2041(b)

150,000

125,964

5.30%,

6/1/2042(b)

150,000

143,076

3.10%,

9/15/2049

50,000

31,738

2.70%,

11/15/2051

105,000

59,829

4.60%,

6/1/2052

90,000

74,279

4.95%,

9/15/2052(b)

100,000

87,111

Pacific

Gas

and

Electric

Co.

,

4.95%,

6/8/2025

100,000

97,647

3.15%,

1/1/2026

350,000

325,554

5.45%,

6/15/2027

100,000

96,243

3.75%,

7/1/2028(b)

150,000

133,123

6.10%,

1/15/2029

30,000

29,302

4.20%,

3/1/2029

200,000

176,848

4.55%,

7/1/2030

250,000

220,990

2.50%,

2/1/2031

150,000

114,117

3.25%,

6/1/2031

200,000

158,937

5.90%,

6/15/2032

100,000

93,390

6.15%,

1/15/2033

115,000

109,070

6.40%,

6/15/2033

40,000

38,553

4.50%,

7/1/2040

100,000

74,410

4.20%,

6/1/2041

250,000

175,625

4.95%,

7/1/2050

250,000

186,342

3.50%,

8/1/2050

400,000

238,123

5.25%,

3/1/2052

200,000

154,139

6.75%,

1/15/2053

135,000

126,492

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.,

6.70%,

4/1/2053

30,000

28,175

PacifiCorp

,

5.25%,

6/15/2035

177,000

160,663

2.90%,

6/15/2052

550,000

302,723

5.35%,

12/1/2053

100,000

82,997

5.50%,

5/15/2054(b)

65,000

55,127

PECO

Energy

Co.

,

4.90%,

6/15/2033

44,000

41,857

3.70%,

9/15/2047

250,000

180,531

4.60%,

5/15/2052

30,000

24,779

4.38%,

8/15/2052(b)

30,000

23,988

PG&E

Wildfire

Recovery

Funding

LLC

,

Series

A-2,

4.26%,

6/1/2036

1,000,000

903,252

PPL

Electric

Utilities

Corp.

,

5.00%,

5/15/2033

100,000

95,443

5.25%,

5/15/2053

100,000

91,321

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

136,000

148,195

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031

200,000

154,807

Series

38,

4.10%,

6/1/2032

30,000

26,558

4.30%,

3/15/2044

250,000

193,834

Series

34,

3.20%,

3/1/2050

200,000

125,434

Series

36,

2.70%,

1/15/2051

200,000

111,873

Series

39,

4.50%,

6/1/2052

30,000

23,406

5.25%,

4/1/2053

80,000

69,642

Public

Service

Co.

of

New

Hampshire

,

5.35%,

10/1/2033

50,000

49,137

5.15%,

1/15/2053(b)

45,000

40,541

Public

Service

Co.

of

Oklahoma

,

Series

J,

2.20%,

8/15/2031(b)

100,000

77,267

5.25%,

1/15/2033

100,000

95,031

Series

K,

3.15%,

8/15/2051

50,000

30,168

Public

Service

Electric

and

Gas

Co.

,

1.90%,

8/15/2031(b)

165,000

128,054

4.90%,

12/15/2032

100,000

95,899

4.65%,

3/15/2033

30,000

28,199

3.95%,

5/1/2042

400,000

314,915

3.20%,

8/1/2049

250,000

164,637

Sierra

Pacific

Power

Co.

,

5.90%,

3/15/2054(f)

50,000

47,943

Southern

California

Edison

Co.

,

Series

C,

4.20%,

6/1/2025

70,000

68,142

4.90%,

6/1/2026(b)

30,000

29,468

Series

D,

4.70%,

6/1/2027(b)

75,000

72,767

5.85%,

11/1/2027

35,000

35,188

Series

G,

2.50%,

6/1/2031

100,000

79,483

2.75%,

2/1/2032

100,000

79,960

5.95%,

11/1/2032

25,000

24,933

6.00%,

1/15/2034

177,000

175,850

4.00%,

4/1/2047

200,000

144,612

Series

C,

4.13%,

3/1/2048

200,000

148,092

Series

B,

4.88%,

3/1/2049

300,000

245,105

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Southern

California

Edison

Co.,

3.65%,

2/1/2050

300,000

202,530

Series

H,

3.65%,

6/1/2051

30,000

19,909

Series

E,

5.45%,

6/1/2052

40,000

35,292

5.88%,

12/1/2053

40,000

37,591

Southern

Co.

(The)

,

5.15%,

10/6/2025

50,000

49,495

3.25%,

7/1/2026

295,000

276,607

4.85%,

6/15/2028

40,000

38,650

5.50%,

3/15/2029

25,000

24,842

5.20%,

6/15/2033

40,000

37,808

5.70%,

3/15/2034

25,000

24,484

4.40%,

7/1/2046(b)

200,000

155,054

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.73%),

4.00%,

1/15/2051(b)(c)

300,000

277,495

Southwestern

Electric

Power

Co.

,

Series

K,

2.75%,

10/1/2026

200,000

183,611

5.30%,

4/1/2033(b)

25,000

23,607

Series

L,

3.85%,

2/1/2048

300,000

205,154

3.25%,

11/1/2051

100,000

60,058

Tampa

Electric

Co.

,

4.10%,

6/15/2042

100,000

76,626

3.63%,

6/15/2050

40,000

27,028

5.00%,

7/15/2052

35,000

29,458

Tucson

Electric

Power

Co.

,

3.25%,

5/15/2032

20,000

16,604

5.50%,

4/15/2053(b)

100,000

90,828

Union

Electric

Co.

,

2.15%,

3/15/2032(b)

100,000

76,627

3.65%,

4/15/2045

250,000

177,016

3.25%,

10/1/2049

250,000

158,153

5.45%,

3/15/2053

100,000

92,236

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

39,041

5.00%,

4/1/2033

40,000

37,499

5.30%,

8/15/2033

50,000

47,889

Series

B,

4.20%,

5/15/2045

200,000

151,258

2.95%,

11/15/2051

50,000

29,727

Series

C,

4.63%,

5/15/2052

40,000

32,319

5.45%,

4/1/2053(b)

90,000

81,835

5.70%,

8/15/2053

50,000

46,921

Wisconsin

Electric

Power

Co.

,

1.70%,

6/15/2028(b)

245,000

208,509

4.75%,

9/30/2032

25,000

23,551

5.63%,

5/15/2033

59,000

58,959

Wisconsin

Power

and

Light

Co.

,

3.95%,

9/1/2032

100,000

88,070

Wisconsin

Public

Service

Corp.

,

5.35%,

11/10/2025

30,000

29,905

Xcel

Energy,

Inc.

,

3.30%,

6/1/2025

500,000

479,365

4.60%,

6/1/2032(b)

60,000

54,447

5.45%,

8/15/2033(b)

100,000

95,433

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Xcel

Energy,

Inc.,

6.50%,

7/1/2036

177,000

178,218

31,975,249

Electrical

Equipment

0

.0

%

†

Eaton

Corp.

,

3.10%,

9/15/2027

500,000

461,629

4.15%,

3/15/2033(b)

20,000

18,079

Emerson

Electric

Co.

,

2.00%,

12/21/2028

200,000

170,754

1.95%,

10/15/2030(b)

100,000

79,750

2.20%,

12/21/2031(b)

100,000

79,593

2.80%,

12/21/2051

45,000

27,283

Regal

Rexnord

Corp.

,

6.05%,

4/15/2028(f)

20,000

19,453

6.40%,

4/15/2033(f)

120,000

115,585

Rockwell

Automation,

Inc.

,

1.75%,

8/15/2031(b)

50,000

38,460

2.80%,

8/15/2061

60,000

34,614

1,045,200

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Allegion

US

Holding

Co.,

Inc.

,

5.41%,

7/1/2032

30,000

28,215

Amphenol

Corp.

,

2.80%,

2/15/2030(b)

250,000

212,186

Arrow

Electronics,

Inc.

,

2.95%,

2/15/2032(b)

160,000

125,093

Avnet,

Inc.

,

6.25%,

3/15/2028

30,000

29,915

3.00%,

5/15/2031

100,000

77,822

5.50%,

6/1/2032

20,000

18,397

CDW

LLC

,

2.67%,

12/1/2026

150,000

135,286

3.28%,

12/1/2028

150,000

129,270

3.57%,

12/1/2031(b)

150,000

123,546

Corning,

Inc.

,

4.38%,

11/15/2057(b)

380,000

285,567

Flex

Ltd.

,

6.00%,

1/15/2028

20,000

19,898

Jabil,

Inc.

,

1.70%,

4/15/2026(b)

140,000

125,766

4.25%,

5/15/2027

30,000

28,370

3.00%,

1/15/2031(b)

270,000

218,765

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029

75,000

64,483

Tyco

Electronics

Group

SA

,

4.50%,

2/13/2026(b)

50,000

48,893

1,671,472

Energy

Equipment

&

Services

0

.1

%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026

345,000

309,646

3.34%,

12/15/2027(b)

285,000

260,354

3.14%,

11/7/2029

85,000

73,792

5.13%,

9/15/2040(b)

200,000

180,447

Halliburton

Co.

,

3.80%,

11/15/2025(b)

101,000

97,654

6.70%,

9/15/2038

300,000

315,343

5.00%,

11/15/2045(b)

300,000

254,306

NOV,

Inc.

,

3.95%,

12/1/2042(b)

90,000

63,010

22

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

Schlumberger

Investment

SA

,

4.50%,

5/15/2028(b)

40,000

38,751

2.65%,

6/26/2030(b)

300,000

253,964

4.85%,

5/15/2033

40,000

37,770

1,885,037

Entertainment

0

.3

%

Activision

Blizzard,

Inc.

,

1.35%,

9/15/2030(b)

25,000

19,525

2.50%,

9/15/2050

200,000

119,098

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

97,773

Netflix,

Inc.

,

4.88%,

4/15/2028(b)

300,000

290,675

5.88%,

11/15/2028(b)

400,000

402,265

Take-Two

Interactive

Software,

Inc.

,

3.55%,

4/14/2025

55,000

53,046

5.00%,

3/28/2026

80,000

78,499

3.70%,

4/14/2027(b)

45,000

42,138

4.95%,

3/28/2028

80,000

77,317

4.00%,

4/14/2032

55,000

47,972

TWDC

Enterprises

18

Corp.

,

3.15%,

9/17/2025(b)

325,000

310,971

3.00%,

2/13/2026(b)

150,000

141,842

3.00%,

7/30/2046

150,000

94,980

Walt

Disney

Co.

(The)

,

1.75%,

1/13/2026

100,000

92,099

2.00%,

9/1/2029(b)

300,000

248,187

2.65%,

1/13/2031(b)

600,000

496,812

6.55%,

3/15/2033

300,000

316,915

6.20%,

12/15/2034

245,000

254,536

6.65%,

11/15/2037(b)

150,000

161,003

3.50%,

5/13/2040(b)

100,000

74,900

5.40%,

10/1/2043(b)

300,000

279,803

2.75%,

9/1/2049

300,000

177,436

4.70%,

3/23/2050(b)

200,000

169,400

3.60%,

1/13/2051(b)

100,000

69,361

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025(b)

390,000

376,151

3.76%,

3/15/2027(b)

450,000

415,448

4.05%,

3/15/2029(b)

130,000

115,825

4.28%,

3/15/2032(b)

230,000

195,228

5.05%,

3/15/2042

580,000

448,565

5.14%,

3/15/2052

900,000

668,737

6,336,507

Financial

Services

0

.6

%

Berkshire

Hathaway,

Inc.

,

3.13%,

3/15/2026(b)

400,000

381,621

4.50%,

2/11/2043(b)

250,000

221,212

Block

Financial

LLC

,

2.50%,

7/15/2028

105,000

89,036

Corebridge

Financial,

Inc.

,

3.50%,

4/4/2025

50,000

47,971

3.65%,

4/5/2027

50,000

46,286

3.85%,

4/5/2029

50,000

44,914

3.90%,

4/5/2032(b)

50,000

42,075

6.05%,

9/15/2033(f)

50,000

48,596

4.35%,

4/5/2042(b)

50,000

37,807

4.40%,

4/5/2052

210,000

153,631

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

133,000

138,264

4.35%,

4/20/2028

650,000

605,152

5.59%,

1/11/2033(b)

150,000

142,057

Fidelity

National

Information

Services,

Inc.

,

1.15%,

3/1/2026(b)

95,000

85,112

4.70%,

7/15/2027

70,000

67,850

1.65%,

3/1/2028(b)

110,000

93,093

2.25%,

3/1/2031

270,000

211,174

3.10%,

3/1/2041

75,000

49,723

5.63%,

7/15/2052(b)

50,000

45,395

Fiserv,

Inc.

,

3.20%,

7/1/2026(b)

300,000

280,505

2.25%,

6/1/2027(b)

400,000

354,980

5.45%,

3/2/2028(b)

60,000

59,472

5.38%,

8/21/2028(b)

50,000

49,356

3.50%,

7/1/2029(b)

300,000

267,645

2.65%,

6/1/2030

215,000

176,614

5.60%,

3/2/2033

40,000

38,767

5.63%,

8/21/2033

50,000

48,447

4.40%,

7/1/2049

200,000

153,208

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

238,189

1.20%,

3/1/2026

300,000

267,564

2.15%,

1/15/2027(b)

90,000

79,346

4.45%,

6/1/2028

300,000

278,112

3.20%,

8/15/2029

150,000

127,563

5.30%,

8/15/2029

45,000

42,914

2.90%,

11/15/2031

155,000

121,593

5.95%,

8/15/2052

30,000

26,898

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(b)

200,000

153,285

Mastercard,

Inc.

,

2.00%,

3/3/2025(b)

300,000

285,908

3.30%,

3/26/2027

60,000

56,356

4.88%,

3/9/2028

40,000

39,699

2.95%,

6/1/2029(b)

200,000

178,022

3.35%,

3/26/2030

370,000

330,784

2.00%,

11/18/2031(b)

300,000

235,331

4.85%,

3/9/2033

50,000

48,294

3.80%,

11/21/2046

250,000

192,888

National

Rural

Utilities

Cooperative

Finance

Corp.

,

Series

D,

1.00%,

10/18/2024

85,000

80,856

1.88%,

2/7/2025

50,000

47,493

3.45%,

6/15/2025

20,000

19,244

5.45%,

10/30/2025(b)

100,000

99,874

4.80%,

3/15/2028

125,000

121,891

5.05%,

9/15/2028(b)

25,000

24,560

3.70%,

3/15/2029

100,000

91,287

2.40%,

3/15/2030

185,000

151,733

8.00%,

3/1/2032(b)

159,000

179,625

2.75%,

4/15/2032(b)

50,000

39,782

4.15%,

12/15/2032

30,000

26,703

5.80%,

1/15/2033(b)

50,000

49,927

ORIX

Corp.

,

5.00%,

9/13/2027

40,000

39,130

4.00%,

4/13/2032

50,000

43,946

5.20%,

9/13/2032(b)

40,000

38,289

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

PayPal

Holdings,

Inc.

,

2.40%,

10/1/2024(b)

85,000

82,299

1.65%,

6/1/2025(b)

95,000

88,896

2.85%,

10/1/2029(b)

170,000

147,370

2.30%,

6/1/2030(b)

100,000

81,724

4.40%,

6/1/2032

60,000

55,468

3.25%,

6/1/2050(b)

120,000

78,616

5.05%,

6/1/2052

60,000

54,236

5.25%,

6/1/2062(b)

60,000

53,224

Shell

International

Finance

BV

,

2.88%,

5/10/2026

500,000

471,660

2.38%,

11/7/2029(b)

150,000

127,693

4.13%,

5/11/2035

500,000

440,458

6.38%,

12/15/2038

250,000

266,611

2.88%,

11/26/2041

50,000

33,933

4.55%,

8/12/2043

200,000

169,739

4.38%,

5/11/2045

500,000

410,328

3.75%,

9/12/2046

500,000

369,080

3.00%,

11/26/2051

100,000

62,443

Visa,

Inc.

,

3.15%,

12/14/2025(b)

635,000

606,077

1.10%,

2/15/2031(b)

300,000

226,411

4.30%,

12/14/2045

400,000

338,485

2.00%,

8/15/2050(b)

300,000

163,703

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

250,000

235,485

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

150,000

146,175

12,447,163

Food

Products

0

.3

%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032(b)

20,000

16,658

4.02%,

4/16/2043

172,000

133,452

2.70%,

9/15/2051

80,000

47,986

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031

100,000

80,995

Campbell

Soup

Co.

,

4.15%,

3/15/2028

500,000

470,341

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026

50,000

49,492

7.00%,

10/1/2028(b)

221,000

232,459

5.30%,

11/1/2038

250,000

219,858

General

Mills,

Inc.

,

4.20%,

4/17/2028(b)

500,000

471,373

2.25%,

10/14/2031

100,000

78,032

4.95%,

3/29/2033

30,000

28,109

3.00%,

2/1/2051(b)

100,000

61,911

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

214,931

Hormel

Foods

Corp.

,

1.70%,

6/3/2028(b)

200,000

170,859

3.05%,

6/3/2051

200,000

128,278

Ingredion,

Inc.

,

2.90%,

6/1/2030(b)

200,000

168,265

J

M

Smucker

Co.

(The)

,

2.13%,

3/15/2032

100,000

75,382

4.25%,

3/15/2035(b)

300,000

253,003

JBS

USA

LUX

SA

,

5.13%,

2/1/2028(b)

100,000

95,160

3.00%,

5/15/2032

200,000

150,876

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

JBS

USA

LUX

SA,

5.75%,

4/1/2033(b)

100,000

91,456

6.75%,

3/15/2034(f)

50,000

48,649

4.38%,

2/2/2052

100,000

66,458

6.50%,

12/1/2052(b)

100,000

89,530

7.25%,

11/15/2053(f)

50,000

48,338

Kellogg

Co.

,

3.25%,

4/1/2026(b)

125,000

118,294

5.25%,

3/1/2033

30,000

28,666

4.50%,

4/1/2046

250,000

202,224

Kraft

Heinz

Foods

Co.

,

3.00%,

6/1/2026(b)

400,000

374,969

5.00%,

6/4/2042

400,000

346,427

4.38%,

6/1/2046

400,000

311,697

5.50%,

6/1/2050(b)

200,000

182,322

McCormick

&

Co.,

Inc.

,

3.40%,

8/15/2027

100,000

92,347

4.95%,

4/15/2033(b)

100,000

93,046

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044

50,000

41,871

Mondelez

International,

Inc.

,

1.50%,

5/4/2025(b)

60,000

56,132

2.75%,

4/13/2030(b)

92,000

77,398

1.50%,

2/4/2031

70,000

52,541

2.63%,

9/4/2050

40,000

23,086

Pilgrim's

Pride

Corp.

,

6.25%,

7/1/2033

45,000

42,291

Tyson

Foods,

Inc.

,

3.55%,

6/2/2027(b)

100,000

92,670

4.55%,

6/2/2047(b)

100,000

75,298

5.10%,

9/28/2048(b)

250,000

203,303

Unilever

Capital

Corp.

,

2.00%,

7/28/2026

100,000

91,646

1.38%,

9/14/2030

165,000

127,255

5.90%,

11/15/2032(b)

206,000

213,745

2.63%,

8/12/2051

200,000

120,693

6,459,772

Gas

Utilities

0

.1

%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027

500,000

462,429

4.30%,

10/1/2048(b)

100,000

79,674

3.38%,

9/15/2049

160,000

106,807

5.75%,

10/15/2052

30,000

29,366

CenterPoint

Energy

Resources

Corp.

,

5.25%,

3/1/2028(b)

140,000

138,161

4.40%,

7/1/2032

40,000

36,054

5.40%,

3/1/2033

100,000

96,184

Eastern

Energy

Gas

Holdings

LLC

,

Series

A,

2.50%,

11/15/2024

100,000

96,168

National

Fuel

Gas

Co.

,

5.50%,

10/1/2026

20,000

19,725

ONE

Gas,

Inc.

,

4.66%,

2/1/2044

250,000

201,814

Piedmont

Natural

Gas

Co.,

Inc.

,

5.40%,

6/15/2033

20,000

19,068

3.35%,

6/1/2050

150,000

92,407

Southern

California

Gas

Co.

,

2.95%,

4/15/2027

80,000

73,386

24

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gas

Utilities

Southern

California

Gas

Co.,

5.20%,

6/1/2033

40,000

37,841

6.35%,

11/15/2052(b)

10,000

10,222

5.75%,

6/1/2053

40,000

37,311

Southwest

Gas

Corp.

,

5.80%,

12/1/2027(b)

100,000

100,007

4.05%,

3/15/2032(b)

100,000

86,381

3.18%,

8/15/2051

90,000

51,385

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

66,662

1,841,052

Ground

Transportation

0

.4

%

Burlington

Northern

Santa

Fe

LLC

,

3.65%,

9/1/2025(b)

250,000

242,034

3.25%,

6/15/2027(b)

300,000

281,448

4.55%,

9/1/2044

250,000

210,329

4.70%,

9/1/2045

250,000

213,132

3.90%,

8/1/2046

200,000

150,332

4.05%,

6/15/2048(b)

250,000

192,955

3.55%,

2/15/2050

250,000

177,658

2.88%,

6/15/2052

25,000

15,378

4.45%,

1/15/2053

300,000

248,458

5.20%,

4/15/2054(b)

100,000

91,616

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028(b)

242,000

257,459

3.85%,

8/5/2032

40,000

35,629

6.20%,

6/1/2036(b)

236,000

247,358

2.45%,

5/1/2050

85,000

48,341

4.40%,

8/5/2052(b)

35,000

29,073

Canadian

Pacific

Railway

Co.

,

2.88%,

11/15/2029

160,000

137,719

2.45%,

12/2/2031

35,000

30,248

5.95%,

5/15/2037

250,000

248,978

3.00%,

12/2/2041

25,000

19,457

3.10%,

12/2/2051

30,000

18,755

4.20%,

11/15/2069

115,000

81,857

6.13%,

9/15/2115

100,000

97,301

CSX

Corp.

,

4.10%,

11/15/2032

40,000

35,970

5.20%,

11/15/2033

100,000

96,716

4.10%,

3/15/2044

250,000

196,354

4.30%,

3/1/2048

250,000

197,619

4.50%,

3/15/2049

150,000

121,315

3.95%,

5/1/2050(b)

100,000

74,354

4.50%,

11/15/2052(b)

40,000

32,566

4.50%,

8/1/2054

150,000

120,663

4.65%,

3/1/2068(b)

40,000

31,944

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

100,000

84,454

5.05%,

8/1/2030(b)

90,000

86,715

3.00%,

3/15/2032

55,000

45,316

4.45%,

3/1/2033(b)

200,000

182,634

4.45%,

6/15/2045

200,000

159,803

3.40%,

11/1/2049

170,000

112,213

2.90%,

8/25/2051

100,000

59,761

3.70%,

3/15/2053

40,000

27,503

4.55%,

6/1/2053

45,000

36,333

5.35%,

8/1/2054(b)

70,000

63,949

3.16%,

5/15/2055

250,000

152,949

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

Ryder

System,

Inc.

,

1.75%,

9/1/2026

165,000

147,778

2.90%,

12/1/2026

270,000

246,903

2.85%,

3/1/2027

25,000

22,748

4.30%,

6/15/2027

25,000

23,806

5.65%,

3/1/2028

40,000

39,592

5.25%,

6/1/2028

40,000

38,930

Union

Pacific

Corp.

,

3.25%,

8/15/2025(b)

500,000

480,047

4.75%,

2/21/2026

200,000

197,494

2.15%,

2/5/2027

55,000

49,647

3.95%,

9/10/2028(b)

500,000

471,716

2.38%,

5/20/2031

200,000

161,923

4.50%,

1/20/2033

100,000

93,105

3.60%,

9/15/2037(b)

500,000

401,914

3.20%,

5/20/2041

100,000

72,007

4.05%,

11/15/2045

220,000

166,979

4.05%,

3/1/2046

40,000

30,444

2.95%,

3/10/2052

335,000

206,128

4.95%,

5/15/2053

100,000

89,497

3.95%,

8/15/2059

300,000

215,395

3.84%,

3/20/2060

400,000

280,338

8,431,037

Health

Care

Equipment

&

Supplies

0

.3

%

Abbott

Laboratories

,

3.88%,

9/15/2025

90,000

87,562

3.75%,

11/30/2026

298,000

285,987

1.15%,

1/30/2028(b)

90,000

76,633

1.40%,

6/30/2030(b)

95,000

75,480

4.75%,

11/30/2036

300,000

285,013

5.30%,

5/27/2040(b)

200,000

196,237

4.90%,

11/30/2046

250,000

227,598

Baxter

International,

Inc.

,

2.60%,

8/15/2026

460,000

421,576

1.92%,

2/1/2027(b)

280,000

246,947

2.27%,

12/1/2028(b)

190,000

160,246

2.54%,

2/1/2032(b)

300,000

232,315

3.13%,

12/1/2051(b)

30,000

17,852

Becton

Dickinson

&

Co.

,

3.73%,

12/15/2024

156,000

152,147

3.70%,

6/6/2027

326,000

305,507

4.69%,

2/13/2028

65,000

63,016

4.30%,

8/22/2032

40,000

36,169

4.67%,

6/6/2047(b)

200,000

166,445

3.79%,

5/20/2050

91,000

65,565

Boston

Scientific

Corp.

,

2.65%,

6/1/2030

300,000

250,749

4.70%,

3/1/2049

100,000

84,126

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029(b)

100,000

85,933

3.25%,

11/15/2039

100,000

75,064

3.40%,

11/15/2049(b)

140,000

96,913

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(b)

175,000

174,123

5.60%,

11/15/2025

150,000

149,134

5.65%,

11/15/2027(b)

200,000

199,672

5.91%,

11/22/2032(b)

300,000

297,630

6.38%,

11/22/2052(b)

100,000

101,624

Koninklijke

Philips

NV

,

5.00%,

3/15/2042(b)

100,000

84,159

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

Global

Holdings

SCA

,

4.25%,

3/30/2028(b)

35,000

33,501

4.50%,

3/30/2033

60,000

55,893

Medtronic,

Inc.

,

4.38%,

3/15/2035(b)

350,000

317,028

4.63%,

3/15/2045(b)

100,000

87,706

STERIS

Irish

FinCo.

UnLtd

Co.

,

2.70%,

3/15/2031

150,000

121,643

Stryker

Corp.

,

3.38%,

11/1/2025(b)

160,000

153,130

3.50%,

3/15/2026

70,000

66,719

4.63%,

3/15/2046

200,000

168,436

Zimmer

Biomet

Holdings,

Inc.

,

2.60%,

11/24/2031(b)

200,000

157,619

4.45%,

8/15/2045(b)

150,000

117,251

5,980,348

Health

Care

Providers

&

Services

1

.0

%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

45,892

Series

2020,

3.01%,

6/15/2050

66,000

41,385

Aetna,

Inc.

,

6.63%,

6/15/2036

50,000

51,521

3.88%,

8/15/2047

200,000

140,152

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

37,419

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

218,000

156,544

Banner

Health

,

Series

2020,

3.18%,

1/1/2050(b)

39,000

25,648

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050

86,000

51,888

Cardinal

Health,

Inc.

,

3.41%,

6/15/2027(b)

100,000

92,370

4.37%,

6/15/2047(b)

200,000

150,899

Cencora,

Inc.

,

4.30%,

12/15/2047

200,000

154,603

Centene

Corp.

,

4.25%,

12/15/2027

400,000

368,764

2.45%,

7/15/2028

400,000

337,938

4.63%,

12/15/2029

600,000

540,378

3.38%,

2/15/2030(b)

300,000

250,221

3.00%,

10/15/2030

400,000

322,644

Cigna

Group

(The)

,

3.25%,

4/15/2025(b)

250,000

240,510

4.13%,

11/15/2025(b)

400,000

387,279

4.50%,

2/25/2026

350,000

340,297

3.05%,

10/15/2027

400,000

363,623

4.38%,

10/15/2028

300,000

283,863

2.38%,

3/15/2031(b)

110,000

87,860

5.40%,

3/15/2033(b)

60,000

58,172

4.80%,

8/15/2038

400,000

352,349

4.80%,

7/15/2046(b)

250,000

207,599

4.90%,

12/15/2048

600,000

505,634

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Cleveland

Clinic

Foundation

(The)

,

4.86%,

1/1/2114(b)

30,000

24,418

CommonSpirit

Health

,

1.55%,

10/1/2025

37,000

33,939

2.78%,

10/1/2030

77,000

63,379

3.82%,

10/1/2049

108,000

75,985

4.19%,

10/1/2049

37,000

27,604

3.91%,

10/1/2050

149,000

105,673

6.46%,

11/1/2052(b)

91,000

94,793

CVS

Health

Corp.

,

4.10%,

3/25/2025

61,000

59,582

5.00%,

2/20/2026

75,000

73,836

2.88%,

6/1/2026

400,000

372,584

4.30%,

3/25/2028(b)

652,000

617,060

5.00%,

1/30/2029(b)

80,000

77,392

5.13%,

2/21/2030

80,000

76,946

1.75%,

8/21/2030

360,000

277,020

5.25%,

1/30/2031

65,000

62,453

1.88%,

2/28/2031(b)

210,000

160,153

2.13%,

9/15/2031(b)

10,000

7,647

5.25%,

2/21/2033

80,000

75,793

5.30%,

6/1/2033(b)

80,000

75,773

4.88%,

7/20/2035(b)

200,000

178,823

4.78%,

3/25/2038

400,000

344,460

4.13%,

4/1/2040

200,000

155,441

5.13%,

7/20/2045

300,000

252,451

5.05%,

3/25/2048

900,000

747,761

4.25%,

4/1/2050

85,000

62,887

5.63%,

2/21/2053

80,000

71,904

5.88%,

6/1/2053(b)

80,000

73,979

6.00%,

6/1/2063

80,000

73,455

Elevance

Health,

Inc.

,

5.35%,

10/15/2025(b)

40,000

39,748

3.65%,

12/1/2027(b)

300,000

278,071

4.10%,

3/1/2028(b)

750,000

706,587

2.25%,

5/15/2030

200,000

162,712

4.10%,

5/15/2032

40,000

35,628

5.50%,

10/15/2032(b)

100,000

98,424

4.75%,

2/15/2033

120,000

111,694

4.63%,

5/15/2042

250,000

209,685

5.10%,

1/15/2044

300,000

263,191

4.65%,

8/15/2044

100,000

82,737

4.38%,

12/1/2047

300,000

238,698

4.55%,

5/15/2052

40,000

32,363

5.13%,

2/15/2053(b)

150,000

132,429

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050

117,000

70,128

HCA,

Inc.

,

5.25%,

6/15/2026

350,000

342,646

5.38%,

9/1/2026

220,000

215,908

3.13%,

3/15/2027

30,000

27,258

5.20%,

6/1/2028

40,000

38,659

4.13%,

6/15/2029

250,000

226,320

3.50%,

9/1/2030

500,000

423,013

2.38%,

7/15/2031(b)

50,000

38,269

3.63%,

3/15/2032(b)

375,000

310,833

5.50%,

6/1/2033(b)

80,000

75,658

5.50%,

6/15/2047

160,000

136,570

5.25%,

6/15/2049

80,000

65,719

26

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

HCA,

Inc.,

4.63%,

3/15/2052

330,000

247,762

5.90%,

6/1/2053(b)

75,000

67,539

Humana,

Inc.

,

1.35%,

2/3/2027(b)

280,000

243,939

5.75%,

3/1/2028

60,000

60,214

3.70%,

3/23/2029(b)

100,000

91,222

2.15%,

2/3/2032(b)

215,000

162,464

5.88%,

3/1/2033

100,000

99,412

3.95%,

8/15/2049

150,000

108,298

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046

20,000

14,896

Kaiser

Foundation

Hospitals

,

Series

2021,

2.81%,

6/1/2041(b)

86,000

57,761

4.88%,

4/1/2042

250,000

222,450

Series

2019,

3.27%,

11/1/2049(b)

122,000

81,674

Laboratory

Corp.

of

America

Holdings

,

1.55%,

6/1/2026(b)

35,000

31,352

2.95%,

12/1/2029

250,000

214,697

4.70%,

2/1/2045(b)

75,000

61,126

Mass

General

Brigham,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

31,505

Series

2020,

3.19%,

7/1/2049

100,000

65,564

Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061(b)

79,000

48,795

McKesson

Corp.

,

1.30%,

8/15/2026(b)

100,000

88,987

3.95%,

2/16/2028

250,000

236,728

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

35,175

4.13%,

7/1/2052

50,000

38,696

Mount

Sinai

Hospital

,

Series

2017,

3.98%,

7/1/2048

33,000

24,773

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

250,000

128,349

Northwell

Healthcare,

Inc.

,

3.98%,

11/1/2046(b)

150,000

108,540

4.26%,

11/1/2047(b)

35,000

26,254

Novant

Health,

Inc.

,

3.17%,

11/1/2051

130,000

83,723

PeaceHealth

Obligated

Group

,

Series

2018,

4.79%,

11/15/2048

100,000

79,891

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

26,523

Series

21A,

2.70%,

10/1/2051

151,000

82,655

Quest

Diagnostics,

Inc.

,

3.50%,

3/30/2025(b)

370,000

356,842

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Quest

Diagnostics,

Inc.,

4.20%,

6/30/2029

100,000

93,357

2.95%,

6/30/2030

75,000

62,959

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

22,154

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

37,132

Series

2018,

4.09%,

8/15/2048

50,000

37,512

Series

20A,

3.36%,

8/15/2050

134,000

87,585

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

44,597

UnitedHealth

Group,

Inc.

,

5.00%,

10/15/2024(b)

60,000

59,732

5.15%,

10/15/2025

30,000

29,912

1.15%,

5/15/2026

120,000

107,947

3.38%,

4/15/2027

200,000

187,634

3.70%,

5/15/2027

55,000

52,133

2.95%,

10/15/2027

200,000

182,963

5.25%,

2/15/2028

45,000

45,076

4.25%,

1/15/2029

120,000

114,244

4.00%,

5/15/2029(b)

100,000

93,587

5.30%,

2/15/2030

300,000

298,135

2.30%,

5/15/2031(b)

75,000

60,595

4.20%,

5/15/2032

140,000

127,781

5.35%,

2/15/2033(b)

60,000

59,351

4.50%,

4/15/2033

120,000

111,037

4.63%,

7/15/2035(b)

105,000

96,945

5.80%,

3/15/2036

500,000

506,804

3.50%,

8/15/2039

300,000

230,998

3.05%,

5/15/2041(b)

180,000

126,999

3.95%,

10/15/2042

250,000

196,868

4.75%,

7/15/2045

250,000

216,998

4.25%,

6/15/2048

300,000

239,512

3.70%,

8/15/2049

500,000

359,903

3.25%,

5/15/2051

60,000

39,430

4.75%,

5/15/2052

200,000

170,529

5.88%,

2/15/2053

145,000

145,516

5.05%,

4/15/2053(b)

120,000

107,360

3.88%,

8/15/2059

100,000

71,138

3.13%,

5/15/2060

100,000

60,572

4.95%,

5/15/2062(b)

100,000

86,201

6.05%,

2/15/2063

40,000

40,472

5.20%,

4/15/2063

80,000

71,419

Universal

Health

Services,

Inc.

,

1.65%,

9/1/2026(b)

100,000

88,146

2.65%,

1/15/2032(b)

100,000

74,971

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048

41,000

33,167

22,388,768

Health

Care

REITs

0

.1

%

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030(b)

250,000

208,160

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

REITs

Healthpeak

OP

LLC

,

1.35%,

2/1/2027

60,000

52,174

3.50%,

7/15/2029

125,000

110,260

3.00%,

1/15/2030(b)

180,000

152,077

5.25%,

12/15/2032

85,000

79,056

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

550,000

512,372

3.63%,

10/1/2029

100,000

83,361

Physicians

Realty

LP

,

2.63%,

11/1/2031(b)

50,000

37,658

Sabra

Health

Care

LP

,

3.90%,

10/15/2029(b)

50,000

41,517

3.20%,

12/1/2031(b)

100,000

74,826

Ventas

Realty

LP

,

4.00%,

3/1/2028

250,000

229,466

3.00%,

1/15/2030

100,000

82,988

2.50%,

9/1/2031(b)

100,000

76,614

Welltower

OP

LLC

,

4.25%,

4/1/2026

50,000

48,010

2.05%,

1/15/2029(b)

70,000

57,860

3.10%,

1/15/2030

100,000

84,656

2.75%,

1/15/2031(b)

300,000

241,133

2.75%,

1/15/2032(b)

200,000

156,976

2,329,164

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029(b)

100,000

84,005

Series

J,

2.90%,

12/15/2031

80,000

61,485

145,490

Hotels,

Restaurants

&

Leisure

0

.2

%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030(b)

200,000

189,860

Expedia

Group,

Inc.

,

3.80%,

2/15/2028(b)

200,000

182,714

3.25%,

2/15/2030(b)

165,000

139,557

Hyatt

Hotels

Corp.

,

4.85%,

3/15/2026

100,000

97,728

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

166,000

165,676

5.00%,

10/15/2027

55,000

53,599

5.55%,

10/15/2028

50,000

49,441

Series

HH,

2.85%,

4/15/2031

200,000

161,220

Series

GG,

3.50%,

10/15/2032(b)

200,000

163,640

McDonald's

Corp.

,

3.70%,

1/30/2026(b)

300,000

288,505

3.80%,

4/1/2028(b)

200,000

188,045

4.80%,

8/14/2028

50,000

48,906

4.95%,

8/14/2033(b)

75,000

71,541

4.70%,

12/9/2035

400,000

364,934

4.88%,

7/15/2040

250,000

219,348

4.88%,

12/9/2045

250,000

216,433

3.63%,

9/1/2049(b)

200,000

140,830

4.20%,

4/1/2050

50,000

38,814

5.45%,

8/14/2053

75,000

70,522

Starbucks

Corp.

,

4.75%,

2/15/2026

50,000

49,264

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Starbucks

Corp.,

3.50%,

3/1/2028

250,000

231,347

2.55%,

11/15/2030

200,000

164,223

3.00%,

2/14/2032

140,000

115,835

4.80%,

2/15/2033

100,000

94,095

4.45%,

8/15/2049(b)

250,000

198,244

3.50%,

11/15/2050(b)

200,000

135,075

3,839,396

Household

Durables

0

.1

%

DR

Horton,

Inc.

,

2.50%,

10/15/2024(b)

215,000

207,446

1.30%,

10/15/2026

220,000

192,909

Leggett

&

Platt,

Inc.

,

3.50%,

11/15/2051(b)

50,000

31,772

MDC

Holdings,

Inc.

,

6.00%,

1/15/2043

100,000

83,693

Mohawk

Industries,

Inc.

,

5.85%,

9/18/2028

50,000

49,631

PulteGroup,

Inc.

,

6.38%,

5/15/2033

50,000

50,236

Whirlpool

Corp.

,

3.70%,

5/1/2025

500,000

483,829

2.40%,

5/15/2031

175,000

138,204

4.70%,

5/14/2032

20,000

18,293

5.50%,

3/1/2033

50,000

47,913

1,303,926

Household

Products

0

.1

%

Church

&

Dwight

Co.,

Inc.

,

2.30%,

12/15/2031

100,000

79,976

5.60%,

11/15/2032

40,000

40,113

5.00%,

6/15/2052

40,000

35,512

Clorox

Co.

(The)

,

4.60%,

5/1/2032

100,000

93,117

Colgate-Palmolive

Co.

,

4.80%,

3/2/2026(b)

16,000

15,925

4.60%,

3/1/2028

16,000

15,820

3.25%,

8/15/2032(b)

35,000

30,555

4.60%,

3/1/2033

16,000

15,429

Kimberly-Clark

Corp.

,

4.50%,

2/16/2033

100,000

94,694

6.63%,

8/1/2037(b)

130,000

142,532

3.20%,

7/30/2046

165,000

111,343

2.88%,

2/7/2050(b)

100,000

63,893

Procter

&

Gamble

Co.

(The)

,

0.55%,

10/29/2025(b)

240,000

218,242

4.10%,

1/26/2026(b)

150,000

146,700

1.00%,

4/23/2026(b)

170,000

153,763

2.85%,

8/11/2027(b)

250,000

231,405

1.20%,

10/29/2030

100,000

77,402

1.95%,

4/23/2031

300,000

243,243

3.60%,

3/25/2050(b)

300,000

229,083

2,038,747

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

AES

Corp.

(The)

,

5.45%,

6/1/2028(b)

60,000

57,919

2.45%,

1/15/2031(b)

70,000

53,834

28

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Constellation

Energy

Generation

LLC

,

5.60%,

3/1/2028

40,000

39,728

5.80%,

3/1/2033

40,000

39,002

6.13%,

1/15/2034

25,000

24,960

6.25%,

10/1/2039

180,000

174,355

Oglethorpe

Power

Corp.

,

4.50%,

4/1/2047

40,000

29,877

5.25%,

9/1/2050

200,000

168,764

Southern

Power

Co.

,

0.90%,

1/15/2026(b)

200,000

179,257

767,696

Industrial

Conglomerates

0

.1

%

3M

Co.

,

2.00%,

2/14/2025

200,000

189,617

3.00%,

8/7/2025

400,000

380,954

3.05%,

4/15/2030

100,000

86,440

5.70%,

3/15/2037(b)

415,000

411,665

3.25%,

8/26/2049(b)

90,000

57,023

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035

200,000

178,839

General

Electric

Co.

,

6.75%,

3/15/2032

300,000

325,215

Honeywell

International,

Inc.

,

4.85%,

11/1/2024

60,000

59,591

1.35%,

6/1/2025(b)

40,000

37,437

2.50%,

11/1/2026(b)

500,000

462,619

1.10%,

3/1/2027(b)

100,000

87,690

4.95%,

2/15/2028

60,000

59,761

4.25%,

1/15/2029

20,000

19,100

2.70%,

8/15/2029(b)

500,000

436,631

1.75%,

9/1/2031(b)

100,000

76,815

5.00%,

2/15/2033(b)

60,000

58,251

4.50%,

1/15/2034

20,000

18,571

2.80%,

6/1/2050

90,000

59,594

Pentair

Finance

Sarl

,

5.90%,

7/15/2032(b)

30,000

29,302

3,035,115

Industrial

REITs

0

.0

%

†

Prologis

LP

,

4.88%,

6/15/2028

45,000

43,846

2.88%,

11/15/2029

125,000

107,210

2.25%,

4/15/2030(b)

160,000

130,574

1.75%,

7/1/2030

65,000

50,523

1.25%,

10/15/2030(b)

65,000

48,510

2.25%,

1/15/2032

200,000

154,940

4.63%,

1/15/2033

50,000

46,260

4.75%,

6/15/2033

35,000

32,245

5.13%,

1/15/2034(b)

50,000

47,218

3.00%,

4/15/2050

65,000

39,587

2.13%,

10/15/2050

155,000

77,648

5.25%,

6/15/2053

30,000

26,951

Rexford

Industrial

Realty

LP

,

5.00%,

6/15/2028

20,000

19,118

2.15%,

9/1/2031(b)

90,000

67,109

891,739

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

0

.6

%

Aflac,

Inc.

,

3.60%,

4/1/2030

500,000

442,804

Alleghany

Corp.

,

3.63%,

5/15/2030

50,000

44,843

3.25%,

8/15/2051

50,000

32,391

Allstate

Corp.

(The)

,

5.25%,

3/30/2033(b)

20,000

18,854

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(c)

195,000

182,346

American

International

Group,

Inc.

,

2.50%,

6/30/2025(b)

116,000

109,426

3.90%,

4/1/2026

87,000

83,292

5.13%,

3/27/2033(b)

60,000

55,828

4.80%,

7/10/2045(b)

150,000

125,206

4.38%,

6/30/2050(b)

200,000

155,004

Aon

Corp.

,

2.80%,

5/15/2030(b)

200,000

166,440

2.05%,

8/23/2031(b)

50,000

38,138

2.60%,

12/2/2031

25,000

19,744

5.00%,

9/12/2032

30,000

28,122

5.35%,

2/28/2033

25,000

23,966

2.90%,

8/23/2051

50,000

29,471

3.90%,

2/28/2052(b)

30,000

21,441

Aon

Global

Ltd.

,

4.60%,

6/14/2044

250,000

201,615

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046

250,000

207,911

Arthur

J

Gallagher

&

Co.

,

2.40%,

11/9/2031(b)

200,000

153,466

3.05%,

3/9/2052

100,000

57,919

5.75%,

3/2/2053

12,000

10,992

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

450,000

444,663

6.65%,

2/1/2033

50,000

49,607

Berkshire

Hathaway

Finance

Corp.

,

2.30%,

3/15/2027

100,000

91,733

4.40%,

5/15/2042(b)

140,000

121,690

4.30%,

5/15/2043(b)

250,000

211,682

4.20%,

8/15/2048

400,000

326,489

4.25%,

1/15/2049(b)

300,000

245,803

2.85%,

10/15/2050

45,000

27,998

3.85%,

3/15/2052(b)

100,000

74,591

Brighthouse

Financial,

Inc.

,

4.70%,

6/22/2047

150,000

104,179

Brown

&

Brown,

Inc.

,

4.20%,

3/17/2032

30,000

25,955

4.95%,

3/17/2052

25,000

19,907

Chubb

Corp.

(The)

,

6.00%,

5/11/2037(b)

165,000

167,974

Chubb

INA

Holdings,

Inc.

,

3.35%,

5/3/2026(b)

90,000

85,366

4.35%,

11/3/2045

250,000

205,106

2.85%,

12/15/2051

50,000

30,912

3.05%,

12/15/2061

35,000

20,930

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

80,000

60,205

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

125,000

80,134

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Everest

Reinsurance

Holdings,

Inc.,

3.13%,

10/15/2052

50,000

29,630

F&G

Annuities

&

Life,

Inc.

,

7.40%,

1/13/2028(b)

50,000

49,878

Fairfax

Financial

Holdings

Ltd.

,

4.63%,

4/29/2030

200,000

179,778

Fidelity

National

Financial,

Inc.

,

3.20%,

9/17/2051

35,000

19,270

First

American

Financial

Corp.

,

2.40%,

8/15/2031(b)

75,000

55,633

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

193,895

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

76,648

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

309,000

299,696

Kemper

Corp.

,

3.80%,

2/23/2032

30,000

23,616

Lincoln

National

Corp.

,

3.05%,

1/15/2030(b)

500,000

408,730

Loews

Corp.

,

4.13%,

5/15/2043

200,000

156,011

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(b)(c)

500,000

462,849

3.70%,

3/16/2032(b)

20,000

17,502

Markel

Group,

Inc.

,

3.35%,

9/17/2029

475,000

417,898

3.45%,

5/7/2052

100,000

63,609

Marsh

&

McLennan

Cos.,

Inc.

,

4.38%,

3/15/2029

300,000

284,520

5.75%,

11/1/2032

25,000

25,026

5.40%,

9/15/2033

50,000

48,680

4.20%,

3/1/2048

500,000

386,251

6.25%,

11/1/2052(b)

25,000

25,679

5.70%,

9/15/2053(b)

100,000

96,559

MetLife,

Inc.

,

3.60%,

11/13/2025(b)

500,000

480,888

5.38%,

7/15/2033(b)

50,000

48,066

5.70%,

6/15/2035(b)

159,000

155,933

6.40%,

12/15/2036(b)

300,000

293,136

4.88%,

11/13/2043(b)

250,000

216,072

5.00%,

7/15/2052(b)

60,000

51,770

5.25%,

1/15/2054(b)

100,000

89,204

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(g)

40,000

37,462

Old

Republic

International

Corp.

,

3.88%,

8/26/2026

200,000

188,861

Principal

Financial

Group,

Inc.

,

3.40%,

5/15/2025

500,000

479,235

5.38%,

3/15/2033

40,000

38,402

4.30%,

11/15/2046(b)

50,000

37,213

5.50%,

3/15/2053

45,000

39,630

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Progressive

Corp.

(The)

,

2.50%,

3/15/2027

40,000

36,321

3.00%,

3/15/2032

30,000

25,132

6.25%,

12/1/2032

162,000

167,807

4.95%,

6/15/2033

20,000

18,987

3.70%,

1/26/2045(b)

250,000

180,145

Prudential

Financial,

Inc.

,

3.88%,

3/27/2028

200,000

187,934

4.60%,

5/15/2044(b)

250,000

207,845

3.91%,

12/7/2047

186,000

134,808

3.94%,

12/7/2049

505,000

363,109

3.70%,

3/13/2051(b)

300,000

208,375

Reinsurance

Group

of

America,

Inc.

,

6.00%,

9/15/2033

20,000

19,297

RenaissanceRe

Holdings

Ltd.

,

5.75%,

6/5/2033

60,000

56,439

Travelers

Cos.,

Inc.

(The)

,

5.35%,

11/1/2040

250,000

237,563

4.10%,

3/4/2049

200,000

155,000

5.45%,

5/25/2053(b)

20,000

19,064

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

192,000

203,975

Unum

Group

,

4.00%,

6/15/2029(b)

250,000

224,796

4.13%,

6/15/2051(b)

50,000

32,837

W

R

Berkley

Corp.

,

4.00%,

5/12/2050

100,000

70,696

Willis

North

America,

Inc.

,

4.65%,

6/15/2027(b)

50,000

47,858

4.50%,

9/15/2028(b)

400,000

375,111

2.95%,

9/15/2029

65,000

55,399

5.35%,

5/15/2033

20,000

18,657

13,128,528

Interactive

Media

&

Services

0

.1

%

Alphabet,

Inc.

,

0.45%,

8/15/2025

45,000

41,217

2.00%,

8/15/2026(b)

500,000

460,059

0.80%,

8/15/2027(b)

90,000

77,209

1.10%,

8/15/2030(b)

165,000

128,440

1.90%,

8/15/2040

100,000

62,536

2.05%,

8/15/2050

500,000

272,979

2.25%,

8/15/2060

200,000

106,821

Baidu,

Inc.

,

4.38%,

3/29/2028

200,000

189,445

Meta

Platforms,

Inc.

,

3.50%,

8/15/2027(b)

230,000

216,915

4.60%,

5/15/2028(b)

60,000

58,693

4.80%,

5/15/2030(b)

60,000

58,442

3.85%,

8/15/2032

195,000

173,003

4.95%,

5/15/2033(b)

60,000

57,501

4.45%,

8/15/2052

265,000

209,765

5.60%,

5/15/2053

310,000

293,402

4.65%,

8/15/2062

180,000

143,193

5.75%,

5/15/2063

60,000

56,559

2,606,179

IT

Services

0

.1

%

CGI,

Inc.

,

1.45%,

9/14/2026

50,000

44,105

30

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

CGI,

Inc.,

2.30%,

9/14/2031

50,000

37,529

DXC

Technology

Co.

,

1.80%,

9/15/2026

100,000

87,956

2.38%,

9/15/2028(b)

100,000

81,304

International

Business

Machines

Corp.

,

4.50%,

2/6/2026(b)

300,000

293,442

3.30%,

5/15/2026(b)

400,000

379,507

1.70%,

5/15/2027(b)

300,000

262,826

3.50%,

5/15/2029(b)

400,000

361,668

1.95%,

5/15/2030(b)

400,000

321,283

5.88%,

11/29/2032

53,000

54,568

4.15%,

5/15/2039

300,000

244,187

4.00%,

6/20/2042(b)

150,000

116,831

4.25%,

5/15/2049(b)

300,000

231,549

5.10%,

2/6/2053

200,000

175,350

Kyndryl

Holdings,

Inc.

,

3.15%,

10/15/2031

150,000

113,609

2,805,714

Leisure

Products

0

.0

%

†

Brunswick

Corp.

,

2.40%,

8/18/2031

65,000

47,584

4.40%,

9/15/2032(b)

100,000

81,356

5.10%,

4/1/2052

30,000

20,628

Hasbro,

Inc.

,

3.00%,

11/19/2024

100,000

96,490

3.55%,

11/19/2026

100,000

93,150

3.90%,

11/19/2029(b)

100,000

88,462

5.10%,

5/15/2044

100,000

81,711

509,381

Life

Sciences

Tools

&

Services

0

.1

%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029

165,000

141,059

Bio-Rad

Laboratories,

Inc.

,

3.70%,

3/15/2032(b)

50,000

42,089

Danaher

Corp.

,

3.35%,

9/15/2025(b)

250,000

240,175

2.80%,

12/10/2051

140,000

85,332

Illumina,

Inc.

,

5.80%,

12/12/2025

100,000

99,354

5.75%,

12/13/2027

100,000

98,325

Revvity,

Inc.

,

1.90%,

9/15/2028(b)

60,000

49,800

3.30%,

9/15/2029(b)

100,000

86,770

2.25%,

9/15/2031(b)

35,000

26,601

Thermo

Fisher

Scientific,

Inc.

,

4.95%,

8/10/2026(b)

100,000

98,984

4.80%,

11/21/2027

65,000

64,246

1.75%,

10/15/2028(b)

115,000

97,311

2.60%,

10/1/2029

325,000

279,524

4.98%,

8/10/2030

65,000

63,268

2.00%,

10/15/2031(b)

55,000

42,658

4.95%,

11/21/2032

70,000

67,285

5.09%,

8/10/2033

80,000

77,356

2.80%,

10/15/2041

30,000

20,217

5.40%,

8/10/2043(b)

90,000

85,993

5.30%,

2/1/2044

100,000

93,815

1,860,162

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

0

.2

%

Caterpillar,

Inc.

,

2.60%,

9/19/2029(b)

70,000

61,174

6.05%,

8/15/2036

177,000

185,843

3.80%,

8/15/2042(b)

300,000

240,102

3.25%,

9/19/2049(b)

330,000

231,330

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

30,000

29,071

5.45%,

10/14/2025(b)

100,000

99,223

1.45%,

7/15/2026(b)

150,000

133,643

4.55%,

4/10/2028(b)

40,000

38,003

5.50%,

1/12/2029

100,000

98,269

Cummins,

Inc.

,

2.60%,

9/1/2050(b)

50,000

28,876

Deere

&

Co.

,

3.90%,

6/9/2042(b)

250,000

206,478

Dover

Corp.

,

2.95%,

11/4/2029

45,000

38,656

5.38%,

3/1/2041

100,000

92,356

Flowserve

Corp.

,

2.80%,

1/15/2032(b)

100,000

76,514

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

186,177

Nordson

Corp.

,

5.80%,

9/15/2033

25,000

24,420

nVent

Finance

Sarl

,

5.65%,

5/15/2033(b)

40,000

37,221

Otis

Worldwide

Corp.

,

5.25%,

8/16/2028(b)

30,000

29,489

3.11%,

2/15/2040(b)

300,000

214,202

Parker-Hannifin

Corp.

,

4.25%,

9/15/2027(b)

65,000

62,100

4.50%,

9/15/2029

95,000

89,919

4.20%,

11/21/2034

300,000

260,548

Stanley

Black

&

Decker,

Inc.

,

6.00%,

3/6/2028

100,000

100,778

4.25%,

11/15/2028(b)

250,000

232,995

2.30%,

3/15/2030(b)

500,000

401,509

3.00%,

5/15/2032

40,000

32,357

Westinghouse

Air

Brake

Technologies

Corp.

,

4.70%,

9/15/2028(e)

250,000

235,079

3,466,332

Media

0

.6

%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

410,000

400,632

4.20%,

3/15/2028

200,000

183,568

2.25%,

1/15/2029

100,000

81,558

5.05%,

3/30/2029(b)

150,000

140,213

2.30%,

2/1/2032

300,000

218,632

4.40%,

4/1/2033(b)

75,000

63,790

6.38%,

10/23/2035

300,000

279,523

3.50%,

3/1/2042

100,000

61,797

5.38%,

5/1/2047

400,000

304,809

5.75%,

4/1/2048

350,000

279,461

4.80%,

3/1/2050

500,000

349,633

3.90%,

6/1/2052

200,000

119,576

5.25%,

4/1/2053

180,000

134,551

6.83%,

10/23/2055

150,000

132,547

3.85%,

4/1/2061

310,000

173,249

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Comcast

Corp.

,

3.95%,

10/15/2025(b)

500,000

485,123

5.35%,

11/15/2027

55,000

54,971

3.15%,

2/15/2028(b)

500,000

457,261

4.15%,

10/15/2028(b)

800,000

757,804

4.55%,

1/15/2029(b)

80,000

76,827

2.65%,

2/1/2030(b)

300,000

253,397

3.40%,

4/1/2030(b)

165,000

145,541

1.95%,

1/15/2031(b)

700,000

547,294

5.50%,

11/15/2032

60,000

59,308

4.25%,

1/15/2033

250,000

224,861

4.65%,

2/15/2033(b)

160,000

149,795

7.05%,

3/15/2033(b)

295,000

321,909

4.80%,

5/15/2033(b)

80,000

75,051

4.40%,

8/15/2035

200,000

176,651

6.50%,

11/15/2035

100,000

105,838

3.90%,

3/1/2038

250,000

204,179

3.40%,

7/15/2046(b)

250,000

170,296

3.97%,

11/1/2047

443,000

330,516

4.70%,

10/15/2048(b)

400,000

338,317

4.00%,

11/1/2049

450,000

333,921

2.89%,

11/1/2051

500,000

294,670

2.45%,

8/15/2052

300,000

162,690

5.35%,

5/15/2053(b)

80,000

72,944

2.94%,

11/1/2056

527,000

299,508

2.65%,

8/15/2062

300,000

157,192

5.50%,

5/15/2064

80,000

72,796

Discovery

Communications

LLC

,

3.45%,

3/15/2025

270,000

259,522

4.90%,

3/11/2026(b)

115,000

112,242

3.95%,

3/20/2028(b)

500,000

455,510

3.63%,

5/15/2030(b)

200,000

169,288

5.00%,

9/20/2037

125,000

101,864

4.00%,

9/15/2055

330,000

197,991

Fox

Corp.

,

5.58%,

1/25/2049(b)

300,000

251,297

Grupo

Televisa

SAB

,

6.63%,

1/15/2040

250,000

243,067

Interpublic

Group

of

Cos.,

Inc.

(The)

,

2.40%,

3/1/2031(b)

160,000

125,562

5.38%,

6/15/2033

24,000

22,412

3.38%,

3/1/2041

70,000

46,296

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026(b)

200,000

189,969

Paramount

Global

,

5.50%,

5/15/2033(b)

118,000

101,148

4.38%,

3/15/2043

459,000

296,876

4.60%,

1/15/2045

250,000

159,749

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

700,000

640,756

12,625,748

Metals

&

Mining

0

.2

%

ArcelorMittal

SA

,

6.55%,

11/29/2027(b)

40,000

40,575

6.80%,

11/29/2032(b)

40,000

39,726

7.00%,

10/15/2039(b)(e)

100,000

100,177

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

100,000

96,218

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

BHP

Billiton

Finance

USA

Ltd.

,

4.88%,

2/27/2026

60,000

59,163

6.42%,

3/1/2026

80,000

81,515

5.25%,

9/8/2026

100,000

99,351

4.75%,

2/28/2028(b)

60,000

58,416

5.10%,

9/8/2028

100,000

98,149

5.25%,

9/8/2030

100,000

97,668

4.90%,

2/28/2033(b)

35,000

33,240

5.25%,

9/8/2033

100,000

96,488

5.00%,

9/30/2043(b)

400,000

360,723

Freeport-McMoRan,

Inc.

,

5.40%,

11/14/2034(b)

350,000

320,333

Newmont

Corp.

,

2.60%,

7/15/2032

115,000

90,080

5.88%,

4/1/2035(b)

236,000

232,759

4.88%,

3/15/2042

150,000

128,315

Nucor

Corp.

,

3.95%,

5/23/2025

60,000

58,197

4.30%,

5/23/2027

60,000

57,583

5.20%,

8/1/2043(b)

200,000

180,790

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

206,000

200,150

Rio

Tinto

Finance

USA

Ltd.

,

2.75%,

11/2/2051

300,000

179,332

Rio

Tinto

Finance

USA

plc

,

5.00%,

3/9/2033(b)

55,000

52,790

4.13%,

8/21/2042(b)

250,000

201,493

5.13%,

3/9/2053

60,000

54,615

Southern

Copper

Corp.

,

3.88%,

4/23/2025

50,000

48,000

6.75%,

4/16/2040

250,000

261,917

5.88%,

4/23/2045(b)

100,000

93,074

Steel

Dynamics,

Inc.

,

3.25%,

1/15/2031

200,000

169,286

Teck

Resources

Ltd.

,

6.25%,

7/15/2041(b)

250,000

232,398

Vale

Overseas

Ltd.

,

3.75%,

7/8/2030

300,000

255,758

6.13%,

6/12/2033

250,000

241,444

6.88%,

11/10/2039(b)

175,000

175,172

4,494,895

Multi-Utilities

0

.4

%

Ameren

Corp.

,

1.95%,

3/15/2027(b)

80,000

71,280

Ameren

Illinois

Co.

,

3.85%,

9/1/2032

40,000

35,012

2.90%,

6/15/2051

100,000

60,313

5.90%,

12/1/2052

100,000

99,854

Berkshire

Hathaway

Energy

Co.

,

5.15%,

11/15/2043(b)

400,000

351,445

4.60%,

5/1/2053(b)

90,000

70,297

Black

Hills

Corp.

,

5.95%,

3/15/2028

100,000

99,964

3.05%,

10/15/2029

210,000

177,466

3.88%,

10/15/2049

100,000

66,886

CenterPoint

Energy,

Inc.

,

5.25%,

8/10/2026

25,000

24,678

2.65%,

6/1/2031

85,000

67,890

32

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Consolidated

Edison

Co.

of

New

York,

Inc.

,

2.40%,

6/15/2031

50,000

40,179

5.20%,

3/1/2033(b)

40,000

38,617

3.95%,

3/1/2043

500,000

376,301

4.50%,

12/1/2045

150,000

119,409

6.15%,

11/15/2052(b)

200,000

201,285

4.63%,

12/1/2054(b)

150,000

118,425

3.70%,

11/15/2059

50,000

32,542

3.60%,

6/15/2061(b)

200,000

129,279

Consumers

Energy

Co.

,

4.65%,

3/1/2028(b)

200,000

195,327

4.90%,

2/15/2029

100,000

97,770

4.63%,

5/15/2033(b)

100,000

93,090

4.35%,

4/15/2049

300,000

241,769

3.10%,

8/15/2050

45,000

29,003

2.65%,

8/15/2052

15,000

8,663

2.50%,

5/1/2060

100,000

52,317

Dominion

Energy,

Inc.

,

Series

D,

2.85%,

8/15/2026(b)

500,000

461,802

Series

C,

3.38%,

4/1/2030(b)

300,000

258,072

Series

C,

2.25%,

8/15/2031(b)

30,000

23,203

Series

A,

4.35%,

8/15/2032

40,000

35,739

5.38%,

11/15/2032(b)

50,000

47,736

Series

E,

6.30%,

3/15/2033

10,000

10,154

Series

B,

5.95%,

6/15/2035

151,000

147,910

Series

C,

4.90%,

8/1/2041

600,000

501,392

Series

B,

4.85%,

8/15/2052

40,000

32,332

DTE

Energy

Co.

,

4.22%,

11/1/2024(e)

90,000

88,322

Series

F,

1.05%,

6/1/2025

170,000

156,825

4.88%,

6/1/2028

100,000

96,644

2.95%,

3/1/2030

50,000

41,857

NiSource,

Inc.

,

0.95%,

8/15/2025

160,000

145,921

2.95%,

9/1/2029

250,000

215,470

1.70%,

2/15/2031(b)

85,000

63,567

5.95%,

6/15/2041(b)

300,000

286,281

5.00%,

6/15/2052

70,000

58,371

Puget

Energy,

Inc.

,

3.65%,

5/15/2025

250,000

239,640

2.38%,

6/15/2028(b)

200,000

171,084

4.22%,

3/15/2032(b)

40,000

34,132

Puget

Sound

Energy,

Inc.

,

5.64%,

4/15/2041

200,000

185,110

San

Diego

Gas

&

Electric

Co.

,

4.95%,

8/15/2028

100,000

97,350

Series

VVV,

1.70%,

10/1/2030

100,000

77,192

4.15%,

5/15/2048(b)

200,000

152,013

3.32%,

4/15/2050

200,000

127,619

5.35%,

4/1/2053

95,000

86,276

Sempra

,

5.40%,

8/1/2026

50,000

49,470

3.40%,

2/1/2028(b)

300,000

273,053

5.50%,

8/1/2033(b)

50,000

47,833

6.00%,

10/15/2039

220,000

208,975

4.00%,

2/1/2048

150,000

108,184

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

250,000

188,738

5.75%,

9/15/2033

50,000

49,016

4.40%,

6/1/2043(b)

250,000

189,536

Series

21A,

3.15%,

9/30/2051

100,000

59,257

WEC

Energy

Group,

Inc.

,

4.75%,

1/9/2026(b)

70,000

68,571

5.60%,

9/12/2026

25,000

24,996

5.15%,

10/1/2027(b)

100,000

98,324

4.75%,

1/15/2028

50,000

48,346

1.80%,

10/15/2030

300,000

227,928

8,383,302

Office

REITs

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033(b)

300,000

212,383

4.85%,

4/15/2049

300,000

234,325

3.55%,

3/15/2052

70,000

44,442

5.15%,

4/15/2053

70,000

58,393

Boston

Properties

LP

,

2.75%,

10/1/2026(b)

250,000

224,158

2.90%,

3/15/2030

100,000

79,145

2.45%,

10/1/2033(b)

300,000

204,750

Corporate

Office

Properties

LP

,

2.00%,

1/15/2029(b)

100,000

78,325

2.90%,

12/1/2033(b)

100,000

70,050

Highwoods

Realty

LP

,

3.05%,

2/15/2030(b)

250,000

192,128

Kilroy

Realty

LP

,

3.05%,

2/15/2030(b)

100,000

78,566

1,476,665

Oil,

Gas

&

Consumable

Fuels

1

.7

%

Apache

Corp.

,

5.10%,

9/1/2040(b)

200,000

158,876

Boardwalk

Pipelines

LP

,

3.40%,

2/15/2031

250,000

207,603

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026

500,000

477,879

4.23%,

11/6/2028(b)

400,000

380,345

2.72%,

1/12/2032(b)

400,000

324,659

4.81%,

2/13/2033(b)

50,000

46,794

4.89%,

9/11/2033(b)

40,000

37,553

3.06%,

6/17/2041

50,000

34,518

3.00%,

2/24/2050

200,000

124,704

2.77%,

11/10/2050

300,000

176,622

2.94%,

6/4/2051

150,000

91,584

3.00%,

3/17/2052(b)

50,000

30,662

3.38%,

2/8/2061

50,000

31,230

BP

Capital

Markets

plc

,

3.28%,

9/19/2027(b)

300,000

278,556

3.72%,

11/28/2028

500,000

460,738

Canadian

Natural

Resources

Ltd.

,

3.90%,

2/1/2025

500,000

485,411

6.25%,

3/15/2038(b)

340,000

329,377

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Cenovus

Energy,

Inc.

,

2.65%,

1/15/2032

45,000

34,966

6.75%,

11/15/2039

17,000

16,959

5.40%,

6/15/2047(b)

120,000

103,067

3.75%,

2/15/2052

25,000

16,540

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027(b)

250,000

242,938

3.70%,

11/15/2029(b)

65,000

57,663

2.74%,

12/31/2039(b)

100,000

74,779

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029(b)

300,000

271,642

4.00%,

3/1/2031

300,000

256,481

3.25%,

1/31/2032(b)

200,000

158,959

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

300,000

275,835

Chevron

Corp.

,

1.55%,

5/11/2025(b)

200,000

188,173

2.95%,

5/16/2026

300,000

283,705

2.00%,

5/11/2027(b)

120,000

107,538

2.24%,

5/11/2030

60,000

50,017

3.08%,

5/11/2050

25,000

16,772

Chevron

USA,

Inc.

,

0.69%,

8/12/2025(b)

140,000

128,554

1.02%,

8/12/2027(b)

120,000

103,133

3.85%,

1/15/2028

50,000

47,520

2.34%,

8/12/2050

200,000

113,040

CNOOC

Finance

2013

Ltd.

,

3.30%,

9/30/2049

200,000

129,862

CNOOC

Finance

2015

USA

LLC

,

3.50%,

5/5/2025

500,000

483,264

CNOOC

Petroleum

North

America

ULC

,

5.88%,

3/10/2035

133,000

132,356

6.40%,

5/15/2037

200,000

206,868

Columbia

Pipeline

Group,

Inc.

,

5.80%,

6/1/2045

100,000

88,468

ConocoPhillips

,

5.90%,

10/15/2032(b)

177,000

183,426

6.50%,

2/1/2039

300,000

321,239

ConocoPhillips

Co.

,

2.40%,

3/7/2025

6,000

5,737

5.05%,

9/15/2033

70,000

67,012

3.76%,

3/15/2042

250,000

191,514

4.30%,

11/15/2044

155,000

125,458

3.80%,

3/15/2052(b)

50,000

36,251

5.30%,

5/15/2053

40,000

36,733

5.55%,

3/15/2054(b)

50,000

47,521

4.03%,

3/15/2062

200,000

143,693

5.70%,

9/15/2063

50,000

47,636

Continental

Resources,

Inc.

,

4.90%,

6/1/2044

60,000

44,078

Devon

Energy

Corp.

,

5.88%,

6/15/2028

100,000

99,665

4.75%,

5/15/2042(b)

300,000

238,343

Diamondback

Energy,

Inc.

,

3.50%,

12/1/2029(b)

100,000

88,736

6.25%,

3/15/2033(b)

35,000

35,020

4.40%,

3/24/2051

50,000

36,855

6.25%,

3/15/2053

60,000

57,239

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Eastern

Gas

Transmission

&

Storage,

Inc.

,

3.00%,

11/15/2029

200,000

170,008

Enbridge

Energy

Partners

LP

,

5.88%,

10/15/2025(b)

250,000

249,915

Enbridge,

Inc.

