Nationwide Variable Insurance Trust NPORT-P NVIT Multi-Manager Small Cap Value Fund (Sep 2021 report)

NVIT

American

Funds

Asset

Allocation

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

100.1%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

268,824,084

7,481,374,250

Total

Investment

Company

(cost

$5,037,443,364)

7,481,374,250

Total

Investments

(cost

$5,037,443,364)

—

100.1%

7,481,374,250

Liabilities

in

excess

of

other

assets

—

(0.1)%

(4,155,572)

NET

ASSETS

—

100.0%

$

7,477,218,678

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

September

30,

2021

(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,

2021,

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,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

100.1%

Shares

Value

($)

Fixed

Income

Fund

100.1%

American

Funds

Bond

Fund,

Class

1(a)

354,137,959

4,015,924,451

Total

Investment

Company

(cost

$3,907,043,179)

4,015,924,451

Total

Investments

(cost

$3,907,043,179)

—

100.1%

4,015,924,451

Liabilities

in

excess

of

other

assets

—

(0.1)%

(2,176,706)

NET

ASSETS

—

100.0%

$

4,013,747,745

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Bond

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Bond

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of September

30,

2021,

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,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

13,902,649

605,043,276

Total

Investment

Company

(cost

$385,312,692)

605,043,276

Total

Investments

(cost

$385,312,692)

—

100.1%

605,043,276

Liabilities

in

excess

of

other

assets

—

(0.1)%

(409,643)

NET

ASSETS

—

100.0%

$

604,633,633

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

September

30,

2021

(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,

2021,

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,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1(a)

11,990,791

1,423,546,658

Total

Investment

Company

(cost

$975,648,135)

1,423,546,658

Total

Investments

(cost

$975,648,135)

—

100.1%

1,423,546,658

Liabilities

in

excess

of

other

assets

—

(0.1)%

(816,465)

NET

ASSETS

—

100.0%

$

1,422,730,193

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

September

30,

2021

(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,

2021,

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,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1(a)

67,829,383

4,246,797,664

Total

Investment

Company

(cost

$2,966,259,275)

4,246,797,664

Total

Investments

(cost

$2,966,259,275)

—

100.1%

4,246,797,664

Liabilities

in

excess

of

other

assets

—

(0.1)%

(2,356,191)

NET

ASSETS

—

100.0%

$

4,244,441,473

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

September

30,

2021

(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,

2021,

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,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

92.0%

Shares

Value

($)

Equity

Funds

85.0%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,694,344

23,907,195

NVIT

International

Index

Fund,

Class

Y(a)

7,753,641

86,530,638

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,319,835

60,338,901

NVIT

S&P

500

Index

Fund,

Class

Y(a)

5,661,408

145,781,258

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

479,947

4,890,659

Total

Equity

Funds

(cost

$224,576,767)

321,448,651

Fixed

Income

Funds

7.0%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

1,292,392

13,686,427

NVIT

Bond

Index

Fund,

Class

Y(a)

1,164,099

12,746,883

Total

Fixed

Income

Funds

(cost

$25,665,873)

26,433,310

Total

Investment

Companies

(cost

$250,242,640)

347,881,961

Exchange

Traded

Funds

7.0%

Equity

Funds

6.1%

iShares

Core

MSCI

Emerging

Markets

ETF

60,456

3,733,763

iShares

Core

S&P

Small-Cap

ETF

26,533

2,897,138

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

300,356

12,017,033

Nationwide

Risk-Based

International

Equity

ETF(a)

160,177

4,487,871

Total

Equity

Funds

(cost

$17,742,457)

23,135,805

Fixed

Income

Fund

0.9%

iShares

7-10

Year

Treasury

Bond

ETF(b)

30,416

3,504,532

Total

Fixed

Income

Funds

(cost  $3,593,797)

3,504,532

Total

Exchange

Traded

Funds

(cost

$21,336,254)

26,640,337

Investment

Contract

1.0%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

3,708,365

3,708,365

Total

Investment

Contract

(cost

$3,708,365)

3,708,365

Repurchase

Agreements

0.7%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$582,181,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$593,824.(d)

582,180

582,180

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,000,002,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$1,020,002.(d)

1,000,000

1,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$1,000,010,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$1,020,003.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$2,582,180)

2,582,180

Total

Investments

(cost

$277,869,439)

—

100.7%

380,812,843

Liabilities

in

excess

of

other

assets

—

(0.7)%

(2,824,236)

NET

ASSETS

—

100.0%

$

377,988,607

2

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Aggressive

Fund

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$2,532,075,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,582,180.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$2,582,180.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Aggressive

Fund

-

September

30,

2021

(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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

26,640,337

$

–

$

–

$

26,640,337

Investment

Companies

347,881,961

–

–

347,881,961

Investment

Contract

–

–

3,708,365

3,708,365

Repurchase

Agreements

–

2,582,180

–

2,582,180

Total

$

374,522,298

$

2,582,180

$

3,708,365

$

380,812,843

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

4

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Aggressive

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2020

$

6,337,026

$

6,337,026

Purchases

*

498,555

498,555

Sales

(3,127,216)

(3,127,216)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2021

$

3,708,365

$

3,708,365

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Balanced

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

83.8%

Shares

Value

($)

Equity

Funds

49.8%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,806,907

53,715,452

NVIT

International

Index

Fund,

Class

Y(a)

21,117,182

235,667,753

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

3,841,165

99,908,698

NVIT

S&P

500

Index

Fund,

Class

Y(a)

15,879,335

408,892,879

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

156,532

1,595,059

Total

Equity

Funds

(cost

$554,441,799)

799,779,841

Fixed

Income

Funds

34.0%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

11,452,434

121,281,279

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

566,277

6,308,321

NVIT

Bond

Index

Fund,

Class

Y(a)

32,357,541

354,315,074

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

6,036,581

63,021,909

Total

Fixed

Income

Funds

(cost

$531,638,369)

544,926,583

Total

Investment

Companies

(cost

$1,086,080,168)

1,344,706,424

Exchange

Traded

Funds

5.9%

Equity

Funds

3.4%

iShares

Core

S&P

Small-Cap

ETF(b)

232,753

25,414,300

Nationwide

Risk-Based

International

Equity

ETF(a)

408,379

11,442,044

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

442,979

16,938,144

Total

Equity

Funds

(cost

$47,170,793)

53,794,488

Fixed

Income

Funds

2.5%

iShares

20+

Year

Treasury

Bond

ETF(b)

41,205

5,946,706

iShares

7-10

Year

Treasury

Bond

ETF(b)

302,792

34,887,694

Total

Fixed

Income

Funds

(cost

$42,423,073)

40,834,400

Total

Exchange

Traded

Funds

(cost

$89,593,866)

94,628,888

Investment

Contract

10.4%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

167,813,370

167,813,370

Total

Investment

Contract

(cost

$167,813,370)

167,813,370

Repurchase

Agreements

2.3%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$3,483,163,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$3,552,820.(d)

3,483,157

3,483,157

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$21,000,033,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$21,420,033.(d)

21,000,000

21,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$3,000,030,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$3,060,009.(d)

3,000,000

3,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$5,000,049,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$5,100,008.(d)

5,000,000

5,000,000

6

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$5,000,012,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$5,100,002.(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$37,483,157)

37,483,157

Total

Investments

(cost

$1,380,970,561)

—

102.4%

1,644,631,839

Liabilities

in

excess

of

other

assets

—

(2.4)%

(38,312,077)

NET

ASSETS

—

100.0%

$

1,606,319,762

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$46,741,105,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$37,483,157

and

by

$10,748,750

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/7/2021

–

8/15/2050,

a

total

value

of

$48,231,907.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$37,483,157.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Balanced

Fund

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

94,628,888

$

–

$

–

$

94,628,888

Investment

Companies

1,344,706,424

–

–

1,344,706,424

Investment

Contract

–

–

167,813,370

167,813,370

Repurchase

Agreements

–

37,483,157

–

37,483,157

Total

$

1,439,335,312

$

37,483,157

$

167,813,370

$

1,644,631,839

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

8

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2020

$

184,951,846

$

184,951,846

Purchases

*

5,500,116

5,500,116

Sales

(22,638,592)

(22,638,592)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2021

$

167,813,370

$

167,813,370

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

87.4%

Shares

Value

($)

Equity

Funds

66.5%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,295,330

60,607,102

NVIT

International

Index

Fund,

Class

Y(a)

23,242,707

259,388,612

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

4,923,556

128,061,685

NVIT

S&P

500

Index

Fund,

Class

Y(a)

20,472,045

527,155,164

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

71,745

731,078

Total

Equity

Funds

(cost

$588,285,950)

975,943,641

Fixed

Income

Funds

20.9%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

6,284,052

66,548,113

NVIT

Bond

Index

Fund,

Class

Y(a)

19,244,964

210,732,361

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

2,702,126

28,210,194

Total

Fixed

Income

Funds

(cost

$296,676,838)

305,490,668

Total

Investment

Companies

(cost

$884,962,788)

1,281,434,309

Exchange

Traded

Funds

9.3%

Equity

Funds

6.6%

iShares

Core

S&P

Small-Cap

ETF(b)

279,595

30,528,978

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

1,390,878

55,648,055

Nationwide

Risk-Based

International

Equity

ETF(a)

369,852

10,362,588

Total

Equity

Funds

(cost

$75,223,673)

96,539,621

Fixed

Income

Funds

2.7%

iShares

20+

Year

Treasury

Bond

ETF(b)

174,144

25,132,462

iShares

7-10

Year

Treasury

Bond

ETF(b)

130,920

15,084,602

Total

Fixed

Income

Funds

(cost

$42,830,505)

40,217,064

Total

Exchange

Traded

Funds

(cost

$118,054,178)

136,756,685

Investment

Contract

3.4%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

50,089,801

50,089,801

Total

Investment

Contract

(cost

$50,089,801)

50,089,801

Repurchase

Agreements

2.2%

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$3,000,005,

collateralized

by

U.S.

Government

Treasury

Securities,

1.63%,

maturing

5/15/2031;

total

market

value

$3,060,002.(d)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$6,281,548,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$6,407,169.(d)

6,281,538

6,281,538

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$5,000,008,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$5,100,008.(d)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$3,000,030,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$3,060,009.(d)

3,000,000

3,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$5,000,049,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$5,100,008.(d)

5,000,000

5,000,000

10

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$10,000,023,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$10,200,005.(d)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$32,281,538)

32,281,538

Total

Investments

(cost

$1,085,388,305)

—

102.3%

1,500,562,333

Liabilities

in

excess

of

other

assets

—

(2.3)%

(33,066,264)

NET

ASSETS

—

100.0%

$

1,467,496,069

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$38,970,401,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$32,281,538

and

by

$7,493,471

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2049,

a

total

value

of

$39,775,009.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$32,281,538.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

136,756,685

$

–

$

–

$

136,756,685

Investment

Companies

1,281,434,309

–

–

1,281,434,309

Investment

Contract

–

–

50,089,801

50,089,801

Repurchase

Agreements

–

32,281,538

–

32,281,538

Total

$

1,418,190,994

$

32,281,538

$

50,089,801

$

1,500,562,333

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

12

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2020

$

61,484,744

$

61,484,744

Purchases

*

1,102,058

1,102,058

Sales

(12,497,001)

(12,497,001)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2021

$

50,089,801

$

50,089,801

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Conservative

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

73.3%

Shares

Value

($)

Equity

Funds

19.2%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

756,244

10,670,596

NVIT

International

Index

Fund,

Class

Y(a)

3,849,145

42,956,457

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

488,093

12,695,304

NVIT

S&P

500

Index

Fund,

Class

Y(a)

2,692,961

69,343,749

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

156,538

1,595,122

Total

Equity

Funds

(cost

$97,543,086)

137,261,228

Fixed

Income

Funds

54.1%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

7,256,488

76,846,212

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

3,248,395

36,187,116

NVIT

Bond

Index

Fund,

Class

Y(a)

19,064,221

208,753,215

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

6,094,173

63,623,168

Total

Fixed

Income

Funds

(cost

$371,048,055)

385,409,711

Total

Investment

Companies

(cost

$468,591,141)

522,670,939

Exchange

Traded

Funds

8.7%

Equity

Funds

2.5%

iShares

Core

MSCI

Emerging

Markets

ETF

25,229

1,558,143

iShares

Core

S&P

Small-Cap

ETF(b)

22,630

2,470,970

Nationwide

Risk-Based

International

Equity

ETF(a)

197,449

5,532,165

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

210,754

8,058,580

Total

Equity

Funds

(cost

$13,914,300)

17,619,858

Fixed

Income

Funds

6.2%

iShares

20+

Year

Treasury

Bond

ETF(b)

97,943

14,135,133

iShares

7-10

Year

Treasury

Bond

ETF(b)

259,690

29,921,482

Total

Fixed

Income

Funds

(cost

$46,197,529)

44,056,615

Total

Exchange

Traded

Funds

(cost

$60,111,829)

61,676,473

Investment

Contract

18.1%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

129,060,392

129,060,392

Total

Investment

Contract

(cost

$129,060,392)

129,060,392

Repurchase

Agreements

4.4%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$14,180,068,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$14,463,646.

(d)

14,180,046

14,180,046

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,500,004,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$2,550,004.(d)

2,500,000

2,500,000

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$15,000,034,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$15,300,007.(d)

15,000,000

15,000,000

Total

Repurchase

Agreements

(cost

$31,680,046)

31,680,046

Total

Investments

(cost

$689,443,408)

—

104.5%

745,087,850

Liabilities

in

excess

of

other

assets

—

(4.5)%

(32,061,945)

NET

ASSETS

—

100.0%

$

713,025,905

14

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$40,986,402,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$31,680,046

and

by

$10,190,147

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2049,

a

total

value

of

$41,870,193.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$31,680,046.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Conservative

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

15

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

61,676,473

$

–

$

–

$

61,676,473

Investment

Companies

522,670,939

–

–

522,670,939

Investment

Contract

–

–

129,060,392

129,060,392

Repurchase

Agreements

–

31,680,046

–

31,680,046

Total

$

584,347,412

$

31,680,046

$

129,060,392

$

745,087,850

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

16

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2020

$

157,352,769

$

157,352,769

Purchases

*

10,687,227

10,687,227

Sales

(38,979,604)

(38,979,604)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2021

$

129,060,392

$

129,060,392

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderate

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Investment

Companies

86.8%

Shares

Value

($)

Equity

Funds

59.9%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

7,308,432

103,121,974

NVIT

International

Index

Fund,

Class

Y(a)

37,262,810

415,852,959

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

6,804,822

176,993,431

NVIT

S&P

500

Index

Fund,

Class

Y(a)

29,818,154

767,817,464

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

178,007

1,813,890

Total

Equity

Funds

(cost

$885,368,532)

1,465,599,718

Fixed

Income

Funds

26.9%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

14,953,273

158,355,165

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

829,908

9,245,179

NVIT

Bond

Index

Fund,

Class

Y(a)

40,427,614

442,682,378

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

4,548,495

47,486,285

Total

Fixed

Income

Funds

(cost

$641,066,986)

657,769,007

Total

Investment

Companies

(cost

$1,526,435,518)

2,123,368,725

Exchange

Traded

Funds

6.4%

Equity

Funds

3.4%

iShares

Core

S&P

Small-Cap

ETF(b)

354,895

38,750,985

Nationwide

Risk-Based

International

Equity

ETF(a)

621,014

17,399,694

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

675,753

25,838,700

Total

Equity

Funds

(cost

$71,890,028)

81,989,379

Fixed

Income

Funds

3.0%

iShares

20+

Year

Treasury

Bond

ETF(b)

186,360

26,895,475

iShares

7-10

Year

Treasury

Bond

ETF(b)

405,787

46,754,778

Total

Fixed

Income

Funds

(cost

$77,211,916)

73,650,253

Total

Exchange

Traded

Funds

(cost

$149,101,944)

155,639,632

Investment

Contract

6.9%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

168,647,076

168,647,076

Total

Investment

Contract

(cost

$168,647,076)

168,647,076

Repurchase

Agreements

3.4%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$5,101,491,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$5,203,512.(d)

5,101,483

5,101,483

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$20,000,031,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$20,400,031.(d)

20,000,000

20,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$13,000,127,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$13,260,041.(d)

13,000,000

13,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$23,000,224,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$23,460,039.(d)

23,000,000

23,000,000

18

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$23,000,052,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$23,460,010.(d)

23,000,000

23,000,000

Total

Repurchase

Agreements

(cost

$84,101,483)

84,101,483

Total

Investments

(cost

$1,928,286,021)

—

103.5%

2,531,756,916

Liabilities

in

excess

of

other

assets

—

(3.5)%

(85,473,548)

NET

ASSETS

—

100.0%

$

2,446,283,368

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$96,631,770,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$84,101,483

and

by

$15,088,240

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/7/2021

–

8/15/2050,

a

total

value

of

$99,189,723.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$84,101,483.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderate

Fund

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

155,639,632

$

–

$

–

$

155,639,632

Investment

Companies

2,123,368,725

–

–

2,123,368,725

Investment

Contract

–

–

168,647,076

168,647,076

Repurchase

Agreements

–

84,101,483

–

84,101,483

Total

$

2,279,008,357

$

84,101,483

$

168,647,076

$

2,531,756,916

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

20

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

6

ko

chalegi

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2020

$

203,856,898

$

203,856,898

Purchases

*

4,709,753

4,709,753

Sales

(39,919,575)

(39,919,575)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2021

$

168,647,076

$

168,647,076

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Investment

Companies

89.2%

Shares

Value

($)

Equity

Funds

74.3%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,162,502

58,732,903

NVIT

International

Index

Fund,

Class

Y(a)

20,474,167

228,491,698

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

5,581,682

145,179,543

NVIT

S&P

500

Index

Fund,

Class

Y(a)

16,932,029

435,999,752

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

261,366

2,663,320

Total

Equity

Funds

(cost

$526,605,219)

871,067,216

Fixed

Income

Funds

14.9%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

4,996,994

52,918,168

NVIT

Bond

Index

Fund,

Class

Y(a)

11,062,451

121,133,835

Total

Fixed

Income

Funds

(cost

$169,480,062)

174,052,003

Total

Investment

Companies

(cost

$696,085,281)

1,045,119,219

Exchange

Traded

Funds

9.1%

Equity

Funds

7.9%

iShares

Core

MSCI

Emerging

Markets

ETF

214,790

13,265,430

iShares

Core

S&P

Small-Cap

ETF(b)

195,591

21,356,581

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

1,058,582

42,353,125

Nationwide

Risk-Based

International

Equity

ETF(a)(b)

560,034

15,691,145

Total

Equity

Funds

(cost

$73,909,487)

92,666,281

Fixed

Income

Fund

1.2%

iShares

7-10

Year

Treasury

Bond

ETF(b)

128,605

14,817,868

Total

Fixed

Income

Funds

(cost  $15,195,857)

14,817,868

Total

Exchange

Traded

Funds

(cost

$89,105,344)

107,484,149

Investment

Contract

1.7%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

20,060,144

20,060,144

Total

Investment

Contract

(cost

$20,060,144)

20,060,144

Repurchase

Agreements

1.2%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$9,718,260,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$9,912,610.(d)

9,718,245

9,718,245

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$4,000,039,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$4,080,012.(d)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$13,718,245)

13,718,245

Total

Investments

(cost

$818,969,014)

—

101.2%

1,186,381,757

Liabilities

in

excess

of

other

assets

—

(1.2)%

(14,402,474)

NET

ASSETS

—

100.0%

$

1,171,979,283

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$13,449,717,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$13,718,245.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$13,718,245.

ETF

Exchange

Traded

Fund

22

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

107,484,149

$

–

$

–

$

107,484,149

Investment

Companies

1,045,119,219

–

–

1,045,119,219

Investment

Contract

–

–

20,060,144

20,060,144

Repurchase

Agreements

–

13,718,245

–

13,718,245

Total

$

1,152,603,368

$

13,718,245

$

20,060,144

$

1,186,381,757

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

23

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2020

$

29,228,167

$

29,228,167

Purchases

*

774,508

774,508

Sales

(9,942,531)

(9,942,531)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2021

$

20,060,144

$

20,060,144

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

24

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

Investment

Companies

79.5%

Shares

Value

($)

Equity

Funds

38.6%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

803,636

11,339,301

NVIT

International

Index

Fund,

Class

Y(a)

7,793,664

86,977,286

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,549,296

40,297,198

NVIT

S&P

500

Index

Fund,

Class

Y(a)

6,128,188

157,800,848

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

617,316

6,290,454

Total

Equity

Funds

(cost

$192,447,095)

302,705,087

Fixed

Income

Funds

40.9%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

6,326,743

67,000,208

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,075,641

23,122,644

NVIT

Bond

Index

Fund,

Class

Y(a)

17,162,968

187,934,500

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

4,049,488

42,276,653

Total

Fixed

Income

Funds

(cost

$310,490,142)

320,334,005

Total

Investment

Companies

(cost

$502,937,237)

623,039,092

Exchange

Traded

Funds

8.6%

Equity

Funds

4.5%

iShares

Core

MSCI

Emerging

Markets

ETF

232,129

14,336,287

iShares

Core

S&P

Small-Cap

ETF(b)

61,078

6,669,107

Nationwide

Risk-Based

International

Equity

ETF(a)

206,071

5,773,739

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

223,362

8,540,670

Total

Equity

Funds

(cost

$29,927,259)

35,319,803

Fixed

Income

Funds

4.1%

iShares

20+

Year

Treasury

Bond

ETF(b)

82,354

11,885,329

iShares

7-10

Year

Treasury

Bond

ETF(b)

171,640

19,776,361

Total

Fixed

Income

Funds

(cost

$33,290,098)

31,661,690

Total

Exchange

Traded

Funds

(cost

$63,217,357)

66,981,493

Investment

Contract

11.9%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

93,581,884

93,581,884

Total

Investment

Contract

(cost

$93,581,884)

93,581,884

Repurchase

Agreements

1.2%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$3,409,449,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$3,477,632.(d)

3,409,443

3,409,443

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$4,000,007,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$4,080,006.(d)

4,000,000

4,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$2,000,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$2,040,006.(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$9,409,443)

9,409,443

Total

Investments

(cost

$669,145,921)

—

101.2%

793,011,912

Liabilities

in

excess

of

other

assets

—

(1.2)%

(9,790,184)

NET

ASSETS

—

100.0%

$

783,221,728

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

25

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$25,055,752,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$9,409,443

and

by

$16,463,973

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/7/2021

–

8/15/2050,

a

total

value

of

$25,873,416.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$9,409,443.

