NPORT-EX 2 primary-document.htm NPORT 9.30.23 PART F
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.