,

1.60%,

10/4/2026

95,000

84,441

3.70%,

7/15/2027

500,000

464,814

3.13%,

11/15/2029(b)

150,000

129,296

5.70%,

3/8/2033

380,000

364,040

2.50%,

8/1/2033(b)

200,000

148,352

4.00%,

11/15/2049(b)

250,000

175,643

3.40%,

8/1/2051(b)

65,000

40,583

Energy

Transfer

LP

,

4.75%,

1/15/2026(b)

250,000

243,258

5.55%,

2/15/2028(b)

50,000

49,116

3.75%,

5/15/2030

60,000

52,266

5.75%,

2/15/2033(b)

30,000

28,838

6.05%,

6/1/2041

75,000

67,972

6.50%,

2/1/2042

250,000

239,019

5.00%,

5/15/2044(e)

150,000

117,275

5.35%,

5/15/2045(b)

500,000

409,999

5.30%,

4/15/2047

300,000

243,682

6.25%,

4/15/2049

450,000

412,885

Enterprise

Products

Operating

LLC

,

5.05%,

1/10/2026

70,000

69,238

2.80%,

1/31/2030

120,000

101,865

5.35%,

1/31/2033(b)

70,000

68,435

6.13%,

10/15/2039

285,000

284,635

4.45%,

2/15/2043

500,000

409,158

4.85%,

3/15/2044

100,000

85,866

4.25%,

2/15/2048

250,000

195,715

4.80%,

2/1/2049

300,000

254,117

3.70%,

1/31/2051

250,000

176,817

3.20%,

2/15/2052

80,000

51,078

4.95%,

10/15/2054

200,000

168,963

EOG

Resources,

Inc.

,

4.95%,

4/15/2050(b)

60,000

53,086

EQT

Corp.

,

3.90%,

10/1/2027(b)

300,000

277,492

Equinor

ASA

,

3.25%,

11/10/2024

500,000

487,323

3.70%,

4/6/2050

500,000

365,027

Exxon

Mobil

Corp.

,

2.71%,

3/6/2025(b)

500,000

481,568

3.04%,

3/1/2026(b)

235,000

222,848

2.28%,

8/16/2026(b)

100,000

92,468

3.29%,

3/19/2027(b)

200,000

188,856

3.48%,

3/19/2030

250,000

225,743

2.61%,

10/15/2030

250,000

211,094

4.23%,

3/19/2040

200,000

170,395

4.11%,

3/1/2046(b)

400,000

321,097

3.10%,

8/16/2049

250,000

165,467

4.33%,

3/19/2050

326,000

267,639

3.45%,

4/15/2051

274,000

191,710

Hess

Corp.

,

4.30%,

4/1/2027

500,000

474,939

5.60%,

2/15/2041(b)

250,000

225,742

Kinder

Morgan

Energy

Partners

LP

,

6.38%,

3/1/2041

250,000

236,424

34

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Kinder

Morgan

Energy

Partners

LP,

5.00%,

8/15/2042(b)

350,000

282,993

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025(b)

160,000

155,903

1.75%,

11/15/2026(b)

300,000

266,816

2.00%,

2/15/2031(b)

50,000

38,175

4.80%,

2/1/2033

60,000

54,092

5.20%,

6/1/2033(b)

90,000

83,243

5.30%,

12/1/2034

350,000

320,628

5.55%,

6/1/2045

400,000

343,743

5.05%,

2/15/2046

250,000

199,953

3.25%,

8/1/2050

50,000

29,742

5.45%,

8/1/2052(b)

60,000

50,998

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

250,000

176,850

3.95%,

3/1/2050

25,000

16,733

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

118,000

119,780

6.60%,

10/1/2037(b)

70,000

68,175

Marathon

Petroleum

Corp.

,

6.50%,

3/1/2041

250,000

247,302

MPLX

LP

,

4.88%,

6/1/2025

250,000

245,216

1.75%,

3/1/2026(b)

160,000

145,080

4.25%,

12/1/2027

350,000

328,760

4.00%,

3/15/2028

500,000

462,540

2.65%,

8/15/2030(b)

190,000

153,432

4.95%,

9/1/2032

90,000

81,964

5.00%,

3/1/2033

35,000

31,893

4.50%,

4/15/2038

250,000

202,596

4.70%,

4/15/2048

200,000

151,600

5.50%,

2/15/2049

300,000

253,911

4.95%,

3/14/2052(b)

110,000

86,058

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030(b)

210,000

212,782

6.13%,

1/1/2031

300,000

295,694

6.45%,

9/15/2036

250,000

245,484

4.20%,

3/15/2048

180,000

124,374

ONEOK

Partners

LP

,

4.90%,

3/15/2025

500,000

491,040

6.13%,

2/1/2041(b)

100,000

92,600

ONEOK,

Inc.

,

5.55%,

11/1/2026

100,000

99,348

4.00%,

7/13/2027

500,000

467,848

5.65%,

11/1/2028

100,000

98,705

4.35%,

3/15/2029

100,000

92,226

5.80%,

11/1/2030

75,000

73,429

6.05%,

9/1/2033

100,000

98,243

5.20%,

7/15/2048(b)

250,000

204,629

6.63%,

9/1/2053

50,000

48,960

Ovintiv,

Inc.

,

5.65%,

5/15/2025

60,000

59,657

5.65%,

5/15/2028(b)

60,000

58,688

6.25%,

7/15/2033

40,000

38,676

6.50%,

2/1/2038

250,000

238,764

7.10%,

7/15/2053

40,000

39,652

Phillips

66

,

4.65%,

11/15/2034

200,000

179,734

5.88%,

5/1/2042

382,000

372,146

4.88%,

11/15/2044

300,000

257,172

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Phillips

66

Co.

,

3.61%,

2/15/2025

500,000

484,773

4.95%,

12/1/2027

40,000

39,199

5.30%,

6/30/2033

50,000

47,847

4.90%,

10/1/2046

50,000

41,485

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026(b)

30,000

29,614

1.90%,

8/15/2030(b)

200,000

156,910

2.15%,

1/15/2031(b)

300,000

236,730

Plains

All

American

Pipeline

LP

,

4.65%,

10/15/2025

200,000

194,187

5.15%,

6/1/2042

250,000

197,794

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

1,000,000

970,117

4.50%,

5/15/2030(b)

400,000

366,824

5.90%,

9/15/2037(b)

60,000

59,059

Spectra

Energy

Partners

LP

,

4.50%,

3/15/2045

100,000

75,947

Suncor

Energy,

Inc.

,

6.50%,

6/15/2038

350,000

348,765

Targa

Resources

Corp.

,

5.20%,

7/1/2027

60,000

58,795

6.13%,

3/15/2033

100,000

98,030

6.25%,

7/1/2052

60,000

55,095

6.50%,

2/15/2053

100,000

95,438

Targa

Resources

Partners

LP

,

4.00%,

1/15/2032(b)

100,000

84,148

TotalEnergies

Capital

International

SA

,

3.46%,

2/19/2029(b)

300,000

274,362

2.83%,

1/10/2030

500,000

433,660

3.13%,

5/29/2050

200,000

130,353

3.39%,

6/29/2060

100,000

64,154

TransCanada

PipeLines

Ltd.

,

1.00%,

10/12/2024

95,000

90,248

4.88%,

1/15/2026

285,000

279,169

4.25%,

5/15/2028(b)

500,000

468,444

2.50%,

10/12/2031(b)

100,000

77,432

5.85%,

3/15/2036

450,000

429,256

7.63%,

1/15/2039

110,000

121,266

6.10%,

6/1/2040(b)

200,000

193,109

Valero

Energy

Corp.

,

2.80%,

12/1/2031

100,000

79,842

7.50%,

4/15/2032

118,000

128,452

6.63%,

6/15/2037

200,000

205,026

3.65%,

12/1/2051

50,000

32,150

Western

Midstream

Operating

LP

,

5.30%,

3/1/2048

120,000

93,665

5.25%,

2/1/2050(b)(e)

100,000

77,904

Williams

Cos.,

Inc.

(The)

,

4.00%,

9/15/2025(b)

500,000

481,754

5.40%,

3/2/2026

55,000

54,573

3.75%,

6/15/2027

300,000

278,934

5.30%,

8/15/2028(b)

200,000

195,628

3.50%,

11/15/2030(b)

400,000

344,891

4.65%,

8/15/2032(b)

60,000

54,580

5.65%,

3/15/2033

100,000

96,629

5.80%,

11/15/2043(b)

250,000

227,238

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The),

4.90%,

1/15/2045(b)

350,000

281,552

36,611,628

Paper

&

Forest

Products

0

.0

%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031(b)

50,000

59,094

Suzano

Austria

GmbH

,

2.50%,

9/15/2028

200,000

166,176

6.00%,

1/15/2029

200,000

194,634

5.00%,

1/15/2030

200,000

182,696

602,600

Passenger

Airlines

0

.0

%

†

American

Airlines

Pass-

Through

Trust

,

Series

2021-1,

Class

A,

2.88%,

7/11/2034

283,913

234,119

Southwest

Airlines

Co.

,

5.13%,

6/15/2027(b)

275,000

268,139

2.63%,

2/10/2030

50,000

41,194

543,452

Personal

Care

Products

0

.1

%

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024

85,000

81,597

2.38%,

12/1/2029

35,000

29,444

1.95%,

3/15/2031(b)

100,000

78,347

3.13%,

12/1/2049(b)

150,000

97,601

Haleon

US

Capital

LLC

,

3.38%,

3/24/2027(b)

400,000

371,099

3.63%,

3/24/2032

500,000

428,826

Kenvue,

Inc.

,

5.05%,

3/22/2028(f)

105,000

103,610

5.00%,

3/22/2030(b)(f)

80,000

77,943

4.90%,

3/22/2033(f)

140,000

133,798

5.10%,

3/22/2043(b)(f)

60,000

55,368

5.05%,

3/22/2053(f)

100,000

90,832

5.20%,

3/22/2063(f)

45,000

40,595

1,589,060

Pharmaceuticals

1

.0

%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026(b)

200,000

179,686

4.88%,

3/3/2028

100,000

98,247

1.75%,

5/28/2028

125,000

106,995

4.90%,

3/3/2030(b)

100,000

97,426

2.25%,

5/28/2031

35,000

28,196

4.88%,

3/3/2033

100,000

96,485

AstraZeneca

plc

,

3.38%,

11/16/2025(b)

500,000

479,754

0.70%,

4/8/2026(b)

200,000

178,520

1.38%,

8/6/2030

200,000

155,104

6.45%,

9/15/2037

200,000

216,063

4.00%,

9/18/2042

250,000

202,991

2.13%,

8/6/2050

85,000

46,221

3.00%,

5/28/2051

180,000

117,682

Bristol-Myers

Squibb

Co.

,

3.20%,

6/15/2026(b)

132,000

125,217

3.90%,

2/20/2028

750,000

708,826

3.40%,

7/26/2029(b)

400,000

362,371

2.95%,

3/15/2032(b)

140,000

116,850

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Bristol-Myers

Squibb

Co.,

4.13%,

6/15/2039

300,000

250,183

2.35%,

11/13/2040

350,000

221,448

3.25%,

8/1/2042

250,000

177,211

4.55%,

2/20/2048

195,000

162,733

4.25%,

10/26/2049

400,000

316,878

2.55%,

11/13/2050

300,000

171,334

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025(b)

95,000

91,039

4.70%,

2/27/2033(b)

40,000

38,507

2.25%,

5/15/2050

300,000

169,039

4.88%,

2/27/2053

40,000

36,744

2.50%,

9/15/2060

150,000

81,413

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028(b)

300,000

284,064

5.38%,

4/15/2034(b)

201,000

204,106

6.38%,

5/15/2038(b)

500,000

542,692

4.20%,

3/18/2043(b)

300,000

250,442

Johnson

&

Johnson

,

2.45%,

3/1/2026(b)

250,000

234,818

0.95%,

9/1/2027(b)

300,000

257,784

1.30%,

9/1/2030(b)

300,000

235,892

4.95%,

5/15/2033

263,000

264,147

3.63%,

3/3/2037(b)

100,000

84,273

3.70%,

3/1/2046

250,000

194,688

3.75%,

3/3/2047

100,000

78,754

2.45%,

9/1/2060

500,000

276,953

Merck

&

Co.,

Inc.

,

2.75%,

2/10/2025(b)

220,000

212,478

1.70%,

6/10/2027(b)

170,000

150,591

4.05%,

5/17/2028(b)

30,000

28,868

1.90%,

12/10/2028(b)

130,000

110,908

3.40%,

3/7/2029

400,000

365,579

4.30%,

5/17/2030

60,000

56,707

2.15%,

12/10/2031(b)

115,000

90,940

4.50%,

5/17/2033(b)

35,000

32,754

3.90%,

3/7/2039

100,000

83,141

3.60%,

9/15/2042(b)

250,000

191,449

4.15%,

5/18/2043(b)

350,000

291,973

4.90%,

5/17/2044(b)

40,000

36,486

3.70%,

2/10/2045

400,000

305,973

4.00%,

3/7/2049

350,000

275,618

2.75%,

12/10/2051

70,000

42,277

5.00%,

5/17/2053

35,000

31,831

2.90%,

12/10/2061

100,000

57,544

5.15%,

5/17/2063(b)

25,000

22,799

Novartis

Capital

Corp.

,

3.00%,

11/20/2025(b)

300,000

285,915

3.10%,

5/17/2027(b)

500,000

467,528

2.20%,

8/14/2030

300,000

248,657

4.40%,

5/6/2044

200,000

172,640

4.00%,

11/20/2045

200,000

161,388

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.65%,

5/19/2025

300,000

295,854

4.45%,

5/19/2026(b)

300,000

293,072

4.45%,

5/19/2028

300,000

289,235

4.65%,

5/19/2030

500,000

479,152

4.75%,

5/19/2033(b)

695,000

656,968

5.30%,

5/19/2053(b)

820,000

761,905

Pfizer,

Inc.

,

0.80%,

5/28/2025

125,000

115,805

36

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Pfizer,

Inc.,

3.00%,

12/15/2026(b)

300,000

280,859

2.63%,

4/1/2030(b)

100,000

85,405

1.70%,

5/28/2030(b)

140,000

112,238

1.75%,

8/18/2031(b)

100,000

77,484

7.20%,

3/15/2039

525,000

604,240

2.55%,

5/28/2040

45,000

30,268

4.00%,

3/15/2049(b)

500,000

396,545

2.70%,

5/28/2050

65,000

40,699

Pharmacia

LLC

,

6.60%,

12/1/2028(e)

177,000

187,187

Royalty

Pharma

plc

,

2.20%,

9/2/2030(b)

50,000

38,816

2.15%,

9/2/2031

35,000

26,191

3.55%,

9/2/2050

200,000

122,240

3.35%,

9/2/2051

50,000

28,933

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

925,000

863,784

Takeda

Pharmaceutical

Co.

Ltd.

,

5.00%,

11/26/2028(b)

300,000

293,597

2.05%,

3/31/2030(b)

200,000

160,828

3.03%,

7/9/2040(b)

200,000

138,864

3.18%,

7/9/2050

300,000

189,839

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026

500,000

468,373

5.25%,

6/15/2046(b)

100,000

73,845

Viatris,

Inc.

,

1.65%,

6/22/2025

200,000

184,741

2.30%,

6/22/2027(b)

400,000

344,176

2.70%,

6/22/2030

150,000

117,263

3.85%,

6/22/2040

300,000

195,386

4.00%,

6/22/2050

100,000

60,454

Wyeth

LLC

,

6.50%,

2/1/2034

206,000

221,550

Zoetis,

Inc.

,

4.50%,

11/13/2025

230,000

225,206

3.90%,

8/20/2028(b)

350,000

328,853

3.00%,

5/15/2050

300,000

189,506

20,645,181

Professional

Services

0

.1

%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028(b)

120,000

103,670

1.25%,

9/1/2030(b)

100,000

77,187

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026(b)

215,000

201,952

2.60%,

5/1/2031

135,000

107,141

Concentrix

Corp.

,

6.65%,

8/2/2026(b)

50,000

49,699

6.60%,

8/2/2028(b)

50,000

48,241

6.85%,

8/2/2033(b)

50,000

46,185

Equifax,

Inc.

,

5.10%,

12/15/2027

45,000

43,698

5.10%,

6/1/2028

40,000

38,652

2.35%,

9/15/2031(b)

100,000

75,982

Jacobs

Engineering

Group,

Inc.

,

6.35%,

8/18/2028

100,000

99,709

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

Jacobs

Engineering

Group,

Inc.,

5.90%,

3/1/2033

75,000

71,065

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026(b)

280,000

264,425

Verisk

Analytics,

Inc.

,

4.00%,

6/15/2025

250,000

242,477

5.75%,

4/1/2033

55,000

54,692

3.63%,

5/15/2050(b)

85,000

57,014

1,581,789

Real

Estate

Management

&

Development

0

.0

%

†

CBRE

Services,

Inc.

,

4.88%,

3/1/2026(b)

500,000

486,450

5.95%,

8/15/2034

25,000

23,580

510,030

Residential

REITs

0

.1

%

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025(b)

395,000

380,695

1.90%,

12/1/2028

200,000

168,580

3.30%,

6/1/2029

20,000

17,687

2.45%,

1/15/2031

210,000

169,427

2.05%,

1/15/2032

85,000

65,892

ERP

Operating

LP

,

1.85%,

8/1/2031

30,000

22,731

4.50%,

7/1/2044(b)

200,000

158,930

Essential

Properties

LP

,

2.95%,

7/15/2031

100,000

72,904

Essex

Portfolio

LP

,

3.38%,

4/15/2026(b)

300,000

283,276

4.00%,

3/1/2029

100,000

90,834

3.00%,

1/15/2030(b)

75,000

62,315

2.65%,

3/15/2032

35,000

26,937

Invitation

Homes

Operating

Partnership

LP

,

2.30%,

11/15/2028(b)

125,000

104,586

5.45%,

8/15/2030

60,000

57,141

4.15%,

4/15/2032

100,000

86,007

5.50%,

8/15/2033(b)

90,000

84,004

2.70%,

1/15/2034

30,000

21,887

Mid-America

Apartments

LP

,

1.10%,

9/15/2026

30,000

26,430

2.75%,

3/15/2030

50,000

42,059

Spirit

Realty

LP

,

3.40%,

1/15/2030(b)

250,000

209,295

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

65,000

53,946

2.70%,

7/15/2031(b)

55,000

42,329

4.20%,

4/15/2032

30,000

25,596

5.70%,

1/15/2033(b)

100,000

94,491

UDR,

Inc.

,

3.00%,

8/15/2031(b)

250,000

203,030

1.90%,

3/15/2033

55,000

38,602

2,609,611

Retail

REITs

0

.1

%

Brixmor

Operating

Partnership

LP

,

2.50%,

8/16/2031(b)

100,000

75,609

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Retail

REITs

Federal

Realty

OP

LP

,

5.38%,

5/1/2028

20,000

19,432

3.50%,

6/1/2030(b)

200,000

170,206

Kimco

Realty

OP

LLC

,

2.25%,

12/1/2031

25,000

18,766

4.45%,

9/1/2047

250,000

184,742

NNN

REIT,

Inc.

,

2.50%,

4/15/2030

300,000

242,442

5.60%,

10/15/2033

25,000

23,556

3.50%,

4/15/2051

40,000

25,143

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

2.63%,

11/15/2031(b)

100,000

73,434

Realty

Income

Corp.

,

0.75%,

3/15/2026

70,000

61,991

4.70%,

12/15/2028

40,000

38,141

3.25%,

1/15/2031(b)

65,000

54,619

5.63%,

10/13/2032(b)

45,000

43,504

2.85%,

12/15/2032(b)

400,000

312,472

1.80%,

3/15/2033

55,000

38,638

4.90%,

7/15/2033

60,000

54,826

Regency

Centers

LP

,

2.95%,

9/15/2029(b)

50,000

42,555

3.70%,

6/15/2030

300,000

261,002

SITE

Centers

Corp.

,

3.63%,

2/1/2025

500,000

475,975

2,217,053

Semiconductors

&

Semiconductor

Equipment

0

.6

%

Advanced

Micro

Devices,

Inc.

,

3.92%,

6/1/2032(b)

75,000

67,407

4.39%,

6/1/2052(b)

85,000

69,244

Analog

Devices,

Inc.

,

2.80%,

10/1/2041(b)

175,000

116,817

Applied

Materials,

Inc.

,

3.30%,

4/1/2027

200,000

187,479

1.75%,

6/1/2030

60,000

47,990

5.10%,

10/1/2035(b)

250,000

245,988

2.75%,

6/1/2050(b)

85,000

53,756

Broadcom

Corp.

,

3.88%,

1/15/2027

500,000

469,803

Broadcom,

Inc.

,

3.15%,

11/15/2025(b)

26,000

24,576

4.00%,

4/15/2029(b)(f)

95,000

85,727

4.15%,

11/15/2030

121,000

107,174

2.45%,

2/15/2031(f)

500,000

390,803

4.15%,

4/15/2032(f)

80,000

69,425

4.30%,

11/15/2032

200,000

174,488

3.42%,

4/15/2033(b)(f)

84,000

67,188

3.47%,

4/15/2034(f)

1,000,000

785,411

3.14%,

11/15/2035(f)

300,000

218,724

4.93%,

5/15/2037(f)

363,000

312,879

3.50%,

2/15/2041(f)

100,000

69,504

Intel

Corp.

,

3.40%,

3/25/2025(b)

300,000

290,662

3.70%,

7/29/2025

500,000

483,951

4.88%,

2/10/2026

110,000

108,681

3.75%,

3/25/2027

200,000

189,811

3.15%,

5/11/2027(b)

300,000

278,018

3.75%,

8/5/2027

60,000

56,600

4.88%,

2/10/2028

110,000

107,906

1.60%,

8/12/2028(b)

75,000

63,412

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.,

4.00%,

8/5/2029(b)

60,000

56,009

2.45%,

11/15/2029

400,000

339,946

5.13%,

2/10/2030(b)

310,000

304,197

3.90%,

3/25/2030(b)

400,000

365,058

2.00%,

8/12/2031

100,000

78,316

4.15%,

8/5/2032

300,000

272,996

5.20%,

2/10/2033(b)

150,000

145,236

2.80%,

8/12/2041

30,000

19,656

5.63%,

2/10/2043(b)

45,000

42,912

4.10%,

5/11/2047

300,000

229,381

3.73%,

12/8/2047

443,000

315,521

3.25%,

11/15/2049

100,000

63,702

4.75%,

3/25/2050

400,000

330,711

4.90%,

8/5/2052(b)

60,000

50,328

5.70%,

2/10/2053(b)

120,000

112,530

5.05%,

8/5/2062

60,000

50,222

5.90%,

2/10/2063(b)

110,000

104,278

KLA

Corp.

,

4.65%,

11/1/2024(b)

63,000

62,138

4.65%,

7/15/2032

50,000

47,375

3.30%,

3/1/2050

220,000

146,200

4.95%,

7/15/2052(b)

90,000

78,993

5.25%,

7/15/2062

75,000

67,377

Lam

Research

Corp.

,

3.80%,

3/15/2025(b)

255,000

248,375

1.90%,

6/15/2030(b)

90,000

72,271

2.88%,

6/15/2050

285,000

176,825

Micron

Technology,

Inc.

,

5.38%,

4/15/2028

60,000

57,921

5.33%,

2/6/2029

150,000

144,569

6.75%,

11/1/2029(b)

150,000

152,407

2.70%,

4/15/2032(b)

100,000

76,371

5.88%,

2/9/2033(b)

50,000

47,763

5.88%,

9/15/2033(b)

60,000

57,147

3.37%,

11/1/2041

50,000

32,939

3.48%,

11/1/2051

50,000

30,581

NVIDIA

Corp.

,

1.55%,

6/15/2028

365,000

311,952

2.85%,

4/1/2030(b)

110,000

95,968

2.00%,

6/15/2031

200,000

160,027

3.50%,

4/1/2050

280,000

204,081

NXP

BV

,

2.70%,

5/1/2025

25,000

23,743

3.88%,

6/18/2026

35,000

33,277

4.30%,

6/18/2029

100,000

91,610

3.40%,

5/1/2030

35,000

29,930

2.50%,

5/11/2031

190,000

148,354

2.65%,

2/15/2032

40,000

30,917

5.00%,

1/15/2033

85,000

78,204

3.25%,

5/11/2041(b)

195,000

131,195

3.13%,

2/15/2042(b)

50,000

32,556

3.25%,

11/30/2051

30,000

18,242

QUALCOMM,

Inc.

,

3.25%,

5/20/2027(b)

250,000

233,206

1.30%,

5/20/2028(b)

73,000

61,407

2.15%,

5/20/2030(b)

80,000

66,268

1.65%,

5/20/2032

190,000

142,316

5.40%,

5/20/2033(b)

100,000

100,308

4.65%,

5/20/2035(b)

100,000

93,713

4.30%,

5/20/2047(b)

300,000

242,721

4.50%,

5/20/2052(b)

90,000

73,801

38

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

QUALCOMM,

Inc.,

6.00%,

5/20/2053(b)

100,000

101,417

Skyworks

Solutions,

Inc.

,

3.00%,

6/1/2031(b)

40,000

31,280

Texas

Instruments,

Inc.

,

4.70%,

11/18/2024

100,000

98,942

1.38%,

3/12/2025(b)

200,000

188,820

4.60%,

2/15/2028

105,000

102,913

2.25%,

9/4/2029(b)

300,000

255,552

1.90%,

9/15/2031(b)

80,000

63,020

3.65%,

8/16/2032

40,000

35,165

4.90%,

3/14/2033(b)

20,000

19,342

4.15%,

5/15/2048

300,000

241,863

2.70%,

9/15/2051

100,000

60,362

5.00%,

3/14/2053

20,000

18,121

5.05%,

5/18/2063

30,000

26,590

TSMC

Arizona

Corp.

,

3.13%,

10/25/2041(b)

200,000

144,586

4.50%,

4/22/2052(b)

200,000

174,749

Xilinx,

Inc.

,

2.38%,

6/1/2030

50,000

41,395

13,531,588

Software

0

.6

%

Adobe,

Inc.

,

1.90%,

2/1/2025

30,000

28,658

3.25%,

2/1/2025

135,000

131,146

2.15%,

2/1/2027(b)

245,000

222,536

2.30%,

2/1/2030(b)

100,000

84,145

Autodesk,

Inc.

,

2.40%,

12/15/2031(b)

155,000

122,185

Intuit,

Inc.

,

5.25%,

9/15/2026

55,000

54,866

5.13%,

9/15/2028

75,000

74,197

5.20%,

9/15/2033

75,000

73,032

Microsoft

Corp.

,

3.13%,

11/3/2025(b)

600,000

574,851

2.40%,

8/8/2026(b)

465,000

431,968

3.30%,

2/6/2027

800,000

759,017

3.50%,

2/12/2035(b)

325,000

283,684

3.45%,

8/8/2036

239,000

201,534

2.53%,

6/1/2050

836,000

509,036

2.92%,

3/17/2052(b)

1,075,000

705,102

2.68%,

6/1/2060

400,000

234,878

Oracle

Corp.

,

2.50%,

4/1/2025

100,000

95,212

2.95%,

5/15/2025(b)

450,000

430,178

5.80%,

11/10/2025

35,000

35,131

2.65%,

7/15/2026

190,000

175,179

3.25%,

11/15/2027(b)

300,000

273,399

4.50%,

5/6/2028

55,000

52,421

6.15%,

11/9/2029(b)

65,000

65,985

2.95%,

4/1/2030(b)

600,000

504,892

4.65%,

5/6/2030(b)

55,000

51,435

3.25%,

5/15/2030(b)

250,000

213,859

2.88%,

3/25/2031(b)

500,000

408,415

6.25%,

11/9/2032(b)

180,000

182,223

4.90%,

2/6/2033

85,000

78,347

3.90%,

5/15/2035(b)

200,000

163,445

3.60%,

4/1/2040

500,000

361,271

5.38%,

7/15/2040

350,000

310,458

4.50%,

7/8/2044

370,000

286,274

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Oracle

Corp.,

4.00%,

7/15/2046

500,000

352,821

4.00%,

11/15/2047(b)

400,000

281,119

3.60%,

4/1/2050

700,000

452,797

6.90%,

11/9/2052

180,000

185,423

5.55%,

2/6/2053

130,000

113,901

3.85%,

4/1/2060

250,000

158,979

4.10%,

3/25/2061

300,000

200,089

Roper

Technologies,

Inc.

,

1.00%,

9/15/2025

60,000

54,838

2.95%,

9/15/2029(b)

90,000

78,013

1.75%,

2/15/2031

245,000

185,875

Salesforce,

Inc.

,

3.70%,

4/11/2028

500,000

471,692

1.95%,

7/15/2031(b)

35,000

27,718

2.70%,

7/15/2041

200,000

135,438

2.90%,

7/15/2051

290,000

181,089

ServiceNow,

Inc.

,

1.40%,

9/1/2030

145,000

111,310

VMware,

Inc.

,

1.40%,

8/15/2026(b)

300,000

264,632

4.70%,

5/15/2030

300,000

276,310

Workday,

Inc.

,

3.50%,

4/1/2027

50,000

46,652

3.70%,

4/1/2029(b)

50,000

45,349

3.80%,

4/1/2032

70,000

60,020

11,863,024

Specialized

REITs

0

.3

%

American

Tower

Corp.

,

2.40%,

3/15/2025

125,000

118,514

1.45%,

9/15/2026

105,000

92,535

3.65%,

3/15/2027

35,000

32,429

1.50%,

1/31/2028

300,000

248,634

5.50%,

3/15/2028

60,000

58,865

5.25%,

7/15/2028

40,000

38,626

5.80%,

11/15/2028(b)

85,000

84,360

3.95%,

3/15/2029

300,000

271,362

3.80%,

8/15/2029

300,000

266,853

2.90%,

1/15/2030

110,000

91,390

1.88%,

10/15/2030

165,000

124,859

2.30%,

9/15/2031(b)

145,000

110,041

4.05%,

3/15/2032(b)

60,000

51,716

5.65%,

3/15/2033(b)

60,000

57,676

5.55%,

7/15/2033(b)

40,000

38,115

5.90%,

11/15/2033

100,000

97,631

2.95%,

1/15/2051

200,000

112,779

Crown

Castle,

Inc.

,

3.70%,

6/15/2026(b)

60,000

56,739

1.05%,

7/15/2026(b)

300,000

263,243

2.90%,

3/15/2027(b)

40,000

36,281

3.65%,

9/1/2027(b)

750,000

688,498

5.00%,

1/11/2028(b)

65,000

62,795

3.80%,

2/15/2028

150,000

137,534

4.80%,

9/1/2028

35,000

33,221

3.10%,

11/15/2029(b)

260,000

221,176

5.10%,

5/1/2033(b)

35,000

32,359

2.90%,

4/1/2041

200,000

128,388

4.75%,

5/15/2047(b)

100,000

77,698

CubeSmart

LP

,

2.25%,

12/15/2028(b)

155,000

129,657

2.00%,

2/15/2031

50,000

37,608

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

CubeSmart

LP,

2.50%,

2/15/2032

175,000

133,132

EPR

Properties

,

4.95%,

4/15/2028(b)

200,000

177,215

Equinix,

Inc.

,

2.63%,

11/18/2024

80,000

76,969

1.00%,

9/15/2025

50,000

45,424

1.55%,

3/15/2028

100,000

83,339

2.00%,

5/15/2028

30,000

25,300

3.20%,

11/18/2029

105,000

89,915

2.50%,

5/15/2031(b)

90,000

70,254

2.95%,

9/15/2051

100,000

57,416

3.40%,

2/15/2052

200,000

126,536

Extra

Space

Storage

LP

,

2.40%,

10/15/2031

90,000

68,901

2.35%,

3/15/2032(b)

40,000

30,236

Public

Storage

Operating

Co.

,

1.50%,

11/9/2026

140,000

125,064

1.85%,

5/1/2028

185,000

158,322

1.95%,

11/9/2028

135,000

114,331

5.13%,

1/15/2029

30,000

29,524

2.30%,

5/1/2031(b)

160,000

127,741

2.25%,

11/9/2031(b)

100,000

78,209

Weyerhaeuser

Co.

,

4.75%,

5/15/2026

60,000

58,552

7.38%,

3/15/2032

193,000

209,699

5,687,661

Specialty

Retail

0

.4

%

Advance

Auto

Parts,

Inc.

,

5.95%,

3/9/2028

100,000

94,512

AutoNation,

Inc.

,

1.95%,

8/1/2028(b)

45,000

36,655

2.40%,

8/1/2031

90,000

66,350

3.85%,

3/1/2032(b)

30,000

24,384

AutoZone,

Inc.

,

3.25%,

4/15/2025

325,000

312,801

5.05%,

7/15/2026

25,000

24,635

4.50%,

2/1/2028(b)

145,000

139,069

4.00%,

4/15/2030

100,000

90,093

4.75%,

8/1/2032

40,000

36,692

4.75%,

2/1/2033

150,000

136,400

5.20%,

8/1/2033(b)

25,000

23,401

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030(b)

125,000

97,465

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

50,000

30,375

Home

Depot,

Inc.

(The)

,

2.70%,

4/15/2025

30,000

28,813

4.00%,

9/15/2025

30,000

29,275

2.50%,

4/15/2027(b)

200,000

182,455

2.88%,

4/15/2027

45,000

41,661

2.80%,

9/14/2027

750,000

686,970

0.90%,

3/15/2028

130,000

108,497

1.50%,

9/15/2028(b)

100,000

84,017

3.90%,

12/6/2028

300,000

283,221

1.38%,

3/15/2031(b)

300,000

226,901

1.88%,

9/15/2031

100,000

77,631

3.25%,

4/15/2032

200,000

171,591

4.50%,

9/15/2032(b)

90,000

84,912

5.88%,

12/16/2036

500,000

515,219

5.95%,

4/1/2041

150,000

153,441

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Home

Depot,

Inc.

(The),

4.20%,

4/1/2043(b)

150,000

122,853

4.40%,

3/15/2045

600,000

495,635

3.35%,

4/15/2050

135,000

92,012

2.38%,

3/15/2051

200,000

109,427

2.75%,

9/15/2051

100,000

59,394

3.63%,

4/15/2052(b)

140,000

100,202

4.95%,

9/15/2052

25,000

22,360

Lowe's

Cos.,

Inc.

,

4.00%,

4/15/2025(b)

500,000

487,208

4.40%,

9/8/2025

40,000

39,104

4.80%,

4/1/2026

60,000

58,872

2.50%,

4/15/2026(b)

300,000

278,732

3.35%,

4/1/2027

60,000

55,860

3.10%,

5/3/2027(b)

250,000

230,229

1.30%,

4/15/2028(b)

170,000

141,670

1.70%,

9/15/2028(b)

80,000

66,793

6.50%,

3/15/2029(b)

236,000

248,051

3.65%,

4/5/2029(b)

400,000

363,003

1.70%,

10/15/2030(b)

75,000

57,511

2.63%,

4/1/2031(b)

300,000

242,669

3.75%,

4/1/2032(b)

245,000

212,146

5.00%,

4/15/2033

60,000

56,471

5.15%,

7/1/2033(b)

75,000

71,148

2.80%,

9/15/2041

60,000

38,755

4.05%,

5/3/2047

250,000

184,598

3.00%,

10/15/2050

345,000

203,742

4.25%,

4/1/2052

65,000

47,950

5.63%,

4/15/2053(b)

200,000

181,783

4.45%,

4/1/2062

75,000

54,760

5.80%,

9/15/2062

60,000

54,724

5.85%,

4/1/2063

110,000

101,209

O'Reilly

Automotive,

Inc.

,

3.55%,

3/15/2026(b)

300,000

285,664

4.70%,

6/15/2032

100,000

91,640

TJX

Cos.,

Inc.

(The)

,

2.25%,

9/15/2026(b)

500,000

459,244

Tractor

Supply

Co.

,

1.75%,

11/1/2030

55,000

41,785

5.25%,

5/15/2033(b)

20,000

18,885

9,163,525

Technology

Hardware,

Storage

&

Peripherals

0

.5

%

Apple,

Inc.

,

2.50%,

2/9/2025(b)

595,000

572,507

1.13%,

5/11/2025(b)

140,000

130,945

0.55%,

8/20/2025(b)

500,000

458,613

0.70%,

2/8/2026(b)

500,000

450,792

3.25%,

2/23/2026(b)

230,000

219,775

2.45%,

8/4/2026(b)

625,000

580,571

3.35%,

2/9/2027

500,000

472,814

3.20%,

5/11/2027(b)

300,000

281,633

1.20%,

2/8/2028

500,000

426,550

4.00%,

5/10/2028

60,000

57,613

1.40%,

8/5/2028(b)

350,000

296,513

3.25%,

8/8/2029(b)

150,000

136,893

2.20%,

9/11/2029(b)

235,000

201,615

4.15%,

5/10/2030(b)

60,000

57,238

1.65%,

5/11/2030(b)

300,000

243,233

1.25%,

8/20/2030(b)

500,000

391,530

1.65%,

2/8/2031(b)

250,000

198,040

1.70%,

8/5/2031

50,000

39,344

40

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Apple,

Inc.,

3.35%,

8/8/2032

150,000

132,349

4.30%,

5/10/2033

60,000

56,639

3.85%,

5/4/2043

550,000

444,962

4.38%,

5/13/2045

355,000

306,842

4.65%,

2/23/2046

460,000

409,876

2.65%,

5/11/2050

300,000

183,731

2.40%,

8/20/2050

100,000

58,956

2.65%,

2/8/2051

400,000

242,615

2.70%,

8/5/2051

50,000

30,446

3.95%,

8/8/2052

120,000

94,108

4.85%,

5/10/2053(b)

60,000

54,965

2.55%,

8/20/2060(b)

300,000

171,869

2.85%,

8/5/2061

50,000

29,513

4.10%,

8/8/2062

120,000

92,292

Dell

International

LLC

,

6.02%,

6/15/2026

365,000

366,423

5.30%,

10/1/2029(b)

300,000

291,230

5.75%,

2/1/2033(b)

60,000

58,298

3.38%,

12/15/2041(b)(f)

100,000

67,103

8.35%,

7/15/2046

99,000

115,711

3.45%,

12/15/2051(f)

150,000

93,453

Hewlett

Packard

Enterprise

Co.

,

4.90%,

10/15/2025(e)

400,000

392,674

5.25%,

7/1/2028

20,000

19,525

6.35%,

10/15/2045(b)(e)

150,000

146,057

HP,

Inc.

,

4.75%,

1/15/2028

60,000

57,551

4.00%,

4/15/2029(b)

60,000

54,826

2.65%,

6/17/2031

50,000

39,068

5.50%,

1/15/2033(b)

60,000

56,255

6.00%,

9/15/2041(b)

250,000

235,789

Western

Digital

Corp.

,

2.85%,

2/1/2029

250,000

200,710

9,720,055

Textiles,

Apparel

&

Luxury

Goods

0

.0

%

†

NIKE,

Inc.

,

2.85%,

3/27/2030(b)

400,000

346,486

3.88%,

11/1/2045(b)

250,000

199,470

3.38%,

3/27/2050(b)

200,000

142,705

688,661

Tobacco

0

.3

%

Altria

Group,

Inc.

,

4.40%,

2/14/2026

160,000

155,320

4.80%,

2/14/2029(b)

400,000

380,435

5.80%,

2/14/2039(b)

400,000

370,837

4.50%,

5/2/2043

250,000

185,830

5.38%,

1/31/2044(b)

170,000

152,382

5.95%,

2/14/2049(b)

250,000

224,513

3.70%,

2/4/2051

250,000

155,444

BAT

Capital

Corp.

,

4.70%,

4/2/2027

100,000

95,745

3.56%,

8/15/2027

198,000

181,149

6.34%,

8/2/2030

100,000

98,497

4.74%,

3/16/2032(b)

70,000

61,683

6.42%,

8/2/2033

90,000

87,471

4.39%,

8/15/2037

350,000

267,823

7.08%,

8/2/2043

50,000

47,961

4.54%,

8/15/2047(b)

460,000

316,637

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

BAT

Capital

Corp.,

4.76%,

9/6/2049

150,000

105,491

5.65%,

3/16/2052

70,000

56,042

7.08%,

8/2/2053

75,000

70,849

BAT

International

Finance

plc

,

1.67%,

3/25/2026(b)

150,000

135,145

4.45%,

3/16/2028

70,000

65,276

5.93%,

2/2/2029(b)

200,000

196,350

Philip

Morris

International,

Inc.

,

5.13%,

11/15/2024

90,000

89,357

5.00%,

11/17/2025

90,000

88,929

4.88%,

2/13/2026

100,000

98,358

5.13%,

11/17/2027

90,000

88,127

4.88%,

2/15/2028(b)

100,000

96,877

5.25%,

9/7/2028(b)

25,000

24,480

5.63%,

11/17/2029(b)

70,000

69,206

5.13%,

2/15/2030

100,000

95,904

5.50%,

9/7/2030

25,000

24,310

5.75%,

11/17/2032

30,000

29,272

5.38%,

2/15/2033(b)

100,000

94,784

5.63%,

9/7/2033

25,000

24,041

6.38%,

5/16/2038

460,000

468,578

3.88%,

8/21/2042(b)

250,000

184,569

4.25%,

11/10/2044(b)

160,000

121,954

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

310,000

301,302

5.70%,

8/15/2035

120,000

107,363

5.85%,

8/15/2045

400,000

331,332

5,749,623

Trading

Companies

&

Distributors

0

.1

%

Air

Lease

Corp.

,

2.30%,

2/1/2025(b)

75,000

71,043

3.25%,

3/1/2025

1,000,000

957,120

3.75%,

6/1/2026

250,000

235,644

1.88%,

8/15/2026

80,000

71,076

5.30%,

2/1/2028

50,000

48,307

2.10%,

9/1/2028

100,000

83,022

3.25%,

10/1/2029(b)

250,000

212,691

GATX

Corp.

,

3.25%,

9/15/2026

50,000

46,364

4.00%,

6/30/2030

100,000

87,924

4.90%,

3/15/2033(b)

145,000

131,547

5.45%,

9/15/2033

100,000

93,845

6.05%,

3/15/2034

50,000

48,829

3.10%,

6/1/2051

90,000

52,121

WW

Grainger,

Inc.

,

3.75%,

5/15/2046(b)

250,000

185,675

2,325,208

Water

Utilities

0

.0

%

†

American

Water

Capital

Corp.

,

4.45%,

6/1/2032(b)

60,000

55,445

4.30%,

9/1/2045

500,000

394,756

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

200,000

124,623

5.30%,

5/1/2052

40,000

34,285

Veralto

Corp.

,

5.50%,

9/18/2026(f)

50,000

49,771

5.35%,

9/18/2028(f)

50,000

49,435

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Water

Utilities

Veralto

Corp.,

5.45%,

9/18/2033(f)

50,000

48,376

756,691

Wireless

Telecommunication

Services

0

.4

%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

177,000

183,560

6.13%,

3/30/2040

350,000

346,317

Rogers

Communications,

Inc.

,

2.95%,

3/15/2025

80,000

76,298

3.63%,

12/15/2025

200,000

189,353

3.20%,

3/15/2027(b)

60,000

54,879

3.80%,

3/15/2032(b)

70,000

58,172

4.50%,

3/15/2042(b)

70,000

54,203

4.50%,

3/15/2043(b)

100,000

75,278

5.00%,

3/15/2044(b)

80,000

64,671

4.35%,

5/1/2049

300,000

213,723

3.70%,

11/15/2049(b)

400,000

257,197

4.55%,

3/15/2052(b)

80,000

58,354

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(b)

500,000

482,454

2.25%,

2/15/2026(b)

300,000

276,169

3.75%,

4/15/2027

500,000

467,210

2.05%,

2/15/2028(b)

100,000

85,988

4.95%,

3/15/2028

85,000

82,490

4.80%,

7/15/2028(b)

80,000

76,882

3.38%,

4/15/2029(b)

500,000

439,770

3.88%,

4/15/2030

1,000,000

885,971

2.55%,

2/15/2031

500,000

397,855

2.70%,

3/15/2032

80,000

62,579

5.05%,

7/15/2033

245,000

227,314

5.75%,

1/15/2034

65,000

63,409

4.38%,

4/15/2040

250,000

200,882

3.00%,

2/15/2041

200,000

132,529

4.50%,

4/15/2050(b)

150,000

115,024

3.30%,

2/15/2051

300,000

187,710

3.40%,

10/15/2052

200,000

124,929

5.65%,

1/15/2053

200,000

182,650

5.75%,

1/15/2054

80,000

73,722

5.80%,

9/15/2062

200,000

182,415

Vodafone

Group

plc

,

4.13%,

5/30/2025(b)

500,000

487,472

7.88%,

2/15/2030

206,000

226,373

4.38%,

2/19/2043(b)

500,000

385,281

4.88%,

6/19/2049

300,000

239,500

4.25%,

9/17/2050(b)

40,000

29,000

5.63%,

2/10/2053(b)

100,000

88,618

5.75%,

2/10/2063(b)

100,000

87,668

7,923,869

Total

Corporate

Bonds

(cost

$621,244,325)

538,346,994

Foreign

Government

Securities

1

.4

%

CANADA

0.2%

Canada

Government

Bond,

3.75%,

4/26/2028

1,300,000

1,248,207

Export

Development

Canada,

3.88%,

2/14/2028(b)

500,000

481,737

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

Province

of

Alberta,

3.30%,

3/15/2028(b)

500,000

466,897

Province

of

Ontario,

2.50%,

4/27/2026

600,000

562,085

2.00%,

10/2/2029

1,000,000

853,485

Province

of

Quebec,

0.60%,

7/23/2025

450,000

413,962

3.63%,

4/13/2028

500,000

474,183

7.50%,

9/15/2029(b)

578,000

653,701

5,154,257

CHILE

0.1%

Republic

of

Chile,

3.24%,

2/6/2028

500,000

458,199

2.45%,

1/31/2031

500,000

410,925

2.55%,

1/27/2032(b)

500,000

403,741

4.95%,

1/5/2036

753,162

690,763

3.10%,

5/7/2041

400,000

271,459

5.33%,

1/5/2054(b)

328,290

292,852

3.25%,

9/21/2071

200,000

113,134

2,641,073

HUNGARY

0.0%

†

Hungary

Government

Bond,

7.63%,

3/29/2041

100,000

104,619

INDONESIA

0.1%

Republic

of

Indonesia,

4.15%,

9/20/2027

200,000

190,826

3.50%,

1/11/2028(b)

500,000

463,056

4.10%,

4/24/2028

1,000,000

942,654

2.85%,

2/14/2030(b)

500,000

425,114

4.65%,

9/20/2032

200,000

186,646

5.35%,

2/11/2049(b)

200,000

182,889

4.20%,

10/15/2050

200,000

153,130

5.65%,

1/11/2053

200,000

190,007

4.45%,

4/15/2070

200,000

150,900

2,885,222

ISRAEL

0.0%

†

State

of

Israel

Government

Bond,

3.25%,

1/17/2028

200,000

184,060

3.38%,

1/15/2050

200,000

132,507

3.88%,

7/3/2050(b)

200,000

145,244

4.50%,

4/3/2120

200,000

143,400

605,211

ITALY

0.0%

†

Italian

Republic

Government

Bond,

5.38%,

6/15/2033(b)

491,000

466,255

4.00%,

10/17/2049(b)

400,000

273,775

740,030

JAPAN

0.1%

Japan

Bank

for

International

Cooperation,

2.38%,

4/20/2026

500,000

465,155

1.88%,

7/21/2026(b)

500,000

455,548

2.88%,

7/21/2027

500,000

461,746

1.88%,

4/15/2031(b)

800,000

637,568

42

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

Japan

International

Cooperation

Agency,

4.00%,

5/23/2028

450,000

429,263

2,449,280

MEXICO

0.3%

United

Mexican

States,

4.15%,

3/28/2027(b)

200,000

192,008

3.75%,

1/11/2028

1,000,000

925,230

2.66%,

5/24/2031(b)

700,000

552,323

4.88%,

5/19/2033(b)

200,000

179,212

6.75%,

9/27/2034

996,000

1,003,050

6.35%,

2/9/2035

200,000

195,517

6.05%,

1/11/2040(b)

400,000

369,143

4.75%,

3/8/2044

400,000

306,340

5.55%,

1/21/2045

300,000

258,050

4.60%,

1/23/2046(b)

347,000

255,599

4.35%,

1/15/2047(b)

300,000

211,586

4.40%,

2/12/2052(b)

200,000

138,368

6.34%,

5/4/2053(b)

550,000

500,537

3.77%,

5/24/2061

200,000

117,190

5,204,153

PANAMA

0.1%

Republic

of

Panama,

3.88%,

3/17/2028(b)

200,000

183,649

2.25%,

9/29/2032(b)

200,000

144,552

6.70%,

1/26/2036

250,000

246,779

4.30%,

4/29/2053

500,000

325,168

6.85%,

3/28/2054

200,000

185,714

4.50%,

4/1/2056

400,000

262,766

3.87%,

7/23/2060

200,000

115,447

1,464,075

PERU

0.1%

Republic

of

Peru,

4.13%,

8/25/2027

175,000

166,648

2.78%,

1/23/2031

500,000

409,442

8.75%,

11/21/2033

300,000

356,359

3.00%,

1/15/2034(b)

200,000

154,012

3.30%,

3/11/2041

200,000

138,101

5.63%,

11/18/2050(b)

300,000

277,045

3.60%,

1/15/2072

150,000

88,813

1,590,420

PHILIPPINES

0.1%

Republic

of

Philippines,

9.50%,

2/2/2030

500,000

605,813

2.46%,

5/5/2030

500,000

416,540

7.75%,

1/14/2031(b)

200,000

225,743

6.38%,

10/23/2034

500,000

526,427

3.70%,

2/2/2042

600,000

446,932

3.20%,

7/6/2046

400,000

262,462

5.50%,

1/17/2048(b)

200,000

188,253

2,672,170

POLAND

0.0%

†

Republic

of

Poland,

4.88%,

10/4/2033

200,000

186,000

5.50%,

4/4/2053

200,000

180,760

366,760

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea,

2.38%,

4/21/2027

1,000,000

905,320

5.13%,

1/11/2033(b)

200,000

195,955

Republic

of

Korea,

5.63%,

11/3/2025

300,000

299,400

4.13%,

6/10/2044(b)

250,000

209,492

1,610,167

SWEDEN

0.1%

Svensk

Exportkredit

AB,

4.38%,

2/13/2026

500,000

490,618

4.13%,

6/14/2028(b)

500,000

483,922

974,540

URUGUAY

0.1%

Oriental

Republic

of

Uruguay,

4.38%,

10/27/2027

1,250,000

1,233,608

5.10%,

6/18/2050

700,000

619,142

1,852,750

Total

Foreign

Government

Securities

(cost

$34,873,431)

30,314,727

Mortgage-Backed

Securities

26

.6

%

FHLMC

Gold

Pool

Pool#

C90719

5.00%,

10/1/2023

229

224

Pool#

J09912

4.00%,

6/1/2024

14,197

13,760

Pool#

C00351

8.00%,

7/1/2024

21

21

Pool#

D60780

8.00%,

6/1/2025

198

198

Pool#

G30267

5.00%,

8/1/2025

8,851

8,514

Pool#

E02746

3.50%,

11/1/2025

29,591

28,969

Pool#

J13883

3.50%,

12/1/2025

65,470

64,092

Pool#

J14732

4.00%,

3/1/2026

37,356

36,102

Pool#

E02896

3.50%,

5/1/2026

33,371

32,619

Pool#

J18127

3.00%,

3/1/2027

55,980

54,001

Pool#

J18702

3.00%,

3/1/2027

48,247

46,571

Pool#

J19106

3.00%,

5/1/2027

21,335

20,568

Pool#

J20471

3.00%,

9/1/2027

92,509

89,027

Pool#

G14609

3.00%,

11/1/2027

157,754

151,393

Pool#

C00566

7.50%,

12/1/2027

278

280

Pool#

G15100

2.50%,

7/1/2028

72,138

68,474

Pool#

C18271

7.00%,

11/1/2028

1,026

1,025

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C00678

7.00%,

11/1/2028

226

228

Pool#

C00836

7.00%,

7/1/2029

220

224

Pool#

C31285

7.00%,

9/1/2029

301

300

Pool#

G18536

2.50%,

1/1/2030

1,082,515

1,008,520

Pool#

C37436

8.00%,

1/1/2030

701

721

Pool#

C36429

7.00%,

2/1/2030

454

449

Pool#

C36306

7.00%,

2/1/2030

301

298

Pool#

C00921

7.50%,

2/1/2030

476

488

Pool#

G01108

7.00%,

4/1/2030

166

169

Pool#

C37703

7.50%,

4/1/2030

287

286

Pool#

G18552

3.00%,

5/1/2030

397,535

371,087

Pool#

U49055

3.00%,

6/1/2030

40,817

37,984

Pool#

J32243

3.00%,

7/1/2030

320,416

299,124

Pool#

J32257

3.00%,

7/1/2030

62,155

58,012

Pool#

J32255

3.00%,

7/1/2030

60,739

56,693

Pool#

C41561

8.00%,

8/1/2030

1,457

1,460

Pool#

C01051

8.00%,

9/1/2030

764

788

Pool#

C43550

7.00%,

10/1/2030

1,045

1,035

Pool#

C44017

7.50%,

10/1/2030

339

338

Pool#

C43967

8.00%,

10/1/2030

282

281

Pool#

C44957

8.00%,

11/1/2030

660

660

Pool#

J33361

3.00%,

12/1/2030

149,522

139,578

Pool#

G18578

3.00%,

12/1/2030

137,274

127,795

Pool#

J33315

3.00%,

12/1/2030

62,578

58,406

Pool#

C01103

7.50%,

12/1/2030

336

348

Pool#

C46932

7.50%,

1/1/2031

499

498

Pool#

G18587

3.00%,

2/1/2031

100,791

93,733

Pool#

G18592

3.00%,

3/1/2031

109,665

102,094

Pool#

C48206

7.50%,

3/1/2031

1,323

1,320

Pool#

C91366

4.50%,

4/1/2031

35,741

34,327

Pool#

G18601

3.00%,

5/1/2031

64,880

60,394

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G18605

3.00%,

6/1/2031

37,895

35,275

Pool#

J34627

3.00%,

6/1/2031

10,452

9,728

Pool#

C91377

4.50%,

6/1/2031

18,686

17,947

Pool#

C53324

7.00%,

6/1/2031

1,218

1,208

Pool#

J35107

2.50%,

8/1/2031

69,909

63,061

Pool#

G01309

7.00%,

8/1/2031

435

441

Pool#

G01311

7.00%,

9/1/2031

3,414

3,466

Pool#

C01222

7.00%,

9/1/2031

498

511

Pool#

G01315

7.00%,

9/1/2031

125

128

Pool#

J35522

2.50%,

10/1/2031

250,843

226,759

Pool#

C60012

7.00%,

11/1/2031

502

498

Pool#

C61298

8.00%,

11/1/2031

1,885

1,884

Pool#

J35957

2.50%,

12/1/2031

367,551

331,492

Pool#

C61105

7.00%,

12/1/2031

4,128

4,095

Pool#

C63171

7.00%,

1/1/2032

2,986

3,000

Pool#

V61548

2.50%,

2/1/2032

356,069

321,904

Pool#

D99004

3.50%,

3/1/2032

64,392

59,437

Pool#

G30577

3.50%,

4/1/2032

135,635

123,871

Pool#

G01391

7.00%,

4/1/2032

6,149

6,370

Pool#

C01345

7.00%,

4/1/2032

2,314

2,374

Pool#

C01370

8.00%,

4/1/2032

561

571

Pool#

C01381

8.00%,

5/1/2032

7,560

7,771

Pool#

C68290

7.00%,

6/1/2032

1,886

1,880

Pool#

C68300

7.00%,

6/1/2032

700

693

Pool#

D99266

3.50%,

7/1/2032

104,654

95,576

Pool#

G01449

7.00%,

7/1/2032

3,919

4,031

Pool#

C69908

7.00%,

8/1/2032

19,173

19,239

Pool#

C91558

3.50%,

9/1/2032

20,488

18,910

Pool#

G16407

2.50%,

1/1/2033

187,507

169,509

Pool#

G16408

2.50%,

1/1/2033

133,640

120,808

Pool#

G01536

7.00%,

3/1/2033

6,495

6,639

44

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C01528

5.00%,

4/1/2033

29,220

28,625

Pool#

G30646

3.00%,

5/1/2033

131,794

118,600

Pool#

G30642

3.00%,

5/1/2033

66,694

60,015

Pool#

K90535

3.00%,

5/1/2033

30,178

27,157

Pool#

G18693

4.00%,

5/1/2033

40,298

38,407

Pool#

G18696

3.50%,

7/1/2033

11,356

10,687

Pool#

A16419

6.50%,

11/1/2033

12,553

12,652

Pool#

A21356

6.50%,

4/1/2034

38,993

39,644

Pool#

C01851

6.50%,

4/1/2034

15,479

15,716

Pool#

A24301

6.50%,

5/1/2034

23,662

23,817

Pool#

A22067

6.50%,

5/1/2034

11,852

12,096

Pool#

G18737

3.50%,

6/1/2034

74,147

69,954

Pool#

A24988

6.50%,

7/1/2034

9,385

9,445

Pool#

G01741

6.50%,

10/1/2034

5,127

5,214

Pool#

G08023

6.50%,

11/1/2034

11,145

11,529

Pool#

G01947

7.00%,

5/1/2035

5,262

5,371

Pool#

G08073

5.50%,

8/1/2035

48,086

47,990

Pool#

A37135

5.50%,

9/1/2035

86,663

86,117

Pool#

A47368

5.00%,

10/1/2035

66,039

64,658

Pool#

A38531

5.50%,

10/1/2035

116,953

116,197

Pool#

A38255

5.50%,

10/1/2035

83,402

83,287

Pool#

G08088

6.50%,

10/1/2035

45,006

46,447

Pool#

A39759

5.50%,

11/1/2035

3,793

3,768

Pool#

A40376

5.50%,

12/1/2035

1,981

1,946

Pool#

A42305

5.50%,

1/1/2036

7,189

7,090

Pool#

A41548

7.00%,

1/1/2036

5,872

5,818

Pool#

G08111

5.50%,

2/1/2036

60,525

60,454

Pool#

A43886

5.50%,

3/1/2036

218,148

213,951

Pool#

A43885

5.50%,

3/1/2036

154,678

151,296

Pool#

A43884

5.50%,

3/1/2036

59,549

57,720

Pool#

A48378

5.50%,

3/1/2036

57,938

56,251

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A43861

5.50%,

3/1/2036

30,334

29,490

Pool#

G08116

5.50%,

3/1/2036

14,720

14,715

Pool#

A48735

5.50%,

5/1/2036

6,240

6,056

Pool#

A53039

6.50%,

10/1/2036

40,398

40,663

Pool#

G05254

5.00%,

1/1/2037

46,552

45,658

Pool#

G04331

5.00%,

2/1/2037

46,620

45,724

Pool#

G05941

6.00%,

2/1/2037

236,039

240,296

Pool#

G03620

6.50%,

10/1/2037

1,589

1,653

Pool#

G03721

6.00%,

12/1/2037

20,934

21,301

Pool#

G03969

6.00%,

2/1/2038

24,232

24,640

Pool#

C91982

3.50%,

3/1/2038

80,796

72,452

Pool#

G04913

5.00%,

3/1/2038

82,593

80,936

Pool#

G05299

4.50%,

6/1/2038

75,846

71,574

Pool#

G04581

6.50%,

8/1/2038

42,094

42,709

Pool#

C92013

3.50%,

9/1/2038

198,406

177,917

Pool#

A81674

6.00%,

9/1/2038

160,199

161,094

Pool#

G05459

5.50%,

5/1/2039

583,729

581,695

Pool#

G05535

4.50%,

7/1/2039

225,786

213,588

Pool#

A89500

4.50%,

10/1/2039

23,391

22,128

Pool#

A91165

5.00%,

2/1/2040

906,670

887,885

Pool#

G60342

4.50%,

5/1/2042

225,005

212,856

Pool#

G60195

4.00%,

6/1/2042

295,436

270,879

Pool#

Q08977

4.00%,

6/1/2042

60,659

55,615

Pool#

Q09824

4.00%,

8/1/2042

37,782

34,652

Pool#

Q11087

4.00%,

9/1/2042

46,277

42,141

Pool#

G07158

3.50%,

10/1/2042

165,146

146,617

Pool#

G07163

3.50%,

10/1/2042

138,762

123,263

Pool#

Q11532

3.50%,

10/1/2042

112,273

99,664

Pool#

Q12051

3.50%,

10/1/2042

88,083

78,216

Pool#

Q12052

3.50%,

10/1/2042

37,190

33,021

Pool#

C09020

3.50%,

11/1/2042

258,945

229,863

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G07264

3.50%,

12/1/2042

235,150

208,716

Pool#

Q14292

3.50%,

1/1/2043

66,073

58,659

Pool#

Q15884

3.00%,

2/1/2043

358,770

307,128

Pool#

Q16470

3.00%,

3/1/2043

740,242

633,695

Pool#

V80002

2.50%,

4/1/2043

298,463

243,428

Pool#

Q16915

3.00%,

4/1/2043

269,967

231,110

Pool#

Q17675

3.50%,

4/1/2043

284,849

253,038

Pool#

Q18523

3.50%,

5/1/2043

284,064

251,935

Pool#

Q18751

3.50%,

6/1/2043

380,971

337,921

Pool#

G07410

3.50%,

7/1/2043

118,543

105,314

Pool#

Q20332

3.50%,

7/1/2043

41,036

36,390

Pool#

G07459

3.50%,

8/1/2043

338,328

300,135

Pool#

G60038

3.50%,

1/1/2044

711,957

632,034

Pool#

Q26869

4.00%,

6/1/2044

321,179

293,999

Pool#

G07946

4.00%,

7/1/2044

10,936

10,014

Pool#

Q28607

3.50%,

9/1/2044

128,889

114,217

Pool#

G61231

3.50%,

9/1/2044

34,588

30,688

Pool#

G08609

3.50%,

10/1/2044

110,302

97,243

Pool#

Q30833

4.00%,

1/1/2045

16,074

14,697

Pool#

G60400

4.50%,

1/1/2045

90,769

85,302

Pool#

G07925

4.00%,

2/1/2045

29,118

26,663

Pool#

Q34165

4.00%,

6/1/2045

192,682

176,178

Pool#

V81873

4.00%,

8/1/2045

107,553

98,305

Pool#

G08669

4.00%,

9/1/2045

165,478

151,096

Pool#

V82126

3.50%,

12/1/2045

103,854

91,277

Pool#

Q38199

3.50%,

1/1/2046

5,434

4,771

Pool#

Q38357

4.00%,

1/1/2046

42,743

38,988

Pool#

G61365

4.50%,

1/1/2046

33,370

31,361

Pool#

G08697

3.00%,

3/1/2046

482,751

408,738

Pool#

Q39364

3.50%,

3/1/2046

76,559

67,242

Pool#

Q39434

3.50%,

3/1/2046

63,338

55,698

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q39440

4.00%,

3/1/2046

26,674

24,289

Pool#

G08704

4.50%,

4/1/2046

16,423

15,433

Pool#

Q40097

4.50%,

4/1/2046

2,874

2,699

Pool#

G60582

3.50%,

5/1/2046

191,105

168,217

Pool#

Q40718

3.50%,

5/1/2046

64,122

56,291

Pool#

G08707

4.00%,

5/1/2046

78,006

71,021

Pool#

G08708

4.50%,

5/1/2046

11,149

10,477

Pool#

Q40728

4.50%,

5/1/2046

963

901

Pool#

Q41548

3.00%,

7/1/2046

71,964

60,931

Pool#

Q41903

3.50%,

7/1/2046

91,146

80,033

Pool#

Q41491

3.50%,

7/1/2046

9,395

8,242

Pool#

Q41407

3.50%,

7/1/2046

2,590

2,270

Pool#

G61791

4.00%,

7/1/2046

72,170

65,990

Pool#

Q41947

4.50%,

7/1/2046

3,744

3,516

Pool#

G08715

3.00%,

8/1/2046

485,649

411,187

Pool#

Q42596

3.50%,

8/1/2046

77,226

68,061

Pool#

Q42203

3.50%,

8/1/2046

19,932

17,533

Pool#

G61237

3.50%,

8/1/2046

14,613

12,969

Pool#

Q42393

3.50%,

8/1/2046

11,900

10,436

Pool#

Q42680

4.00%,

8/1/2046

2,521

2,313

Pool#

G08720

4.50%,

8/1/2046

9,421

8,854

Pool#

G61323

3.00%,

9/1/2046

460,707

394,410

Pool#

G08721

3.00%,

9/1/2046

266,414

225,511

Pool#

V82617

3.50%,

9/1/2046

172,367

151,227

Pool#

G08722

3.50%,

9/1/2046

52,385

46,160

Pool#

G60733

4.50%,

9/1/2046

100,590

94,530

Pool#

G60722

3.00%,

10/1/2046

775,637

656,713

Pool#

Q44035

3.00%,

10/1/2046

378,277

319,963

Pool#

G61815

4.00%,

10/1/2046

30,924

28,247

Pool#

G61257

3.00%,

11/1/2046

741,117

625,724

Pool#

Q44452

3.00%,

11/1/2046

169,311

143,145

46

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08732

3.00%,

11/1/2046

48,298

40,743

Pool#

Q44473

3.50%,

11/1/2046

20,605

18,063

Pool#

Q44223

3.50%,

11/1/2046

13,061

11,449

Pool#

G08734

4.00%,

11/1/2046

225,875

205,471

Pool#

G08737

3.00%,

12/1/2046

1,610,279

1,361,377

Pool#

G60989

3.00%,

12/1/2046

277,996

235,350

Pool#

Q45878

3.00%,

12/1/2046

59,509

50,224

Pool#

G08738

3.50%,

12/1/2046

1,021,938

896,387

Pool#

Q45024

3.50%,

12/1/2046

74,166

65,047

Pool#

G08741

3.00%,

1/1/2047

442,624

374,208

Pool#

G08747

3.00%,

2/1/2047

836,468

707,104

Pool#

G08748

3.50%,

2/1/2047

212,721

186,567

Pool#

G08749

4.00%,

2/1/2047

352,023

320,063

Pool#

G61890

4.00%,

2/1/2047

24,491

22,287

Pool#

G08751

3.50%,

3/1/2047

316,135

277,267

Pool#

Q47592

3.50%,

4/1/2047

53,666

47,045

Pool#

Q47484

3.50%,

4/1/2047

11,934

10,482

Pool#

G60988

3.00%,

5/1/2047

954,250

807,864

Pool#

Q48098

3.50%,

5/1/2047

39,207

34,420

Pool#

Q48237

4.50%,

5/1/2047

65,430

61,382

Pool#

G61390

3.00%,

6/1/2047

733,333

620,012

Pool#

Q48414

4.50%,

6/1/2047

45,588

42,347

Pool#

Q48365

4.50%,

6/1/2047

15,111

14,200

Pool#

G08770

3.50%,

7/1/2047

604,965

532,351

Pool#

V83270

3.50%,

7/1/2047

127,949

112,163

Pool#

G61339

3.00%,

8/1/2047

143,305

121,219

Pool#

G08774

3.50%,

8/1/2047

66,706

58,477

Pool#

Q49917

3.50%,

8/1/2047

49,957

43,793

Pool#

Q53085

3.00%,

9/1/2047

154,505

131,109

Pool#

G61295

3.50%,

9/1/2047

338,448

297,827

Pool#

G08779

3.50%,

9/1/2047

181,904

158,131

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G61622

3.00%,

10/1/2047

355,719

301,044

Pool#

G08785

4.00%,

10/1/2047

20,794

18,742

Pool#

Q52075

4.00%,

11/1/2047

122,150

111,282

Pool#

V83598

3.50%,

12/1/2047

53,966

47,308

Pool#

G67707

3.50%,

1/1/2048

396,596

351,954

Pool#

V83909

4.00%,

1/1/2048

147,460

134,413

Pool#

G61311

3.50%,

2/1/2048

372,948

326,932

Pool#

T65458

3.50%,

2/1/2048

66,613

57,121

Pool#

G08801

4.00%,

2/1/2048

111,305

101,085

Pool#

Q54460

4.00%,

2/1/2048

110,291

100,912

Pool#

G61298

4.00%,

2/1/2048

53,085

48,214

Pool#

Q54727

3.50%,

3/1/2048

155,019

135,893

Pool#

Q55401

5.00%,

4/1/2048

31,320

30,119

Pool#

V84237

3.50%,

5/1/2048

247,434

216,901

Pool#

G08813

3.50%,

5/1/2048

27,608

24,190

Pool#

G08820

4.50%,

5/1/2048

207,669

194,616

Pool#

G08821

5.00%,

5/1/2048

8,169

7,851

Pool#

G67712

4.00%,

6/1/2048

108,609

99,495

Pool#

G67713

4.00%,

6/1/2048

89,590

81,585

Pool#

G08817

4.00%,

6/1/2048

32,461

29,409

Pool#

G08818

4.50%,

6/1/2048

111,608

104,604

Pool#

Q56473

4.50%,

6/1/2048

27,899

26,134

Pool#

Q56472

4.50%,

6/1/2048

25,087

23,529

Pool#

G08827

4.50%,

7/1/2048

76,087

71,168

Pool#

Q57401

4.50%,

7/1/2048

33,053

30,975

Pool#

Q57402

4.50%,

7/1/2048

9,041

8,479

Pool#

G08833

5.00%,

7/1/2048

3,138

3,017

Pool#

G08831

4.00%,

8/1/2048

88,913

80,661

Pool#

G08836

4.00%,

9/1/2048

357,268

324,000

Pool#

G67716

4.50%,

10/1/2048

61,671

57,840

Pool#

G08843

4.50%,

10/1/2048

26,949

25,238

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

V85044

4.00%,

12/1/2048

105,341

95,430

Pool#

V85082

4.50%,

12/1/2048

19,613

18,367

Pool#

G61846

4.00%,

1/1/2049

1,862

1,687

Pool#

V85139

4.50%,

1/1/2049

24,853

23,274

FHLMC

Non

Gold

Pool

Pool#

1B8478

5.94%,

7/1/2041(a)

19,512

19,547

Pool#

2B0108

4.15%,

1/1/2042(a)

4,241

4,158

Pool#

2B1381

5.24%,

6/1/2043(a)