ETF

Exchange

Traded

Fund

26

-

Statement

of

Investments

-

September

30,

2021

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

66,981,493

$

–

$

–

$

66,981,493

Investment

Companies

623,039,092

–

–

623,039,092

Investment

Contract

–

–

93,581,884

93,581,884

Repurchase

Agreements

–

9,409,443

–

9,409,443

Total

$

690,020,585

$

9,409,443

$

93,581,884

$

793,011,912

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

27

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

Investment

Contract

Total

Balance

as

of

December

31,

2020

$

106,742,098

$

106,742,098

Purchases

*

2,837,333

2,837,333

Sales

(15,997,547)

(15,997,547)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2021

$

93,581,884

$

93,581,884

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

28

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Investment

Companies

82.0%

Shares

Value

($)

Equity

Funds

56.5%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,578,072

50,486,590

NVIT

International

Index

Fund,

Class

Y(a)

18,236,004

203,513,800

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

3,317,883

86,298,130

NVIT

S&P

500

Index

Fund,

Class

Y(a)

14,559,101

374,896,856

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

83,600

851,886

Total

Equity

Funds

(cost

$515,597,302)

716,047,262

Fixed

Income

Funds

25.5%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

7,363,209

77,976,382

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

418,951

4,667,115

NVIT

Bond

Index

Fund,

Class

Y(a)

19,906,860

217,980,117

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

2,231,518

23,297,050

Total

Fixed

Income

Funds

(cost

$313,869,787)

323,920,664

Total

Investment

Companies

(cost

$829,467,089)

1,039,967,926

Exchange

Traded

Funds

5.8%

Equity

Funds

3.1%

iShares

Core

S&P

Small-Cap

ETF(b)

167,887

18,331,582

Nationwide

Risk-Based

International

Equity

ETF(a)

292,170

8,186,077

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

315,853

12,077,240

Total

Equity

Funds

(cost

$33,837,736)

38,594,899

Fixed

Income

Funds

2.7%

iShares

20+

Year

Treasury

Bond

ETF(b)

87,889

12,684,141

iShares

7-10

Year

Treasury

Bond

ETF(b)

191,847

22,104,611

Total

Fixed

Income

Funds

(cost

$36,522,187)

34,788,752

Total

Exchange

Traded

Funds

(cost

$70,359,923)

73,383,651

Investment

Contract

6.5%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

82,700,978

82,700,978

Total

Investment

Contract

(cost

$82,700,978)

82,700,978

Repurchase

Agreements

2.8%

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,003,

collateralized

by

U.S.

Government

Treasury

Securities,

1.63%,

maturing

5/15/2031;

total

market

value

$2,040,001.(d)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,536,220,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$1,566,941.(d)

1,536,217

1,536,217

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$25,000,244,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$25,500,042.(d)

25,000,000

25,000,000

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$7,000,016,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$7,140,003.(d)

7,000,000

7,000,000

Total

Repurchase

Agreements

(cost

$35,536,217)

35,536,217

Total

Investments

(cost

$1,018,064,207)

—

97.1%

1,231,588,772

Other

assets

in

excess

of

liabilities

—

2.9%

36,373,264

NET

ASSETS

—

100.0%

$

1,267,962,036

NVIT

Investor

Destinations

Managed

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

29

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$45,860,793,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$35,536,217

and

by

$11,571,094

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2049,

a

total

value

of

$47,107,311.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$35,536,217.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

591

12/2021

USD

66,989,850

(2,868,642)

Russell

2000

E-Mini

Index

106

12/2021

USD

11,664,240

(224,290)

S&P

500

E-Mini

Index

308

12/2021

USD

66,185,350

(3,046,911)

S&P

Midcap

400

E-Mini

Index

82

12/2021

USD

21,592,240

(620,304)

(6,760,147)

As

of

September

30,

2021,

the

Fund

had

$9,810,756

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

30

-

Statement

of

Investments

-

September

30,

2021

(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,

2021

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

73,383,651

$

–

$

–

$

73,383,651

Investment

Companies

1,039,967,926

–

–

1,039,967,926

Investment

Contract

–

–

82,700,978

82,700,978

Repurchase

Agreements

–

35,536,217

–

35,536,217

Total

Assets

$

1,113,351,577

$

35,536,217

$

82,700,978

$

1,231,588,772

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(6,760,147)

$

–

$

–

$

(6,760,147)

Total

Liabilities

$

(6,760,147)

$

–

$

–

$

(6,760,147)

Total

$

1,106,591,430

$

35,536,217

$

82,700,978

$

1,224,828,625

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Investment

Contract

Total

Balance

as

of

December

31,

2020

$

95,314,173

$

95,314,173

Purchases

*

2,647,318

2,647,318

Sales

(15,260,513)

(15,260,513)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2021

$

82,700,978

$

82,700,978

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

32

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Futures

Contracts

Financial

futures

contracts

(“futures

contracts”)

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

The

Fund

is

subject

to

equity

risk

in

the

normal

course

of

pursuing its

objective(s)

in

two

respects.

First,

the

Fund

has

set

a

baseline

target

equity

exposure

of

60%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

80%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(6,760,147)

Total

$

(6,760,147)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Investment

Companies

79.8%

Shares

Value

($)

Equity

Funds

47.6%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,129,143

15,932,210

NVIT

International

Index

Fund,

Class

Y(a)

6,263,225

69,897,593

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,141,198

29,682,569

NVIT

S&P

500

Index

Fund,

Class

Y(a)

4,755,494

122,453,969

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

48,013

489,251

Total

Equity

Funds

(cost

$173,605,319)

238,455,592

Fixed

Income

Funds

32.2%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

3,392,905

35,930,861

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

167,758

1,868,820

NVIT

Bond

Index

Fund,

Class

Y(a)

9,591,362

105,025,412

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

1,789,866

18,686,205

Total

Fixed

Income

Funds

(cost

$156,532,534)

161,511,298

Total

Investment

Companies

(cost

$330,137,853)

399,966,890

Exchange

Traded

Funds

5.4%

Equity

Funds

3.1%

iShares

Core

S&P

Small-Cap

ETF

67,752

7,397,841

Nationwide

Risk-Based

International

Equity

ETF(a)

116,735

3,270,704

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

127,205

4,863,925

Total

Equity

Funds

(cost

$13,618,017)

15,532,470

Fixed

Income

Funds

2.3%

iShares

20+

Year

Treasury

Bond

ETF(b)

12,037

1,737,180

iShares

7-10

Year

Treasury

Bond

ETF(b)

86,624

9,980,817

Total

Fixed

Income

Funds

(cost

$12,197,003)

11,717,997

Total

Exchange

Traded

Funds

(cost

$25,815,020)

27,250,467

Investment

Contract

9.9%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

49,751,810

49,751,810

Total

Investment

Contract

(cost

$49,751,810)

49,751,810

Repurchase

Agreement

1.9%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$9,379,217,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$9,566,787.(d)

9,379,203

9,379,203

Total

Repurchase

Agreement

(cost

$9,379,203)

9,379,203

Total

Investments

(cost

$415,083,886)

—

97.0%

486,348,370

Other

assets

in

excess

of

liabilities

—

3.0%

15,168,332

NET

ASSETS

—

100.0%

$

501,516,702

34

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$10,934,242,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$9,379,203

and

by

$1,775,946

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2049,

a

total

value

of

$11,155,149.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$9,379,203.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

144

12/2021

USD

16,322,400

(708,352)

Russell

2000

E-Mini

Index

28

12/2021

USD

3,081,120

(55,306)

S&P

500

E-Mini

Index

65

12/2021

USD

13,967,688

(646,373)

S&P

Midcap

400

E-Mini

Index

20

12/2021

USD

5,266,400

(140,911)

(1,550,942)

As

of

September

30,

2021,

the

Fund

had

$2,279,196

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

35

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

27,250,467

$

–

$

–

$

27,250,467

Investment

Companies

399,966,890

–

–

399,966,890

Investment

Contract

–

–

49,751,810

49,751,810

Repurchase

Agreement

–

9,379,203

–

9,379,203

Total

Assets

$

427,217,357

$

9,379,203

$

49,751,810

$

486,348,370

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,550,942)

$

–

$

–

$

(1,550,942)

Total

Liabilities

$

(1,550,942)

$

–

$

–

$

(1,550,942)

Total

$

425,666,415

$

9,379,203

$

49,751,810

$

484,797,428

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

36

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

investment

in

the

Nationwide

Contract

include

interest

rate

and

daily

transactions

value.

Significant

change

in

any

of

these

inputs

would

significantly

change

the

fair

value

measure

of

the

Nationwide

Contract.

The

interest

rate

and

daily

transactions

value

results

in

stable

valuation

of

the

Nationwide

Contract.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Investment

Contract

Total

Balance

as

of

December

31,

2020

$

55,199,547

$

55,199,547

Purchases

*

2,000,682

2,000,682

Sales

(7,448,419)

(7,448,419)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2021

$

49,751,810

$

49,751,810

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.15%

(2.15%)

Daily

Transactions

$1.00

($1.00)

*

NFA

can

increase

or

redeem

all

or

a

portion

of

the

Fund’s

investment

in

the

Nationwide

Contract

on

a

daily

basis

for

any

reason

without

imposition

of

any

sales

charge

or

market

value

adjustment.

The

Fund

cannot

assign

or

transfer

its

interest

in

the

Nationwide

Contract

to

any

party.

If

the

Fund

transferred

its

interest

in

the

Nationwide

Contract,

the

issuer

would

terminate

the

arrangement

and

pay

the

Fund

the

amount

of

its

holding

as

of

the

termination

date.

The

Fund

or

Nationwide

Life

Insurance

Company

has

the

ability

to

terminate

its

investment

in

the

Nationwide

Contract

at

its

discretion.

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

this

investment,

such

as

market

news

or

the

credit

rating

of

the

issuer.

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

37

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,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,550,942)

Total

$

(1,550,942)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Aggressive

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

100.1%

Shares

Value

($)

Equity

Funds

92.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

845,563

11,381,273

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

933,665

11,680,149

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,106,264

23,948,217

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

4,463,563

63,471,862

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

583,811

8,033,240

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

1,897,844

27,575,667

Total

Equity

Funds

(cost

$113,656,693)

146,090,408

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

8.1%

Nationwide

Bond

Fund,

Class

R6(a)

129,831

1,291,818

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

546,545

6,432,830

NVIT

Core

Bond

Fund,

Class

Y(a)

467,988

5,147,871

Total

Fixed

Income

Funds

(cost

$12,504,601)

12,872,519

Total

Investment

Companies

(cost

$126,161,294)

158,962,927

Total

Investments

(cost

$126,161,294)

—

100.1%

158,962,927

Liabilities

in

excess

of

other

assets

—

(0.1)%

(99,007)

NET

ASSETS

—

100.0%

$

158,863,920

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

2

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

158,962,927

$

–

$

–

$

158,962,927

Total

$

158,962,927

$

–

$

–

$

158,962,927

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

83.3%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,077,287

27,960,279

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,357,763

29,495,621

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,244,034

59,624,669

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

11,635,054

165,450,473

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,509,777

20,774,531

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

4,799,490

69,736,586

Total

Equity

Funds

(cost

$285,315,867)

373,042,159

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

16.7%

Nationwide

Bond

Fund,

Class

R6(a)

753,636

7,498,675

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

3,180,107

37,429,860

NVIT

Core

Bond

Fund,

Class

Y(a)

2,724,623

29,970,852

Total

Fixed

Income

Funds

(cost

$73,240,909)

74,899,387

Total

Investment

Companies

(cost

$358,556,776)

447,941,546

Total

Investments

(cost

$358,556,776)

—

100.0%

447,941,546

Liabilities

in

excess

of

other

assets

—

0.0%

†

(191,521)

NET

ASSETS

—

100.0%

$

447,750,025

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

4

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

447,941,546

$

–

$

–

$

447,941,546

Total

$

447,941,546

$

–

$

–

$

447,941,546

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderate

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

63.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

5,656,403

76,135,178

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

10,612,584

132,763,425

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

23,036,234

261,921,983

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

48,197,704

685,371,354

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,570,605

62,891,520

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

20,804,433

302,288,404

Total

Equity

Funds

(cost

$1,153,863,198)

1,521,371,864

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

36.4%

Nationwide

Bond

Fund,

Class

R6(a)

5,484,190

54,567,688

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

27,811,289

327,338,867

NVIT

Core

Bond

Fund,

Class

Y(a)

23,819,857

262,018,429

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

3,229,165

32,776,021

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

18,594,850

194,130,229

Total

Fixed

Income

Funds

(cost

$859,616,901)

870,831,234

Total

Investment

Companies

(cost

$2,013,480,099)

2,392,203,098

Total

Investments

(cost

$2,013,480,099)

—

100.0%

2,392,203,098

Liabilities

in

excess

of

other

assets

—

0.0%

†

(834,991)

NET

ASSETS

—

100.0%

$

2,391,368,107

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

6

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,392,203,098

$

–

$

–

$

2,392,203,098

Total

$

2,392,203,098

$

–

$

–

$

2,392,203,098

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Conservative

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

43.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

852,228

11,470,986

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,834,814

22,953,529

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,967,087

56,475,780

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

9,975,883

141,857,053

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

824,730

11,348,285

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

4,297,276

62,439,417

Total

Equity

Funds

(cost

$232,736,394)

306,545,050

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

56.4%

Nationwide

Bond

Fund,

Class

R6(a)

2,663,089

26,497,734

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,220,802

13,599,740

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

10,113,202

119,032,393

NVIT

Core

Bond

Fund,

Class

Y(a)

9,026,035

99,286,391

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,302,759

13,223,001

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

11,908,906

124,328,981

Total

Fixed

Income

Funds

(cost

$390,197,205)

395,968,240

Total

Investment

Companies

(cost

$622,933,599)

702,513,290

Total

Investments

(cost

$622,933,599)

—

100.0%

702,513,290

Liabilities

in

excess

of

other

assets

—

0.0%

†

(283,448)

NET

ASSETS

—

100.0%

$

702,229,842

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

8

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

702,513,290

$

–

$

–

$

702,513,290

Total

$

702,513,290

$

–

$

–

$

702,513,290

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Conservative

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

22.4%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

998,175

12,487,168

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,793,360

31,760,500

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

5,661,936

80,512,726

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

289,229

3,979,787

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

2,212,503

32,147,673

Total

Equity

Funds

(cost

$121,010,536)

160,887,854

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

77.6%

Nationwide

Bond

Fund,

Class

R6(a)

3,870,219

38,508,677

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,579,862

28,739,660

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

13,071,644

153,853,252

NVIT

Core

Bond

Fund,

Class

Y(a)

10,813,903

118,952,934

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,724,162

17,500,247

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

19,230,544

200,766,881

Total

Fixed

Income

Funds

(cost

$549,534,430)

558,321,651

Total

Investment

Companies

(cost

$670,544,966)

719,209,505

Total

Investments

(cost

$670,544,966)

—

100.0%

719,209,505

Liabilities

in

excess

of

other

assets

—

0.0%

†

(285,260)

NET

ASSETS

—

100.0%

$

718,924,245

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

10

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

719,209,505

$

–

$

–

$

719,209,505

Total

$

719,209,505

$

–

$

–

$

719,209,505

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Balanced

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

53.5%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,084,009

54,970,764

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

6,834,909

85,504,711

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

19,969,695

227,055,428

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

33,109,205

470,812,890

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,162,191

43,511,749

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

14,580,003

211,847,442

Total

Equity

Funds

(cost

$835,669,561)

1,093,702,984

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

46.5%

Nationwide

Bond

Fund,

Class

R6(a)

6,714,608

66,810,350

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

27,523,633

323,953,156

NVIT

Core

Bond

Fund,

Class

Y(a)

24,275,719

267,032,907

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,815,576

28,578,095

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

25,287,516

264,001,669

Total

Fixed

Income

Funds

(cost

$937,993,929)

950,376,177

Total

Investment

Companies

(cost

$1,773,663,490)

2,044,079,161

Total

Investments

(cost

$1,773,663,490)

—

100.0%

2,044,079,161

Liabilities

in

excess

of

other

assets

—

0.0%

†

(723,747)

NET

ASSETS

—

100.0%

$

2,043,355,414

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

12

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,044,079,161

$

–

$

–

$

2,044,079,161

Total

$

2,044,079,161

$

–

$

–

$

2,044,079,161

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

73.5%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

8,690,217

116,970,326

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

12,268,708

153,481,534

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

26,987,371

306,846,413

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

58,738,172

835,256,803

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

6,545,034

90,059,674

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

21,389,454

310,788,771

Total

Equity

Funds

(cost

$1,375,292,800)

1,813,403,521

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

26.5%

Nationwide

Bond

Fund,

Class

R6(a)

4,404,633

43,826,100

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

22,302,696

262,502,729

NVIT

Core

Bond

Fund,

Class

Y(a)

19,905,003

218,955,028

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,154,694

21,870,149

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

10,366,467

108,225,919

Total

Fixed

Income

Funds

(cost

$645,421,671)

655,379,925

Total

Investment

Companies

(cost

$2,020,714,471)

2,468,783,446

Total

Investments

(cost

$2,020,714,471)

—

100.0%

2,468,783,446

Liabilities

in

excess

of

other

assets

—

0.0%

†

(855,840)

NET

ASSETS

—

100.0%

$

2,467,927,606

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

14

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,468,783,446

$

–

$

–

$

2,468,783,446

Total

$

2,468,783,446

$

–

$

–

$

2,468,783,446

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

95.1%

Shares

Value

($)

Equity

Funds

51.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,129,285

15,200,171

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,891,930

23,668,049

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,519,224

62,753,572

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

9,238,933

131,377,630

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

874,652

12,035,207

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

4,031,653

58,579,917

Total

Equity

Funds

(cost

$230,825,648)

303,614,546

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

44.1%

Nationwide

Bond

Fund,

Class

R6(a)

1,851,875

18,426,152

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

7,588,436

89,315,890

NVIT

Core

Bond

Fund,

Class

Y(a)

6,692,680

73,619,482

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

776,047

7,876,873

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

6,972,812

72,796,162

Total

Fixed

Income

Funds

(cost

$257,817,327)

262,034,559

Total

Investment

Companies

(cost

$488,642,975)

565,649,105

Total

Investments

(cost

$488,642,975)

—

95.1%

565,649,105

Other

assets

in

excess

of

liabilities

—

4.9%

29,233,067

NET

ASSETS

—

100.0%

$

594,882,172

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

154

12/2021

USD

17,455,900

(759,544)

Russell

2000

E-Mini

Index

17

12/2021

USD

1,870,680

(37,483)

S&P

500

E-Mini

Index

88

12/2021

USD

18,910,100

(881,289)

S&P

Midcap

400

E-Mini

Index

28

12/2021

USD

7,372,960

(202,811)

(1,881,127)

As

of

September

30,

2021,

the

Fund

had

$2,676,945

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

565,649,105

$

–

$

–

$

565,649,105

Total

Assets

$

565,649,105

$

–

$

–

$

565,649,105

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,881,127)

$

–

$

–

$

(1,881,127)

Total

Liabilities

$

(1,881,127)

$

–

$

–

$

(1,881,127)

Total

$

563,767,978

$

–

$

–

$

563,767,978

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

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,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,881,127)

Total

$

(1,881,127)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

94.1%

Shares

Value

($)

Equity

Funds

59.7%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,097,623

41,694,011

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

5,819,207

72,798,280

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

12,615,950

143,443,353

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

26,383,007

375,166,366

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,503,690

34,450,773

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

11,393,340

165,545,229

Total

Equity

Funds

(cost

$631,368,949)

833,098,012

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

34.4%

Nationwide

Bond

Fund,

Class

R6(a)

3,017,660

30,025,715

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

15,299,429

180,074,277

NVIT

Core

Bond

Fund,

Class

Y(a)

13,103,449

144,137,938

NVIT

DoubleLine

Total

Return

Tactical

F

und,

Class

Y(a)

1,776,322

18,029,669

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

10,233,320

106,835,866

Total

Fixed

Income

Funds

(cost

$472,343,512)

479,103,465

Total

Investment

Companies

(cost

$1,103,712,461)

1,312,201,477

Total

Investments

(cost

$1,103,712,461)

—

94.1%

1,312,201,477

Other

assets

in

excess

of

liabilities

—

5.9%

82,708,357

NET

ASSETS

—

100.0%

$

1,394,909,834

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

674

12/2021

USD

76,397,900

(3,242,511)

Russell

2000

E-Mini

Index

79

12/2021

USD

8,693,160

(170,404)

S&P

500

E-Mini

Index

444

12/2021

USD

95,410,050

(4,408,235)

S&P

Midcap

400

E-Mini

Index

139

12/2021

USD

36,601,480

(1,067,645)

(8,888,795)

As

of

September

30,

2021,

the

Fund

had

$12,737,743

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,312,201,477

$

–

$

–

$

1,312,201,477

Total

Assets

$

1,312,201,477

$

–

$

–

$

1,312,201,477

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(8,888,795)

$

–

$

–

$

(8,888,795)

Total

Liabilities

$

(8,888,795)

$

–

$

–

$

(8,888,795)

Total

$

1,303,312,682

$

–

$

–

$

1,303,312,682

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

20

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

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,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(8,888,795)

Total

$

(8,888,795)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Exchange

Traded

Funds

100.0%

Shares

Value

($)

Fixed

Income

Funds

100.0%

iShares

Core

10+

Year

USD

Bond

ETF(a)

55,411

3,966,558

iShares

Core

1-5

Year

USD

Bond

ETF(a)

113,980

5,820,958

iShares

Core

Total

USD

Bond

Market

ETF(a)

73,174

3,895,784

iShares

Core

U.S.

Aggregate

Bond

ETF

169,589

19,473,905

iShares

MBS

ETF(a)

35,895

3,881,685

iShares

U.S.

Treasury

Bond

ETF(a)

73,271

1,943,880

Total

Exchange

Traded

Funds

(cost

$39,155,550)

38,982,770

Repurchase

Agreements

22.0%

Principal

Amount

($)

BofA

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

1.63%,

maturing

5/15/2031;

total

market

value

$1,020,001.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,574,488,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$2,625,974.(b)

2,574,484

2,574,484

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$3,000,030,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$3,060,009.(b)

3,000,000

3,000,000

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,005,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$2,040,001.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$8,574,484)

8,574,484

Total

Investments

(cost

$47,730,034)

—

122.0%

47,557,254

Liabilities

in

excess

of

other

assets

—

(22.0)%

(8,576,363)

NET

ASSETS

—

100.0%

$

38,980,891

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$8,506,860,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,574,484

and

by

$112,158

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

1/31/2022

–

8/15/2050,

a

total

value

of

$8,686,642.

(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,

2021

was

$8,574,484.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

38,982,770

$

–

$

–

$

38,982,770

Repurchase

Agreements

–

8,574,484

–

8,574,484

Total

$

38,982,770

$

8,574,484

$

–

$

47,557,254

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

95.3%

Shares

Value

($)

Alternative

Assets

95.3%

BlackRock

Global

Allocation

VI

Fund,

Class

I*

18,120,936

360,244,205

Total

Alternative

Assets

(cost

$296,554,819)

360,244,205

Total

Investment

Company

(cost

$296,554,819)

360,244,205

Total

Investments

(cost

$296,554,819)

—

95.3%

360,244,205

Other

assets

in

excess

of

liabilities

—

4.7%

17,785,482

NET

ASSETS

—

100.0%

$

378,029,687

*

Denotes

a

non-income

producing

security.

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

90

12/2021

USD

10,201,500

(407,333)

Russell

2000

E-Mini

Index

2

12/2021

USD

220,080

(2,580)

S&P

500

E-Mini

Index

62

12/2021

USD

13,323,025

(538,603)

S&P

Midcap

400

E-Mini

Index

3

12/2021

USD

789,960

(20,173)

(968,689)

As

of

September

30,

2021,

the

Fund

had

$1,442,991

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

4

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BlackRock

Managed

Global

Allocation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Company

$

360,244,205

$

–

$

–

$

360,244,205

Total

Assets

$

360,244,205

$

–

$

–

$

360,244,205

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(968,689)

$

–

$

–

$

(968,689)

Total

Liabilities

$

(968,689)

$

–

$

–

$

(968,689)

Total

$

359,275,516

$

–

$

–

$

359,275,516

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

5

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(968,689)

Total

$

(968,689)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2021

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Exchange

Traded

Funds

100.0%

Shares

Value

($)

Equity

Funds

100.0%

iShares

Core

MSCI

EAFE

ETF

60,480

4,490,640

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

78,112

5,219,444

iShares

Core

S&P

500

ETF

6,524

2,810,670

iShares

Core

S&P

Mid-Cap

ETF

26,366

6,936,104

iShares

Core

S&P

Small-Cap

ETF(a)

11,422

1,247,168

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF(a)

111,083

10,928,345

iShares

MSCI

USA

Momentum

Factor

ETF(a)

4,539

797,048

iShares

MSCI

USA

Multifactor

ETF

82,215

3,464,540

iShares

MSCI

USA

Quality

Factor

ETF

5,945

783,135

iShares

MSCI

USA

Size

Factor

ETF(a)

6,148

785,100

iShares

MSCI

USA

Small-Cap

Multifactor

ETF

12,238

657,792

iShares

MSCI

USA

Value

Factor

ETF

7,537

758,976

Total

Exchange

Traded

Funds

(cost

$34,329,529)

38,878,962

Repurchase

Agreements

19.6%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$5,626,052,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$5,738,564.(b)

5,626,043

5,626,043

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$2,000,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

10/15/2021

-

2/15/2044;

total

market

value

$2,040,006.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$7,626,043)

7,626,043

Total

Investments

(cost

$41,955,572)

—

119.6%

46,505,005

Liabilities

in

excess

of

other

assets

—

(19.6)%

(7,629,594)

NET

ASSETS

—

100.0%

$

38,875,411

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$9,567,520,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,626,043

and

by

$2,244,945

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

2.25%,

and

maturity

dates

ranging

from

1/15/2022

–

8/15/2046,

a

total

value

of

$9,870,988.

(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,

2021

was

$7,626,043.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

38,878,962

$

–

$

–

$

38,878,962

Repurchase

Agreements

–

7,626,043

–

7,626,043

Total

$

38,878,962

$

7,626,043

$

–

$

46,505,005

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Investment

Company

94.7%

Shares

Value

($)

Balanced

Fund

94.7%

American

Funds

Asset

Allocation

Fund,

Class

1

94,805,872

2,638,447,407

Total

Investment

Company

(cost

$2,124,999,115)

2,638,447,407

Total

Investments

(cost

$2,124,999,115)

—

94.7%

2,638,447,407

Other

assets

in

excess

of

liabilities

—

5.3%

148,545,587

NET

ASSETS

—

100.0%

$

2,786,992,994

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

2

12/2021

USD

226,700

(5,520)

Russell

2000

E-Mini

Index

1

12/2021

USD

110,040

608

S&P

500

E-Mini

Index

9

12/2021

USD

1,933,988

(32,073)

S&P

Midcap

400

E-Mini

Index

1

12/2021

USD

263,320

(233)

(37,218)

As

of

September

30,

2021,

the

Fund

had

$149,180

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

608

$

–

$

–

$

608

Investment

Company

2,638,447,407

–

–

2,638,447,407

Total

Assets

$

2,638,448,015

$

–

$

–

$

2,638,448,015

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(37,826)

$

–

$

–

$

(37,826)

Total

Liabilities

$

(37,826)

$

–

$

–

$

(37,826)

Total

$

2,638,410,189

$

–

$

–

$

2,638,410,189

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

10

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

608

Total

$

608

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(37,826)

Total

$

(37,826)

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

Managed

American

Funds

Growth-Income

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Company

94.9%

Shares

Value

($)

Equity

Fund

94.9%

American

Funds

Growth-Income

Fund,

Class

1

10,318,546

646,044,181

Total

Investment

Company

(cost

$484,609,597)

646,044,181

Total

Investments

(cost

$484,609,597)

—

94.9%

646,044,181

Other

assets

in

excess

of

liabilities

—

5.1%

34,954,521

NET

ASSETS

—

100.0%

$

680,998,702

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

22

12/2021

USD

2,493,700

(110,724)

Russell

2000

E-Mini

Index

4

12/2021

USD

440,160

(8,688)

S&P

500

E-Mini

Index

142

12/2021

USD

30,514,025

(1,384,897)

S&P

Midcap

400

E-Mini

Index

7

12/2021

USD

1,843,240

(53,848)

(1,558,157)

As

of

September

30,

2021,

the

Fund

had

$2,075,478

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Company

$

646,044,181

$

–

$

–

$

646,044,181

Total

Assets

$

646,044,181

$

–

$

–

$

646,044,181

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,558,157)

$

–

$

–

$

(1,558,157)

Total

Liabilities

$

(1,558,157)

$

–

$

–

$

(1,558,157)

Total

$

644,486,024

$

–

$

–

$

644,486,024

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Managed

American

Funds

Growth-Income

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,558,157)

Total

$

(1,558,157)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2021

(Unaudited)

-

Consolidated

Statement

of

Investments

-

1

Corporate

Bonds

6.9%

Principal

Amount

($)

Value

($)

CANADA

4.0%

Capital

Markets

4.0%

CPPIB

Capital,

Inc.,

Reg.

S,

0.75%,

4/8/2022

1,200,000

1,203,612

NETHERLANDS

2.9%

Banks

2.9%

Nederlandse

Waterschapsbank

NV,

Reg.

S,

1.88%,

4/14/2022

850,000

857,693

Total

Corporate

Bonds

(cost

$2,061,255)

2,061,305

Foreign

Government

Securities

13.3%

FRANCE

4.0%

Caisse

d'Amortissement

de

la

Dette

Sociale

,

Reg.

S,

1.88%,

2/12/2022

1,200,000

1,207,415

GERMANY

2.7%

Erste

Abwicklungsanstalt

,

Reg.

S,

2.63%,

3/4/2022

800,000

808,240

JAPAN

4.1%

Japan

Bank

for

International

Cooperation,

2.50%,

6/1/2022

1,200,000

1,218,002

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

SWEDEN

2.5%

Kommuninvest

I

Sverige

AB,

Reg.

S,

0.50%,

2/2/2022

750,000

750,869

Total

Foreign

Government

Securities

(cost

$3,984,935)

3,984,526

Supranational

7.8%

Asian

Development

Bank,

2.00%,

2/16/2022

850,000

855,807

European

Investment

Bank,

2.88%,

12/15/2021

750,000

754,093

European

Stability

Mechanism,

Reg.

S,

2.13%,

11/3/2022

700,000

714,552

Total

Supranational

(cost

$2,324,798)

2,324,452

Total

Investments

(cost

$8,370,988)

—

28.0%

8,370,283

Other

assets

in

excess

of

liabilities

—

72.0%

21,545,290

NET

ASSETS

—

100.0%

$

29,915,573

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,

2021

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Natural

Gas

14

10/2021

USD

821,380

230,471

NY

Harbor

ULSD

1

10/2021

USD

98,217

13,097

RBOB

Gasoline

1

10/2021

USD

92,148

8,124

LME

Aluminum

Base

Metal

15

11/2021

USD

1,071,281

102,986

LME

Nickel

Base

Metal

3

11/2021

USD

322,929

(11,268)

LME

Zinc

Base

Metal

7

11/2021

USD

522,288

4,526

Low

Sulphur

Gasoil

3

11/2021

USD

202,650

29,273

Australia

10

Year

Bond

80

12/2021

AUD

8,182,208

(155,358)

Copper

8

12/2021

USD

817,800

(35,934)

E-Mini

Crude

Oil

27

12/2021

USD

1,001,565

76,120

Euro-Bund

74

12/2021

EUR

14,556,613

(215,440)

FTSE

100

Index

34

12/2021

GBP

3,240,484

16,918

Mini-DAX

Index

31

12/2021

EUR

2,744,872

(74,925)

NASDAQ

100

Micro

E-Mini

Equity

Index

77

12/2021

USD

2,261,105

(131,586)

Russell

2000

E-Mini

Index

20

12/2021

USD

2,200,800

(47,221)

S&P

500

E-Mini

Index

154

12/2021

USD

3,309,268

(141,703)

(331,920)

Short

Contracts

LME

Aluminum

Base

Metal

(3)

11/2021

USD

(214,256)

(19,265)

LME

Zinc

Base

Metal

(1)

11/2021

USD

(74,613)

1,159

(18,106)

(350,026)

As

of

September

30,

2021,

the

Fund

had

$1,487,363

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

2,061,305

$

–

$

2,061,305

Foreign

Government

Securities

–

4,699,078

–

4,699,078

Futures

Contracts

482,674

–

–

482,674

Supranational

–

1,609,900

–

1,609,900

Total

Assets

$

482,674

$

8,370,283

$

–

$

8,852,957

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(832,700)

$

–

$

–

$

(832,700)

Total

Liabilities

$

(832,700)

$

–

$

–

$

(832,700)

Total

$

(350,026)

$

8,370,283

$

–

$

8,020,257

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

4

-

Consolidated

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Futures

Contracts

Commodity

risk

Unrealized

appreciation

from

futures

contracts

$

465,756

Equity

risk

Unrealized

appreciation

from

futures

contracts

16,918

Total

$

482,674

Liabilities:

Futures

Contracts

Commodity

risk

Unrealized

depreciation

from

futures

contracts

(66,467)

Equity

risk

Unrealized

depreciation

from

futures

contracts

(395,435)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(370,798)

Total

$

(832,700)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.7%

Shares

Value

($)

BRAZIL

6.3%

Banks

1.7%

Banco

Bradesco

SA

*

1,372,940

4,502,725

Banco

Bradesco

SA,

ADR

*

1,031,269

3,949,760

Banco

Santander

Brasil

SA,

ADR

*(a)

29,850

195,219

8,647,704

Beverages

0.1%

Ambev

SA,

ADR

239,300

660,468

Capital

Markets

0.6%

B3

SA

-

Brasil

Bolsa

Balcao

1,346,900

3,150,990

Chemicals

0.1%

Unipar

Carbocloro

SA

(Preference),

Class

B

24,160

350,837

Electric

Utilities

0.6%

Cia

de

Transmissao

de

Energia

Eletrica

Paulista

(Preference)

206,900

923,988

Cia

Energetica

de

Minas

Gerais

,

ADR

502,600

1,266,552

Energisa

SA

104,200

840,182

3,030,722

Food

&

Staples

Retailing

0.0%

†

Cia

Brasileira

de

Distribuicao

23,000

108,712

Food

Products

0.2%

Sao

Martinho

SA

133,284

856,131

Metals

&

Mining

1.5%

Cia

Siderurgica

Nacional

SA

269,500

1,421,794

Vale

SA,

ADR

481,100

6,711,346

8,133,140

Oil,

Gas

&

Consumable

Fuels

0.4%

Petroleo

Brasileiro

SA,

ADR

99,700

1,030,898

Petroleo

Brasileiro

SA

(Preference)

273,900

1,369,563

2,400,461

Personal

Products

0.0%

†

Natura

&

Co.

Holding

SA

*

29,500

246,856

Specialty

Retail

0.0%

†

Petrobras

Distribuidora

SA

38,300

165,205

Textiles,

Apparel

&

Luxury

Goods

1.0%

Alpargatas

SA

(Preference)

*

347,100

3,365,354

Arezzo

Industria

e

Comercio

SA

72,200

1,098,694

Grendene

SA

711,100

1,209,161

5,673,209

Wireless

Telecommunication

Services

0.1%

TIM

SA

*

375,800

810,843

34,235,278

CANADA

0.2%

Marine

0.2%

Atlas

Corp.

(a)

66,500

1,010,135

CHILE

0.6%

Banks

0.2%

Banco

Santander

Chile,

ADR

67,419

1,332,874

Common

Stocks

Shares

Value

($)

CHILE

Beverages

0.0%

†

Cia

Cervecerias

Unidas

SA,

ADR

3,225

55,760

Food

&

Staples

Retailing

0.2%

Cencosud

SA

622,710

1,204,254

Metals

&

Mining

0.1%

CAP

SA

41,617

442,450

Multiline

Retail

0.1%

Falabella

SA

135,703

475,329

3,510,667

CHINA

35.3%

Air

Freight

&

Logistics

0.1%

Sinotrans

Ltd.,

Class

H

705,000

275,646

Auto

Components

0.2%

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

Reg.

S

(b)

138,800

738,901

Nexteer

Automotive

Group

Ltd.

429,000

437,374

1,176,275

Automobiles

0.3%

Li

Auto,

Inc.,

ADR

*

3,200

84,128

NIO,

Inc.,

ADR

*

44,000

1,567,720

1,651,848

Banks

5.8%

Agricultural

Bank

of

China

Ltd.,

Class

H

16,310,000

5,575,873

Bank

of

China

Ltd.,

Class

H

24,813,000

8,735,602

China

CITIC

Bank

Corp.

Ltd.,

Class

H

459,000

207,107

China

Construction

Bank

Corp.,

Class

H

16,416,000

11,644,664

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

9,483,000

5,235,075

Industrial

Bank

Co.

Ltd.,

Class

A

191,331

542,052

31,940,373

Beverages

0.4%

Jiangsu

Yanghe

Brewery

Joint-Stock

Co.

Ltd.,

Class

A

23,500

599,195

Luzhou

Laojiao

Co.

Ltd.,

Class

A

41,000

1,403,185

Wuliangye

Yibin

Co.

Ltd.,

Class

A

12,757

433,388

2,435,768

Biotechnology

0.1%

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

A

16,700

411,047

Zai

Lab

Ltd.,

ADR

*

2,800

295,092

706,139

Building

Products

0.4%

Zhuzhou

Kibing

Group

Co.

Ltd.,

Class

A

756,450

1,997,447

Capital

Markets

0.2%

CITIC

Securities

Co.

Ltd.,

Class

H

377,000

958,278

2

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Chemicals

1.5%

Dongyue

Group

Ltd.

252,000

620,036

Hengli

Petrochemical

Co.

Ltd.,

Class

A

184,700

735,350

Huafon

Chemical

Co.

Ltd.,

Class

A

228,100

429,763

Luxi

Chemical

Group

Co.

Ltd.,

Class

A

263,800

762,157

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

718,950

2,069,379

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

150,500

761,332

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

175,190

2,868,762

8,246,779

Consumer

Finance

0.1%

FinVolution

Group,

ADR

(a)

82,300

464,172

Diversified

Telecommunication

Services

0.1%

CITIC

Telecom

International

Holdings

Ltd.

802,000

273,023

Electrical

Equipment

0.1%

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

5,700

463,882

Electronic

Equipment,

Instruments

&

Components

1.1%

BOE

Technology

Group

Co.

Ltd.,

Class

A

139,330

108,897

Kingboard

Holdings

Ltd.

1,008,000

4,531,522

Sunny

Optical

Technology

Group

Co.

Ltd.

46,500

1,220,135

5,860,554

Entertainment

1.2%

NetEase

,

Inc.,

ADR

77,100

6,584,340

Food

Products

0.2%

China

Feihe

Ltd.

Reg.

S

(a)

(b)

753,000

1,268,400

Gas

Utilities

0.6%

Kunlun

Energy

Co.

Ltd.

3,106,000

3,228,511

Health

Care

Equipment

&

Supplies

0.8%

Lifetech

Scientific

Corp.

*(a)

940,000

490,503

Shenzhen

Mindray

Bio-

Medical

Electronics

Co.

Ltd.,

Class

A

65,773

3,914,852

4,405,355

Health

Care

Providers

&

Services

0.0%

†

China

Resources

Medical

Holdings

Co.

Ltd.

146,000

117,349

Hotels,

Restaurants

&

Leisure

0.1%

Huazhu

Group

Ltd.,

ADR

*

7,900

362,294

Independent

Power

and

Renewable

Electricity

Producers

0.1%

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

179,000

437,391

Industrial

Conglomerates

0.1%

CITIC

Ltd.

361,000

380,616

Common

Stocks

Shares

Value

($)

CHINA

Interactive

Media

&

Services

3.6%

Tencent

Holdings

Ltd.

345,700

20,269,849

Internet

&

Direct

Marketing

Retail

5.6%

Alibaba

Group

Holding

Ltd.,

ADR

*

109,800

16,255,890

JD.com,

Inc.,

ADR

*

77,400

5,591,376

Meituan

,

Class

B

Reg.

S

*(b)

178,200

5,564,597

Pinduoduo

,

Inc.,

ADR

*

31,200

2,828,904

Vipshop

Holdings

Ltd.,

ADR

*

91,800

1,022,652

31,263,419

Life

Sciences

Tools

&

Services

1.9%

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

3,200

85,750

Pharmaron

Beijing

Co.

Ltd.,

Class

A

13,695

454,803

Pharmaron

Beijing

Co.

Ltd.,

Class

H

Reg.

S

(b)

113,600

2,699,443

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

434,500

7,022,940

10,262,936

Machinery

0.6%

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

H

(a)

503,500

1,056,557

Haitian

International

Holdings

Ltd.

599,000

1,860,405

Sinotruk

Hong

Kong

Ltd.

155,500

230,425

3,147,387

Marine

0.9%

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

*

218,130

577,714

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

*(a)

1,190,299

1,802,195

SITC

International

Holdings

Co.

Ltd.

728,000

2,595,441

4,975,350

Media

0.4%

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

1,725,720

1,945,147

Metals

&

Mining

0.5%

Angang

Steel

Co.

Ltd.,

Class

H

1,294,000

800,046

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

779,800

1,045,029

China

Hongqiao

Group

Ltd.

79,500

100,078

Maanshan

Iron

&

Steel

Co.

Ltd.,

Class

H

1,152,000

521,808

2,466,961

Oil,

Gas

&

Consumable

Fuels

2.7%

China

Petroleum

&

Chemical

Corp.,

Class

A

2,580,851

1,764,609

China

Petroleum

&

Chemical

Corp.,

Class

H

12,000,000

5,905,973

China

Shenhua

Energy

Co.

Ltd.,

Class

H

1,887,500

4,408,710

PetroChina

Co.