449

437

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

28,472

27,479

Pool#

ZS7757

3.00%,

3/1/2030

258,877

241,386

Pool#

SB0383

2.50%,

4/1/2032

612,915

553,308

Pool#

ZS8701

3.50%,

6/1/2033

40,775

38,320

Pool#

SB0218

3.00%,

10/1/2033

71,709

66,304

Pool#

SB0366

3.50%,

2/1/2034

100,135

94,091

Pool#

QN0248

3.00%,

7/1/2034

36,025

32,821

Pool#

SB0095

3.50%,

7/1/2034

64,385

62,349

Pool#

SB0069

3.00%,

9/1/2034

130,139

118,563

Pool#

SB8021

3.00%,

12/1/2034

256,761

233,889

Pool#

SB8500

2.50%,

7/1/2035

657,347

582,925

Pool#

SB8505

2.50%,

10/1/2035

1,928,438

1,705,122

Pool#

SB8506

2.00%,

2/1/2036

1,675,152

1,448,520

Pool#

SB8508

2.00%,

2/1/2036

1,200,075

1,036,023

Pool#

RC1826

2.00%,

2/1/2036

352,921

303,336

Pool#

SB8092

1.50%,

3/1/2036

400,548

335,864

Pool#

RC1887

2.00%,

3/1/2036

657,054

566,284

Pool#

RC2049

2.00%,

6/1/2036

1,572,746

1,351,739

Pool#

RC2045

2.00%,

6/1/2036

480,045

412,584

Pool#

SB8112

2.50%,

7/1/2036

272,853

240,966

Pool#

QN7405

2.00%,

8/1/2036

199,887

172,192

Pool#

SB8119

2.00%,

9/1/2036

893,948

768,328

Pool#

SB8140

1.50%,

2/1/2037

585,185

487,928

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB8144

1.50%,

3/1/2037

1,220,973

1,018,027

Pool#

QN9700

1.50%,

3/1/2037

390,783

325,826

Pool#

SB8148

2.00%,

4/1/2037

2,691,078

2,307,744

Pool#

SB8154

2.50%,

5/1/2037

185,213

163,213

Pool#

QA2237

3.00%,

7/1/2046

938,273

793,261

Pool#

QA2226

3.00%,

7/1/2046

551,707

466,441

Pool#

ZS4693

3.00%,

12/1/2046

736,492

621,753

Pool#

ZM2339

3.50%,

1/1/2047

151,358

132,544

Pool#

ZS4746

3.00%,

12/1/2047

363,000

305,395

Pool#

ZA5785

4.50%,

10/1/2048

153,838

143,914

Pool#

ZT1321

4.50%,

11/1/2048

189,591

177,304

Pool#

ZA6139

4.50%,

12/1/2048

60,955

56,947

Pool#

SD0295

3.00%,

2/1/2049

1,729,494

1,462,958

Pool#

ZA6380

4.00%,

3/1/2049

68,433

61,817

Pool#

ZA6536

4.00%,

3/1/2049

68,339

61,711

Pool#

ZT1858

4.50%,

4/1/2049

35,306

32,942

Pool#

QA8965

3.00%,

4/1/2050

524,766

437,891

Pool#

RA2579

3.00%,

5/1/2050

248,414

207,056

Pool#

RA3022

2.50%,

6/1/2050

561,778

449,325

Pool#

SD7521

2.50%,

7/1/2050

830,179

670,060

Pool#

RA3174

3.00%,

7/1/2050

520,002

436,005

Pool#

SD8074

3.00%,

7/1/2050

239,534

199,880

Pool#

SD7523

2.50%,

8/1/2050

217,450

175,308

Pool#

RA3382

3.00%,

8/1/2050

522,167

434,745

Pool#

SD0500

3.00%,

8/1/2050

38,577

32,447

Pool#

SD0514

2.00%,

10/1/2050

800,931

614,278

Pool#

RA3723

2.00%,

10/1/2050

261,323

199,915

Pool#

SD8100

3.00%,

10/1/2050

1,554,744

1,293,968

Pool#

RA3935

2.50%,

11/1/2050

2,444,992

1,955,561

Pool#

RA3932

2.50%,

11/1/2050

1,458,134

1,174,390

Pool#

RA3934

2.50%,

11/1/2050

732,087

585,538

48

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA3987

2.50%,

11/1/2050

315,526

252,365

Pool#

RA4071

2.50%,

12/1/2050

849,969

679,822

Pool#

RA4216

2.50%,

12/1/2050

782,437

622,412

Pool#

SD0522

3.00%,

12/1/2050

510,408

424,638

Pool#

RA4411

2.50%,

1/1/2051

1,794,099

1,435,002

Pool#

RA4351

2.50%,

1/1/2051

958,155

766,004

Pool#

RA4410

2.50%,

1/1/2051

643,213

514,472

Pool#

RA4652

2.00%,

2/1/2051

3,024,170

2,310,242

Pool#

RA4493

2.00%,

2/1/2051

1,418,942

1,083,902

Pool#

QB9104

2.00%,

2/1/2051

748,239

571,647

Pool#

RA4737

2.00%,

3/1/2051

2,718,113

2,076,601

Pool#

RA4718

2.00%,

3/1/2051

1,201,848

918,123

Pool#

SD7537

2.00%,

3/1/2051

636,086

485,997

Pool#

SD8139

1.50%,

4/1/2051

911,765

655,859

Pool#

SD8140

2.00%,

4/1/2051

5,113,892

3,906,676

Pool#

SD8145

1.50%,

5/1/2051

1,804,846

1,298,272

Pool#

SD8146

2.00%,

5/1/2051

9,241,006

7,058,505

Pool#

QC2070

2.00%,

5/1/2051

125,556

96,302

Pool#

SD0593

3.00%,

5/1/2051

1,825,268

1,541,486

Pool#

RA5436

2.00%,

6/1/2051

381,919

291,634

Pool#

RA5373

2.00%,

6/1/2051

322,406

247,221

Pool#

SD8154

1.50%,

7/1/2051

1,820,832

1,312,039

Pool#

RA5398

2.00%,

7/1/2051

1,091,162

836,705

Pool#

QC5128

2.00%,

8/1/2051

310,545

237,465

Pool#

SD8166

2.00%,

9/1/2051

1,819,723

1,386,452

Pool#

RA6140

2.00%,

10/1/2051

1,295,846

988,905

Pool#

RA6085

2.00%,

10/1/2051

774,480

596,825

Pool#

RA6091

2.00%,

10/1/2051

737,509

565,387

Pool#

RA6503

2.00%,

12/1/2051

8,970,185

6,846,833

Pool#

RA6624

2.00%,

1/1/2052

5,785,760

4,409,878

Pool#

SD0856

2.00%,

1/1/2052

1,435,171

1,095,424

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8211

2.00%,

5/1/2052

18,442,340

14,039,560

Pool#

RA7543

4.00%,

6/1/2052

208,947

186,230

Pool#

SD8224

2.50%,

7/1/2052

2,843,691

2,258,906

Pool#

RA7664

4.00%,

7/1/2052

477,805

425,658

Pool#

SD1488

4.00%,

8/1/2052

532,373

474,331

Pool#

SD1424

4.00%,

8/1/2052

452,032

402,838

Pool#

RA7920

4.00%,

9/1/2052

549,297

489,320

Pool#

SD2215

4.00%,

10/1/2052

578,521

519,173

Pool#

RA8406

5.00%,

1/1/2053

704,869

665,707

Pool#

RA8411

5.50%,

1/1/2053

193,429

187,832

Pool#

QF5629

6.00%,

1/1/2053

481,095

478,956

Pool#

SD7560

4.00%,

2/1/2053

956,345

862,374

Pool#

SD8299

5.00%,

2/1/2053

2,252,921

2,126,872

Pool#

RA8791

5.00%,

4/1/2053

479,593

452,870

Pool#

RA8794

5.50%,

4/1/2053

986,845

958,902

Pool#

SD2661

5.50%,

4/1/2053

671,887

649,962

Pool#

SD8324

5.50%,

5/1/2053

1,230,941

1,190,031

Pool#

RA9090

5.50%,

5/1/2053

970,525

938,755

Pool#

SD2890

5.50%,

5/1/2053

389,067

378,051

Pool#

SD2905

5.50%,

5/1/2053

237,731

229,960

Pool#

RA9162

5.50%,

6/1/2053

490,297

475,144

Pool#

SD3085

5.50%,

6/1/2053

234,821

227,628

Pool#

SD3565

4.50%,

8/1/2053

191,214

175,769

Pool#

SD3603

6.00%,

8/1/2053

1,814,409

1,804,661

FNMA

Pool

Pool#

AC9890

4.68%,

4/1/2040(a)

171,379

167,309

Pool#

AC9895

5.06%,

4/1/2040(a)

351,606

343,209

Pool#

AJ1249

6.06%,

9/1/2041(a)

48,033

48,914

Pool#

AK0714

4.26%,

2/1/2042(a)

6,596

6,463

Pool#

AT4250

5.41%,

6/1/2043(a)

15,901

15,736

Pool#

BF0203

3.00%,

2/1/2047

430,831

379,308

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

BF0206

4.00%,

2/1/2047

255,266

236,210

Pool#

BF0200

3.50%,

11/1/2051

179,689

156,853

Pool#

BF0171

4.00%,

1/1/2057

154,841

138,199

Pool#

BF0184

4.00%,

2/1/2057

176,314

157,365

FNMA

UMBS

Pool

Pool#

AA2549

4.00%,

4/1/2024

2,973

2,930

Pool#

934863

4.00%,

6/1/2024

9,664

9,520

Pool#

AC1374

4.00%,

8/1/2024

6,835

6,621

Pool#

AC1529

4.50%,

9/1/2024

20,667

19,930

Pool#

AD0244

4.50%,

10/1/2024

3,063

2,964

Pool#

AD4089

4.50%,

5/1/2025

49,819

48,137

Pool#

890216

4.50%,

7/1/2025

8,001

7,735

Pool#

AB1609

4.00%,

10/1/2025

23,765

22,940

Pool#

AH1361

3.50%,

12/1/2025

23,382

22,875

Pool#

AH1518

3.50%,

12/1/2025

11,826

11,562

Pool#

AH5616

3.50%,

2/1/2026

70,947

69,319

Pool#

AL0298

4.00%,

5/1/2026

67,336

64,967

Pool#

AB4277

3.00%,

1/1/2027

132,239

127,636

Pool#

AL1391

3.50%,

1/1/2027

1,976

1,914

Pool#

AP4746

3.00%,

8/1/2027

36,424

35,027

Pool#

AP7855

3.00%,

9/1/2027

219,717

210,927

Pool#

AP4640

3.00%,

9/1/2027

26,974

25,908

Pool#

AQ5096

3.00%,

11/1/2027

55,040

52,825

Pool#

AB6887

3.00%,

11/1/2027

45,840

43,971

Pool#

AQ4532

3.00%,

11/1/2027

37,624

36,100

Pool#

AQ3758

3.00%,

11/1/2027

28,468

27,269

Pool#

AB6886

3.00%,

11/1/2027

22,735

21,838

Pool#

AQ7406

3.00%,

11/1/2027

20,652

19,844

Pool#

AQ2884

3.00%,

12/1/2027

21,568

20,648

Pool#

AS0487

2.50%,

9/1/2028

121,464

115,011

Pool#

930998

4.50%,

4/1/2029

2,551

2,489

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM1507

2.50%,

12/1/2029

66,972

63,664

Pool#

AL8077

3.50%,

12/1/2029

8,336

7,838

Pool#

BM4299

3.00%,

3/1/2030

244,162

235,516

Pool#

AS4874

3.00%,

4/1/2030

188,619

175,833

Pool#

AS5412

2.50%,

7/1/2030

73,081

66,618

Pool#

AS5420

3.00%,

7/1/2030

159,359

148,560

Pool#

AL7152

3.50%,

7/1/2030

157,088

147,569

Pool#

AS5702

2.50%,

8/1/2030

263,527

240,218

Pool#

AZ4898

2.50%,

8/1/2030

169,360

154,367

Pool#

AY8448

3.00%,

8/1/2030

552,635

513,700

Pool#

AZ2953

3.00%,

9/1/2030

471,463

438,249

Pool#

AZ5718

3.00%,

9/1/2030

314,970

293,283

Pool#

AS6060

3.00%,

10/1/2030

361,688

336,890

Pool#

AZ9234

3.50%,

10/1/2030

19,341

18,182

Pool#

BA2993

3.00%,

11/1/2030

78,185

72,874

Pool#

AS6174

3.50%,

11/1/2030

10,133

9,522

Pool#

AS6272

2.50%,

12/1/2030

100,164

91,284

Pool#

AS6295

3.00%,

12/1/2030

142,969

133,271

Pool#

BA3545

3.00%,

12/1/2030

66,855

62,313

Pool#

AH1515

4.00%,

12/1/2030

154,957

143,877

Pool#

AD0716

6.50%,

12/1/2030

416,398

418,882

Pool#

BA6532

2.50%,

1/1/2031

80,652

73,506

Pool#

BM5016

3.00%,

1/1/2031

227,247

211,848

Pool#

AB2121

4.00%,

1/1/2031

24,475

22,725

Pool#

AL8060

3.00%,

2/1/2031

160,018

149,176

Pool#

MA0641

4.00%,

2/1/2031

106,100

98,513

Pool#

560868

7.50%,

2/1/2031

442

441

Pool#

AS6799

3.00%,

3/1/2031

120,056

111,605

Pool#

BC0774

3.00%,

3/1/2031

71,432

66,384

Pool#

AS6919

3.50%,

3/1/2031

8,095

7,607

Pool#

BC4410

3.50%,

3/1/2031

7,837

7,343

50

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BC0320

3.50%,

3/1/2031

6,270

5,884

Pool#

BC4430

3.00%,

4/1/2031

26,804

24,921

Pool#

AL8565

3.00%,

6/1/2031

84,650

78,701

Pool#

AL8566

3.00%,

6/1/2031

82,825

76,987

Pool#

AL8561

3.50%,

6/1/2031

76,090

71,523

Pool#

AS8028

2.50%,

9/1/2031

296,130

267,348

Pool#

AL9378

3.00%,

9/1/2031

41,770

38,938

Pool#

MA2775

2.50%,

10/1/2031

603,193

544,540

Pool#

BM1888

2.50%,

10/1/2031

477,964

453,443

Pool#

AS8038

2.50%,

10/1/2031

281,762

254,339

Pool#

BC4777

2.50%,

10/1/2031

225,188

202,832

Pool#

AL9323

2.50%,

10/1/2031

13,011

11,746

Pool#

AS8612

3.00%,

10/1/2031

68,544

63,723

Pool#

607212

7.50%,

10/1/2031

2,660

2,651

Pool#

MA0895

3.50%,

11/1/2031

107,917

99,474

Pool#

MA2830

2.50%,

12/1/2031

238,002

214,853

Pool#

BM3814

2.50%,

12/1/2031

163,382

147,501

Pool#

AS8594

2.50%,

1/1/2032

191,881

173,229

Pool#

AS8597

2.50%,

1/1/2032

161,944

146,196

Pool#

AS8609

3.00%,

1/1/2032

119,825

111,373

Pool#

AL9786

3.00%,

1/1/2032

107,051

99,792

Pool#

AL9585

3.50%,

1/1/2032

43,163

40,565

Pool#

BM1036

2.50%,

2/1/2032

869,891

785,325

Pool#

BM4624

3.00%,

2/1/2032

122,020

113,441

Pool#

AL9872

3.00%,

2/1/2032

92,165

85,680

Pool#

AL9740

3.00%,

2/1/2032

84,923

78,523

Pool#

AL9871

3.00%,

2/1/2032

55,443

51,546

Pool#

AS8767

3.00%,

2/1/2032

9,883

9,186

Pool#

BM1007

2.50%,

3/1/2032

262,172

236,644

Pool#

AL9899

3.00%,

3/1/2032

16,373

15,221

Pool#

BM3269

2.50%,

4/1/2032

387,984

350,222

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA1029

3.50%,

4/1/2032

94,450

87,060

Pool#

545556

7.00%,

4/1/2032

1,732

1,786

Pool#

AO2565

3.50%,

5/1/2032

22,589

20,820

Pool#

AS9695

3.50%,

5/1/2032

18,744

17,617

Pool#

545605

7.00%,

5/1/2032

2,364

2,461

Pool#

BM4088

3.00%,

6/1/2032

152,995

142,221

Pool#

AO5103

3.50%,

6/1/2032

109,111

100,571

Pool#

890786

3.50%,

6/1/2032

19,422

18,250

Pool#

MA1107

3.50%,

7/1/2032

13,582

12,474

Pool#

FM1664

4.00%,

7/1/2032

55,421

53,478

Pool#

651361

7.00%,

7/1/2032

891

882

Pool#

BM1669

3.00%,

8/1/2032

94,180

87,090

Pool#

AP1990

3.50%,

8/1/2032

48,811

44,991

Pool#

AP1997

3.50%,

8/1/2032

26,163

24,116

Pool#

BH5355

3.50%,

8/1/2032

4,936

4,638

Pool#

AO7202

3.50%,

9/1/2032

94,521

87,125

Pool#

MA1166

3.50%,

9/1/2032

73,337

67,596

Pool#

BM5167

3.50%,

9/1/2032

12,523

11,772

Pool#

CA0586

2.50%,

10/1/2032

40,128

36,223

Pool#

AP3673

3.50%,

10/1/2032

86,318

79,563

Pool#

BH9391

3.50%,

10/1/2032

6,204

5,829

Pool#

BM3389

3.00%,

11/1/2032

152,199

140,742

Pool#

AB6962

3.50%,

11/1/2032

133,664

123,197

Pool#

AQ3343

3.50%,

11/1/2032

78,849

72,676

Pool#

BM3977

3.00%,

12/1/2032

223,935

207,062

Pool#

CA0951

3.00%,

12/1/2032

123,169

113,868

Pool#

FM1661

2.50%,

1/1/2033

419,557

383,022

Pool#

BM4338

2.50%,

1/1/2033

252,385

227,855

Pool#

BM3919

3.00%,

2/1/2033

139,852

129,321

Pool#

BM3750

3.50%,

3/1/2033

122,969

115,549

Pool#

BM4129

3.50%,

4/1/2033

144,270

135,579

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

555346

5.50%,

4/1/2033

26,409

26,274

Pool#

713560

5.50%,

4/1/2033

6,230

6,103

Pool#

694846

6.50%,

4/1/2033

2,166

2,177

Pool#

AB9402

3.00%,

5/1/2033

158,549

142,474

Pool#

AB9403

3.00%,

5/1/2033

67,085

60,283

Pool#

AB9300

3.00%,

5/1/2033

54,193

48,699

Pool#

BM4132

3.50%,

5/1/2033

111,760

105,033

Pool#

MA3372

4.00%,

5/1/2033

92,817

88,146

Pool#

555421

5.00%,

5/1/2033

550,957

539,275

Pool#

MA3393

4.00%,

6/1/2033

41,106

39,061

Pool#

MA3427

4.00%,

7/1/2033

31,137

29,610

Pool#

720087

5.50%,

7/1/2033

96,674

96,179

Pool#

728721

5.50%,

7/1/2033

11,566

11,507

Pool#

555684

5.50%,

7/1/2033

3,993

3,972

Pool#

MA1527

3.00%,

8/1/2033

545,018

489,751

Pool#

743235

5.50%,

10/1/2033

8,114

8,027

Pool#

750229

6.50%,

10/1/2033

15,716

15,792

Pool#

FM2154

4.00%,

12/1/2033

99,261

95,815

Pool#

755872

5.50%,

12/1/2033

85,623

85,185

Pool#

725221

5.50%,

1/1/2034

2,317

2,305

Pool#

725223

5.50%,

3/1/2034

278

276

Pool#

725228

6.00%,

3/1/2034

217,602

220,062

Pool#

725425

5.50%,

4/1/2034

132,783

132,104

Pool#

725423

5.50%,

5/1/2034

13,179

13,112

Pool#

725594

5.50%,

7/1/2034

57,376

57,083

Pool#

MA3739

3.50%,

8/1/2034

84,500

79,400

Pool#

788027

6.50%,

9/1/2034

19,900

19,996

Pool#

MA3827

2.50%,

11/1/2034

487,575

434,610

Pool#

FM1905

3.00%,

11/1/2034

59,100

53,836

Pool#

807310

7.00%,

11/1/2034

1,757

1,779

Pool#

FM2412

3.50%,

1/1/2035

33,490

31,465

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

735141

5.50%,

1/1/2035

175,761

174,929

Pool#

889852

5.50%,

5/1/2035

4,875

4,850

Pool#

FM5474

2.50%,

10/1/2035

455,051

402,170

Pool#

MA4156

2.50%,

10/1/2035

370,233

327,257

Pool#

FM4900

2.00%,

12/1/2035

58,807

50,772

Pool#

256023

6.00%,

12/1/2035

154,802

157,397

Pool#

CA8793

2.00%,

2/1/2036

1,430,624

1,229,748

Pool#

CA8736

2.00%,

2/1/2036

698,333

602,817

Pool#

CA8789

2.00%,

2/1/2036

686,533

590,150

Pool#

FM5908

2.00%,

2/1/2036

485,238

418,937

Pool#

CA9141

2.00%,

2/1/2036

471,382

406,978

Pool#

CA9145

2.00%,

2/1/2036

394,621

339,212

Pool#

FM5571

2.00%,

2/1/2036

224,894

194,146

Pool#

CA9435

2.00%,

3/1/2036

431,743

371,105

Pool#

CA9475

2.00%,

3/1/2036

403,645

346,977

Pool#

CA9441

2.50%,

3/1/2036

319,739

283,097

Pool#

CB0262

2.00%,

4/1/2036

644,355

553,811

Pool#

745418

5.50%,

4/1/2036

25,943

25,882

Pool#

FM7259

2.50%,

5/1/2036

279,757

247,149

Pool#

745516

5.50%,

5/1/2036

14,955

14,920

Pool#

MA4360

2.00%,

6/1/2036

1,156,148

993,686

Pool#

889745

5.50%,

6/1/2036

2,787

2,773

Pool#

CB1090

2.50%,

7/1/2036

168,123

148,491

Pool#

FM8538

2.00%,

8/1/2036

223,421

192,497

Pool#

995065

5.50%,

9/1/2036

94,212

93,730

Pool#

888635

5.50%,

9/1/2036

62,906

62,584

Pool#

MA4441

1.50%,

10/1/2036

256,572

215,124

Pool#

MA4535

1.50%,

2/1/2037

4,359,490

3,634,956

Pool#

MA4566

1.50%,

3/1/2037

1,946,319

1,621,617

Pool#

MA4581

1.50%,

4/1/2037

511,675

426,311

Pool#

BT2234

2.00%,

4/1/2037

5,079,163

4,357,190

52

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4582

2.00%,

4/1/2037

2,466,437

2,115,394

Pool#

FS2950

2.50%,

4/1/2037

91,684

80,970

Pool#

FS2035

2.00%,

5/1/2037

2,443,085

2,095,939

Pool#

CB4006

2.00%,

5/1/2037

2,069,848

1,775,015

Pool#

MA4628

2.50%,

6/1/2037

185,458

163,428

Pool#

FS2497

1.50%,

8/1/2037

319,696

266,560

Pool#

995024

5.50%,

8/1/2037

34,557

34,420

Pool#

995050

6.00%,

9/1/2037

316,246

321,549

Pool#

955194

7.00%,

11/1/2037

33,108

34,204

Pool#

928940

7.00%,

12/1/2037

20,334

20,025

Pool#

MA3389

4.00%,

6/1/2038

65,823

60,169

Pool#

MA3464

3.50%,

9/1/2038

131,555

117,667

Pool#

990810

7.00%,

10/1/2038

39,966

39,262

Pool#

AD8536

5.00%,

8/1/2040

102,294

99,810

Pool#

AB1735

3.50%,

11/1/2040

4,690

4,163

Pool#

AE9747

4.50%,

12/1/2040

370,911

350,381

Pool#

AB2067

3.50%,

1/1/2041

143,267

127,698

Pool#

932888

3.50%,

1/1/2041

118,874

105,513

Pool#

AB2068

3.50%,

1/1/2041

82,035

72,814

Pool#

932891

3.50%,

1/1/2041

21,160

18,776

Pool#

AL3650

5.00%,

2/1/2041

6,808

6,643

Pool#

AL6521

5.00%,

4/1/2041

613,891

600,650

Pool#

AL0390

5.00%,

5/1/2041

206,998

202,187

Pool#

AL5863

4.50%,

6/1/2041

1,191,202

1,123,008

Pool#

AI9851

4.50%,

9/1/2041

21,604

20,380

Pool#

AL0761

5.00%,

9/1/2041

67,764

66,049

Pool#

BM3907

5.50%,

9/1/2041

156,309

155,509

Pool#

AJ5431

4.50%,

10/1/2041

48,184

45,466

Pool#

AJ4861

4.00%,

12/1/2041

65,946

60,379

Pool#

AX5316

4.50%,

1/1/2042

36,665

34,635

Pool#

AL2499

4.50%,

1/1/2042

12,095

11,428

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AW8167

3.50%,

2/1/2042

430,974

382,520

Pool#

AB5185

3.50%,

5/1/2042

192,054

170,303

Pool#

AO3575

4.50%,

5/1/2042

44,281

41,715

Pool#

AO4647

3.50%,

6/1/2042

441,191

391,251

Pool#

AO8036

4.50%,

7/1/2042

185,343

174,846

Pool#

AP2092

4.50%,

8/1/2042

11,154

10,360

Pool#

AP6579

3.50%,

9/1/2042

396,782

352,052

Pool#

AL2782

4.50%,

9/1/2042

63,992

60,449

Pool#

AB6524

3.50%,

10/1/2042

588,585

521,506

Pool#

AB7074

3.00%,

11/1/2042

340,817

291,345

Pool#

AP8785

3.00%,

11/1/2042

118,609

101,396

Pool#

AL2677

3.50%,

11/1/2042

384,001

340,602

Pool#

AB6786

3.50%,

11/1/2042

201,223

178,331

Pool#

MA1273

3.50%,

12/1/2042

165,114

146,365

Pool#

AR4210

3.50%,

1/1/2043

98,344

87,131

Pool#

AT4040

3.00%,

3/1/2043

90,656

77,494

Pool#

AR8213

3.50%,

4/1/2043

85,073

75,507

Pool#

AB9238

3.00%,

5/1/2043

566,537

484,291

Pool#

AB9237

3.00%,

5/1/2043

453,565

387,717

Pool#

AB9236

3.00%,

5/1/2043

143,734

122,867

Pool#

AB9362

3.50%,

5/1/2043

582,540

516,179

Pool#

AT4145

3.00%,

6/1/2043

169,741

145,096

Pool#

AB9814

3.00%,

7/1/2043

530,483

453,470

Pool#

AT6871

3.00%,

7/1/2043

65,502

55,874

Pool#

AS0203

3.00%,

8/1/2043

410,072

350,536

Pool#

AS0255

4.50%,

8/1/2043

144,047

135,177

Pool#

AS0516

3.00%,

9/1/2043

284,501

243,018

Pool#

AL4471

4.00%,

9/1/2043

219,802

201,245

Pool#

AL6951

3.50%,

10/1/2043

282,489

250,367

Pool#

BM4222

3.00%,

1/1/2044

390,407

333,795

Pool#

AS2276

4.50%,

4/1/2044

223,669

209,894

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AW1006

4.00%,

5/1/2044

82,441

75,479

Pool#

AL7767

4.50%,

6/1/2044

19,936

18,391

Pool#

AS3161

4.00%,

8/1/2044

485,866

443,655

Pool#

BM4650

3.00%,

10/1/2044

707,848

605,209

Pool#

CA0688

3.50%,

10/1/2044

173,970

154,118

Pool#

BC5090

4.00%,

10/1/2044

40,103

36,651

Pool#

AS3946

4.00%,

12/1/2044

552,541

504,621

Pool#

AL8303

3.00%,

1/1/2045

124,948

106,830

Pool#

BM4384

4.00%,

1/1/2045

207,637

189,938

Pool#

BM3611

4.00%,

1/1/2045

175,005

160,235

Pool#

BM3804

3.50%,

2/1/2045

78,493

69,538

Pool#

AL9555

4.00%,

2/1/2045

1,108,669

1,015,191

Pool#

AX9524

4.00%,

2/1/2045

647,130

591,740

Pool#

AS4418

4.00%,

2/1/2045

426,938

390,400

Pool#

AS4375

4.00%,

2/1/2045

299,566

273,926

Pool#

AL6889

4.50%,

2/1/2045

68,965

64,720

Pool#

BM3931

3.00%,

3/1/2045

345,566

295,436

Pool#

AY1312

3.50%,

3/1/2045

1,057,382

930,882

Pool#

AX9567

3.50%,

3/1/2045

60,584

53,331

Pool#

AS4578

4.00%,

3/1/2045

84,601

77,360

Pool#

BM4975

4.00%,

3/1/2045

84,199

76,921

Pool#

BM3664

3.00%,

5/1/2045

383,558

327,939

Pool#

AS4921

3.50%,

5/1/2045

500,296

440,027

Pool#

AS5012

4.00%,

5/1/2045

812,213

742,693

Pool#

BM5562

4.00%,

6/1/2045

156,745

143,481

Pool#

AS5312

3.50%,

7/1/2045

105,449

92,614

Pool#

AZ7111

4.00%,

7/1/2045

11,071

10,078

Pool#

AZ9866

4.00%,

8/1/2045

8,291

7,490

Pool#

AL7207

4.50%,

8/1/2045

87,707

82,309

Pool#

AL9634

3.50%,

10/1/2045

64,859

57,522

Pool#

BA2164

3.00%,

11/1/2045

88,571

74,940

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS6311

3.50%,

12/1/2045

822,020

721,366

Pool#

AS6282

3.50%,

12/1/2045

749,573

658,198

Pool#

BC0326

3.50%,

12/1/2045

478,783

420,223

Pool#

BC0092

3.50%,

12/1/2045

46,410

40,705

Pool#

BC0475

3.50%,

12/1/2045

34,359

30,182

Pool#

AS6362

4.50%,

12/1/2045

15,041

14,115

Pool#

AS6474

3.50%,

1/1/2046

191,127

168,893

Pool#

AS6539

3.50%,

1/1/2046

175,959

155,480

Pool#

AL9849

3.50%,

1/1/2046

97,238

86,154

Pool#

AS6527

4.00%,

1/1/2046

118,114

107,561

Pool#

BC0178

4.50%,

1/1/2046

2,061

1,932

Pool#

BC1158

3.50%,

2/1/2046

644,543

565,573

Pool#

BC2667

4.00%,

2/1/2046

18,099

16,476

Pool#

BC0605

4.00%,

2/1/2046

14,273

12,967

Pool#

AL9781

4.50%,

2/1/2046

169,816

159,841

Pool#

BC0300

3.50%,

3/1/2046

476,986

418,444

Pool#

BM4621

3.50%,

3/1/2046

247,120

219,126

Pool#

AS6833

3.50%,

3/1/2046

10,741

9,434

Pool#

AS6795

4.00%,

3/1/2046

57,452

52,185

Pool#

BA6972

4.00%,

3/1/2046

20,924

19,048

Pool#

BC0311

4.50%,

3/1/2046

2,518

2,361

Pool#

BC0823

3.50%,

4/1/2046

78,981

69,279

Pool#

BA7692

3.50%,

4/1/2046

10,053

8,816

Pool#

AS7026

4.00%,

4/1/2046

44,562

40,525

Pool#

AS7171

3.50%,

5/1/2046

21,157

18,553

Pool#

AS7251

4.00%,

5/1/2046

8,146

7,411

Pool#

AS7387

3.50%,

6/1/2046

60,148

52,714

Pool#

AL8833

4.00%,

6/1/2046

517,406

473,119

Pool#

AS7594

3.50%,

7/1/2046

434,085

380,412

Pool#

AS7593

3.50%,

7/1/2046

407,924

357,533

Pool#

AL8824

3.50%,

7/1/2046

113,565

100,357

54

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS7545

3.50%,

7/1/2046

106,154

93,026

Pool#

AS7490

3.50%,

7/1/2046

79,025

69,551

Pool#

BC1452

4.00%,

7/1/2046

786,387

715,456

Pool#

BD5180

4.50%,

7/1/2046

1,216

1,136

Pool#

MA2705

3.00%,

8/1/2046

395,296

334,270

Pool#

BC1489

3.00%,

8/1/2046

91,791

77,607

Pool#

BD4890

3.50%,

8/1/2046

523,277

458,458

Pool#

BC9501

3.50%,

8/1/2046

18,171

15,860

Pool#

AS7760

4.00%,

8/1/2046

85,888

78,088

Pool#

AS7648

4.00%,

8/1/2046

39,218

35,622

Pool#

AS7795

4.00%,

8/1/2046

32,500

29,536

Pool#

BD3911

4.00%,

8/1/2046

7,061

6,419

Pool#

BD3923

4.00%,

8/1/2046

6,163

5,602

Pool#

AS7770

4.50%,

8/1/2046

22,469

21,091

Pool#

BD5232

4.50%,

8/1/2046

4,270

4,008

Pool#

AL8947

3.50%,

9/1/2046

143,267

125,655

Pool#

BD4944

3.50%,

9/1/2046

11,192

9,800

Pool#

AL9263

3.00%,

10/1/2046

134,390

113,537

Pool#

AL9234

3.50%,

10/1/2046

55,743

49,272

Pool#

BM3932

3.50%,

10/1/2046

32,618

28,615

Pool#

AS8125

3.50%,

10/1/2046

31,709

27,795

Pool#

FM1871

4.00%,

10/1/2046

78,923

72,264

Pool#

BC4766

4.50%,

10/1/2046

26,481

24,826

Pool#

AS8154

4.50%,

10/1/2046

8,142

7,642

Pool#

FM1368

3.00%,

11/1/2046

757,266

640,369

Pool#

MA2806

3.00%,

11/1/2046

264,291

224,088

Pool#

BC9003

3.00%,

11/1/2046

105,987

89,559

Pool#

AS8369

3.50%,

11/1/2046

414,201

362,806

Pool#

BE5067

3.50%,

11/1/2046

277,320

243,585

Pool#

BE0065

3.50%,

11/1/2046

10,990

9,662

Pool#

BE5038

4.00%,

11/1/2046

9,781

8,973

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA2833

3.00%,

12/1/2046

2,217,307

1,880,208

Pool#

AS8483

3.00%,

12/1/2046

524,614

445,223

Pool#

BC9067

3.00%,

12/1/2046

261,812

221,159

Pool#

AS8488

3.00%,

12/1/2046

205,277

173,426

Pool#

AS8509

3.00%,

12/1/2046

66,866

56,505

Pool#

BM1121

3.50%,

12/1/2046

421,981

371,669

Pool#

AS8492

3.50%,

12/1/2046

415,986

368,645

Pool#

AS8572

3.50%,

12/1/2046

300,765

263,350

Pool#

AS8417

3.50%,

12/1/2046

252,170

220,852

Pool#

BE4224

3.50%,

12/1/2046

10,511

9,214

Pool#

AS8650

3.00%,

1/1/2047

900,002

759,741

Pool#

AL9697

3.00%,

1/1/2047

523,494

442,461

Pool#

AS8647

3.00%,

1/1/2047

388,908

328,402

Pool#

BE5775

3.00%,

1/1/2047

342,746

287,357

Pool#

AL9774

3.50%,

1/1/2047

276,313

245,443

Pool#

BM3204

3.50%,

1/1/2047

215,524

190,782

Pool#

BD2440

3.50%,

1/1/2047

150,742

132,037

Pool#

AS8692

3.50%,

1/1/2047

135,899

119,128

Pool#

BD2450

3.50%,

1/1/2047

105,062

92,176

Pool#

BE6548

3.50%,

1/1/2047

55,292

48,431

Pool#

BE5856

4.50%,

1/1/2047

6,710

6,298

Pool#

BE7115

4.50%,

1/1/2047

6,326

5,930

Pool#

BE6503

4.50%,

1/1/2047

3,602

3,380

Pool#

BM3908

5.50%,

1/1/2047

31,503

31,378

Pool#

MA2895

3.00%,

2/1/2047

2,814,551

2,376,541

Pool#

BM3688

3.50%,

2/1/2047

339,446

297,822

Pool#

BD5046

3.50%,

2/1/2047

63,614

55,727

Pool#

BM5274

4.00%,

2/1/2047

57,701

52,527

Pool#

BE8495

4.50%,

2/1/2047

3,585

3,363

Pool#

BE7869

4.50%,

2/1/2047

2,888

2,707

Pool#

AL9859

3.00%,

3/1/2047

836,235

706,271

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9848

3.00%,

3/1/2047

274,216

231,599

Pool#

BM5383

4.00%,

3/1/2047

37,624

34,356

Pool#

AS8966

4.00%,

3/1/2047

23,088

20,957

Pool#

AS8979

4.50%,

3/1/2047

38,012

35,670

Pool#

BE9247

4.50%,

3/1/2047

4,067

3,816

Pool#

BM3707

2.50%,

4/1/2047

147,450

119,207

Pool#

AS9463

3.50%,

4/1/2047

116,917

103,015

Pool#

AS9451

3.50%,

4/1/2047

80,192

70,224

Pool#

BD7122

4.00%,

4/1/2047

353,387

320,804

Pool#

AS9467

4.00%,

4/1/2047

189,942

172,459

Pool#

AS9470

4.50%,

4/1/2047

125,170

117,458

Pool#

BH0304

4.50%,

4/1/2047

6,233

5,842

Pool#

AS9562

3.00%,

5/1/2047

58,851

49,619

Pool#

BM3237

3.50%,

5/1/2047

286,727

252,132

Pool#

AS9577

3.50%,

5/1/2047

106,962

93,645

Pool#

BM1268

4.00%,

5/1/2047

215,064

195,246

Pool#

BE3670

3.50%,

6/1/2047

110,927

97,127

Pool#

AS9794

3.50%,

6/1/2047

101,536

89,780

Pool#

AS9747

4.00%,

6/1/2047

528,619

480,447

Pool#

BM3549

4.00%,

6/1/2047

216,407

196,857

Pool#

BE3702

4.00%,

6/1/2047

76,895

69,550

Pool#

BM1295

4.50%,

6/1/2047

78,425

73,596

Pool#

BE9624

4.50%,

6/1/2047

11,421

10,638

Pool#

BM3801

3.00%,

7/1/2047

465,552

393,295

Pool#

AS9938

3.50%,

7/1/2047

115,684

102,324

Pool#

BM1551

3.50%,

7/1/2047

99,848

87,972

Pool#

AS9909

3.50%,

7/1/2047

55,408

48,819

Pool#

BM1492

4.00%,

7/1/2047

373,115

338,726

Pool#

AS9973

4.00%,

7/1/2047

24,011

21,794

Pool#

890673

3.00%,

8/1/2047

235,342

199,003

Pool#

MA3087

3.50%,

8/1/2047

189,016

165,778

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0240

3.50%,

8/1/2047

97,383

85,257

Pool#

BM1658

3.50%,

8/1/2047

79,538

69,994

Pool#

BH7375

3.50%,

8/1/2047

63,463

55,588

Pool#

CA0123

4.00%,

8/1/2047

305,025

277,227

Pool#

BH2597

4.00%,

8/1/2047

180,396

163,706

Pool#

BH5359

4.00%,

8/1/2047

113,915

103,522

Pool#

CA0133

4.00%,

8/1/2047

34,678

31,469

Pool#

BM5787

4.00%,

8/1/2047

10,348

9,418

Pool#

CA0407

3.50%,

9/1/2047

153,088

134,026

Pool#

BH4004

4.00%,

9/1/2047

164,872

149,645

Pool#

BM3556

4.00%,

9/1/2047

102,771

94,409

Pool#

CA0392

4.00%,

9/1/2047

67,189

60,889

Pool#

CA0265

4.00%,

9/1/2047

20,180

18,318

Pool#

CA0487

3.50%,

10/1/2047

405,656

355,144

Pool#

BM1959

3.50%,

10/1/2047

292,351

259,080

Pool#

CA0493

4.00%,

10/1/2047

181,778

164,960

Pool#

BM3015

4.00%,

10/1/2047

124,946

114,386

Pool#

CA0549

4.00%,

10/1/2047

111,319

101,020

Pool#

CA0496

4.50%,

10/1/2047

130,874

122,702

Pool#

CA0623

4.50%,

10/1/2047

29,044

27,268

Pool#

CA0693

3.50%,

11/1/2047

288,452

252,536

Pool#

CA0680

3.50%,

11/1/2047

142,849

126,352

Pool#

BM3358

3.50%,

11/1/2047

127,284

112,744

Pool#

CA0696

4.00%,

11/1/2047

311,286

281,789

Pool#

BM3191

4.00%,

11/1/2047

62,367

56,603

Pool#

CA0808

4.00%,

11/1/2047

52,302

47,641

Pool#

BM3379

3.00%,

12/1/2047

426,612

360,751

Pool#

BJ2492

3.50%,

12/1/2047

179,618

157,252

Pool#

MA3211

4.00%,

12/1/2047

477,038

433,885

Pool#

BJ1699

4.00%,

12/1/2047

146,079

134,190

Pool#

MA3238

3.50%,

1/1/2048

296,282

259,971

56

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0991

3.50%,

1/1/2048

293,044

258,843

Pool#

CA1015

4.00%,

1/1/2048

188,166

171,209

Pool#

CA1025

4.50%,

1/1/2048

239,902

224,563

Pool#

CA1189

3.50%,

2/1/2048

1,172,303

1,028,220

Pool#

BH9280

3.50%,

2/1/2048

621,227

545,894

Pool#

CA1242

3.50%,

2/1/2048

142,537

126,443

Pool#

MA3277

4.00%,

2/1/2048

10,789

9,764

Pool#

BJ8271

4.50%,

2/1/2048

270,334

253,008

Pool#

BJ8269

4.50%,

2/1/2048

184,817

173,242

Pool#

BK1586

4.50%,

2/1/2048

175,461

164,252

Pool#

BJ8270

4.50%,

2/1/2048

165,591

155,151

Pool#

CA4341

3.00%,

3/1/2048

101,948

85,636

Pool#

MA3305

3.50%,

3/1/2048

31,941

27,963

Pool#

BK1972

4.50%,

3/1/2048

48,894

45,852

Pool#

BJ0640

5.00%,

3/1/2048

13,209

12,688

Pool#

CA1531

3.50%,

4/1/2048

109,232

96,660

Pool#

CA1510

3.50%,

4/1/2048

62,196

54,451

Pool#

CA1551

4.00%,

4/1/2048

467,438

422,725

Pool#

CA1560

4.50%,

4/1/2048

96,535

90,251

Pool#

BJ2681

5.00%,

4/1/2048

37,772

36,250

Pool#

MA3348

5.00%,

4/1/2048

3,380

3,247

Pool#

BM4024

3.50%,

5/1/2048

70,300

62,395

Pool#

MA3358

4.50%,

5/1/2048

144,552

134,377

Pool#

MA3374

5.00%,

5/1/2048

10,233

9,825

Pool#

CA1898

4.50%,

6/1/2048

119,285

111,801

Pool#

CA1951

4.00%,

7/1/2048

119,579

108,193

Pool#

BK6577

4.50%,

7/1/2048

9,666

8,982

Pool#

CA1988

4.50%,

7/1/2048

3,766

3,518

Pool#

BK4766

4.50%,

8/1/2048

199,372

186,606

Pool#

CA2376

4.00%,

9/1/2048

110,454

99,965

Pool#

MA3472

5.00%,

9/1/2048

12,542

12,056

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3495

4.00%,

10/1/2048

162,472

147,094

Pool#

BM4664

4.50%,

10/1/2048

74,560

69,755

Pool#

CA2493

4.50%,

10/1/2048

72,846

68,129

Pool#

BM5024

3.00%,

11/1/2048

532,989

448,376

Pool#

FM1001

3.50%,

11/1/2048

38,462

33,673

Pool#

MA3521

4.00%,

11/1/2048

173,271

156,650

Pool#

MA3536

4.00%,

12/1/2048

130,032

117,643

Pool#

CA2779

4.50%,

12/1/2048

248,246

232,221

Pool#

BN0340

4.50%,

12/1/2048

200,061

186,484

Pool#

BM5212

4.50%,

12/1/2048

54,030

50,520

Pool#

FM2888

3.50%,

1/1/2049

1,347,653

1,179,849

Pool#

MA3563

4.00%,

1/1/2049

1,903,912

1,722,518

Pool#

BN3944

4.00%,

1/1/2049

84,373

76,334

Pool#

BN3960

4.50%,

1/1/2049

135,842

127,031

Pool#

BN6135

4.00%,

2/1/2049

61,220

55,220

Pool#

FM2337

4.50%,

2/1/2049

203,938

190,710

Pool#

CA3387

4.00%,

4/1/2049

286,819

260,806

Pool#

CA3394

5.00%,

4/1/2049

25,421

24,384

Pool#

CA3489

4.00%,

5/1/2049

209,692

190,672

Pool#

MA3665

4.50%,

5/1/2049

213,875

199,781

Pool#

FM1051

4.50%,

5/1/2049

117,474

109,762

Pool#

FM7504

3.50%,

6/1/2049

276,605

242,159

Pool#

CA3669

4.00%,

6/1/2049

305,800

276,324

Pool#

CA3639

4.00%,

6/1/2049

108,985

98,398

Pool#

FM8304

4.00%,

7/1/2049

594,861

537,813

Pool#

CA3825

4.00%,

7/1/2049

246,444

225,136

Pool#

FM7105

3.50%,

8/1/2049

181,711

159,086

Pool#

BO5494

3.00%,

11/1/2049

85,425

71,751

Pool#

FM2170

4.00%,

11/1/2049

259,273

234,895

Pool#

BO6225

3.00%,

12/1/2049

676,270

563,865

Pool#

BO5380

3.00%,

12/1/2049

97,285

81,707

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3873

4.00%,

12/1/2049

116,454

104,960

Pool#

CA5152

3.00%,

2/1/2050

215,813

180,137

Pool#

FM2887

3.00%,

3/1/2050

443,762

371,413

Pool#

FM0077

3.00%,

3/1/2050

110,230

91,901

Pool#

CA5510

3.00%,

4/1/2050

377,274

315,027

Pool#

MA4048

3.00%,

6/1/2050

292,302

243,761

Pool#

MA4077

2.00%,

7/1/2050

994,868

762,538

Pool#

BP6466

3.00%,

7/1/2050

1,015,437

846,002

Pool#

FM6159

3.00%,

7/1/2050

695,405

579,154

Pool#

CA6598

2.50%,

8/1/2050

861,248

689,073

Pool#

MA4097

3.00%,

8/1/2050

78,338

65,316

Pool#

BQ4909

2.00%,

9/1/2050

1,717,014

1,319,149

Pool#

CA6985

2.00%,

9/1/2050

910,464

697,420

Pool#

FM4226

2.50%,

9/1/2050

2,185,554

1,751,083

Pool#

FM4231

2.50%,

9/1/2050

2,031,152

1,625,120

Pool#

FM4222

2.50%,

9/1/2050

511,207

412,785

Pool#

CA7029

2.50%,

9/1/2050

484,525

391,089

Pool#

CA7972

3.00%,

9/1/2050

598,907

498,602

Pool#

CA7572

2.50%,

10/1/2050

2,958,315

2,394,375

Pool#

CA7368

2.50%,

10/1/2050

1,244,681

995,851

Pool#

CA7369

2.50%,

10/1/2050

942,298

753,915

Pool#

MA4181

1.50%,

11/1/2050

888,767

639,485

Pool#

CA7573

2.50%,

11/1/2050

4,336,119

3,506,125

Pool#

FM4859

2.50%,

11/1/2050

1,044,209

836,616

Pool#

FM4808

2.50%,

11/1/2050

814,585

651,740

Pool#

FM5169

3.00%,

11/1/2050

531,033

442,094

Pool#

FM5480

3.00%,

11/1/2050

518,879

431,977

Pool#

FM4969

2.00%,

12/1/2050

1,730,672

1,323,684

Pool#

CA8442

2.00%,

1/1/2051

2,085,158

1,599,447

Pool#

FM6360

3.00%,

1/1/2051

590,883

491,738

Pool#

FM6031

2.00%,

2/1/2051

2,595,682

1,982,935

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA8823

2.00%,

2/1/2051

1,109,262

847,569

Pool#

CA8893

2.00%,

2/1/2051

1,071,525

818,659

Pool#

BQ9747

2.00%,

2/1/2051

806,454

616,306

Pool#

FM6135

2.00%,

2/1/2051

592,995

453,270

Pool#

CA8866

2.50%,

2/1/2051

707,504

565,506

Pool#

MA4280

1.50%,

3/1/2051

3,627,500

2,610,581

Pool#

FM6554

2.00%,

3/1/2051

1,960,237

1,498,052

Pool#

MA4281

2.00%,

3/1/2051

1,791,730

1,369,362

Pool#

FM6569

2.50%,

3/1/2051

2,194,745

1,754,376

Pool#

FM7677

2.50%,

3/1/2051

2,117,713

1,696,430

Pool#

FM7460

4.00%,

3/1/2051

770,737

694,894

Pool#

FM6834

2.00%,

4/1/2051

2,384,629

1,822,370

Pool#

CB0235

2.00%,

4/1/2051

1,254,789

959,845

Pool#

CB0149

2.00%,

4/1/2051

329,890

252,056

Pool#

BR7647

2.00%,

4/1/2051

232,337

177,504

Pool#

BR7703

2.50%,

4/1/2051

362,458

289,925

Pool#

MA4325

2.00%,

5/1/2051

939,617

718,021

Pool#

CB0400

2.00%,

5/1/2051

314,077

243,589

Pool#

CB0514

2.50%,

5/1/2051

1,325,328

1,057,982

Pool#

FS1463

4.00%,

5/1/2051

279,722

252,815

Pool#

CB0684

2.00%,

6/1/2051

1,329,860

1,017,144

Pool#

CB0819

2.00%,

6/1/2051

1,223,201

935,585

Pool#

FM7719

2.00%,

6/1/2051

868,786

663,805

Pool#

FM8630

1.50%,

7/1/2051

1,437,811

1,036,066

Pool#

MA4378

2.00%,

7/1/2051

2,113,712

1,614,866

Pool#

CB1110

2.00%,

7/1/2051

561,557

428,798

Pool#

FM8160

2.50%,

7/1/2051

654,882

527,408

Pool#

FM8007

2.50%,

7/1/2051

424,522

339,611

Pool#

CB1065

2.50%,

7/1/2051

347,830

277,119

Pool#

CB1133

2.50%,

7/1/2051

291,449

232,630

Pool#

CB1330

2.50%,

8/1/2051

1,561,461

1,249,265

58

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM8011

2.50%,

8/1/2051

1,299,945

1,043,227

Pool#

CB1400

3.00%,

8/1/2051

41,627

34,843

Pool#

MA4437

2.00%,

10/1/2051

10,447,066

7,972,030

Pool#

FM9082

2.00%,

10/1/2051

484,486

371,495

Pool#

BU1052

2.00%,

10/1/2051

481,598

371,764

Pool#

FM9081

2.00%,

10/1/2051

180,370

138,306

Pool#

FS1215

2.50%,

10/1/2051

1,097,630

873,809

Pool#

FS1473

3.50%,

10/1/2051

1,263,603

1,106,249

Pool#

MA4464

1.50%,

11/1/2051

1,832,508

1,318,476

Pool#

CB2038

2.00%,

11/1/2051

5,690,798

4,343,087

Pool#

FM9450

2.00%,

11/1/2051

1,900,537

1,455,336

Pool#

FM9411

2.00%,

11/1/2051

1,837,661

1,399,509

Pool#

MA4465

2.00%,

11/1/2051

1,835,276

1,398,931

Pool#

CB2148

2.00%,

11/1/2051

895,942

685,616

Pool#

MA4466

2.50%,

11/1/2051

5,444,984

4,332,625

Pool#

FM9491

2.50%,

11/1/2051

747,769

594,835

Pool#

FM9494

2.50%,

11/1/2051

486,718

387,213

Pool#

BU5908

2.00%,

12/1/2051

3,484,871

2,682,424

Pool#

CB2297

2.50%,

12/1/2051

4,541,411

3,622,968

Pool#

MA4493

2.50%,

12/1/2051

3,498,304

2,780,414

Pool#

FM9543

2.50%,

12/1/2051

2,636,615

2,098,118

Pool#

CB2410

2.50%,

12/1/2051

1,907,699

1,517,184

Pool#

FM9806

2.50%,

12/1/2051

1,673,632

1,331,472

Pool#

FM9864

2.50%,

12/1/2051

968,374

776,584

Pool#

CB2469

2.50%,

12/1/2051

879,694

702,929

Pool#

FM9697

2.50%,

12/1/2051

442,882

355,170

Pool#

FS1192

2.00%,

1/1/2052

4,514,795

3,449,532

Pool#

FS1095

2.00%,

1/1/2052

2,720,416

2,078,826

Pool#

MA4512

2.50%,

1/1/2052

4,311,027

3,425,050

Pool#

FS2639

2.50%,

1/1/2052

932,452

744,347

Pool#

FS2040

2.00%,

2/1/2052

1,852,846

1,409,906

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BU9905

2.00%,

2/1/2052

912,957

696,677

Pool#

CB2868

2.50%,

2/1/2052

1,784,604

1,419,072

Pool#

CB3156

2.00%,

3/1/2052

1,870,755

1,426,769

Pool#

BV4170

2.50%,

3/1/2052

4,604,807

3,662,268

Pool#

BV4133

2.50%,

3/1/2052

1,827,657

1,452,062

Pool#

CB3159

2.50%,

3/1/2052

1,824,048

1,453,349

Pool#

CB3016

2.50%,

3/1/2052

921,013

738,367

Pool#

CB3237

3.00%,

3/1/2052

919,117

761,036

Pool#

CB3350

2.50%,

4/1/2052

1,824,724

1,454,011

Pool#

MA4578

2.50%,

4/1/2052

905,993

719,227

Pool#

BV5355

2.50%,

4/1/2052

905,706

719,561

Pool#

CB3368

3.00%,

4/1/2052

909,591

753,038

Pool#

CB3362

3.00%,

4/1/2052

873,264

724,117

Pool#

CB3516

3.00%,

5/1/2052

1,384,974

1,146,780

Pool#

FS2141

3.50%,

6/1/2052

1,068,540

919,986

Pool#

CB3915

4.50%,

6/1/2052

68,968

63,369

Pool#

FS3806

2.50%,

7/1/2052

13,230,127

10,523,484

Pool#

MA4733

4.50%,

9/1/2052

973,440

894,146

Pool#

CB4673

4.50%,

9/1/2052

952,672

880,708

Pool#

CB4831

4.50%,

10/1/2052

1,421,346

1,305,847

Pool#

MA4805

4.50%,

11/1/2052

841,933

773,354

Pool#

CB5535

5.00%,

1/1/2053

1,940,322

1,832,659

Pool#

CB5642

5.50%,

2/1/2053

817,326

790,977

Pool#

FS3801

5.50%,

2/1/2053

193,468

187,165

Pool#

CB6065

5.00%,

4/1/2053

1,064,141

1,004,877

Pool#

CB6004

5.50%,

4/1/2053

3,122,639

3,038,082

Pool#

CB6182

5.00%,

5/1/2053

985,739

930,510

Pool#

CB6650

5.50%,

6/1/2053

2,198,519

2,138,985

Pool#

FS5214

5.00%,

7/1/2053

786,525

743,904

Pool#

MA5073

6.00%,

7/1/2053

1,516,600

1,497,213

Pool#

FS5424

4.50%,

8/1/2053

555,457

510,592

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

59

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB6921

6.00%,

8/1/2053

513,514

512,893

Pool#

CB7115

6.00%,

9/1/2053

1,556,985

1,551,505

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2038

2,840,250

2,365,673

2.00%,

10/25/2038

4,974,750

4,265,362

2.50%,

10/25/2038

2,970,000

2,616,848

3.00%,

10/25/2038

2,348,663

2,124,256

3.50%,

10/25/2038

1,893,000

1,750,168

4.00%,

10/25/2038

768,000

724,890

4.50%,

10/25/2038

215,000

206,057

5.00%,

10/25/2038

35,000

34,081

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

10/25/2053

5,600,000

5,526,500

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

10/25/2053

1,600,000

1,149,375

2.00%,

10/25/2053

1,995,208

1,517,449

2.50%,

10/25/2053

326,000

258,724

3.00%,

10/25/2053

6,725,000

5,559,946

3.50%,

10/25/2053

5,375,000

4,622,080

4.00%,

10/25/2053

4,050,000

3,605,449

4.50%,

10/25/2053

5,625,000

5,164,453

5.00%,

10/25/2053

7,476,000

7,053,139

5.50%,

10/25/2053

5,550,000

5,363,338

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

39

39

Pool#

457801

7.00%,

8/15/2028

903

901

Pool#

486936

6.50%,

2/15/2029

391

394

Pool#

502969

6.00%,

3/15/2029

1,451

1,437

Pool#

487053

7.00%,

3/15/2029

570

566

Pool#

781014

6.00%,

4/15/2029

958

950

Pool#

509099

7.00%,

6/15/2029

2,161

2,141

Pool#

434505

7.50%,

8/15/2029

37

37

Pool#

781124

7.00%,

12/15/2029

3,567

3,649

Pool#

507396

7.50%,

9/15/2030

25,818

25,811

Pool#

531352

7.50%,

9/15/2030

1,738

1,737

Pool#

536334

7.50%,

10/15/2030

131

130

Pool#

486019

7.50%,

1/15/2031

642

642

Pool#

535388

7.50%,

1/15/2031

419

419

Pool#

528589

6.50%,

3/15/2031

7,395

7,444

Pool#

508473

7.50%,

4/15/2031

2,635

2,638

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

544470

8.00%,

4/15/2031

1,120

1,118

Pool#

781287

7.00%,

5/15/2031

1,728

1,764

Pool#

781319

7.00%,

7/15/2031

554

577

Pool#

485879

7.00%,

8/15/2031

1,216

1,204

Pool#

572554

6.50%,

9/15/2031

24,239

24,407

Pool#

781328

7.00%,

9/15/2031

1,623

1,665

Pool#

550991

6.50%,

10/15/2031

399

402

Pool#

571267

7.00%,

10/15/2031

229

226

Pool#

555171

6.50%,

12/15/2031

980

986

Pool#

781380

7.50%,

12/15/2031

551

572

Pool#

781481

7.50%,

1/15/2032

2,651

2,748

Pool#

580972

6.50%,

2/15/2032

133

133

Pool#

781401

7.50%,

2/15/2032

1,812

1,873

Pool#

781916

6.50%,

3/15/2032

18,617

18,739

Pool#

552474

7.00%,

3/15/2032

3,118

3,138

Pool#

781478

7.50%,

3/15/2032

1,027

1,064

Pool#

781429

8.00%,

3/15/2032

1,869

1,949

Pool#

781431

7.00%,

4/15/2032

6,695

6,921

Pool#

552616

7.00%,

6/15/2032

24,748

24,755

Pool#

570022

7.00%,

7/15/2032

10,765

10,907

Pool#

595077

6.00%,

10/15/2032

3,444

3,512

Pool#

552903

6.50%,

11/15/2032

39,517

39,779

Pool#

552952

6.00%,

12/15/2032

2,574

2,552

Pool#

602102

6.00%,

2/15/2033

12,074

11,970

Pool#

588192

6.00%,

2/15/2033

2,477

2,455

Pool#

553144

5.50%,

4/15/2033

8,615

8,402

Pool#

604243

6.00%,

4/15/2033

4,676

4,725

Pool#

611526

6.00%,

5/15/2033

6,714

6,650

Pool#

553320

6.00%,

6/15/2033

13,093

13,191

Pool#

604788

6.50%,

11/15/2033

42,344

42,659

Pool#

781688

6.00%,

12/15/2033

17,944

18,386

60

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

604875

6.00%,

12/15/2033

15,881

16,193

Pool#

781690

6.00%,

12/15/2033

6,598

6,761

Pool#

781699

7.00%,

12/15/2033

2,222

2,224

Pool#

621856

6.00%,

1/15/2034

7,650

7,577

Pool#

564799

6.00%,

3/15/2034

5,845

5,790

Pool#

630038

6.50%,

8/15/2034

27,034

27,211

Pool#

781804

6.00%,

9/15/2034

17,474

17,907

Pool#

781847

6.00%,

12/15/2034

13,137

13,462

Pool#

486921

5.50%,

2/15/2035

4,518

4,477

Pool#

781902

6.00%,

2/15/2035

17,711

18,149

Pool#

781933

6.00%,

6/15/2035

1,890

1,937

Pool#

649513

5.50%,

10/15/2035

136,398

133,605

Pool#

649510

5.50%,

10/15/2035

53,740

52,735

Pool#

652207

5.50%,

3/15/2036

37,327

36,258

Pool#

655519

5.00%,

5/15/2036

17,410

16,749

Pool#

652539

5.00%,

5/15/2036

6,024

5,777

Pool#

606308

5.50%,

5/15/2036

6,176

6,024

Pool#

657912

6.50%,

8/15/2036

2,888

2,907

Pool#

697957

4.50%,

3/15/2039

521,410

498,656

Pool#

704630

5.50%,

7/15/2039

15,650

15,286

Pool#

710724

4.50%,

8/15/2039

156,577

149,927

Pool#

722292

5.00%,

9/15/2039

317,451

307,785

Pool#

782803

6.00%,

11/15/2039

155,134

158,997

Pool#

736666

4.50%,

4/15/2040

349,755

327,461

Pool#

733312

4.00%,

9/15/2040

41,406

38,110

Pool#

742235

4.00%,

12/15/2040

90,120

82,944

Pool#

755959

4.00%,

1/15/2041

79,264

73,345

Pool#

755958

4.00%,

1/15/2041

72,747

67,313

Pool#

742244

4.00%,

1/15/2041

67,109

61,831

Pool#

759075

4.00%,

1/15/2041

61,373

56,486

Pool#

753826

4.00%,

1/15/2041

36,289

33,400

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

690662

4.00%,

1/15/2041

26,110

24,031

Pool#

719486

4.00%,

1/15/2041

7,021

6,438

Pool#

759207

4.00%,

2/15/2041

152,160

140,044

Pool#

757555

4.00%,

2/15/2041

15,383

14,280

Pool#

757557

4.00%,

2/15/2041

7,537

6,996

Pool#

738107

4.00%,

3/15/2041

179,650

165,482

Pool#

784637

4.00%,

8/15/2041

57,569

53,524

Pool#

778869

4.00%,

2/15/2042

106,426

97,949

Pool#

AD8789

3.50%,

3/15/2043

372,770

333,015

Pool#

AD2254

3.50%,

3/15/2043

59,373

53,350

Pool#

AA6403

3.00%,

5/15/2043

436,110

379,603

Pool#

AD2411

3.50%,

5/15/2043

234,358

210,631

Pool#

783781

3.50%,

6/15/2043

294,607

263,558

Pool#

784015

3.00%,

7/15/2043

82,922

72,158

Pool#

784459

3.00%,

12/15/2046

186,811

160,933

Pool#

784293

3.00%,

12/15/2046

50,391

43,130

Pool#

784355

4.00%,

12/15/2046

79,696

72,401

Pool#

784500

3.00%,

2/15/2047

404,235

347,203

Pool#

784713

3.00%,

2/15/2047

101,182

86,953

Pool#

784747

4.00%,

5/15/2048

53,988

49,438

Pool#

784715

4.00%,

5/15/2048

49,652

45,665

Pool#

785073

4.00%,

9/15/2049

65,658

60,051

Pool#

BD4016

3.00%,

10/15/2049

159,973

136,032

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

192,437

192,468

Pool#

4245

6.00%,

9/20/2038

74,163

76,997

Pool#

4559

5.00%,

10/20/2039

174,791

171,575

Pool#

4715

5.00%,

6/20/2040

45,026

44,101

Pool#

4747

5.00%,

7/20/2040

504,897

494,535

Pool#

4771

4.50%,

8/20/2040

415,657

394,442

Pool#

4802

5.00%,

9/20/2040

345,074

338,638

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

61

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

4834

4.50%,

10/20/2040

114,023

108,202

Pool#

737727

4.00%,

12/20/2040

725,817

667,700

Pool#

737730

4.00%,

12/20/2040

209,762

192,941

Pool#

4923

4.50%,

1/20/2041

177,757

168,683

Pool#

4978

4.50%,

3/20/2041

24,991

23,716

Pool#

5017

4.50%,

4/20/2041

255,892

242,831

Pool#

5056

5.00%,

5/20/2041

85,645

84,047

Pool#

5082

4.50%,

6/20/2041

101,583

96,399

Pool#

5175

4.50%,

9/20/2041

120,787

114,620

Pool#

675523

3.50%,

3/20/2042

138,151

121,926

Pool#

5332

4.00%,

3/20/2042

115,025

106,402

Pool#

MA0392

3.50%,

9/20/2042

1,052,215

942,779

Pool#

MA0462

3.50%,

10/20/2042

829,975

742,768

Pool#

MA0534

3.50%,

11/20/2042

1,896,100

1,699,273

Pool#

MA0625

3.50%,

12/20/2042

399,339

357,409

Pool#

MA0698

3.00%,

1/20/2043

435,450

375,269

Pool#

MA0852

3.50%,

3/20/2043

438,050

392,835

Pool#

MA0934

3.50%,

4/20/2043

398,980

357,206

Pool#

AF1001

3.50%,

6/20/2043

358,759

316,602

Pool#

MA1376

4.00%,

10/20/2043

174,144

160,799

Pool#

AJ9335

3.50%,

10/20/2044

38,797

34,371

Pool#

MA2677

3.00%,

3/20/2045

144,866

124,844

Pool#

MA2754

3.50%,

4/20/2045

264,893

236,294

Pool#

MA2824

2.50%,

5/20/2045

286,099

238,234

Pool#

MA2825

3.00%,

5/20/2045

567,652

489,195

Pool#

AM4381

3.50%,

5/20/2045

353,005

302,326

Pool#

MA2891

3.00%,

6/20/2045

959,258

826,678

Pool#

MA2892

3.50%,

6/20/2045

202,369

180,079

Pool#

MA2960

3.00%,

7/20/2045

329,659

281,998

Pool#

784156

4.00%,

8/20/2045

139,685

127,282

Pool#

AO1103

3.50%,

9/20/2045

576,271

512,940

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

AO1099

3.50%,

9/20/2045

306,157

272,485

Pool#

MA3106

4.00%,

9/20/2045

77,095

70,803

Pool#

MA3172

3.00%,

10/20/2045

158,999

137,018

Pool#

MA3173

3.50%,

10/20/2045

109,587

97,519

Pool#

MA3174

4.00%,

10/20/2045

9,617

8,835

Pool#

MA3243

3.00%,

11/20/2045

301,318

259,651

Pool#

MA3244

3.50%,

11/20/2045

287,077

255,453

Pool#

784098

3.00%,

12/20/2045

586,642

505,547

Pool#

MA3309

3.00%,

12/20/2045

513,700

442,688

Pool#

MA3310

3.50%,

12/20/2045

213,925

189,736

Pool#

784111

3.00%,

1/20/2046

307,798

265,232

Pool#

MA3377

4.00%,

1/20/2046

43,217

39,688

Pool#

784119

3.00%,

2/20/2046

582,580

502,055

Pool#

784115

3.00%,

2/20/2046

26,640

22,957

Pool#

MA3520

3.00%,

3/20/2046

394,200

338,159

Pool#

MA3521

3.50%,

3/20/2046

752,623

669,725

Pool#

MA3522

4.00%,

3/20/2046

296,674

272,579

Pool#

MA3596

3.00%,

4/20/2046

204,869

175,187

Pool#

MA3597

3.50%,

4/20/2046

214,848

191,178

Pool#

MA3662

3.00%,

5/20/2046

783,780

675,375

Pool#

MA3735

3.00%,

6/20/2046

478,060

411,854

Pool#

MA3736

3.50%,

6/20/2046

1,221,317

1,089,293

Pool#

MA3804

4.00%,

7/20/2046

44,900

41,194

Pool#

MA3873

3.00%,

8/20/2046

1,020,791

879,140

Pool#

MA3876

4.50%,

8/20/2046

48,703

46,275

Pool#

MA3936

3.00%,

9/20/2046

1,033,324

891,386

Pool#

MA3939

4.50%,

9/20/2046

7,884

7,338

Pool#

MA4006

4.50%,

10/20/2046

147,772

140,408

Pool#

MA4068

3.00%,

11/20/2046

155,486

133,848

Pool#

MA4069

3.50%,

11/20/2046

15,983

14,243

Pool#

MA4070

4.00%,

11/20/2046

27,855

25,552

62

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4071

4.50%,

11/20/2046

9,891

9,385

Pool#

MA4125

2.50%,

12/20/2046

92,464

76,795

Pool#

MA4126

3.00%,

12/20/2046

1,591,154

1,371,022

Pool#

MA4127

3.50%,

12/20/2046

383,060

340,386

Pool#

MA4194

2.50%,

1/20/2047

353,507

293,645

Pool#

MA4196

3.50%,

1/20/2047

99,317

88,346

Pool#

MA4261

3.00%,

2/20/2047

418,211

359,942

Pool#

MA4262

3.50%,

2/20/2047

1,515,268

1,346,212

Pool#

MA4264

4.50%,

2/20/2047

11,664

11,049

Pool#

MA4321

3.50%,

3/20/2047

753,798

669,812

Pool#

AZ1974

3.50%,

4/20/2047

195,992

174,302

Pool#

MA4382

3.50%,

4/20/2047

129,602

115,104

Pool#

MA4383

4.00%,

4/20/2047

598,677

548,835

Pool#

MA4384

4.50%,

4/20/2047

14,546

13,742

Pool#

MA4509

3.00%,

6/20/2047

148,371

127,671

Pool#

MA4511

4.00%,

6/20/2047

283,596

260,078

Pool#

MA4512

4.50%,

6/20/2047

33,158

31,240

Pool#

MA4585

3.00%,

7/20/2047

26,870

23,181

Pool#

MA4587

4.00%,

7/20/2047

854,818

782,646

Pool#

784471

3.50%,

8/20/2047

344,935

306,893

Pool#

BC1888

3.50%,

8/20/2047

322,917

286,921

Pool#

MA4652

3.50%,

8/20/2047

295,354

262,121

Pool#

MA4653

4.00%,

8/20/2047

44,578

40,847

Pool#

784408

3.50%,

10/20/2047

203,716

174,861

Pool#

MA4780

4.50%,

10/20/2047

11,103

10,424

Pool#

MA4836

3.00%,

11/20/2047

277,461

238,289

Pool#

MA4837

3.50%,

11/20/2047

261,910

232,255

Pool#

MA4838

4.00%,

11/20/2047

1,177,860

1,078,796

Pool#

784421

3.50%,

12/20/2047

298,360

259,024

Pool#

MA4900

3.50%,

12/20/2047

188,466

167,516

Pool#

MA4962

3.50%,

1/20/2048

382,822

340,424

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA5018

3.00%,

2/20/2048

104,967

89,964

Pool#

MA5019

3.50%,

2/20/2048

19,840

17,538

Pool#

784480

3.50%,

4/20/2048

255,617

227,225

Pool#

784479

3.50%,

4/20/2048

179,871

159,840

Pool#

784481

3.50%,

4/20/2048

78,935

70,163

Pool#

MA5137

4.00%,

4/20/2048

247,098

225,692

Pool#

BD4034

4.00%,

4/20/2048

86,237

78,032

Pool#

MA5138

4.50%,

4/20/2048

101,207

94,905

Pool#

MA5191

3.50%,

5/20/2048

670,073

592,755

Pool#

MA5192

4.00%,

5/20/2048

452,211

413,431

Pool#

MA5265

4.50%,

6/20/2048

182,074

170,620

Pool#

MA5331

4.50%,

7/20/2048

81,991

76,637

Pool#

MA5398

4.00%,

8/20/2048

453,636

413,948

Pool#

MA5399

4.50%,

8/20/2048

225,586

211,169

Pool#

MA5465

3.50%,

9/20/2048

71,794

63,555

Pool#

MA5466

4.00%,

9/20/2048

101,810

92,955

Pool#

BJ2692

4.00%,

11/20/2048

66,914

60,298

Pool#

MA5597

5.00%,

11/20/2048

7,737

7,452

Pool#

MA5652

4.50%,

12/20/2048

104,593

97,977

Pool#

784656

4.50%,

12/20/2048

60,480

56,034

Pool#

BK2856

4.50%,

12/20/2048

12,428

11,486

Pool#

MA5653

5.00%,

12/20/2048

22,318

21,450

Pool#

MA5712

5.00%,

1/20/2049

81,664

78,407

Pool#

MA5818

4.50%,

3/20/2049

74,090

69,403

Pool#

MA5878

5.00%,

4/20/2049

8,725

8,374

Pool#

MA5987

4.50%,

6/20/2049

492,563

459,366

Pool#

MA6041

4.50%,

7/20/2049

133,308

124,644

Pool#

MA6092

4.50%,

8/20/2049

57,505

53,580

Pool#

MA6153

3.00%,

9/20/2049

106,790

91,185

Pool#

MA6409

3.00%,

1/20/2050

741,282

632,600

Pool#

MA6474

3.00%,

2/20/2050

689,844

586,547

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

63

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA6542

3.50%,

3/20/2050

173,660

154,919

Pool#

MA6657

3.50%,

5/20/2050

352,874

310,675

Pool#

MA6766

3.00%,

7/20/2050

318,054

270,982

Pool#

MA6818

2.00%,

8/20/2050

1,246,195

990,877

Pool#

BW4732

2.50%,

8/20/2050

946,348

752,505

Pool#

BW6206

2.50%,

8/20/2050

876,329

696,865

Pool#

MA6820

3.00%,

8/20/2050

1,215,706

1,034,959

Pool#

MA6821

3.50%,

8/20/2050

579,695

511,102

Pool#

MA6864

2.00%,

9/20/2050

1,270,654

1,011,841

Pool#

BW4741

2.50%,

9/20/2050

913,346

726,301

Pool#

BY0776

2.50%,

9/20/2050

595,078

473,211

Pool#

BY0805

2.50%,

9/20/2050

570,836

454,144

Pool#

MA6994

2.00%,

11/20/2050

1,697,109

1,348,779

Pool#

MA7051

2.00%,

12/20/2050

2,417,959

1,919,373

Pool#

MA7053

3.00%,

12/20/2050

838,961

715,355

Pool#

MA7136

2.50%,

1/20/2051

1,786,845

1,463,959

Pool#

MA7192

2.00%,

2/20/2051

4,315,358

3,421,087

Pool#

MA7193

2.50%,

2/20/2051

490,800

401,615

Pool#

MA7367

2.50%,

5/20/2051

3,700,621

3,029,698

Pool#

MA7472

2.50%,

7/20/2051

3,222,216

2,635,599

Pool#

MA7534

2.50%,

8/20/2051

2,684,903

2,196,040

Pool#

MA7589

2.50%,

9/20/2051

468,366

383,064

Pool#

MA7647

1.50%,

10/20/2051

389,549

297,049

Pool#

MA7648

2.00%,

10/20/2051

3,473,476

2,748,553

Pool#

MA7650

3.00%,

10/20/2051

2,294,252

1,950,135

Pool#

MA7704

2.00%,

11/20/2051

890,261

703,854

Pool#

MA7705

2.50%,

11/20/2051

1,559,914

1,276,259

Pool#

MA7766

2.00%,

12/20/2051

3,406,472

2,693,686

Pool#

MA7767

2.50%,

12/20/2051

1,733,006

1,417,361

Pool#

MA7768

3.00%,

12/20/2051

448,736

380,983

Pool#

MA7826

2.00%,

1/20/2052

1,107,907

876,508

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA7935

2.00%,

3/20/2052

3,524,492

2,786,456

Pool#

MA7936

2.50%,

3/20/2052

3,604,233

2,946,648

Pool#

786843

3.00%,

3/20/2052

503,949

423,882

Pool#

MA7986

2.00%,

4/20/2052

3,939,797

3,117,664

Pool#

MA7987

2.50%,

4/20/2052

4,577,494

3,742,268

Pool#

MA8042

2.50%,

5/20/2052

819,765

670,186

Pool#

MA8043

3.00%,

5/20/2052

933,588

791,498

Pool#

MA8147

2.50%,

7/20/2052

265,869

217,492

Pool#

MA8148

3.00%,

7/20/2052

1,833,575

1,554,394

Pool#

MA8197

2.50%,

8/20/2052

1,063,351

869,945

Pool#

MA8265

3.00%,

9/20/2052

470,395

398,785

Pool#

MA8491

5.50%,

12/20/2052

880,283

855,470

Pool#

MA8726

5.50%,

3/20/2053

374,824

363,980

Pool#

MA8800

5.00%,

4/20/2053

1,179,610

1,117,963

Pool#

MA8801

5.50%,

4/20/2053

1,212,374

1,177,105

Pool#

MA8948

5.50%,

6/20/2053

264,936

257,200

Pool#

786798

5.50%,

7/20/2053

482,208

468,713

GNMA

TBA

2.00%,

10/15/2053

600,000

474,258

2.50%,

10/15/2053

1,225,000

1,001,100

3.00%,

10/15/2053

1,572,000

1,332,147

4.00%,

10/15/2053

6,564,000

5,915,509

4.50%,

10/15/2053

8,400,000

7,765,556

5.00%,

10/15/2053

3,225,000

3,055,940

5.50%,

10/15/2053

2,550,000

2,474,497

Total

Mortgage-Backed

Securities

(cost

$662,003,182)

570,816,305

Municipal

Bonds

0

.6

%

California

0

.2

%

Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

113,074

Bay

Area

Toll

Authority,

RB,

Series

F,

6.26%,

4/1/2049

250,000

267,374

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

57,096

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

B,

6.00%,

11/1/2040

100,000

101,316

64

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

California

Golden

State

Tobacco

Securitization

Corp,

RB,

Series

A-1,

3.71%,

6/1/2041

90,000

63,088

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

340,654

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

86,471

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

221,043

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

420,000

453,920

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Series

H,

6.55%,

5/15/2048

150,000

161,626

Series

F,

6.58%,

5/15/2049

200,000

215,978

Series

N,

3.26%,

5/15/2060

230,000

144,218

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

105,177

State

of

California

7.55%,

4/1/2039

1,410,000

1,659,009

7.63%,

3/1/2040

425,000

498,187

University

of

California

Series

BD,

3.35%,

7/1/2029

200,000

183,188

Series

F,

5.95%,

5/15/2045

300,000

304,813

Series

AQ,

4.77%,

5/15/2115

150,000

121,123

5,097,355

Connecticut

0

.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

510,952

Florida

0

.0

%

†

State

Board

of

Administration

Finance

Corp.