Ltd.,

Class

A

1,737,400

1,606,188

PetroChina

Co.

Ltd.,

Class

H

1,934,000

905,304

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

CHINA

Oil,

Gas

&

Consumable

Fuels

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

A

*

111,300

182,581

14,773,365

Pharmaceuticals

0.8%

CSPC

Pharmaceutical

Group

Ltd.

1,896,000

2,250,729

Zhejiang

NHU

Co.

Ltd.,

Class

A

519,060

2,145,587

4,396,316

Real

Estate

Management

&

Development

0.4%

Sunac

China

Holdings

Ltd.

972,000

2,059,580

Semiconductors

&

Semiconductor

Equipment

0.3%

Daqo

New

Energy

Corp.,

ADR

*

25,800

1,470,600

Specialty

Retail

0.8%

China

Yongda

Automobiles

Services

Holdings

Ltd.

1,371,000

1,973,643

Topsports

International

Holdings

Ltd.

Reg.

S

(b)

1,299,000

1,465,893

Zhongsheng

Group

Holdings

Ltd.

117,500

944,395

4,383,931

Technology

Hardware,

Storage

&

Peripherals

0.9%

Lenovo

Group

Ltd.

4,538,000

4,868,066

Textiles,

Apparel

&

Luxury

Goods

1.8%

ANTA

Sports

Products

Ltd.

(a)

122,000

2,285,982

Bosideng

International

Holdings

Ltd.

(a)

1,178,000

831,601

JNBY

Design

Ltd.

Reg.

S

320,000

554,911

Li

Ning

Co.

Ltd.

176,000

2,030,322

Shenzhou

International

Group

Holdings

Ltd.

45,500

951,053

Zhejiang

Semir

Garment

Co.

Ltd.,

Class

A

2,772,955

3,262,475

9,916,344

Transportation

Infrastructure

0.6%

China

Merchants

Port

Holdings

Co.

Ltd.

126,000

215,287

COSCO

SHIPPING

Ports

Ltd.

758,000

655,320

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

2,652,076

2,481,250

3,351,857

192,785,548

GREECE

0.2%

Diversified

Telecommunication

Services

0.1%

Hellenic

Telecommunications

Organization

SA

30,269

565,721

Industrial

Conglomerates

0.1%

Mytilineos

SA

35,391

577,432

Specialty

Retail

0.0%

†

JUMBO

SA

11,181

181,844

1,324,997

HONG

KONG

0.4%

Building

Products

0.1%

Xinyi

Glass

Holdings

Ltd.

142,000

421,809

Common

Stocks

Shares

Value

($)

HONG

KONG

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Concord

New

Energy

Group

Ltd.

2,190,000

275,215

Pharmaceuticals

0.2%

Sino

Biopharmaceutical

Ltd.

1,558,000

1,298,566

1,995,590

INDIA

10.3%

Automobiles

0.2%

Tata

Motors

Ltd.,

ADR

*(a)

59,103

1,324,498

Banks

0.3%

ICICI

Bank

Ltd.,

ADR

74,650

1,408,646

Beverages

0.0%

†

Radico

Khaitan

Ltd.

17,208

203,749

Chemicals

0.2%

Chambal

Fertilizers

and

Chemicals

Ltd.

220,129

998,202

Gujarat

Narmada

Valley

Fertilizers

&

Chemicals

Ltd.

53,073

309,916

1,308,118

Diversified

Financial

Services

0.4%

Indian

Railway

Finance

Corp.

Ltd.

Reg.

S

(b)

1,955,596

598,666

REC

Ltd.

642,988

1,361,265

1,959,931

Diversified

Telecommunication

Services

0.1%

Tata

Communications

Ltd.

32,264

601,367

Electrical

Equipment

0.1%

Graphite

India

Ltd.

34,255

276,105

Electronic

Equipment,

Instruments

&

Components

0.2%

Redington

India

Ltd.

523,061

981,604

Gas

Utilities

0.9%

GAIL

India

Ltd.

2,136,269

4,498,550

Gujarat

State

Petronet

Ltd.

40,193

169,659

4,668,209

Health

Care

Providers

&

Services

0.4%

Apollo

Hospitals

Enterprise

Ltd.

38,557

2,318,271

Independent

Power

and

Renewable

Electricity

Producers

0.1%

NHPC

Ltd.

1,894,426

755,298

IT

Services

4.1%

Coforge

Ltd.

37,830

2,666,412

Infosys

Ltd.,

ADR

526,389

11,712,154

Sonata

Software

Ltd.

40,392

477,098

Tata

Consultancy

Services

Ltd.

44,118

2,234,006

Wipro

Ltd.

617,580

5,225,600

22,315,270

Metals

&

Mining

1.4%

JSW

Steel

Ltd.

175,219

1,554,527

NMDC

Ltd.

1,390,277

2,657,108

Tata

Steel

Ltd.

194,088

3,308,579

7,520,214

4

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

INDIA

Oil,

Gas

&

Consumable

Fuels

0.7%

Bharat

Petroleum

Corp.

Ltd.

461,480

2,683,238

Indian

Oil

Corp.

Ltd.

782,494

1,304,050

3,987,288

Real

Estate

Management

&

Development

0.1%

DLF

Ltd.

108,521

601,078

Software

0.5%

Birlasoft

Ltd.

198,548

1,075,681

Tata

Elxsi

Ltd.

20,929

1,559,982

2,635,663

Transportation

Infrastructure

0.6%

Adani

Ports

&

Special

Economic

Zone

Ltd.

303,853

3,002,110

55,867,419

INDONESIA

1.3%

Banks

0.1%

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk

.

PT

6,661,100

335,405

Diversified

Telecommunication

Services

0.9%

Link

Net

Tbk

.

PT

307,800

86,648

Telkom

Indonesia

Persero

Tbk

.

PT

18,456,100

4,737,324

4,823,972

Health

Care

Providers

&

Services

0.2%

Mitra

Keluarga

Karyasehat

Tbk

.

PT

Reg.

S

7,077,300

1,135,613

Wireless

Telecommunication

Services

0.1%

Indosat

Tbk

.

PT

*

875,500

406,914

Smartfren

Telecom

Tbk

.

PT

*

20,441,300

157,888

564,802

6,859,792

MEXICO

2.5%

Beverages

0.8%

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

53,936

4,677,330

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Fibra

Uno

Administracion

SA

de

CV

1,955,210

2,216,501

Industrial

Conglomerates

0.5%

Alfa

SAB

de

CV,

Class

A

3,785,101

2,624,073

Media

0.2%

Megacable

Holdings

SAB

de

CV

298,704

913,123

Wireless

Telecommunication

Services

0.6%

America

Movil

SAB

de

CV,

Class

L,

ADR

182,330

3,221,771

13,652,798

MONACO

0.1%

Marine

0.1%

Costamare

,

Inc.

(a)

26,800

415,132

PHILIPPINES

1.0%

Banks

0.1%

Metropolitan

Bank

&

Trust

Co.

717,800

613,045

Common

Stocks

Shares

Value

($)

PHILIPPINES

Transportation

Infrastructure

0.8%

International

Container

Terminal

Services,

Inc.

1,115,080

4,260,268

Wireless

Telecommunication

Services

0.1%

PLDT,

Inc.,

ADR

(a)

10,364

337,555

5,210,868

POLAND

0.3%

Banks

0.0%

†

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

*

23,814

252,676

Construction

&

Engineering

0.0%

†

Budimex

SA

1,370

103,086

Oil,

Gas

&

Consumable

Fuels

0.3%

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

783,390

1,271,987

1,627,749

QATAR

0.3%

Banks

0.0%

†

Masraf

Al

Rayan

QSC

156,297

192,574

Industrial

Conglomerates

0.3%

Industries

Qatar

QSC

299,198

1,268,999

1,461,573

RUSSIA

3.7%

Banks

1.9%

Sberbank

of

Russia

PJSC

2,288,820

10,671,202

Capital

Markets

0.2%

Moscow

Exchange

MICEX-

RTS

PJSC

374,930

895,205

Food

&

Staples

Retailing

0.1%

Magnit

PJSC,

GDR

Reg.

S

30,010

502,915

Metals

&

Mining

1.5%

Novolipetsk

Steel

PJSC,

GDR

Reg.

S

103,610

3,048,033

Severstal

PAO,

GDR

Reg.

S

250,489

5,217,328

8,265,361

20,334,683

SAUDI

ARABIA

3.0%

Banks

0.9%

Al

Rajhi

Bank

82,286

2,689,597

Alinma

Bank

96,744

617,914

Bank

AlBilad

*

14,353

156,032

Riyad

Bank

218,235

1,568,870

5,032,413

Chemicals

0.9%

Saudi

Basic

Industries

Corp.

130,078

4,412,138

Saudi

Industrial

Investment

Group

45,704

497,274

4,909,412

Construction

Materials

0.2%

Najran

Cement

Co.

173,198

1,037,357

Diversified

Telecommunication

Services

0.2%

Saudi

Telecom

Co.

28,998

982,303

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

Health

Care

Providers

&

Services

0.5%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

4,788

221,895

Mouwasat

Medical

Services

Co.

56,896

2,744,039

2,965,934

Oil,

Gas

&

Consumable

Fuels

0.3%

Saudi

Arabian

Oil

Co.

Reg.

S

(b)

150,936

1,448,628

16,376,047

SOUTH

AFRICA

1.8%

Banks

0.3%

Absa

Group

Ltd.

184,786

1,860,106

Chemicals

0.1%

AECI

Ltd.

46,817

329,956

Diversified

Financial

Services

0.1%

FirstRand

Ltd.

188,834

800,874

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Vukile

Property

Fund

Ltd.

409,916

333,683

Food

&

Staples

Retailing

0.7%

Pick

n

Pay

Stores

Ltd.

58,988

224,181

Shoprite

Holdings

Ltd.

242,125

2,867,159

SPAR

Group

Ltd.

(The)

14,622

190,695

3,282,035

Industrial

Conglomerates

0.0%

†

Bidvest

Group

Ltd.

(The)

14,300

184,841

Metals

&

Mining

0.3%

African

Rainbow

Minerals

Ltd.

64,043

806,144

Kumba

Iron

Ore

Ltd.

32,515

1,070,647

1,876,791

Specialty

Retail

0.1%

Motus

Holdings

Ltd.

71,913

485,393

Truworths

International

Ltd.

31,657

116,784

602,177

Trading

Companies

&

Distributors

0.1%

Barloworld

Ltd.

68,834

561,528

9,831,991

SOUTH

KOREA

14.0%

Auto

Components

0.1%

Hankook

Tire

&

Technology

Co.

Ltd.

10,593

381,181

Automobiles

1.5%

Kia

Corp.

117,108

7,912,472

Banks

2.5%

DGB

Financial

Group,

Inc.

256,059

2,122,437

Hana

Financial

Group,

Inc.

140,354

5,417,497

KB

Financial

Group,

Inc.

127,854

5,944,967

13,484,901

Building

Products

0.0%

†

KCC

Glass

Corp.

2,485

143,241

Capital

Markets

0.3%

Daishin

Securities

Co.

Ltd.

24,625

427,731

Korea

Investment

Holdings

Co.

Ltd.

8,051

577,927

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Capital

Markets

Mirae

Asset

Securities

Co.

Ltd.

(Preference)

16,207

65,483

NH

Investment

&

Securities

Co.

Ltd.

44,596

480,026

1,551,167

Chemicals

1.1%

Kumho

Petrochemical

Co.

Ltd.

8,363

1,325,944

LG

Chem

Ltd.

6,983

4,561,281

Unid

Co.

Ltd.

1,434

157,850

6,045,075

Electrical

Equipment

0.0%

†

LS

Corp.

3,391

181,130

Electronic

Equipment,

Instruments

&

Components

0.2%

Samsung

SDI

Co.

Ltd.

(Preference)

3,994

1,311,220

Health

Care

Equipment

&

Supplies

0.2%

Dentium

Co.

Ltd.

12,894

822,707

Value

Added

Technology

Co.

Ltd.

11,934

409,364

1,232,071

Industrial

Conglomerates

0.7%

LG

Corp.

40,361

3,139,011

Samsung

C&T

Corp.

5,763

592,477

SK,

Inc.

350

77,723

3,809,211

Interactive

Media

&

Services

0.4%

Kakao

Corp.

8,936

875,398

NAVER

Corp.

4,488

1,462,389

2,337,787

Marine

0.0%

†

Pan

Ocean

Co.

Ltd.

40,811

255,464

Metals

&

Mining

0.4%

POSCO

7,707

2,142,049

Multiline

Retail

0.1%

Shinsegae

,

Inc.

1,881

416,334

Semiconductors

&

Semiconductor

Equipment

0.6%

SK

Hynix,

Inc.

37,710

3,251,752

Technology

Hardware,

Storage

&

Peripherals

4.6%

Samsung

Electronics

Co.

Ltd.

347,832

21,648,648

Samsung

Electronics

Co.

Ltd.

(Preference)

52,830

3,092,274

24,740,922

Textiles,

Apparel

&

Luxury

Goods

0.7%

Handsome

Co.

Ltd.

6,885

227,575

Hyosung

TNC

Corp.

4,814

2,595,829

LF

Corp.

55,582

835,489

Youngone

Corp.

8,732

323,348

3,982,241

Wireless

Telecommunication

Services

0.6%

SK

Telecom

Co.

Ltd.

11,201

3,054,337

76,232,555

TAIWAN

13.9%

Capital

Markets

0.1%

Capital

Securities

Corp.

283,000

153,117

6

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

TAIWAN

Capital

Markets

President

Securities

Corp.

454,000

372,877

525,994

Chemicals

0.0%

†

Nantex

Industry

Co.

Ltd.

65,000

210,338

Diversified

Financial

Services

0.3%

Chailease

Holding

Co.

Ltd.

168,000

1,476,220

Yuanta

Financial

Holding

Co.

Ltd.

244,000

214,760

1,690,980

Diversified

Telecommunication

Services

0.1%

Chunghwa

Telecom

Co.

Ltd.

166,000

656,577

Electronic

Equipment,

Instruments

&

Components

0.6%

Hon

Hai

Precision

Industry

Co.

Ltd.

861,000

3,217,708

Insurance

0.5%

Cathay

Financial

Holding

Co.

Ltd.

753,000

1,541,622

Fubon

Financial

Holding

Co.

Ltd.

530,000

1,445,724

2,987,346

Marine

1.1%

Evergreen

Marine

Corp.

Taiwan

Ltd.

147,000

646,138

Wan

Hai

Lines

Ltd.

681,400

4,855,891

Yang

Ming

Marine

Transport

Corp.

*

163,000

686,250

6,188,279

Metals

&

Mining

0.1%

China

Steel

Corp.

349,000

444,749

Semiconductors

&

Semiconductor

Equipment

10.2%

ASE

Technology

Holding

Co.

Ltd.

259,000

1,008,200

Chipbond

Technology

Corp.

560,000

1,351,502

Elite

Semiconductor

Microelectronics

Technology,

Inc.

85,000

386,671

FocalTech

Systems

Co.

Ltd.

51,000

277,573

Greatek

Electronics,

Inc.

226,000

650,291

Himax

Technologies,

Inc.,

ADR

(a)

122,500

1,307,075

Holtek

Semiconductor,

Inc.

102,000

406,917

MediaTek

,

Inc.

180,000

5,801,995

Novatek

Microelectronics

Corp.

495,000

7,186,486

Realtek

Semiconductor

Corp.

171,000

3,013,523

Silicon

Motion

Technology

Corp.,

ADR

4,400

303,512

Sitronix

Technology

Corp.

42,000

359,099

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,384,000

28,539,526

United

Microelectronics

Corp.

1,615,000

3,685,189

Winbond

Electronics

Corp.

843,000

785,239

55,062,798

Technology

Hardware,

Storage

&

Peripherals

0.6%

Lite-On

Technology

Corp.

1,412,000

3,155,901

Textiles,

Apparel

&

Luxury

Goods

0.2%

Tainan

Spinning

Co.

Ltd.

686,000

632,981

Common

Stocks

Shares

Value

($)

TAIWAN

Textiles,

Apparel

&

Luxury

Goods

Taiwan

Paiho

Ltd.

151,000

435,337

1,068,318

Trading

Companies

&

Distributors

0.0%

†

Brighton-Best

International

Taiwan,

Inc.

202,000

271,437

Wireless

Telecommunication

Services

0.1%

Taiwan

Mobile

Co.

Ltd.

107,000

379,798

75,860,223

THAILAND

2.6%

Auto

Components

0.1%

Sri

Trang

Agro-Industry

PCL

499,600

493,347

Beverages

0.1%

Osotspa

PCL

381,600

383,153

Chemicals

0.9%

Eastern

Polymer

Group

PCL,

Class

F

2,025,200

668,955

Indorama

Ventures

PCL

1,633,600

2,119,601

PTT

Global

Chemical

PCL

1,049,000

1,941,716

4,730,272

Construction

Materials

0.1%

Siam

Cement

PCL

(The)

42,100

498,277

Consumer

Finance

0.1%

Srisawad

Corp.

PCL

256,500

472,942

Health

Care

Equipment

&

Supplies

0.1%

Sri

Trang

Gloves

Thailand

PCL

663,000

609,829

Health

Care

Providers

&

Services

0.7%

Bangkok

Chain

Hospital

PCL

1,855,800

1,167,230

Chularat

Hospital

PCL,

Class

F

21,512,400

2,379,506

Vibhavadi

Medical

Center

PCL

6,855,700

430,981

3,977,717

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Ratch

Group

PCL

463,600

618,218

Marine

0.3%

Precious

Shipping

PCL

1,450,300

848,671

Regional

Container

Lines

PCL

727,400

1,003,268

1,851,939

Specialty

Retail

0.1%

Siam

Global

House

PCL

873,000

534,397

14,170,091

TURKEY

0.8%

Automobiles

0.3%

Ford

Otomotiv

Sanayi

A/S

66,284

1,244,508

Diversified

Telecommunication

Services

0.2%

Turk

Telekomunikasyon

A/S

997,531

838,156

Machinery

0.1%

Turk

Traktor

ve

Ziraat

Makineleri

A/S

34,975

637,233

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

TURKEY

Software

0.1%

Logo

Yazilim

Sanayi

ve

Ticaret

A/S

163,055

762,599

Textiles,

Apparel

&

Luxury

Goods

0.1%

Aksa

Akrilik

Kimya

Sanayii

A/S

263,936

604,746

4,087,242

UNITED

ARAB

EMIRATES

0.1%

Banks

0.1%

Abu

Dhabi

Islamic

Bank

PJSC

413,024

650,653

Total

Common

Stocks

(cost

$530,825,295)

537,501,031

Rights

0.0%

†

Number

of

Rights

CHINA

0.0%

†

Machinery

0.0%

†

Airtac

International

Group,

expiring

12/31/25*∞

650

3,663

Total

Rights

(cost

$–)

3,663

Repurchase

Agreements

0.7%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,073,638,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$2,115,107.(c)

2,073,635

2,073,635

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$2,000,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$2,040,006.(c)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$4,073,635)

4,073,635

Total

Investments

(cost

$534,898,930)

  —

99.4%

541,578,329

Other

assets

in

excess

of

liabilities

—

0.6%

3,279,465

NET

ASSETS

—

100.0%

$

544,857,794

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$6,550,027,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,073,635

and

by

$2,694,423

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$6,768,058.

(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,

2021

was

$20,807,468

which

represents

3.82%

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,

2021

was

$4,073,635.

8

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

PAO

Public

Stock

Company

PH

Philippines

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2021

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Air

Freight

&

Logistics

$

–

$

275,646

$

–

$

275,646

Auto

Components

–

2,050,803

–

2,050,803

Automobiles

2,976,346

9,156,980

–

12,133,326

10

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Level

1

Level

2

Level

3

Total

Assets:

Banks

$

11,389,224

$

65,033,348

$

–

$

76,422,572

Beverages

5,393,558

3,022,670

–

8,416,228

Biotechnology

295,092

411,047

–

706,139

Building

Products

–

2,562,497

–

2,562,497

Capital

Markets

3,150,990

3,930,644

–

7,081,634

Chemicals

350,837

25,779,950

–

26,130,787

Construction

&

Engineering

–

103,086

–

103,086

Construction

Materials

–

1,535,634

–

1,535,634

Consumer

Finance

464,172

472,942

–

937,114

Diversified

Financial

Services

–

4,451,785

–

4,451,785

Diversified

Telecommunication

Services

–

8,741,119

–

8,741,119

Electric

Utilities

3,030,722

–

–

3,030,722

Electrical

Equipment

–

921,117

–

921,117

Electronic

Equipment,

Instruments

&

Components

–

11,371,086

–

11,371,086

Entertainment

6,584,340

–

–

6,584,340

Equity

Real

Estate

Investment

Trusts

(REITs)

2,216,501

333,683

–

2,550,184

Food

&

Staples

Retailing

1,312,966

3,784,950

–

5,097,916

Food

Products

856,131

1,268,400

–

2,124,531

Gas

Utilities

–

7,896,720

–

7,896,720

Health

Care

Equipment

&

Supplies

–

6,247,255

–

6,247,255

Health

Care

Providers

&

Services

–

10,514,884

–

10,514,884

Hotels,

Restaurants

&

Leisure

362,294

–

–

362,294

Independent

Power

and

Renewable

Electricity

Producers

–

2,086,122

–

2,086,122

Industrial

Conglomerates

2,624,073

6,221,099

–

8,845,172

Insurance

–

2,987,346

–

2,987,346

Interactive

Media

&

Services

–

22,607,636

–

22,607,636

Internet

&

Direct

Marketing

Retail

25,698,822

5,564,597

–

31,263,419

IT

Services

11,712,154

10,603,116

–

22,315,270

Life

Sciences

Tools

&

Services

–

10,262,936

–

10,262,936

Machinery

–

3,784,620

–

3,784,620

Marine

1,425,267

13,271,032

–

14,696,299

Media

913,123

1,945,147

–

2,858,270

Metals

&

Mining

8,575,590

22,716,125

–

31,291,715

Multiline

Retail

475,329

416,334

–

891,663

Oil,

Gas

&

Consumable

Fuels

2,400,461

21,481,268

–

23,881,729

Personal

Products

246,856

–

–

246,856

Pharmaceuticals

–

5,694,882

–

5,694,882

Real

Estate

Management

&

Development

–

2,660,658

–

2,660,658

Semiconductors

&

Semiconductor

Equipment

3,081,187

56,703,963

–

59,785,150

Software

–

3,398,262

–

3,398,262

Specialty

Retail

165,205

5,702,349

–

5,867,554

Technology

Hardware,

Storage

&

Peripherals

–

32,764,889

–

32,764,889

Textiles,

Apparel

&

Luxury

Goods

5,673,209

15,571,649

–

21,244,858

Trading

Companies

&

Distributors

–

832,965

–

832,965

Transportation

Infrastructure

–

10,614,235

–

10,614,235

Wireless

Telecommunication

Services

4,370,169

3,998,937

–

8,369,106

Total

Common

Stocks

$

105,744,618

$

431,756,413

$

–

$

537,501,031

Repurchase

Agreements

–

4,073,635

–

4,073,635

Rights

–

3,663

–

3,663

Total

$

105,744,618

$

435,833,711

$

–

$

541,578,329

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

98.4%

Shares

Value

($)

AUSTRALIA

6.7%

Banks

0.7%

Australia

&

New

Zealand

Banking

Group

Ltd.