Series

A,

1.26%,

7/1/2025

95,000

88,190

Series

A,

2.15%,

7/1/2030

105,000

84,095

172,285

Georgia

0

.0

%

†

Municipal

Electric

Authority

of

Georgia,

RB,

Series

A,

6.66%,

4/1/2057

473,000

503,068

Illinois

0

.1

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue,

RB,

Series

A,

6.90%,

12/1/2040

295,000

318,232

State

of

Illinois,

GO,

5.10%,

6/1/2033

945,000

897,080

1,215,312

Municipal

Bonds

Principal

Amount

($)

Value

($)

Louisiana

0

.0

%

†

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Auth

Series

A,

3.62%,

2/1/2029

55,599

53,499

Series

A,

4.48%,

8/1/2039

50,000

44,651

5.20%,

12/1/2039

95,000

90,810

188,960

Michigan

0

.0

%

†

University

of

Michigan,

RB,

Series

B,

3.50%,

4/1/2052

83,000

59,716

New

Jersey

0

.1

%

New

Jersey

Economic

Development

Authority,

RB,

Series

A,

7.43%,

2/15/2029

125,000

132,020

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

511,631

Rutgers

The

State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

246,719

890,370

New

York

0

.1

%

City

of

New

York,

GO,

Series

B,

5.26%,

10/1/2052

35,000

34,421

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

460,000

531,571

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

300,000

289,692

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

RB,

Series

B,

5.57%,

11/1/2038

500,000

500,916

New

York

State

Dormitory

Authority,

RB,

Series

F,

5.63%,

3/15/2039

250,000

248,536

Port

Authority

of

New

York

&

New

Jersey

6.04%,

12/1/2029

620,000

642,221

3.18%,

7/15/2060

135,000

82,561

2,329,918

Ohio

0

.0

%

†

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

94,229

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

138,115

232,344

Oklahoma

0

.0

%

†

Oklahoma

Development

Finance

Authority

4.62%,

6/1/2044

60,000

54,340

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Municipal

Bonds

Principal

Amount

($)

Value

($)

Oklahoma

Oklahoma

Development

Finance

Authority

(continued)

4.38%,

11/1/2045

60,000

52,649

106,989

South

Carolina

0

.0

%

†

South

Carolina

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

102,256

Texas

0

.1

%

Board

of

Regents

of

the

University

of

Texas

System,

RB,

Series

C,

4.79%,

8/15/2046

200,000

187,159

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

205,863

Dallas

Fort

Worth

International

Airport

Series

C,

2.92%,

11/1/2050

100,000

67,336

Series

A,

4.51%,

11/1/2051

45,000

37,957

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

29,792

North

Texas

Tollway

Authority,

RB,

Series

A,

3.01%,

1/1/2043

35,000

24,048

Permanent

University

Fund

-

University

of

Texas

System,

RB,

Series

A,

5.26%,

7/1/2039

260,000

250,682

State

of

Texas,

GO,

Series

A,

4.63%,

4/1/2033

350,000

337,366

Texas

Natural

Gas

Securitization

Finance

Corp.

5.10%,

4/1/2035

150,000

147,099

Series

2023-1,

5.17%,

4/1/2041

140,000

133,671

Texas

Transportation

Commission

State

Highway

Fund,

RB,

5.18%,

4/1/2030

150,000

148,192

1,569,165

Virginia

0

.0

%

†

University

of

Virginia,

RB,

Series

VA,

2.26%,

9/1/2050

90,000

51,228

Washington

0

.0

%

†

State

of

Washington,

GO,

Series

F,

5.14%,

8/1/2040

200,000

189,299

Total

Municipal

Bonds

(cost

$13,950,484)

13,219,217

Supranational

1

.2

%

African

Development

Bank

0.88%,

3/23/2026

200,000

180,703

4.38%,

3/14/2028

500,000

491,523

Asian

Development

Bank

Supranational

Principal

Amount

($)

Value

($)

1.50%,

10/18/2024

500,000

479,564

0.63%,

4/29/2025

1,000,000

929,539

0.38%,

9/3/2025

1,000,000

913,157

1.00%,

4/14/2026

200,000

181,141

1.50%,

1/20/2027

760,000

683,020

3.75%,

4/25/2028

1,250,000

1,197,649

1.88%,

1/24/2030

500,000

421,066

4.00%,

1/12/2033

350,000

330,139

Asian

Infrastructure

Investment

Bank

(The)

0.50%,

10/30/2024

230,000

217,472

4.00%,

1/18/2028

350,000

337,219

Council

of

Europe

Development

Bank,

3.75%,

5/25/2026

450,000

435,994

European

Bank

for

Reconstruction

&

Development,

1.50%,

2/13/2025(b)

1,000,000

948,390

European

Investment

Bank

0.38%,

3/26/2026

1,500,000

1,340,883

0.75%,

10/26/2026

290,000

256,461

2.38%,

5/24/2027

2,000,000

1,840,656

3.63%,

7/15/2030

900,000

841,797

1.25%,

2/14/2031

300,000

236,899

3.75%,

2/14/2033

900,000

835,009

Inter-American

Development

Bank

1.75%,

3/14/2025

500,000

474,732

0.63%,

7/15/2025

1,000,000

922,262

2.00%,

7/23/2026

1,000,000

922,960

2.25%,

6/18/2029

250,000

219,108

1.13%,

1/13/2031

2,000,000

1,557,218

3.50%,

4/12/2033

750,000

678,386

International

Bank

for

Reconstruction

&

Development

0.63%,

4/22/2025

1,000,000

929,335

1.88%,

10/27/2026

400,000

365,763

2.50%,

11/22/2027

1,000,000

916,528

3.50%,

7/12/2028

1,000,000

947,417

1.13%,

9/13/2028

1,000,000

842,147

3.88%,

2/14/2030

850,000

808,003

0.88%,

5/14/2030

1,000,000

779,982

4.00%,

7/25/2030

300,000

286,267

1.63%,

11/3/2031

1,000,000

797,920

International

Finance

Corp.,

4.50%,

7/13/2028

400,000

395,275

Nordic

Investment

Bank,

4.38%,

3/14/2028

500,000

492,160

Total

Supranational

(cost

$27,775,908)

25,433,744

U.S.

Government

Agency

Securities

0

.6

%

FHLB

2.75%,

12/13/2024

1,000,000

968,899

5.50%,

7/15/2036

1,500,000

1,601,543

FHLMC

0.25%,

12/4/2023

1,030,000

1,020,878

0.38%,

7/21/2025

1,165,000

1,070,755

66

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

U.S.

Government

Agency

Securities

Principal

Amount

($)

Value

($)

FHLMC

6.25%,

7/15/2032

1,245,000

1,377,469

FNMA

0.50%,

6/17/2025

1,000,000

924,598

6.25%,

5/15/2029

2,500,000

2,685,624

7.25%,

5/15/2030

2,000,000

2,274,680

0.88%,

8/5/2030

440,000

339,732

Tennessee

Valley

Authority,

4.88%,

1/15/2048(b)

500,000

458,819

Total

U.S.

Government

Agency

Securities

(cost

$14,001,571)

12,722,997

U.S.

Treasury

Obligations

41

.4

%

U.S.

Treasury

Bonds

6.88%,

8/15/2025

449,000

463,084

6.00%,

2/15/2026

4,042,000

4,132,945

6.50%,

11/15/2026

3,000,000

3,145,078

5.50%,

8/15/2028

(b)

3,000,000

3,109,219

5.38%,

2/15/2031

1,000,000

1,048,320

4.75%,

2/15/2037

709,600

721,907

5.00%,

5/15/2037

305,000

316,723

4.38%,

2/15/2038

3,050,000

2,955,283

4.25%,

5/15/2039

2,500,000

2,356,445

4.50%,

8/15/2039

1,080,000

1,045,997

4.38%,

11/15/2039

300,000

285,480

4.38%,

5/15/2040

1,000,000

948,672

3.88%,

8/15/2040

1,000,000

887,891

1.38%,

11/15/2040

1,500,000

887,754

4.25%,

11/15/2040

1,400,000

1,302,109

1.88%,

2/15/2041

1,000,000

645,078

4.75%,

2/15/2041

2,000,000

1,978,047

1.75%,

8/15/2041

4,300,000

2,677,758

3.75%,

8/15/2041

4,900,000

4,240,988

2.00%,

11/15/2041

6,000,000

3,893,672

3.13%,

11/15/2041

4,100,000

3,223,785

2.38%,

2/15/2042

3,000,000

2,073,633

3.13%,

2/15/2042

1,000,000

783,906

3.00%,

5/15/2042

1,000,000

765,273

3.25%,

5/15/2042

2,000,000

1,593,750

2.75%,

8/15/2042

5,000,000

3,665,625

3.38%,

8/15/2042

3,000,000

2,430,703

2.75%,

11/15/2042

1,500,000

1,095,059

4.00%,

11/15/2042

3,000,000

2,662,734

3.13%,

2/15/2043

1,750,000

1,354,746

3.88%,

2/15/2043

3,000,000

2,610,937

2.88%,

5/15/2043

(b)

2,850,000

2,111,449

3.88%,

5/15/2043

3,500,000

3,042,813

4.38%,

8/15/2043

1,000,000

932,969

3.63%,

2/15/2044

3,500,000

2,910,195

3.38%,

5/15/2044

4,000,000

3,191,875

3.13%,

8/15/2044

5,700,000

4,355,156

3.00%,

11/15/2044

5,500,000

4,105,020

2.50%,

2/15/2045

6,500,000

4,413,906

3.00%,

5/15/2045

5,500,000

4,084,395

2.88%,

8/15/2045

3,300,000

2,390,051

2.50%,

2/15/2046

5,000,000

3,355,469

2.50%,

5/15/2046

3,000,000

2,009,414

2.88%,

11/15/2046

3,000,000

2,154,609

3.00%,

2/15/2047

2,000,000

1,468,594

3.00%,

5/15/2047

2,000,000

1,467,266

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

2.75%,

8/15/2047

2,500,000

1,745,215

2.75%,

11/15/2047

3,200,000

2,231,500

3.00%,

2/15/2048

3,000,000

2,194,922

3.13%,

5/15/2048

2,000,000

1,497,656

3.00%,

8/15/2048

3,000,000

2,193,047

3.38%,

11/15/2048

5,500,000

4,313,848

3.00%,

2/15/2049

3,000,000

2,192,930

2.88%,

5/15/2049

5,000,000

3,566,797

2.25%,

8/15/2049

3,000,000

1,867,500

2.38%,

11/15/2049

800,000

512,031

2.00%,

2/15/2050

4,500,000

2,626,172

1.25%,

5/15/2050

2,700,000

1,273,852

1.38%,

8/15/2050

5,000,000

2,439,844

1.63%,

11/15/2050

(b)

6,800,000

3,561,766

1.88%,

2/15/2051

6,400,000

3,587,000

2.38%,

5/15/2051

7,500,000

4,756,641

2.00%,

8/15/2051

7,200,000

4,154,625

1.88%,

11/15/2051

8,100,000

4,514,801

2.25%,

2/15/2052

6,000,000

3,682,031

2.88%,

5/15/2052

5,500,000

3,899,629

3.00%,

8/15/2052

5,200,000

3,789,094

4.00%,

11/15/2052

4,800,000

4,254,375

3.63%,

2/15/2053

5,100,000

4,217,859

3.63%,

5/15/2053

(b)

5,200,000

4,305,437

4.13%,

8/15/2053

3,800,000

3,449,687

U.S.

Treasury

Notes

0.38%,

9/15/2024

5,000,000

4,764,648

0.63%,

10/15/2024

6,000,000

5,710,781

1.50%,

10/31/2024

15,000,000

14,385,937

0.75%,

11/15/2024

6,000,000

5,699,063

2.25%,

11/15/2024

7,550,000

7,293,418

1.50%,

11/30/2024

5,000,000

4,783,789

2.13%,

11/30/2024

3,800,000

3,661,062

1.00%,

12/15/2024

1,000,000

949,570

2.25%,

12/31/2024

5,000,000

4,814,844

4.13%,

1/31/2025

2,000,000

1,969,063

2.00%,

2/15/2025

(b)

16,700,000

15,973,941

2.63%,

3/31/2025

4,300,000

4,138,078

3.88%,

4/30/2025

10,000,000

9,796,484

2.13%,

5/15/2025

6,300,000

6,000,504

0.25%,

5/31/2025

7,500,000

6,915,820

4.25%,

5/31/2025

(b)

10,000,000

9,851,563

0.25%,

7/31/2025

10,000,000

9,156,250

2.88%,

7/31/2025

6,500,000

6,245,586

2.00%,

8/15/2025

6,000,000

5,669,297

0.25%,

8/31/2025

4,000,000

3,649,844

2.75%,

8/31/2025

(b)

4,000,000

3,829,219

3.50%,

9/15/2025

10,000,000

9,707,031

0.25%,

9/30/2025

(b)

8,000,000

7,280,000

5.00%,

9/30/2025

8,000,000

7,992,500

4.25%,

10/15/2025

3,000,000

2,953,008

0.25%,

10/31/2025

8,000,000

7,254,062

2.25%,

11/15/2025

8,500,000

8,031,172

4.50%,

11/15/2025

3,000,000

2,968,242

0.38%,

11/30/2025

10,200,000

9,241,758

2.88%,

11/30/2025

2,000,000

1,913,281

4.00%,

12/15/2025

4,000,000

3,916,719

0.38%,

12/31/2025

10,000,000

9,040,234

3.88%,

1/15/2026

6,000,000

5,858,906

0.38%,

1/31/2026

13,000,000

11,702,539

2.63%,

1/31/2026

4,000,000

3,796,719

1.63%,

2/15/2026

(b)

8,500,000

7,873,789

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

67

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.00%,

2/15/2026

7,000,000

6,852,070

0.50%,

2/28/2026

2,000,000

1,800,625

4.63%,

3/15/2026

10,000,000

9,930,469

0.75%,

3/31/2026

4,000,000

3,617,188

3.75%,

4/15/2026

5,500,000

5,349,609

0.75%,

4/30/2026

5,000,000

4,504,102

1.63%,

5/15/2026

2,000,000

1,841,094

3.63%,

5/15/2026

(b)

9,000,000

8,724,023

0.75%,

5/31/2026

3,000,000

2,694,258

0.88%,

6/30/2026

6,000,000

5,398,594

4.50%,

7/15/2026

(b)

6,000,000

5,944,687

0.63%,

7/31/2026

2,000,000

1,780,078

1.50%,

8/15/2026

9,700,000

8,841,777

4.38%,

8/15/2026

6,000,000

5,925,469

0.75%,

8/31/2026

5,000,000

4,452,539

1.38%,

8/31/2026

4,500,000

4,082,871

4.63%,

9/15/2026

7,000,000

6,965,547

0.88%,

9/30/2026

8,000,000

7,138,750

1.63%,

9/30/2026

(b)

7,000,000

6,389,961

1.13%,

10/31/2026

8,000,000

7,168,125

1.63%,

10/31/2026

8,000,000

7,279,375

1.25%,

11/30/2026

2,000,000

1,794,531

1.25%,

12/31/2026

6,000,000

5,374,688

2.25%,

2/15/2027

1,200,000

1,107,328

1.88%,

2/28/2027

(b)

2,500,000

2,275,391

2.50%,

3/31/2027

(b)

2,500,000

2,322,168

2.75%,

4/30/2027

3,500,000

3,272,910

2.38%,

5/15/2027

5,700,000

5,256,469

0.50%,

5/31/2027

1,000,000

859,180

2.63%,

5/31/2027

3,000,000

2,788,828

0.50%,

6/30/2027

5,000,000

4,283,398

2.75%,

7/31/2027

3,000,000

2,794,570

2.25%,

8/15/2027

5,300,000

4,843,289

0.50%,

8/31/2027

8,000,000

6,809,375

3.13%,

8/31/2027

3,000,000

2,831,367

4.13%,

9/30/2027

4,000,000

3,916,719

0.50%,

10/31/2027

3,000,000

2,537,695

4.13%,

10/31/2027

2,000,000

1,957,422

2.25%,

11/15/2027

5,390,000

4,901,952

0.63%,

11/30/2027

8,500,000

7,208,066

3.88%,

11/30/2027

3,000,000

2,908,125

3.88%,

12/31/2027

4,500,000

4,361,309

0.75%,

1/31/2028

4,000,000

3,391,562

3.50%,

1/31/2028

4,000,000

3,817,344

2.75%,

2/15/2028

8,000,000

7,398,750

1.13%,

2/29/2028

3,000,000

2,581,172

4.00%,

2/29/2028

2,500,000

2,435,352

1.25%,

3/31/2028

1,500,000

1,294,629

3.63%,

3/31/2028

(b)

1,000,000

958,672

1.25%,

4/30/2028

5,000,000

4,304,688

3.50%,

4/30/2028

2,500,000

2,382,813

2.88%,

5/15/2028

7,000,000

6,487,031

1.25%,

5/31/2028

4,000,000

3,435,156

3.63%,

5/31/2028

5,500,000

5,271,406

1.25%,

6/30/2028

4,000,000

3,425,312

4.00%,

6/30/2028

(b)

4,200,000

4,087,945

1.00%,

7/31/2028

4,000,000

3,374,219

4.13%,

7/31/2028

3,000,000

2,935,313

2.88%,

8/15/2028

8,500,000

7,848,887

1.13%,

8/31/2028

4,000,000

3,387,500

4.38%,

8/31/2028

(b)

4,000,000

3,960,312

1.25%,

9/30/2028

4,500,000

3,824,473

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.38%,

10/31/2028

7,000,000

5,972,148

3.13%,

11/15/2028

7,000,000

6,517,930

1.50%,

11/30/2028

3,000,000

2,570,742

1.38%,

12/31/2028

9,500,000

8,068,691

1.75%,

1/31/2029

2,000,000

1,728,594

2.63%,

2/15/2029

8,772,000

7,935,233

1.88%,

2/28/2029

4,000,000

3,473,750

2.38%,

3/31/2029

5,000,000

4,451,563

2.88%,

4/30/2029

5,000,000

4,566,211

2.38%,

5/15/2029

5,700,000

5,065,430

2.75%,

5/31/2029

3,500,000

3,170,781

2.63%,

7/31/2029

3,000,000

2,691,680

1.63%,

8/15/2029

(b)

3,000,000

2,545,781

3.13%,

8/31/2029

4,000,000

3,686,250

3.88%,

9/30/2029

3,500,000

3,357,402

4.00%,

10/31/2029

2,500,000

2,413,770

1.75%,

11/15/2029

(b)

4,000,000

3,402,188

3.88%,

11/30/2029

4,500,000

4,312,969

3.88%,

12/31/2029

3,000,000

2,873,789

3.50%,

1/31/2030

3,000,000

2,811,914

1.50%,

2/15/2030

4,700,000

3,895,859

4.00%,

2/28/2030

5,700,000

5,496,938

3.63%,

3/31/2030

2,800,000

2,641,078

3.50%,

4/30/2030

6,000,000

5,615,391

0.63%,

5/15/2030

7,300,000

5,649,230

3.75%,

5/31/2030

4,500,000

4,272,187

3.75%,

6/30/2030

3,000,000

2,847,422

4.00%,

7/31/2030

3,000,000

2,889,844

0.63%,

8/15/2030

7,000,000

5,372,227

4.13%,

8/31/2030

(b)

3,000,000

2,911,875

4.63%,

9/30/2030

2,500,000

2,500,781

0.88%,

11/15/2030

8,400,000

6,534,938

1.13%,

2/15/2031

(b)

9,000,000

7,098,750

1.63%,

5/15/2031

5,500,000

4,465,313

1.25%,

8/15/2031

9,500,000

7,425,215

1.38%,

11/15/2031

7,500,000

5,878,711

1.88%,

2/15/2032

7,100,000

5,767,363

2.88%,

5/15/2032

8,800,000

7,724,406

2.75%,

8/15/2032

(b)

8,200,000

7,100,688

4.13%,

11/15/2032

7,900,000

7,619,180

3.50%,

2/15/2033

(b)

8,700,000

7,982,250

3.38%,

5/15/2033

(b)

11,400,000

10,338,375

3.88%,

8/15/2033

6,200,000

5,858,031

Total

U.S.

Treasury

Obligations

(cost

$1,008,305,221)

890,104,157

Repurchase

Agreements

2

.5

%

Bank

of

America

NA

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$10,004,417,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$10,200,000.

(h)

10,000,000

10,000,000

68

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$2,040,002.

(h)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,328,577,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$1,354,547.

(h)

1,327,988

1,327,988

Credit

Suisse

AG

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,200,972,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.38%

-

5.00%,

maturing

5/15/2037

-

2/15/2052;

total

market

value

$2,244,992.

(h)

2,200,000

2,200,000

MetLife,

Inc.

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$35,015,488,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$35,719,560.

(h)

35,000,000

35,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$3,001,333,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$3,060,000.

(h)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$53,527,988)

53,527,988

Total

Investments

(cost

$2,489,029,086)

—

101.6%

2,182,371,966

Liabilities

in

excess

of

other

assets

—

(1.6)%

(

33,415,533

)

NET

ASSETS

—

100.0%

$

2,148,956,433

†

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,

2023.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$246,686,976,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$53,527,988

and

by

$202,446,945

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$255,974,933.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2023.

(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,

2023.

(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,

2023

was

$3,138,509

which

represents

0.15%

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,

2023

was

$53,527,988.

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

69

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

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

70

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Bond

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.

NVIT

Bond

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

71

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

9,406,216

$

–

$

9,406,216

Commercial

Mortgage-Backed

Securities

–

38,479,621

–

38,479,621

Corporate

Bonds

–

538,346,994

–

538,346,994

Foreign

Government

Securities

–

30,314,727

–

30,314,727

Mortgage-Backed

Securities

–

570,816,305

–

570,816,305

Municipal

Bonds

–

13,219,217

–

13,219,217

Repurchase

Agreements

–

53,527,988

–

53,527,988

Supranational

–

25,433,744

–

25,433,744

U.S.

Government

Agency

Securities

–

12,722,997

–

12,722,997

U.S.

Treasury

Obligations

–

890,104,157

–

890,104,157

Total

$

–

$

2,182,371,966

$

–

$

2,182,371,966

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

72

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

98.3%

Shares

Value

($)

AUSTRALIA

7.7%

Banks

1.8%

ANZ

Group

Holdings

Ltd.

259,838

4,275,040

Commonwealth

Bank

of

Australia

145,865

9,294,309

National

Australia

Bank

Ltd.

275,822

5,149,034

Westpac

Banking

Corp.

303,656

4,125,389

22,843,772

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

63,481

503,032

Broadline

Retail

0.3%

Wesfarmers

Ltd.

97,788

3,322,150

Capital

Markets

0.3%

ASX

Ltd.

17,463

637,506

Macquarie

Group

Ltd.

31,670

3,407,672

4,045,178

Chemicals

0.0%

†

Orica

Ltd.

36,803

369,552

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

124,460

1,145,485

Consumer

Staples

Distribution

&

Retail

0.3%

Coles

Group

Ltd.

115,048

1,145,786

Endeavour

Group

Ltd.

132,028

446,758

Woolworths

Group

Ltd.

107,098

2,580,316

4,172,860

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.(a)

20,518

281,368

Diversified

REITs

0.1%

GPT

Group

(The)

163,541

411,020

Mirvac

Group

341,991

469,918

Stockland

207,550

525,409

1,406,347

Diversified

Telecommunication

Services

0.1%

Telstra

Group

Ltd.

349,751

864,890

Electric

Utilities

0.1%

Origin

Energy

Ltd.

148,252

836,347

Financial

Services

0.0%

†

Washington

H

Soul

Pattinson

&

Co.

Ltd.

21,336

446,340

Gas

Utilities

0.0%

†

APA

Group

105,713

563,399

Ground

Transportation

0.0%

†

Aurizon

Holdings

Ltd.

157,539

353,035

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

5,571

913,215

Health

Care

Providers

&

Services

0.1%

EBOS

Group

Ltd.

15,246

309,683

Ramsay

Health

Care

Ltd.

16,394

546,483

Sonic

Healthcare

Ltd.

38,580

738,132

1,594,298

Hotels,

Restaurants

&

Leisure

0.3%

Aristocrat

Leisure

Ltd.

51,084

1,340,507

Flutter

Entertainment

plc*

15,504

2,530,610

Lottery

Corp.

Ltd.

(The)

195,313

591,639

4,462,756

Industrial

REITs

0.2%

Goodman

Group

148,728

2,060,363

Common

Stocks

Shares

Value

($)

AUSTRALIA

Insurance

0.3%

Insurance

Australia

Group

Ltd.

221,225

808,218

Medibank

Pvt

Ltd.

239,796

530,063

QBE

Insurance

Group

Ltd.

131,184

1,326,649

Suncorp

Group

Ltd.

107,988

973,495

3,638,425

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.(a)

4,439

439,490

SEEK

Ltd.

31,559

446,714

886,204

Metals

&

Mining

2.6%

BHP

Group

Ltd.

440,546

12,486,112

BlueScope

Steel

Ltd.

41,522

518,554

Fortescue

Metals

Group

Ltd.

148,816

1,995,749

Glencore

plc

926,006

5,295,650

IGO

Ltd.

59,195

482,445

Mineral

Resources

Ltd.

15,464

670,036

Newcrest

Mining

Ltd.

78,471

1,242,967

Northern

Star

Resources

Ltd.

97,532

652,899

Pilbara

Minerals

Ltd.(a)

225,182

619,816

Rio

Tinto

Ltd.

31,677

2,327,572

Rio

Tinto

plc

97,863

6,147,473

South32

Ltd.

405,435

887,005

33,326,278

Office

REITs

0.0%

†

Dexus

91,836

431,767

Oil,

Gas

&

Consumable

Fuels

0.4%

Ampol

Ltd.

19,569

425,455

Santos

Ltd.

288,476

1,460,750

Woodside

Energy

Group

Ltd.

166,861

3,880,888

5,767,093

Passenger

Airlines

0.0%

†

Qantas

Airways

Ltd.*

83,574

278,179

Professional

Services

0.1%

Computershare

Ltd.

49,831

833,556

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

67,713

313,425

Retail

REITs

0.1%

Scentre

Group

437,636

696,198

Vicinity

Ltd.

329,354

358,966

1,055,164

Software

0.1%

WiseTech

Global

Ltd.

15,089

629,331

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.

18,060

216,178

Transportation

Infrastructure

0.2%

Transurban

Group

270,714

2,204,538

99,764,525

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

29,666

1,024,817

Electric

Utilities

0.0%

†

Verbund

AG

5,866

477,060

Metals

&

Mining

0.0%

†

voestalpine

AG

10,407

282,254

NVIT

International

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

AUSTRIA

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

13,078

624,487

Paper

&

Forest

Products

0.1%

Mondi

plc

43,916

732,610

3,141,228

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

21,721

1,354,249

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

76,331

4,203,405

Chemicals

0.1%

Solvay

SA

6,692

740,211

Umicore

SA

18,800

445,828

1,186,039

Distributors

0.0%

†

D'ieteren

Group

1,911

321,483

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

2,584

252,540

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

NV

4,876

363,999

Groupe

Bruxelles

Lambert

NV

3,203

238,065

Sofina

SA

1,194

240,590

842,654

Food

Products

0.0%

†

Lotus

Bakeries

NV(a)

36

292,401

Industrial

REITs

0.0%

†

Warehouses

De

Pauw

CVA

13,861

341,658

Insurance

0.1%

Ageas

SA/NV

14,322

590,624

Pharmaceuticals

0.1%

UCB

SA

10,870

889,465

10,274,518

BRAZIL

0.0%

†

Chemicals

0.0%

†

Yara

International

ASA

14,711

557,158

BURKINA

FASO

0.0%

†

Metals

&

Mining

0.0%

†

Endeavour

Mining

plc

16,881

326,266

CHILE

0.1%

Metals

&

Mining

0.1%

Antofagasta

plc

34,922

604,960

CHINA

0.5%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

318,500

868,492

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

149,500

293,343

Broadline

Retail

0.3%

Prosus

NV*

133,437

3,932,331

Common

Stocks

Shares

Value

($)

CHINA

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

132,000

171,505

Food

Products

0.1%

Wilmar

International

Ltd.

166,794

453,546

Marine

Transportation

0.0%

†

SITC

International

Holdings

Co.

Ltd.

127,000

213,203

Real

Estate

Management

&

Development

0.0%

†

ESR

Group

Ltd.

Reg.

S(a)(b)

150,200

210,600

6,143,020

DENMARK

3.2%

Air

Freight

&

Logistics

0.2%

DSV

A/S

16,359

3,049,831

Banks

0.1%

Danske

Bank

A/S

60,614

1,411,872

Beverages

0.1%

Carlsberg

A/S

,

Class

B

8,631

1,087,602

Biotechnology

0.2%

Genmab

A/S*

5,796

2,051,090

Building

Products

0.0%

†

ROCKWOOL

A/S

,

Class

B

699

168,652

Chemicals

0.1%

Chr

Hansen

Holding

A/S

9,469

579,210

Novozymes

A/S

,

Class

B

17,406

701,694

1,280,904

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S(b)

16,268

885,684

Electrical

Equipment

0.1%

Vestas

Wind

Systems

A/S*

86,120

1,838,171

Health

Care

Equipment

&

Supplies

0.1%

Coloplast

A/S

,

Class

B

12,125

1,279,409

Demant

A/S*

7,552

312,741

1,592,150

Insurance

0.0%

†

Tryg

A/S

32,612

596,442

Marine

Transportation

0.1%

AP

Moller

-

Maersk

A/S

,

Class

A

279

494,996

AP

Moller

-

Maersk

A/S

,

Class

B

429

773,104

1,268,100

Pharmaceuticals

2.0%

Novo

Nordisk

A/S

,

Class

B

283,988

25,833,206

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

7,291

751,620

41,815,324

FINLAND

1.1%

Banks

0.3%

Nordea

Bank

Abp

279,141

3,067,432

Communications

Equipment

0.1%

Nokia

OYJ

468,703

1,762,757

Consumer

Staples

Distribution

&

Retail

0.0%

†

Kesko

OYJ

,

Class

B

23,790

425,541

74

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

FINLAND

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

12,848

596,084

Electric

Utilities

0.0%

†

Fortum

OYJ(a)

38,960

452,047

Insurance

0.1%

Sampo

OYJ

,

Class

A

40,414

1,747,185

Machinery

0.2%

Kone

OYJ

,

Class

B

29,503

1,243,949

Metso

Oyj

56,615

593,148

Wartsila

OYJ

Abp

(a)

40,478

458,829

2,295,926

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ(a)

36,962

1,255,215

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ

,

Class

R

49,510

619,762

UPM-

Kymmene

OYJ

46,537

1,591,746

2,211,508

Pharmaceuticals

0.0%

†

Orion

OYJ

,

Class

B

8,849

347,577

14,161,272

FRANCE

10.1%

Aerospace

&

Defense

1.0%

Airbus

SE

51,624

6,906,383

Dassault

Aviation

SA

1,795

337,631

Safran

SA

29,588

4,626,202

Thales

SA

9,020

1,265,626

13,135,842

Automobile

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

59,618

1,827,280

Valeo

SE

18,726

320,790

2,148,070

Automobiles

0.1%

Renault

SA

16,544

677,395

Banks

0.7%

BNP

Paribas

SA

91,586

5,830,634

Credit

Agricole

SA

106,996

1,316,645

Societe

Generale

SA

63,436

1,534,534

8,681,813

Beverages

0.2%

Pernod

Ricard

SA

17,764

2,957,010

Remy

Cointreau

SA

1,823

222,093

3,179,103

Building

Products

0.2%

Cie

de

Saint-Gobain

SA

40,378

2,418,986

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

4,809

269,713

Chemicals

0.6%

Air

Liquide

SA

45,628

7,689,093

Arkema

SA

5,154

508,224

8,197,317

Construction

&

Engineering

0.5%

Bouygues

SA

18,100

632,412

Eiffage

SA

6,459

613,534

Vinci

SA

46,104

5,104,023

6,349,969

Common

Stocks

Shares

Value

($)

FRANCE

Consumer

Staples

Distribution

&

Retail

0.1%

Carrefour

SA

51,765

890,228

Diversified

Telecommunication

Services

0.1%

Orange

SA

163,634

1,877,767

Electrical

Equipment

0.2%

Legrand

SA

23,173

2,126,742

Entertainment

0.0%

†

Bollore

SE

72,884

391,422

Financial

Services

0.2%

Edenred

SE

22,149

1,383,876

Eurazeo

SE

4,146

246,980

Wendel

SE

2,192

173,205

Worldline

SA

Reg.

S*(b)

20,109

562,294

2,366,355

Food

Products

0.2%

Danone

SA

56,422

3,108,621

Health

Care

Equipment

&

Supplies

0.4%

BioMerieux

3,455

334,044

EssilorLuxottica

SA

25,217

4,387,302

4,721,346

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA

15,849

533,638

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

9,632

312,802

Sodexo

SA

7,384

760,458

1,606,898

Household

Durables

0.0%

†

SEB

SA

1,982

184,942

Insurance

0.4%

AXA

SA

159,110

4,712,890

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

30,065

296,552

IT

Services

0.2%

Capgemini

SE

14,338

2,489,632

Life

Sciences

Tools

&

Services

0.0%

†

Sartorius

Stedim

Biotech

2,497

594,227

Machinery

0.0%

†

Alstom

SA

25,000

593,220

Media

0.2%

Publicis

Groupe

SA

20,402

1,540,692

Vivendi

SE

63,501

557,182

2,097,874

Multi-Utilities

0.3%

Engie

SA

160,507

2,461,119

Veolia

Environnement

SA

58,489

1,692,095

4,153,214

Office

REITs

0.0%

†

Covivio

SA

4,146

183,942

Gecina

SA

4,125

420,080

604,022

Oil,

Gas

&

Consumable

Fuels

1.0%

TotalEnergies

SE

195,278

12,850,728

Personal

Care

Products

0.7%

L'Oreal

SA

21,010

8,701,067

Pharmaceuticals

0.0%

†

Ipsen

SA

3,465

453,839

NVIT

International

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

FRANCE

Professional

Services

0.1%

Bureau

Veritas

SA

26,496

656,347

Teleperformance

SE

5,078

634,573

1,290,920

Retail

REITs

0.1%

Klepierre

SA

18,139

444,081

Unibail

-

Rodamco

-Westfield*

10,082

496,202

940,283

Software

0.2%

Dassault

Systemes

SE

58,463

2,173,580

Textiles,

Apparel

&

Luxury

Goods

2.0%

Hermes

International

SCA

2,750

4,999,210

Kering

SA

6,422

2,919,839

LVMH

Moet

Hennessy

Louis

Vuitton

SE

24,008

18,112,275

26,031,324

Transportation

Infrastructure

0.1%

Aeroports

de

Paris

SA

2,745

323,482

Getlink

SE

31,417

500,552

824,034

131,139,935

GERMANY

8.1%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

4,646

844,117

Rheinmetall

AG

3,723

959,872

1,803,989

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

86,261

3,515,695

Automobile

Components

0.1%

Continental

AG

9,726

687,163

Automobiles

0.9%

Bayerische

Motoren

Werke

AG

26,275

2,676,357

Bayerische

Motoren

Werke

AG

(Preference)

5,025

469,169

Dr

Ing

hc

F

Porsche

AG

(Preference)

Reg.

S(b)

9,927

933,651

Mercedes-Benz

Group

AG

70,042

4,878,573

Porsche

Automobil

Holding

SE

(Preference)

12,660

624,090

Volkswagen

AG

2,526

332,908

Volkswagen

AG

(Preference)

18,121

2,086,384

12,001,132

Banks

0.1%

Commerzbank

AG

91,119

1,039,559

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)

170,329

1,880,840

Deutsche

Boerse

AG

16,697

2,885,998

4,766,838

Chemicals

0.5%

BASF

SE

77,223

3,505,341

Covestro

AG

Reg.

S*(b)

17,253

931,250

Evonik

Industries

AG

19,951

365,371

Symrise

AG

,

Class

A

11,826

1,129,584

Wacker

Chemie

AG

1,660

238,148

6,169,694

Construction

Materials

0.1%

Heidelberg

Materials

AG

12,272

953,320

Common

Stocks

Shares

Value

($)

GERMANY

Consumer

Staples

Distribution

&

Retail

0.0%

†

HelloFresh

SE*(a)

13,648

408,060

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

281,623

5,913,924

Telefonica

Deutschland

Holding

AG(a)

83,942

150,383

6,064,307

Electrical

Equipment

0.0%

†

Siemens

Energy

AG*

47,165

617,040

Health

Care

Equipment

&

Supplies

0.1%

Carl

Zeiss

Meditec

AG

3,784

330,999

Siemens

Healthineers

AG

Reg.

S(b)

24,170

1,227,712

1,558,711

Health

Care

Providers

&

Services

0.1%

Fresenius

Medical

Care

AG

&

Co.

KGaA

18,230

787,372

Fresenius

SE

&

Co.

KGaA

36,014

1,122,638

1,910,010

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

9,232

582,988

Henkel

AG

&

Co.

KGaA

(Preference)

14,859

1,060,522

1,643,510

Independent

Power

and

Renewable

Electricity

Producers

0.2%

RWE

AG

55,563

2,064,816

Industrial

Conglomerates

0.7%

Siemens

AG

(Registered)

66,313

9,506,849

Insurance

1.1%

Allianz

SE

(Registered)

35,154

8,382,874

Hannover

Rueck

SE

5,244

1,152,361

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

11,913

4,647,599

Talanx

AG

5,760

365,288

14,548,122

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

6,712

466,082

IT

Services

0.0%

†

Bechtle

AG

8,050

377,019

Life

Sciences

Tools

&

Services

0.1%

Sartorius

AG

(Preference)(a)

2,215

751,627

Machinery

0.2%

Daimler

Truck

Holding

AG

42,921

1,488,521

GEA

Group

AG

13,207

488,169

Knorr-

Bremse

AG

5,864

372,916

Rational

AG

404

255,776

2,605,382

Multi-Utilities

0.2%

E.ON

SE

196,212

2,324,238

Passenger

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

50,076

397,840

Personal

Care

Products

0.1%

Beiersdorf

AG

8,782

1,133,969

76

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

GERMANY

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

85,047

4,084,800

Merck

KGaA

11,154

1,864,289

5,949,089

Real

Estate

Management

&

Development

0.2%

LEG

Immobilien

SE*

6,907

477,119

Vonovia

SE

60,884

1,467,400

1,944,519

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

112,943

3,745,746

Software

0.9%

Nemetschek

SE(a)

4,770

291,442

SAP

SE

91,113

11,827,014

12,118,456

Specialty

Retail

0.0%

†

Zalando

SE

Reg.

S*(b)

13,263

296,186

Zalando

SE

Reg.

S*^∞(b)

5,968

133,323

429,509

Textiles,

Apparel

&

Luxury

Goods

0.2%

adidas

AG

14,082

2,479,332

Puma

SE

9,260

576,370

3,055,702

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

13,195

1,024,659

105,582,652

HONG

KONG

2.1%

Banks

0.1%

Hang

Seng

Bank

Ltd.

66,200

822,365

Capital

Markets

0.3%

Futu

Holdings

Ltd.,

ADR*

5,070

293,097

Hong

Kong

Exchanges

&

Clearing

Ltd.

105,500

3,933,241

4,226,338

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

354,220

369,438

Electric

Utilities

0.1%

CK

Infrastructure

Holdings

Ltd.

59,500

281,519

CLP

Holdings

Ltd.

142,500

1,050,882

Power

Assets

Holdings

Ltd.

123,000

593,287

1,925,688

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

703,545

367,101

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

940,266

655,098

Ground

Transportation

0.0%

†

MTR

Corp.

Ltd.

137,500

541,953

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

13,600

634,440

Jardine

Matheson

Holdings

Ltd.

600

27,840

662,280

Insurance

0.8%

AIA

Group

Ltd.

1,000,200

8,090,684

Prudential

plc

240,190

2,586,396

10,677,080

Common

Stocks

Shares

Value

($)

HONG

KONG

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

121,000

1,174,786

Real

Estate

Management

&

Development

0.4%

CK

Asset

Holdings

Ltd.

172,516

907,405

Hang

Lung

Properties

Ltd.

156,000

212,044

Henderson

Land

Development

Co.

Ltd.

135,775

355,591

Hongkong

Land

Holdings

Ltd.

95,100

332,850

Hongkong

Land

Holdings

Ltd.

100

357

New

World

Development

Co.

Ltd.(a)

119,231

231,395

Sino

Land

Co.

Ltd.

293,000

329,689

Sun

Hung

Kai

Properties

Ltd.

126,000

1,340,163

Swire

Pacific

Ltd.

,

Class

A

38,000

256,558

Swire

Properties

Ltd.

110,800

231,182

Wharf

Real

Estate

Investment

Co.

Ltd.

138,500

534,519

4,731,753

Retail

REITs

0.1%

Link

REIT

226,840

1,105,742

27,259,622

IRELAND

0.4%

Banks

0.1%

AIB

Group

plc

121,552

547,369

Bank

of

Ireland

Group

plc

90,782

891,444

1,438,813

Building

Products

0.1%

Kingspan

Group

plc

14,055

1,047,795

Containers

&

Packaging

0.0%

†

Smurfit

Kappa

Group

plc(a)

22,206

734,649

Food

Products

0.1%

Kerry

Group

plc

,

Class

A

14,005

1,169,108

Trading

Companies

&

Distributors

0.1%

AerCap

Holdings

NV*

13,478

844,666

5,235,031

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

2,289

454,924

Banks

0.3%

Bank

Hapoalim

BM

109,425

972,953

Bank

Leumi

Le-Israel

BM

134,913

1,115,522

Israel

Discount

Bank

Ltd.

,

Class

A

108,494

585,653

Mizrahi

Tefahot

Bank

Ltd.

13,283

480,833

3,154,961

Broadline

Retail

0.0%

†

Global-e

Online

Ltd.*

7,886

313,390

Chemicals

0.0%

†

ICL

Group

Ltd.

71,495

395,778

IT

Services

0.0%

†

Wix.com

Ltd.*

4,836

443,945

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

94,772

966,674

NVIT

International

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

ISRAEL

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

3,509

179,738

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

8,485

1,130,881

Nice

Ltd.*

5,533

940,609

2,071,490

7,980,900

ITALY

2.2%

Automobiles

0.2%

Ferrari

NV

11,077

3,264,569

Banks

0.7%

FinecoBank

Banca

Fineco

SpA

51,063

619,964

Intesa

Sanpaolo

SpA

1,356,560

3,486,084

Mediobanca

Banca

di

Credito

Finanziario

SpA

46,906

620,843

UniCredit

SpA

162,025

3,877,142

8,604,033

Beverages

0.1%

Coca-Cola

HBC

AG

18,455

505,107

Davide

Campari-Milano

NV

44,169

520,631

1,025,738

Diversified

Telecommunication

Services

0.0%

†

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

27,811

330,190

Telecom

Italia

SpA

*(a)

974,463

304,293

634,483

Electric

Utilities

0.4%

Enel

SpA

704,447

4,322,649

Terna

-

Rete

Elettrica

Nazionale

120,938

909,807

5,232,456

Electrical

Equipment

0.1%

Prysmian

SpA

21,475

861,569

Financial

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

48,821

297,983

Gas

Utilities

0.1%

Snam

SpA

171,556

805,392

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

2,475

225,310

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

11,235

332,723

Insurance

0.2%

Assicurazioni

Generali

SpA

89,068

1,820,175

Poste

Italiane

SpA

Reg.

S(b)

43,941

462,029

2,282,204

Oil,

Gas

&

Consumable

Fuels

0.3%

Eni

SpA

204,007

3,276,649

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

9,618

453,441

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

17,904

1,039,247

28,335,797

Common

Stocks

Shares

Value

($)

JAPAN

22.6%

Air

Freight

&

Logistics

0.1%

Nippon

Express

Holdings,

Inc.

6,300

328,715

SG

Holdings

Co.

Ltd.(a)

27,300

349,643

Yamato

Holdings

Co.

Ltd.(a)

24,400

397,320

1,075,678

Automobile

Components

0.4%

Aisin

Corp.

12,200

460,800

Bridgestone

Corp.

50,200

1,956,584

Denso

Corp.

150,400

2,413,867

Koito

Manufacturing

Co.

Ltd.

(a)

17,200

259,449

Sumitomo

Electric

Industries

Ltd.

64,600

777,936

5,868,636

Automobiles

2.0%

Honda

Motor

Co.

Ltd.

399,000

4,486,453

Isuzu

Motors

Ltd.

51,600

648,547

Mazda

Motor

Corp.

48,180

546,251

Nissan

Motor

Co.

Ltd.

208,500

919,696

Subaru

Corp.

52,500

1,019,846

Suzuki

Motor

Corp.

32,100

1,290,912

Toyota

Motor

Corp.

923,570

16,595,870

Yamaha

Motor

Co.

Ltd.

26,100

685,769

26,193,344

Banks

1.7%

Chiba

Bank

Ltd.

(The)

50,200

364,144

Concordia

Financial

Group

Ltd.(a)

85,000

386,308

Japan

Post

Bank

Co.

Ltd.

128,400

1,115,552

Mitsubishi

UFJ

Financial

Group,

Inc.

994,367

8,434,161

Mizuho

Financial

Group,

Inc.

207,751

3,518,975

Resona

Holdings,

Inc.

182,900

1,010,843

Shizuoka

Financial

Group,

Inc.(a)

42,600

346,471

Sumitomo

Mitsui

Financial

Group,

Inc.(a)

110,853

5,434,367

Sumitomo

Mitsui

Trust

Holdings,

Inc.(a)

28,940

1,086,954

21,697,775

Beverages

0.2%

Asahi

Group

Holdings

Ltd.

42,000

1,570,253

Kirin

Holdings

Co.

Ltd.

68,300

957,961

Suntory

Beverage

&

Food

Ltd.

11,700

356,785

2,884,999

Broadline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

33,600

705,599

Rakuten

Group,

Inc.(a)

134,700

551,636

1,257,235

Building

Products

0.4%

AGC,

Inc.

17,000

596,941

Daikin

Industries

Ltd.

22,800

3,576,983

Lixil

Corp.

24,400

284,031

TOTO

Ltd.(a)

11,600

299,633

4,757,588

Capital

Markets

0.2%

Daiwa

Securities

Group,

Inc.

(a)

116,900

674,512

Japan

Exchange

Group,

Inc.

44,700

829,074

78

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Capital

Markets

Nomura

Holdings,

Inc.

248,600

996,726

SBI

Holdings,

Inc.(a)

20,490

431,299

2,931,611

Chemicals

0.8%

Asahi

Kasei

Corp.

113,800

715,322

JSR

Corp.

14,300

383,803

Mitsubishi

Chemical

Group

Corp.

113,500

715,340

Mitsui

Chemicals,

Inc.

15,000

388,808

Nippon

Paint

Holdings

Co.

Ltd.

86,200

579,667

Nippon

Sanso

Holdings

Corp.

15,700

372,099

Nissan

Chemical

Corp.(a)

11,100

471,855

Nitto

Denko

Corp.

12,800

839,118

Shin-Etsu

Chemical

Co.

Ltd.

160,100

4,646,806

Sumitomo

Chemical

Co.

Ltd.

(a)

127,100

345,955

Toray

Industries,

Inc.

125,000

650,190

Tosoh

Corp.(a)

19,900

255,229

10,364,192

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

19,300

501,983

Secom

Co.

Ltd.

18,400

1,247,791

TOPPAN

Holdings,

Inc.

21,500

513,845

2,263,619

Construction

&

Engineering

0.1%

Kajima

Corp.

36,100

587,490

Obayashi

Corp.

53,900

474,589

Shimizu

Corp.

43,500

302,426

Taisei

Corp.

15,800

555,917

1,920,422

Consumer

Staples

Distribution

&

Retail

0.4%

Aeon

Co.

Ltd.

57,500

1,139,315

Kobe

Bussan

Co.

Ltd.

12,200

286,126

MatsukiyoCocokara

&

Co.

28,800

516,320

Seven

&

i

Holdings

Co.

Ltd.

64,500

2,525,793

Welcia

Holdings

Co.

Ltd.

9,300

160,744

4,628,298

Diversified

REITs

0.1%

Daiwa

House

REIT

Investment

Corp.

181

319,377

Nomura

Real

Estate

Master

Fund,

Inc.

345

387,049

706,426

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

2,617,500

3,091,523

Electric

Utilities

0.2%

Chubu

Electric

Power

Co.,

Inc.

56,700

725,312

Kansai

Electric

Power

Co.,

Inc.

(The)(a)

62,000

862,535

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

130,200

582,198

2,170,045

Electrical

Equipment

0.3%

Fuji

Electric

Co.

Ltd.

10,700

482,606

Mitsubishi

Electric

Corp.

169,800

2,099,245

Common

Stocks

Shares

Value

($)

JAPAN

Electrical

Equipment

Nidec

Corp.

36,700

1,700,143

4,281,994

Electronic

Equipment,

Instruments

&

Components

1.2%

Azbil

Corp.(a)

10,200

312,095

Hamamatsu

Photonics

KK

12,300

517,147

Hirose

Electric

Co.

Ltd.(a)

2,894

335,057

Ibiden

Co.

Ltd.(a)

9,400

498,303

Keyence

Corp.

16,944

6,297,600

Kyocera

Corp.

27,600

1,399,810

Murata

Manufacturing

Co.

Ltd.

151,500

2,768,788

Omron

Corp.

15,400

685,955

Shimadzu

Corp.

20,900

555,046

TDK

Corp.

34,200

1,266,537

Yokogawa

Electric

Corp.(a)

18,700

361,102

14,997,440

Entertainment

0.5%

Capcom

Co.

Ltd.(a)

15,100

542,591

Koei

Tecmo

Holdings

Co.

Ltd.

11,120

158,052

Konami

Group

Corp.

9,100

479,748

Nexon

Co.

Ltd.

29,700

527,257

Nintendo

Co.

Ltd.

89,700

3,736,924

Square

Enix

Holdings

Co.

Ltd.

6,900

236,407

Toho

Co.

Ltd.

9,100

310,448

5,991,427

Financial

Services

0.2%

GMO

Payment

Gateway,

Inc.

4,100

223,592

Mitsubishi

HC

Capital,

Inc.

70,200

467,569

ORIX

Corp.

103,100

1,925,070

2,616,231

Food

Products

0.3%

Ajinomoto

Co.,

Inc.(a)

39,000

1,503,069

Kikkoman

Corp.(a)

11,700

613,535

MEIJI

Holdings

Co.

Ltd.

19,360

481,277

Nissin

Foods

Holdings

Co.

Ltd.

5,000

415,372

Yakult

Honsha

Co.

Ltd.(a)

23,200

563,531

3,576,784

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

33,000

544,392

Tokyo

Gas

Co.

Ltd.

35,200

799,909

1,344,301

Ground

Transportation

0.5%

Central

Japan

Railway

Co.

62,500

1,519,716

East

Japan

Railway

Co.

25,776

1,475,127

Hankyu

Hanshin

Holdings,

Inc.

20,200

689,103

Keio

Corp.(a)

8,899

306,119

Keisei

Electric

Railway

Co.

Ltd.

11,000

381,002

Kintetsu

Group

Holdings

Co.

Ltd.(a)

16,900

479,056

Odakyu

Electric

Railway

Co.

Ltd.(a)

24,100

360,163

Tobu

Railway

Co.

Ltd.(a)

17,000

436,910

Tokyu

Corp.

41,500

478,554

West

Japan

Railway

Co.(a)

19,900

823,358

6,949,108

NVIT

International

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Equipment

&

Supplies

0.5%

Asahi

Intecc

Co.

Ltd.

20,000

359,381

Hoya

Corp.

30,800

3,174,049

Olympus

Corp.

105,700

1,369,457

Sysmex

Corp.

14,400

686,737

Terumo

Corp.

59,000

1,563,033

7,152,657

Health

Care

Technology

0.1%

M3,

Inc.

37,800

686,134

Hotels,

Restaurants

&

Leisure

0.3%

McDonald's

Holdings

Co.

Japan

Ltd.(a)

8,026

307,009

Oriental

Land

Co.

Ltd.(a)

94,000

3,085,880

Zensho

Holdings

Co.

Ltd.(a)

8,100

353,557

3,746,446

Household

Durables

1.0%

Iida

Group

Holdings

Co.

Ltd.

13,000

216,136

Open

House

Group

Co.

Ltd.

(a)

6,200

210,352

Panasonic

Holdings

Corp.

188,500

2,119,585

Sekisui

Chemical

Co.

Ltd.

31,200

449,149

Sekisui

House

Ltd.

53,200

1,059,267

Sharp

Corp.*(a)

22,900

142,715

Sony

Group

Corp.

110,000

8,998,185

13,195,389

Household

Products

0.1%

Unicharm

Corp.

36,000

1,270,151

Industrial

Conglomerates

0.4%

Hikari

Tsushin,

Inc.(a)

1,900

289,267

Hitachi

Ltd.

81,400

5,046,340

5,335,607

Industrial

REITs

0.1%

GLP

J-REIT

419

374,936

Nippon

Prologis

REIT,

Inc.

202

378,814

753,750

Insurance

0.8%

Dai-ichi

Life

Holdings,

Inc.

82,600

1,718,550

Japan

Post

Holdings

Co.

Ltd.

192,900

1,542,136

Japan

Post

Insurance

Co.

Ltd.

15,200

255,662

MS&AD

Insurance

Group

Holdings,

Inc.(a)

37,441

1,369,419

Sompo

Holdings,

Inc.

25,750

1,102,232

T&D

Holdings,

Inc.

45,100

740,410

Tokio

Marine

Holdings,

Inc.

155,200

3,577,726

10,306,135

Interactive

Media

&

Services

0.0%

†

Z

Holdings

Corp.

233,600

652,179

IT

Services

0.5%

Fujitsu

Ltd.

15,400

1,811,914

NEC

Corp.

20,700

1,143,337

Nomura

Research

Institute

Ltd.

34,715

903,422

NTT

Data

Group

Corp.(a)

52,800

707,428

Obic

Co.

Ltd.

5,900

897,636

Otsuka

Corp.

9,400

398,031

SCSK

Corp.

12,600

219,781

TIS,

Inc.

19,700

433,618

6,515,167

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

52,500

1,067,773

Common

Stocks

Shares

Value

($)

JAPAN

Leisure

Products

Shimano,

Inc.

6,700

904,686

Yamaha

Corp.

11,900

324,967

2,297,426

Machinery

1.1%

Daifuku

Co.

Ltd.

25,700

485,948

FANUC

Corp.

81,900

2,137,842

Hitachi

Construction

Machinery

Co.

Ltd.(a)

10,200

310,304

Hoshizaki

Corp.

9,400

326,525

Komatsu

Ltd.

81,300

2,197,103

Kubota

Corp.

90,400

1,337,187

Kurita

Water

Industries

Ltd.

(a)

9,600

334,647

Makita

Corp.

18,900

468,187

MINEBEA

MITSUMI,

Inc.(a)

31,600

515,433

MISUMI

Group,

Inc.

24,900

388,764

Mitsubishi

Heavy

Industries

Ltd.

28,000

1,568,732

NGK

Insulators

Ltd.

22,400

296,897

SMC

Corp.

4,800

2,148,632

Toyota

Industries

Corp.

13,100

1,031,280

Yaskawa

Electric

Corp.

21,600

778,691

14,326,172

Marine

Transportation

0.2%

Kawasaki

Kisen

Kaisha

Ltd.

(a)

12,500

426,175

Mitsui

OSK

Lines

Ltd.(a)

28,700

787,393

Nippon

Yusen

KK(a)

41,200

1,067,630

2,281,198

Media

0.1%

CyberAgent

,

Inc.(a)

40,700

219,396

Dentsu

Group,

Inc.

17,001

500,308

Hakuhodo

DY

Holdings,

Inc.

(a)

17,700

145,456

865,160

Metals

&

Mining

0.2%

JFE

Holdings,

Inc.

43,100

633,314

Nippon

Steel

Corp.(a)

71,944

1,686,174

Sumitomo

Metal

Mining

Co.

Ltd.

22,300

655,802

2,975,290

Office

REITs

0.1%

Japan

Real

Estate

Investment

Corp.

108

421,200

Nippon

Building

Fund,

Inc.

135

547,294

968,494

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

253,239

998,997

Idemitsu

Kosan

Co.

Ltd.(a)

17,056

392,237

Inpex

Corp.

85,300

1,280,132

2,671,366

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.(a)

83,100

352,317

Passenger

Airlines

0.0%

†

ANA

Holdings,

Inc.*

13,200

276,612

Japan

Airlines

Co.

Ltd.

12,186

237,022

513,634

Personal

Care

Products

0.2%

Kao

Corp.

41,300

1,533,581

80

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Personal

Care

Products

Kobayashi

Pharmaceutical

Co.

Ltd.

5,000

223,247

Kose

Corp.

2,600

188,482

Shiseido

Co.

Ltd.

34,800

1,221,678

3,166,988

Pharmaceuticals

1.3%

Astellas

Pharma,

Inc.

159,000

2,196,172

Chugai

Pharmaceutical

Co.

Ltd.

58,200

1,803,336

Daiichi

Sankyo

Co.

Ltd.

160,000

4,391,332

Eisai

Co.

Ltd.

21,500

1,193,569

Kyowa

Kirin

Co.

Ltd.

23,300

405,775

Ono

Pharmaceutical

Co.

Ltd.

33,100

634,850

Otsuka

Holdings

Co.

Ltd.

34,300

1,220,215

Shionogi

&

Co.

Ltd.

23,000

1,028,452

Takeda

Pharmaceutical

Co.

Ltd.

136,949

4,253,080

17,126,781

Professional

Services

0.3%

BayCurrent

Consulting,

Inc.

12,400

414,324

Persol

Holdings

Co.

Ltd.

165,000

268,431

Recruit

Holdings

Co.

Ltd.

124,600

3,836,990

4,519,745

Real

Estate

Management

&

Development

0.5%

Daito

Trust

Construction

Co.

Ltd.

5,400

568,822

Daiwa

House

Industry

Co.

Ltd.(a)

50,800

1,364,128

Hulic

Co.

Ltd.

37,300

334,526

Mitsubishi

Estate

Co.

Ltd.

99,500

1,300,687

Mitsui

Fudosan

Co.

Ltd.

78,400

1,726,792

Nomura

Real

Estate

Holdings,

Inc.

10,300

258,512

Sumitomo

Realty

&

Development

Co.

Ltd.

24,700

641,652

6,195,119

Retail

REITs

0.0%

†

Japan

Metropolitan

Fund

Invest

590

382,890

Semiconductors

&

Semiconductor

Equipment

1.0%

Advantest

Corp.(a)

67,200

1,868,097

Disco

Corp.

7,900

1,450,748

Lasertec

Corp.

6,500

1,009,172

Renesas

Electronics

Corp.*

111,900

1,716,828

Rohm

Co.

Ltd.(a)

30,400

575,307

SUMCO

Corp.

29,300

381,066

Tokyo

Electron

Ltd.

41,200

5,606,694

12,607,912

Software

0.0%

†

Oracle

Corp.

Japan

3,100

231,130

Trend

Micro,

Inc.

11,700

443,257

674,387

Specialty

Retail

0.4%

Fast

Retailing

Co.

Ltd.

15,100

3,288,888

Nitori

Holdings

Co.

Ltd.(a)

6,700

750,215

USS

Co.

Ltd.

19,400

320,774

ZOZO,

Inc.(a)

12,300

225,601

4,585,478

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.

18,700

301,121

Common

Stocks

Shares

Value

($)

JAPAN

Technology

Hardware,

Storage

&

Peripherals

Canon,

Inc.

86,600

2,092,558

FUJIFILM

Holdings

Corp.

32,700

1,893,355

Ricoh

Co.

Ltd.(a)

52,100

449,490

Seiko

Epson

Corp.

23,300

365,939

5,102,463

Tobacco

0.2%

Japan

Tobacco,

Inc.

104,800

2,411,776

Trading

Companies

&

Distributors

1.4%

ITOCHU

Corp.(a)

104,500

3,775,609

Marubeni

Corp.

126,000

1,963,664

Mitsubishi

Corp.(a)

100,400

4,783,121

Mitsui

&

Co.

Ltd.

113,600

4,117,330

MonotaRO

Co.

Ltd.

23,200

248,242

Sumitomo

Corp.

91,300

1,821,303

Toyota

Tsusho

Corp.

19,100

1,122,561

17,831,830

Wireless

Telecommunication

Services

0.8%

KDDI

Corp.

131,500

4,025,385

SoftBank

Corp.

252,400

2,854,408

SoftBank

Group

Corp.

88,900

3,762,387

10,642,180

293,680,897

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

13,161

335,329

LUXEMBOURG

0.1%

Life

Sciences

Tools

&

Services

0.0%

†

Eurofins

Scientific

SE

12,273

691,982

Metals

&

Mining

0.1%

ArcelorMittal

SA(a)

42,427

1,061,095

1,753,077

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Galaxy

Entertainment

Group

Ltd.

192,000

1,148,470

Sands

China

Ltd.*

219,500

667,493

1,815,963

NETHERLANDS

5.3%

Banks

0.4%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

36,152

511,905

ING

Groep

NV

318,078

4,201,882

4,713,787

Beverages

0.2%

Heineken

Holding

NV

9,924

746,888

Heineken

NV

25,140

2,211,504

2,958,392

Biotechnology

0.2%

Argenx

SE*

4,890

2,377,327

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

7,510

522,632

Chemicals

0.1%

Akzo

Nobel

NV

14,977

1,080,808

OCI

NV

7,381

205,303

1,286,111

NVIT

International

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

NETHERLANDS

Consumer

Staples

Distribution

&

Retail

0.2%

Koninklijke

Ahold

Delhaize

NV

85,742

2,585,387

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

283,714

935,088

Entertainment

0.1%

Universal

Music

Group

NV

71,489

1,859,054

Financial

Services

0.2%

Adyen

NV

Reg.

S*(b)

1,867

1,383,946

EXOR

NV

8,971

795,217

2,179,163

Food

Products

0.0%

†

JDE

Peet's

NV

9,883

275,904

Health

Care

Equipment

&

Supplies

0.1%

Koninklijke

Philips

NV*(a)

82,671

1,647,591

Insurance

0.2%

Aegon

NV

148,247

714,497

ASR

Nederland

NV

13,953

523,698

NN

Group

NV

22,036

706,186

1,944,381

Oil,

Gas

&

Consumable

Fuels

1.4%

Shell

plc

583,187

18,516,199

Professional

Services

0.2%

Randstad

NV

9,330

514,287

Wolters

Kluwer

NV

22,374

2,709,619

3,223,906

Semiconductors

&

Semiconductor

Equipment

1.8%

ASM

International

NV

4,120

1,720,509

ASML

Holding

NV

35,063

20,590,364

BE

Semiconductor

Industries

NV

6,729

657,957

22,968,830

Trading

Companies

&

Distributors

0.1%

IMCD

NV

5,161

652,365

68,646,117

NEW

ZEALAND

0.2%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

161,178

464,647

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

61,413

224,799

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

52,548

679,705

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

106,098

326,860

Software

0.1%

Xero

Ltd.*

12,159

881,421

Transportation

Infrastructure

0.0%

†

Auckland

International

Airport

Ltd.

109,506

518,896

3,096,328

NORWAY

0.7%

Aerospace

&

Defense

0.0%

†

Kongsberg

Gruppen

ASA

7,983

328,742

Common

Stocks

Shares

Value

($)

NORWAY

Banks

0.1%

DNB

Bank

ASA

80,686

1,625,127

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

62,158

705,117

Food

Products

0.1%

Mowi

ASA

40,780

721,982

Orkla

ASA

64,348

480,586

Salmar

ASA

6,472

327,495

1,530,063

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

15,461

227,195

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

112,142

703,866

Oil,

Gas

&

Consumable

Fuels

0.3%

Aker

BP

ASA

26,204

724,202

Equinor

ASA

78,645

2,578,503

3,302,705

8,422,815

PORTUGAL

0.2%

Consumer

Staples

Distribution

&

Retail

0.0%

†

Jeronimo

Martins

SGPS

SA

24,718

554,749

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

259,329

1,079,158

Oil,

Gas

&

Consumable

Fuels

0.1%

Galp

Energia

SGPS

SA

,

Class

B

44,149

653,987

2,287,894

SINGAPORE

1.6%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

128,000

365,714

Banks

0.7%

DBS

Group

Holdings

Ltd.

159,200

3,909,075

Oversea-Chinese

Banking

Corp.

Ltd.

297,600

2,779,422

United

Overseas

Bank

Ltd.

111,200

2,314,877

9,003,374

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

74,100

527,322

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

702,650

1,239,457

Entertainment

0.1%

Sea

Ltd.,

ADR*

32,064

1,409,213

Ground

Transportation

0.1%

Grab

Holdings

Ltd.

,

Class

A

*

169,866

601,326

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

509,396

314,785

Industrial

Conglomerates

0.1%

Jardine

Cycle

&

Carriage

Ltd.

9,600

223,542

Keppel

Corp.

Ltd.

118,000

585,670

809,212

Industrial

REITs

0.1%

CapitaLand

Ascendas

REIT

296,407

595,782

82

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SINGAPORE

Industrial

REITs

Mapletree

Logistics

Trust

266,504

326,954

922,736

Machinery

0.0%

†

Seatrium

Ltd.*

3,597,922

351,523

Multi-Utilities

0.0%

†

Sembcorp

Industries

Ltd.

78,000

289,974

Passenger

Airlines

0.0%

†

Singapore

Airlines

Ltd.

115,314

544,562

Real

Estate

Management

&

Development

0.1%

CapitaLand

Investment

Ltd.

230,697

521,499

City

Developments

Ltd.

40,200

193,593

UOL

Group

Ltd.

34,300

160,306

875,398

Retail

REITs

0.1%

CapitaLand

Integrated

Commercial

Trust

475,670

641,992

Mapletree

Pan

Asia

Commercial

Trust

227,800

238,383

880,375

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

60,062

2,587,741

20,722,712

SOUTH

AFRICA

0.2%

Metals

&

Mining

0.2%

Anglo

American

plc

111,667

3,091,650

SOUTH

KOREA

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

Delivery

Hero

SE

Reg.

S*(b)

14,579

418,714

SPAIN

2.5%

Banks

0.8%

Banco

Bilbao

Vizcaya

Argentaria

SA

520,742

4,240,161

Banco

Santander

SA

1,408,390

5,348,181

CaixaBank

SA

362,603

1,450,364

11,038,706

Biotechnology

0.0%

†

Grifols

SA*

26,811

347,137

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

19,250

693,213

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

49,657

1,726,644

Telefonica

SA(a)

445,158

1,821,513

3,548,157

Electric

Utilities

0.6%

Acciona

SA

2,355

299,437

Endesa

SA

28,043

569,972

Iberdrola

SA

531,456

5,933,928

Redeia

Corp.

SA

35,743

561,361

7,364,698

Gas

Utilities

0.0%

†

Enagas

SA

20,028

331,432

Naturgy

Energy

Group

SA(a)

10,986

298,364

629,796

Common

Stocks

Shares

Value

($)

SPAIN

Hotels,

Restaurants

&

Leisure

0.2%

Amadeus

IT

Group

SA

39,589

2,385,779

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Corp.

ACCIONA

Energias

Renovables

SA(a)

6,402

165,095

EDP

Renovaveis

SA

22,534

368,618

533,713

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

111,163

1,829,920

Specialty

Retail

0.3%

Industria

de

Diseno

Textil

SA

94,127

3,503,342

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S(b)

6,474

973,794

32,848,255

SWEDEN

2.8%

Aerospace

&

Defense

0.0%

†

Saab

AB

,

Class

B

7,282

370,309

Automobiles

0.0%

†

Volvo

Car

AB

,

Class

B

*

52,647

212,753

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB

,

Class

A

136,438

1,625,127

Svenska

Handelsbanken

AB

,

Class

A

130,007

1,155,669

Swedbank

AB

,

Class

A

74,609

1,373,561

4,154,357

Biotechnology

0.0%

†

Swedish

Orphan

Biovitrum

AB*(a)

17,580

359,597

Building

Products

0.2%

Assa

Abloy

AB

,

Class

B

86,523

1,884,974

Nibe

Industrier

AB

,

Class

B

135,261

881,451

2,766,425

Capital

Markets

0.1%

EQT

AB(a)

29,262

577,865

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB

,

Class

B

(a)

39,607

312,704

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson

,

Class

B

(a)

249,738

1,213,025

Construction

&

Engineering

0.0%

†

Skanska

AB

,

Class

B

29,468

483,181

Diversified

Telecommunication

Services

0.0%

†

Telia

Co.

AB(a)

204,156

421,495

Electronic

Equipment,

Instruments

&

Components

0.1%

Hexagon

AB

,

Class

B

178,923

1,522,800

Financial

Services

0.3%

Industrivarden

AB

,

Class

A

10,309

271,725

Industrivarden

AB

,

Class

C

(a)

14,453

380,260

Investor

AB

,

Class

B

152,104

2,911,366

L

E

Lundbergforetagen

AB

,

Class

B

(a)

7,314

304,854

3,868,205

NVIT

International

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

SWEDEN

Health

Care

Equipment

&

Supplies

0.0%

†

Getinge

AB

,

Class

B

21,456

376,950

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

16,105

1,622,866

Household

Products

0.1%

Essity

AB

,

Class

B

54,522

1,174,965

Industrial

Conglomerates

0.1%

Investment

AB

Latour

,

Class

B

(a)

13,357

234,461

Lifco

AB

,

Class

B

19,835

346,974

581,435

Machinery

1.0%

Alfa

Laval

AB

24,213

828,411

Atlas

Copco

AB

,

Class

A

236,048

3,162,542

Atlas

Copco

AB

,

Class

B

135,638

1,584,562

Epiroc

AB

,

Class

A

57,516

1,088,643

Epiroc

AB

,

Class

B

34,103

545,291

Husqvarna

AB

,

Class

B

(a)

28,391

216,494

Indutrade

AB(a)

23,089

426,157

Sandvik

AB

93,699

1,717,884

SKF

AB

,

Class

B

29,532

489,678

Volvo

AB

,

Class

A

16,247

337,901

Volvo

AB

,

Class

B

132,613

2,729,792

13,127,355

Metals

&

Mining

0.1%

Boliden

AB

22,578

642,654

Paper

&

Forest

Products

0.1%

Holmen

AB

,

Class

B

8,736

339,178

Svenska

Cellulosa

AB

SCA

,

Class

B

(a)

53,900

737,133

1,076,311

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder

,

Class

B

*(a)

52,175

233,594

Sagax

AB

,

Class

B

18,146

345,229

578,823

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

(a)

57,763

821,257

Trading

Companies

&

Distributors

0.0%

†

Beijer

Ref

AB

,

Class

B

30,626

321,672

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB

,

Class

B

46,644

356,476

36,943,480

SWITZERLAND

6.1%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)

2,334

244,851

Building

Products

0.1%

Geberit

AG

(Registered)

2,995

1,495,197

Capital

Markets

0.8%

Julius

Baer

Group

Ltd.

18,320

1,174,053

Partners

Group

Holding

AG

1,994

2,243,749

UBS

Group

AG

(Registered)

286,217

7,074,643

10,492,445

Chemicals

0.6%

Clariant

AG

(Registered)

16,802

265,442

Common

Stocks

Shares

Value

($)

SWITZERLAND

Chemicals

DSM-

Firmenich

AG

14,896

1,258,342

EMS-

Chemie

Holding

AG

(Registered)

575

390,036

Givaudan

SA

(Registered)

808

2,644,953

Sika

AG

(Registered)

12,610

3,196,096

7,754,869

Containers

&

Packaging

0.1%

SIG

Group

AG

26,973

664,182

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

2,211

1,313,483

Electric

Utilities

0.0%

†

BKW

AG

1,655

291,731

Electrical

Equipment

0.4%

ABB

Ltd.

(Registered)

138,127

4,936,141

Food

Products

0.2%

Barry

Callebaut

AG

(Registered)

316

502,333

Chocoladefabriken

Lindt

&

Spruengli

AG

81

900,958

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

9

986,736

2,390,027

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.

43,083

3,329,220

Sonova

Holding

AG

(Registered)

4,494

1,064,980

Straumann

Holding

AG

(Registered)

9,916

1,259,479

5,653,679

Insurance

0.7%

Baloise

Holding

AG

(Registered)

4,074

591,041

Helvetia

Holding

AG

(Registered)

3,375

472,883

Swiss

Life

Holding

AG

(Registered)

2,569

1,600,309

Zurich

Insurance

Group

AG

13,080

5,993,745

8,657,978

Life

Sciences

Tools

&

Services

0.2%

Bachem

Holding

AG

,

Class

B

2,947

217,264

Lonza

Group

AG

(Registered)

6,422

2,971,119

3,188,383

Machinery

0.2%

Schindler

Holding

AG

3,676

732,718

Schindler

Holding

AG

(Registered)

2,182

419,723

VAT

Group

AG

Reg.

S(b)

2,416

860,323

2,012,764

Marine

Transportation

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

4,811

1,364,165

Pharmaceuticals

1.4%

Novartis

AG

(Registered)

178,794

18,244,842

Professional

Services

0.1%

Adecco

Group

AG

(Registered)

13,332

546,862

84

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Professional

Services

SGS

SA

(Registered)

13,173

1,105,851

1,652,713

Real

Estate

Management

&

Development

0.1%

Swiss

Prime

Site

AG

(Registered)

6,753

617,997

Software

0.0%

†

Temenos

AG

(Registered)

5,369

376,579

Specialty

Retail

0.0%

†

Dufry

AG

(Registered)*

8,964

341,133

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

14,452

995,922

Textiles,

Apparel

&

Luxury

Goods

0.5%

Cie

Financiere

Richemont

SA

(Registered)

45,359

5,526,651

Swatch

Group

AG

(The)

2,410

617,903

Swatch

Group

AG

(The)

(Registered)

4,684

228,885

6,373,439

79,062,520

UNITED

ARAB

EMIRATES

0.0%

†

Health

Care

Providers

&

Services

0.0%

†

NMC

Health

plc*^∞

11,719

0

UNITED

KINGDOM

11.3%

Aerospace

&

Defense

0.4%

BAE

Systems

plc

263,156

3,194,415

Melrose

Industries

plc

117,974

672,347

Rolls-Royce

Holdings

plc*

714,687

1,915,833

5,782,595

Banks

1.7%

Barclays

plc

1,329,800

2,575,537

HSBC

Holdings

plc

1,717,185

13,452,482

Lloyds

Banking

Group

plc

5,621,780

3,027,140

NatWest

Group

plc

498,589

1,426,638

Standard

Chartered

plc

204,442

1,889,441

22,371,238

Beverages

0.6%

Coca-Cola

Europacific

Partners

plc(a)

17,827

1,113,831

Diageo

plc

196,543

7,248,276

8,362,107

Broadline

Retail

0.1%

Next

plc

10,729

952,073

Capital

Markets

0.6%

3i

Group

plc

82,947

2,087,812

abrdn

plc

179,843

339,939

Hargreaves

Lansdown

plc

34,332

322,083

London

Stock

Exchange

Group

plc

36,822

3,696,446

Schroders

plc

65,633

324,393

St.

James's

Place

plc

48,826

492,495

7,263,168

Chemicals

0.1%

Croda

International

plc

11,936

715,478

Johnson

Matthey

plc

14,783

293,170

1,008,648

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

219,218

1,625,113

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Consumer

Staples

Distribution

&

Retail

0.2%

J

Sainsbury

plc

151,660

466,604

Ocado

Group

plc*

52,554

382,356

Tesco

plc

621,909

1,999,662

2,848,622

Diversified

Consumer

Services

0.0%

†

Pearson

plc

59,599

630,490

Diversified

REITs

0.0%

†

Land

Securities

Group

plc

57,633

412,157

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

550,364

781,767

Electric

Utilities

0.1%

SSE

plc

95,643

1,874,111

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

32,273

758,214

Financial

Services

0.1%

M&G

plc

194,963

466,908

Wise

plc

,

Class

A

*

55,907

464,454

931,362

Food

Products

0.1%

Associated

British

Foods

plc

31,662

795,817

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

76,086

945,721

Hotels,

Restaurants

&

Leisure

0.5%

Compass

Group

plc

150,742

3,672,337

Entain

plc

53,534

609,329

InterContinental

Hotels

Group

plc

14,818

1,092,420

Whitbread

plc

17,767

747,395

6,121,481

Household

Durables

0.1%

Barratt

Developments

plc

87,500

469,399

Berkeley

Group

Holdings

plc

9,492

473,459

Persimmon

plc

30,403

398,029

Taylor

Wimpey

plc

303,173

431,108

1,771,995

Household

Products

0.3%

Reckitt

Benckiser

Group

plc

62,009

4,382,201

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

231,016

1,231,233

DCC

plc

8,462

474,395

Smiths

Group

plc

30,004

591,190

2,296,818

Industrial

REITs

0.1%

Segro

plc

104,526

911,813

Insurance

0.3%

Admiral

Group

plc

17,686

511,522

Aviva

plc

239,138

1,130,711

Legal

&

General

Group

plc

518,328

1,400,373

Phoenix

Group

Holdings

plc

64,297

376,592

3,419,198

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

81,966

614,409

Machinery

0.1%

CNH

Industrial

NV

87,049

1,054,569

Spirax-Sarco

Engineering

plc

6,229

720,302

1,774,871

NVIT

International

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Media

0.1%

Informa

plc

119,139

1,085,638

WPP

plc

94,602

843,077

1,928,715

Multi-Utilities

0.4%

Centrica

plc

478,653

898,614

National

Grid

plc

323,163

3,857,516

4,756,130

Oil,

Gas

&

Consumable

Fuels

0.7%

BP

plc

1,504,437

9,713,920

Personal

Care

Products

0.8%

Unilever

plc

218,865

10,829,338

Pharmaceuticals

1.4%

AstraZeneca

plc

134,711

18,128,976

Professional

Services

0.5%

Intertek

Group

plc

14,462

723,144

RELX

plc

164,794

5,560,937

6,284,081

Software

0.1%

Sage

Group

plc

(The)

86,880

1,045,589

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

220,362

401,452

Kingfisher

plc

172,677

468,062

869,514

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

34,084

790,492

Tobacco

0.6%

British

American

Tobacco

plc

184,591

5,794,689

Imperial

Brands

plc

74,111

1,504,961

7,299,650

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

38,384

2,333,079

Bunzl

plc

29,357

1,041,958

3,375,037

Water

Utilities

0.1%

Severn

Trent

plc

22,598

651,123

United

Utilities

Group

plc

61,574

709,996

1,361,119

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

2,010,773

1,877,642

146,896,192

UNITED

STATES

7.5%

Automobiles

0.3%

Stellantis

NV

192,530

3,691,521

Biotechnology

0.5%

CSL

Ltd.

41,993

6,765,802

Construction

&

Engineering

0.1%

Ferrovial

SE

43,357

1,322,007

Construction

Materials

0.6%

CRH

plc

63,146

3,482,827

Holcim

AG

45,498

2,913,034

James

Hardie

Industries

plc,

ADR*

37,764

985,392

7,381,253

Electrical

Equipment

0.6%

Schneider

Electric

SE

47,292

7,796,690

Common

Stocks

Shares

Value

($)

UNITED

STATES

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA(a)

41,967

663,122

Food

Products

2.0%

Nestle

SA

(Registered)

232,351

26,237,398

Insurance

0.2%

Swiss

Re

AG

26,433

2,713,308

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

19,433

786,492

Personal

Care

Products

0.1%

Haleon

plc

483,666

2,007,004

Pharmaceuticals

2.7%

GSK

plc

356,000

6,435,656

Roche

Holding

AG(a)

64,204

17,575,065

Sanofi

99,069

10,630,319

34,641,040

Professional

Services

0.2%

Experian

plc

78,916

2,578,119

Software

0.1%

CyberArk

Software

Ltd.*

3,507

574,341

Monday.com

Ltd.*

1,736

276,406

850,747

97,434,503

Total

Common

Stocks

(cost

$867,741,834)

1,279,778,654

Repurchase

Agreements

0.8%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,000,442,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

BofA

Securities,

Inc.,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$2,040,002.(c)

2,000,000

2,000,000

86

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,086,691,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$2,127,481.(c)

2,085,766

2,085,766

MetLife,

Inc.,

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$3,001,328,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$3,061,677.(c)

3,000,000

3,000,000

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,889,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$10,085,766)

10,085,766

Total

Investments

(cost

$877,827,600)

—

99.1%

1,289,864,420

Other

assets

in

excess

of

liabilities

—

0.9%

11,960,724

NET

ASSETS

—

100.0%

$

1,301,825,144

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$45,478,365,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,085,766

and

by

$40,060,631

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/3/2023

–

5/15/2053,

a

total

value

of

$50,146,397.

(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,

2023

was

$16,615,176

which

represents

1.28%

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,

2023

was

$10,085,766.

ADR

American

Depositary

Receipt

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,

2023

(Unaudited)

-

Statement

of

Investments

-

87

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

104

12/2023

EUR

4,622,466

(19,170)

FTSE

100

Index

34

12/2023

GBP

3,182,192

14,871

Nikkei

225

Index

29

12/2023

JPY

3,105,410

(46,185)

SPI

200

Index

15

12/2023

AUD

1,708,479

(17,518)

Net

contracts

(68,002)

As

of

September

30,

2023,

the

Fund

had

$879,333

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

88

-

Statement

of

Investments

-

September

30,

2023

(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,

2023

(Unaudited)

-

Statement

of

Investments

-

89

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

22,242,115

$

–

$

22,242,115

Air

Freight

&

Logistics

–

7,641,204

–

7,641,204

Automobile

Components

–

8,703,869

–

8,703,869

Automobiles

–

46,040,714

–

46,040,714

Banks

–

129,161,393

–

129,161,393

Beverages

1,113,831

23,383,890

–

24,497,721

Biotechnology

–

11,900,953

–

11,900,953

Broadline

Retail

313,390

9,463,789

–

9,777,179

Building

Products

–

12,826,148

–

12,826,148

Capital

Markets

293,097

35,330,013

–

35,623,110

Chemicals

–

38,570,262

–

38,570,262

Commercial

Services

&

Supplies

–

5,346,921

–

5,346,921

Communications

Equipment

–

2,975,782

–

2,975,782

Construction

&

Engineering

–

10,768,792

–

10,768,792

Construction

Materials

–

8,334,573

–

8,334,573

Consumer

Staples

Distribution

&

Retail

–

16,513,745

–

16,513,745

Containers

&

Packaging

–

1,398,831

–

1,398,831

Distributors

–

321,483

–

321,483

Diversified

Consumer

Services

–

911,858

–

911,858

Diversified

REITs

–

2,524,930

–

2,524,930

Diversified

Telecommunication

Services

–

22,907,703

–

22,907,703

Electric

Utilities

–

23,066,364

–

23,066,364

Electrical

Equipment

–

22,458,347

–

22,458,347

Electronic

Equipment,

Instruments

&

Components

–

17,278,454

–

17,278,454

Energy

Equipment

&

Services

–

663,122

–

663,122

Entertainment

1,409,213

8,241,903

–

9,651,116

Financial

Services

363,999

13,184,294

–

13,548,293

Food

Products

–

40,196,770

–

40,196,770

Gas

Utilities

–

3,997,986

–

3,997,986

Ground

Transportation

601,326

7,844,096

–

8,445,422

Health

Care

Equipment

&

Supplies

–

25,467,035

–

25,467,035

Health

Care

Providers

&

Services

–

3,837,031

–

3,837,031

Health

Care

Technology

–

686,134

–

686,134

Hotels,

Restaurants

&

Leisure

–

22,495,688

–

22,495,688

Household

Durables

–

15,152,326

–

15,152,326

Household

Products

–

8,470,827

–

8,470,827

Independent

Power

and

Renewable

Electricity

Producers

–

2,925,389

–

2,925,389

Industrial

Conglomerates

634,440

18,557,761

–

19,192,201

Industrial

REITs

–

4,990,320

–

4,990,320

Insurance

–

66,061,167

–

66,061,167

Interactive

Media

&

Services

–

2,915,426

–

2,915,426

IT

Services

443,945

9,381,818

–

9,825,763

Leisure

Products

–

2,297,426

–

2,297,426

Life

Sciences

Tools

&

Services

–

6,012,711

–

6,012,711

Machinery

–

38,261,999

–

38,261,999

Marine

Transportation

–

5,126,666

–

5,126,666

Media

–

4,891,749

–

4,891,749

Metals

&

Mining

–

43,014,313

–

43,014,313

Multi-Utilities

–

11,523,556

–

11,523,556

Office

REITs

–

2,004,283

–

2,004,283

Oil,

Gas

&

Consumable

Fuels

–

60,462,269

–

60,462,269

Paper

&

Forest

Products

–

4,372,746

–

4,372,746

Passenger

Airlines

–

1,734,215

–

1,734,215

Personal

Care

Products

–

25,838,366

–

25,838,366

Pharmaceuticals

5,219,754

118,150,505

–

123,370,259

Professional

Services

–

20,383,040

–

20,383,040

Real

Estate

Management

&

Development

332,850

15,314,522

–

15,647,372

90

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

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,

2023.

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

Level

1

Level

2

Level

3

Total

Assets:

Retail

REITs

$

–

$

4,364,454

$

–

$

4,364,454

Semiconductors

&

Semiconductor

Equipment

–

41,910,229

–

41,910,229

Software

1,981,628

18,839,952

–

20,821,580

Specialty

Retail

–

10,416,910

133,323

10,550,233

Technology

Hardware,

Storage

&

Peripherals

–

6,098,385

–

6,098,385

Textiles,

Apparel

&

Luxury

Goods

–

38,041,824

–

38,041,824

Tobacco

–

9,711,426

–

9,711,426

Trading

Companies

&

Distributors

844,666

23,421,741

–

24,266,407

Transportation

Infrastructure

–

4,521,262

–

4,521,262

Water

Utilities

–

1,361,119

–

1,361,119

Wireless

Telecommunication

Services

–

12,876,298

–

12,876,298

Total

Common

Stocks

$

13,552,139

$

1,266,093,192

$

133,323

$

1,279,778,654

Futures

Contracts

14,871

–

–

14,871

Repurchase

Agreements

–

10,085,766

–

10,085,766

Total

Assets

$

13,567,010

$

1,276,178,958

$

133,323

$

1,289,879,291

Liabilities:

Futures

Contracts

$

(82,873)

$

–

$

–

$

(82,873)

Total

Liabilities

$

(82,873)

$

–

$

–

$

(82,873)

Total

$

13,484,137

$

1,276,178,958

$

133,323

$

1,289,796,418

As

of

September

30,

2023,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Common

Stocks

Total

Balance

as

of

12/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(78,198)

(78,198)

Transfers

into

Level

3

211,521

211,521

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2023

$

133,323

$

133,323

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2023

$

(78,198)

$

(78,198)

NVIT

International

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

91

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

14,871

Total

$

14,871

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(82,873)

Total

$

(82,873)

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.

92

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

99.4%

Shares

Value

($)

Aerospace

&

Defense

1.2%

BWX

Technologies,

Inc.

40,946

3,070,131

Curtiss-Wright

Corp.

17,081

3,341,556

Hexcel

Corp.

38,336

2,497,207

Woodward,

Inc.

27,434

3,408,949

12,317,843

Air

Freight

&

Logistics

0.3%

GXO

Logistics,

Inc.*(a)

53,919

3,162,349

Automobile

Components

1.7%

Adient

plc*

42,456

1,558,135

Autoliv,

Inc.

34,924

3,369,468

Fox

Factory

Holding

Corp.*(a)

19,117

1,894,112

Gentex

Corp.

105,926

3,446,832

Goodyear

Tire

&

Rubber

Co.

(The)*

129,127

1,605,049

Lear

Corp.

27,223

3,653,327

Visteon

Corp.*(a)

12,692

1,752,384

17,279,307

Automobiles

0.4%

Harley-Davidson,

Inc.

59,683

1,973,120

Thor

Industries,

Inc.(a)

24,485

2,329,258

4,302,378

Banks

5.0%

Associated

Banc-Corp.(a)

62,781

1,074,183

Bank

OZK

47,844

1,773,577

Cadence

Bank

82,673

1,754,321

Columbia

Banking

System,

Inc.

97,993

1,989,258

Commerce

Bancshares,

Inc.

(a)

50,925

2,443,382

Cullen/Frost

Bankers,

Inc.

28,880

2,634,145

East

West

Bancorp,

Inc.

65,028

3,427,626

First

Financial

Bankshares,

Inc.(a)

55,744

1,400,289

First

Horizon

Corp.

252,445

2,781,944

FNB

Corp.

160,033

1,726,756

Glacier

Bancorp,

Inc.(a)

50,092

1,427,622

Hancock

Whitney

Corp.

39,154

1,448,306

Home

BancShares,

Inc.

83,014

1,738,313

International

Bancshares

Corp.

22,584

978,791

New

York

Community

Bancorp,

Inc.

328,347

3,723,455

Old

National

Bancorp

131,007

1,904,842

Pinnacle

Financial

Partners,

Inc.

34,531

2,314,958

Prosperity

Bancshares,

Inc.

42,664

2,328,601

SouthState

Corp.(a)

34,492

2,323,381

Synovus

Financial

Corp.

68,688

1,909,526

Texas

Capital

Bancshares,

Inc.*

20,108

1,184,361

UMB

Financial

Corp.

19,129

1,186,954

United

Bankshares,

Inc.(a)

60,720

1,675,265

Valley

National

Bancorp(a)

194,932

1,668,618

Webster

Financial

Corp.

79,223

3,193,479

Wintrust

Financial

Corp.

27,239

2,056,545

52,068,498

Beverages

0.7%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

4,285

1,669,136

Celsius

Holdings,

Inc.*

22,340

3,833,544

Common

Stocks

Shares

Value

($)

Beverages

Coca-Cola

Consolidated,

Inc.

2,149

1,367,452

6,870,132

Biotechnology

1.6%

Arrowhead

Pharmaceuticals,

Inc.*(a)

47,947

1,288,336

Exelixis,

Inc.*

144,587

3,159,226

Halozyme

Therapeutics,

Inc.*

59,695

2,280,349

Neurocrine

Biosciences,

Inc.*

44,699

5,028,637

United

Therapeutics

Corp.*

21,300

4,811,031

16,567,579

Broadline

Retail

0.5%

Kohl's

Corp.(a)

49,753

1,042,823

Macy's,

Inc.(a)

123,596

1,434,949

Nordstrom,

Inc.(a)

42,387

633,262

Ollie's

Bargain

Outlet

Holdings,

Inc.*

27,812

2,146,530

5,257,564

Building

Products

3.9%

Advanced

Drainage

Systems,

Inc.

31,339

3,567,318

Builders

FirstSource,

Inc.*

56,690

7,057,338

Carlisle

Cos.,

Inc.(a)

22,562

5,849,424

Fortune

Brands

Innovations,

Inc.

57,415

3,568,916

Lennox

International,

Inc.

14,562

5,452,595

Owens

Corning

41,077

5,603,314

Simpson

Manufacturing

Co.,

Inc.(a)

19,180

2,873,356

Trex

Co.,

Inc.*

48,811

3,008,222

UFP

Industries,

Inc.

28,192

2,886,861

39,867,344

Capital

Markets

2.3%

Affiliated

Managers

Group,

Inc.

17,424

2,271,044

Evercore,

Inc.,

Class

A(a)

16,584

2,286,602

Federated

Hermes,

Inc.,

Class

B

40,686

1,378,035

Interactive

Brokers

Group,

Inc.,

Class

A

49,194

4,258,232

Janus

Henderson

Group

plc

62,978

1,626,092

Jefferies

Financial

Group,

Inc.

83,933

3,074,466

Morningstar,

Inc.(a)

11,833

2,771,762

SEI

Investments

Co.

45,743

2,755,101

Stifel

Financial

Corp.

48,904

3,004,662

23,425,996

Chemicals

2.1%

Ashland,

Inc.

22,080

1,803,494

Avient

Corp.

41,875

1,479,025

Axalta

Coating

Systems

Ltd.*

97,255

2,616,160

Cabot

Corp.

25,592

1,772,758

Chemours

Co.

(The)

67,003

1,879,434

NewMarket

Corp.

3,071

1,397,428

Olin

Corp.

56,366

2,817,173

RPM

International,

Inc.

58,340

5,531,215

Scotts

Miracle-Gro

Co.

(The)

(a)

19,369

1,000,990

Westlake

Corp.(a)

14,897

1,857,209

22,154,886

Commercial

Services

&

Supplies

1.3%

Brink's

Co.

(The)

21,142

1,535,755

NVIT

Mid

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

93

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Clean

Harbors,

Inc.*(a)

22,985

3,846,770

MSA

Safety,

Inc.

16,642

2,623,611

Stericycle,

Inc.*

41,797

1,868,744

Tetra

Tech,

Inc.

24,141

3,670,156

13,545,036

Communications

Equipment

0.6%

Calix,

Inc.*

26,658

1,222,003

Ciena

Corp.*

68,035

3,215,334

Lumentum

Holdings,

Inc.*(a)

30,803

1,391,679

5,829,016

Construction

&

Engineering

1.8%

AECOM

63,117

5,241,236

EMCOR

Group,

Inc.

21,489

4,521,071

Fluor

Corp.*

65,037

2,386,858

MasTec,

Inc.*

27,382

1,970,682

MDU

Resources

Group,

Inc.

94,117

1,842,811

Valmont

Industries,

Inc.

9,407

2,259,655

18,222,313

Construction

Materials

0.4%

Eagle

Materials,

Inc.

15,785

2,628,518

Knife

River

Corp.*

22,758

1,111,273

3,739,791

Consumer

Finance

0.6%

Ally

Financial,

Inc.

123,188

3,286,656

FirstCash

Holdings,

Inc.

16,427

1,648,942

SLM

Corp.

102,366

1,394,225

6,329,823

Consumer

Staples

Distribution

&

Retail

2.0%

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

60,682

4,330,874

Casey's

General

Stores,

Inc.

16,948

4,601,721

Grocery

Outlet

Holding

Corp.*

42,503

1,226,212

Performance

Food

Group

Co.*

71,235

4,192,892

Sprouts

Farmers

Market,

Inc.*(a)

45,583

1,950,952

US

Foods

Holding

Corp.*

102,754

4,079,334

20,381,985

Containers

&

Packaging

1.9%

AptarGroup,

Inc.

30,106

3,764,454

Berry

Global

Group,

Inc.

53,723

3,325,991

Crown

Holdings,

Inc.

55,400

4,901,792

Graphic

Packaging

Holding

Co.

138,566

3,087,251

Greif,

Inc.,

Class

A

11,336

757,358

Silgan

Holdings,

Inc.

37,913

1,634,429

Sonoco

Products

Co.(a)

45,397

2,467,327

19,938,602

Diversified

Consumer

Services

0.9%

Graham

Holdings

Co.,

Class

B

1,407

820,281

Grand

Canyon

Education,

Inc.*

13,121

1,533,583

H&R

Block,

Inc.(a)

70,215

3,023,458

Service

Corp.

International

69,744

3,985,172

9,362,494

Diversified

Telecommunication

Services

0.4%

Frontier

Communications

Parent,

Inc.*(a)

100,080

1,566,252

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Iridium

Communications,

Inc.

55,787

2,537,751

4,104,003

Electric

Utilities

1.0%

ALLETE,

Inc.

26,215

1,384,152

IDACORP,

Inc.

22,603

2,116,771

OGE

Energy

Corp.

95,046

3,167,883

PNM

Resources,

Inc.

38,925

1,736,444

Portland

General

Electric

Co.

45,420

1,838,602

10,243,852

Electrical

Equipment

2.4%

Acuity

Brands,

Inc.

13,838

2,356,750

EnerSys

18,173

1,720,438

Hubbell,

Inc.,

Class

B

24,355

7,633,101

nVent

Electric

plc

75,111

3,980,132

Regal

Rexnord

Corp.

30,164

4,309,832

Sensata

Technologies

Holding

plc(a)

68,107

2,575,807

Sunrun,

Inc.*(a)

98,102

1,232,161

Vicor

Corp.*(a)

9,905

583,305

24,391,526

Electronic

Equipment,

Instruments

&

Components

3.6%

Arrow

Electronics,

Inc.*

25,716

3,220,672

Avnet,

Inc.

43,051

2,074,628

Belden,

Inc.

19,194

1,853,181

Cognex

Corp.

76,935

3,265,121

Coherent

Corp.*(a)

58,384

1,905,654

Crane

NXT

Co.

21,804

1,211,648

IPG

Photonics

Corp.*

13,247

1,345,100

Jabil,

Inc.(a)

60,124

7,629,134

Littelfuse,

Inc.

11,244

2,780,866

National

Instruments

Corp.

59,466

3,545,363

Novanta,

Inc.*

15,826

2,270,081

TD

SYNNEX

Corp.

22,700

2,266,822

Vishay

Intertechnology,

Inc.(a)

58,116

1,436,628

Vontier

Corp.

69,899

2,161,277

36,966,175

Energy

Equipment

&

Services

1.2%

ChampionX

Corp.(a)

89,594

3,191,338

NOV,

Inc.

179,718

3,756,106

Valaris

Ltd.*(a)

28,273

2,119,910

Weatherford

International

plc*(a)

32,470

2,933,015

12,000,369

Entertainment

0.2%

TKO

Group

Holdings,

Inc.

23,185

1,948,931

Financial

Services

1.4%

Essent

Group

Ltd.

48,492

2,293,187

Euronet

Worldwide,

Inc.*(a)

21,487

1,705,638

MGIC

Investment

Corp.

127,847

2,133,766

Voya

Financial,

Inc.

47,460

3,153,717

Western

Union

Co.

(The)

146,123

1,925,901

WEX,

Inc.*

19,765

3,717,599

14,929,808

Food

Products

1.2%

Darling

Ingredients,

Inc.*

72,359

3,777,140

Flowers

Foods,

Inc.

90,615

2,009,841

Ingredion,

Inc.

30,353

2,986,735

Lancaster

Colony

Corp.

9,087

1,499,628

Pilgrim's

Pride

Corp.*

19,198

438,290

94

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Food

Products

Post

Holdings,

Inc.*(a)

23,233

1,991,997

12,703,631

Gas

Utilities

1.1%

National

Fuel

Gas

Co.

42,160

2,188,526

New

Jersey

Resources

Corp.

44,262

1,798,365

ONE

Gas,

Inc.(a)

24,889

1,699,421

Southwest

Gas

Holdings,

Inc.

(a)

27,314

1,650,039

Spire,

Inc.(a)

23,628

1,336,872

UGI

Corp.

98,402

2,263,246

10,936,469

Ground

Transportation

2.0%

Avis

Budget

Group,

Inc.*

9,022

1,621,163

Hertz

Global

Holdings,

Inc.*(a)

61,666

755,409

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

72,441

3,632,916

Landstar

System,

Inc.(a)

16,248

2,874,921

Ryder

System,

Inc.

21,198

2,267,126

Saia,

Inc.*

12,090

4,819,679

Werner

Enterprises,

Inc.

23,304

907,691

XPO,

Inc.*(a)

52,584

3,925,921

20,804,826

Health

Care

Equipment

&

Supplies

2.7%

Enovis

Corp.*

21,118

1,113,552

Envista

Holdings

Corp.*

73,293

2,043,409

Globus

Medical,

Inc.,

Class

A*

53,037

2,633,287

Haemonetics

Corp.*

22,860

2,047,799

ICU

Medical,

Inc.*

8,861

1,054,548

Inari

Medical,

Inc.*(a)

23,007

1,504,658

Integra

LifeSciences

Holdings

Corp.*(a)

31,441

1,200,732

Lantheus

Holdings,

Inc.*(a)

30,905

2,147,279

LivaNova

plc*

24,350

1,287,628

Masimo

Corp.*

20,053

1,758,247

Neogen

Corp.*

89,080

1,651,543

Penumbra,

Inc.*

17,468

4,225,684

QuidelOrtho

Corp.*

22,529

1,645,518

Shockwave

Medical,

Inc.*

16,663

3,317,603

27,631,487

Health

Care

Providers

&

Services

2.2%

Acadia

Healthcare

Co.,

Inc.*

41,147

2,893,046

Amedisys,

Inc.*

14,568

1,360,651

Chemed

Corp.

6,750

3,507,975

Encompass

Health

Corp.

44,846

3,011,857

HealthEquity,

Inc.*(a)

38,991

2,848,293

Option

Care

Health,

Inc.*

81,314

2,630,508

Patterson

Cos.,

Inc.

38,222

1,132,900

Progyny,

Inc.*

36,571

1,244,146

R1

RCM,

Inc.*(a)

88,734

1,337,221

Tenet

Healthcare

Corp.*

46,209

3,044,711

23,011,308

Health

Care

REITs

1.0%

Healthcare

Realty

Trust,

Inc.,

Class

A

176,106

2,689,139

Medical

Properties

Trust,

Inc.

(a)

274,431

1,495,649

Omega

Healthcare

Investors,

Inc.

113,575

3,766,147

Physicians

Realty

Trust(a)

108,896

1,327,442

Common

Stocks

Shares

Value

($)

Health

Care

REITs

Sabra

Health

Care

REIT,

Inc.

107,997

1,505,478

10,783,855

Health

Care

Technology

0.1%

Doximity,

Inc.,

Class

A*(a)

56,878

1,206,951

Hotel

&

Resort

REITs

0.1%

Park

Hotels

&

Resorts,

Inc.

96,422

1,187,919

Hotels,

Restaurants

&

Leisure

3.4%

Aramark

119,533

4,147,795

Boyd

Gaming

Corp.

31,751

1,931,413

Choice

Hotels

International,

Inc.(a)

11,479

1,406,292

Churchill

Downs,

Inc.

30,971

3,593,875

Hilton

Grand

Vacations,

Inc.*

32,885

1,338,420

Light

&

Wonder,

Inc.*

41,826

2,983,449

Marriott

Vacations

Worldwide

Corp.

15,797

1,589,652

Penn

Entertainment,

Inc.*(a)

66,607

1,528,631

Planet

Fitness,

Inc.,

Class

A*

38,333

1,885,217

Texas

Roadhouse,

Inc.,

Class

A

30,494

2,930,473

Travel

+

Leisure

Co.

34,614

1,271,372

Vail

Resorts,

Inc.

17,773

3,943,651

Wendy's

Co.

(The)(a)

76,699

1,565,427

Wingstop,

Inc.

13,495

2,426,941

Wyndham

Hotels

&

Resorts,

Inc.

38,295

2,663,034

35,205,642

Household

Durables

1.7%

Helen

of

Troy

Ltd.*(a)

10,657

1,242,180

KB

Home

34,702

1,606,009

Leggett

&

Platt,

Inc.

62,568

1,589,853

Taylor

Morrison

Home

Corp.,

Class

A*

48,788

2,078,857

Tempur

Sealy

International,

Inc.

78,933

3,420,956

Toll

Brothers,

Inc.

50,419

3,728,989

TopBuild

Corp.*

14,372

3,615,995

17,282,839

Independent

Power

and

Renewable

Electricity

Producers

0.7%

Ormat

Technologies,

Inc.(a)

23,442

1,639,065

Vistra

Corp.

157,667

5,231,391

6,870,456

Industrial

REITs

1.4%

EastGroup

Properties,

Inc.

21,059

3,506,955

First

Industrial

Realty

Trust,

Inc.

61,272

2,915,935

Rexford

Industrial

Realty,

Inc.

(a)

95,633

4,719,489

STAG

Industrial,

Inc.(a)

84,046

2,900,427

14,042,806

Insurance

4.5%

American

Financial

Group,

Inc.

31,824

3,553,786

Brighthouse

Financial,

Inc.*

27,133

1,327,889

CNO

Financial

Group,

Inc.

46,174

1,095,709

Erie

Indemnity

Co.,

Class

A

12,010

3,528,418

Fidelity

National

Financial,

Inc.

28,691

1,184,938

First

American

Financial

Corp.

48,350

2,731,292

NVIT

Mid

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

Shares

Value

($)

Insurance

Hanover

Insurance

Group,

Inc.

(The)

18,097

2,008,405

Kemper

Corp.

31,499

1,323,903

Kinsale

Capital

Group,

Inc.

10,459

4,331,386

Old

Republic

International

Corp.

126,770

3,415,184

Primerica,

Inc.

15,683

3,042,659

Reinsurance

Group

of

America,

Inc.

29,234

4,244,484

RenaissanceRe

Holdings

Ltd.

22,729

4,498,524

RLI

Corp.

19,688

2,675,402

Selective

Insurance

Group,

Inc.

29,479

3,041,348

Unum

Group

84,032

4,133,534

46,136,861

Interactive

Media

&

Services

0.3%

Ziff

Davis,

Inc.*

21,467

1,367,233

ZoomInfo

Technologies,

Inc.,

Class

A*

138,637

2,273,647

3,640,880

IT

Services

0.6%

GoDaddy,

Inc.,

Class

A*

68,062

5,069,258

Kyndryl

Holdings,

Inc.*

104,275

1,574,552

6,643,810

Leisure

Products

1.1%

Brunswick

Corp.

31,866

2,517,414

Mattel,

Inc.*(a)

161,157

3,550,289

Polaris,

Inc.(a)

24,099

2,509,670

Topgolf

Callaway

Brands

Corp.*(a)

63,515

879,047

YETI

Holdings,

Inc.*

39,577

1,908,403

11,364,823

Life

Sciences

Tools

&

Services

1.1%

Azenta,

Inc.*(a)

27,469

1,378,669

Bruker

Corp.

44,913

2,798,080

Medpace

Holdings,

Inc.*

10,543

2,552,777

Repligen

Corp.*(a)

23,511

3,738,484

Sotera

Health

Co.*(a)

44,124

660,977

11,128,987

Machinery

4.7%

AGCO

Corp.(a)

28,480

3,368,614

Chart

Industries,

Inc.*(a)

19,029

3,218,184

Crane

Co.

21,901

1,945,685

Donaldson

Co.,

Inc.

55,389

3,303,400

Esab

Corp.

24,875

1,746,723

Flowserve

Corp.

59,771

2,377,093

Graco,

Inc.

76,590

5,581,879

ITT,

Inc.

37,114

3,633,832

Lincoln

Electric

Holdings,

Inc.

(a)

26,056

4,736,720

Middleby

Corp.

(The)*(a)

24,042

3,077,376

Oshkosh

Corp.

29,554

2,820,338

RBC

Bearings,

Inc.*

13,022

3,048,841

Terex

Corp.

30,129

1,736,033

Timken

Co.

(The)

29,592

2,174,716

Toro

Co.

(The)

47,169

3,919,744

Watts

Water

Technologies,

Inc.,

Class

A

11,743

2,029,425

48,718,603

Common

Stocks

Shares

Value

($)

Marine

Transportation

0.2%

Kirby

Corp.*

26,672

2,208,442

Media

0.8%

Cable

One,

Inc.(a)

2,060

1,268,219

New

York

Times

Co.

(The),

Class

A

74,976

3,089,011

Nexstar

Media

Group,

Inc.,

Class

A(a)

15,198

2,178,937

TEGNA,

Inc.

93,334

1,359,876

7,896,043

Metals

&

Mining

2.3%

Alcoa

Corp.

81,687

2,373,824

Cleveland-Cliffs,

Inc.*

230,487

3,602,512

Commercial

Metals

Co.

53,237

2,630,440

MP

Materials

Corp.*(a)

65,715

1,255,157

Reliance

Steel

&

Aluminum

Co.

26,620

6,980,563

Royal

Gold,

Inc.(a)

29,831

3,171,930

United

States

Steel

Corp.(a)

101,762

3,305,230

Worthington

Industries,

Inc.

13,693

846,501

24,166,157

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.7%

Annaly

Capital

Management,

Inc.(a)

233,875

4,399,189

Starwood

Property

Trust,

Inc.

(a)

144,500

2,796,075

7,195,264

Multi-Utilities

0.3%

Black

Hills

Corp.

31,103

1,573,501

Northwestern

Energy

Group,

Inc.

25,330

1,217,360

2,790,861

Office

REITs

0.6%

COPT

Defense

Properties(a)

50,152

1,195,122

Cousins

Properties,

Inc.(a)

71,057

1,447,431

Kilroy

Realty

Corp.

50,437

1,594,314

Vornado

Realty

Trust(a)

74,104

1,680,679

5,917,546

Oil,

Gas

&

Consumable

Fuels

4.7%

Antero

Midstream

Corp.(a)

157,836

1,890,875

Antero

Resources

Corp.*

127,721

3,241,559

Chesapeake

Energy

Corp.(a)

52,046

4,487,927

Chord

Energy

Corp.

19,155

3,104,451

Civitas

Resources,

Inc.

38,652

3,125,787

CNX

Resources

Corp.*(a)

69,987

1,580,307

DT

Midstream,

Inc.

43,486

2,301,279

Equitrans

Midstream

Corp.

195,799

1,834,637

HF

Sinclair

Corp.

66,985

3,813,456

Matador

Resources

Co.(a)

50,455

3,001,063

Murphy

Oil

Corp.

66,811

3,029,879

Ovintiv,

Inc.

115,031

5,472,025

PBF

Energy,

Inc.,

Class

A

50,262

2,690,525

Permian

Resources

Corp.,

Class

A(a)

125,893

1,757,466

Range

Resources

Corp.(a)

108,637

3,520,925

Southwestern

Energy

Co.*

499,018

3,218,666

48,070,827

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

29,794

1,646,714

96

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Personal

Care

Products

0.4%

BellRing

Brands,

Inc.*

60,203

2,482,170

Coty,

Inc.,

Class

A*(a)

162,744

1,785,301

4,267,471

Pharmaceuticals

0.5%

Jazz

Pharmaceuticals

plc*

28,356

3,670,401

Perrigo

Co.

plc

60,531

1,933,965

5,604,366

Professional

Services

3.1%

ASGN,

Inc.*

22,305

1,821,873

CACI

International,

Inc.,

Class

A*

10,244

3,215,899

Concentrix

Corp.

19,997

1,601,960

ExlService

Holdings,

Inc.*

75,310

2,111,692

Exponent,

Inc.(a)

22,835

1,954,676

FTI

Consulting,

Inc.*

15,298

2,729,316

Genpact

Ltd.

76,485

2,768,757

Insperity,

Inc.

16,589

1,619,086

KBR,

Inc.

62,318

3,673,023

ManpowerGroup,

Inc.

23,705

1,738,051

Maximus,

Inc.

27,602

2,061,317

Paylocity

Holding

Corp.*

19,722

3,583,487

Science

Applications

International

Corp.

24,713

2,608,210

31,487,347

Real

Estate

Management

&

Development

0.3%

Jones

Lang

LaSalle,

Inc.*

22,135

3,125,019

Residential

REITs

0.9%

Apartment

Income

REIT

Corp.,

Class

A

70,138

2,153,237

Equity

LifeStyle

Properties,

Inc.(a)

85,731

5,461,922

Independence

Realty

Trust,

Inc.(a)

103,392

1,454,725

9,069,884

Retail

REITs

1.2%

Agree

Realty

Corp.

44,687

2,468,510

Brixmor

Property

Group,

Inc.

(a)

140,898

2,927,860

Kite

Realty

Group

Trust(a)

100,187

2,146,006

NNN

REIT,

Inc.

85,549

3,023,302

Spirit

Realty

Capital,

Inc.(a)

69,634

2,334,828

12,900,506

Semiconductors

&

Semiconductor

Equipment

2.3%

Allegro

MicroSystems,

Inc.*

31,910

1,019,205

Amkor

Technology,

Inc.

48,006

1,084,936

Cirrus

Logic,

Inc.*

24,511

1,812,834

Lattice

Semiconductor

Corp.*(a)

62,605

5,379,648

MACOM

Technology

Solutions

Holdings,

Inc.*

24,278

1,980,599

MKS

Instruments,

Inc.

28,663

2,480,496

Power

Integrations,

Inc.(a)

25,768

1,966,356

Silicon

Laboratories,

Inc.*

14,216

1,647,492

Synaptics,

Inc.*

17,902

1,601,155

Universal

Display

Corp.

19,681

3,089,720

Wolfspeed,

Inc.*(a)

56,121

2,138,210

24,200,651

Software

2.9%

ACI

Worldwide,

Inc.*

47,558

1,072,909

Common

Stocks

Shares

Value

($)

Software

Aspen

Technology,

Inc.*

12,922

2,639,448

Blackbaud,

Inc.*

19,823

1,393,953

CommVault

Systems,

Inc.*

19,663

1,329,415

Dolby

Laboratories,

Inc.,

Class

A

27,958

2,215,951

Dropbox,

Inc.,

Class

A*(a)

119,725

3,260,112

Dynatrace,

Inc.*

109,219

5,103,804

Envestnet,

Inc.*(a)

22,446

988,297

Manhattan

Associates,

Inc.*(a)

28,203

5,574,605

NCR

Corp.*(a)

60,621

1,634,948

Qualys,

Inc.*(a)

16,945

2,584,960

Teradata

Corp.*

44,641

2,009,738

29,808,140

Specialized

REITs

1.9%

CubeSmart

104,010

3,965,901

EPR

Properties

38,911

1,616,363

Gaming

and

Leisure

Properties,

Inc.

118,819

5,412,205

Lamar

Advertising

Co.,

Class

A

42,015

3,506,992

National

Storage

Affiliates

Trust

39,104

1,241,161

PotlatchDeltic

Corp.

36,862

1,673,166

Rayonier,

Inc.

63,051

1,794,432

19,210,220

Specialty

Retail

2.8%

AutoNation,

Inc.*

12,259

1,856,013

Dick's

Sporting

Goods,

Inc.(a)

28,158

3,057,396

Five

Below,

Inc.*

24,842

3,997,078

GameStop

Corp.,

Class

A*(a)

119,550

1,967,793

Gap,

Inc.

(The)(a)

96,167

1,022,255

Lithia

Motors,

Inc.,

Class

A

12,562

3,709,935

Murphy

USA,

Inc.

8,834

3,018,843

Penske

Automotive

Group,

Inc.

8,926

1,491,178

RH*(a)

6,942

1,835,187

Valvoline,

Inc.

62,571

2,017,289

Williams-Sonoma,

Inc.(a)

29,428

4,573,111

28,546,078

Technology

Hardware,

Storage

&

Peripherals

0.5%

Super

Micro

Computer,

Inc.*

20,650

5,662,643

Textiles,

Apparel

&

Luxury

Goods

1.9%

Capri

Holdings

Ltd.*

52,805

2,778,071

Carter's,

Inc.(a)

15,889

1,098,724

Columbia

Sportswear

Co.(a)

16,171

1,198,271

Crocs,

Inc.*(a)

27,970

2,467,793

Deckers

Outdoor

Corp.*

11,852

6,092,995

PVH

Corp.

28,239

2,160,566

Skechers

USA,

Inc.,

Class

A*

59,845

2,929,413

Under

Armour,

Inc.,

Class

A*

89,691

614,383

Under

Armour,

Inc.,

Class

C*(a)

84,611

539,818

19,880,034

Trading

Companies

&

Distributors

1.2%

GATX

Corp.

15,296

1,664,664

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

21,290

2,089,613

Watsco,

Inc.

15,432

5,828,975

WESCO

International,

Inc.

20,135

2,895,816

12,479,068

NVIT

Mid

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

Water

Utilities

0.4%

Essential

Utilities,

Inc.

109,671

3,765,005

Total

Common

Stocks

(cost

$727,374,869)

1,024,408,039

Repurchase

Agreements

2.6%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$5,002,209,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

BofA

Securities,

Inc.,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$5,002,209,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$5,100,006.(b)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$3,797,405,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$3,871,636.(b)

3,795,722

3,795,722

MetLife,

Inc.,

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$10,004,425,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$10,205,589.(b)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$3,001,333,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/5/2023

-

5/20/2073;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$26,795,722)

26,795,722

Total

Investments

(cost

$754,170,591)

—

102.0%

1,051,203,761

Liabilities

in

excess

of

other

assets

—

(2.0)%

(20,281,940)

NET

ASSETS

—

100.0%

$

1,030,921,821

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$137,461,519,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$26,795,722

and

by

$114,659,396

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$141,455,118.

(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,

2023

was

$26,795,722.

REIT

Real

Estate

Investment

Trust

98

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

23

12/2023

USD

5,796,920

(164,449)

Net

contracts

(164,449)

As

of

September

30,

2023,

the

Fund

had

$362,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Mid

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

99

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.

100

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,024,408,039

$

–

$

–

$

1,024,408,039

Repurchase

Agreements

–

26,795,722

–

26,795,722

Total

Assets

$

1,024,408,039

$

26,795,722

$

–

$

1,051,203,761

Liabilities:

Futures

Contracts

$

(164,449)

$

–

$

–

$

(164,449)

Total

Liabilities

$

(164,449)

$

–

$

–

$

(164,449)

Total

$

1,024,243,590

$

26,795,722

$

–

$

1,051,039,312

NVIT

Mid

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

101

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(164,449)

Total

$

(164,449)

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.

102

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

99.3%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Axon

Enterprise,

Inc.*

5,840

1,162,102

Boeing

Co.

(The)*

45,564

8,733,708

General

Dynamics

Corp.

18,256

4,034,028

Howmet

Aerospace,

Inc.

29,764

1,376,585

Huntington

Ingalls

Industries,

Inc.

3,089

631,948

L3Harris

Technologies,

Inc.

15,137

2,635,654

Lockheed

Martin

Corp.

17,896

7,318,748

Northrop

Grumman

Corp.

11,454

5,041,936

RTX

Corp.

116,537

8,387,168

Textron,

Inc.

15,882

1,241,020

TransDigm

Group,

Inc.*

4,425

3,730,850

44,293,747

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

9,253

796,961

Expeditors

International

of

Washington,

Inc.

11,733

1,344,954

FedEx

Corp.

18,510

4,903,669

United

Parcel

Service,

Inc.,

Class

B

58,226

9,075,686

16,121,270

Automobile

Components

0.1%

Aptiv

plc*

21,479

2,117,614

BorgWarner,

Inc.

18,583

750,196

2,867,810

Automobiles

2.2%

Ford

Motor

Co.

316,983

3,936,929

General

Motors

Co.

110,328

3,637,514

Tesla,

Inc.*

221,423

55,404,463

62,978,906

Banks

3.0%

Bank

of

America

Corp.

528,944

14,482,487

Citigroup,

Inc.

154,414

6,351,048

Citizens

Financial

Group,

Inc.

37,871

1,014,943

Comerica,

Inc.

11,533

479,196

Fifth

Third

Bancorp

55,130

1,396,443

Huntington

Bancshares,

Inc.

119,684

1,244,714

JPMorgan

Chase

&

Co.

233,027

33,793,576

KeyCorp

73,991

796,143

M&T

Bank

Corp.

13,604

1,720,226

PNC

Financial

Services

Group,

Inc.

(The)

31,890

3,915,135

Regions

Financial

Corp.

78,252

1,345,934

Truist

Financial

Corp.

108,335

3,099,464

US

Bancorp

124,847

4,127,442

Wells

Fargo

&

Co.

293,383

11,987,629

Zions

Bancorp

NA

12,644

441,149

86,195,529

Beverages

1.6%

Brown-Forman

Corp.,

Class

B

14,174

817,698

Coca-Cola

Co.

(The)

312,056

17,468,895

Constellation

Brands,

Inc.,

Class

A

13,090

3,289,910

Keurig

Dr

Pepper,

Inc.

80,669

2,546,720

Molson

Coors

Beverage

Co.,

Class

B(a)

14,728

936,554

Monster

Beverage

Corp.*

59,637

3,157,779

PepsiCo,

Inc.

110,382

18,703,126

46,920,682

Common

Stocks

Shares

Value

($)

Biotechnology

2.1%

AbbVie,

Inc.

141,532

21,096,760

Amgen,

Inc.

43,052

11,570,656

Biogen,

Inc.*

11,563

2,971,807

Gilead

Sciences,

Inc.

99,815

7,480,136

Incyte

Corp.*

14,429

833,563

Moderna,

Inc.*

26,145

2,700,517

Regeneron

Pharmaceuticals,

Inc.*

8,559

7,043,715

Vertex

Pharmaceuticals,

Inc.*

20,629

7,173,528

60,870,682

Broadline

Retail

3.3%

Amazon.com,

Inc.*

728,057

92,550,606

eBay,

Inc.

43,899

1,935,507

Etsy,

Inc.*(a)

10,021

647,156

95,133,269

Building

Products

0.4%

A

O

Smith

Corp.

10,396

687,487

Allegion

plc(a)

6,908

719,814

Carrier

Global

Corp.

67,617

3,732,458

Johnson

Controls

International

plc

55,348

2,945,067

Masco

Corp.

17,770

949,807

Trane

Technologies

plc(a)

18,434

3,740,443

12,775,076

Capital

Markets

2.8%

Ameriprise

Financial,

Inc.

8,405

2,770,960

Bank

of

New

York

Mellon

Corp.

(The)

62,447

2,663,365

BlackRock,

Inc.

11,254

7,275,598

Blackstone,

Inc.

56,912

6,097,552

Cboe

Global

Markets,

Inc.

8,309

1,297,949

Charles

Schwab

Corp.

(The)

119,235

6,546,001

CME

Group,

Inc.

28,910

5,788,360

FactSet

Research

Systems,

Inc.

2,979

1,302,598

Franklin

Resources,

Inc.

21,735

534,246

Goldman

Sachs

Group,

Inc.

(The)

26,435

8,553,573

Intercontinental

Exchange,

Inc.

45,111

4,963,112

Invesco

Ltd.

35,513

515,649

MarketAxess

Holdings,

Inc.

2,947

629,597

Moody's

Corp.

12,703

4,016,308

Morgan

Stanley

102,306

8,355,331

MSCI,

Inc.,

Class

A

6,395

3,281,147

Nasdaq,

Inc.(a)

27,015

1,312,659

Northern

Trust

Corp.

16,939

1,176,922

Raymond

James

Financial,

Inc.

14,903

1,496,708

S&P

Global,

Inc.

26,092

9,534,278

State

Street

Corp.

25,550

1,710,828

T.

Rowe

Price

Group,

Inc.(a)

17,905

1,877,697

81,700,438

Chemicals

1.7%

Air

Products

&

Chemicals,

Inc.

17,825

5,051,605

Albemarle

Corp.(a)

9,540

1,622,182

Celanese

Corp.,

Class

A(a)

7,782

976,797

CF

Industries

Holdings,

Inc.

15,556

1,333,771

Corteva,

Inc.

56,358

2,883,275

Dow,

Inc.

56,275

2,901,539

DuPont

de

Nemours,

Inc.

36,518

2,723,878

NVIT

S&P

500

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Chemicals

Eastman

Chemical

Co.

9,702

744,337

Ecolab,

Inc.

20,183

3,419,000

FMC

Corp.

9,785

655,301

International

Flavors

&

Fragrances,

Inc.

20,320

1,385,214

Linde

plc

39,126

14,568,566

LyondellBasell

Industries

NV,

Class

A

20,385

1,930,460

Mosaic

Co.

(The)

27,086

964,262

PPG

Industries,

Inc.

18,713

2,428,947

Sherwin-Williams

Co.

(The)

18,796

4,793,920

48,383,054

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

7,005

3,369,475

Copart,

Inc.*

69,858

3,010,181

Republic

Services,

Inc.,

Class

A

16,655

2,373,504

Rollins,

Inc.

20,723

773,590

Waste

Management,

Inc.

29,864

4,552,468

14,079,218

Communications

Equipment

0.9%

Arista

Networks,

Inc.*

19,935

3,666,645

Cisco

Systems,

Inc.

326,762

17,566,725

F5,

Inc.*

4,653

749,784

Juniper

Networks,

Inc.

25,273

702,337

Motorola

Solutions,

Inc.

13,437

3,658,089

26,343,580

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

11,813

2,209,858

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

5,034

2,066,356

Vulcan

Materials

Co.

10,674

2,156,362

4,222,718

Consumer

Finance

0.4%

American

Express

Co.

46,652

6,960,012

Capital

One

Financial

Corp.

30,335

2,944,012

Discover

Financial

Services

20,042

1,736,238

Synchrony

Financial

33,211

1,015,260

12,655,522

Consumer

Staples

Distribution

&

Retail

1.8%

Costco

Wholesale

Corp.

35,534

20,075,289

Dollar

General

Corp.

18,025

1,907,045

Dollar

Tree,

Inc.*

16,473

1,753,551

Kroger

Co.

(The)

53,557

2,396,676

Sysco

Corp.

40,300

2,661,815

Target

Corp.

37,241

4,117,737

Walgreens

Boots

Alliance,

Inc.

(a)

56,545

1,257,561

Walmart,

Inc.

114,441

18,302,549

52,472,223

Containers

&

Packaging

0.2%

Amcor

plc

119,712

1,096,562

Avery

Dennison

Corp.

6,432

1,174,933

Ball

Corp.(a)

25,343

1,261,575

International

Paper

Co.

28,336

1,005,078

Packaging

Corp.

of

America(a)

7,387

1,134,274

Sealed

Air

Corp.

11,676

383,673

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

21,091

755,058

6,811,153

Distributors

0.1%

Genuine

Parts

Co.

11,452

1,653,440

LKQ

Corp.

20,865

1,033,026

Pool

Corp.(a)

3,151

1,122,071

3,808,537

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

576,014

8,651,730

Verizon

Communications,

Inc.

336,085

10,892,515

19,544,245

Electric

Utilities

1.6%

Alliant

Energy

Corp.(a)

20,588

997,489

American

Electric

Power

Co.,

Inc.

41,297

3,106,360

Constellation

Energy

Corp.(a)

26,104

2,847,424

Duke

Energy

Corp.

61,506

5,428,520

Edison

International

30,450

1,927,180

Entergy

Corp.

17,037

1,575,923

Evergy,

Inc.

19,154

971,108

Eversource

Energy

28,047

1,630,933

Exelon

Corp.

79,018

2,986,090

FirstEnergy

Corp.

41,378

1,414,300

NextEra

Energy,

Inc.

163,033

9,340,161

NRG

Energy,

Inc.

19,142

737,350

PG&E

Corp.*

167,688

2,704,807

Pinnacle

West

Capital

Corp.

8,702

641,163

PPL

Corp.(a)

59,081

1,391,948

Southern

Co.

(The)

87,857

5,686,105

Xcel

Energy,

Inc.

44,080

2,522,258

45,909,119

Electrical

Equipment

0.6%

AMETEK,

Inc.

18,810

2,779,366

Eaton

Corp.

plc

32,116

6,849,700

Emerson

Electric

Co.

45,548

4,398,570

Generac

Holdings,

Inc.*

4,937

537,936

Rockwell

Automation,

Inc.

9,164

2,619,713

17,185,285

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

48,315

4,057,977

CDW

Corp.

10,979

2,215,123

Corning,

Inc.

61,372

1,870,005

Keysight

Technologies,

Inc.*

14,078

1,862,660

TE

Connectivity

Ltd.

25,288

3,123,827

Teledyne

Technologies,

Inc.*

3,780

1,544,432

Trimble,

Inc.*

19,664

1,059,103

Zebra

Technologies

Corp.,

Class

A*

4,170

986,330

16,719,457

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.,

Class

A

80,226

2,833,583

Halliburton

Co.

71,286

2,887,083

Schlumberger

NV

113,451

6,614,193

12,334,859

Entertainment

1.3%

Activision

Blizzard,

Inc.

57,726

5,404,885

Electronic

Arts,

Inc.

19,768

2,380,067

Live

Nation

Entertainment,

Inc.*

10,894

904,638

104

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Entertainment

Netflix,

Inc.*

35,534

13,417,638

Take-Two

Interactive

Software,

Inc.*

12,981

1,822,403

Walt

Disney

Co.

(The)*

147,231

11,933,073

Warner

Bros

Discovery,

Inc.*(a)

178,895

1,942,800

37,805,504

Financial

Services

4.3%

Berkshire

Hathaway,

Inc.,

Class

B*

146,234

51,225,770

Fidelity

National

Information

Services,

Inc.

47,797

2,641,740

Fiserv,

Inc.*

48,883

5,521,824

FleetCor

Technologies,

Inc.*

6,037

1,541,488

Global

Payments,

Inc.

20,821

2,402,535

Jack

Henry

&

Associates,

Inc.

5,685

859,231

Mastercard,

Inc.,

Class

A

66,716

26,413,531

PayPal

Holdings,

Inc.*

88,047

5,147,228

Visa,

Inc.,

Class

A(a)

128,842

29,634,948

125,388,295

Food

Products

1.0%

Archer-Daniels-Midland

Co.

42,797

3,227,750

Bunge

Ltd.(a)

11,960

1,294,670

Campbell

Soup

Co.(a)

15,564

639,369

Conagra

Brands,

Inc.

39,142

1,073,274

General

Mills,

Inc.

46,751

2,991,597

Hershey

Co.

(The)

11,776

2,356,142

Hormel

Foods

Corp.(a)

23,374

888,913

J

M

Smucker

Co.

(The)

8,188

1,006,387

Kellogg

Co.

20,712

1,232,571

Kraft

Heinz

Co.

(The)

64,275

2,162,211

Lamb

Weston

Holdings,

Inc.

11,972

1,106,931

McCormick

&

Co.,

Inc.

(Non-Voting)

20,041

1,515,901

Mondelez

International,

Inc.,

Class

A

109,763

7,617,552

Tyson

Foods,

Inc.,

Class

A

22,538

1,137,944

28,251,212

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

11,460

1,213,958

Ground

Transportation

0.8%

CSX

Corp.

162,449

4,995,307

JB

Hunt

Transport

Services,

Inc.

6,495

1,224,437

Norfolk

Southern

Corp.

18,056

3,555,768

Old

Dominion

Freight

Line,

Inc.

7,176

2,935,989

Union

Pacific

Corp.

48,734

9,923,704

22,635,205

Health

Care

Equipment

&

Supplies

2.6%

Abbott

Laboratories

139,151

13,476,774

Align

Technology,

Inc.*

5,700

1,740,324

Baxter

International,

Inc.

40,571

1,531,149

Becton

Dickinson

&

Co.

22,926

5,927,059

Boston

Scientific

Corp.*

115,839

6,116,299

Cooper

Cos.,

Inc.

(The)

4,033

1,282,534

Dentsply

Sirona,

Inc.

16,794

573,683

Dexcom,

Inc.*(a)

30,963

2,888,848

Edwards

Lifesciences

Corp.*

49,201

3,408,645

GE

HealthCare

Technologies,

Inc.(a)

31,506

2,143,668

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Hologic,

Inc.*

19,456

1,350,246

IDEXX

Laboratories,

Inc.*

6,623

2,896,039

Insulet

Corp.*

5,547

884,691

Intuitive

Surgical,

Inc.*

28,233

8,252,224

Medtronic

plc

107,196

8,399,879

ResMed,

Inc.

11,726

1,733,924

STERIS

plc

8,069

1,770,500

Stryker

Corp.

27,221

7,438,683

Teleflex,

Inc.

3,968

779,355

Zimmer

Biomet

Holdings,

Inc.

16,749

1,879,573

74,474,097

Health

Care

Providers

&

Services

3.0%

Cardinal

Health,

Inc.

20,629

1,791,010

Cencora,

Inc.

13,242

2,383,163

Centene

Corp.*

43,902

3,023,970

Cigna

Group

(The)

23,809

6,811,041

CVS

Health

Corp.

102,371

7,147,543

DaVita,

Inc.*(a)

4,450

420,658

Elevance

Health,

Inc.

18,820

8,194,604

HCA

Healthcare,

Inc.

16,139

3,969,871

Henry

Schein,

Inc.*

10,876

807,543

Humana,

Inc.

9,962

4,846,712

Laboratory

Corp.

of

America

Holdings

7,115

1,430,471

McKesson

Corp.

10,916

4,746,823

Molina

Healthcare,

Inc.*

4,605

1,509,933

Quest

Diagnostics,

Inc.

8,749

1,066,153

UnitedHealth

Group,

Inc.

74,277

37,449,721

Universal

Health

Services,

Inc.,

Class

B

5,277

663,477

86,262,693

Health

Care

REITs

0.2%

Healthpeak

Properties,

Inc.

46,064

845,735

Ventas,

Inc.(a)

31,831

1,341,040

Welltower,

Inc.

41,595

3,407,462

5,594,237

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts,

Inc.

55,189

886,887

Hotels,

Restaurants

&

Leisure

2.1%

Airbnb,

Inc.,

Class

A*(a)

34,188

4,690,935

Booking

Holdings,

Inc.*

2,862

8,826,265

Caesars

Entertainment,

Inc.*

17,288

801,299

Carnival

Corp.*(a)

82,742

1,135,220

Chipotle

Mexican

Grill,

Inc.,

Class

A*

2,223

4,072,158

Darden

Restaurants,

Inc.

9,472

1,356,580

Domino's

Pizza,

Inc.

2,875

1,089,021

Expedia

Group,

Inc.*

11,053

1,139,233

Hilton

Worldwide

Holdings,

Inc.

21,088

3,166,996

Las

Vegas

Sands

Corp.

26,419

1,211,047

Marriott

International,

Inc.,

Class

A

20,088

3,948,497

McDonald's

Corp.

58,436

15,394,380

MGM

Resorts

International(a)

22,509

827,431

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

32,777

540,165

Royal

Caribbean

Cruises

Ltd.*(a)

18,898

1,741,262

Starbucks

Corp.

91,434

8,345,181

NVIT

S&P

500

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

105

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Wynn

Resorts

Ltd.

8,098

748,336

Yum!

Brands,

Inc.

22,452

2,805,153

61,839,159

Household

Durables

0.3%

DR

Horton,

Inc.

24,217

2,602,601

Garmin

Ltd.

11,862

1,247,882

Lennar

Corp.,

Class

A

20,229

2,270,301

Mohawk

Industries,

Inc.*

4,471

383,656

NVR,

Inc.*

243

1,449,082

PulteGroup,

Inc.

18,201

1,347,784

Whirlpool

Corp.(a)

4,470

597,639

9,898,945

Household

Products

1.3%

Church

&

Dwight

Co.,

Inc.

19,779

1,812,350

Clorox

Co.

(The)

10,019

1,313,090

Colgate-Palmolive

Co.

66,032

4,695,535

Kimberly-Clark

Corp.

27,228

3,290,504

Procter

&

Gamble

Co.

(The)

189,023

27,570,895

38,682,374

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

54,846

833,659

Industrial

Conglomerates

0.8%

3M

Co.

44,691

4,183,971

General

Electric

Co.

87,203

9,640,292

Honeywell

International,

Inc.