32,551

656,716

Commonwealth

Bank

of

Australia

108,863

8,112,418

8,769,134

Beverages

0.6%

Treasury

Wine

Estates

Ltd.

848,098

7,539,511

Diversified

Telecommunication

Services

0.6%

Telstra

Corp.

Ltd.

2,499,956

7,046,164

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Goodman

Group

339,488

5,270,009

Food

&

Staples

Retailing

0.8%

Endeavour

Group

Ltd.

127,978

642,640

Woolworths

Group

Ltd.

293,435

8,332,070

8,974,710

Health

Care

Providers

&

Services

0.4%

Sonic

Healthcare

Ltd.

159,847

4,693,074

Hotels,

Restaurants

&

Leisure

0.1%

Domino's

Pizza

Enterprises

Ltd.

11,943

1,376,958

Metals

&

Mining

2.9%

BHP

Group

Ltd.

(a)

135,004

3,628,547

BHP

Group

plc

398,985

9,944,017

BlueScope

Steel

Ltd.

24,106

349,719

Glencore

plc

*

664,938

3,140,213

Mineral

Resources

Ltd.

183,561

5,853,847

Rio

Tinto

Ltd.

27,912

1,983,428

Rio

Tinto

plc,

ADR

(a)

119,418

7,979,511

32,879,282

Oil,

Gas

&

Consumable

Fuels

0.1%

Washington

H

Soul

Pattinson

&

Co.

Ltd.

23,663

667,793

Specialty

Retail

0.1%

Premier

Investments

Ltd.

52,008

1,122,188

78,338,823

AUSTRIA

0.0%

†

Air

Freight

&

Logistics

0.0%

†

Oesterreichische

Post

AG

(a)

5,247

221,414

BRAZIL

0.5%

Chemicals

0.5%

Yara

International

ASA

119,158

5,897,580

CHINA

0.7%

Marine

0.3%

SITC

International

Holdings

Co.

Ltd.

874,000

3,115,955

Specialty

Retail

0.4%

Chow

Tai

Fook

Jewellery

Group

Ltd.

2,900,400

5,521,821

8,637,776

DENMARK

1.7%

Air

Freight

&

Logistics

0.1%

DSV

A/S

4,615

1,101,814

Common

Stocks

Shares

Value

($)

DENMARK

Marine

0.8%

AP

Moller

-

Maersk

A/S,

Class

A

1,380

3,531,034

AP

Moller

-

Maersk

A/S,

Class

B

1,768

4,782,383

Dfds

A/S

*

20,889

1,106,944

9,420,361

Pharmaceuticals

0.8%

Novo

Nordisk

A/S,

Class

B

99,755

9,594,942

20,117,117

FINLAND

1.1%

Banks

0.1%

Nordea

Bank

Abp

61,599

790,551

Communications

Equipment

0.2%

Nokia

OYJ

*

462,005

2,541,681

Food

&

Staples

Retailing

0.6%

Kesko

OYJ,

Class

B

240,510

8,301,929

IT

Services

0.1%

TietoEVRY

OYJ

24,385

731,250

Multiline

Retail

0.1%

Tokmanni

Group

Corp.

41,299

1,002,964

13,368,375

FRANCE

12.2%

Aerospace

&

Defense

0.2%

Airbus

SE

*

20,870

2,740,129

Automobiles

0.1%

Trigano

SA

8,910

1,673,457

Banks

0.7%

Societe

Generale

SA

263,736

8,280,526

Beverages

0.2%

Pernod

Ricard

SA

8,075

1,765,898

Building

Products

0.8%

Cie

de

Saint-Gobain

138,356

9,318,563

Chemicals

0.7%

Arkema

SA

59,786

7,908,675

Construction

&

Engineering

0.0%

†

Eiffage

SA

5,782

583,298

Electric

Utilities

0.4%

Electricite

de

France

SA

(a)

333,527

4,188,384

Electrical

Equipment

0.8%

Legrand

SA

89,295

9,577,194

Nexans

SA

3,494

326,907

9,904,101

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Gecina

SA

28,576

3,830,832

Insurance

1.0%

AXA

SA

409,497

11,392,203

IT

Services

0.1%

Alten

SA

5,365

782,194

Life

Sciences

Tools

&

Services

0.7%

Sartorius

Stedim

Biotech

14,737

8,225,939

12

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Media

0.8%

Publicis

Groupe

SA

(a)

130,826

8,810,305

Multi-Utilities

0.7%

Engie

SA

589,884

7,741,932

Personal

Products

0.6%

L'Oreal

SA

16,491

6,806,203

Software

0.8%

Dassault

Systemes

SE

172,728

9,055,561

Textiles,

Apparel

&

Luxury

Goods

2.7%

Kering

SA

15,462

10,996,977

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(a)

29,983

21,439,768

32,436,745

Trading

Companies

&

Distributors

0.6%

Rexel

SA

*

348,851

6,712,614

142,157,559

GERMANY

10.7%

Air

Freight

&

Logistics

1.2%

Deutsche

Post

AG

(Registered)

229,540

14,467,105

Automobiles

1.0%

Bayerische

Motoren

Werke

AG

(Preference)

4,829

368,720

Volkswagen

AG

(Preference)

48,407

10,843,878

11,212,598

Chemicals

1.5%

BASF

SE

137,816

10,500,582

Covestro

AG

Reg.

S

(b)

121,604

8,351,945

18,852,527

Diversified

Telecommunication

Services

0.4%

Deutsche

Telekom

AG

(Registered)

244,500

4,929,649

Health

Care

Equipment

&

Supplies

0.4%

Siemens

Healthineers

AG

Reg.

S

(b)

76,022

4,946,760

Household

Products

0.8%

Henkel

AG

&

Co.

KGaA

(Preference)

95,590

8,874,736

Industrial

Conglomerates

0.1%

Rheinmetall

AG

10,785

1,058,806

Insurance

0.1%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

2,237

613,151

Internet

&

Direct

Marketing

Retail

0.1%

HelloFresh

SE

*

11,609

1,074,764

Life

Sciences

Tools

&

Services

0.5%

Gerresheimer

AG

(a)

57,998

5,694,018

Marine

0.1%

Hapag

-Lloyd

AG

Reg.

S

(a)

(b)

6,832

1,494,228

Common

Stocks

Shares

Value

($)

GERMANY

Multi-Utilities

0.8%

E.ON

SE

759,057

9,286,656

Pharmaceuticals

1.0%

Merck

KGaA

54,986

11,957,197

Semiconductors

&

Semiconductor

Equipment

0.2%

Infineon

Technologies

AG

48,661

2,000,412

SUESS

MicroTec

SE

*

7,861

202,983

2,203,395

Software

0.9%

SAP

SE

74,529

10,096,716

Textiles,

Apparel

&

Luxury

Goods

0.8%

adidas

AG

29,790

9,387,032

Trading

Companies

&

Distributors

0.8%

Brenntag

SE

95,519

8,910,245

Kloeckner

&

Co.

SE

*(a)

35,877

448,478

9,358,723

125,508,061

HONG

KONG

1.4%

Insurance

0.6%

AIA

Group

Ltd.

613,400

7,062,774

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

89,000

1,744,707

Real

Estate

Management

&

Development

0.7%

CK

Asset

Holdings

Ltd.

48,500

278,739

Sun

Hung

Kai

Properties

Ltd.

539,000

6,698,346

Swire

Properties

Ltd.

115,200

288,242

7,265,327

Specialty

Retail

0.0%

†

Luk

Fook

Holdings

International

Ltd.

92,000

235,692

16,308,500

IRELAND

0.3%

Hotels,

Restaurants

&

Leisure

0.3%

Flutter

Entertainment

plc

*

16,063

3,153,354

ISRAEL

0.3%

Diversified

Financial

Services

0.3%

Plus500

Ltd.

164,864

3,071,007

ITALY

0.6%

Capital

Markets

0.6%

Azimut

Holding

SpA

223,160

6,122,114

Banca

Generali

SpA

*

20,272

889,052

7,011,166

Diversified

Financial

Services

0.0%

†

Banca

Mediolanum

SpA

29,607

320,321

7,331,487

JAPAN

25.9%

Automobiles

0.9%

Isuzu

Motors

Ltd.

31,100

408,591

Mazda

Motor

Corp.

*

175,400

1,527,404

Toyota

Motor

Corp.

19,000

339,876

Yamaha

Motor

Co.

Ltd.

287,800

8,013,724

10,289,595

Banks

0.9%

Aozora

Bank

Ltd.

37,300

913,913

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

JAPAN

Banks

Concordia

Financial

Group

Ltd.

(a)

339,800

1,340,696

Mizuho

Financial

Group,

Inc.

98,800

1,390,905

Resona

Holdings,

Inc.

106,900

425,467

Sumitomo

Mitsui

Financial

Group,

Inc.

173,000

6,052,472

10,123,453

Beverages

1.0%

Kirin

Holdings

Co.

Ltd.

450,400

8,365,732

Suntory

Beverage

&

Food

Ltd.

69,200

2,874,741

11,240,473

Capital

Markets

0.7%

Nomura

Holdings,

Inc.

1,711,500

8,412,321

Chemicals

0.9%

DIC

Corp.

8,300

234,811

Mitsubishi

Gas

Chemical

Co.,

Inc.

57,300

1,131,603

Nitto

Denko

Corp.

17,800

1,268,451

Tosoh

Corp.

425,100

7,713,925

10,348,790

Consumer

Finance

0.0%

†

Acom

Co.

Ltd.

127,300

467,011

Distributors

0.0%

†

Doshisha

Co.

Ltd.

18,600

292,835

Diversified

Financial

Services

1.5%

Mitsubishi

HC

Capital,

Inc.

1,418,900

7,456,404

ORIX

Corp.

546,800

10,218,582

17,674,986

Diversified

Telecommunication

Services

0.5%

Nippon

Telegraph

&

Telephone

Corp.

194,100

5,365,906

Electric

Utilities

0.1%

Kansai

Electric

Power

Co.,

Inc.

(The)

79,400

770,534

Entertainment

0.2%

Konami

Holdings

Corp.

46,300

2,905,501

Food

&

Staples

Retailing

0.3%

Aeon

Co.

Ltd.

(a)

151,200

3,979,064

Food

Products

0.1%

Nisshin

Oillio

Group

Ltd.

(The)

50,700

1,380,941

Gas

Utilities

0.1%

Tokyo

Gas

Co.

Ltd.

79,700

1,484,253

Health

Care

Equipment

&

Supplies

0.8%

Hoya

Corp.

32,300

5,051,653

Olympus

Corp.

199,100

4,372,486

9,424,139

Hotels,

Restaurants

&

Leisure

0.1%

Tokyotokeiba

Co.

Ltd.

39,400

1,552,439

Household

Durables

0.4%

Casio

Computer

Co.

Ltd.

(a)

43,000

713,007

Sekisui

House

Ltd.

90,100

1,893,369

Sumitomo

Forestry

Co.

Ltd.

113,500

2,176,972

4,783,348

Common

Stocks

Shares

Value

($)

JAPAN

Insurance

1.1%

MS&AD

Insurance

Group

Holdings,

Inc.

(a)

76,000

2,535,833

Tokio

Marine

Holdings,

Inc.

194,900

10,452,010

12,987,843

IT

Services

2.5%

Fujitsu

Ltd.

52,200

9,480,072

NEC

Corp.

160,700

8,723,649

NEC

Networks

&

System

Integration

Corp.

25,700

485,664

Nomura

Research

Institute

Ltd.

33,300

1,227,256

NTT

Data

Corp.

508,500

9,851,879

TIS,

Inc.

10,900

297,922

30,066,442

Machinery

1.6%

Amada

Co.

Ltd.

(a)

666,800

6,919,438

Ebara

Corp.

69,400

3,433,479

MINEBEA

MITSUMI,

Inc.

17,000

434,082

NGK

Insulators

Ltd.

(a)

426,800

7,247,818

OKUMA

Corp.

10,400

505,082

Sumitomo

Heavy

Industries

Ltd.

13,000

336,778

18,876,677

Marine

1.5%

Mitsui

OSK

Lines

Ltd.

(a)

122,900

8,282,156

Nippon

Yusen

KK

(a)

122,000

9,176,645

17,458,801

Media

0.3%

Dentsu

Group,

Inc.

(a)

101,600

3,908,696

SKY

Perfect

JSAT

Holdings,

Inc.

(a)

47,900

184,227

4,092,923

Multiline

Retail

0.1%

Marui

Group

Co.

Ltd.

38,200

738,556

Paper

&

Forest

Products

0.1%

Oji

Holdings

Corp.

116,900

589,873

Personal

Products

0.9%

Kao

Corp.

158,000

9,413,951

Shiseido

Co.

Ltd.

9,500

640,268

10,054,219

Pharmaceuticals

2.6%

Astellas

Pharma,

Inc.

482,000

7,947,529

Chugai

Pharmaceutical

Co.

Ltd.

112,200

4,110,156

Santen

Pharmaceutical

Co.

Ltd.

247,100

3,486,934

Sumitomo

Dainippon

Pharma

Co.

Ltd.

231,300

4,132,599

Takeda

Pharmaceutical

Co.

Ltd.

351,800

11,661,391

31,338,609

Real

Estate

Management

&

Development

0.9%

Daiwa

House

Industry

Co.

Ltd.

284,300

9,494,648

Mitsubishi

Estate

Co.

Ltd.

30,800

490,494

9,985,142

Road

&

Rail

0.1%

Seino

Holdings

Co.

Ltd.

73,200

882,897

14

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Semiconductors

&

Semiconductor

Equipment

1.9%

Disco

Corp.

20,400

5,710,337

Renesas

Electronics

Corp.

*

517,700

6,387,777

SCREEN

Holdings

Co.

Ltd.

26,800

2,300,083

Tokyo

Seimitsu

Co.

Ltd.

(a)

148,100

6,101,314

Ulvac

,

Inc.

42,500

2,430,897

22,930,408

Software

0.3%

Oracle

Corp.

Japan

3,000

263,959

Trend

Micro,

Inc.

48,200

2,688,889

2,952,848

Specialty

Retail

0.3%

Autobacs

Seven

Co.

Ltd.

(a)

112,400

1,497,981

USS

Co.

Ltd.

72,600

1,242,056

Yamada

Holdings

Co.

Ltd.

105,700

444,890

3,184,927

Technology

Hardware,

Storage

&

Peripherals

0.5%

Canon,

Inc.

130,200

3,202,547

Ricoh

Co.

Ltd.

(a)

210,000

2,154,938

5,357,485

Trading

Companies

&

Distributors

1.8%

Mitsui

&

Co.

Ltd.

(a)

468,900

10,171,955

Sumitomo

Corp.

613,900

8,583,112

Toyota

Tsusho

Corp.

59,900

2,510,310

21,265,377

Wireless

Telecommunication

Services

0.9%

KDDI

Corp.

26,700

882,368

SoftBank

Group

Corp.

159,200

9,199,750

10,082,118

303,340,734

LUXEMBOURG

0.8%

Life

Sciences

Tools

&

Services

0.8%

Eurofins

Scientific

SE

(a)

74,574

9,563,141

NETHERLANDS

6.2%

Air

Freight

&

Logistics

0.5%

PostNL

NV

1,217,323

5,870,833

Capital

Markets

0.1%

Flow

Traders

Reg.

S

(b)

20,832

806,032

Electrical

Equipment

0.4%

Signify

NV

Reg.

S

(b)

88,521

4,397,936

Food

&

Staples

Retailing

0.9%

Koninklijke

Ahold

Delhaize

NV

309,043

10,245,799

Insurance

0.1%

Aegon

NV

230,508

1,183,422

Machinery

0.1%

Aalberts

NV

20,951

1,196,449

Oil,

Gas

&

Consumable

Fuels

0.7%

Royal

Dutch

Shell

plc,

Class

A

198,215

4,414,674

Royal

Dutch

Shell

plc,

Class

B,

ADR

85,154

3,769,768

8,184,442

Professional

Services

0.0%

†

Randstad

NV

7,618

509,114

Semiconductors

&

Semiconductor

Equipment

3.4%

ASM

International

NV

18,949

7,398,441

Common

Stocks

Shares

Value

($)

NETHERLANDS

Semiconductors

&

Semiconductor

Equipment

ASML

Holding

NV

45,236

33,369,347

40,767,788

73,161,815

NEW

ZEALAND

0.1%

Diversified

Telecommunication

Services

0.1%

Spark

New

Zealand

Ltd.

160,390

528,801

Health

Care

Equipment

&

Supplies

0.0%

†

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

21,885

481,210

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

85,623

290,340

1,300,351

NORWAY

2.0%

Food

Products

0.3%

Orkla

ASA

416,532

3,817,232

Marine

0.4%

Golden

Ocean

Group

Ltd.

432,176

4,496,022

Metals

&

Mining

0.9%

Norsk

Hydro

ASA

1,322,352

9,867,795

Oil,

Gas

&

Consumable

Fuels

0.4%

Aker

BP

ASA

152,656

4,911,436

23,092,485

PORTUGAL

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Galp

Energia

SGPS

SA

43,526

492,930

SINGAPORE

0.2%

Banks

0.1%

Oversea-Chinese

Banking

Corp.

Ltd.

149,500

1,251,525

Capital

Markets

0.1%

Singapore

Exchange

Ltd.

83,600

611,737

1,863,262

SOUTH

AFRICA

0.8%

Metals

&

Mining

0.8%

Anglo

American

plc

275,860

9,515,752

SPAIN

2.1%

Air

Freight

&

Logistics

0.1%

Cia

de

Distribucion

Integral

Logista

Holdings

SA

32,044

673,641

Banks

1.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

1,584,662

10,453,244

Banco

de

Sabadell

SA

*

2,829,748

2,369,490

Bankinter

SA

378,587

2,216,194

15,038,928

Biotechnology

0.1%

Grifols

SA

64,973

1,584,238

Electric

Utilities

0.2%

Iberdrola

SA

231,555

2,312,670

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

SPAIN

Insurance

0.0%

†

Linea

Directa

Aseguradora

SA

Cia

de

Seguros

y

Reaseguros

206,938

406,313

Metals

&

Mining

0.4%

Acerinox

SA

377,241

4,810,380

24,826,170

SWEDEN

3.9%

Banks

0.4%

Swedbank

AB,

Class

A

247,957

5,015,515

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson,

Class

B

155,763

1,760,490

Diversified

Financial

Services

1.3%

Industrivarden

AB,

Class

A

13,776

439,084

Industrivarden

AB,

Class

C

12,684

390,777

Investor

AB,

Class

A

203,185

4,380,974

Investor

AB,

Class

B

333,141

7,133,124

Kinnevik

AB,

Class

B

*(a)

74,565

2,629,075

14,973,034

Health

Care

Equipment

&

Supplies

0.6%

Getinge

AB,

Class

B

174,305

6,931,478

Household

Durables

0.1%

Nobia

AB

266,656

1,756,656

Machinery

0.9%

Sandvik

AB

230,563

5,261,937

SKF

AB,

Class

B

177,900

4,186,841

Trelleborg

AB,

Class

B

36,191

768,544

10,217,322

Metals

&

Mining

0.2%

Boliden

AB

*

30,844

992,257

SSAB

AB,

Class

B

*

265,860

1,141,243

2,133,500

Oil,

Gas

&

Consumable

Fuels

0.3%

Lundin

Energy

AB

(a)

85,004

3,155,489

Specialty

Retail

0.0%

†

H

&

M

Hennes

&

Mauritz

AB,

Class

B

*

9,296

188,476

46,131,960

SWITZERLAND

9.5%

Capital

Markets

0.6%

UBS

Group

AG

(Registered)

459,164

7,337,430

Chemicals

0.4%

Sika

AG

(Registered)

16,577

5,243,221

Electrical

Equipment

0.9%

ABB

Ltd.

(Registered)

322,480

10,748,949

Food

Products

0.2%

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

20

2,348,505

Insurance

0.1%

Zurich

Insurance

Group

AG

2,186

891,338

Life

Sciences

Tools

&

Services

2.1%

Bachem

Holding

AG

(Registered),

Class

B

6,004

4,569,161

Common

Stocks

Shares

Value

($)

SWITZERLAND

Life

Sciences

Tools

&

Services

Lonza

Group

AG

(Registered)

12,210

9,147,621

Siegfried

Holding

AG

(Registered)

*

2,571

2,274,413

Tecan

Group

AG

(Registered)

14,386

8,118,195

24,109,390

Marine

0.7%

Kuehne

+

Nagel

International

AG

(Registered)

25,185

8,557,799

Pharmaceuticals

2.8%

Novartis

AG

(Registered)

100,016

8,205,334

Roche

Holding

AG

66,242

24,171,952

32,377,286

Professional

Services

0.6%

Adecco

Group

AG

(Registered)

134,133

6,717,502

Semiconductors

&

Semiconductor

Equipment

0.6%

STMicroelectronics

NV

169,186

7,369,661

Textiles,

Apparel

&

Luxury

Goods

0.5%

Swatch

Group

AG

(The)

21,977

5,760,978

111,462,059

UKRAINE

0.1%

Metals

&

Mining

0.1%

Ferrexpo

plc

363,027

1,594,261

UNITED

KINGDOM

7.9%

Banks

0.0%

†

Barclays

plc

172,844

440,819

Capital

Markets

0.3%

Man

Group

plc

1,145,702

3,150,825

Distributors

0.2%

Inchcape

plc

236,888

2,572,498

Electric

Utilities

0.0%

†

SSE

plc

19,680

413,251

Electronic

Equipment,

Instruments

&

Components

0.1%

Spectris

plc

18,805

975,341

Hotels,

Restaurants

&

Leisure

0.0%

†

InterContinental

Hotels

Group

plc

*

8,545

547,932

Household

Durables

0.6%

Barratt

Developments

plc

278,806

2,460,316

Bellway

plc

43,907

1,924,654

Persimmon

plc

72,799

2,594,119

Taylor

Wimpey

plc

133,299

275,301

7,254,390

Industrial

Conglomerates

0.8%

CK

Hutchison

Holdings

Ltd.

893,000

5,921,769

DCC

plc

7,019

580,956

Melrose

Industries

plc

1,039,840

2,406,199

8,908,924

Insurance

1.4%

Aviva

plc

1,286,896

6,849,419

Legal

&

General

Group

plc

1,728,820

6,528,504

Prudential

plc

173,842

3,374,736

16,752,659

16

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Media

0.5%

ITV

plc

*

2,977,869

4,223,882

WPP

plc

98,625

1,325,241

5,549,123

Multiline

Retail

0.7%

Next

plc

70,446

7,725,550

Oil,

Gas

&

Consumable

Fuels

0.5%

BP

plc,

ADR

214,332

5,857,694

Specialty

Retail

0.3%

JD

Sports

Fashion

plc

234,656

3,303,703

Tobacco

1.6%

British

American

Tobacco

plc

355,569

12,405,586

Imperial

Brands

plc

290,175

6,055,763

18,461,349

Water

Utilities

0.1%

United

Utilities

Group

plc

48,871

635,448

Wireless

Telecommunication

Services

0.8%

Vodafone

Group

plc,

ADR

(a)

645,281

9,969,591

92,519,097

UNITED

STATES

2.7%

Automobiles

0.9%

Stellantis

NV

524,570

10,016,647

Electrical

Equipment

1.1%

Schneider

Electric

SE

84,738

14,088,556

Life

Sciences

Tools

&

Services

0.3%

QIAGEN

NV

*

64,968

3,377,979

Trading

Companies

&

Distributors

0.4%

Ferguson

plc

29,768

4,126,524

31,609,706

Total

Common

Stocks

(cost

$1,040,551,788)

1,154,584,776

Repurchase

Agreements

3.0%

Principal

Amount

($)

BofA

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,003,

collateralized

by

U.S.

Government

Treasury

Securities,

1.63%,

maturing

5/15/2031;

total

market

value

$2,040,001.(c)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$7,329,451,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$7,476,028.(c)

7,329,440

7,329,440

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,004,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$2,040,003.(c)

2,000,000

2,000,000

MetLife,

Inc.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$3,000,005,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$3,061,230.(c)

3,000,000

3,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$13,000,127,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$13,260,041.(c)

13,000,000

13,000,000

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$8,000,078,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

4/15/2024

-

2/15/2044;

total

market

value

$8,160,014.(c)

8,000,000

8,000,000

Total

Repurchase

Agreements

(cost

$35,329,440)

35,329,440

Total

Investments

(cost

$1,075,881,228)

  —

101.4%

1,189,914,216

Liabilities

in

excess

of

other

assets

—

(1.4)%

(15,959,621)

NET

ASSETS

—

100.0%

$

1,173,954,595

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$52,557,243,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$35,329,440

and

by

$23,002,444

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$58,331,884.

(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,

2021

was

$19,996,901

which

represents

1.70%

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,

2021

was

$35,329,440.

ADR

American

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

18

-

Statement

of

Investments

-

September

30,

2021

(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,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

2,740,129

$

–

$

2,740,129

Air

Freight

&

Logistics

–

22,334,807

–

22,334,807

Automobiles

–

33,192,297

–

33,192,297

Banks

–

49,710,451

–

49,710,451

Beverages

–

20,545,882

–

20,545,882

Biotechnology

–

1,584,238

–

1,584,238

Building

Products

–

9,318,563

–

9,318,563

Capital

Markets

–

27,329,511

–

27,329,511

Chemicals

–

48,250,793

–

48,250,793

Communications

Equipment

–

4,302,171

–

4,302,171

Construction

&

Engineering

–

583,298

–

583,298

Consumer

Finance

–

467,011

–

467,011

Distributors

–

2,865,333

–

2,865,333

Diversified

Financial

Services

–

36,039,348

–

36,039,348

Diversified

Telecommunication

Services

–

17,870,520

–

17,870,520

Electric

Utilities

–

7,684,839

–

7,684,839

Electrical

Equipment

–

39,139,542

–

39,139,542

Electronic

Equipment,

Instruments

&

Components

–

975,341

–

975,341

Entertainment

–

2,905,501

–

2,905,501

Equity

Real

Estate

Investment

Trusts

(REITs)

–

9,100,841

–

9,100,841

Food

&

Staples

Retailing

–

31,501,502

–

31,501,502

Food

Products

–

7,546,678

–

7,546,678

Gas

Utilities

–

1,484,253

–

1,484,253

Health

Care

Equipment

&

Supplies

–

21,783,587

–

21,783,587

Health

Care

Providers

&

Services

–

4,693,074

–

4,693,074

Hotels,

Restaurants

&

Leisure

–

6,630,683

–

6,630,683

Household

Durables

–

13,794,394

–

13,794,394

Household

Products

–

8,874,736

–

8,874,736

Independent

Power

and

Renewable

Electricity

Producers

–

290,340

–

290,340

Industrial

Conglomerates

–

9,967,730

–

9,967,730

Insurance

–

51,289,703

–

51,289,703

Internet

&

Direct

Marketing

Retail

–

1,074,764

–

1,074,764

IT

Services

–

31,579,886

–

31,579,886

Life

Sciences

Tools

&

Services

–

50,970,467

–

50,970,467

Machinery

–

32,035,155

–

32,035,155

Marine

–

44,543,166

–

44,543,166

Media

–

18,452,351

–

18,452,351

Metals

&

Mining

7,979,511

52,821,459

–

60,800,970

Multiline

Retail

–

9,467,070

–

9,467,070

Multi-Utilities

–

17,028,588

–

17,028,588

Oil,

Gas

&

Consumable

Fuels

9,627,462

13,642,322

–

23,269,784

Paper

&

Forest

Products

–

589,873

–

589,873

Personal

Products

–

16,860,422

–

16,860,422

Pharmaceuticals

–

85,268,034

–

85,268,034

Professional

Services

–

7,226,616

–

7,226,616

Real

Estate

Management

&

Development

–

17,250,469

–

17,250,469

Road

&

Rail

–

882,897

–

882,897

Semiconductors

&

Semiconductor

Equipment

–

73,271,252

–

73,271,252

Software

–

22,105,125

–

22,105,125

Specialty

Retail

–

13,556,807

–

13,556,807

Technology

Hardware,

Storage

&

Peripherals

–

5,357,485

–

5,357,485

Textiles,

Apparel

&

Luxury

Goods

–

47,584,755

–

47,584,755

20

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Level

1

Level

2

Level

3

Total

Assets:

Tobacco

$

–

$

18,461,349

$

–

$

18,461,349

Trading

Companies

&

Distributors

–

41,463,238

–

41,463,238

Water

Utilities

–

635,448

–

635,448

Wireless

Telecommunication

Services

9,969,591

10,082,118

–

20,051,709

Total

Common

Stocks

$

27,576,564

$

1,127,008,212

$

–

$

1,154,584,776

Repurchase

Agreements

–

35,329,440

–

35,329,440

Total

$

27,576,564

$

1,162,337,652

$

–

$

1,189,914,216

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

99.3%

Shares

Value

($)

Automobiles

2.9%

Ford

Motor

Co.*

1,545,899

21,889,930

General

Motors

Co.*

665,757

35,092,052

Harley-Davidson,

Inc.

48,313

1,768,739

Tesla,

Inc.*

36,178

28,055,315

86,806,036

Banks

5.0%

Citigroup,

Inc.

373,381

26,203,878

Citizens

Financial

Group,

Inc.

663,057

31,150,418

JPMorgan

Chase

&

Co.

33,788

5,530,758

KeyCorp

1,273,660

27,536,529

PacWest

Bancorp

36,225

1,641,717

Regions

Financial

Corp.

1,456,954

31,047,690

US

Bancorp

413,184

24,559,657

147,670,647

Beverages

0.6%

Monster

Beverage

Corp.*

205,623

18,265,491

Biotechnology

3.4%

AbbVie,

Inc.

406,393

43,837,613

Biogen,

Inc.*

31,398

8,885,320

Gilead

Sciences,

Inc.

248,380

17,349,343

Incyte

Corp.*

117,260

8,065,143

Moderna

,

Inc.*

43,587

16,774,893

Vertex

Pharmaceuticals,

Inc.*

26,108

4,735,730

99,648,042

Building

Products

0.3%

Lennox

International,

Inc.

34,420

10,125,331

Capital

Markets

1.6%

Evercore

,

Inc.,

Class

A

4,736

633,061

Jefferies

Financial

Group,

Inc.

268,050

9,952,697

S&P

Global,

Inc.(a)

85,379

36,276,683

46,862,441

Chemicals

2.2%

Air

Products

&

Chemicals,

Inc.

130,103

33,320,679

Axalta

Coating

Systems

Ltd.*

708,679

20,686,340

Dow,

Inc.

70,488

4,057,289

International

Flavors

&

Fragrances,

Inc.

6,850

915,982

RPM

International,

Inc.

10,258

796,534

Westlake

Chemical

Corp.

46,482

4,236,370

64,013,194

Commercial

Services

&

Supplies

0.1%

Republic

Services,

Inc.

27,478

3,299,009

Communications

Equipment

0.1%

Arista

Networks,

Inc.*

5,098

1,751,877

Juniper

Networks,

Inc.

73,094

2,011,547

3,763,424

Construction

&

Engineering

0.4%

AECOM*

82,778

5,227,430

MasTec

,

Inc.*

76,724

6,619,747

11,847,177

Consumer

Finance

2.2%

Ally

Financial,

Inc.

225,212

11,497,073

Capital

One

Financial

Corp.

143,218

23,197,019

Synchrony

Financial

635,638

31,069,985

65,764,077

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

1.9%

Berkshire

Hathaway,

Inc.,

Class

B*

174,467

47,619,023

Voya

Financial,

Inc.(a)

113,686

6,979,183

54,598,206

Diversified

Telecommunication

Services

0.7%

Liberty

Global

plc,

Class

C*(a)

727,773

21,440,193

Electric

Utilities

0.7%

American

Electric

Power

Co.,

Inc.

126,693

10,284,938

NRG

Energy,

Inc.

224,773

9,177,481

19,462,419

Electrical

Equipment

0.4%

AMETEK,

Inc.

82,526

10,234,049

nVent

Electric

plc

60,818

1,966,246

12,200,295

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.

102,868

2,543,926

Halliburton

Co.

261,241

5,648,030

8,191,956

Entertainment

0.0%

†

AMC

Entertainment

Holdings,

Inc.,

Class

A*

16,192

616,267

Equity

Real

Estate

Investment

Trusts

(REITs)

5.7%

American

Homes

4

Rent,

Class

A

721,953

27,520,848

Camden

Property

Trust

178,035

26,254,822

Equity

LifeStyle

Properties,

Inc.

373,780

29,192,218

First

Industrial

Realty

Trust,

Inc.

567,343

29,547,223

Invitation

Homes,

Inc.

354,982

13,606,460

Prologis,

Inc.

278,716

34,959,348

Simon

Property

Group,

Inc.

51,732

6,723,608

167,804,527

Food

&

Staples

Retailing

0.5%

Walgreens

Boots

Alliance,

Inc.

159,317

7,495,865

Walmart,

Inc.

54,218

7,556,905

15,052,770

Food

Products

0.4%

Archer-Daniels-Midland

Co.

108,192

6,492,602

Darling

Ingredients,

Inc.*

45,516

3,272,600

Mondelez

International,

Inc.,

Class

A

12,943

753,024

10,518,226

Health

Care

Equipment

&

Supplies

2.0%

Align

Technology,

Inc.*

19,748

13,140,912

Becton

Dickinson

and

Co.

43,186

10,615,982

DENTSPLY

SIRONA,

Inc.

120,005

6,966,290

Edwards

Lifesciences

Corp.*

70,622

7,995,117

Hologic

,

Inc.*

170,847

12,610,217

Teleflex,

Inc.

17,878

6,731,961

58,060,479

Health

Care

Providers

&

Services

3.0%

Cigna

Corp.(a)

87,806

17,575,249

HCA

Healthcare,

Inc.

137,093

33,275,213

22

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Henry

Schein,

Inc.*

11,025

839,664

Laboratory

Corp.

of

America

Holdings*

16,273

4,579,873

Molina

Healthcare,

Inc.*

4,220

1,144,928

UnitedHealth

Group,

Inc.

51,309

20,048,479

Universal

Health

Services,

Inc.,

Class

B

71,705

9,921,821

87,385,227

Health

Care

Technology

0.3%

Cerner

Corp.

25,747

1,815,678

Veeva

Systems,

Inc.,

Class

A*

23,103

6,657,592

8,473,270

Hotels,

Restaurants

&

Leisure

1.3%

Airbnb,

Inc.,

Class

A*

38,643

6,482,363

Booking

Holdings,

Inc.*

612

1,452,808

Boyd

Gaming

Corp.*

52,025

3,291,102

Choice

Hotels

International,

Inc.

9,935

1,255,486

Darden

Restaurants,

Inc.

60,273

9,129,551

Marriott

Vacations

Worldwide

Corp.

23,809

3,745,870

McDonald's

Corp.

29,891

7,207,019

Penn

National

Gaming,

Inc.*(a)

34,830

2,523,782

Wyndham

Hotels

&

Resorts,

Inc.

28,914

2,231,872

37,319,853

Household

Durables

0.2%

PulteGroup,

Inc.

121,579

5,582,908

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

172,677

3,942,216

Insurance

4.0%

Arch

Capital

Group

Ltd.*

696,229

26,582,023

Chubb

Ltd.

196,799

34,140,691

Globe

Life,

Inc.

171,081

15,231,341

Marsh

&

McLennan

Cos.,

Inc.

230,655

34,928,087

Reinsurance

Group

of

America,

Inc.

15,762

1,753,680

W

R

Berkley

Corp.

76,240

5,579,243

118,215,065

Interactive

Media

&

Services

7.8%

Alphabet,

Inc.,

Class

A*

52,951

141,565,558

Facebook,

Inc.,

Class

A*

260,503

88,412,113

229,977,671

Internet

&

Direct

Marketing

Retail

3.7%

Amazon.com,

Inc.*

23,302

76,548,002

eBay,

Inc.

461,454

32,149,500

108,697,502

IT

Services

8.4%

Accenture

plc,

Class

A

7,082

2,265,673

Cognizant

Technology

Solutions

Corp.,

Class

A

430,139

31,920,615

EPAM

Systems,

Inc.*

52,608

30,011,812

Gartner,

Inc.*

100,471

30,531,127

Common

Stocks

Shares

Value

($)

IT

Services

International

Business

Machines

Corp.(a)

87,202

12,114,974

MongoDB,

Inc.*(a)

31,099

14,663,489

PayPal

Holdings,

Inc.*

198,955

51,770,081

Snowflake,

Inc.,

Class

A*

6,451

1,950,976

VeriSign,

Inc.*

108,390

22,221,034

Visa,

Inc.,

Class

A(a)

136,528

30,411,612

Western

Union

Co.

(The)

937,676

18,959,809

246,821,202

Life

Sciences

Tools

&

Services

2.2%

Bruker

Corp.

52,700

4,115,870

IQVIA

Holdings,

Inc.*

137,698

32,984,179

Mettler

-Toledo

International,

Inc.*

20,869

28,744,126

65,844,175

Machinery

3.2%

Caterpillar,

Inc.

188,836

36,250,847

Otis

Worldwide

Corp.

66,868

5,501,899

Parker-Hannifin

Corp.

111,243

31,105,768

Stanley

Black

&

Decker,

Inc.

126,116

22,109,396

94,967,910

Media

2.3%

Interpublic

Group

of

Cos.,

Inc.

(The)

105,588

3,871,912

News

Corp.,

Class

A

812,555

19,119,419

Nexstar

Media

Group,

Inc.,

Class

A

91,378

13,885,801

Omnicom

Group,

Inc.

420,524

30,471,169

67,348,301

Metals

&

Mining

0.5%

Alcoa

Corp.*

17,139

838,782

Freeport-McMoRan,

Inc.

458,358

14,910,386

15,749,168

Multiline

Retail

0.2%

Kohl's

Corp.

154,668

7,283,316

Multi-Utilities

0.8%

CMS

Energy

Corp.

295,044

17,622,978

DTE

Energy

Co.

52,801

5,898,400

23,521,378

Oil,

Gas

&

Consumable

Fuels

0.4%

Cimarex

Energy

Co.

24,398

2,127,506

Diamondback

Energy,

Inc.

17,798

1,684,937

EOG

Resources,

Inc.

38,034

3,052,989

Hess

Corp.

45,282

3,536,977

Targa

Resources

Corp.

31,155

1,533,137

11,935,546

Pharmaceuticals

2.3%

Johnson

&

Johnson

361,899

58,446,689

Royalty

Pharma

plc,

Class

A

35,139

1,269,923

Zoetis,

Inc.

41,959

8,145,920

67,862,532

Professional

Services

0.3%

CoStar

Group,

Inc.*

34,182

2,941,703

ManpowerGroup

,

Inc.

42,357

4,586,416

7,528,119

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Road

&

Rail

1.8%

AMERCO

25,662

16,578,422

CSX

Corp.

860,357

25,587,017

Norfolk

Southern

Corp.

19,435

4,649,824

XPO

Logistics,

Inc.*

81,819

6,511,156

53,326,419

Semiconductors

&

Semiconductor

Equipment

3.0%

Applied

Materials,

Inc.

102,789

13,232,028

Intel

Corp.

542,529

28,905,945

NVIDIA

Corp.

27,852

5,769,820

NXP

Semiconductors

NV

17,886

3,503,331

ON

Semiconductor

Corp.*

308,239

14,108,099

Texas

Instruments,

Inc.

117,475

22,579,870

88,099,093

Software

14.2%

Anaplan,

Inc.*

33,588

2,045,173

Atlassian

Corp.

plc,

Class

A*

2,337

914,748

Datadog

,

Inc.,

Class

A*

72,224

10,208,862

DocuSign,

Inc.*

88,098

22,679,068

Dolby

Laboratories,

Inc.,

Class

A

52,822

4,648,336

Fair

Isaac

Corp.*

6,835

2,719,852

Fortinet,

Inc.*

113,672

33,196,771

HubSpot

,

Inc.*(a)

36,755

24,849,688

Intuit,

Inc.

73,351

39,573,598

Microsoft

Corp.

644,852

181,796,676

Palo

Alto

Networks,

Inc.*

69,287

33,188,473

Paycom

Software,

Inc.*

937

464,518

ServiceNow

,

Inc.*

44,195

27,501,223

Synopsys,

Inc.*

16,192

4,848,047

VMware,

Inc.,

Class

A*(a)

206,235

30,667,144

419,302,177

Specialty

Retail

0.6%

Bath

&

Body

Works,

Inc.

27,914

1,759,419

Dick's

Sporting

Goods,

Inc.(a)

128,906

15,439,072

17,198,491

Technology

Hardware,

Storage

&

Peripherals

5.5%

Apple,

Inc.

932,010

131,879,415

NetApp,

Inc.

136,274

12,231,954

Western

Digital

Corp.*

315,881

17,828,324

161,939,693

Textiles,

Apparel

&

Luxury

Goods

0.5%

Capri

Holdings

Ltd.*

23,980

1,160,872

Ralph

Lauren

Corp.

108,313

12,027,075

Skechers

U.S.A.,

Inc.,

Class

A*

26,943

1,134,839

14,322,786

Tobacco

1.3%

Philip

Morris

International,

Inc.