53,184

9,825,212

23,649,475

Industrial

REITs

0.3%

Prologis,

Inc.

74,406

8,349,097

Insurance

2.2%

Aflac,

Inc.

43,348

3,326,959

Allstate

Corp.

(The)

20,891

2,327,466

American

International

Group,

Inc.

57,085

3,459,351

Aon

plc,

Class

A

16,267

5,274,087

Arch

Capital

Group

Ltd.*

29,978

2,389,546

Arthur

J

Gallagher

&

Co.

17,438

3,974,643

Assurant,

Inc.

4,031

578,771

Brown

&

Brown,

Inc.

19,318

1,349,169

Chubb

Ltd.

33,146

6,900,334

Cincinnati

Financial

Corp.

12,556

1,284,353

Everest

Group

Ltd.

3,455

1,284,120

Globe

Life,

Inc.

7,116

773,723

Hartford

Financial

Services

Group,

Inc.

(The)

24,388

1,729,353

Loews

Corp.

14,434

913,817

Marsh

&

McLennan

Cos.,

Inc.

39,404

7,498,581

MetLife,

Inc.

50,653

3,186,580

Principal

Financial

Group,

Inc.

18,084

1,303,314

Progressive

Corp.

(The)

47,165

6,570,085

Prudential

Financial,

Inc.

29,245

2,775,058

Travelers

Cos.,

Inc.

(The)

18,344

2,995,759

W

R

Berkley

Corp.

16,265

1,032,665

Willis

Towers

Watson

plc(a)

8,405

1,756,309

62,684,043

Interactive

Media

&

Services

5.9%

Alphabet,

Inc.,

Class

A*

475,743

62,255,729

Alphabet,

Inc.,

Class

C*

404,688

53,358,113

Match

Group,

Inc.*(a)

22,017

862,516

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Meta

Platforms,

Inc.,

Class

A*

178,239

53,509,130

169,985,488

IT

Services

1.2%

Accenture

plc,

Class

A

50,581

15,533,931

Akamai

Technologies,

Inc.*(a)

12,450

1,326,423

Cognizant

Technology

Solutions

Corp.,

Class

A

40,742

2,759,863

DXC

Technology

Co.*(a)

14,903

310,429

EPAM

Systems,

Inc.*(a)

4,639

1,186,146

Gartner,

Inc.*

6,393

2,196,699

International

Business

Machines

Corp.

73,164

10,264,909

VeriSign,

Inc.*

7,137

1,445,457

35,023,857

Leisure

Products

0.0%

†

Hasbro,

Inc.

10,037

663,847

Life

Sciences

Tools

&

Services

1.5%

Agilent

Technologies,

Inc.

23,472

2,624,639

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,681

602,554

Bio-Techne

Corp.

13,140

894,440

Charles

River

Laboratories

International,

Inc.*(a)

3,999

783,724

Danaher

Corp.

52,693

13,073,133

Illumina,

Inc.*

12,978

1,781,620

IQVIA

Holdings,

Inc.*

14,789

2,909,736

Mettler-Toledo

International,

Inc.*

1,763

1,953,527

Revvity,

Inc.(a)

9,805

1,085,414

Thermo

Fisher

Scientific,

Inc.

30,903

15,642,172

Waters

Corp.*

4,702

1,289,335

West

Pharmaceutical

Services,

Inc.

5,972

2,240,754

44,881,048

Machinery

1.8%

Caterpillar,

Inc.

40,906

11,167,338

Cummins,

Inc.

11,255

2,571,317

Deere

&

Co.

21,771

8,215,940

Dover

Corp.

11,158

1,556,653

Fortive

Corp.(a)

28,838

2,138,626

IDEX

Corp.

5,921

1,231,687

Illinois

Tool

Works,

Inc.

21,890

5,041,486

Ingersoll

Rand,

Inc.

32,953

2,099,765

Nordson

Corp.

4,354

971,682

Otis

Worldwide

Corp.

33,411

2,683,237

PACCAR,

Inc.

42,053

3,575,346

Parker-Hannifin

Corp.

10,319

4,019,457

Pentair

plc

12,775

827,181

Snap-on,

Inc.

4,202

1,071,762

Stanley

Black

&

Decker,

Inc.

12,256

1,024,357

Westinghouse

Air

Brake

Technologies

Corp.

14,500

1,540,915

Xylem,

Inc.

19,640

1,787,829

51,524,578

Media

0.8%

Charter

Communications,

Inc.,

Class

A*

8,161

3,589,371

Comcast

Corp.,

Class

A

330,020

14,633,087

Fox

Corp.,

Class

A

20,342

634,670

Fox

Corp.,

Class

B

9,417

271,963

106

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Media

Interpublic

Group

of

Cos.,

Inc.

(The)

30,709

880,120

News

Corp.,

Class

A(a)

30,655

614,940

News

Corp.,

Class

B(a)

9,114

190,209

Omnicom

Group,

Inc.

16,409

1,222,142

Paramount

Global,

Class

B(a)

39,422

508,544

22,545,046

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.

115,484

4,306,398

Newmont

Corp.

64,859

2,396,540

Nucor

Corp.

19,797

3,095,261

Steel

Dynamics,

Inc.

12,359

1,325,132

11,123,331

Multi-Utilities

0.7%

Ameren

Corp.(a)

20,710

1,549,729

CenterPoint

Energy,

Inc.

49,346

1,324,940

CMS

Energy

Corp.

23,400

1,242,774

Consolidated

Edison,

Inc.

27,482

2,350,536

Dominion

Energy,

Inc.

68,014

3,038,185

DTE

Energy

Co.(a)

16,607

1,648,743

NiSource,

Inc.

32,080

791,735

Public

Service

Enterprise

Group,

Inc.

39,764

2,262,969

Sempra

51,224

3,484,769

WEC

Energy

Group,

Inc.

25,835

2,081,009

19,775,389

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

12,836

1,284,883

Boston

Properties,

Inc.

10,893

647,916

1,932,799

Oil,

Gas

&

Consumable

Fuels

4.3%

APA

Corp.

25,361

1,042,337

Chevron

Corp.

142,271

23,989,736

ConocoPhillips

96,022

11,503,436

Coterra

Energy,

Inc.

62,751

1,697,415

Devon

Energy

Corp.

50,810

2,423,637

Diamondback

Energy,

Inc.

14,714

2,278,904

EOG

Resources,

Inc.

46,535

5,898,777

EQT

Corp.(a)

28,861

1,171,179

Exxon

Mobil

Corp.

320,999

37,743,062

Hess

Corp.

21,958

3,359,574

Kinder

Morgan,

Inc.

156,594

2,596,329

Marathon

Oil

Corp.

50,475

1,350,206

Marathon

Petroleum

Corp.

32,062

4,852,263

Occidental

Petroleum

Corp.(a)

53,204

3,451,875

ONEOK,

Inc.

46,113

2,924,948

Phillips

66

35,706

4,290,076

Pioneer

Natural

Resources

Co.

18,560

4,260,448

Targa

Resources

Corp.

17,685

1,515,958

Valero

Energy

Corp.

28,272

4,006,425

Williams

Cos.,

Inc.

(The)

96,915

3,265,066

123,621,651

Passenger

Airlines

0.2%

Alaska

Air

Group,

Inc.*

9,760

361,901

American

Airlines

Group,

Inc.*(a)

54,960

704,038

Delta

Air

Lines,

Inc.

51,575

1,908,275

Southwest

Airlines

Co.

47,487

1,285,473

Common

Stocks

Shares

Value

($)

Passenger

Airlines

United

Airlines

Holdings,

Inc.*

26,375

1,115,662

5,375,349

Personal

Care

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

18,586

2,686,606

Kenvue,

Inc.

138,819

2,787,486

5,474,092

Pharmaceuticals

4.1%

Bristol-Myers

Squibb

Co.

167,517

9,722,687

Catalent,

Inc.*

14,088

641,427

Eli

Lilly

&

Co.

63,941

34,344,629

Johnson

&

Johnson

193,089

30,073,612

Merck

&

Co.,

Inc.

203,473

20,947,545

Organon

&

Co.

19,612

340,464

Pfizer,

Inc.

452,223

15,000,237

Viatris,

Inc.

95,453

941,167

Zoetis,

Inc.,

Class

A

37,173

6,467,358

118,479,126

Professional

Services

0

.8%

Automatic

Data

Processing,

Inc.

33,018

7,943,471

Broadridge

Financial

Solutions,

Inc.

9,563

1,712,255

Ceridian

HCM

Holding,

Inc.*(a)

12,072

819,085

Equifax,

Inc.

10,078

1,846,088

Jacobs

Solutions,

Inc.

10,022

1,368,003

Leidos

Holdings,

Inc.

10,902

1,004,728

Paychex,

Inc.

25,464

2,936,763

Paycom

Software,

Inc.(a)

3,785

981,337

Robert

Half,

Inc.

8,760

641,933

Verisk

Analytics,

Inc.,

Class

A

11,569

2,733,061

21,986,724

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

24,579

1,815,405

CoStar

Group,

Inc.*

33,307

2,560,975

4,376,380

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

11,456

1,967,453

Camden

Property

Trust

8,878

839,681

Equity

Residential

26,995

1,584,877

Essex

Property

Trust,

Inc.

5,368

1,138,499

Invitation

Homes,

Inc.

45,246

1,433,846

Mid-America

Apartment

Communities,

Inc.

9,438

1,214,199

UDR,

Inc.

24,803

884,723

9,063,278

Retail

REITs

0.3%

Federal

Realty

Investment

Trust

6,116

554,293

Kimco

Realty

Corp.

51,548

906,729

Realty

Income

Corp.(a)

56,835

2,838,340

Regency

Centers

Corp.

11,754

698,658

Simon

Property

Group,

Inc.

26,170

2,827,145

7,825,165

Semiconductors

&

Semiconductor

Equipment

7.4%

Advanced

Micro

Devices,

Inc.*

129,751

13,340,998

Analog

Devices,

Inc.

40,207

7,039,844

Applied

Materials,

Inc.

67,336

9,322,669

Broadcom,

Inc.

33,092

27,485,553

NVIT

S&P

500

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Enphase

Energy,

Inc.*(a)

10,820

1,300,023

First

Solar,

Inc.*

7,880

1,273,329

Intel

Corp.

336,069

11,947,253

KLA

Corp.

11,039

5,063,148

Lam

Research

Corp.

10,689

6,699,545

Microchip

Technology,

Inc.

43,775

3,416,639

Micron

Technology,

Inc.

88,178

5,998,749

Monolithic

Power

Systems,

Inc.

3,717

1,717,254

NVIDIA

Corp.

198,059

86,153,684

NXP

Semiconductors

NV

20,826

4,163,534

ON

Semiconductor

Corp.*

35,027

3,255,760

Qorvo,

Inc.*

8,062

769,679

QUALCOMM,

Inc.

89,758

9,968,523

Skyworks

Solutions,

Inc.(a)

12,928

1,274,572

SolarEdge

Technologies,

Inc.*

4,443

575,413

Teradyne,

Inc.(a)

12,154

1,220,991

Texas

Instruments,

Inc.

73,132

11,628,719

213,615,879

Software

10.0%

Adobe,

Inc.*

36,549

18,636,335

ANSYS,

Inc.*

7,036

2,093,562

Autodesk,

Inc.*

17,289

3,577,267

Cadence

Design

Systems,

Inc.*

21,839

5,116,878

Fair

Isaac

Corp.*

2,005

1,741,403

Fortinet,

Inc.*

52,510

3,081,287

Gen

Digital,

Inc.

45,482

804,122

Intuit,

Inc.

22,457

11,474,180

Microsoft

Corp.

595,762

188,111,851

Oracle

Corp.

126,234

13,370,705

Palo

Alto

Networks,

Inc.*

24,532

5,751,282

PTC,

Inc.*

8,805

1,247,492

Roper

Technologies,

Inc.

8,523

4,127,518

Salesforce,

Inc.*

78,101

15,837,321

ServiceNow,

Inc.*

16,416

9,175,887

Synopsys,

Inc.*

12,207

5,602,647

Tyler

Technologies,

Inc.*

3,409

1,316,351

291,066,088

Specialized

REITs

1.0%

American

Tower

Corp.

37,551

6,175,262

Crown

Castle,

Inc.

34,810

3,203,564

Digital

Realty

Trust,

Inc.

23,206

2,808,390

Equinix,

Inc.

7,535

5,472,369

Extra

Space

Storage,

Inc.

17,011

2,068,197

Iron

Mountain,

Inc.(a)

23,713

1,409,738

Public

Storage

12,600

3,320,352

SBA

Communications

Corp.,

Class

A

8,899

1,781,313

VICI

Properties,

Inc.,

Class

A(a)

80,914

2,354,598

Weyerhaeuser

Co.

59,614

1,827,765

30,421,548

Specialty

Retail

2.0%

AutoZone,

Inc.*

1,456

3,698,225

Bath

&

Body

Works,

Inc.

19,150

647,270

Best

Buy

Co.,

Inc.

15,770

1,095,542

CarMax,

Inc.*

12,857

909,376

Home

Depot,

Inc.

(The)

80,617

24,359,233

Lowe's

Cos.,

Inc.

46,987

9,765,778

Common

Stocks

Shares

Value

($)

Specialty

Retail

O'Reilly

Automotive,

Inc.*

4,843

4,401,609

Ross

Stores,

Inc.

27,225

3,075,064

TJX

Cos.,

Inc.

(The)

92,412

8,213,579

Tractor

Supply

Co.(a)

8,826

1,792,119

Ulta

Beauty,

Inc.*

4,010

1,601,794

59,559,589

Technology

Hardware,

Storage

&

Peripherals

7.2%

Apple,

Inc.

1,178,426

201,758,316

Hewlett

Packard

Enterprise

Co.

105,489

1,832,344

HP,

Inc.

71,190

1,829,583

NetApp,

Inc.

17,340

1,315,759

Seagate

Technology

Holdings

plc(a)

15,377

1,014,113

Western

Digital

Corp.*

25,419

1,159,869

208,909,984

Textiles,

Apparel

&

Luxury

Goods

0.4%

NIKE,

Inc.,

Class

B

98,234

9,393,135

Ralph

Lauren

Corp.,

Class

A

3,037

352,566

Tapestry,

Inc.

19,167

551,051

VF

Corp.(a)

25,696

454,048

10,750,800

Tobacco

0.6%

Altria

Group,

Inc.

142,967

6,011,762

Philip

Morris

International,

Inc.

124,112

11,490,289

17,502,051

Trading

Companies

&

Distributors

0.3%

Fastenal

Co.

46,723

2,552,945

United

Rentals,

Inc.

5,569

2,475,810

WW

Grainger,

Inc.

3,571

2,470,561

7,499,316

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

15,508

1,920,356

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

41,507

5,813,055

Total

Common

Stocks

(cost

$958,611,210)

2,881,700,891

108

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$897,257,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$914,796.(b)

896,859

896,859

Total

Repurchase

Agreement

(cost

$896,859)

896,859

Total

Investments

(cost

$959,508,069)

—

99.3%

2,882,597,750

Other

assets

in

excess

of

liabilities

—

0.7%

20,405,401

NET

ASSETS

—

100.0%

$

2,903,003,151

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$84,789,614,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$896,859

and

by

$86,210,329

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$87,107,188.

(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,

2023

was

$896,859.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

105

12/2023

USD

22,708,875

(855,365)

Net

contracts

(855,365)

As

of

September

30,

2023,

the

Fund

had

$1,582,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

S&P

500

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

109

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.

110

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,881,700,891

$

–

$

–

$

2,881,700,891

  Repurchase

Agreement

–

896,859

–

896,859

Total

Assets

$

2,881,700,891

$

896,859

$

–

$

2,882,597,750

Liabilities:

Futures

Contracts

$

(855,365)

$

–

$

–

$

(855,365)

Total

Liabilities

$

(855,365)

$

–

$

–

$

(855,365)

Total

$

2,880,845,526

$

896,859

$

–

$

2,881,742,385

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(855,365)

Total

$

(855,365)

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

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

111

Closed

End

Fund

Closed

End

Fund

0.0%

†

Principal

Amount

($)

Value

($)

Diversified

REITs

0.0%

†

NexPoint

Diversified

Real

Estate

Trust

5,110

44,508

Total

Closed

End

Fund

(cost  $53,332)

44,508

Common

Stocks

99.0%

Shares

Value

($)

Aerospace

&

Defense

0.9%

AAR

Corp.*

5,325

316,997

AeroVironment,

Inc.*

3,917

436,863

AerSale

Corp.*(a)

3,789

56,608

Archer

Aviation,

Inc.,

Class

A*(a)

23,659

119,715

Astronics

Corp.*

4,061

64,407

Cadre

Holdings,

Inc.

2,923

77,898

Ducommun,

Inc.*

1,955

85,062

Eve

Holding,

Inc.*

2,638

21,869

Kaman

Corp.

4,124

81,037

Kratos

Defense

&

Security

Solutions,

Inc.*(a)

18,769

281,910

Leonardo

DRS,

Inc.*(a)

7,487

125,033

Moog,

Inc.,

Class

A

4,253

480,419

National

Presto

Industries,

Inc.

740

53,620

Park

Aerospace

Corp.

2,647

41,108

Parsons

Corp.*

6,201

337,024

Redwire

Corp.*(a)

628

1,815

Rocket

Lab

USA,

Inc.*(a)

41,926

183,636

Terran

Orbital

Corp.*(a)

13,199

10,987

Triumph

Group,

Inc.*

9,852

75,466

V2X,

Inc.*

1,769

91,387

Virgin

Galactic

Holdings,

Inc.*(a)

38,187

68,737

3,011,598

Air

Freight

&

Logistics

0.2%

Air

Transport

Services

Group,

Inc.*

8,369

174,661

Forward

Air

Corp.

3,954

271,798

Hub

Group,

Inc.,

Class

A*

4,752

373,222

Radiant

Logistics,

Inc.*

5,309

29,996

849,677

Automobile

Components

1.5%

Adient

plc*

14,466

530,902

American

Axle

&

Manufacturing

Holdings,

Inc.*

17,494

127,006

Atmus

Filtration

Technologies,

Inc.*

2,449

51,062

Cooper-Standard

Holdings,

Inc.*

2,530

33,953

Dana,

Inc.

19,822

290,789

Dorman

Products,

Inc.*

3,969

300,691

Fox

Factory

Holding

Corp.*

6,419

635,995

Gentherm,

Inc.*(a)

4,922

267,068

Goodyear

Tire

&

Rubber

Co.

(The)*

42,476

527,977

Holley,

Inc.*(a)

7,906

39,451

LCI

Industries(a)

3,746

439,855

Common

Stocks

Shares

Value

($)

Automobile

Components

Luminar

Technologies,

Inc.,

Class

A*(a)

41,050

186,778

Modine

Manufacturing

Co.*

7,753

354,700

Patrick

Industries,

Inc.

3,253

244,170

Solid

Power,

Inc.*(a)

23,719

47,912

Standard

Motor

Products,

Inc.

3,092

103,953

Stoneridge,

Inc.*

3,976

79,798

Visteon

Corp.*(a)

4,258

587,902

XPEL,

Inc.

Reg.

S*(a)

3,374

260,169

5,110,131

Automobiles

0.1%

Fisker,

Inc.,

Class

A*(a)

29,445

189,037

Livewire

Group,

Inc.*

1,566

10,852

Winnebago

Industries,

Inc.(a)

4,434

263,601

Workhorse

Group,

Inc.*(a)

23,904

9,906

473,396

Banks

8.4%

1st

Source

Corp.

2,589

108,971

ACNB

Corp.

1,409

44,538

Amalgamated

Financial

Corp.

3,211

55,293

Amerant

Bancorp,

Inc.,

Class

A(a)

4,016

70,039

American

National

Bankshares,

Inc.

1,525

57,859

Ameris

Bancorp

9,972

382,825

Ames

National

Corp.(a)

1,751

29,049

Arrow

Financial

Corp.

2,695

45,869

Associated

Banc-Corp.(a)

23,683

405,216

Atlantic

Union

Bankshares

Corp.

11,203

322,422

Axos

Financial,

Inc.*

8,688

328,928

Banc

of

California,

Inc.

8,196

101,466

BancFirst

Corp.(a)

3,362

291,586

Bancorp,

Inc.

(The)*

8,071

278,450

Bank

First

Corp.(a)

1,414

109,090

Bank

of

Hawaii

Corp.

5,495

273,047

Bank

of

Marin

Bancorp(a)

2,695

49,265

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

7,772

210,466

Bank7

Corp.

456

10,265

BankUnited,

Inc.

10,264

232,993

Bankwell

Financial

Group,

Inc.

1,138

27,619

Banner

Corp.

4,634

196,389

Bar

Harbor

Bankshares

2,621

61,934

BayCom

Corp.

1,915

36,787

BCB

Bancorp,

Inc.

2,988

33,286

Berkshire

Hills

Bancorp,

Inc.

5,986

120,019

Blue

Foundry

Bancorp*

3,416

28,592

Blue

Ridge

Bankshares,

Inc.

3,085

13,944

Bridgewater

Bancshares,

Inc.*(a)

3,221

30,535

Brookline

Bancorp,

Inc.

11,891

108,327

Burke

&

Herbert

Financial

Services

Corp.(a)

930

43,212

Business

First

Bancshares,

Inc.

3,595

67,442

Byline

Bancorp,

Inc.

4,057

79,963

C&F

Financial

Corp.(a)

444

23,798

Cadence

Bank

23,154

491,328

Cambridge

Bancorp(a)

1,295

80,666

Camden

National

Corp.(a)

2,422

68,349

112

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Capital

Bancorp,

Inc.(a)

1,596

30,531

Capital

City

Bank

Group,

Inc.

2,011

59,988

Capitol

Federal

Financial,

Inc.

(a)

19,252

91,832

Capstar

Financial

Holdings,

Inc.

3,411

48,402

Carter

Bankshares,

Inc.*

3,912

49,017

Cathay

General

Bancorp(a)

10,862

377,563

Central

Pacific

Financial

Corp.

3,687

61,499

Central

Valley

Community

Bancorp

1,538

21,701

Chemung

Financial

Corp.(a)

508

20,122

ChoiceOne

Financial

Services,

Inc.(a)

986

19,365

Citizens

&

Northern

Corp.

2,310

40,541

Citizens

Financial

Services,

Inc.(a)

564

27,027

City

Holding

Co.(a)

1,983

179,164

Civista

Bancshares,

Inc.

2,448

37,944

CNB

Financial

Corp.

3,433

62,172

Coastal

Financial

Corp.*

1,665

71,445

Codorus

Valley

Bancorp,

Inc.

(a)

1,414

26,357

Colony

Bankcorp,

Inc.

2,473

24,718

Columbia

Financial,

Inc.*(a)

4,672

73,397

Community

Bank

System,

Inc.

7,430

313,620

Community

Trust

Bancorp,

Inc.

2,633

90,207

ConnectOne

Bancorp,

Inc.

5,994

106,873

CrossFirst

Bankshares,

Inc.*

6,724

67,845

Customers

Bancorp,

Inc.*

4,424

152,407

CVB

Financial

Corp.

19,618

325,070

Dime

Community

Bancshares,

Inc.

5,086

101,517

Eagle

Bancorp,

Inc.

3,931

84,320

Eastern

Bankshares,

Inc.

23,637

296,408

Enterprise

Bancorp,

Inc.

1,543

42,247

Enterprise

Financial

Services

Corp.

5,628

211,050

Equity

Bancshares,

Inc.,

Class

A

2,536

61,042

Esquire

Financial

Holdings,

Inc.

1,024

46,787

ESSA

Bancorp,

Inc.

1,201

18,027

Evans

Bancorp,

Inc.(a)

833

22,324

Farmers

&

Merchants

Bancorp,

Inc.(a)

2,175

38,128

Farmers

National

Banc

Corp.

6,208

71,764

FB

Financial

Corp.

5,602

158,873

Fidelity

D&D

Bancorp,

Inc.

690

31,326

Financial

Institutions,

Inc.

2,276

38,305

First

Bancorp(a)

30,075

491,950

First

Bancorp,

Inc.

(The)

1,741

40,913

First

Bancshares,

Inc.

(The)

4,762

128,431

First

Bank(a)

3,241

34,938

First

Busey

Corp.

8,268

158,911

First

Business

Financial

Services,

Inc.

1,356

40,694

First

Commonwealth

Financial

Corp.

13,873

169,389

First

Community

Bankshares,

Inc.(a)

2,782

81,930

Common

Stocks

Shares

Value

($)

Banks

First

Community

Corp.

1,306

22,555

First

Financial

Bancorp

13,447

263,561

First

Financial

Bankshares,

Inc.(a)

20,007

502,576

First

Financial

Corp.

1,973

66,707

First

Foundation,

Inc.

7,670

46,634

First

Interstate

BancSystem,

Inc.,

Class

A(a)

12,930

322,474

First

Merchants

Corp.

9,658

268,686

First

Mid

Bancshares,

Inc.

3,291

87,409

First

of

Long

Island

Corp.

(The)

3,857

44,394

First

Western

Financial,

Inc.*

1,380

25,047

Five

Star

Bancorp

1,944

38,997

Flushing

Financial

Corp.

4,731

62,118

FS

Bancorp,

Inc.

889

26,225

Fulton

Financial

Corp.(a)

25,040

303,234

FVCBankcorp,

Inc.*(a)

2,595

33,242

German

American

Bancorp,

Inc.(a)

4,751

128,705

Glacier

Bancorp,

Inc.

17,045

485,783

Great

Southern

Bancorp,

Inc.

(a)

1,451

69,532

Greene

County

Bancorp,

Inc.

(a)

1,142

27,465

Guaranty

Bancshares,

Inc.

1,385

39,736

Hancock

Whitney

Corp.

13,177

487,417

Hanmi

Financial

Corp.

4,070

66,056

HarborOne

Bancorp,

Inc.

6,504

61,918

HBT

Financial,

Inc.

2,220

40,493

Heartland

Financial

USA,

Inc.

6,426

189,117

Heritage

Commerce

Corp.

10,614

89,901

Heritage

Financial

Corp.

5,224

85,203

Hilltop

Holdings,

Inc.

7,241

205,355

Hingham

Institution

for

Savings(a)

254

47,435

Home

Bancorp,

Inc.(a)

1,225

39,041

Home

BancShares,

Inc.(a)

29,377

615,154

HomeStreet,

Inc.

2,786

21,703

HomeTrust

Bancshares,

Inc.

2,539

55,020

Hope

Bancorp,

Inc.

15,667

138,653

Horizon

Bancorp,

Inc.

7,175

76,629

Independent

Bank

Corp.

9,124

347,744

Independent

Bank

Group,

Inc.

5,511

217,960

International

Bancshares

Corp.

8,232

356,775

John

Marshall

Bancorp,

Inc.(a)

1,893

33,790

Kearny

Financial

Corp.(a)

8,952

62,037

Lakeland

Bancorp,

Inc.

10,499

132,497

Lakeland

Financial

Corp.

3,665

173,941

LCNB

Corp.(a)

1,815

25,900

Live

Oak

Bancshares,

Inc.

5,041

145,937

Luther

Burbank

Corp.

3,095

25,998

Macatawa

Bank

Corp.

4,543

40,705

MainStreet

Bancshares,

Inc.

(a)

1,047

21,505

Mercantile

Bank

Corp.

2,640

81,602

Metrocity

Bankshares,

Inc.

3,036

59,748

Metropolitan

Bank

Holding

Corp.*(a)

1,546

56,089

Mid

Penn

Bancorp,

Inc.

2,416

48,634

Middlefield

Banc

Corp.

1,075

27,316

Midland

States

Bancorp,

Inc.

3,721

76,429

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Banks

MidWestOne

Financial

Group,

Inc.

2,570

52,248

MVB

Financial

Corp.

1,734

39,154

National

Bank

Holdings

Corp.,

Class

A

4,629

137,759

National

Bankshares,

Inc.(a)

1,074

26,893

NBT

Bancorp,

Inc.

5,854

185,513

Nicolet

Bankshares,

Inc.(a)

1,931

134,745

Northeast

Bank

1,000

44,100

Northeast

Community

Bancorp,

Inc.(a)

2,179

32,162

Northfield

Bancorp,

Inc.

6,407

60,546

Northrim

Bancorp,

Inc.

1,034

40,967

Northwest

Bancshares,

Inc.

15,982

163,496

Norwood

Financial

Corp.(a)

1,039

26,765

Oak

Valley

Bancorp(a)

1,116

27,989

OceanFirst

Financial

Corp.

9,264

134,050

OFG

Bancorp

6,480

193,493

Old

National

Bancorp

45,015

654,518

Old

Second

Bancorp,

Inc.

6,857

93,324

Orange

County

Bancorp,

Inc.

(a)

773

33,370

Origin

Bancorp,

Inc.

4,819

139,125

Orrstown

Financial

Services,

Inc.

1,796

37,734

Pacific

Premier

Bancorp,

Inc.

13,012

283,141

PacWest

Bancorp

17,638

139,517

Park

National

Corp.(a)

2,278

215,317

Parke

Bancorp,

Inc.(a)

1,750

28,508

Pathward

Financial,

Inc.

3,606

166,201

PCB

Bancorp

1,729

26,713

Peapack-Gladstone

Financial

Corp.

2,897

74,308

Penns

Woods

Bancorp,

Inc.(a)

917

19,330

Peoples

Bancorp,

Inc.

5,654

143,499

Peoples

Financial

Services

Corp.

1,208

48,441

Pioneer

Bancorp,

Inc.*

2,248

19,198

Plumas

Bancorp

743

25,366

Ponce

Financial

Group,

Inc.*

2,998

23,444

Preferred

Bank

1,339

83,353

Premier

Financial

Corp.

5,803

98,999

Primis

Financial

Corp.

4,179

34,059

Princeton

Bancorp,

Inc.(a)

721

20,902

Provident

Financial

Services,

Inc.

9,911

151,539

QCR

Holdings,

Inc.

2,525

122,513

RBB

Bancorp

2,743

35,056

Red

River

Bancshares,

Inc.

643

29,552

Renasant

Corp.

7,215

188,961

Republic

Bancorp,

Inc.,

Class

A

1,308

57,617

S&T

Bancorp,

Inc.

4,944

133,884

Sandy

Spring

Bancorp,

Inc.

7,249

155,346

Seacoast

Banking

Corp.

of

Florida

11,312

248,412

ServisFirst

Bancshares,

Inc.(a)

7,657

399,466

Shore

Bancshares,

Inc.(a)

5,204

54,746

Sierra

Bancorp

2,175

41,238

Simmons

First

National

Corp.,

Class

A

16,809

285,081

SmartFinancial,

Inc.

2,338

49,963

Common

Stocks

Shares

Value

($)

Banks

South

Plains

Financial,

Inc.

2,014

53,250

Southern

First

Bancshares,

Inc.*

1,282

34,537

Southern

Missouri

Bancorp,

Inc.

1,460

56,487

Southern

States

Bancshares,

Inc.

1,197

27,040

Southside

Bancshares,

Inc.(a)

4,407

126,481

SouthState

Corp.

11,728

789,998

Stellar

Bancorp,

Inc.(a)

7,632

162,714

Sterling

Bancorp,

Inc.*

3,556

20,767

Stock

Yards

Bancorp,

Inc.(a)

4,308

169,261

Summit

Financial

Group,

Inc.

1,725

38,882

Texas

Capital

Bancshares,

Inc.*

7,404

436,096

Third

Coast

Bancshares,

Inc.*

2,127

36,372

Timberland

Bancorp,

Inc.(a)

1,116

30,244

Tompkins

Financial

Corp.

2,134

104,545

Towne

Bank

11,322

259,613

TriCo

Bancshares

4,944

158,356

Triumph

Financial,

Inc.*

3,462

224,303

TrustCo

Bank

Corp.

2,520

68,771

Trustmark

Corp.

8,118

176,404

UMB

Financial

Corp.

6,788

421,195

United

Bankshares,

Inc.(a)

19,675

542,833

United

Community

Banks,

Inc.

(a)

17,300

439,593

Unity

Bancorp,

Inc.

1,254

29,381

Univest

Financial

Corp.

4,916

85,440

USCB

Financial

Holdings,

Inc.*(a)

2,207

23,196

Valley

National

Bancorp

66,014

565,080

Veritex

Holdings,

Inc.

6,948

124,717

Virginia

National

Bankshares

Corp.

841

25,524

Washington

Federal,

Inc.

9,694

248,360

Washington

Trust

Bancorp,

Inc.

2,534

66,720

WesBanco,

Inc.

9,223

225,226

West

Bancorp,

Inc.

2,818

45,962

Westamerica

Bancorp

3,401

147,093

WSFS

Financial

Corp.

8,332

304,118

28,616,870

Beverages

0.4%

Coca-Cola

Consolidated,

Inc.

717

456,242

Duckhorn

Portfolio,

Inc.

(The)*

6,862

70,404

MGP

Ingredients,

Inc.(a)

2,365

249,460

National

Beverage

Corp.*

3,540

166,451

Primo

Water

Corp.

23,604

325,735

Vita

Coco

Co.,

Inc.

(The)*(a)

4,182

108,899

Zevia

PBC,

Class

A*(a)

3,699

8,212

1,385,403

Biotechnology

6.5%

2seventy

bio,

Inc.*(a)

7,622

29,878

4D

Molecular

Therapeutics,

Inc.*

5,908

75,209

89bio,

Inc.*(a)

9,252

142,851

Aadi

Bioscience,

Inc.*

2,938

14,220

ACADIA

Pharmaceuticals,

Inc.*

18,252

380,372

ACELYRIN,

Inc.*(a)

5,027

51,125

114

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Acrivon

Therapeutics,

Inc.*(a)

1,227

11,730

Actinium

Pharmaceuticals,

Inc.*(a)

3,761

22,265

Adicet

Bio,

Inc.*(a)

4,802

6,579

ADMA

Biologics,

Inc.*

32,188

115,233

Aerovate

Therapeutics,

Inc.*(a)

1,797

24,385

Agenus,

Inc.*(a)

50,095

56,607

Agios

Pharmaceuticals,

Inc.*(a)

8,364

207,009

Akero

Therapeutics,

Inc.*

7,727

390,832

Aldeyra

Therapeutics,

Inc.*

6,869

45,885

Alector,

Inc.*

9,326

60,432

Alkermes

plc*

25,062

701,987

Allakos,

Inc.*

9,885

22,439

Allogene

Therapeutics,

Inc.*(a)

11,729

37,181

Allovir,

Inc.*(a)

6,442

13,850

Alpine

Immune

Sciences,

Inc.*(a)

4,707

53,895

Altimmune,

Inc.*

7,411

19,269

ALX

Oncology

Holdings,

Inc.*(a)

3,622

17,386

Amicus

Therapeutics,

Inc.*

42,405

515,645

AnaptysBio,

Inc.*

2,721

48,869

Anavex

Life

Sciences

Corp.*(a)

10,404

68,146

Anika

Therapeutics,

Inc.*

2,268

42,253

Annexon,

Inc.*(a)

6,491

15,319

Apogee

Therapeutics,

Inc.*(a)

2,927

62,345

Arbutus

Biopharma

Corp.*

17,413

35,348

Arcellx,

Inc.*(a)

5,653

202,830

Arcturus

Therapeutics

Holdings,

Inc.*(a)

3,511

89,706

Arcus

Biosciences,

Inc.*

7,981

143,259

Arcutis

Biotherapeutics,

Inc.*(a)

7,871

41,795

Ardelyx,

Inc.*(a)

31,643

129,103

Arrowhead

Pharmaceuticals,

Inc.*

15,236

409,391

ARS

Pharmaceuticals,

Inc.*(a)

3,431

12,969

Astria

Therapeutics,

Inc.*(a)

3,721

27,759

Atara

Biotherapeutics,

Inc.*(a)

14,299

21,163

Aura

Biosciences,

Inc.*

4,169

37,396

Aurinia

Pharmaceuticals,

Inc.*

20,786

161,507

Avid

Bioservices,

Inc.*(a)

9,105

85,951

Avidity

Biosciences,

Inc.*(a)

10,681

68,145

Avita

Medical,

Inc.*(a)

3,758

54,904

Beam

Therapeutics,

Inc.*(a)

10,562

254,016

BioAtla,

Inc.*

6,618

11,251

BioCryst

Pharmaceuticals,

Inc.*(a)

28,170

199,444

Biohaven

Ltd.*

8,789

228,602

Biomea

Fusion,

Inc.*(a)

2,964

40,785

Bioxcel

Therapeutics,

Inc.*(a)

2,888

7,307

Bluebird

Bio,

Inc.*(a)

16,404

49,868

Blueprint

Medicines

Corp.*

9,166

460,317

Bridgebio

Pharma,

Inc.*(a)

17,209

453,801

Cabaletta

Bio,

Inc.*

5,197

79,098

CareDx,

Inc.*

7,967

55,769

Caribou

Biosciences,

Inc.*

11,257

53,808

Carisma

Therapeutics,

Inc.

4,009

16,958

Common

Stocks

Shares

Value

($)

Biotechnology

Catalyst

Pharmaceuticals,

Inc.*

15,255

178,331

Celcuity,

Inc.*(a)

2,442

22,320

Celldex

Therapeutics,

Inc.*(a)

7,044

193,851

Century

Therapeutics,

Inc.*(a)

3,114

6,228

Cerevel

Therapeutics

Holdings,

Inc.*(a)

9,306

203,150

Cogent

Biosciences,

Inc.*(a)

12,218

119,125

Coherus

Biosciences,

Inc.*

15,073

56,373

Compass

Therapeutics,

Inc.*

13,288

26,177

Crinetics

Pharmaceuticals,

Inc.*

9,710

288,775

Cue

Biopharma,

Inc.*(a)

4,925

11,327

Cullinan

Oncology,

Inc.*

3,849

34,833

Cytokinetics,

Inc.*(a)

13,925

410,230

Day

One

Biopharmaceuticals,

Inc.*(a)

9,444

115,878

Deciphera

Pharmaceuticals,

Inc.*

7,801

99,229

Denali

Therapeutics,

Inc.*

17,920

369,690

Design

Therapeutics,

Inc.*

5,087

12,005

Disc

Medicine,

Inc.*(a)

1,329

62,436

Dynavax

Technologies

Corp.*(a)

19,420

286,833

Dyne

Therapeutics,

Inc.*

6,364

57,021

Eagle

Pharmaceuticals,

Inc.*

1,462

23,056

Editas

Medicine,

Inc.*(a)

12,463

97,211

Emergent

BioSolutions,

Inc.*

7,331

24,925

Enanta

Pharmaceuticals,

Inc.*

3,088

34,493

Entrada

Therapeutics,

Inc.*(a)

3,164

49,991

EQRx,

Inc.*

48,105

106,793

Erasca,

Inc.*(a)

13,319

26,238

Fate

Therapeutics,

Inc.*(a)

12,129

25,713

Fennec

Pharmaceuticals,

Inc.*

2,452

18,415

FibroGen,

Inc.*(a)

14,114

12,179

Foghorn

Therapeutics,

Inc.*

3,074

15,370

Genelux

Corp.*(a)

2,761

67,617

Generation

Bio

Co.*(a)

7,261

27,519

Geron

Corp.*(a)

74,282

157,478

Graphite

Bio,

Inc.*

3,885

9,635

Gritstone

bio,

Inc.*(a)

13,209

22,719

Halozyme

Therapeutics,

Inc.*

19,491

744,556

Heron

Therapeutics,

Inc.*(a)

16,678

17,178

HilleVax,

Inc.*(a)

3,179

42,758

Humacyte,

Inc.*(a)

8,759

25,664

Icosavax,

Inc.*

4,394

34,053

Ideaya

Biosciences,

Inc.*

8,095

218,403

IGM

Biosciences,

Inc.*(a)

1,799

15,022

Immuneering

Corp.,

Class

A*(a)

3,026

23,240

ImmunityBio,

Inc.*(a)

16,769

28,340

ImmunoGen,

Inc.*

36,065

572,352

Immunovant,

Inc.*

8,071

309,846

Inhibrx,

Inc.*(a)

5,247

96,282

Inozyme

Pharma,

Inc.*(a)

4,932

20,714

Insmed,

Inc.*(a)

19,801

499,975

Intellia

Therapeutics,

Inc.*

13,302

420,609

Intercept

Pharmaceuticals,

Inc.*(a)

6,100

113,094

Iovance

Biotherapeutics,

Inc.*(a)

34,477

156,870

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

Biotechnology

Ironwood

Pharmaceuticals,

Inc.,

Class

A*(a)

20,924

201,498

iTeos

Therapeutics,

Inc.*(a)

3,621

39,650

Janux

Therapeutics,

Inc.*

2,457

24,767

KalVista

Pharmaceuticals,

Inc.*

3,916

37,711

Karyopharm

Therapeutics,

Inc.*(a)

17,122

22,943

Keros

Therapeutics,

Inc.*

3,352

106,862

Kezar

Life

Sciences,

Inc.*(a)

10,798

12,850

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

4,682

81,326

Kodiak

Sciences,

Inc.*

5,383

9,689

Krystal

Biotech,

Inc.*

3,256

377,696

Kura

Oncology,

Inc.*(a)

10,838

98,843

Kymera

Therapeutics,

Inc.*(a)

5,655

78,604

Larimar

Therapeutics,

Inc.*

3,638

14,370

Lexicon

Pharmaceuticals,

Inc.*(a)

12,745

13,892

Lineage

Cell

Therapeutics,

Inc.*

17,844

21,056

Lyell

Immunopharma,

Inc.*(a)

25,074

36,859

MacroGenics,

Inc.*

9,416

43,879

Madrigal

Pharmaceuticals,

Inc.*(a)

2,039

297,776

MannKind

Corp.*(a)

38,803

160,256

MeiraGTx

Holdings

plc*

4,544

22,311

Merrimack

Pharmaceuticals,

Inc.*(a)

1,466

18,076

Mersana

Therapeutics,

Inc.*

16,046

20,378

MiMedx

Group,

Inc.*

17,207

125,439

Mineralys

Therapeutics,

Inc.*(a)

2,247

21,369

Mirum

Pharmaceuticals,

Inc.*

3,746

118,374

Monte

Rosa

Therapeutics,

Inc.*(a)

4,852

23,241

Morphic

Holding,

Inc.*

5,192

118,949

Myriad

Genetics,

Inc.*

12,219

195,993

Nkarta,

Inc.*(a)

4,587

6,376

Novavax,

Inc.*(a)

13,326

96,480

Nurix

Therapeutics,

Inc.*

7,332

57,630

Nuvalent,

Inc.,

Class

A*

3,565

163,883

Nuvectis

Pharma,

Inc.*

921

11,872

Ocean

Biomedical,

Inc.*

1,339

5,222

Olema

Pharmaceuticals,

Inc.*(a)

4,063

50,178

Omega

Therapeutics,

Inc.*(a)

3,524

7,577

Organogenesis

Holdings,

Inc.,

Class

A*

10,831

34,443

ORIC

Pharmaceuticals,

Inc.*(a)

5,876

35,550

Outlook

Therapeutics,

Inc.*(a)

24,730

5,465

Ovid

therapeutics,

Inc.*

8,507

32,667

PDS

Biotechnology

Corp.*(a)

4,087

20,639

PepGen,

Inc.*(a)

1,488

7,559

PMV

Pharmaceuticals,

Inc.*

5,949

36,527

Point

Biopharma

Global,

Inc.*(a)

13,735

91,612

Poseida

Therapeutics,

Inc.,

Class

A*

10,171

24,207

Precigen,

Inc.*(a)

20,259

28,768

Common

Stocks

Shares

Value

($)

Biotechnology

Prelude

Therapeutics,

Inc.*(a)

1,349

4,168

Prime

Medicine,

Inc.*(a)

5,948

56,744

ProKidney

Corp.,

Class

A*

6,803

31,158

Protagonist

Therapeutics,

Inc.*

8,623

143,832

Protalix

BioTherapeutics,

Inc.*(a)

7,869

13,063

Prothena

Corp.

plc*(a)

6,204

299,343

PTC

Therapeutics,

Inc.*

10,619

237,972

Rallybio

Corp.*(a)

4,631

15,606

RAPT

Therapeutics,

Inc.*(a)

4,311

71,649

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

20,472

156,611

REGENXBIO,

Inc.*

6,273

103,254

Relay

Therapeutics,

Inc.*(a)

13,428

112,929

Reneo

Pharmaceuticals,

Inc.*(a)

2,263

17,233

Replimune

Group,

Inc.*

6,155

105,312

REVOLUTION

Medicines,

Inc.*

15,260

422,397

Rhythm

Pharmaceuticals,

Inc.*

7,706

176,660

Rigel

Pharmaceuticals,

Inc.*

25,206

27,222

Rocket

Pharmaceuticals,

Inc.*

8,600

176,214

Sage

Therapeutics,

Inc.*

8,042

165,504

Sagimet

Biosciences,

Inc.,

Class

A*(a)

796

7,005

Sana

Biotechnology,

Inc.*(a)

14,122

54,652

Sangamo

Therapeutics,

Inc.*(a)

20,702

12,417

Savara,

Inc.*(a)

13,633

51,533

Scholar

Rock

Holding

Corp.*(a)

6,536

46,406

Selecta

Biosciences,

Inc.*(a)

17,065

18,089

Seres

Therapeutics,

Inc.*(a)

14,647

34,860

SpringWorks

Therapeutics,

Inc.*(a)

8,689

200,890

Stoke

Therapeutics,

Inc.*(a)

4,185

16,489

Summit

Therapeutics,

Inc.*(a)

17,218

32,198

Sutro

Biopharma,

Inc.*

9,746

33,819

Syndax

Pharmaceuticals,

Inc.*

9,877

143,414

Tango

Therapeutics,

Inc.*

6,668

75,082

Tenaya

Therapeutics,

Inc.*

6,660

16,983

TG

Therapeutics,

Inc.*(a)

20,548

171,781

Travere

Therapeutics,

Inc.*

10,967

98,045

Turnstone

Biologics

Corp.*

1,310

5,161

Twist

Bioscience

Corp.*

8,523

172,676

Tyra

Biosciences,

Inc.*(a)

2,120

29,192

UroGen

Pharma

Ltd.*(a)

2,839

39,774

Vanda

Pharmaceuticals,

Inc.*

8,969

38,746

Vaxcyte,

Inc.*

14,107

719,175

Vaxxinity,

Inc.,

Class

A*(a)

6,371

8,728

Vera

Therapeutics,

Inc.,

Class

A*(a)

5,131

70,346

Veracyte,

Inc.*

11,009

245,831

Vericel

Corp.*

7,155

239,836

Verve

Therapeutics,

Inc.*(a)

7,658

101,545

Vigil

Neuroscience,

Inc.*(a)

2,301

12,402

Viking

Therapeutics,

Inc.*(a)

14,275

158,024

Vir

Biotechnology,

Inc.*

12,528

117,387

Viridian

Therapeutics,

Inc.*(a)

6,337

97,210

Vor

BioPharma,

Inc.*

5,522

11,707

Voyager

Therapeutics,

Inc.*

4,722

36,596

X4

Pharmaceuticals,

Inc.*(a)

18,673

20,354

116

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Xencor,

Inc.*

8,770

176,716

XOMA

Corp.*

990

13,949

Y-mAbs

Therapeutics,

Inc.*

4,852

26,443

Zentalis

Pharmaceuticals,

Inc.*(a)

8,794

176,408

Zura

Bio

Ltd.,

Class

A*(a)

2,109

13,919

Zymeworks,

Inc.*(a)

7,853

49,788

22,291,325

Broadline

Retail

0.1%

Big

Lots,

Inc.(a)

4,251

21,723

ContextLogic,

Inc.,

Class

A*(a)

3,334

14,703

Dillard's,

Inc.,

Class

A(a)

521

172,352

Savers

Value

Village,

Inc.*

3,784

70,647

279,425

Building

Products

1.8%

AAON,

Inc.

10,152

577,344

American

Woodmark

Corp.*

2,470

186,757

Apogee

Enterprises,

Inc.

3,305

155,600

AZZ,

Inc.

3,779

172,247

CSW

Industrials,

Inc.

2,297

402,526

Gibraltar

Industries,

Inc.*

4,630

312,571

Griffon

Corp.

6,708

266,106

Insteel

Industries,

Inc.

2,861

92,868

Janus

International

Group,

Inc.*

12,524

134,007

JELD-WEN

Holding,

Inc.*

13,003

173,720

Masonite

International

Corp.*

3,340

311,355

Masterbrand,

Inc.*

19,321

234,750

PGT

Innovations,

Inc.*

8,459

234,737

Quanex

Building

Products

Corp.

5,079

143,076

Resideo

Technologies,

Inc.*

21,992

347,474

Simpson

Manufacturing

Co.,

Inc.

6,446

965,675

UFP

Industries,

Inc.

9,052

926,925

Zurn

Elkay

Water

Solutions

Corp.

22,167

621,119

6,258,857

Capital

Markets

1.4%

AlTi

Global,

Inc.*

3,087

21,486

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

8,990

336,406

AssetMark

Financial

Holdings,

Inc.*(a)

3,352

84,068

Avantax,

Inc.*

5,953

152,278

B.

Riley

Financial,

Inc.(a)

2,892

118,543

Bakkt

Holdings,

Inc.*(a)

13,204

15,449

BGC

Group,

Inc.,

Class

A

46,940

247,843

Brightsphere

Investment

Group,

Inc.

4,968

96,330

Cohen

&

Steers,

Inc.

4,022

252,139

Diamond

Hill

Investment

Group,

Inc.

447

75,351

Donnelley

Financial

Solutions,

Inc.*

3,798

213,752

Forge

Global

Holdings,

Inc.*(a)

17,009

34,528

GCM

Grosvenor,

Inc.,

Class

A(a)

6,386

49,555

Hamilton

Lane,

Inc.,

Class

A

5,513

498,596

Common

Stocks

Shares

Value

($)

Capital

Markets

MarketWise,

Inc.(a)

5,364

8,582

Moelis

&

Co.,

Class

A(a)

9,604

433,429

Open

Lending

Corp.*

15,207

111,315

P10,

Inc.,

Class

A(a)

5,682

66,195

Patria

Investments

Ltd.,

Class

A

8,470

123,493

Perella

Weinberg

Partners,

Class

A(a)

6,679

67,992

Piper

Sandler

Cos.(a)

2,626

381,584

PJT

Partners,

Inc.,

Class

A

3,653

290,194

Sculptor

Capital

Management,

Inc.,

Class

A

3,302

38,303

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,403

22,266

StepStone

Group,

Inc.,

Class

A

8,157

257,598

StoneX

Group,

Inc.*

2,677

259,455

Value

Line,

Inc.

128

5,596

Victory

Capital

Holdings,

Inc.,

Class

A

4,230

141,028

Virtus

Investment

Partners,

Inc.

1,065

215,119

WisdomTree,

Inc.(a)

20,624

144,368

4,762,841

Chemicals

1.9%

AdvanSix,

Inc.

4,042

125,625

American

Vanguard

Corp.

4,232

46,256

Aspen

Aerogels,

Inc.*

7,835

67,381

Avient

Corp.

13,621

481,094

Balchem

Corp.

4,771

591,795

Cabot

Corp.

8,407

582,353

Chase

Corp.

1,129

143,643

Core

Molding

Technologies,

Inc.*

1,260

35,897

Danimer

Scientific,

Inc.,

Class

A*(a)

13,402

27,742

Ecovyst,

Inc.*

14,682

144,471

FutureFuel

Corp.

4,710

33,771

Hawkins,

Inc.

2,900

170,665

HB

Fuller

Co.(a)

8,124

557,388

Ingevity

Corp.*

5,507

262,188

Innospec,

Inc.

3,760

384,272

Intrepid

Potash,

Inc.*(a)

1,684

42,369

Koppers

Holdings,

Inc.

3,119

123,356

Kronos

Worldwide,

Inc.

3,307

25,629

Livent

Corp.*(a)

27,050

497,990

LSB

Industries,

Inc.*

8,319

85,103

Mativ

Holdings,

Inc.(a)

8,061

114,950

Minerals

Technologies,

Inc.

4,944

270,733

Origin

Materials,

Inc.*(a)

16,210

20,749

Orion

SA

8,414

179,050

Perimeter

Solutions

SA*

23,095

104,851

PureCycle

Technologies,

Inc.*(a)

17,685

99,213

Quaker

Chemical

Corp.

2,096

335,360

Rayonier

Advanced

Materials,

Inc.*

9,740

34,480

Sensient

Technologies

Corp.

6,322

369,711

Stepan

Co.

3,216

241,104

Trinseo

plc

5,242

42,827

Tronox

Holdings

plc(a)

18,097

243,224

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

117

Common

Stocks

Shares

Value

($)

Chemicals

Valhi,

Inc.

328

4,349

6,489,589

Commercial

Services

&

Supplies

1.6%

ABM

Industries,

Inc.

10,080

403,301

ACCO

Brands

Corp.

14,310

82,139

ACV

Auctions,

Inc.,

Class

A*

19,039

289,012

Aris

Water

Solutions,

Inc.,

Class

A(a)

4,548

45,389

BrightView

Holdings,

Inc.*

6,115

47,391

Brink's

Co.

(The)

6,906

501,652

Casella

Waste

Systems,

Inc.,

Class

A*

8,412

641,836

CECO

Environmental

Corp.*

4,306

68,767

Cimpress

plc*

2,677

187,417

CompX

International,

Inc.

302

5,614

CoreCivic,

Inc.*

17,404

195,795

Deluxe

Corp.

6,521

123,182

Ennis,

Inc.

3,907

82,906

Enviri

Corp.*

12,252

88,459

GEO

Group,

Inc.

(The)*

18,554

151,772

Healthcare

Services

Group,

Inc.

11,009

114,824

Heritage-Crystal

Clean,

Inc.*

2,625

119,044

HNI

Corp.

6,920

239,639

Interface,

Inc.,

Class

A

8,811

86,436

LanzaTech

Global,

Inc.*

3,233

15,098

Li-Cycle

Holdings

Corp.*(a)

20,899

74,191

Liquidity

Services,

Inc.*

3,548

62,516

Matthews

International

Corp.,

Class

A

4,452

173,227

MillerKnoll,

Inc.

11,380

278,241

Montrose

Environmental

Group,

Inc.*

4,264

124,765

NL

Industries,

Inc.

1,817

8,631

OPENLANE,

Inc.*

16,175

241,331

Performant

Financial

Corp.*

9,988

22,573

Pitney

Bowes,

Inc.(a)

17,361

52,430

Quad/Graphics,

Inc.*

4,927

24,783

SP

Plus

Corp.*

2,931

105,809

Steelcase,

Inc.,

Class

A

14,524

162,233

UniFirst

Corp.

2,248

366,446

Viad

Corp.*

3,118

81,692

VSE

Corp.(a)

1,920

96,845

5,365,386

Communications

Equipment

0.7%

ADTRAN

Holdings,

Inc.(a)

12,091

99,509

Aviat

Networks,

Inc.*

1,772

55,286

Calix,

Inc.*

8,879

407,013

Cambium

Networks

Corp.*(a)

1,855

13,597

Clearfield,

Inc.*(a)

1,992

57,091

CommScope

Holding

Co.,

Inc.*

31,150

104,664

Comtech

Telecommunications

Corp.

3,866

33,828

Digi

International,

Inc.*

5,222

140,994

DZS,

Inc.*

3,418

7,178

Extreme

Networks,

Inc.*

18,968

459,215

Harmonic,

Inc.*(a)

16,411

158,038

Infinera

Corp.*(a)

30,971

129,459

KVH

Industries,

Inc.*(a)

2,105

10,735

NETGEAR,

Inc.*

4,352

54,792

Common

Stocks

Shares

Value

($)

Communications

Equipment

NetScout

Systems,

Inc.*

10,386

291,016

Ribbon

Communications,

Inc.*

14,052

37,659

Viavi

Solutions,

Inc.*

33,294

304,307

2,364,381

Construction

&

Engineering

1.6%

Ameresco,

Inc.,

Class

A*(a)

4,833

186,360

API

Group

Corp.*

31,538

817,780

Arcosa,

Inc.

7,342

527,890

Argan,

Inc.

1,914

87,125

Bowman

Consulting

Group

Ltd.,

Class

A*(a)

1,375

38,541

Comfort

Systems

USA,

Inc.

5,324

907,263

Concrete

Pumping

Holdings,

Inc.*

3,626

31,111

Construction

Partners,

Inc.,

Class

A*

6,048

221,115

Dycom

Industries,

Inc.*

4,304

383,056

Eneti,

Inc.

3,841

38,717

Fluor

Corp.*(a)

21,540

790,518

Granite

Construction,

Inc.(a)

6,729

255,837

Great

Lakes

Dredge

&

Dock

Corp.*

9,726

77,516

IES

Holdings,

Inc.*

1,222

80,493

INNOVATE

Corp.*(a)

7,366

11,933

Limbach

Holdings,

Inc.*(a)

1,313

41,662

MYR

Group,

Inc.*

2,486

335,013

Northwest

Pipe

Co.*

1,475

44,501

Primoris

Services

Corp.

7,925

259,385

Southland

Holdings,

Inc.*(a)

851

5,166

Sterling

Infrastructure,

Inc.*

4,516

331,836

Tutor

Perini

Corp.*

6,359

49,791

5,522,609

Construction

Materials

0.3%

Knife

River

Corp.*

8,550

417,496

Summit

Materials,

Inc.,

Class

A*

18,064

562,527

United

States

Lime

&

Minerals,

Inc.

287

57,687

1,037,710

Consumer

Finance

0.8%

Atlanticus

Holdings

Corp.*(a)

709

21,490

Bread

Financial

Holdings,

Inc.

4,254

145,487

Consumer

Portfolio

Services,

Inc.*

1,397

12,671

Encore

Capital

Group,

Inc.*(a)

3,464

165,441

Enova

International,

Inc.*

4,620

235,020

FirstCash

Holdings,

Inc.

5,665

568,653

Green

Dot

Corp.,

Class

A*

6,983

97,273

LendingClub

Corp.*

15,944

97,258

LendingTree,

Inc.*

1,694

26,257

Navient

Corp.

13,774

237,188

Nelnet,

Inc.,

Class

A

2,165

193,378

NerdWallet,

Inc.,

Class

A*(a)

5,307

47,179

OppFi,

Inc.*

1,958

4,934

PRA

Group,

Inc.*

5,840

112,186

PROG

Holdings,

Inc.*

6,968

231,407

Regional

Management

Corp.

1,175

32,524

Upstart

Holdings,

Inc.*(a)

10,908

311,314

World

Acceptance

Corp.*(a)

599

76,109

2,615,769

118

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

0.6%

Andersons,

Inc.

(The)(a)

4,826

248,587

Chefs'

Warehouse,

Inc.

(The)*(a)

5,354

113,398

HF

Foods

Group,

Inc.*

6,626

26,305

Ingles

Markets,

Inc.,

Class

A

2,188

164,822

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,204

15,544

PriceSmart,

Inc.

3,928

292,361

SpartanNash

Co.

5,183

114,026

Sprouts

Farmers

Market,

Inc.*

15,524

664,427

United

Natural

Foods,

Inc.*

8,823

124,757

Village

Super

Market,

Inc.,

Class

A

1,437

32,534

Weis

Markets,

Inc.

2,535

159,705

1,956,466

Containers

&

Packaging

0.3%

Greif,

Inc.,

Class

A

3,711

247,932

Greif,

Inc.,

Class

B

779

51,850

Myers

Industries,

Inc.

5,802

104,030

O-I

Glass,

Inc.*

23,338

390,445

Pactiv

Evergreen,

Inc.

6,562

53,349

Ranpak

Holdings

Corp.,

Class

A*

6,398

34,805

TriMas

Corp.

6,161

152,546

1,034,957

Distributors

0.0%

†

Weyco

Group,

Inc.

835

21,167

Diversified

Consumer

Services

1.1%

2U,

Inc.*

11,850

29,270

Adtalem

Global

Education,

Inc.*

6,547

280,539

Carriage

Services,

Inc.,

Class

A

1,890

53,392

Chegg,

Inc.*

17,870

159,400

Coursera,

Inc.*

19,701

368,212

Duolingo,

Inc.,

Class

A*(a)

4,320

716,558

European

Wax

Center,

Inc.,

Class

A*(a)

5,083

82,345

Frontdoor,

Inc.*

12,262

375,095

Graham

Holdings

Co.,

Class

B

548

319,484

Laureate

Education,

Inc.

19,928

280,985

Lincoln

Educational

Services

Corp.*(a)

3,627

30,648

Nerdy,

Inc.*(a)

8,384

31,021

OneSpaWorld

Holdings

Ltd.*

12,646

141,888

Perdoceo

Education

Corp.

10,128

173,189

Rover

Group,

Inc.,

Class

A*(a)

13,598

85,123

Strategic

Education,

Inc.

3,421

257,430

Stride,

Inc.*(a)

6,293

283,374

Udemy,

Inc.*(a)

12,998

123,481

Universal

Technical

Institute,

Inc.*

5,063

42,428

WW

International,

Inc.*

8,029

88,881

3,922,743

Diversified

REITs

0.6%

Alexander

&

Baldwin,

Inc.

11,963

200,141

Alpine

Income

Property

Trust,

Inc.

2,179

35,648

American

Assets

Trust,

Inc.

7,385

143,638

Armada

Hoffler

Properties,

Inc.

11,390

116,634

Common

Stocks

Shares

Value

($)

Diversified

REITs

Broadstone

Net

Lease,

Inc.

28,172

402,860

CTO

Realty

Growth,

Inc.

3,444

55,827

Empire

State

Realty

Trust,

Inc.,

Class

A

20,410

164,096

Essential

Properties

Realty

Trust,

Inc.(a)

23,649

511,528

Gladstone

Commercial

Corp.

(a)

6,650

80,864

Global

Net

Lease,

Inc.(a)

30,332

291,491

One

Liberty

Properties,

Inc.(a)

2,838

53,553

Star

Holdings*

1,806

22,611

2,078,891

Diversified

Telecommunication

Services

0.4%

Anterix,

Inc.*

1,973

61,913

AST

SpaceMobile,

Inc.,

Class

A*(a)

12,058

45,821

ATN

International,

Inc.(a)

1,691

53,368

Bandwidth,

Inc.,

Class

A*

3,419

38,532

Charge

Enterprises,

Inc.*

19,693

9,791

Cogent

Communications

Holdings,

Inc.(a)

6,491

401,793

Consolidated

Communications

Holdings,

Inc.*

10,977

37,541

EchoStar

Corp.,

Class

A*(a)

5,065

84,839

Globalstar,

Inc.*(a)

105,559

138,282

IDT

Corp.,

Class

B*

2,360

52,038

Liberty

Latin

America

Ltd.,

Class

A*

4,920

40,148

Liberty

Latin

America

Ltd.,

Class

C*

21,995

179,479

Lumen

Technologies,

Inc.*(a)

151,010

214,434

Ooma,

Inc.*

3,428

44,598

1,402,577

Electric

Utilities

0.7%

ALLETE,

Inc.

8,760

462,528

Genie

Energy

Ltd.,

Class

B(a)

2,812

41,421

MGE

Energy,

Inc.

5,538

379,408

Otter

Tail

Corp.(a)

6,187

469,717

PNM

Resources,

Inc.(a)

12,843

572,926

Portland

General

Electric

Co.

14,641

592,668

2,518,668

Electrical

Equipment

1.5%

Allient,

Inc.

2,047

63,293

Amprius

Technologies,

Inc.*

768

3,640

Array

Technologies,

Inc.*

22,776

505,399

Atkore,

Inc.*(a)

5,818

867,987

Babcock

&

Wilcox

Enterprises,

Inc.*

8,831

37,179

Blink

Charging

Co.*(a)

8,465

25,903

Bloom

Energy

Corp.,

Class

A*(a)

28,939

383,731

Dragonfly

Energy

Holdings

Corp.*(a)

1,905

2,934

Encore

Wire

Corp.(a)

2,405

438,816

Energy

Vault

Holdings,

Inc.*(a)

15,325

39,079

EnerSys

6,201

587,049

Enovix

Corp.*(a)

20,610

258,656

Eos

Energy

Enterprises,

Inc.*(a)

16,575

35,636

ESS

Tech,

Inc.*(a)

12,975

24,393

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

119

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Fluence

Energy,

Inc.,

Class

A*(a)

5,902

135,687

FTC

Solar,

Inc.*(a)

9,801

12,545

FuelCell

Energy,

Inc.*(a)

63,648

81,469

GrafTech

International

Ltd.(a)

30,135

115,417

LSI

Industries,

Inc.(a)

3,756

59,645

NEXTracker,

Inc.,

Class

A*(a)

7,474

300,156

NuScale

Power

Corp.,

Class

A*(a)

7,922

38,818

Powell

Industries,

Inc.

1,410

116,889

Preformed

Line

Products

Co.

364

59,179

SES

AI

Corp.*(a)

19,304

43,820

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

25,744

469,828

SKYX

Platforms

Corp.*(a)

7,888

11,201

Stem,

Inc.*(a)

21,415

90,800

SunPower

Corp.*(a)

12,927

79,760

Thermon

Group

Holdings,

Inc.*

4,906

134,768

TPI

Composites,

Inc.*(a)

6,424

17,024

Vicor

Corp.*

3,317

195,338

5,236,039

Electronic

Equipment,

Instruments

&

Components

2.7%

908

Devices,

Inc.*(a)

3,121

20,786

Advanced

Energy

Industries,

Inc.(a)

5,619

579,431

Aeva

Technologies,

Inc.*(a)

9,133

6,986

Akoustis

Technologies,

Inc.*(a)

11,706

8,813

Arlo

Technologies,

Inc.*

13,059

134,508

Badger

Meter,

Inc.

4,430

637,344

Bel

Fuse,

Inc.,

Class

B

1,570

74,920

Belden,

Inc.

6,415

619,368

Benchmark

Electronics,

Inc.

5,494

133,284

Climb

Global

Solutions,

Inc.(a)

559

24,043

CTS

Corp.

4,651

194,133

Daktronics,

Inc.*

5,703

50,871

ePlus,

Inc.*

4,092

259,924

Evolv

Technologies

Holdings,

Inc.*(a)

16,914

82,202

Fabrinet*(a)

5,537

922,575

FARO

Technologies,

Inc.*

2,757

41,989

Insight

Enterprises,

Inc.*(a)

4,338

631,179

Iteris,

Inc.*(a)

5,626

23,292

Itron,

Inc.*

6,850

414,973

Kimball

Electronics,

Inc.*

3,653

100,019

Knowles

Corp.*(a)

13,862

205,296

Lightwave

Logic,

Inc.*(a)

16,917

75,619

Luna

Innovations,

Inc.*(a)

4,771

27,958

Methode

Electronics,

Inc.

5,365

122,590

MicroVision,

Inc.*(a)

26,846

58,793

Mirion

Technologies,

Inc.,

Class

A*(a)

29,822

222,770

Napco

Security

Technologies,

Inc.

4,668

103,863

nLight,

Inc.*

6,464

67,226

Novanta,

Inc.*

5,385

772,424

OSI

Systems,

Inc.*

2,406

284,004

PAR

Technology

Corp.*(a)

4,044

155,856

PC

Connection,

Inc.

1,695

90,479

Plexus

Corp.*(a)

4,120

383,078

Richardson

Electronics

Ltd.(a)

1,752

19,149

Rogers

Corp.*

2,602

342,085

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Sanmina

Corp.*

8,635

468,708

ScanSource,

Inc.*

3,827

115,996

SmartRent,

Inc.,

Class

A*(a)

27,918

72,866

TTM

Technologies,

Inc.*

15,446

198,945

Vishay

Intertechnology,

Inc.(a)

19,247

475,786

Vishay

Precision

Group,

Inc.*

1,705

57,254

Vuzix

Corp.*(a)

8,846

32,111

9,313,496

Energy

Equipment

&

Services

3.0%

Archrock,

Inc.

21,176

266,818

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

2,476

55,042

Borr

Drilling

Ltd.*(a)

33,040

234,584

Bristow

Group,

Inc.,

Class

A*

3,589

101,102

Cactus,

Inc.,

Class

A(a)

9,686

486,334

ChampionX

Corp.

30,007

1,068,849

Core

Laboratories,

Inc.

6,982

167,638

Diamond

Offshore

Drilling,

Inc.*

15,347

225,294

DMC

Global,

Inc.*

2,871

70,253

Dril-Quip,

Inc.*

5,240

147,611

Expro

Group

Holdings

NV*

13,218

307,054

Forum

Energy

Technologies,

Inc.*

1,376

33,052

Helix

Energy

Solutions

Group,

Inc.*(a)

22,063

246,444

Helmerich

&

Payne,

Inc.

14,738

621,354

KLX

Energy

Services

Holdings,

Inc.*(a)

1,834

21,733

Kodiak

Gas

Services,

Inc.*

2,230

39,872

Liberty

Energy,

Inc.,

Class

A(a)

24,909

461,315

Mammoth

Energy

Services,

Inc.*(a)

3,270

15,173

Nabors

Industries

Ltd.*(a)

1,416

174,366

Newpark

Resources,

Inc.*

11,269

77,869

Noble

Corp.

plc

16,645

843,069

Oceaneering

International,

Inc.*

15,123

388,964

Oil

States

International,

Inc.*

9,662

80,871

Patterson-UTI

Energy,

Inc.

53,599

741,810

ProFrac

Holding

Corp.,

Class

A*(a)

4,055

44,118

ProPetro

Holding

Corp.*

15,202

161,597

Ranger

Energy

Services,

Inc.,

Class

A

1,801

25,538

RPC,

Inc.(a)

12,765

114,119

SEACOR

Marine

Holdings,

Inc.*

3,435

47,678

Seadrill

Ltd.*

7,578

339,419

Select

Water

Solutions,

Inc.,

Class

A

12,552

99,788

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

4,833

51,520

TETRA

Technologies,

Inc.*

18,389

117,322

Tidewater,

Inc.*

7,121

506,089

US

Silica

Holdings,

Inc.*

11,018

154,693

Valaris

Ltd.*

9,239

692,740

Weatherford

International

plc*(a)

10,694

965,989

10,197,081

120

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Entertainment

0.4%

Atlanta

Braves

Holdings,

Inc.,

Class

A*(a)

1,614

63,059

Atlanta

Braves

Holdings,

Inc.,

Class

C*

6,700

239,391

Cinemark

Holdings,

Inc.*(a)

16,649

305,509

IMAX

Corp.*

6,886

133,038

Lions

Gate

Entertainment

Corp.,

Class

A*

9,590

81,323

Lions

Gate

Entertainment

Corp.,

Class

B*

16,577

130,461

Loop

Media,

Inc.*(a)

5,283

2,626

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

6,406

210,821

Marcus

Corp.