405,011

38,390,993

Total

Common

Stocks

(cost

$2,507,243,998)

2,927,045,218

Repurchase

Agreements

1.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,752,588,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$1,787,636.(b)

1,752,585

1,752,585

MetLife,

Inc.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$3,000,005,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$3,061,230.(b)

3,000,000

3,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$10,000,098,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$10,200,031.(b)

10,000,000

10,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$15,000,146,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

4/15/2024

-

2/15/2044;

total

market

value

$15,300,025.(b)

15,000,000

15,000,000

24

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$4,000,009,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$4,080,002.(b)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$33,752,585)

33,752,585

Total

Investments

(cost

$2,540,996,583)

—

100.4%

2,960,797,803

Liabilities

in

excess

of

other

assets

—

(0.4)%

(12,281,441)

NET

ASSETS

—

100.0%

$

2,948,516,362

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$143,882,683,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$33,752,585

and

by

$115,408,319

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$149,160,904.

(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,

2021

was

$33,752,585.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

4

12/2021

USD

859,550

(30,237)

(30,237)

As

of

September

30,

2021,

the

Fund

had

$50,600

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

September

30,

2021

(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,

2021

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,927,045,218

$

–

$

–

$

2,927,045,218

Repurchase

Agreements

–

33,752,585

–

33,752,585

Total

Assets

$

2,927,045,218

$

33,752,585

$

–

$

2,960,797,803

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(30,237)

$

–

$

–

$

(30,237)

Total

Liabilities

$

(30,237)

$

–

$

–

$

(30,237)

Total

$

2,927,014,981

$

33,752,585

$

–

$

2,960,767,566

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(30,237

)

Total

$

(30,237

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

97.8%

Shares

Value

($)

Aerospace

&

Defense

0.4%

AAR

Corp.*

5,761

186,829

Kaman

Corp.

8,076

288,071

Maxar

Technologies,

Inc.

6,634

187,875

Vectrus

,

Inc.*

10,027

504,158

1,166,933

Auto

Components

0.5%

Adient

plc*(a)

8,449

350,211

American

Axle

&

Manufacturing

Holdings,

Inc.*(a)

30,758

270,978

Dana,

Inc.

4,765

105,974

Goodyear

Tire

&

Rubber

Co.

(The)*

38,904

688,601

Tenneco,

Inc.,

Class

A*

8,950

127,716

1,543,480

Banks

8.3%

1st

Source

Corp.

8,841

417,649

American

National

Bankshares

,

Inc.

5,444

179,870

Ameris

Bancorp

3,840

199,219

Arrow

Financial

Corp.

1,380

47,417

Atlantic

Union

Bankshares

Corp.

33,653

1,240,113

Bancorp,

Inc.

(The)*

71,441

1,818,173

Business

First

Bancshares,

Inc.

938

21,940

Byline

Bancorp,

Inc.

7,002

171,969

Cadence

Bancorp

15,542

341,302

Cambridge

Bancorp

3,022

265,936

Camden

National

Corp.

3,827

183,313

Capital

City

Bank

Group,

Inc.

4,325

107,001

Capstar

Financial

Holdings,

Inc.

3,256

69,157

Central

Pacific

Financial

Corp.

3,288

84,436

Coastal

Financial

Corp.*(a)

1,243

39,602

Columbia

Banking

System,

Inc.

46,607

1,770,600

Community

Bank

System,

Inc.

2,599

177,824

Community

Trust

Bancorp,

Inc.

2,015

84,832

Customers

Bancorp,

Inc.*

6,216

267,412

CVB

Financial

Corp.

7,586

154,527

Dime

Community

Bancshares,

Inc.

2,172

70,938

Equity

Bancshares,

Inc.,

Class

A

2,416

80,646

FB

Financial

Corp.

19,186

822,696

First

Bancorp,

Inc.

(The)

5,694

165,923

First

Bancorp/NC(a)

2,154

92,644

First

Bancorp/PR

139,627

1,836,095

First

Bank

9,623

135,588

First

Commonwealth

Financial

Corp.

30,763

419,300

First

Foundation,

Inc.(a)

29,387

772,878

First

Internet

Bancorp

20,331

633,921

Fulton

Financial

Corp.

19,970

305,142

Guaranty

Bancshares,

Inc.

6,691

239,872

Hancock

Whitney

Corp.

4,157

195,878

Hanmi

Financial

Corp.

25,868

518,912

Home

BancShares

,

Inc.

20,799

489,400

Common

Stocks

Shares

Value

($)

Banks

Horizon

Bancorp,

Inc.

7,306

132,750

International

Bancshares

Corp.

35,558

1,480,635

Macatawa

Bank

Corp.

6,442

51,729

Metropolitan

Bank

Holding

Corp.*

1,037

87,419

Mid

Penn

Bancorp,

Inc.(a)

3,366

92,733

Northrim

Bancorp,

Inc.

1,764

74,988

Old

National

Bancorp

24,724

419,072

Origin

Bancorp,

Inc.

12,135

513,917

Orrstown

Financial

Services,

Inc.

3,929

91,939

Peoples

Financial

Services

Corp.

1,578

71,909

Republic

First

Bancorp,

Inc.*

9,615

29,614

Sierra

Bancorp

2,566

62,302

Silvergate

Capital

Corp.,

Class

A*

843

97,366

South

Plains

Financial,

Inc.

3,488

85,037

South

State

Corp.

22,484

1,678,880

Southern

First

Bancshares,

Inc.*

2,624

140,384

Spirit

of

Texas

Bancshares,

Inc.

8,128

196,698

Towne

Bank

55,502

1,726,667

TriState

Capital

Holdings,

Inc.*

1,466

31,006

Trustmark

Corp.(a)

38,830

1,251,103

United

Bankshares

,

Inc.

29,484

1,072,628

23,810,901

Beverages

0.1%

Coca-Cola

Consolidated,

Inc.

842

331,900

Biotechnology

8.2%

Affimed

NV*

63,832

394,482

Aldeyra

Therapeutics,

Inc.*

6,493

57,009

Allakos

,

Inc.*(a)

2,246

237,784

Allogene

Therapeutics,

Inc.*(a)

37,557

965,215

Allovir

,

Inc.*(a)

8,968

224,738

Amicus

Therapeutics,

Inc.*

27,992

267,324

AnaptysBio

,

Inc.*(a)

4,809

130,420

Apellis

Pharmaceuticals,

Inc.*

16,315

537,742

Applied

Molecular

Transport,

Inc.*

2,802

72,488

Ardelyx

,

Inc.*

20,174

26,630

Arena

Pharmaceuticals,

Inc.*

2,188

130,295

Arrowhead

Pharmaceuticals,

Inc.*

2,740

171,058

Avid

Bioservices

,

Inc.*(a)

26,144

563,926

Beam

Therapeutics,

Inc.*(a)

7,969

693,383

BioCryst

Pharmaceuticals,

Inc.*

27,645

397,259

Bridgebio

Pharma,

Inc.*(a)

8,939

418,971

Cardiff

Oncology,

Inc.*(a)

20,742

138,142

CareDx

,

Inc.*

15,649

991,677

ChemoCentryx

,

Inc.*

5,389

92,152

Cortexyme

,

Inc.*(a)

2,261

207,243

Deciphera

Pharmaceuticals,

Inc.*

2,038

69,251

Denali

Therapeutics,

Inc.*

32,183

1,623,632

Design

Therapeutics,

Inc.*(a)

8,722

128,126

Dicerna

Pharmaceuticals,

Inc.*

21,073

424,832

28

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Dynavax

Technologies

Corp.*(a)

26,241

504,090

Eagle

Pharmaceuticals,

Inc.*(a)

8,464

472,122

Editas

Medicine,

Inc.*

31,402

1,289,994

Eiger

BioPharmaceuticals

,

Inc.*

27,920

186,506

Emergent

BioSolutions

,

Inc.*(a)

13,173

659,572

Evelo

Biosciences,

Inc.*(a)

2,466

17,361

Fate

Therapeutics,

Inc.*

2,676

158,607

Global

Blood

Therapeutics,

Inc.*(a)

11,163

284,433

Halozyme

Therapeutics,

Inc.*(a)

8,266

336,261

Inhibrx

,

Inc.*

4,037

134,472

Insmed

,

Inc.*(a)

10,818

297,928

Intellia

Therapeutics,

Inc.*

8,184

1,097,884

Jounce

Therapeutics,

Inc.*

35,979

267,324

Kodiak

Sciences,

Inc.*(a)

4,847

465,215

Kronos

Bio,

Inc.*

9,040

189,478

Krystal

Biotech,

Inc.*

560

29,238

Kymera

Therapeutics,

Inc.*

2,410

141,563

MacroGenics

,

Inc.*

2,073

43,409

Madrigal

Pharmaceuticals,

Inc.*(a)

2,484

198,198

Myriad

Genetics,

Inc.*

30,252

976,837

Nkarta

,

Inc.*

1,886

52,450

Olema

Pharmaceuticals,

Inc.*(a)

4,646

128,044

OPKO

Health,

Inc.*(a)

35,156

128,319

Organogenesis

Holdings,

Inc.*

50,920

725,101

Precision

BioSciences

,

Inc.*

36,162

417,309

Protagonist

Therapeutics,

Inc.*(a)

6,171

109,350

Prothena

Corp.

plc*

2,580

183,773

Puma

Biotechnology,

Inc.*

14,246

99,864

Rigel

Pharmaceuticals,

Inc.*

66,077

239,860

Rubius

Therapeutics,

Inc.*

8,746

156,378

Selecta

Biosciences,

Inc.*

114,815

477,630

Silverback

Therapeutics,

Inc.*(a)

1,618

16,148

Solid

Biosciences,

Inc.*

15,106

36,103

Sorrento

Therapeutics,

Inc.*(a)

9,340

71,264

Surface

Oncology,

Inc.*

7,429

56,238

Sutro

Biopharma,

Inc.*

16,663

314,764

Turning

Point

Therapeutics,

Inc.*

730

48,494

Twist

Bioscience

Corp.*

14,729

1,575,561

Vanda

Pharmaceuticals,

Inc.*(a)

6,109

104,708

Veracyte

,

Inc.*

17,982

835,264

Vericel

Corp.*(a)

3,280

160,064

Vir

Biotechnology,

Inc.*(a)

8,415

366,221

XBiotech

,

Inc.(a)

4,158

53,846

Y-

mAbs

Therapeutics,

Inc.*(a)

3,786

108,052

Zentalis

Pharmaceuticals,

Inc.*

5,957

396,974

23,576,050

Common

Stocks

Shares

Value

($)

Building

Products

0.3%

JELD-WEN

Holding,

Inc.*

9,862

246,846

Masonite

International

Corp.*

179

18,997

Quanex

Building

Products

Corp.(a)

29,750

636,948

902,791

Capital

Markets

2.2%

Associated

Capital

Group,

Inc.,

Class

A

2,046

76,541

BGC

Partners,

Inc.,

Class

A

116,625

607,616

Brightsphere

Investment

Group,

Inc.

24,473

639,480

Focus

Financial

Partners,

Inc.,

Class

A*(a)

5,180

271,277

Moelis

&

Co.,

Class

A

21,820

1,350,003

Oppenheimer

Holdings,

Inc.,

Class

A

30,649

1,388,093

Pzena

Investment

Management,

Inc.,

Class

A

14,397

141,667

Virtus

Investment

Partners,

Inc.

5,629

1,746,791

6,221,468

Chemicals

1.2%

AdvanSix

,

Inc.*

22,780

905,505

FutureFuel

Corp.

4,235

30,196

Hawkins,

Inc.

1,871

65,260

Innospec

,

Inc.

9,805

825,777

Koppers

Holdings,

Inc.*(a)

9,179

286,935

Minerals

Technologies,

Inc.

19,164

1,338,414

Orion

Engineered

Carbons

SA*

3,982

72,592

3,524,679

Commercial

Services

&

Supplies

0.9%

Cimpress

plc*

3,748

325,439

Ennis,

Inc.

33,958

640,108

Heritage-Crystal

Clean,

Inc.*

1,540

44,629

Matthews

International

Corp.,

Class

A

36,659

1,271,701

Team,

Inc.*

29,596

89,084

US

Ecology,

Inc.*(a)

2,575

83,301

2,454,262

Communications

Equipment

1.2%

Calix,

Inc.*

9,149

452,235

Cambium

Networks

Corp.*

8,290

300,015

Clearfield,

Inc.*(a)

2,641

116,600

Extreme

Networks,

Inc.*

86,897

855,936

Harmonic,

Inc.*

5,676

49,665

Infinera

Corp.*(a)

46,376

385,848

NetScout

Systems,

Inc.*(a)

46,104

1,242,503

3,402,802

Construction

&

Engineering

0.7%

Argan

,

Inc.

7,311

319,271

Primoris

Services

Corp.

40,756

998,115

Sterling

Construction

Co.,

Inc.*(a)

27,378

620,659

Tutor

Perini

Corp.*

6,318

82,008

2,020,053

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Construction

Materials

0.3%

Summit

Materials,

Inc.,

Class

A*(a)

26,572

849,507

United

States

Lime

&

Minerals,

Inc.

563

68,010

917,517

Consumer

Finance

0.4%

LendingClub

Corp.*

8,671

244,869

PROG

Holdings,

Inc.

10,444

438,752

Regional

Management

Corp.

7,886

458,808

1,142,429

Distributors

0.2%

Funko

,

Inc.,

Class

A*(a)

25,392

462,388

Diversified

Consumer

Services

0.0%

†

Houghton

Mifflin

Harcourt

Co.*

6,935

93,137

Diversified

Financial

Services

0.4%

A-Mark

Precious

Metals,

Inc.

5,716

343,074

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

39,768

697,531

1,040,605

Diversified

Telecommunication

Services

1.0%

Cogent

Communications

Holdings,

Inc.(a)

21,968

1,556,213

Globalstar

,

Inc.*(a)

64,555

107,807

Iridium

Communications,

Inc.*(a)

32,278

1,286,278

2,950,298

Electric

Utilities

0.1%

Portland

General

Electric

Co.

8,903

418,352

Electrical

Equipment

2.4%

Atkore

,

Inc.*

24,509

2,130,322

Bloom

Energy

Corp.,

Class

A*(a)

12,751

238,699

Encore

Wire

Corp.

11,494

1,089,976

EnerSys

17,125

1,274,785

GrafTech

International

Ltd.

100,246

1,034,539

Powell

Industries,

Inc.

8,654

212,629

Thermon

Group

Holdings,

Inc.*

11,752

203,427

TPI

Composites,

Inc.*

14,712

496,530

Vicor

Corp.*

813

109,072

6,789,979

Electronic

Equipment,

Instruments

&

Components

2.1%

Belden,

Inc.

10,642

620,003

Benchmark

Electronics,

Inc.

26,977

720,556

CTS

Corp.

48,207

1,490,078

Daktronics,

Inc.*

11,263

61,158

MicroVision

,

Inc.*(a)

3,827

42,288

Rogers

Corp.*

3,602

671,701

ScanSource

,

Inc.*

2,999

104,335

Vishay

Intertechnology

,

Inc.

84,393

1,695,456

Vishay

Precision

Group,

Inc.*

15,279

531,251

5,936,826

Energy

Equipment

&

Services

0.7%

ChampionX

Corp.*

25,080

560,789

DMC

Global,

Inc.*(a)

6,087

224,671

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Helix

Energy

Solutions

Group,

Inc.*(a)

33,636

130,508

Nabors

Industries

Ltd.*(a)

1,646

158,806

Oceaneering

International,

Inc.*

20,580

274,126

Oil

States

International,

Inc.*(a)

35,952

229,733

ProPetro

Holding

Corp.*

18,195

157,387

US

Silica

Holdings,

Inc.*

29,764

237,814

1,973,834

Entertainment

1.5%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

51,792

1,971,204

Cinemark

Holdings,

Inc.*(a)

60,506

1,162,320

IMAX

Corp.*

50,184

952,492

Marcus

Corp.

(The)*(a)

9,911

172,947

4,258,963

Equity

Real

Estate

Investment

Trusts

(REITs)

6.0%

Agree

Realty

Corp.

11,436

757,406

City

Office

REIT,

Inc.

9,457

168,902

Community

Healthcare

Trust,

Inc.(a)

24,999

1,129,705

Global

Medical

REIT,

Inc.

13,330

195,951

Industrial

Logistics

Properties

Trust

58,393

1,483,766

Kite

Realty

Group

Trust

77,570

1,579,325

Lexington

Realty

Trust(a)

15,755

200,876

Macerich

Co.

(The)(a)

11,467

191,614

National

Storage

Affiliates

Trust

34,518

1,822,205

NexPoint

Residential

Trust,

Inc.

31,309

1,937,401

Outfront

Media,

Inc.

68,384

1,723,277

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

34,301

597,866

Retail

Opportunity

Investments

Corp.

18,135

315,912

RPT

Realty

52,858

674,468

SITE

Centers

Corp.

47,538

733,987

STAG

Industrial,

Inc.(a)

57,887

2,272,065

Tanger

Factory

Outlet

Centers,

Inc.(a)

1,375

22,412

Terreno

Realty

Corp.

12,318

778,867

UMH

Properties,

Inc.

14,779

338,439

Urstadt

Biddle

Properties,

Inc.,

Class

A(a)

18,735

354,654

Whitestone

REIT

7,170

70,123

17,349,221

Food

&

Staples

Retailing

0.6%

Chefs'

Warehouse,

Inc.

(The)*

897

29,215

Ingles

Markets,

Inc.,

Class

A(a)

16,623

1,097,617

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,740

19,523

Performance

Food

Group

Co.*

14,755

685,517

1,831,872

Food

Products

0.3%

B&G

Foods,

Inc.(a)

1,218

36,406

30

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Food

Products

Sanderson

Farms,

Inc.

4,156

782,159

Seneca

Foods

Corp.,

Class

A*

2,908

140,224

958,789

Gas

Utilities

0.1%

Northwest

Natural

Holding

Co.

6,633

305,052

Health

Care

Equipment

&

Supplies

4.0%

AngioDynamics

,

Inc.*

24,502

635,582

Cardiovascular

Systems,

Inc.*

7,354

241,432

CryoLife

,

Inc.*

11,237

250,473

Heska

Corp.*(a)

6,473

1,673,529

Integer

Holdings

Corp.*

8,956

800,129

Invacare

Corp.*(a)

20,365

96,937

LeMaitre

Vascular,

Inc.(a)

18,744

995,119

LivaNova

plc*

5,763

456,372

Meridian

Bioscience,

Inc.*(a)

16,479

317,056

Merit

Medical

Systems,

Inc.*

12,488

896,638

Mesa

Laboratories,

Inc.(a)

769

232,515

Natus

Medical,

Inc.*

43,380

1,087,970

Neogen

Corp.*

24,142

1,048,487

Retractable

Technologies,

Inc.*(a)

8,121

89,575

Shockwave

Medical,

Inc.*

4,008

825,167

Stereotaxis

,

Inc.*

5,875

31,608

Surmodics

,

Inc.*

13,880

771,728

Utah

Medical

Products,

Inc.

2,905

269,700

Varex

Imaging

Corp.*(a)

22,573

636,559

11,356,576

Health

Care

Providers

&

Services

4.1%

Accolade,

Inc.*

4,113

173,445

AMN

Healthcare

Services,

Inc.*

9,805

1,125,124

Community

Health

Systems,

Inc.*

93,336

1,092,031

Covetrus

,

Inc.*

31,950

579,573

Fulgent

Genetics,

Inc.*(a)

352

31,662

Hanger,

Inc.*

37,437

822,117

HealthEquity

,

Inc.*(a)

990

64,112

InfuSystem

Holdings,

Inc.*

19,010

247,700

Joint

Corp.

(The)*

14,895

1,460,008

National

HealthCare

Corp.(a)

11,826

827,584

Patterson

Cos.,

Inc.

56,619

1,706,497

Progyny

,

Inc.*

3,287

184,072

RadNet

,

Inc.*

9,162

268,538

Select

Medical

Holdings

Corp.

37,397

1,352,650

Sharps

Compliance

Corp.*

59,903

495,398

Surgery

Partners,

Inc.*(a)

6,912

292,654

Tenet

Healthcare

Corp.*

13,810

917,536

11,640,701

Health

Care

Technology

0.6%

Castlight

Health,

Inc.,

Class

B*

36,064

56,620

Computer

Programs

&

Systems,

Inc.*

9,965

353,359

Health

Catalyst,

Inc.*(a)

4,567

228,396

Inspire

Medical

Systems,

Inc.*

3,089

719,366

NextGen

Healthcare,

Inc.*

14,547

205,113

Omnicell

,

Inc.*(a)

900

133,587

1,696,441

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

3.7%

Bloomin

'

Brands,

Inc.*(a)

44,469

1,111,725

Cheesecake

Factory,

Inc.

(The)*

3,628

170,516

Dine

Brands

Global,

Inc.*

8,478

688,498

Everi

Holdings,

Inc.*

8,364

202,241

International

Game

Technology

plc*(a)

27,143

714,404

Monarch

Casino

&

Resort,

Inc.*(a)

9,273

621,198

Noodles

&

Co.*(a)

9,410

111,038

Red

Rock

Resorts,

Inc.,

Class

A*

41,935

2,147,911

Ruth's

Hospitality

Group,

Inc.*(a)

26,317

545,025

SeaWorld

Entertainment,

Inc.*

30,458

1,684,937

Shake

Shack,

Inc.,

Class

A*

5,389

422,821

Texas

Roadhouse,

Inc.