(The)(a)

3,453

53,522

Playstudios,

Inc.*(a)

12,987

41,299

Reservoir

Media,

Inc.*(a)

2,894

17,653

Sphere

Entertainment

Co.*

3,977

147,785

Vivid

Seats,

Inc.,

Class

A*

3,595

23,080

1,449,567

Financial

Services

2.3%

Acacia

Research

Corp.*

5,497

20,064

Alerus

Financial

Corp.

2,974

54,067

A-Mark

Precious

Metals,

Inc.

(a)

2,816

82,593

AvidXchange

Holdings,

Inc.*(a)

22,562

213,888

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

4,252

90,142

Cannae

Holdings,

Inc.*

11,078

206,494

Cantaloupe,

Inc.*

9,085

56,781

Cass

Information

Systems,

Inc.

2,127

79,231

Compass

Diversified

Holdings

9,781

183,589

Enact

Holdings,

Inc.

4,533

123,434

Essent

Group

Ltd.

16,134

762,977

EVERTEC,

Inc.

9,821

365,145

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,372

211,700

Finance

of

America

Cos.,

Inc.,

Class

A*(a)

7,374

9,439

Flywire

Corp.*

14,483

461,863

I3

Verticals,

Inc.,

Class

A*

3,335

70,502

International

Money

Express,

Inc.*

5,116

86,614

Jackson

Financial,

Inc.,

Class

A

12,366

472,629

Marqeta,

Inc.,

Class

A*

73,432

439,123

Merchants

Bancorp

2,485

68,884

Mr.

Cooper

Group,

Inc.*

9,912

530,887

NewtekOne,

Inc.(a)

3,747

55,268

NMI

Holdings,

Inc.,

Class

A*

12,416

336,349

Ocwen

Financial

Corp.*(a)

983

25,440

Pagseguro

Digital

Ltd.,

Class

A*

29,801

256,587

Payoneer

Global,

Inc.*

40,072

245,241

Paysafe

Ltd.*(a)

4,973

59,626

Paysign,

Inc.*(a)

4,431

8,641

PennyMac

Financial

Services,

Inc.(a)

3,910

260,406

Common

Stocks

Shares

Value

($)

Financial

Services

Priority

Technology

Holdings,

Inc.*

2,909

9,425

Radian

Group,

Inc.(a)

23,555

591,466

Remitly

Global,

Inc.*

19,696

496,733

Repay

Holdings

Corp.,

Class

A*

12,281

93,213

Security

National

Financial

Corp.,

Class

A*(a)

2,360

18,502

StoneCo

Ltd.,

Class

A*

43,615

465,372

Velocity

Financial,

Inc.*

1,120

12,656

Walker

&

Dunlop,

Inc.(a)

4,806

356,797

Waterstone

Financial,

Inc.

2,832

31,010

7,912,778

Food

Products

1.2%

Alico,

Inc.

1,170

29,203

B&G

Foods,

Inc.(a)

11,047

109,255

Benson

Hill,

Inc.*(a)

26,419

8,758

Beyond

Meat,

Inc.*(a)

8,879

85,416

BRC,

Inc.,

Class

A*(a)

6,089

21,860

Calavo

Growers,

Inc.

2,682

67,667

Cal-Maine

Foods,

Inc.

5,724

277,156

Dole

plc(a)

10,641

123,223

Forafric

Global

plc*

651

7,350

Fresh

Del

Monte

Produce,

Inc.

5,343

138,063

Hain

Celestial

Group,

Inc.

(The)*

13,497

139,964

Hostess

Brands,

Inc.,

Class

A*

20,001

666,233

J

&

J

Snack

Foods

Corp.

2,251

368,376

John

B

Sanfilippo

&

Son,

Inc.

1,345

132,886

Lancaster

Colony

Corp.

2,943

485,683

Limoneira

Co.(a)

2,422

37,105

Mission

Produce,

Inc.*(a)

7,128

68,999

Seneca

Foods

Corp.,

Class

A*

744

40,050

Simply

Good

Foods

Co.

(The)*

13,570

468,436

Sovos

Brands,

Inc.*

7,638

172,237

SunOpta,

Inc.*

13,619

45,896

TreeHouse

Foods,

Inc.*(a)

7,849

342,059

Utz

Brands,

Inc.(a)

10,415

139,874

Vital

Farms,

Inc.*

4,710

54,542

Westrock

Coffee

Co.*(a)

4,134

36,627

4,066,918

Gas

Utilities

0.9%

Brookfield

Infrastructure

Corp.,

Class

A(a)

14,883

525,965

Chesapeake

Utilities

Corp.

2,637

257,767

New

Jersey

Resources

Corp.

14,667

595,920

Northwest

Natural

Holding

Co.

5,484

209,270

ONE

Gas,

Inc.(a)

8,389

572,801

RGC

Resources,

Inc.(a)

1,082

18,719

Southwest

Gas

Holdings,

Inc.

(a)

9,391

567,310

Spire,

Inc.(a)

7,854

444,379

3,192,131

Ground

Transportation

0.5%

ArcBest

Corp.

3,622

368,176

Covenant

Logistics

Group,

Inc.,

Class

A

1,198

52,532

Daseke,

Inc.*

5,963

30,590

FTAI

Infrastructure,

Inc.

14,404

46,381

Heartland

Express,

Inc.

6,545

96,146

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

121

Common

Stocks

Shares

Value

($)

Ground

Transportation

Marten

Transport

Ltd.

8,882

175,064

PAM

Transportation

Services,

Inc.*

941

20,279

RXO,

Inc.*

17,589

347,031

TuSimple

Holdings,

Inc.,

Class

A*

25,958

40,495

Universal

Logistics

Holdings,

Inc.

955

24,047

Werner

Enterprises,

Inc.

9,480

369,246

1,569,987

Health

Care

Equipment

&

Supplies

3.0%

Accuray,

Inc.*(a)

13,673

37,191

Alphatec

Holdings,

Inc.*(a)

12,104

156,989

AngioDynamics,

Inc.*

5,579

40,783

Artivion,

Inc.*(a)

5,738

86,988

AtriCure,

Inc.*

7,084

310,279

Atrion

Corp.

197

81,395

Avanos

Medical,

Inc.*

7,018

141,904

Axogen,

Inc.*

6,418

32,090

Axonics,

Inc.*(a)

7,318

410,686

Beyond

Air,

Inc.*(a)

3,893

8,993

Butterfly

Network,

Inc.*(a)

20,256

23,902

Cerus

Corp.*

26,970

43,691

ClearPoint

Neuro,

Inc.*(a)

3,367

16,869

CONMED

Corp.

4,611

465,019

Cutera,

Inc.*(a)

3,025

18,211

CVRx,

Inc.*

1,636

24,818

Embecta

Corp.

8,654

130,243

Glaukos

Corp.*

7,041

529,835

Haemonetics

Corp.*(a)

7,520

673,642

Inari

Medical,

Inc.*(a)

8,036

525,554

Inmode

Ltd.*(a)

11,601

353,366

Inogen,

Inc.*

3,620

18,896

Integer

Holdings

Corp.*

4,995

391,758

iRadimed

Corp.

1,046

46,411

iRhythm

Technologies,

Inc.*(a)

4,638

437,178

KORU

Medical

Systems,

Inc.*(a)

4,214

11,378

Lantheus

Holdings,

Inc.*

10,229

710,711

LeMaitre

Vascular,

Inc.

2,945

160,444

LivaNova

plc*

8,228

435,097

Merit

Medical

Systems,

Inc.*

8,574

591,777

Nano-X

Imaging

Ltd.*(a)

6,795

44,575

Neogen

Corp.*

32,805

608,205

Nevro

Corp.*

5,251

100,924

Omnicell,

Inc.*

6,704

301,948

OraSure

Technologies,

Inc.*

11,118

65,930

Orchestra

BioMed

Holdings,

Inc.*(a)

1,999

17,431

Orthofix

Medical,

Inc.*

5,414

69,624

OrthoPediatrics

Corp.*(a)

2,322

74,304

Outset

Medical,

Inc.*(a)

7,404

80,556

Paragon

28,

Inc.*

6,604

82,880

PROCEPT

BioRobotics

Corp.*(a)

5,432

178,224

Pulmonx

Corp.*(a)

5,714

59,026

Pulse

Biosciences,

Inc.*(a)

2,248

9,059

RxSight,

Inc.*

4,061

113,261

Sanara

Medtech,

Inc.*(a)

526

16,374

Semler

Scientific,

Inc.*

712

18,063

SI-BONE,

Inc.*

5,360

113,846

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Sight

Sciences,

Inc.*

3,605

12,149

Silk

Road

Medical,

Inc.*

5,870

87,991

STAAR

Surgical

Co.*(a)

7,273

292,229

Surmodics,

Inc.*

2,093

67,164

Tactile

Systems

Technology,

Inc.*

3,497

49,133

Tela

Bio,

Inc.*

2,240

17,920

TransMedics

Group,

Inc.*(a)

4,753

260,227

Treace

Medical

Concepts,

Inc.*

6,680

87,575

UFP

Technologies,

Inc.*(a)

1,088

175,658

Utah

Medical

Products,

Inc.

445

38,270

Varex

Imaging

Corp.*(a)

5,778

108,569

Vicarious

Surgical,

Inc.,

Class

A*

11,193

6,612

Zimvie,

Inc.*

3,974

37,395

Zynex,

Inc.*(a)

3,154

25,232

10,136,452

Health

Care

Providers

&

Services

2.6%

23andMe

Holding

Co.,

Class

A*(a)

39,371

38,493

Accolade,

Inc.*

10,022

106,033

AdaptHealth

Corp.,

Class

A*(a)

14,311

130,230

Addus

HomeCare

Corp.*

2,373

202,156

Agiliti,

Inc.*

4,297

27,887

AirSculpt

Technologies,

Inc.*(a)

2,144

14,665

Alignment

Healthcare,

Inc.*

12,946

89,845

AMN

Healthcare

Services,

Inc.*

5,983

509,632

Apollo

Medical

Holdings,

Inc.*

6,431

198,396

Aveanna

Healthcare

Holdings,

Inc.*(a)

8,039

9,566

Brookdale

Senior

Living,

Inc.*(a)

27,947

115,701

Cano

Health,

Inc.*(a)

36,372

9,224

CareMax,

Inc.*(a)

11,552

24,490

Castle

Biosciences,

Inc.*

3,739

63,152

Community

Health

Systems,

Inc.*(a)

19,521

56,611

CorVel

Corp.*

1,315

258,595

Cross

Country

Healthcare,

Inc.*

5,068

125,636

DocGo,

Inc.*(a)

11,669

62,196

Enhabit,

Inc.*

7,512

84,510

Ensign

Group,

Inc.

(The)(a)

8,156

757,937

Fulgent

Genetics,

Inc.*(a)

3,045

81,423

Guardant

Health,

Inc.*

17,083

506,340

HealthEquity,

Inc.*

12,665

925,178

Hims

&

Hers

Health,

Inc.*

18,611

117,063

InfuSystem

Holdings,

Inc.*(a)

2,391

23,049

Innovage

Holding

Corp.*(a)

2,750

16,472

Invitae

Corp.*(a)

38,083

23,048

Joint

Corp.

(The)*

2,244

20,174

LifeStance

Health

Group,

Inc.*(a)

15,905

109,267

ModivCare,

Inc.*

1,813

57,128

National

HealthCare

Corp.

1,820

116,444

National

Research

Corp.(a)

2,083

92,423

NeoGenomics,

Inc.*

19,359

238,116

OPKO

Health,

Inc.*(a)

60,959

97,534

122

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Option

Care

Health,

Inc.*

25,616

828,678

Owens

&

Minor,

Inc.*(a)

11,093

179,263

P3

Health

Partners,

Inc.*(a)

6,298

9,258

Patterson

Cos.,

Inc.

12,965

384,283

Pediatrix

Medical

Group,

Inc.*

12,860

163,451

Pennant

Group,

Inc.

(The)*

4,426

49,261

PetIQ,

Inc.,

Class

A*

4,012

79,036

Privia

Health

Group,

Inc.*(a)

16,689

383,847

Progyny,

Inc.*

11,720

398,714

Quipt

Home

Medical

Corp.*

5,166

26,295

RadNet,

Inc.*

8,932

251,793

Select

Medical

Holdings

Corp.

15,505

391,811

Surgery

Partners,

Inc.*(a)

10,155

297,034

US

Physical

Therapy,

Inc.

2,195

201,347

Viemed

Healthcare,

Inc.*

4,490

30,218

8,982,903

Health

Care

REITs

0.6%

CareTrust

REIT,

Inc.

15,651

320,846

Community

Healthcare

Trust,

Inc.

3,880

115,236

Diversified

Healthcare

Trust(a)

34,849

67,607

Global

Medical

REIT,

Inc.(a)

10,182

91,333

LTC

Properties,

Inc.

6,380

204,989

National

Health

Investors,

Inc.

6,550

336,408

Physicians

Realty

Trust(a)

36,681

447,141

Sabra

Health

Care

REIT,

Inc.

35,255

491,455

Universal

Health

Realty

Income

Trust

2,165

87,531

2,162,546

Health

Care

Technology

0.5%

American

Well

Corp.,

Class

A*

37,528

43,908

Computer

Programs

&

Systems,

Inc.*

2,114

33,697

Definitive

Healthcare

Corp.,

Class

A*(a)

7,022

56,106

Evolent

Health,

Inc.,

Class

A*(a)

16,562

450,983

Health

Catalyst,

Inc.*

8,660

87,639

HealthStream,

Inc.

3,889

83,925

Multiplan

Corp.*(a)

59,552

100,047

NextGen

Healthcare,

Inc.*

8,279

196,461

OptimizeRx

Corp.*

2,621

20,391

Phreesia,

Inc.*

7,716

144,135

Schrodinger,

Inc.*(a)

8,279

234,047

Sharecare,

Inc.*(a)

47,928

45,072

Simulations

Plus,

Inc.(a)

2,416

100,747

Veradigm,

Inc.*

16,153

212,251

1,809,409

Hotel

&

Resort

REITs

0.9%

Apple

Hospitality

REIT,

Inc.(a)

32,985

505,990

Braemar

Hotels

&

Resorts,

Inc.(a)

9,817

27,193

Chatham

Lodging

Trust

7,140

68,330

DiamondRock

Hospitality

Co.

32,123

257,948

Hersha

Hospitality

Trust,

Class

A

4,960

48,905

Pebblebrook

Hotel

Trust(a)

18,369

249,635

RLJ

Lodging

Trust

24,463

239,493

Ryman

Hospitality

Properties,

Inc.

8,699

724,453

Common

Stocks

Shares

Value

($)

Hotel

&

Resort

REITs

Service

Properties

Trust

24,677

189,766

Summit

Hotel

Properties,

Inc.

(a)

16,386

95,039

Sunstone

Hotel

Investors,

Inc.

31,965

298,873

Xenia

Hotels

&

Resorts,

Inc.

16,843

198,410

2,904,035

Hotels,

Restaurants

&

Leisure

2.2%

Accel

Entertainment,

Inc.,

Class

A*

7,738

84,731

Bally's

Corp.*(a)

4,638

60,804

Biglari

Holdings,

Inc.,

Class

B*

109

18,094

BJ's

Restaurants,

Inc.*

3,506

82,251

Bloomin'

Brands,

Inc.(a)

13,256

325,965

Bluegreen

Vacations

Holding

Corp.,

Class

A

1,535

56,304

Bowlero

Corp.,

Class

A*(a)

4,466

42,963

Brinker

International,

Inc.*

6,728

212,537

Carrols

Restaurant

Group,

Inc.*

5,291

34,868

Century

Casinos,

Inc.*

4,640

23,803

Cheesecake

Factory,

Inc.

(The)(a)

7,352

222,766

Chuy's

Holdings,

Inc.*

2,752

97,916

Cracker

Barrel

Old

Country

Store,

Inc.(a)

3,353

225,322

Dave

&

Buster's

Entertainment,

Inc.*(a)

5,434

201,438

Denny's

Corp.*

7,699

65,211

Dine

Brands

Global,

Inc.

2,384

117,889

El

Pollo

Loco

Holdings,

Inc.

3,932

35,191

Everi

Holdings,

Inc.*

12,532

165,673

Fiesta

Restaurant

Group,

Inc.*

2,329

19,703

First

Watch

Restaurant

Group,

Inc.*(a)

3,251

56,210

Full

House

Resorts,

Inc.*

5,321

22,721

Global

Business

Travel

Group

I*

4,673

25,701

Golden

Entertainment,

Inc.

3,131

107,018

Hilton

Grand

Vacations,

Inc.*

12,249

498,534

Inspired

Entertainment,

Inc.*

3,122

37,339

International

Game

Technology

plc

16,361

496,066

Jack

in

the

Box,

Inc.

3,082

212,843

Krispy

Kreme,

Inc.(a)

13,486

168,170

Kura

Sushi

USA,

Inc.,

Class

A*(a)

884

58,450

Life

Time

Group

Holdings,

Inc.*

6,766

102,911

Light

&

Wonder,

Inc.*(a)

13,763

981,715

Lindblad

Expeditions

Holdings,

Inc.*(a)

4,993

35,950

Monarch

Casino

&

Resort,

Inc.

2,077

128,982

Mondee

Holdings,

Inc.,

Class

A*(a)

6,602

23,569

Nathan's

Famous,

Inc.

319

22,541

Noodles

&

Co.,

Class

A*

6,632

16,315

ONE

Group

Hospitality,

Inc.

(The)*

3,598

19,789

Papa

John's

International,

Inc.

(a)

4,946

337,416

PlayAGS,

Inc.*

5,370

35,012

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

123

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Portillo's,

Inc.,

Class

A*

6,761

104,052

Potbelly

Corp.*

3,639

28,384

RCI

Hospitality

Holdings,

Inc.

(a)

1,273

77,220

Red

Robin

Gourmet

Burgers,

Inc.*(a)

2,358

18,958

Red

Rock

Resorts,

Inc.,

Class

A

7,188

294,708

Rush

Street

Interactive,

Inc.*

8,968

41,432

Sabre

Corp.*(a)

49,681

223,068

SeaWorld

Entertainment,

Inc.*

5,518

255,207

Shake

Shack,

Inc.,

Class

A*

5,676

329,605

Six

Flags

Entertainment

Corp.*

10,824

254,472

Super

Group

SGHC

Ltd.*(a)

20,197

74,527

Sweetgreen,

Inc.,

Class

A*(a)

14,665

172,314

Target

Hospitality

Corp.*(a)

4,946

78,542

Xponential

Fitness,

Inc.,

Class

A*(a)

3,676

56,978

7,490,148

Household

Durables

2.0%

Beazer

Homes

USA,

Inc.*

4,467

111,273

Cavco

Industries,

Inc.*(a)

1,314

349,077

Century

Communities,

Inc.

4,357

290,960

Cricut,

Inc.,

Class

A(a)

7,200

66,888

Dream

Finders

Homes,

Inc.,

Class

A*(a)

3,621

80,495

Ethan

Allen

Interiors,

Inc.(a)

3,549

106,115

GoPro,

Inc.,

Class

A*(a)

20,161

63,306

Green

Brick

Partners,

Inc.*

3,933

163,259

Helen

of

Troy

Ltd.*(a)

3,648

425,211

Hooker

Furnishings

Corp.(a)

1,597

31,062

Hovnanian

Enterprises,

Inc.,

Class

A*

704

71,569

Installed

Building

Products,

Inc.(a)

3,555

443,984

iRobot

Corp.*(a)

4,167

157,929

KB

Home

10,942

506,396

Landsea

Homes

Corp.*

2,129

19,140

La-Z-Boy,

Inc.(a)

6,445

199,022

Legacy

Housing

Corp.*

1,200

23,292

LGI

Homes,

Inc.*

3,115

309,911

Lovesac

Co.

(The)*(a)

2,163

43,087

M/I

Homes,

Inc.*

4,085

343,303

MDC

Holdings,

Inc.

8,954

369,173

Meritage

Homes

Corp.

5,459

668,127

Purple

Innovation,

Inc.,

Class

A(a)

8,758

14,976

Skyline

Champion

Corp.*

8,046

512,691

Snap

One

Holdings

Corp.*

2,953

27,286

Sonos,

Inc.*(a)

19,051

245,948

Taylor

Morrison

Home

Corp.,

Class

A*

15,820

674,090

Traeger,

Inc.*

5,223

14,259

Tri

Pointe

Homes,

Inc.*

14,796

404,671

United

Homes

Group,

Inc.*(a)

678

3,797

Vizio

Holding

Corp.,

Class

A*

11,417

61,766

VOXX

International

Corp.,

Class

A*(a)

1,940

15,481

6,817,544

Household

Products

0.3%

Central

Garden

&

Pet

Co.*

1,465

64,665

Common

Stocks

Shares

Value

($)

Household

Products

Central

Garden

&

Pet

Co.,

Class

A*

5,938

238,055

Energizer

Holdings,

Inc.(a)

10,843

347,410

Oil-Dri

Corp.

of

America(a)

718

44,336

WD-40

Co.

2,054

417,455

1,111,921

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Altus

Power,

Inc.,

Class

A*

9,953

52,253

Montauk

Renewables,

Inc.*

9,968

90,808

Ormat

Technologies,

Inc.(a)

8,052

562,996

Sunnova

Energy

International,

Inc.*(a)

15,221

159,364

865,421

Industrial

Conglomerates

0.0%

†

Brookfield

Business

Corp.,

Class

A(a)

3,942

71,271

Industrial

REITs

0.5%

Innovative

Industrial

Properties,

Inc.

4,185

316,637

LXP

Industrial

Trust

43,588

387,933

Plymouth

Industrial

REIT,

Inc.

6,507

136,322

Terreno

Realty

Corp.(a)

12,298

698,526

1,539,418

Insurance

1.8%

Ambac

Financial

Group,

Inc.*

6,990

84,299

American

Coastal

Insurance

Corp.*(a)

2,940

21,638

American

Equity

Investment

Life

Holding

Co.

11,701

627,642

AMERISAFE,

Inc.

3,149

157,670

Argo

Group

International

Holdings

Ltd.(a)

4,992

148,961

BRP

Group,

Inc.,

Class

A*(a)

9,141

212,345

CNO

Financial

Group,

Inc.

17,798

422,347

Crawford

&

Co.,

Class

A

2,335

21,809

Donegal

Group,

Inc.,

Class

A

2,925

41,696

eHealth,

Inc.*

3,786

28,016

Employers

Holdings,

Inc.

3,619

144,579

Enstar

Group

Ltd.*

1,830

442,860

F&G

Annuities

&

Life,

Inc.(a)

2,808

78,792

Fidelis

Insurance

Holdings

Ltd.*

2,415

35,452

Genworth

Financial,

Inc.,

Class

A*

63,171

370,182

GoHealth,

Inc.,

Class

A*

657

9,520

Goosehead

Insurance,

Inc.,

Class

A*(a)

3,268

243,564

Greenlight

Capital

Re

Ltd.,

Class

A*

3,835

41,188

HCI

Group,

Inc.

1,022

55,484

Hippo

Holdings,

Inc.*(a)

1,749

13,940

Horace

Mann

Educators

Corp.

5,449

160,092

Investors

Title

Co.

216

31,987

James

River

Group

Holdings

Ltd.

4,775

73,296

Kingsway

Financial

Services,

Inc.*(a)

1,171

8,841

Lemonade,

Inc.*(a)

7,827

90,950

Maiden

Holdings

Ltd.*(a)

12,618

22,208

124

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

MBIA,

Inc.*(a)

7,856

56,642

Mercury

General

Corp.

4,387

122,968

National

Western

Life

Group,

Inc.,

Class

A

347

151,809

NI

Holdings,

Inc.*

1,529

19,678

Oscar

Health,

Inc.,

Class

A*

23,266

129,592

Palomar

Holdings,

Inc.*

3,641

184,781

ProAssurance

Corp.

6,970

131,663

Safety

Insurance

Group,

Inc.

1,931

131,675

Selective

Insurance

Group,

Inc.

9,196

948,751

Selectquote,

Inc.*

22,130

25,892

SiriusPoint

Ltd.*

13,911

141,475

Skyward

Specialty

Insurance

Group,

Inc.*(a)

3,632

99,372

Stewart

Information

Services

Corp.

3,485

152,643

Tiptree,

Inc.,

Class

A

3,884

65,096

Trupanion,

Inc.*(a)

6,118

172,528

United

Fire

Group,

Inc.

3,360

66,360

Universal

Insurance

Holdings,

Inc.

4,059

56,907

6,247,190

Interactive

Media

&

Services

0.7%

Bumble,

Inc.,

Class

A*

15,098

225,262

Cargurus,

Inc.,

Class

A*

14,943

261,801

Cars.com,

Inc.*

9,974

168,162

DHI

Group,

Inc.*

6,050

18,513

Eventbrite,

Inc.,

Class

A*

11,549

113,873

EverQuote,

Inc.,

Class

A*(a)

3,294

23,816

fuboTV,

Inc.*(a)

42,779

114,220

Grindr,

Inc.*

5,915

34,011

MediaAlpha,

Inc.,

Class

A*

3,092

25,540

Nextdoor

Holdings,

Inc.*

22,351

40,679

Outbrain,

Inc.*

5,650

27,516

QuinStreet,

Inc.*

8,251

74,012

Shutterstock,

Inc.(a)

3,789

144,171

System1,

Inc.*

3,839

4,645

TrueCar,

Inc.*

12,691

26,270

Vimeo,

Inc.*

22,015

77,933

Yelp,

Inc.,

Class

A*

10,153

422,263

Ziff

Davis,

Inc.*

7,081

450,989

ZipRecruiter,

Inc.,

Class

A*

10,503

125,931

2,379,607

IT

Services

0.5%

BigBear.ai

Holdings,

Inc.*(a)

4,514

6,816

BigCommerce

Holdings,

Inc.,

Series

1*

10,316

101,819

Brightcove,

Inc.*

6,532

21,490

DigitalOcean

Holdings,

Inc.*(a)

9,605

230,808

Fastly,

Inc.,

Class

A*(a)

17,800

341,226

Grid

Dynamics

Holdings,

Inc.*(a)

8,123

98,938

Hackett

Group,

Inc.

(The)

3,896

91,907

Information

Services

Group,

Inc.

5,028

22,023

Perficient,

Inc.*

5,170

299,136

Rackspace

Technology,

Inc.*

9,045

21,256

Squarespace,

Inc.,

Class

A*

6,712

194,447

Thoughtworks

Holding,

Inc.*(a)

14,195

57,915

Tucows,

Inc.,

Class

A*(a)

1,351

27,574

Common

Stocks

Shares

Value

($)

IT

Services

Unisys

Corp.*

10,000

34,500

1,549,855

Leisure

Products

0.4%

Acushnet

Holdings

Corp.(a)

4,600

243,984

AMMO,

Inc.*(a)

13,357

26,981

Clarus

Corp.(a)

4,367

33,015

Escalade,

Inc.

1,232

18,862

Funko,

Inc.,

Class

A*(a)

5,390

41,233

JAKKS

Pacific,

Inc.*

1,006

18,702

Johnson

Outdoors,

Inc.,

Class

A(a)

808

44,190

Latham

Group,

Inc.*

6,923

19,384

Malibu

Boats,

Inc.,

Class

A*

3,081

151,031

Marine

Products

Corp.

1,063

15,105

MasterCraft

Boat

Holdings,

Inc.*

2,446

54,350

Smith

&

Wesson

Brands,

Inc.

6,985

90,176

Solo

Brands,

Inc.,

Class

A*(a)

3,415

17,416

Sturm

Ruger

&

Co.,

Inc.

2,565

133,688

Topgolf

Callaway

Brands

Corp.*(a)

21,564

298,446

Vista

Outdoor,

Inc.*(a)

8,687

287,713

1,494,276

Life

Sciences

Tools

&

Services

0.4%

Adaptive

Biotechnologies

Corp.*

17,390

94,776

Akoya

Biosciences,

Inc.*

3,898

18,126

BioLife

Solutions,

Inc.*

5,321

73,483

Codexis,

Inc.*

10,060

19,013

CryoPort,

Inc.*

5,959

81,698

Cytek

Biosciences,

Inc.*(a)

18,369

101,397

Harvard

Bioscience,

Inc.*

5,680

24,424

MaxCyte,

Inc.*(a)

13,228

41,271

Mesa

Laboratories,

Inc.

769

80,799

NanoString

Technologies,

Inc.*(a)

6,974

11,995

Nautilus

Biotechnology,

Inc.,

Class

A*

8,320

26,291

OmniAb,

Inc.*(a)

13,912

72,203

OmniAb,

Inc.*^∞(a)

1,742

0

Pacific

Biosciences

of

California,

Inc.*

38,157

318,611

Quanterix

Corp.*

5,379

145,986

Quantum-Si,

Inc.*(a)

15,042

24,970

Seer,

Inc.,

Class

A*

8,495

18,774

SomaLogic,

Inc.*(a)

23,254

55,577

1,209,394

Machinery

3.7%

374Water,

Inc.*

8,478

10,513

3D

Systems

Corp.*

19,218

94,360

Alamo

Group,

Inc.

1,518

262,402

Albany

International

Corp.,

Class

A

4,694

404,998

Astec

Industries,

Inc.

3,385

159,467

Barnes

Group,

Inc.

7,453

253,178

Blue

Bird

Corp.*

2,747

58,648

Chart

Industries,

Inc.*(a)

6,465

1,093,361

CIRCOR

International,

Inc.*

3,060

170,595

Columbus

McKinnon

Corp.

4,341

151,544

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

125

Common

Stocks

Shares

Value

($)

Machinery

Commercial

Vehicle

Group,

Inc.*

4,727

36,682

Desktop

Metal,

Inc.,

Class

A*(a)

40,602

59,279

Douglas

Dynamics,

Inc.

3,440

103,819

Energy

Recovery,

Inc.*

8,494

180,158

Enerpac

Tool

Group

Corp.,

Class

A

8,649

228,593

EnPro

Industries,

Inc.

3,157

382,597

ESCO

Technologies,

Inc.

3,845

401,572

Federal

Signal

Corp.

8,939

533,926

Franklin

Electric

Co.,

Inc.

6,896

615,330

Gencor

Industries,

Inc.*

1,220

17,239

Gorman-Rupp

Co.

(The)

3,482

114,558

Greenbrier

Cos.,

Inc.

(The)

4,560

182,400

Helios

Technologies,

Inc.

4,906

272,185

Hillenbrand,

Inc.

10,315

436,428

Hillman

Solutions

Corp.*

29,036

239,547

Hyliion

Holdings

Corp.*(a)

22,896

27,017

Hyster-Yale

Materials

Handling,

Inc.

1,636

72,933

John

Bean

Technologies

Corp.

(a)

4,782

502,780

Kadant,

Inc.

1,748

394,261

Kennametal,

Inc.

12,494

310,851

Lindsay

Corp.

1,702

200,291

Luxfer

Holdings

plc

4,095

53,440

Manitowoc

Co.,

Inc.

(The)*

5,302

79,795

Mayville

Engineering

Co.,

Inc.*

1,593

17,475

Microvast

Holdings,

Inc.*(a)

16,610

31,393

Miller

Industries,

Inc.

1,581

61,991

Mueller

Industries,

Inc.

8,461

635,929

Mueller

Water

Products,

Inc.,

Class

A(a)

23,409

296,826

Nikola

Corp.*(a)

90,299

141,769

Omega

Flex,

Inc.

477

37,554

Park-Ohio

Holdings

Corp.

1,231

24,509

Proto

Labs,

Inc.*(a)

3,960

104,544

REV

Group,

Inc.(a)

4,688

75,008

Shyft

Group,

Inc.

(The)

5,328

79,760

SPX

Technologies,

Inc.*

6,613

538,298

Standex

International

Corp.

1,776

258,745

Tennant

Co.

2,792

207,027

Terex

Corp.

10,114

582,769

Titan

International,

Inc.*

7,685

103,210

Trinity

Industries,

Inc.

12,167

296,266

Velo3D,

Inc.*(a)

13,912

21,703

Wabash

National

Corp.

7,164

151,304

Watts

Water

Technologies,

Inc.,

Class

A

4,089

706,661

12,477,488

Marine

Transportation

0.3%

Costamare,

Inc.(a)

6,970

67,051

Eagle

Bulk

Shipping,

Inc.(a)

1,454

61,112

Genco

Shipping

&

Trading

Ltd.

(a)

6,516

91,159

Golden

Ocean

Group

Ltd.(a)

18,384

144,866

Himalaya

Shipping

Ltd.*

1,468

7,090

Matson,

Inc.

5,368

476,249

Pangaea

Logistics

Solutions

Ltd.(a)

4,679

27,512

Common

Stocks

Shares

Value

($)

Marine

Transportation

Safe

Bulkers,

Inc.

11,382

36,878

911,917

Media

0.7%

Advantage

Solutions,

Inc.*

14,252

40,476

AMC

Networks,

Inc.,

Class

A*

4,645

54,718

Boston

Omaha

Corp.,

Class

A*

3,394

55,628

Cardlytics,

Inc.*

5,099

84,134

Clear

Channel

Outdoor

Holdings,

Inc.*(a)

56,095

88,630

Daily

Journal

Corp.*

190

55,860

Emerald

Holding,

Inc.*(a)

2,270

10,260

Entravision

Communications

Corp.,

Class

A

9,139

33,357

EW

Scripps

Co.

(The),

Class

A*(a)

9,061

49,654

Gambling.com

Group

Ltd.*

1,227

16,049

Gannett

Co.,

Inc.*

20,676

50,656

Gray

Television,

Inc.

12,970

89,752

iHeartMedia,

Inc.,

Class

A*

16,177

51,119

Integral

Ad

Science

Holding

Corp.*

7,228

85,941

John

Wiley

&

Sons,

Inc.,

Class

A

6,592

245,025

Magnite,

Inc.*(a)

20,307

153,115

PubMatic,

Inc.,

Class

A*(a)

6,624

80,150

Scholastic

Corp.

4,070

155,230

Sinclair,

Inc.

5,405

60,644

Stagwell,

Inc.,

Class

A*

11,991

56,238

TechTarget,

Inc.*

4,005

121,592

TEGNA,

Inc.

30,535

444,895

Thryv

Holdings,

Inc.*(a)

4,632

86,943

Townsquare

Media,

Inc.,

Class

A(a)

1,528

13,324

Urban

One,

Inc.*

1,698

8,541

Urban

One,

Inc.,

Class

A*

1,171

5,878

WideOpenWest,

Inc.*(a)

7,624

58,324

2,256,133

Metals

&

Mining

1.9%

5E

Advanced

Materials,

Inc.*(a)

6,368

14,392

Alpha

Metallurgical

Resources,

Inc.

1,887

490,110

Arch

Resources,

Inc.

2,748

468,974

ATI,

Inc.*

19,392

797,981

Caledonia

Mining

Corp.

plc(a)

2,051

20,223

Carpenter

Technology

Corp.

7,215

484,920

Century

Aluminum

Co.*(a)

8,072

58,038

Coeur

Mining,

Inc.*

51,144

113,540

Commercial

Metals

Co.

17,649

872,037

Compass

Minerals

International,

Inc.(a)

5,116

142,992

Constellium

SE,

Class

A*

19,120

347,984

Contango

ORE,

Inc.*(a)

434

7,873

Dakota

Gold

Corp.*(a)

7,459

19,244

Haynes

International,

Inc.

1,905

88,621

Hecla

Mining

Co.

92,225

360,600

i-80

Gold

Corp.*

27,622

42,262

Ivanhoe

Electric,

Inc.*(a)

8,329

99,115

Kaiser

Aluminum

Corp.

2,390

179,871

Materion

Corp.(a)

3,087

314,596

Novagold

Resources,

Inc.*

36,912

141,742

126

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Olympic

Steel,

Inc.

1,447

81,336

Perpetua

Resources

Corp.*

5,196

16,939

Piedmont

Lithium,

Inc.*(a)

2,723

108,103

PolyMet

Mining

Corp.*

3,621

7,532

Ramaco

Resources,

Inc.,

Class

A(a)

3,456

37,981

Ramaco

Resources,

Inc.,

Class

B(a)

691

8,244

Ryerson

Holding

Corp.

3,644

106,004

Schnitzer

Steel

Industries,

Inc.,

Class

A

4,025

112,096

SunCoke

Energy,

Inc.

12,288

124,723

TimkenSteel

Corp.*

6,667

144,807

Tredegar

Corp.

4,091

22,132

Warrior

Met

Coal,

Inc.

7,767

396,738

Worthington

Industries,

Inc.

4,590

283,754

6,515,504

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.2%

AFC

Gamma,

Inc.(a)

2,363

27,742

Angel

Oak

Mortgage

REIT,

Inc.

1,703

14,526

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

22,094

223,812

Arbor

Realty

Trust,

Inc.(a)

24,899

377,967

Ares

Commercial

Real

Estate

Corp.(a)

8,515

81,063

ARMOUR

Residential

REIT,

Inc.(a)

34,408

146,234

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

25,823

561,650

BrightSpire

Capital,

Inc.,

Class

A(a)

20,268

126,878

Chicago

Atlantic

Real

Estate

Finance,

Inc.

2,337

34,401

Chimera

Investment

Corp.(a)

36,643

200,071

Claros

Mortgage

Trust,

Inc.(a)

13,599

150,677

Dynex

Capital,

Inc.(a)

8,184

97,717

Ellington

Financial,

Inc.(a)

9,575

119,400

Franklin

BSP

Realty

Trust,

Inc.

(a)

12,430

164,573

Granite

Point

Mortgage

Trust,

Inc.

7,976

38,923

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(a)

15,701

332,861

Invesco

Mortgage

Capital,

Inc.

(a)

6,472

64,785

KKR

Real

Estate

Finance

Trust,

Inc.(a)

8,910

105,762

Ladder

Capital

Corp.,

Class

A

16,970

174,112

MFA

Financial,

Inc.

15,210

146,166

New

York

Mortgage

Trust,

Inc.

13,838

117,484

Nexpoint

Real

Estate

Finance,

Inc.

1,188

19,436

Orchid

Island

Capital,

Inc.(a)

6,631

56,430

PennyMac

Mortgage

Investment

Trust(a)

13,670

169,508

Ready

Capital

Corp.(a)

24,001

242,650

Redwood

Trust,

Inc.(a)

17,425

124,240

TPG

RE

Finance

Trust,

Inc.(a)

10,417

70,106

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Two

Harbors

Investment

Corp.

14,572

192,933

4,182,107

Multi-Utilities

0.4%

Avista

Corp.

10,875

352,024

Black

Hills

Corp.

10,265

519,306

Northwestern

Energy

Group,

Inc.

9,294

446,670

Unitil

Corp.

2,310

98,660

1,416,660

Office

REITs

0.7%

Brandywine

Realty

Trust

26,714

121,282

City

Office

REIT,

Inc.

6,201

26,354

COPT

Defense

Properties

16,899

402,703

Douglas

Emmett,

Inc.(a)

11,726

149,624

Easterly

Government

Properties,

Inc.,

Class

A(a)

14,416

164,775

Equity

Commonwealth

15,829

290,779

Hudson

Pacific

Properties,

Inc.

20,695

137,622

JBG

SMITH

Properties

16,468

238,127

Office

Properties

Income

Trust(a)

7,536

30,898

Orion

Office

REIT,

Inc.

8,563

44,613

Paramount

Group,

Inc.(a)

29,075

134,326

Peakstone

Realty

Trust(a)

5,475

91,104

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

19,609

110,203

Postal

Realty

Trust,

Inc.,

Class

A

3,118

42,093

SL

Green

Realty

Corp.(a)

8,505

317,236

2,301,739

Oil,

Gas

&

Consumable

Fuels

5.4%

Amplify

Energy

Corp.*

5,927

43,563

Ardmore

Shipping

Corp.

6,142

79,907

Berry

Corp.

12,278

100,680

California

Resources

Corp.(a)

10,810

605,468

Callon

Petroleum

Co.*

9,179

359,082

Centrus

Energy

Corp.,

Class

A*(a)

1,877

106,538

Chord

Energy

Corp.

6,360

1,030,765

Civitas

Resources,

Inc.(a)

10,514

850,267

Clean

Energy

Fuels

Corp.*(a)

25,598

98,040

CNX

Resources

Corp.*(a)

24,056

543,184

Comstock

Resources,

Inc.(a)

13,773

151,916

CONSOL

Energy,

Inc.(a)

5,045

529,271

Crescent

Energy

Co.,

Class

A(a)

5,728

72,402

CVR

Energy,

Inc.(a)

4,970

169,129

Delek

US

Holdings,

Inc.

10,361

294,356

Denbury,

Inc.*

7,680

752,717

DHT

Holdings,

Inc.

20,706

213,272

Dorian

LPG

Ltd.

4,899

140,748

Earthstone

Energy,

Inc.,

Class

A*

8,658

175,238

Empire

Petroleum

Corp.*(a)

1,530

14,734

Encore

Energy

Corp.*

20,826

67,893

Energy

Fuels,

Inc.*

23,465

192,882

Enviva,

Inc.(a)

4,664

34,840

Equitrans

Midstream

Corp.

65,657

615,206

Evolution

Petroleum

Corp.(a)

4,403

30,117

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

127

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Excelerate

Energy,

Inc.,

Class

A

2,900

49,416

FLEX

LNG

Ltd.(a)

4,419

133,277

Gevo,

Inc.*(a)

38,577

45,907

Golar

LNG

Ltd.

15,457

374,987

Granite

Ridge

Resources,

Inc.

(a)

3,387

20,661

Green

Plains,

Inc.*(a)

5,719

172,142

Gulfport

Energy

Corp.*

1,657

196,620

Hallador

Energy

Co.*(a)

3,180

45,856

HighPeak

Energy,

Inc.(a)

1,620

27,346

International

Seaways,

Inc.(a)

6,054

272,430

Kinetik

Holdings,

Inc.,

Class

A(a)

2,568

86,670

Kosmos

Energy

Ltd.*

68,582

561,001

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

27,819

637,333

Matador

Resources

Co.

17,118

1,018,179

Murphy

Oil

Corp.

22,651

1,027,223

NACCO

Industries,

Inc.,

Class

A

573

20,095

NextDecade

Corp.*(a)

4,704

24,084

Nordic

American

Tankers

Ltd.

30,301

124,840

Northern

Oil

and

Gas,

Inc.(a)

12,287

494,306

Overseas

Shipholding

Group,

Inc.,

Class

A*

8,420

36,964

Par

Pacific

Holdings,

Inc.*

8,782

315,625

PBF

Energy,

Inc.,

Class

A

17,154

918,254

Peabody

Energy

Corp.

18,705

486,143

Permian

Resources

Corp.,

Class

A(a)

41,356

577,330

PrimeEnergy

Resources

Corp.*(a)

74

8,583

REX

American

Resources

Corp.*

2,466

100,416

Riley

Exploration

Permian,

Inc.

(a)

1,322

42,026

Ring

Energy,

Inc.*(a)

19,283

37,602

SandRidge

Energy,

Inc.

3,038

47,575

Scorpio

Tankers,

Inc.

7,442

402,761

SFL

Corp.

Ltd.

16,905

188,491

SilverBow

Resources,

Inc.*(a)

2,694

96,364

Sitio

Royalties

Corp.,

Class

A(a)

12,168

294,587

SM

Energy

Co.

18,135

719,053

Talos

Energy,

Inc.*

16,530

271,753

Teekay

Corp.*

9,356

57,727

Teekay

Tankers

Ltd.,

Class

A

3,531

146,996

Tellurian,

Inc.*(a)

78,293

90,820

Uranium

Energy

Corp.*(a)

55,576

286,216

VAALCO

Energy,

Inc.(a)

16,270

71,425

Verde

Clean

Fuels,

Inc.*(a)

699

2,635

Vertex

Energy,

Inc.*(a)

10,179

45,297

Vital

Energy,

Inc.*(a)

2,514

139,326

Vitesse

Energy,

Inc.(a)

3,717

85,082

W&T

Offshore,

Inc.*

15,523

67,991

World

Kinect

Corp.

9,357

209,877

18,351,507

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

2,477

89,792

Glatfelter

Corp.*(a)

6,936

13,872

Common

Stocks

Shares

Value

($)

Paper

&

Forest

Products

Sylvamo

Corp.(a)

5,580

245,185

348,849

Passenger

Airlines

0.4%

Allegiant

Travel

Co.

2,427

186,539

Blade

Air

Mobility,

Inc.*(a)

9,653

25,001

Frontier

Group

Holdings,

Inc.*(a)

5,920

28,653

Hawaiian

Holdings,

Inc.*(a)

7,633

48,317

JetBlue

Airways

Corp.*

49,947

229,756

Joby

Aviation,

Inc.*(a)

42,036

271,132

SkyWest,

Inc.*

6,652

278,985

Spirit

Airlines,

Inc.

16,426

271,029

Sun

Country

Airlines

Holdings,

Inc.*(a)

5,644

83,757

1,423,169

Personal

Care

Products

0.9%

Beauty

Health

Co.

(The)*

12,420

74,768

BellRing

Brands,

Inc.*

20,169

831,568

Edgewell

Personal

Care

Co.(a)

7,786

287,770

elf

Beauty,

Inc.*

8,020

880,837

Herbalife

Ltd.*(a)

14,728

206,045

Inter

Parfums,

Inc.

2,761

370,913

Medifast,

Inc.(a)

1,641

122,829

Nature's

Sunshine

Products,

Inc.*

2,114

35,029

Nu

Skin

Enterprises,

Inc.,

Class

A

7,937

168,344

Thorne

HealthTech,

Inc.*(a)

2,106

21,460

USANA

Health

Sciences,

Inc.*

1,730

101,395

Waldencast

plc,

Class

A*(a)

5,220

49,172

3,150,130

Pharmaceuticals

1.7%

Aclaris

Therapeutics,

Inc.*

10,643

72,905

Amneal

Pharmaceuticals,

Inc.*

18,544

78,256

Amphastar

Pharmaceuticals,

Inc.*

5,765

265,132

Amylyx

Pharmaceuticals,

Inc.*

7,707

141,115

ANI

Pharmaceuticals,

Inc.*

2,182

126,687

Arvinas,

Inc.*

7,453

146,377

Assertio

Holdings,

Inc.*(a)

13,126

33,603

Atea

Pharmaceuticals,

Inc.*

12,355

37,065

Axsome

Therapeutics,

Inc.*(a)

5,291

369,788

Biote

Corp.,

Class

A*

1,539

7,880

Bright

Green

Corp.*(a)

9,488

3,756

Cara

Therapeutics,

Inc.*

7,085

11,903

Cassava

Sciences,

Inc.*(a)

5,978

99,474

Citius

Pharmaceuticals,

Inc.*(a)

17,486

11,967

Collegium

Pharmaceutical,

Inc.*(a)

5,172

115,594

Corcept

Therapeutics,

Inc.*(a)

12,071

328,874

CorMedix,

Inc.*(a)

8,284

30,651

Cymabay

Therapeutics,

Inc.*

14,891

222,025

Edgewise

Therapeutics,

Inc.*(a)

6,605

37,847

Enliven

Therapeutics,

Inc.*(a)

3,400

46,444

Evolus,

Inc.*(a)

6,226

56,906

Eyenovia,

Inc.*(a)

3,825

6,349

EyePoint

Pharmaceuticals,

Inc.*(a)

3,716

29,691

128

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Harmony

Biosciences

Holdings,

Inc.*

4,977

163,096

Harrow,

Inc.*

4,375

62,869

Ikena

Oncology,

Inc.*(a)

3,026

13,103

Innoviva,

Inc.*(a)

8,957

116,351

Intra-Cellular

Therapies,

Inc.*

14,089

733,896

Ligand

Pharmaceuticals,

Inc.*

2,487

149,021

Liquidia

Corp.*(a)

7,017

44,488

Longboard

Pharmaceuticals,

Inc.*(a)

2,158

11,998

Marinus

Pharmaceuticals,

Inc.*(a)

7,464

60,085

NGM

Biopharmaceuticals,

Inc.*

6,878

7,359

Nuvation

Bio,

Inc.*

22,014

29,499

Ocular

Therapeutix,

Inc.*(a)

11,904

37,379

Omeros

Corp.*(a)

9,036

26,385

Optinose,

Inc.*(a)

10,065

12,380

Pacira

BioSciences,

Inc.*

6,883

211,170

Phathom

Pharmaceuticals,

Inc.*(a)

4,639

48,106

Phibro

Animal

Health

Corp.,

Class

A

3,214

41,043

Pliant

Therapeutics,

Inc.*(a)

8,499

147,373

Prestige

Consumer

Healthcare,

Inc.*

7,529

430,584

Rain

Oncology,

Inc.*

5,357

4,617

Revance

Therapeutics,

Inc.*

12,457

142,882

Scilex

Holding

Co.*(a)

9,936

13,910

scPharmaceuticals,

Inc.*(a)

4,250

30,260

SIGA

Technologies,

Inc.(a)

7,082

37,180

Supernus

Pharmaceuticals,

Inc.*

7,265

200,296

Taro

Pharmaceutical

Industries

Ltd.*

1,177

44,385

Tarsus

Pharmaceuticals,

Inc.*(a)

3,451

61,324

Terns

Pharmaceuticals,

Inc.*(a)

6,372

32,051

Theravance

Biopharma,

Inc.*(a)

8,185

70,637

Theseus

Pharmaceuticals,

Inc.*

2,825

7,599

Third

Harmonic

Bio,

Inc.*(a)

3,273

20,914

Trevi

Therapeutics,

Inc.*

6,083

13,261

Ventyx

Biosciences,

Inc.*(a)

7,023

243,909

Verrica

Pharmaceuticals,

Inc.*(a)

3,081

11,970

WaVe

Life

Sciences

Ltd.*(a)

8,614

49,530

Xeris

Biopharma

Holdings,

Inc.*

21,127

39,296

Zevra

Therapeutics,

Inc.*(a)

5,162

24,881

5,675,376

Professional

Services

2.4%

Alight,

Inc.,

Class

A*

60,477

428,782

ASGN,

Inc.*

7,356

600,838

Asure

Software,

Inc.*

3,099

29,317

Barrett

Business

Services,

Inc.

1,002

90,420

BlackSky

Technology,

Inc.,

Class

A*(a)

18,256

21,359

CBIZ,

Inc.*

7,182

372,746

Common

Stocks

Shares

Value

($)

Professional

Services

Conduent,

Inc.*

26,608

92,596

CRA

International,

Inc.

1,018

102,574

CSG

Systems

International,

Inc.(a)

4,863

248,597

ExlService

Holdings,

Inc.*

24,216

679,017

Exponent,

Inc.

7,570

647,992

First

Advantage

Corp.(a)

8,443

116,429

FiscalNote

Holdings,

Inc.*

9,675

20,124

Forrester

Research,

Inc.*

1,832

52,945

Franklin

Covey

Co.*

1,668

71,591

Heidrick

&

Struggles

International,

Inc.

3,031

75,836

HireQuest,

Inc.(a)

773

11,927

HireRight

Holdings

Corp.*(a)

2,403

22,853

Huron

Consulting

Group,

Inc.*

2,878

299,772

IBEX

Holdings

Ltd.*

1,730

26,728

ICF

International,

Inc.

2,806

338,993

Innodata,

Inc.*(a)

3,765

32,115

Insperity,

Inc.

5,462

533,091

Kelly

Services,

Inc.,

Class

A

4,821

87,694

Kforce,

Inc.

2,981

177,846

Korn

Ferry

7,818

370,886

Legalzoom.com,

Inc.*

15,767

172,491

Maximus,

Inc.

9,140

682,575

Mistras

Group,

Inc.*(a)

2,906

15,838

NV5

Global,

Inc.*

2,057

197,945

Planet

Labs

PBC*(a)

25,457

66,188

Resources

Connection,

Inc.

5,026

74,938

Skillsoft

Corp.*(a)

11,485

10,180

Sterling

Check

Corp.*(a)

4,725

59,629

TriNet

Group,

Inc.*(a)

5,695

663,354

TrueBlue,

Inc.*

4,440

65,135

TTEC

Holdings,

Inc.

2,995

78,529

Upwork,

Inc.*

18,517

210,353

Verra

Mobility

Corp.,

Class

A*

21,231

397,020

Willdan

Group,

Inc.*

1,764

36,038

8,283,281

Real

Estate

Management

&

Development

0.7%

American

Realty

Investors,

Inc.*(a)

366

5,351

Anywhere

Real

Estate,

Inc.*

16,668

107,175

Compass,

Inc.,

Class

A*

45,448

131,799

Cushman

&

Wakefield

plc*(a)

24,335

185,433

DigitalBridge

Group,

Inc.

24,244

426,210

Douglas

Elliman,

Inc.

11,808

26,686

eXp

World

Holdings,

Inc.(a)

10,846

176,139

Forestar

Group,

Inc.*

2,702

72,792

FRP

Holdings,

Inc.*

1,026

55,373

Kennedy-Wilson

Holdings,

Inc.

(a)

18,380

270,921

Marcus

&

Millichap,

Inc.(a)

3,618

106,152

Maui

Land

&

Pineapple

Co.,

Inc.*(a)

874

11,581

Newmark

Group,

Inc.,

Class

A

20,996

135,004

Opendoor

Technologies,

Inc.*(a)

82,349

217,401

RE/MAX

Holdings,

Inc.,

Class

A

2,763

35,753

Redfin

Corp.*(a)

15,928

112,133

RMR

Group,

Inc.

(The),

Class

A

2,277

55,832

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

129

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

St

Joe

Co.

(The)

5,192

282,082

Stratus

Properties,

Inc.*

834

22,852

Tejon

Ranch

Co.*

2,733

44,329

Transcontinental

Realty

Investors,

Inc.*

178

5,450

2,486,448

Residential

REITs

0.4%

Apartment

Investment

and

Management

Co.,

Class

A*(a)

22,089

150,205

BRT

Apartments

Corp.

1,783

30,792

Centerspace

2,384

143,660

Clipper

Realty,

Inc.

2,440

12,639

Elme

Communities

13,072

178,302

Independence

Realty

Trust,

Inc.

34,163

480,673

NexPoint

Residential

Trust,

Inc.

3,382

108,833

UMH

Properties,

Inc.

8,492

119,058

Veris

Residential,

Inc.

12,021

198,347

1,422,509

Retail

REITs

1.2%

Acadia

Realty

Trust

12,772

183,278

Alexander's,

Inc.(a)

322

58,678

CBL

&

Associates

Properties,

Inc.(a)

4,102

86,060

Getty

Realty

Corp.(a)

7,101

196,911

InvenTrust

Properties

Corp.(a)

10,726

255,386

Kite

Realty

Group

Trust(a)

32,903

704,782

Macerich

Co.

(The)(a)

33,110

361,230

NETSTREIT

Corp.(a)

9,886

154,024

Phillips

Edison

&

Co.,

Inc.(a)

17,680

592,987

Retail

Opportunity

Investments

Corp.

19,428

240,519

RPT

Realty

12,791

135,073

Saul

Centers,

Inc.(a)

1,746

61,581

SITE

Centers

Corp.

29,396

362,453

Tanger

Factory

Outlet

Centers,

Inc.(a)

15,468

349,577

Urban

Edge

Properties(a)

17,692

269,980

Whitestone

REIT

7,288

70,183

4,082,702

Semiconductors

&

Semiconductor

Equipment

3.1%

ACM

Research,

Inc.,

Class

A*

7,303

132,221

Aehr

Test

Systems*(a)

3,886

177,590

Alpha

&

Omega

Semiconductor

Ltd.*

3,550

105,932

Ambarella,

Inc.*

5,724

303,544

Amkor

Technology,

Inc.

15,404

348,130

Atomera,

Inc.*(a)

3,049

19,087

Axcelis

Technologies,

Inc.*

4,903

799,434

CEVA,

Inc.*

3,564

69,106

Cohu,

Inc.*

7,083

243,939

Credo

Technology

Group

Holding

Ltd.*

14,673

223,763

Diodes,

Inc.*

6,786

535,008

FormFactor,

Inc.*

11,697

408,693

Ichor

Holdings

Ltd.*(a)

4,397

136,131

Impinj,

Inc.*(a)

3,453

190,019

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

indie

Semiconductor,

Inc.,

Class

A*(a)

20,687

130,328

inTEST

Corp.*

1,533

23,256

Kulicke

&

Soffa

Industries,

Inc.

(a)

8,325

404,845

MACOM

Technology

Solutions

Holdings,

Inc.*

8,104

661,124

Maxeon

Solar

Technologies

Ltd.*(a)

4,424

51,274

MaxLinear,

Inc.,

Class

A*

11,299

251,403

Navitas

Semiconductor

Corp.,

Class

A*(a)

16,412

114,063

NVE

Corp.(a)

686

56,348

Onto

Innovation,

Inc.*

7,354

937,782

PDF

Solutions,

Inc.*(a)

4,659

150,952

Photronics,

Inc.*

9,270

187,347

Power

Integrations,

Inc.

8,535

651,306

Rambus,

Inc.*

16,428

916,518

Semtech

Corp.*(a)

9,458

243,543

Silicon

Laboratories,

Inc.*

4,785

554,534

SiTime

Corp.*(a)

2,577

294,422

SkyWater

Technology,

Inc.*

2,649

15,947

SMART

Global

Holdings,

Inc.*(a)

7,475

182,016

Synaptics,

Inc.*

5,925

529,932

Transphorm,

Inc.*(a)

5,074

11,264

Ultra

Clean

Holdings,

Inc.*

6,740

199,976

Veeco

Instruments,

Inc.*(a)

7,546

212,118

10,472,895

Software

5.4%

8x8,

Inc.*(a)

17,015

42,878

A10

Networks,

Inc.

10,568

158,837

ACI

Worldwide,

Inc.*

16,567

373,752

Adeia,

Inc.

16,113

172,087

Agilysys,

Inc.*

3,073

203,310

Alarm.com

Holdings,

Inc.*

7,177

438,802

Alkami

Technology,

Inc.*(a)

6,069

110,577

Altair

Engineering,

Inc.,

Class

A*(a)

8,123

508,175

American

Software,

Inc.,

Class

A

5,207

59,672

Amplitude,

Inc.,

Class

A*

10,360

119,865

Appfolio,

Inc.,

Class

A*

2,897

529,079

Appian

Corp.,

Class

A*

6,175

281,642

Applied

Digital

Corp.*(a)

10,251

63,966

Asana,

Inc.,

Class

A*(a)

11,948

218,768

Aurora

Innovation,

Inc.*(a)

50,190

117,947

AvePoint,

Inc.*

22,939

154,150

Bit

Digital,

Inc.*(a)

11,208

23,985

Blackbaud,

Inc.*

6,541

459,963

BlackLine,

Inc.*

8,458

469,165

Box,

Inc.,

Class

A*

21,175

512,647

Braze,

Inc.,

Class

A*

7,916

369,915

C3.ai,

Inc.,

Class

A*(a)

9,129

232,972

Cerence,

Inc.*(a)

6,233

126,966

Cipher

Mining,

Inc.*(a)

5,951

13,866

Cleanspark,

Inc.*(a)

16,754

63,833

Clear

Secure,

Inc.,

Class

A

12,569

239,314

CommVault

Systems,

Inc.*

6,655

449,945

Consensus

Cloud

Solutions,

Inc.*

3,057

76,975

130

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

CoreCard

Corp.*

976

19,520

Couchbase,

Inc.*(a)

5,128

87,996

CS

Disco,

Inc.*(a)

3,220

21,381

Digimarc

Corp.*(a)

2,116

68,749

Digital

Turbine,

Inc.*

14,091

85,251

Domo,

Inc.,

Class

B*

4,448

43,635

E2open

Parent

Holdings,

Inc.*(a)

25,824

117,241

Ebix,

Inc.(a)

3,945

38,977

eGain

Corp.*

3,411

20,909

Enfusion,

Inc.,

Class

A*(a)

5,647

50,654

EngageSmart,

Inc.*

7,180

129,168

Envestnet,

Inc.*

6,895

303,587

Everbridge,

Inc.*

6,260

140,349

EverCommerce,

Inc.*

3,476

34,864

Expensify,

Inc.,

Class

A*

8,499

27,622

Freshworks,

Inc.,

Class

A*(a)

24,276

483,578

Instructure

Holdings,

Inc.*(a)

2,742

69,647

Intapp,

Inc.*

3,352

112,359

InterDigital,

Inc.

4,068

326,416

Jamf

Holding

Corp.*(a)

10,466

184,830

Kaltura,

Inc.*

11,922

20,625

LivePerson,

Inc.*

11,083

43,113

LiveRamp

Holdings,

Inc.*

9,956

287,131

LiveVox

Holdings,

Inc.*(a)

4,142

13,834

Marathon

Digital

Holdings,

Inc.*(a)

26,044

221,374

Matterport,

Inc.*(a)

38,365

83,252

MeridianLink,

Inc.*(a)

3,955

67,472

MicroStrategy,

Inc.,

Class

A*(a)

1,663

545,930

Mitek

Systems,

Inc.*(a)

6,120

65,606

Model

N,

Inc.*(a)

5,512

134,548

N-able,

Inc.*

10,467

135,024

NextNav,

Inc.*(a)

7,795

40,066

Olo,

Inc.,

Class

A*

15,691

95,087

ON24,

Inc.(a)

4,525

28,643

OneSpan,

Inc.*

6,055

65,091

PagerDuty,

Inc.*(a)

13,384

301,006

PowerSchool

Holdings,

Inc.,

Class

A*(a)

8,399

190,321

Progress

Software

Corp.

6,513

342,454

PROS

Holdings,

Inc.*(a)

6,739

233,304

Q2

Holdings,

Inc.*

8,563

276,328

Qualys,

Inc.*

5,606

855,195

Rapid7,

Inc.*(a)

9,026

413,210

Red

Violet,

Inc.*(a)

1,649

32,997

Rimini

Street,

Inc.*

6,988

15,374

Riot

Platforms,

Inc.*(a)

25,732

240,080

Sapiens

International

Corp.

NV

4,618

131,290

SEMrush

Holdings,

Inc.,

Class

A*

4,740

40,290

SolarWinds

Corp.*

7,865

74,246

SoundHound

AI,

Inc.,

Class

A*(a)

21,434

43,082

SoundThinking,

Inc.*

1,386

24,809

Sprinklr,

Inc.,

Class

A*

15,576

215,572

Sprout

Social,

Inc.,

Class

A*(a)

7,288

363,525

SPS

Commerce,

Inc.*

5,527

942,961

Tenable

Holdings,

Inc.*

17,203

770,694

Terawulf,

Inc.*(a)

20,447

25,763

Common

Stocks

Shares

Value

($)

Software

Varonis

Systems,

Inc.,

Class

B*

16,313

498,199

Verint

Systems,

Inc.*

9,618

221,118

Veritone,

Inc.*(a)

3,676

9,484

Viant

Technology,

Inc.,

Class

A*

2,617

14,655

Weave

Communications,

Inc.*

4,768

38,859

Workiva,

Inc.,

Class

A*

7,376

747,484

Xperi,

Inc.*

6,445

63,548

Yext,

Inc.*

16,155

102,261

Zeta

Global

Holdings

Corp.,

Class

A*

21,149

176,594

Zuora,

Inc.,

Class

A*

19,223

158,398

18,369,683

Specialized

REITs

0.4%

Farmland

Partners,

Inc.(a)

7,688

78,879

Four

Corners

Property

Trust,

Inc.

13,416

297,701

Gladstone

Land

Corp.

5,048

71,833

Outfront

Media,

Inc.

22,912

231,411

PotlatchDeltic

Corp.

11,928

541,412

Safehold,

Inc.(a)

6,725

119,705

Uniti

Group,

Inc.

35,696

168,485

1,509,426

Specialty

Retail

2.5%

1-800-Flowers.com,

Inc.,

Class

A*

4,156

29,092

Aaron's

Co.,

Inc.

(The)

4,783

50,078

Abercrombie

&

Fitch

Co.,

Class

A*(a)

7,289

410,881

Academy

Sports

&

Outdoors,

Inc.

11,295

533,915

American

Eagle

Outfitters,

Inc.

27,381

454,798

America's

Car-Mart,

Inc.*(a)

932

84,803

Arko

Corp.

12,165

86,980

Asbury

Automotive

Group,

Inc.*

3,114

716,438

BARK,

Inc.*(a)

17,866

21,439

Big

5

Sporting

Goods

Corp.(a)

3,349

23,476

Boot

Barn

Holdings,

Inc.*

4,458

361,945

Buckle,

Inc.

(The)

4,520

150,923

Build-A-Bear

Workshop,

Inc.

2,007

59,026

Caleres,

Inc.(a)

5,232

150,472

Camping

World

Holdings,

Inc.,

Class

A

6,384

130,297

CarParts.com,

Inc.*

8,128

33,487

Carvana

Co.,

Class

A*(a)

14,478

607,786

Cato

Corp.

(The),

Class

A(a)

2,624

20,100

Chico's

FAS,

Inc.*

18,712

139,966

Children's

Place,

Inc.

(The)*

1,726

46,654

Designer

Brands,

Inc.,

Class

A(a)

7,747

98,077

Destination

XL

Group,

Inc.*

9,352

41,897

Duluth

Holdings,

Inc.,

Class

B*

1,620

9,736

Envela

Corp.*

924

4,380

EVgo,

Inc.,

Class

A*(a)

15,318

51,775

Foot

Locker,

Inc.(a)

12,610

218,783

Genesco,

Inc.*

1,780

54,860

Group

1

Automotive,

Inc.

2,108

566,441

GrowGeneration

Corp.*(a)

8,995

26,265

Guess?,

Inc.(a)

4,312

93,312

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

131

Common

Stocks

Shares

Value

($)

Specialty

Retail

Haverty

Furniture

Cos.,

Inc.

2,220

63,892

Hibbett,

Inc.

1,846

87,703

J

Jill,

Inc.*

490

14,504

Lands'

End,

Inc.*

2,516

18,795

Lazydays

Holdings,

Inc.*

1,548

11,765

Leslie's,

Inc.*(a)

26,837

151,897

MarineMax,

Inc.*(a)

3,268

107,256

Monro,

Inc.

4,704

130,630

National

Vision

Holdings,

Inc.*

11,628

188,141

ODP

Corp.

(The)*

5,033

232,273

OneWater

Marine,

Inc.,

Class

A*

1,715

43,938

Overstock.com,

Inc.*(a)

6,907

109,269

PetMed

Express,

Inc.

3,451

35,373

Rent

the

Runway,

Inc.,

Class

A*(a)

6,610

4,499

Revolve

Group,

Inc.,

Class

A*(a)

6,147

83,661

Sally

Beauty

Holdings,

Inc.*(a)

16,346

136,979

Shoe

Carnival,

Inc.

2,706

65,025

Signet

Jewelers

Ltd.(a)

6,696

480,840

Sleep

Number

Corp.*

3,329

81,860

Sonic

Automotive,

Inc.,

Class

A(a)

2,407

114,958

Sportsman's

Warehouse

Holdings,

Inc.*(a)

5,835

26,199

Stitch

Fix,

Inc.,

Class

A*

13,358

46,085

ThredUp,

Inc.,

Class

A*(a)

11,067

44,379

Tile

Shop

Holdings,

Inc.*(a)

3,839

21,076

Tilly's,

Inc.,

Class

A*

2,773

22,517

Torrid

Holdings,

Inc.*(a)

1,699

3,755

Upbound

Group,

Inc.(a)

8,260

243,257

Urban

Outfitters,

Inc.*

9,605

313,987

Warby

Parker,

Inc.,

Class

A*

12,662

166,632

Winmark

Corp.

417

155,595

Zumiez,

Inc.*

2,532

45,070

8,529,892

Technology

Hardware,

Storage

&

Peripherals

0.9%

Avid

Technology,

Inc.*

5,241

140,826

CompoSecure,

Inc.*(a)

2,189

14,119

Corsair

Gaming,

Inc.*

5,657

82,196

CPI

Card

Group,

Inc.*(a)

600

11,112

Eastman

Kodak

Co.*(a)

8,630

36,332

Immersion

Corp.(a)

5,003

33,070

Intevac,

Inc.*(a)

3,353

10,428

IonQ,

Inc.*(a)

24,234

360,602

Super

Micro

Computer,

Inc.*

6,978

1,913,507

Turtle

Beach

Corp.*

2,558

23,214

Xerox

Holdings

Corp.

17,647

276,881

2,902,287

Textiles,

Apparel

&

Luxury

Goods

0.5%

Allbirds,

Inc.,

Class

A*(a)

14,980

16,628

Figs,

Inc.,

Class

A*(a)

19,896

117,386

Fossil

Group,

Inc.*

6,867

14,146

G-III

Apparel

Group

Ltd.*

6,254

155,850

Hanesbrands,

Inc.

53,950

213,642

Kontoor

Brands,

Inc.(a)

8,534

374,728

Movado

Group,

Inc.

2,318

63,397

Oxford

Industries,

Inc.

2,289

220,042

Rocky

Brands,

Inc.

1,191

17,508

Steven

Madden

Ltd.(a)

11,303

359,096

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Vera

Bradley,

Inc.*

3,799

25,111

Wolverine

World

Wide,

Inc.

11,522

92,867

1,670,401

Tobacco

0.1%

Turning

Point

Brands,

Inc.

2,547

58,810

Universal

Corp.

3,641

171,892

Vector

Group

Ltd.

21,722

231,122

461,824

Trading

Companies

&

Distributors

2.2%

Alta

Equipment

Group,

Inc.(a)

3,295

39,738

Applied

Industrial

Technologies,

Inc.

5,792

895,501

Beacon

Roofing

Supply,

Inc.*

8,109

625,772

BlueLinx

Holdings,

Inc.*

1,293

106,142

Boise

Cascade

Co.

6,002

618,446

Custom

Truck

One

Source,

Inc.*(a)

8,074

50,059

Distribution

Solutions

Group,

Inc.*

1,374

35,724

DXP

Enterprises,

Inc.*

2,163

75,575

EVI

Industries,

Inc.*

660

16,381

FTAI

Aviation

Ltd.

15,017

533,854

GATX

Corp.

5,325

579,520

Global

Industrial

Co.

1,992

66,732

GMS,

Inc.*

6,195

396,294

H&E

Equipment

Services,

Inc.

4,923

212,624

Herc

Holdings,

Inc.

4,253

505,852

Hudson

Technologies,

Inc.*

6,555

87,181

Karat

Packaging,

Inc.

665

15,335

McGrath

RentCorp

3,653

366,177

MRC

Global,

Inc.*

12,527

128,402

NOW,

Inc.*

16,146

191,653

Rush

Enterprises,

Inc.,

Class

A

9,285

379,106

Rush

Enterprises,

Inc.,

Class

B

1,506

68,207

Textainer

Group

Holdings

Ltd.

6,320

235,420

Titan

Machinery,

Inc.*(a)

3,102

82,451

Transcat,

Inc.*

1,133

111,000

Triton

International

Ltd.∞

8,201

652,390

Veritiv

Corp.

1,964

331,720

Willis

Lease

Finance

Corp.*

363

15,355

Xometry,

Inc.,

Class

A*(a)

5,234

88,873

7,511,484

Water

Utilities

0.5%

American

States

Water

Co.

5,517

434,078

Artesian

Resources

Corp.,

Class

A

1,277

53,621

Cadiz,

Inc.*(a)

6,055

20,042

California

Water

Service

Group

8,667

410,036

Consolidated

Water

Co.

Ltd.(a)

2,209

62,824

Global

Water

Resources,

Inc.

1,601

15,610

Middlesex

Water

Co.

2,589

171,521

Pure

Cycle

Corp.*

3,202

30,739

SJW

Group(a)

4,845

291,233

York

Water

Co.

(The)

1,918

71,906

1,561,610

Wireless

Telecommunication

Services

0.2%

Gogo,

Inc.*

9,976

119,014

132

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Wireless

Telecommunication

Services

Shenandoah

Telecommunications

Co.

7,404

152,597

Spok

Holdings,

Inc.

2,445

34,890

Telephone

&

Data

Systems,

Inc.

14,914

273,075

Tingo

Group,

Inc.*(a)

17,126

17,554

597,130

Total

Common

Stocks

(cost

$281,542,482)

337,951,974

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

2,552

0

Oncternal

Therapeutics,

Inc.,

CVR*^∞(a)

97

99

99

Pharmaceuticals

0.0%

†

Chinook

Therapeutics,

Inc.,

CVR*∞

8,695

0

Total

Rights

(cost

$6,480)

99

Repurchase

Agreements

5.8%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

BofA

Securities,

Inc.,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,000,884,

collateralized

by

U.S.

Government

Treasury

Securities,

2.75%,  maturing

8/15/2032;

total

market

value

$2,040,002.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$1,885,929,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$1,922,795.(b)

1,885,093

1,885,093

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Credit

Suisse

AG,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$7,003,092,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.38%

-

5.00%,

maturing

5/15/2037

-

2/15/2052;

total

market

value

$7,143,156.(b)

7,000,000

7,000,000

MetLife,

Inc.,

5.31%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$7,003,098,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$7,143,912.(b)

7,000,000

7,000,000

Total

Repurchase

Agreements

(cost

$19,885,093)

19,885,093

Total

Investments

(cost

$301,487,387)

—

104.8%

357,881,674

Liabilities

in

excess

of

other

assets

—

(4.8)%

(16,492,058)

NET

ASSETS

—

100.0%

$

341,389,616

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$74,614,046,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$19,885,093

and

by

$57,620,709

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$77,505,802.

(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,

2023

was

$19,885,093.

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,

2023

(Unaudited)

-

Statement

of

Investments

-

133

Futures

contracts

outstanding

as

of

September

30,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

46

12/2023

USD

4,136,780

(86,408)

Net

contracts

(86,408)

As

of

September

30,

2023,

the

Fund

had

$317,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

134

-

Statement

of

Investments

-

September

30,

2023

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

135

Level

1

Level

2

Level

3

Total

Assets:

Closed

End

Fund

$

44,508

$

–

$

–

$

44,508

Common

Stocks

Aerospace

&

Defense

3,011,598

–

–

3,011,598

Air

Freight

&

Logistics

849,677

–

–

849,677

Automobile

Components

5,110,131

–

–

5,110,131

Automobiles

473,396

–

–

473,396

Banks

28,616,870

–

–

28,616,870

Beverages

1,385,403

–

–

1,385,403

Biotechnology

22,291,325

–

–

22,291,325

Broadline

Retail

279,425

–

–

279,425

Building

Products

6,258,857

–

–

6,258,857

Capital

Markets

4,762,841

–

–

4,762,841

Chemicals

6,489,589

–

–

6,489,589

Commercial

Services

&

Supplies

5,365,386

–

–

5,365,386

Communications

Equipment

2,364,381

–

–

2,364,381

Construction

&

Engineering

5,522,609

–

–

5,522,609

Construction

Materials

1,037,710

–

–

1,037,710

Consumer

Finance

2,615,769

–

–

2,615,769

Consumer

Staples

Distribution

&

Retail

1,956,466

–

–

1,956,466

Containers

&

Packaging

1,034,957

–

–

1,034,957

Distributors

21,167

–

–

21,167

Diversified

Consumer

Services

3,922,743

–

–

3,922,743

Diversified

REITs

2,078,891

–

–

2,078,891

Diversified

Telecommunication

Services

1,402,577

–

–

1,402,577

Electric

Utilities

2,518,668

–

–

2,518,668

Electrical

Equipment

5,236,039

–

–

5,236,039

Electronic

Equipment,

Instruments

&

Components

9,313,496

–

–

9,313,496

Energy

Equipment

&

Services

10,197,081

–

–

10,197,081

Entertainment

1,449,567

–

–

1,449,567

Financial

Services

7,912,778

–

–

7,912,778

Food

Products

4,066,918

–

–

4,066,918

Gas

Utilities

3,192,131

–

–

3,192,131

Ground

Transportation

1,569,987

–

–

1,569,987

Health

Care

Equipment

&

Supplies

10,136,452

–

–

10,136,452

Health

Care

Providers

&

Services

8,982,903

–

–

8,982,903

Health

Care

REITs

2,162,546

–

–

2,162,546

Health

Care

Technology

1,809,409

–

–

1,809,409

Hotel

&

Resort

REITs

2,904,035

–

–

2,904,035

Hotels,

Restaurants

&

Leisure

7,490,148

–

–

7,490,148

Household

Durables

6,817,544

–

–

6,817,544

Household

Products

1,111,921

–

–

1,111,921

Independent

Power

and

Renewable

Electricity

Producers

865,421

–

–

865,421

Industrial

Conglomerates

71,271

–

–

71,271

Industrial

REITs

1,539,418

–

–

1,539,418

Insurance

6,247,190

–

–

6,247,190

Interactive

Media

&

Services

2,379,607

–

–

2,379,607

IT

Services

1,549,855

–

–

1,549,855

Leisure

Products

1,494,276

–

–

1,494,276

Life

Sciences

Tools

&

Services

1,209,394

–

–

1,209,394

Machinery

12,477,488

–

–

12,477,488

Marine

Transportation

911,917

–

–

911,917

Media

2,256,133

–

–

2,256,133

Metals

&

Mining

6,515,504

–

–

6,515,504

Mortgage

Real

Estate

Investment

Trusts

(REITs)

4,182,107

–

–

4,182,107

Multi-Utilities

1,416,660

–

–

1,416,660

Office

REITs

2,301,739

–

–

2,301,739

Oil,

Gas

&

Consumable

Fuels

18,351,507

–

–

18,351,507

Paper

&

Forest

Products

348,849

–

–

348,849

Passenger

Airlines

1,423,169

–

–

1,423,169

Personal

Care

Products

3,150,130

–

–

3,150,130

136

-

Statement

of

Investments

-

September

30,

2023

(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,

2023.

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

Level

1

Level

2

Level

3

Total

Assets:

Pharmaceuticals

$

5,675,376

$

–

$

–

$

5,675,376

Professional

Services

8,283,281

–

–

8,283,281

Real

Estate

Management

&

Development

2,486,448

–

–

2,486,448

Residential

REITs

1,422,509

–

–

1,422,509

Retail

REITs

4,082,702

–

–

4,082,702

Semiconductors

&

Semiconductor

Equipment

10,472,895

–

–

10,472,895

Software

18,369,683

–

–

18,369,683

Specialized

REITs

1,509,426

–

–

1,509,426

Specialty

Retail

8,529,892

–

–

8,529,892

Technology

Hardware,

Storage

&

Peripherals

2,902,287

–

–

2,902,287

Textiles,

Apparel

&

Luxury

Goods

1,670,401

–

–

1,670,401

Tobacco

461,824

–

–

461,824

Trading

Companies

&

Distributors

6,859,094

652,390

–

7,511,484

Water

Utilities

1,561,610

–

–

1,561,610

Wireless

Telecommunication

Services

597,130

–

–

597,130

Total

Common

Stocks

$

337,299,584

$

652,390

$

–

$

337,951,974

Repurchase

Agreements

–

19,885,093

–

19,885,093

Rights  

–

–

99

99

Total

Assets

$

337,344,092

$

20,537,483

$

99

$

357,881,674

Liabilities:

Futures

Contracts

$

(86,408)

$

–

$

–

$

(86,408)

Total

Liabilities

$

(86,408)

$

–

$

–

$

(86,408)

Total

$

337,257,684

$

20,537,483

$

99

$

357,795,266

As

of

September

30,

2023,

the

Fund

held

one

common

stock

investment

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Rights

Total

Balance

as

of

12/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

15,516

15,516

Purchases

—

—

Sales

(15,516)

(15,516)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

99

99

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2023

$

99

$

99

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2023

$

—

$

—

NVIT

Small

Cap

Index

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

137

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(86,408)

Total

$

(86,408)

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,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

96.7%

Shares

Value

($)

AUSTRALIA

1.7%

Hotels,

Restaurants

&

Leisure

0.5%

Flutter

Entertainment

plc

*

6,968

1,137,338

Metals

&

Mining

1.2%

Northern

Star

Resources

Ltd.

408,554

2,734,945

3,872,283

CANADA

4.0%

Chemicals

0.5%

Nutrien

Ltd.

17,427

1,076,292

Metals

&

Mining

1.2%

Pan

American

Silver

Corp.

58,147

841,969

Teck

Resources

Ltd.

,

Class

B

41,786

1,800,558

2,642,527

Oil,

Gas

&

Consumable

Fuels

2.3%

Cameco

Corp.

(a)

73,711

2,921,904

Teekay

Tankers

Ltd.

,

Class

A

23,440

975,807

Vermilion

Energy,

Inc.

(a)

106,951

1,563,624

5,461,335

9,180,154

CHINA

0.9%

Water

Utilities

0.9%

Guangdong

Investment

Ltd.

2,648,000

2,020,100

FINLAND

1.8%

Paper

&

Forest

Products

1.8%

UPM-

Kymmene

OYJ

120,440

4,119,516

FRANCE

11.5%

Banks

2.1%

BNP

Paribas

SA

74,920

4,769,627

Biotechnology

0.0%

†

DBV

Technologies

SA,

ADR

*(a)

28,997

39,436

Construction

&

Engineering

1.0%

Eiffage

SA

24,824

2,358,006

Insurance

2.5%

AXA

SA

195,264

5,783,783

Multi-Utilities

2.0%

Engie

SA

296,635

4,548,425

Oil,

Gas

&

Consumable

Fuels

3.9%

TotalEnergies

SE

134,116

8,825,820

26,325,097

GERMANY

4.1%

Automobiles

0.6%

Mercedes-Benz

Group

AG

18,082

1,259,449

Machinery

1.2%

Duerr

AG

61,724

1,676,474

KION

Group

AG

27,162

1,046,470

2,722,944

Multi-Utilities

1.3%

E.ON

SE

260,146

3,081,572

Pharmaceuticals

1.0%

Bayer

AG

(Registered)

23,964

1,150,988

Merck

KGaA

6,862

1,146,921

2,297,909

9,361,874

GREECE

0.9%

Banks

0.9%

Piraeus

Financial

Holdings

SA

*

707,395

2,097,016

Common

Stocks

Shares

Value

($)

HONG

KONG

1.1%

Food

Products

1.1%

WH

Group

Ltd.

Reg.

S

(b)

4,869,877

2,541,044

IRELAND

1.1%

Banks

1.1%

Bank

of

Ireland

Group

plc

243,848

2,394,493

Biotechnology

0.0%

†

Amarin

Corp.

plc,

ADR

*(a)

25,374

23,344

2,417,837

ISRAEL

3.5%

Banks

0.9%

Bank

Hapoalim

BM

236,830

2,105,776

Diversified

Telecommunication

Services

0.6%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

1,013,449

1,426,652

Software

2.0%

Check

Point

Software

Technologies

Ltd.

*

32,971

4,394,374

7,926,802

JAPAN

22.7%

Automobile

Components

0.5%

Koito

Manufacturing

Co.

Ltd.

(a)

76,200

1,149,417

Automobiles

1.5%

Toyota

Motor

Corp.

190,700

3,426,738

Banks

3.4%

Mebuki

Financial

Group,

Inc.

(a)

650,000

1,792,621

Sumitomo

Mitsui

Financial

Group,

Inc.

(a)

119,100

5,838,660

7,631,281

Commercial

Services

&

Supplies

0.9%

TOPPAN

Holdings,

Inc.

87,100

2,081,670

Construction

&

Engineering

0.6%

Kinden

Corp.

100,500

1,462,554

Consumer

Staples

Distribution

&

Retail

1.8%

MatsukiyoCocokara

&

Co.

160,200

2,872,028

Tsuruha

Holdings,

Inc.

19,600

1,316,673

4,188,701

Electronic

Equipment,

Instruments

&

Components

1.9%

Daiwabo

Holdings

Co.

Ltd.

169,000

3,236,270

Macnica

Holdings,

Inc.

(a)

23,500

1,103,712

4,339,982

Financial

Services

1.9%

ORIX

Corp.

236,000

4,406,561

Health

Care

Providers

&

Services

0.7%

Ship

Healthcare

Holdings,

Inc.

101,500

1,535,466

Insurance

1.5%

Dai-ichi

Life

Holdings,

Inc.

161,900

3,368,441

Leisure

Products

1.4%

Sankyo

Co.

Ltd.

71,800

3,278,122

Machinery

0.3%

Takuma

Co.

Ltd.

72,600

751,378

Pharmaceuticals

1.8%

Takeda

Pharmaceutical

Co.

Ltd.

135,900

4,220,503

Specialty

Retail

1.5%

Shimamura

Co.

Ltd.

35,300

3,487,611

2

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Trading

Companies

&

Distributors

3.0%

ITOCHU

Corp.

114,600

4,140,524

Marubeni

Corp.

171,000

2,664,973

6,805,497

52,133,922

NETHERLANDS

10.4%

Banks

2.3%

ING

Groep

NV

398,638

5,266,098

Consumer

Staples

Distribution

&

Retail

2.1%

Koninklijke

Ahold

Delhaize

NV

158,479

4,778,633

Insurance

1.7%

ASR

Nederland

NV

102,627

3,851,901

Oil,

Gas

&

Consumable

Fuels

4.3%

Shell

plc

311,550

9,891,719

23,788,351

NORWAY

0.7%

Food

Products

0.7%

Leroy

Seafood

Group

ASA

367,315

1,539,799

RUSSIA

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

LUKOIL

PJSC

^∞

10,847

0

SINGAPORE

2.4%

Electronic

Equipment,

Instruments

&

Components

1.3%

Venture

Corp.

Ltd.

328,900

2,978,631

Oil,

Gas

&

Consumable

Fuels

1.1%

BW

LPG

Ltd.

Reg.

S

(b)

191,551

2,410,526

5,389,157

SOUTH

AFRICA

0.3%

Metals

&

Mining

0.3%

Sibanye

Stillwater

Ltd.,

ADR

(a)

108,757

671,031

SOUTH

KOREA

0.8%

Broadline

Retail

0.2%

Hyundai

Home

Shopping

Network

Corp.

11,396

352,444

Textiles,

Apparel

&

Luxury

Goods

0.6%

Youngone

Corp.

38,138

1,364,828

1,717,272

SPAIN

3.2%

Banks

2.4%

Banco

Santander

SA

1,413,945

5,369,276

Electric

Utilities

0.6%

Endesa

SA

72,889

1,481,464

Energy

Equipment

&

Services

0.2%

Tecnicas

Reunidas

SA

*

37,525

365,824

7,216,564

SWEDEN

0.2%

Entertainment

0.2%

Stillfront

Group

AB

*

286,063

418,405

SWITZERLAND

3.2%

Capital

Markets

0.6%

UBS

Group

AG

(Registered)

51,240

1,266,538

Common

Stocks

Shares

Value

($)

SWITZERLAND

Pharmaceuticals

2.6%

Novartis

AG

(Registered)

59,128

6,033,653

7,300,191

TAIWAN

1.1%

Insurance

1.1%

Fubon

Financial

Holding

Co.

Ltd.

1,333,490

2,509,224

UNITED

KINGDOM

12.5%

Capital

Markets

1.1%

TP

ICAP

Group

plc

1,196,264

2,463,123

Diversified

Telecommunication

Services

2.3%

BT

Group

plc

1,859,449

2,641,261

Liberty

Global

plc

,

Class

C

*(a)

136,891

2,540,697

5,181,958

Energy

Equipment

&

Services

0.2%

John

Wood

Group

plc

*

204,408

384,741

Household

Durables

0.1%

Crest

Nicholson

Holdings

plc

140,254

297,196

Industrial

Conglomerates

1.5%

DCC

plc

63,021

3,533,069

Insurance

0.8%

Just

Group

plc

2,152,670

1,883,027

Oil,

Gas

&

Consumable

Fuels

1.1%

BP

plc

382,990

2,472,908

Pharmaceuticals

0.8%

AstraZeneca

plc,

ADR

25,900

1,753,948

Tobacco

3.1%

British

American

Tobacco

plc

166,371

5,222,727

Imperial

Brands

plc

104,391

2,119,852

7,342,579

Wireless

Telecommunication

Services

1.5%

Vodafone

Group

plc

3,649,746

3,408,101

28,720,650

UNITED

STATES

8.6%

Biotechnology

0.2%

Insmed

,

Inc.

*(a)

16,208

409,252

Sage

Therapeutics,

Inc.

*

4,820

99,196

508,448

Chemicals

0.6%

Livent

Corp.

*(a)

77,051

1,418,509

Financial

Services

1.3%

Burford

Capital

Ltd.

(a)

214,641

3,004,974

Food

Products

0.5%

JBS

SA

320,351

1,150,359

Oil,

Gas

&

Consumable

Fuels

1.8%

Diversified

Energy

Co.

plc

Reg.

S

2,645,025

2,597,589

Energy

Fuels,

Inc.

*(a)

192,539

1,582,671

4,180,260

Pharmaceuticals

4.2%

Jazz

Pharmaceuticals

plc

*

26,616

3,445,175

Sanofi

55,520

5,957,416

9,402,591

19,665,141

Total

Common

Stocks

(cost

$186,947,707)

220,931,430

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Exchange

Traded

Fund

1.8%

Shares

Value

($)

UNITED

STATES

1.8%

iShares

MSCI

EAFE

Value

ETF

(a)

84,946

4,156,408

Total

Exchange

Traded

Fund

(cost

$4,158,319)

4,156,408

Repurchase

Agreements

1.6%

Principal

Amount

($)

Bank

of

America

NA,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$200,089,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

4/1/2042

-

4/1/2046;

total

market

value

$204,000.(c)

200,000

200,000

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$2,591,332,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$2,641,986.(c)

2,590,183

2,590,183

Credit

Suisse

AG,

5.30%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$833,825,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.38%

-

5.00%,

maturing

5/15/2037

-

2/15/2052;

total

market

value

$850,501.(c)

833,456

833,456

Total

Repurchase

Agreements

(cost

$3,623,639)

3,623,639

Total

Investments

(cost

$194,729,665)

—

100.1%

228,711,477

Liabilities

in

excess

of

other

assets

—

(0.1)%

(226,266)

NET

ASSETS

—

100.0%

$

228,485,211

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$18,425,022,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,623,639

and

by

$15,916,841

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

5/15/2023

–

5/15/2053,

a

total

value

of

$19,540,480.

(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,

2023

was

$4,951,570

which

represents

2.17%

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,

2023

was

$3,623,639.

ADR

American

Depositary

Receipt

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.

4

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

EUR

434,000

USD

456,392

Goldman

Sachs

International

11/9/2023

3,184

NZD

787,000

USD

464,755

Goldman

Sachs

International

11/9/2023

6,939

SEK

61,977,000

USD

5,577,534

Goldman

Sachs

International

11/9/2023

103,969

USD

6,070,612

CAD

8,200,000

Goldman

Sachs

International

11/9/2023

30,240

USD

2,797,489

EUR

2,608,000

Goldman

Sachs

International

11/9/2023

35,799

USD

2,325,447

JPY

340,328,000

Goldman

Sachs

International

11/9/2023

33,302

USD

2,093,133

KRW

2,772,250,000

Goldman

Sachs

International

**

11/9/2023

34,485

USD

2,093,186

SGD

2,846,000

Goldman

Sachs

International

11/9/2023

7,735

USD

2,561,174

TWD

81,599,000

Goldman

Sachs

International

**

11/9/2023

21,560

Total

unrealized

appreciation

277,213

AUD

21,722,000

USD

14,032,195

Goldman

Sachs

International

11/9/2023

(47,250)

CAD

618,000

USD

457,302

Goldman

Sachs

International

11/9/2023

(2,064)

CHF

2,688,000

USD

3,024,864

Goldman

Sachs

International

11/9/2023

(76,321)

DKK

11,293,000

USD

1,629,393

Goldman

Sachs

International

11/9/2023

(25,360)

GBP

2,250,000

USD

2,791,664

Goldman

Sachs

International

11/9/2023

(45,819)

Total

unrealized

depreciation

(196,814)

Net

unrealized

appreciation

80,399

**

Non-deliverable

forward.

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

DKK

Danish

krone

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

KRW

South

Korean

won

NZD

New

Zealand

dollar

SEK

Swedish

krona

SGD

Singapore

dollar

TWD

Taiwan

new

dollar

USD

United

States

dollar

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

6

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Columbia

Overseas

Value

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Automobile

Components

$

–

$

1,149,417

$

–

$

1,149,417

Automobiles

–

4,686,187

–

4,686,187

Banks

–

29,633,567

–

29,633,567

Biotechnology

571,228

–

–

571,228

Broadline

Retail

–

352,444

–

352,444

Capital

Markets

–

3,729,661

–

3,729,661

Chemicals

2,494,801

–

–

2,494,801

Commercial

Services

&

Supplies

–

2,081,670

–

2,081,670

Construction

&

Engineering

–

3,820,560

–

3,820,560

Consumer

Staples

Distribution

&

Retail

–

8,967,334

–

8,967,334

Diversified

Telecommunication

Services

2,540,697

4,067,913

–

6,608,610

Electric

Utilities

–

1,481,464

–

1,481,464

Electronic

Equipment,

Instruments

&

Components

–

7,318,613

–

7,318,613

Energy

Equipment

&

Services

–

750,565

–

750,565

Entertainment

–

418,405

–

418,405

Financial

Services

3,004,974

4,406,561

–

7,411,535

Food

Products

1,150,359

4,080,843

–

5,231,202

Health

Care

Providers

&

Services

–

1,535,466

–

1,535,466

Hotels,

Restaurants

&

Leisure

–

1,137,338

–

1,137,338

Household

Durables

–

297,196

–

297,196

Industrial

Conglomerates

–

3,533,069

–

3,533,069

Insurance

–

17,396,376

–

17,396,376

Leisure

Products

–

3,278,122

–

3,278,122

Machinery

–

3,474,322

–

3,474,322

Metals

&

Mining

3,313,558

2,734,945

–

6,048,503

Multi-Utilities

–

7,629,997

–

7,629,997

Oil,

Gas

&

Consumable

Fuels

7,044,006

26,198,562

–

33,242,568

Paper

&

Forest

Products

–

4,119,516

–

4,119,516

Pharmaceuticals

9,419,626

14,288,978

–

23,708,604

Software

4,394,374

–

–

4,394,374

Specialty

Retail

–

3,487,611

–

3,487,611

Textiles,

Apparel

&

Luxury

Goods

–

1,364,828

–

1,364,828

Tobacco

–

7,342,579

–

7,342,579

Trading

Companies

&

Distributors

–

6,805,497

–

6,805,497

Water

Utilities

–

2,020,100

–

2,020,100

Wireless

Telecommunication

Services

–

3,408,101

–

3,408,101

Total

Common

Stocks

$

33,933,623

$

186,997,807

$

–

$

220,931,430

Exchange

Traded

Fund

4,156,408

–

–

4,156,408

Forward

Foreign

Currency

Contracts

–

277,213

–

277,213

Repurchase

Agreements

–

3,623,639

–

3,623,639

Total

Assets

$

38,090,031

$

190,898,659

$

–

$

228,988,690

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(196,814)

$

–

$

(196,814)

Total

Liabilities

$

–

$

(196,814)

$

–

$

(196,814)

Total

$

38,090,031

$

190,701,845

$

–

$

228,791,876

As

of

September

30,

2023,

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,

2023

(Unaudited)

-

Statement

of

Investments

-

7

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2023.

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,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

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,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2023:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

277,213

Total

$

277,213

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(196,814)

Total

$

(196,814)

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,

2023

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

99.4%

Shares

Value

($)

BRAZIL

3.4%

Banks

1.8%

Banco

Bradesco

SA,

ADR

982,380

2,799,783

Itau

Unibanco

Holding

SA,

ADR

895,123

4,806,811

7,606,594

Oil,

Gas

&

Consumable

Fuels

1.6%

Petroleo

Brasileiro

SA,

ADR

476,093

7,136,634

14,743,228

CHILE

1.2%

Banks

0.6%

Banco

Santander

Chile

61,969,936

2,869,592

Electrical

Equipment

0.6%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

41,641

2,484,718

5,354,310

CHINA

26.9%

Automobiles

0.6%

BYD

Co.

Ltd.

,

Class

A

76,100

2,469,098

Beverages

1.0%

Kweichow

Moutai

Co.

Ltd.

,

Class

A

16,652

4,131,377

Broadline

Retail

3.1%

Alibaba

Group

Holding

Ltd.

*

1,293,269

14,020,840

Capital

Markets

1.0%

East

Money

Information

Co.

Ltd.

,

Class

A

1,958,860

4,131,436

Diversified

Consumer

Services

0.8%

China

Education

Group

Holdings

Ltd.

Reg.

S

4,129,000

3,349,215

Electrical

Equipment

1.6%

NARI

Technology

Co.

Ltd.

,

Class

A

1,423,965

4,327,919

Sungrow

Power

Supply

Co.

Ltd.

,

Class

A

217,400

2,667,355

6,995,274

Electronic

Equipment,

Instruments

&

Components

1.5%

Sunny

Optical

Technology

Group

Co.

Ltd.

564,600

3,935,839

SUPCON

Technology

Co.

Ltd.

,

Class

A

424,110

2,777,982

6,713,821

Entertainment

2.4%

NetEase

,

Inc.

523,103

10,501,585

Health

Care

Equipment

&

Supplies

0.9%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

Class

A

111,300

4,121,734

Hotels,

Restaurants

&

Leisure

2.6%

Meituan

,

Class

B

Reg.

S

*(a)

332,120

4,821,499

Trip.com

Group

Ltd.,

ADR

*

186,600

6,525,402

11,346,901

Interactive

Media

&

Services

5.3%

Tencent

Holdings

Ltd.

609,700

23,628,958

Machinery

2.1%

Jiangsu

Hengli

Hydraulic

Co.

Ltd.

,

Class

A

274,600

2,398,740

Sany

Heavy

Industry

Co.

Ltd.

,

Class

A

1,059,946

2,302,125

Common

Stocks

Shares

Value

($)

CHINA

Machinery

Shenzhen

Envicool

Technology

Co.

Ltd.

,

Class

A

1,198,504

4,311,450

9,012,315

Passenger

Airlines

1.2%

Spring

Airlines

Co.

Ltd.

,

Class

A

*

678,225

5,083,008

Real

Estate

Management

&

Development

1.1%

KE

Holdings,

Inc.,

ADR

296,600

4,603,232

Software

1.7%

Shanghai

Baosight

Software

Co.

Ltd.

,

Class

A

1,195,069

7,416,654

117,525,448

GREECE

2.3%

Hotels,

Restaurants

&

Leisure

1.5%

OPAP

SA

396,520

6,646,826

Industrial

Conglomerates

0.8%

Mytilineos

SA

91,613

3,371,081

10,017,907

HONG

KONG

4.9%

Capital

Markets

1.8%

Hong

Kong

Exchanges

&

Clearing

Ltd.

206,800

7,709,899

Insurance

3.1%

AIA

Group

Ltd.

887,213

7,176,724

Prudential

plc

577,133

6,214,639

13,391,363

21,101,262

INDIA

18.7%

Automobile

Components

0.6%

Sona

Blw

Precision

Forgings

Ltd.

Reg.

S

(a)

375,586

2,623,822

Banks

5.8%

Axis

Bank

Ltd.

430,842

5,352,795

HDFC

Bank

Ltd.

797,432

14,603,101

HDFC

Bank

Ltd.,

ADR

90,623

5,347,663

25,303,559

Beverages

3.7%

Varun

Beverages

Ltd.

1,408,723

16,033,806

Construction

&

Engineering

2.4%

Larsen

&

Toubro

Ltd.

291,681

10,609,697

Ground

Transportation

1.3%

Container

Corp.

of

India

Ltd.

652,058

5,578,094

Health

Care

Providers

&

Services

2.4%

Max

Healthcare

Institute

Ltd.

1,528,100

10,439,944

Hotels,

Restaurants

&

Leisure

0.6%

Devyani

International

Ltd.

*

1,042,838

2,690,733

Wireless

Telecommunication

Services

1.9%

Bharti

Airtel

Ltd.

728,437

8,127,907

81,407,562

INDONESIA

3.1%

Banks

1.0%

Bank

Central

Asia

Tbk

.

PT

7,762,615

4,428,717

Chemicals

0.4%

Avia

Avian

Tbk

.

PT

46,828,400

1,700,890

NVIT

Emerging

Markets

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

INDONESIA

Diversified

Telecommunication

Services

1.7%

Telkom

Indonesia

Persero

Tbk

.

PT

30,585,500

7,418,176

13,547,783

MALAYSIA

1.3%

Banks

1.3%

Public

Bank

Bhd.

6,387,200

5,516,993

MEXICO

1.9%

Consumer

Staples

Distribution

&

Retail

1.9%

Wal-Mart

de

Mexico

SAB

de

CV

2,161,153

8,134,938

PHILIPPINES

1.1%

Food

Products

0.5%

Monde

Nissin

Corp.

Reg.

S

*(a)

13,699,300

2,186,161

Hotels,

Restaurants

&

Leisure

0.6%

Jollibee

Foods

Corp.

665,290

2,697,780

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

ACEN

Corp.

236,250

20,495

4,904,436

POLAND

0.8%

Banks

0.8%

Bank

Polska

Kasa

Opieki

SA

143,931

3,306,852

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

Consumer

Staples

Distribution

&

Retail

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

2.2%

Broadline

Retail

1.0%

Naspers

Ltd.

,

Class

N

26,055

4,157,927

Financial

Services

1.2%

FirstRand

Ltd.

1,541,099

5,193,785

9,351,712

SOUTH

KOREA

13.0%

Automobile

Components

1.0%

Hyundai

Mobis

Co.

Ltd.

25,181

4,486,130

Automobiles

0.6%

Kia

Corp.

45,092

2,706,440

Chemicals

0.7%

LG

Chem

Ltd.

8,117

2,984,289

Semiconductors

&

Semiconductor

Equipment

2.9%

HPSP

Co.

Ltd.

80,443

1,811,546

SK

Hynix,

Inc.

126,176

10,717,063

12,528,609

Technology

Hardware,

Storage

&

Peripherals

7.8%

Samsung

Electronics

Co.

Ltd.

521,509

26,422,236

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Technology

Hardware,

Storage

&

Peripherals

Samsung

Electronics

Co.

Ltd.

(Preference)

186,156

7,515,611

33,937,847

56,643,315

TAIWAN

15.2%

Communications

Equipment

1.0%

Accton

Technology

Corp.

272,541

4,162,845

Electronic

Equipment,

Instruments

&

Components

3.7%

Delta

Electronics,

Inc.

826,000

8,304,077

E

Ink

Holdings,

Inc.

470,000

2,628,878

Unimicron

Technology

Corp.

927,000

4,992,693

15,925,648

Semiconductors

&

Semiconductor

Equipment

10.5%

Alchip

Technologies

Ltd.

64,000

5,433,366

eMemory

Technology,

Inc.

81,000

5,067,510

Global

Unichip

Corp.

71,000

3,009,759

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,994,923

32,373,793

45,884,428

65,972,921

THAILAND

3.4%

Banks

1.1%

SCB

X

PCL

1,637,000

4,600,539

Hotels,

Restaurants

&

Leisure

0.7%

Minor

International

PCL

3,585,600

3,077,240

Oil,

Gas

&

Consumable

Fuels

1.1%

PTT

Exploration

&

Production

PCL

979,775

4,578,493

Specialty

Retail

0.5%

Home

Product

Center

PCL

6,734,900

2,310,427

14,566,699

Total

Common

Stocks

(cost

$440,863,301)

432,095,366

Total

Investments

(cost

$440,863,301)

—

99.4%

432,095,366

Other

assets

in

excess

of

liabilities

—

0.6%

2,551,830

NET

ASSETS

—

100.0%

$

434,647,196

*

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,

2023

was

$9,631,482

which

represents

2.22%

of

net

assets.

10

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Emerging

Markets

Fund

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.

NVIT

Emerging

Markets

Fund

-

September

30,

2023

(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.

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.

12

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

Emerging

Markets

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Automobile

Components

$

–

$

7,109,952

$

–

$

7,109,952

Automobiles

–

5,175,538

–

5,175,538

Banks

15,823,849

37,808,997

–

53,632,846

Beverages

–

20,165,183

–

20,165,183

Broadline

Retail

–

18,178,767

–

18,178,767

Capital

Markets

–

11,841,335

–

11,841,335

Chemicals

–

4,685,179

–

4,685,179

Communications

Equipment

–

4,162,845

–

4,162,845

Construction

&

Engineering

–

10,609,697

–

10,609,697

Consumer

Staples

Distribution

&

Retail

8,134,938

–

–

8,134,938

Diversified

Consumer

Services

–

3,349,215

–

3,349,215

Diversified

Telecommunication

Services

–

7,418,176

–

7,418,176

Electrical

Equipment

2,484,718

6,995,274

–

9,479,992

Electronic

Equipment,

Instruments

&

Components

–

22,639,469

–

22,639,469

Entertainment

–

10,501,585

–

10,501,585

Financial

Services

–

5,193,785

–

5,193,785

Food

Products

–

2,186,161

–

2,186,161

Ground

Transportation

–

5,578,094

–

5,578,094

Health

Care

Equipment

&

Supplies

–

4,121,734

–

4,121,734

Health

Care

Providers

&

Services

–

10,439,944

–

10,439,944

Hotels,

Restaurants

&

Leisure

9,602,642

16,856,838

–

26,459,480

Independent

Power

and

Renewable

Electricity

Producers

–

20,495

–

20,495

Industrial

Conglomerates

–

3,371,081

–

3,371,081

Insurance

–

13,391,363

–

13,391,363

Interactive

Media

&

Services

–

23,628,958

–

23,628,958

Machinery

–

9,012,315

–

9,012,315

Oil,

Gas

&

Consumable

Fuels

7,136,634

4,578,493

–

11,715,127

Passenger

Airlines

–

5,083,008

–

5,083,008

Real

Estate

Management

&

Development

4,603,232

–

–

4,603,232

Semiconductors

&

Semiconductor

Equipment

–

58,413,037

–

58,413,037

Software

–

7,416,654

–

7,416,654

Specialty

Retail

–

2,310,427

–

2,310,427

Technology

Hardware,

Storage

&

Peripherals

–

33,937,847

–

33,937,847

Wireless

Telecommunication

Services

–

8,127,907

–

8,127,907

Total

$

47,786,013

$

384,309,353

$

–

$

432,095,366

NVIT

Emerging

Markets

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

13

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. 

As

of

September

30,

2023,

the

Fund

held

five

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Total

Balance

as

of

12/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

*

4,855,320

4,855,320

Sales

(4,855,320)

(4,855,320)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2023

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2023

$

—

$

—

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,

2023

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

99.2%

Shares

Value

($)

AUSTRALIA

4.7%

Commercial

Services

&

Supplies

1.1%

Brambles

Ltd.

99,367

914,538

Health

Care

Equipment

&

Supplies

0.3%

Cochlear

Ltd.

1,699

278,505

Health

Care

Providers

&

Services

0.6%

Sonic

Healthcare

Ltd.

24,512

468,976

Hotels,

Restaurants

&

Leisure

0.8%

Aristocrat

Leisure

Ltd.

25,700

674,400

Metals

&

Mining

1.5%

Allkem

Ltd.

*(a)

11,544

86,981

BlueScope

Steel

Ltd.

19,018

237,509

Coronado

Global

Resources,

Inc.

CRDI

Reg.

S

(b)

62,183

77,873

Northern

Star

Resources

Ltd.

11,740

78,590

Perseus

Mining

Ltd.

181,118

190,081

Pilbara

Minerals

Ltd.

(a)

138,563

381,396

Ramelius

Resources

Ltd.

(a)

103,337

94,562

South32

Ltd.

29,868

65,345

1,212,337

Oil,

Gas

&

Consumable

Fuels

0.1%

New

Hope

Corp.

Ltd.

(a)

18,786

76,567

Passenger

Airlines

0.3%

Qantas

Airways

Ltd.

*

78,931

262,725

3,888,048

BRAZIL

1.6%

Banks

0.1%

Banco

Santander

Brasil

SA

11,600

60,117

Containers

&

Packaging

0.1%

Klabin

SA

18,500

87,632

Metals

&

Mining

0.1%

Vale

SA

6,500

87,390

Oil,

Gas

&

Consumable

Fuels

1.2%

Petroleo

Brasileiro

SA

(Preference)

144,900

998,564

Water

Utilities

0.1%

Cia

de

Saneamento

do

Parana

*

19,200

87,319

1,321,022

CANADA

8.0%

Broadline

Retail

1.3%

Dollarama,

Inc.

(a)

15,582

1,073,561

Consumer

Staples

Distribution

&

Retail

0.3%

Metro,

Inc.,

Class

A

4,412

229,135

Financial

Services

0.3%

Element

Fleet

Management

Corp.

14,487

207,879

Insurance

1.6%

iA

Financial

Corp.,

Inc.

1,950

122,319

Manulife

Financial

Corp.

63,989

1,169,304

1,291,623

IT

Services

1.3%

CGI,

Inc.

*

9,047

891,745

Shopify,

Inc.,

Class

A

*

3,717

202,892

1,094,637

Metals

&

Mining

0.6%

Agnico

Eagle

Mines

Ltd.

5,637

256,150

Torex

Gold

Resources,

Inc.

*

20,092

209,019

465,169

Common

Stocks

Shares

Value

($)

CANADA

Oil,

Gas

&

Consumable

Fuels

0.9%

ARC

Resources

Ltd.

(a)

8,984

143,400

Canadian

Natural

Resources

Ltd.

2,886

186,642

Tourmaline

Oil

Corp.

(a)

6,463

325,231

Vermilion

Energy,

Inc.

(a)

5,733

83,869

739,142

Software

1.7%

Constellation

Software,

Inc.

723

1,492,613

6,593,759

CHILE

0.2%

Electric

Utilities

0.2%

Enel

Chile

SA

2,752,168

167,239

CHINA

9.4%

Air

Freight

&

Logistics

0.2%

ZTO

Express

Cayman,

Inc.,

ADR

5,894

142,458

Automobiles

0.2%

BYD

Co.

Ltd.,

Class

H

5,500

169,298

Banks

0.4%

Bank

of

China

Ltd.,

Class

H

850,000

297,588

China

Merchants

Bank

Co.

Ltd.,

Class

H

16,500

68,458

366,046

Broadline

Retail

2.0%

Alibaba

Group

Holding

Ltd.

*

84,100

911,760

Alibaba

Group

Holding

Ltd.,

ADR

*

2,708

234,892

JD.com,

Inc.,

Class

A

10,307

149,811

PDD

Holdings,

Inc.,

ADR

*

2,288

224,384

Vipshop

Holdings

Ltd.,

ADR

*

12,965

207,570

1,728,417

Chemicals

0.2%

Jinan

Acetate

Chemical

Co.

Ltd.

6,000

205,718

Diversified

Telecommunication

Services

0.6%

China

Tower

Corp.

Ltd.,

Class

H

Reg.

S

(b)

5,148,000

492,632

Entertainment

1.2%

NetEase,

Inc.

36,500

732,758

Tencent

Music

Entertainment

Group,

ADR

*

35,946

229,335

962,093

Gas

Utilities

0.2%

Beijing

Enterprises

Holdings

Ltd.

23,500

80,964

Kunlun

Energy

Co.

Ltd.

102,000

87,755

168,719

Health

Care

Providers

&

Services

0.1%

Sinopharm

Group

Co.

Ltd.,

Class

H

24,800

71,996

Hotels,

Restaurants

&

Leisure

0.4%

Haidilao

International

Holding

Ltd.

Reg.

S

(b)

110,000

293,367

Household

Durables

0.1%

Hisense

Home

Appliances

Group

Co.

Ltd.

34,000

86,594

Independent

Power

and

Renewable

Electricity

Producers

0.6%

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

525,000

459,600

NVIT

International

Equity

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

CHINA

Insurance

0.7%

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

70,000

89,516

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

87,500

495,618

585,134

Interactive

Media

&

Services

1.2%

Baidu,

Inc.,

ADR

*

1,970

264,670

Tencent

Holdings

Ltd.

19,600

759,598

1,024,268

Machinery

0.4%

Yangzijiang

Shipbuilding

Holdings

Ltd.

276,300

335,290

Oil,

Gas

&

Consumable

Fuels

0.4%

PetroChina

Co.

Ltd.,

Class

H

412,000

309,286

Pharmaceuticals

0.2%

CSPC

Pharmaceutical

Group

Ltd.

259,200

189,480

Real

Estate

Management

&

Development

0.2%

China

Overseas

Property

Holdings

Ltd.

85,000

95,226

KE

Holdings,

Inc.,

ADR

5,603

86,959

182,185

Specialty

Retail

0.1%

China

Yongda

Automobiles

Services

Holdings

Ltd.

162,500

62,906

7,835,487

COLOMBIA

0.1%

Banks

0.1%

Bancolombia

SA,

ADR

(a)

2,242

59,817

DENMARK

4.2%

Marine

Transportation

0.5%

AP

Moller

-

Maersk

A/S,

Class

B

238

428,902

Pharmaceuticals

3.5%

Novo

Nordisk

A/S,

Class

B

31,510

2,866,333

Textiles,

Apparel

&

Luxury

Goods

0.2%

Pandora

A/S

1,925

198,446

3,493,681

FRANCE

6.4%

Banks

1.4%

BNP

Paribas

SA

13,227

842,070

Societe

Generale

SA

11,579

280,099

1,122,169

Building

Products

0.8%

Cie

de

Saint-Gobain

SA

11,464

686,791

Construction

&

Engineering

1.4%

Vinci

SA

11,393

1,261,283

Containers

&

Packaging

0.4%

Verallia

SA

Reg.

S

(b)

7,786

306,147

Hotels,

Restaurants

&

Leisure

0.5%

La

Francaise

des

Jeux

SAEM

Reg.

S

(b)

11,788

382,819

Insurance

0.6%

AXA

SA

16,923

501,265

IT

Services

0.4%

Capgemini

SE

1,911

331,824

Common

Stocks

Shares

Value

($)

FRANCE

Textiles,

Apparel

&

Luxury

Goods

0.8%

Hermes

International

SCA

347

630,809

Trading

Companies

&

Distributors

0.1%

Rexel

SA

4,185

93,664

5,316,771

GERMANY

4.5%

Air

Freight

&

Logistics

0.1%

Deutsche

Post

AG

2,440

99,446

Automobile

Components

0.1%

Schaeffler

AG

(Preference)

11,006

63,462

Automobiles

2.1%

Bayerische

Motoren

Werke

AG

15,386

1,567,209

Dr

Ing

hc

F

Porsche

AG

(Preference)

Reg.

S

(b)

687

64,614

1,631,823

Capital

Markets

0.5%

Deutsche

Bank

AG

(Registered)

37,417

413,173

Insurance

0.2%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

466

181,800

Machinery

0.1%

GEA

Group

AG

1,721

63,613

Rational

AG

78

49,383

112,996

Marine

Transportation

0.1%

Hapag-Lloyd

AG

Reg.

S

(a)(b)

603

109,758

Personal

Care

Products

0.2%

Beiersdorf

AG

1,302

168,120

Pharmaceuticals

0.0%

†

Merck

KGaA

208

34,765

Semiconductors

&

Semiconductor

Equipment

1.0%

Infineon

Technologies

AG

23,849

790,950

Textiles,

Apparel

&

Luxury

Goods

0.1%

HUGO

BOSS

AG

1,838

116,360

3,722,653

GREECE

0.5%

Banks

0.5%

Eurobank

Ergasias

Services

and

Holdings

SA

*

113,251

174,413

National

Bank

of

Greece

SA

*

26,561

149,703

Piraeus

Financial

Holdings

SA

*

33,302

98,721

422,837

HONG

KONG

1.5%

Food

Products

0.5%

WH

Group

Ltd.

Reg.

S

(b)

916,500

478,219

Oil,

Gas

&

Consumable

Fuels

0.2%

United

Energy

Group

Ltd.

846,000

124,211

Real

Estate

Management

&

Development

0.5%

Swire

Pacific

Ltd.,

Class

A

56,000

378,086

Retail

REITs

0.3%

Link

REIT

55,500

270,537

1,251,053

16

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

INDIA

4.3%

Aerospace

&

Defense

0.7%

Hindustan

Aeronautics

Ltd.

Reg.

S

23,842

553,486

Banks

1.6%

Bank

of

Baroda

54,229

139,710

Karnataka

Bank

Ltd.

(The)

31,341

93,872

Karur

Vysya

Bank

Ltd.

(The)

65,952

106,194

State

Bank

of

India

142,629

1,027,138

1,366,914

Chemicals

0.1%

GHCL

Ltd.

10,801

80,013

Construction

&

Engineering

0.2%

Rail

Vikas

Nigam

Ltd.

Reg.

S

85,315

174,520

Financial

Services

0.1%

LIC

Housing

Finance

Ltd.

16,772

93,876

IT

Services

0.1%

HCL

Technologies

Ltd.

5,471

81,158

Metals

&

Mining

0.2%

Vedanta

Ltd.

51,255

137,159

Pharmaceuticals

1.3%

Cipla

Ltd.

6,213

88,745

Dr

Reddy's

Laboratories

Ltd.

14,229

956,651

1,045,396

3,532,522

INDONESIA

0.8%

Banks

0.7%

Bank

Mandiri

Persero

Tbk.

PT

1,276,800

497,757

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

259,900

87,833

585,590

Food

Products

0.1%

First

Resources

Ltd.

57,200

63,869

649,459

IRELAND

0.6%

Passenger

Airlines

0.2%

Ryanair

Holdings

plc,

ADR

*

1,719

167,104

Trading

Companies

&

Distributors

0.4%

AerCap

Holdings

NV

*

5,106

319,993

487,097

ISRAEL

0.1%

Software

0.1%

Check

Point

Software

Technologies

Ltd.

*

648

86,365

ITALY

2.8%

Automobiles

1.2%

Ferrari

NV

3,382

996,729

Banks

1.3%

Banco

BPM

SpA

55,601

265,243

UniCredit

SpA

32,138

769,040

1,034,283

Construction

Materials

0.1%

Buzzi

SpA

2,923

80,056

Diversified

Telecommunication

Services

0.1%

Telecom

Italia

SpA

*

249,373

77,871

Common

Stocks

Shares

Value

($)

ITALY

Insurance

0.1%

Poste

Italiane

SpA

Reg.

S

(b)

8,010

84,223

2,273,162

JAPAN

14.3%

Automobile

Components

0.3%

Denso

Corp.

18,000

288,894

Automobiles

1.4%

Honda

Motor

Co.

Ltd.

46,500

522,857

Subaru

Corp.

8,500

165,118

Toyota

Motor

Corp.

27,200

488,764

1,176,739

Banks

2.5%

Japan

Post

Bank

Co.

Ltd.

49,300

428,323

Mizuho

Financial

Group,

Inc.

84,000

1,422,827

Tokyo

Kiraboshi

Financial

Group,

Inc.

(a)

3,900

117,458

1,968,608

Beverages

0.1%

Takara

Holdings,

Inc.

9,700

77,902

Capital

Markets

0.1%

Daiwa

Securities

Group,

Inc.

(a)

17,800

102,706

Chemicals

0.7%

Shin-Etsu

Chemical

Co.

Ltd.

19,100

554,366

Consumer

Staples

Distribution

&

Retail

0.1%

Lawson,

Inc.

2,100

96,519

Financial

Services

0.4%

ORIX

Corp.

19,200

358,500

Food

Products

0.2%

Yakult

Honsha

Co.

Ltd.

7,400

179,747

Ground

Transportation

0.1%

East

Japan

Railway

Co.

1,500

85,843

Household

Durables

0.1%

Panasonic

Holdings

Corp.

8,100

91,080

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Electric

Power

Development

Co.

Ltd.

(a)

8,100

131,068

Insurance

2.1%

Japan

Post

Holdings

Co.

Ltd.

188,900

1,510,157

MS&AD

Insurance

Group

Holdings,

Inc.

7,000

256,028

1,766,185

Leisure

Products

0.4%

Bandai

Namco

Holdings,

Inc.

11,300

229,826

Sega

Sammy

Holdings,

Inc.

(a)

5,600

103,300

333,126

Machinery

0.3%

Komatsu

Ltd.

3,100

83,776

NSK

Ltd.

(a)

29,500

165,914

249,690

Media

0.2%

SKY

Perfect

JSAT

Holdings,

Inc.

(a)

35,400

165,022

Metals

&

Mining

0.2%

JFE

Holdings,

Inc.

(a)

12,000

176,329

Pharmaceuticals

2.3%

Chugai

Pharmaceutical

Co.

Ltd.

20,000

619,703

NVIT

International

Equity

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

Ono

Pharmaceutical

Co.

Ltd.

17,000

326,056

Otsuka

Holdings

Co.

Ltd.

27,500

978,306

1,924,065

Semiconductors

&

Semiconductor

Equipment

0.1%

Tokyo

Electron

Ltd.

600

81,651

Tobacco

1.5%

Japan

Tobacco,

Inc.

54,900

1,263,421

Trading

Companies

&

Distributors

0.7%

Mitsui

&

Co.

Ltd.

15,600

565,408

Wireless

Telecommunication

Services

0.3%

SoftBank

Corp.

24,000

271,418

11,908,287

LUXEMBOURG

0.1%

Capital

Markets

0.1%

Reinet

Investments

SCA

3,759

82,204

MEXICO

0.9%

Beverages

0.5%

Arca

Continental

SAB

de

CV

8,700

79,015

Coca-Cola

Femsa

SAB

de

CV,

ADR

4,077

319,800

398,815

Construction

Materials

0.2%

Cemex

SAB

de

CV,

ADR

*

24,450

158,925

Household

Products

0.2%

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

74,300

147,939

705,679

NETHERLANDS

3.0%

Professional

Services

1.2%

Wolters

Kluwer

NV

8,406

1,018,015

Semiconductors

&

Semiconductor

Equipment

1.8%

ASML

Holding

NV

2,539

1,491,000

2,509,015

PHILIPPINES

0.2%

Transportation

Infrastructure

0.2%

International

Container

Terminal

Services,

Inc.

43,480

158,870

POLAND

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

ORLEN

SA

21,788

291,820

PORTUGAL

0.4%

Consumer

Staples

Distribution

&

Retail

0.4%

Jeronimo

Martins

SGPS

SA

14,873

333,797

SAUDI

ARABIA

0.8%

Diversified

Telecommunication

Services

0.2%

Saudi

Telecom

Co.

20,054

201,092

Health

Care

Providers

&

Services

0.1%

Saudi

Chemical

Co.

Holding

74,731

91,151

IT

Services

0.5%

Arabian

Internet

&

Communications

Services

Co.

4,053

346,173

638,416

Common

Stocks

Shares

Value

($)

SINGAPORE

1.3%

Passenger

Airlines

0.1%

Singapore

Airlines

Ltd.

15,700

74,142

Semiconductors

&

Semiconductor

Equipment

1.2%

STMicroelectronics

NV

23,304

1,004,041

1,078,183

SOUTH

AFRICA

0.5%

Metals

&

Mining

0.5%

Gold

Fields

Ltd.,

ADR

36,891

400,636

SOUTH

KOREA

3.7%

Automobiles

0.9%

Kia

Corp.

13,061

783,927

Banks

0.3%

Industrial

Bank

of

Korea

10,250

85,035

KB

Financial

Group,

Inc.

4,246

174,639

259,674

Financial

Services

0.3%

Meritz

Financial

Group,

Inc.

5,283

216,065

Insurance

0.2%

DB

Insurance

Co.

Ltd.

2,865

189,745

Machinery

0.4%

Doosan

Bobcat,

Inc.

7,078

265,961

Hyundai

Rotem

Co.

Ltd.

*

2,974

61,259

327,220

Metals

&

Mining

0.1%

POSCO

Holdings,

Inc.

277

108,548

Technology

Hardware,

Storage

&

Peripherals

1.5%

Samsung

Electronics

Co.

Ltd.

23,082

1,169,448

3,054,627

SPAIN

2.5%

Banks

0.1%

Banco

Santander

SA

21,857

82,999

Electric

Utilities

1.5%

Iberdrola

SA

116,403

1,299,688

Specialty

Retail

0.9%

Industria

de

Diseno

Textil

SA

19,245

716,286

2,098,973

SWEDEN

1.1%

Hotels,

Restaurants

&

Leisure

0.3%

Betsson

AB,

Class

B

*

22,018

242,240

Machinery

0.8%

Atlas

Copco

AB,

Class

A

28,224

378,141

SKF

AB,

Class

B

8,149

135,121

Volvo

AB,

Class

B

5,879

121,017

634,279

876,519

SWITZERLAND

2.5%

Building

Products

0.2%

Belimo

Holding

AG

(Registered)

317

150,251

Capital

Markets

1.4%

UBS

Group

AG

(Registered)

48,621

1,201,802

Machinery

0.2%

Georg

Fischer

AG

(Registered)

2,233

125,262

18

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Pharmaceuticals

0.7%

Novartis

AG

(Registered)

6,003

612,570

2,089,885

TAIWAN

4.1%

Communications

Equipment

0.3%

Accton

Technology

Corp.

16,000

244,387

Electronic

Equipment,

Instruments

&

Components

1.3%

Delta

Electronics,

Inc.

98,000

985,229

Unimicron

Technology

Corp.

17,000

91,560

1,076,789

Entertainment

0.4%

International

Games

System

Co.

Ltd.

15,000

303,200

Personal

Care

Products

0.2%

Grape

King

Bio

Ltd.

30,000

144,981

Semiconductors

&

Semiconductor

Equipment

1.6%

MediaTek,

Inc.

10,000

228,455

Novatek

Microelectronics

Corp.

14,000

183,682

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

54,000

876,317

United

Microelectronics

Corp.

51,000

71,504

1,359,958

Technology

Hardware,

Storage

&

Peripherals

0.3%

Asia

Vital

Components

Co.

Ltd.

9,000

95,360

Micro-Star

International

Co.

Ltd.

31,000

157,693

253,053

3,382,368

THAILAND

0.4%

Health

Care

Providers

&

Services

0.4%

Bumrungrad

Hospital

PCL

48,200

353,861

TURKEY

0.4%

Banks

0.2%

Turkiye

Is

Bankasi

A/S,

Class

C

158,178

147,829

Wireless

Telecommunication

Services

0.2%

Turkcell

Iletisim

Hizmetleri

A/S

*

75,828

147,288

295,117

UNITED

ARAB

EMIRATES

0.5%

Real

Estate

Management

&

Development

0.5%

Emaar

Properties

PJSC

172,065

376,684

UNITED

KINGDOM

8.2%

Aerospace

&

Defense

0.4%

BAE

Systems

plc

7,494

90,969

Rolls-Royce

Holdings

plc

*

77,164

206,850

297,819

Banks

2.4%

Barclays

plc

131,838

255,342

HSBC

Holdings

plc

41,122

322,151

NatWest

Group

plc

75,714

216,644

Standard

Chartered

plc

114,659

1,059,673

Virgin

Money

UK

plc

77,506

159,136

2,012,946

Beverages

0.2%

Britvic

plc

13,048

138,430

Capital

Markets

0.8%

3i

Group

plc

16,128

405,948

IG

Group

Holdings

plc

10,657

83,288

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Capital

Markets

Man

Group

plc

55,175

149,912

639,148

Commercial

Services

&

Supplies

0.2%

Johnson

Service

Group

plc

110,000

180,528

Consumer

Staples

Distribution

&

Retail

0.6%

J

Sainsbury

plc

24,748

76,141

Marks

&

Spencer

Group

plc

*

85,587

246,235

Tesco

plc

42,936

138,055

460,431

Hotels,

Restaurants

&

Leisure

0.3%

Compass

Group

plc

10,509

256,017

Marine

Transportation

0.1%

Global

Ship

Lease,

Inc.,

Class

A

(a)

4,573

83,869

Media

0.1%

4imprint

Group

plc

1,564

99,355

Multi-Utilities

0.4%

Centrica

plc

154,803

290,624

Oil,

Gas

&

Consumable

Fuels

0.1%

BP

plc

18,716

120,846

Passenger

Airlines

0.5%

International

Consolidated

Airlines

Group

SA

*

227,025

408,521

Personal

Care

Products

1.3%

Unilever

plc

21,476

1,063,179

Pharmaceuticals

0.2%

AstraZeneca

plc,

ADR

2,744

185,824

Professional

Services

0.2%

RELX

plc

5,837

196,851

Trading

Companies

&

Distributors

0.2%

Ashtead

Group

plc

3,309

201,130

Wireless

Telecommunication

Services

0.2%

Vodafone

Group

plc

154,426

144,202

6,779,720

UNITED

STATES

4.2%

Automobiles

0.6%

Stellantis

NV

27,719

531,383

Electrical

Equipment

0.7%

Schneider

Electric

SE

3,507

578,174

Food

Products

0.4%

Nestle

SA

(Registered)

2,884

325,665

Pharmaceuticals

2.5%

GSK

plc

50,333

909,904

Roche

Holding

AG

4,052

1,105,245

2,015,149

3,450,371

Total

Common

Stocks

(cost

$73,989,176)

81,966,004

NVIT

International

Equity

Fund

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Warrants

0.0%

†

Number

of

Warrants

Value

($)

CANADA

0.0%

†

Software

0.0%

†

Constellation

Software,

Inc.,

expiring

at

an

exercise

price

of

$1.00

on

03/31/40*∞

723

0

Total

Warrants

(cost

$0)

0

Repurchase

Agreement

0.7%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$577,638,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$588,929.(c)

577,382

577,382

Total

Repurchase

Agreement

(cost

$577,382)

577,382

Total

Investments

(cost

$74,566,558)

—

99.9%

82,543,386

Other

assets

in

excess

of

liabilities

—

0.1%

97,219

NET

ASSETS

—

100.0%

$

82,640,605

*

Denotes

a

non-income

producing

security.

∞

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$2,875,668,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$577,382

and

by

$2,503,155

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/3/2023

–

5/15/2053,

a

total

value

of

$3,080,537.

(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,

2023

was

$2,289,652

which

represents

2.77%

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,

2023

was

$577,382.

ADR

American

Depositary

Receipt

CDI

CREST

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

20

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

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

International

Equity

Fund

-

September

30,

2023

(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,

2023.

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

$

–

$

851,305

$

–

$

851,305

Air

Freight

&

Logistics

142,458

99,446

–

241,904

Automobile

Components

–

352,356

–

352,356

Automobiles

–

5,289,899

–

5,289,899

Banks

119,934

9,369,895

–

9,489,829

Beverages

398,815

216,332

–

615,147

Broadline

Retail

1,740,407

1,061,571

–

2,801,978

Building

Products

–

837,042

–

837,042

Capital

Markets

–

2,439,033

–

2,439,033

Chemicals

–

840,097

–

840,097

Commercial

Services

&

Supplies

–

1,095,066

–

1,095,066

Communications

Equipment

–

244,387

–

244,387

Construction

&

Engineering

–

1,435,803

–

1,435,803

Construction

Materials

158,925

80,056

–

238,981

Consumer

Staples

Distribution

&

Retail

229,135

890,747

–

1,119,882

Containers

&

Packaging

87,632

306,147

–

393,779

Diversified

Telecommunication

Services

–

771,595

–

771,595

Electric

Utilities

167,239

1,299,688

–

1,466,927

Electrical

Equipment

–

578,174

–

578,174

Electronic

Equipment,

Instruments

&

Components

–

1,076,789

–

1,076,789

Entertainment

229,335

1,035,958

–

1,265,293

Financial

Services

207,879

668,441

–

876,320

Food

Products

–

1,047,500

–

1,047,500

Gas

Utilities

–

168,719

–

168,719

Ground

Transportation

–

85,843

–

85,843

Health

Care

Equipment

&

Supplies

–

278,505

–

278,505

Health

Care

Providers

&

Services

–

985,984

–

985,984

Hotels,

Restaurants

&

Leisure

–

1,848,843

–

1,848,843

Household

Durables

–

177,674

–

177,674

Household

Products

147,939

–

–

147,939

Independent

Power

and

Renewable

Electricity

Producers

–

590,668

–

590,668

Insurance

1,291,623

3,308,352

–

4,599,975

Interactive

Media

&

Services

264,670

759,598

–

1,024,268

IT

Services

1,094,637

759,155

–

1,853,792

Leisure

Products

–

333,126

–

333,126

Machinery

–

1,784,737

–

1,784,737

Marine

Transportation

83,869

538,660

–

622,529

Media

–

264,377

–

264,377

Metals

&

Mining

953,195

1,634,373

–

2,587,568

Multi-Utilities

–

290,624

–

290,624

Oil,

Gas

&

Consumable

Fuels

1,737,706

922,730

–

2,660,436

Passenger

Airlines

167,104

745,388

–

912,492

Personal

Care

Products

–

1,376,280

–

1,376,280

Pharmaceuticals

185,824

8,687,758

–

8,873,582

Professional

Services

–

1,214,866

–

1,214,866

Real

Estate

Management

&

Development

86,959

849,996

–

936,955

Retail

REITs

–

270,537

–

270,537

Semiconductors

&

Semiconductor

Equipment

–

4,727,600

–

4,727,600

Software

1,578,978

–

–

1,578,978

Specialty

Retail

–

779,192

–

779,192

Technology

Hardware,

Storage

&

Peripherals

–

1,422,501

–

1,422,501

Textiles,

Apparel

&

Luxury

Goods

–

945,615

–

945,615

Tobacco

–

1,263,421

–

1,263,421

Trading

Companies

&

Distributors

319,993

860,202

–

1,180,195

Transportation

Infrastructure

–

158,870

–

158,870

22

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

International

Equity

Fund

Level

1

Level

2

Level

3

Total

Assets:

Water

Utilities

$

87,319

$

–

$

–

$

87,319

Wireless

Telecommunication

Services

–

562,908

–

562,908

Total

Common

Stocks

$

11,481,575

$

70,484,429

$

–

$

81,966,004

Repurchase

Agreement

–

577,382

–

577,382

Warrants

–

–

–

–

Total

$

11,481,575

$

71,061,811

$

–

$

82,543,386

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

-

September

30,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

98.6%

Shares

Value

($)

AUSTRALIA

6.0%

Capital

Markets

1.7%

Macquarie

Group

Ltd.

30,649

3,297,813

Industrial

REITs

2.8%

Goodman

Group

415,303

5,753,287

Metals

&

Mining

1.5%

Pilbara

Minerals

Ltd.

(a)

1,080,484

2,974,045

12,025,145

CHINA

2.7%

Beverages

1.5%

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S

(b)

1,509,300

2,961,487

Broadline

Retail

1.2%

Alibaba

Group

Holding

Ltd.,

ADR

*

27,358

2,373,033

5,334,520

DENMARK

5.1%

Pharmaceuticals

5.1%

Novo

Nordisk

A/S

,

Class

B

111,538

10,146,148

FAROE

ISLANDS

2.6%

Food

Products

2.6%

Bakkafrost

P/F

102,812

5,238,606

FRANCE

10.6%

Aerospace

&

Defense

3.2%

Airbus

SE

48,136

6,439,749

Beverages

1.5%

Remy

Cointreau

SA

24,206

2,948,971

Personal

Care

Products

3.0%

L'Oreal

SA

14,216

5,887,405

Textiles,

Apparel

&

Luxury

Goods

2.9%

Hermes

International

SCA

3,203

5,822,717

21,098,842

GERMANY

3.2%

Software

3.2%

SAP

SE

49,150

6,379,965

HONG

KONG

4.9%

Insurance

4.9%

AIA

Group

Ltd.

564,000

4,562,233

Prudential

plc

474,957

5,114,395

9,676,628

INDIA

1.4%

Banks

1.4%

HDFC

Bank

Ltd.,

ADR

47,126

2,780,905

JAPAN

16.7%

Electronic

Equipment,

Instruments

&

Components

2.6%

Keyence

Corp.

13,700

5,091,898

Food

Products

1.6%

Ajinomoto

Co.,

Inc.

(a)

84,800

3,268,212

Health

Care

Equipment

&

Supplies

4.9%

Hoya

Corp.

59,600

6,141,992

Terumo

Corp.

143,400

3,798,965

9,940,957

Household

Durables

2.7%

Sony

Group

Corp.

64,700

5,292,569

Professional

Services

2.6%

Recruit

Holdings

Co.

Ltd.

167,200

5,148,835

Common

Stocks

Shares

Value

($)

JAPAN

Semiconductors

&

Semiconductor

Equipment

2.3%

Advantest

Corp.

(a)

92,800

2,579,753

Lasertec

Corp.

12,800

1,987,292

4,567,045

33,309,516

NETHERLANDS

9.5%

Entertainment

3.1%

Universal

Music

Group

NV

240,682

6,258,878

Professional

Services

3.4%

Wolters

Kluwer

NV

55,349

6,703,080

Semiconductors

&

Semiconductor

Equipment

3.0%

ASM

International

NV

4,206

1,756,422

ASML

Holding

NV

7,289

4,280,386

6,036,808

18,998,766

NEW

ZEALAND

1.6%

Software

1.6%

Xero

Ltd.

*

42,635

3,090,663

SOUTH

KOREA

1.7%

Technology

Hardware,

Storage

&

Peripherals

1.7%

Samsung

Electronics

Co.

Ltd.,

GDR

Reg.

S

(b)

2,664

3,350,967

SPAIN

6.4%

Diversified

Telecommunication

Services

2.6%

Cellnex

Telecom

SA

Reg.

S

(b)

146,068

5,078,989

Hotels,

Restaurants

&

Leisure

2.2%

Amadeus

IT

Group

SA

73,034

4,401,298

Specialty

Retail

1.6%

Industria

de

Diseno

Textil

SA

86,861

3,232,907

12,713,194

SWITZERLAND

6.6%

Chemicals

4.1%

Givaudan

SA

(Registered)

1,130

3,699,007

Sika

AG

(Registered)

17,428

4,417,253

8,116,260

Life

Sciences

Tools

&

Services

2.5%

Lonza

Group

AG

(Registered)

10,721

4,960,038

13,076,298

TAIWAN

2.2%

Semiconductors

&

Semiconductor

Equipment

2.2%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

49,271

4,281,650

UNITED

KINGDOM

3.7%

Pharmaceuticals

3.7%

AstraZeneca

plc

55,034

7,406,300

UNITED

STATES

13.7%

Biotechnology

2.6%

CSL

Ltd.

31,823

5,127,238

Electrical

Equipment

2.5%

Schneider

Electric

SE

30,293

4,994,188

Food

Products

5.5%

Nestle

SA

(Registered)

96,076

10,849,036

24

-

Statement

of

Investments

-

September

30,

2023

(Unaudited)

-

NVIT

NS

Partners

International

Focused

Growth

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Professional

Services

3.1%

Experian

plc

190,885

6,236,051

27,206,513

Total

Common

Stocks

(cost

$191,163,294)

196,114,626

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.32%,

dated

9/29/2023,

due

10/2/2023,

repurchase

price

$7,009,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.50%,

maturing

12/1/2023

-

8/20/2073;

total

market

value

$7,145.(c)

7,005

7,005

Total

Repurchase

Agreement

(cost

$7,005)

7,005

Total

Investments

(cost

$191,170,299)

—

98.6%

196,121,631

Other

assets

in

excess

of

liabilities

—

1.4%

2,844,496

NET

ASSETS

—

100.0%

$

198,966,127

*

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,

2023.

The

total

value

of

securities

on

loan

as

of

September

30,

2023

was

$4,690,716,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,005

and

by

$6,741,140

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

3.88%,

and

maturity

dates

ranging

from

11/15/2024

–

8/15/2047,

a

total

value

of

$6,748,145.

(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,

2023

was

$11,391,443

which

represents

5.73%

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,

2023

was

$7,005.

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.

REIT

Real

Estate

Investment

Trust

NVIT

NS

Partners

International

Focused

Growth

Fund

-

September

30,

2023

(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,

2023

(Unaudited)

-

NVIT

NS

Partners

International

Focused

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2023.

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

$

–

$

6,439,749

$

–

$

6,439,749

Banks

2,780,905

–

–

2,780,905

Beverages

–

5,910,458

–

5,910,458

Biotechnology

–

5,127,238

–

5,127,238

Broadline

Retail

2,373,033

–

–

2,373,033

Capital

Markets

–

3,297,813

–

3,297,813

Chemicals

–

8,116,260

–

8,116,260

Diversified

Telecommunication

Services

–

5,078,989

–

5,078,989

Electrical

Equipment

–

4,994,188

–

4,994,188

Electronic

Equipment,

Instruments

&

Components

–

5,091,898

–

5,091,898

Entertainment

–

6,258,878

–

6,258,878

Food

Products

–

19,355,854

–

19,355,854

Health

Care

Equipment

&

Supplies

–

9,940,957

–

9,940,957

Hotels,

Restaurants

&

Leisure

–

4,401,298

–

4,401,298

Household

Durables

–

5,292,569

–

5,292,569

Industrial

REITs

–

5,753,287

–

5,753,287

Insurance

–

9,676,628

–

9,676,628

Life

Sciences

Tools

&

Services

–

4,960,038

–

4,960,038

Metals

&

Mining

–

2,974,045

–

2,974,045

Personal

Care

Products

–

5,887,405

–

5,887,405

Pharmaceuticals

–

17,552,448

–

17,552,448

Professional

Services

–

18,087,966

–

18,087,966

Semiconductors

&

Semiconductor

Equipment

4,281,650

10,603,853

–

14,885,503

Software

–

9,470,628

–

9,470,628

Specialty

Retail

–

3,232,907

–

3,232,907

Technology

Hardware,

Storage

&

Peripherals

–

3,350,967

–

3,350,967

Textiles,

Apparel

&

Luxury

Goods

–

5,822,717

–

5,822,717

Total

Common

Stocks

$

9,435,588

$

186,679,038

$

–

$

196,114,626

Repurchase

Agreement

–

7,005

–

7,005

Total

$

9,435,588

$

186,686,043

$

–

$

196,121,631

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.