23,423

2,139,223

10,559,537

Household

Durables

1.6%

Beazer

Homes

USA,

Inc.*

8,111

139,915

Casper

Sleep,

Inc.*(a)

22,272

95,101

GoPro,

Inc.,

Class

A*(a)

61,982

580,152

iRobot

Corp.*(a)

1,088

85,408

KB

Home

25,986

1,011,375

M/I

Homes,

Inc.*

9,297

537,367

Sonos

,

Inc.*

13,057

422,525

TRI

Pointe

Group,

Inc.*

70,066

1,472,787

Universal

Electronics,

Inc.*

2,606

128,345

4,472,975

Household

Products

0.0%

†

Oil-

Dri

Corp.

of

America

930

32,550

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Clearway

Energy,

Inc.,

Class

C

23,275

704,534

Ormat

Technologies,

Inc.(a)

1,166

77,667

782,201

Insurance

4.3%

American

Equity

Investment

Life

Holding

Co.

60,114

1,777,571

AMERISAFE,

Inc.

14,209

797,978

Argo

Group

International

Holdings

Ltd.

31,914

1,666,549

BRP

Group,

Inc.,

Class

A*

26,820

892,838

Crawford

&

Co.,

Class

A

7,618

68,334

Genworth

Financial,

Inc.,

Class

A*

225,249

844,684

Goosehead

Insurance,

Inc.,

Class

A(a)

11,846

1,804,027

Investors

Title

Co.

100

18,260

Kinsale

Capital

Group,

Inc.(a)

8,263

1,336,127

MBIA,

Inc.*(a)

35,664

458,282

National

Western

Life

Group,

Inc.,

Class

A(a)

395

83,183

Stewart

Information

Services

Corp.

29,820

1,886,413

Tiptree,

Inc.

71,520

716,630

12,350,876

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

1.4%

Cargurus

,

Inc.*(a)

11,870

372,837

Cars.com,

Inc.*

45,332

573,450

Eventbrite,

Inc.,

Class

A*(a)

28,517

539,256

fuboTV

,

Inc.*(a)

8,432

202,031

QuinStreet

,

Inc.*

29,545

518,810

TrueCar

,

Inc.*

63,468

264,027

Yelp,

Inc.*

43,461

1,618,487

4,088,898

Internet

&

Direct

Marketing

Retail

1.0%

Groupon,

Inc.*(a)

40,743

929,348

Lands'

End,

Inc.*(a)

9,557

224,972

Liquidity

Services,

Inc.*

7,433

160,627

Revolve

Group,

Inc.*

1,836

113,410

Shutterstock

,

Inc.

5,085

576,232

Stitch

Fix,

Inc.,

Class

A*

20,716

827,604

2,832,193

IT

Services

1.4%

Brightcove

,

Inc.*

23,580

272,113

Conduent

,

Inc.*

65,579

432,166

ExlService

Holdings,

Inc.*

15,561

1,915,870

Hackett

Group,

Inc.

(The)

8,525

167,260

I3

Verticals,

Inc.,

Class

A*

3,931

95,170

LiveRamp

Holdings,

Inc.*

10,243

483,777

Perficient

,

Inc.*

5,635

651,970

4,018,326

Leisure

Products

0.2%

Acushnet

Holdings

Corp.

4,806

224,440

Nautilus,

Inc.*(a)

6,114

56,922

Vista

Outdoor,

Inc.*

5,542

223,398

504,760

Life

Sciences

Tools

&

Services

1.2%

Berkeley

Lights,

Inc.*

8,438

165,047

Harvard

Bioscience,

Inc.*

3,082

21,512

Medpace

Holdings,

Inc.*

9,811

1,857,026

NanoString

Technologies,

Inc.*

23,970

1,150,800

Pacific

Biosciences

of

California,

Inc.*

3,236

82,680

Personalis

,

Inc.*

6,149

118,307

3,395,372

Machinery

2.8%

Albany

International

Corp.,

Class

A

1,614

124,068

CIRCOR

International,

Inc.*(a)

2,269

74,900

Douglas

Dynamics,

Inc.

5,554

201,610

ESCO

Technologies,

Inc.

491

37,807

Franklin

Electric

Co.,

Inc.

4,392

350,701

Hillenbrand,

Inc.

7,038

300,171

Kennametal,

Inc.

48,893

1,673,607

Lindsay

Corp.

554

84,092

Mueller

Industries,

Inc.

15,212

625,213

Mueller

Water

Products,

Inc.,

Class

A

2,531

38,522

Nikola

Corp.*(a)

9,088

96,969

Proto

Labs,

Inc.*(a)

518

34,499

RBC

Bearings,

Inc.*

3,042

645,512

Rexnord

Corp.

27,847

1,790,283

Terex

Corp.

39,067

1,644,721

Common

Stocks

Shares

Value

($)

Machinery

Titan

International,

Inc.*

26,755

191,566

7,914,241

Marine

0.8%

Costamare

,

Inc.(a)

24,624

381,426

Eagle

Bulk

Shipping,

Inc.*(a)

7,050

355,461

Genco

Shipping

&

Trading

Ltd.

34,290

690,258

Safe

Bulkers,

Inc.*

168,866

873,037

2,300,182

Media

1.3%

Daily

Journal

Corp.*(a)

684

219,133

EW

Scripps

Co.

(The),

Class

A

57,411

1,036,843

John

Wiley

&

Sons,

Inc.,

Class

A

4,944

258,126

Magnite

,

Inc.*(a)

21,999

615,972

TechTarget

,

Inc.*(a)

9,259

763,127

Thryv

Holdings,

Inc.*

23,456

704,618

3,597,819

Metals

&

Mining

1.3%

Arconic

Corp.*

25,530

805,216

Coeur

Mining,

Inc.*

8,299

51,205

Constellium

SE*

42,217

792,835

Haynes

International,

Inc.

6,563

244,472

Materion

Corp.

2,191

150,390

Schnitzer

Steel

Industries,

Inc.,

Class

A

1,505

65,934

SunCoke

Energy,

Inc.

81,796

513,679

Warrior

Met

Coal,

Inc.

42,640

992,233

3,615,964

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.9%

Blackstone

Mortgage

Trust,

Inc.,

Class

A

10,072

305,383

Chimera

Investment

Corp.

31,604

469,319

Dynex

Capital,

Inc.

15,130

261,446

Great

Ajax

Corp.(a)

9,804

132,256

Ladder

Capital

Corp.

72,784

804,263

MFA

Financial,

Inc.

154,126

704,356

New

York

Mortgage

Trust,

Inc.

12,110

51,589

2,728,612

Multiline

Retail

0.3%

Dillard's,

Inc.,

Class

A

1,284

221,516

Macy's,

Inc.

31,974

722,612

944,128

Oil,

Gas

&

Consumable

Fuels

3.2%

Antero

Resources

Corp.*

10,801

203,167

Dorian

LPG

Ltd.

38,207

474,149

Earthstone

Energy,

Inc.,

Class

A*

7,838

72,110

Golar

LNG

Ltd.*

80,652

1,046,056

Kosmos

Energy

Ltd.*(a)

95,694

283,254

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

25,311

450,283

Matador

Resources

Co.

43,106

1,639,752

Oasis

Petroleum,

Inc.

2,158

214,548

Ovintiv

,

Inc.

69,832

2,296,076

PDC

Energy,

Inc.

9,025

427,695

Peabody

Energy

Corp.*

15,874

234,776

Range

Resources

Corp.*

12,679

286,926

32

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

REX

American

Resources

Corp.*

1,284

102,553

SFL

Corp.

Ltd.

17,512

146,751

SM

Energy

Co.

24,396

643,566

W&T

Offshore,

Inc.*(a)

159,619

593,783

9,115,445

Personal

Products

0.1%

Inter

Parfums

,

Inc.(a)

4,559

340,876

Pharmaceuticals

2.1%

Amneal

Pharmaceuticals,

Inc.*(a)

73,849

394,354

Amphastar

Pharmaceuticals,

Inc.*(a)

60,562

1,151,284

ANI

Pharmaceuticals,

Inc.*(a)

20,704

679,505

Arvinas

,

Inc.*

8,267

679,382

Atea

Pharmaceuticals,

Inc.*(a)

2,591

90,840

BioDelivery

Sciences

International,

Inc.*

7,201

25,996

Cassava

Sciences,

Inc.*(a)

1,779

110,440

Collegium

Pharmaceutical,

Inc.*(a)

10,800

213,192

Phibro

Animal

Health

Corp.,

Class

A

53,712

1,156,956

Prestige

Consumer

Healthcare,

Inc.*

22,534

1,264,383

SIGA

Technologies,

Inc.*(a)

18,612

137,543

5,903,875

Professional

Services

2.1%

ASGN,

Inc.*

4,399

497,703

Barrett

Business

Services,

Inc.

5,128

391,061

CBIZ,

Inc.*(a)

16,135

521,806

CRA

International,

Inc.

950

94,373

Exponent,

Inc.

6,234

705,377

Forrester

Research,

Inc.*

16,492

812,396

Heidrick

&

Struggles

International,

Inc.

17,672

788,701

Kforce

,

Inc.

3,459

206,295

Korn

Ferry

26,680

1,930,565

5,948,277

Real

Estate

Management

&

Development

0.2%

Forestar

Group,

Inc.*

1,733

32,286

Kennedy-Wilson

Holdings,

Inc.

25,582

535,175

567,461

Road

&

Rail

1.4%

ArcBest

Corp.

3,708

303,203

Daseke

,

Inc.*

11,441

105,372

Heartland

Express,

Inc.

19,902

318,830

Marten

Transport

Ltd.

95,989

1,506,067

Saia,

Inc.*

1,045

248,741

Werner

Enterprises,

Inc.

36,728

1,625,949

4,108,162

Semiconductors

&

Semiconductor

Equipment

2.2%

Ambarella

,

Inc.*

7,657

1,192,501

Axcelis

Technologies,

Inc.*

41,391

1,946,619

CEVA,

Inc.*(a)

1,254

53,508

Cohu

,

Inc.*

45,685

1,459,179

FormFactor

,

Inc.*

23,720

885,468

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Ichor

Holdings

Ltd.*

2,308

94,836

Kulicke

&

Soffa

Industries,

Inc.

8,819

513,971

Lattice

Semiconductor

Corp.*

2,620

169,383

SiTime

Corp.*

212

43,284

Ultra

Clean

Holdings,

Inc.*

1,504

64,070

Veeco

Instruments,

Inc.*(a)

1,577

35,025

6,457,844

Software

7.0%

ACI

Worldwide,

Inc.*

24,398

749,751

Appian

Corp.*(a)

7,081

655,063

Bottomline

Technologies

DE,

Inc.*

7,279

285,919

Box,

Inc.,

Class

A*

64,139

1,518,170

Cerence

,

Inc.*(a)

4,904

471,323

ChannelAdvisor

Corp.*

49,673

1,253,250

CommVault

Systems,

Inc.*

15,544

1,170,619

Domo,

Inc.,

Class

B*

15,416

1,301,727

eGain

Corp.*

19,648

200,410

JFrog

Ltd.*(a)

2,184

73,164

Marathon

Digital

Holdings,

Inc.*(a)

5,466

172,616

MicroStrategy

,

Inc.,

Class

A*(a)

1,007

582,449

Mimecast

Ltd.*

18,848

1,198,733

Momentive

Global,

Inc.*

24,377

477,789

Ping

Identity

Holding

Corp.*(a)

29,203

717,518

Qualys

,

Inc.*

4,164

463,412

Riot

Blockchain

,

Inc.*(a)

2,628

67,540

Sapiens

International

Corp.

NV

45,072

1,297,172

Sprout

Social,

Inc.,

Class

A*

1,249

152,316

SPS

Commerce,

Inc.*(a)

15,079

2,432,393

Tenable

Holdings,

Inc.*

28,567

1,318,081

Upland

Software,

Inc.*

15,650

523,336

Varonis

Systems,

Inc.*(a)

4,905

298,469

Workiva

,

Inc.*

6,293

887,061

Zix

Corp.*

108,812

769,301

Zuora

,

Inc.,

Class

A*(a)

64,164

1,063,839

20,101,421

Specialty

Retail

2.9%

Aaron's

Co.,

Inc.

(The)

31,009

853,988

Academy

Sports

&

Outdoors,

Inc.*

47,123

1,885,863

American

Eagle

Outfitters,

Inc.

(a)

44,131

1,138,580

Bed

Bath

&

Beyond,

Inc.*

5,932

102,475

Boot

Barn

Holdings,

Inc.*

3,258

289,538

Buckle,

Inc.

(The)

39,630

1,568,952

Cato

Corp.

(The),

Class

A

46,057

761,783

Children's

Place,

Inc.

(The)*

313

23,556

Haverty

Furniture

Cos.,

Inc.

1,427

48,104

Murphy

USA,

Inc.

2,266

379,011

Tilly's,

Inc.,

Class

A

40,552

568,134

Urban

Outfitters,

Inc.*

21,402

635,425

8,255,409

Technology

Hardware,

Storage

&

Peripherals

0.6%

3D

Systems

Corp.*(a)

17,037

469,710

Quantum

Corp.*

11,764

60,937

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Super

Micro

Computer,

Inc.*

35,777

1,308,365

1,839,012

Textiles,

Apparel

&

Luxury

Goods

0.6%

G-III

Apparel

Group

Ltd.*

1,128

31,922

Movado

Group,

Inc.

10,495

330,488

Steven

Madden

Ltd.

35,803

1,437,848

1,800,258

Thrifts

&

Mortgage

Finance

0.9%

Bridgewater

Bancshares,

Inc.*

2,997

52,477

HomeStreet

,

Inc.

3,550

146,082

Merchants

Bancorp

18,367

724,945

PennyMac

Financial

Services,

Inc.

11,329

692,542

TrustCo

Bank

Corp.

2,815

89,996

Walker

&

Dunlop,

Inc.

4,913

557,626

WSFS

Financial

Corp.

9,109

467,383

2,731,051

Trading

Companies

&

Distributors

2.9%

Boise

Cascade

Co.

23,261

1,255,629

GMS,

Inc.*

2,737

119,881

H&E

Equipment

Services,

Inc.

38,224

1,326,755

Herc

Holdings,

Inc.*

5,404

883,338

McGrath

RentCorp

(a)

17,948

1,291,358

MRC

Global,

Inc.*(a)

77,564

569,320

Rush

Enterprises,

Inc.,

Class

A

28,177

1,272,473

Titan

Machinery,

Inc.*

24,697

639,899

Transcat

,

Inc.*

1,767

113,936

Triton

International

Ltd.

14,516

755,413

8,228,002

Wireless

Telecommunication

Services

0.3%

Shenandoah

Telecommunications

Co.

30,278

956,179

Total

Common

Stocks

(cost

$259,301,136)

280,570,205

Repurchase

Agreements

3.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$4,968,390,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$5,067,750.(b)

4,968,382

4,968,382

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,004,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$2,040,820.(b)

2,000,000

2,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$2,000,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$2,040,006.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$8,968,382)

8,968,382

Total

Investments

(cost

$268,269,518)

—

100.9%

289,538,587

Liabilities

in

excess

of

other

assets

—

(0.9)%

(2,460,261)

NET

ASSETS

—

100.0%

$

287,078,326

34

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$21,624,970,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,968,382

and

by

$13,320,518

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

10/7/2021

–

11/15/2050,

a

total

value

of

$22,288,900.

(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,

2021

was

$8,968,382.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

42

12/2021

USD

4,621,680

(46,068)

(46,068)

As

of

September

30,

2021,

the

Fund

had

$300,300

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2021

(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,

2021

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

280,570,205

$

–

$

–

$

280,570,205

Repurchase

Agreements

–

8,968,382

–

8,968,382

Total

Assets

$

280,570,205

$

8,968,382

$

–

$

289,538,587

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(46,068)

$

–

$

–

$

(46,068)

Total

Liabilities

$

(46,068)

$

–

$

–

$

(46,068)

Total

$

280,524,137

$

8,968,382

$

–

$

289,492,519

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

37

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(46,068)

Total

$

(46,068)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

38

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

99.3%

Shares

Value

($)

Aerospace

&

Defense

3.2%

Howmet

Aerospace,

Inc.

225,803

7,045,053

Huntington

Ingalls

Industries,

Inc.

39,714

7,667,185

Northrop

Grumman

Corp.

37,300

13,433,595

Textron,

Inc.

170,500

11,902,605

40,048,438

Airlines

0.9%

Delta

Air

Lines,

Inc.*

252,187

10,745,688

Auto

Components

0.2%

Lear

Corp.

14,576

2,280,853

Automobiles

2.9%

Ford

Motor

Co.*

1,584,341

22,434,269

General

Motors

Co.*

264,271

13,929,724

36,363,993

Banks

2.1%

Comerica,

Inc.

97,318

7,834,099

SVB

Financial

Group*

15,330

9,916,670

Umpqua

Holdings

Corp.

405,192

8,205,138

25,955,907

Beverages

0.3%

Molson

Coors

Beverage

Co.,

Class

B

72,248

3,350,862

Biotechnology

4.8%

Apellis

Pharmaceuticals,

Inc.*

11,292

372,184

Exelixis

,

Inc.*

106,438

2,250,099

Gilead

Sciences,

Inc.

306,414

21,403,018

Incyte

Corp.*

112,950

7,768,701

Ionis

Pharmaceuticals,

Inc.*

78,004

2,616,254

United

Therapeutics

Corp.*

36,711

6,776,117

Vertex

Pharmaceuticals,

Inc.*

97,910

17,759,895

58,946,268

Capital

Markets

0.8%

Evercore

,

Inc.,

Class

A

13,844

1,850,528

Raymond

James

Financial,

Inc.

82,776

7,638,569

9,489,097

Chemicals

4.7%

Chemours

Co.

(The)

43,218

1,255,915

Corteva

,

Inc.

271,551

11,426,866

Dow,

Inc.

305,078

17,560,290

DuPont

de

Nemours,

Inc.

119,655

8,135,344

Element

Solutions,

Inc.

59,449

1,288,854

Huntsman

Corp.

198,760

5,881,308

LyondellBasell

Industries

NV,

Class

A

72,905

6,842,134

Olin

Corp.

57,542

2,776,402

Westlake

Chemical

Corp.

40,773

3,716,051

58,883,164

Communications

Equipment

2.2%

Ciena

Corp.*

161,072

8,271,047

CommScope

Holding

Co.,

Inc.*

431,562

5,864,928

Juniper

Networks,

Inc.

469,778

12,928,290

27,064,265

Common

Stocks

Shares

Value

($)

Consumer

Finance

0.2%

SLM

Corp.

154,620

2,721,312

Synchrony

Financial

1,191

58,216

2,779,528

Diversified

Consumer

Services

0.6%

frontdoor

,

Inc.*

32,083

1,344,278

Grand

Canyon

Education,

Inc.*

1,837

161,582

H&R

Block,

Inc.

115,696

2,892,400

Service

Corp.

International

51,606

3,109,778

7,508,038

Diversified

Telecommunication

Services

1.3%

AT&T,

Inc.

294,595

7,957,011

Lumen

Technologies,

Inc.

630,743

7,814,906

15,771,917

Electric

Utilities

0.9%

Hawaiian

Electric

Industries,

Inc.

92,920

3,793,924

Pinnacle

West

Capital

Corp.

103,785

7,509,882

11,303,806

Electronic

Equipment,

Instruments

&

Components

1.1%

Arrow

Electronics,

Inc.*

44,868

5,038,228

Avnet,

Inc.

140,631

5,199,128

Jabil,

Inc.

67,021

3,912,016

14,149,372

Entertainment

2.4%

Electronic

Arts,

Inc.

132,786

18,888,808

Take-Two

Interactive

Software,

Inc.*

56,784

8,748,711

Zynga,

Inc.,

Class

A*

342,685

2,580,418

30,217,937

Equity

Real

Estate

Investment

Trusts

(REITs)

4.4%

American

Campus

Communities,

Inc.

60,537

2,933,018

Camden

Property

Trust

73,768

10,878,567

Essex

Property

Trust,

Inc.

20,054

6,412,066

Public

Storage

57,962

17,220,510

SBA

Communications

Corp.

49,946

16,510,649

53,954,810

Food

&

Staples

Retailing

4.0%

Albertsons

Cos.,

Inc.,

Class

A

240,137

7,475,465

Costco

Wholesale

Corp.

57,296

25,745,958

Kroger

Co.

(The)

391,745

15,838,250

49,059,673

Food

Products

4.3%

Archer-Daniels-Midland

Co.

278,506

16,713,145

Hershey

Co.

(The)

12,014

2,033,369

Ingredion,

Inc.

75,219

6,695,243

Pilgrim's

Pride

Corp.*

121,334

3,528,393

Post

Holdings,

Inc.*

93,637

10,315,052

Tyson

Foods,

Inc.,

Class

A

178,351

14,079,028

53,364,230

Health

Care

Equipment

&

Supplies

2.2%

ABIOMED,

Inc.*

10,592

3,447,908

Envista

Holdings

Corp.*

77,060

3,221,879

Intuitive

Surgical,

Inc.*

19,775

19,659,316

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Shockwave

Medical,

Inc.*

6,229

1,282,426

27,611,529

Health

Care

Providers

&

Services

7.2%

AmerisourceBergen

Corp.

108,380

12,945,991

Anthem,

Inc.

65,494

24,416,163

Cardinal

Health,

Inc.

203,842

10,082,025

Cigna

Corp.

6,336

1,268,214

Humana,

Inc.

48,764

18,976,511

McKesson

Corp.

91,480

18,239,283

Molina

Healthcare,

Inc.*

6,775

1,838,125

Tenet

Healthcare

Corp.*

15,566

1,034,205

88,800,517

Health

Care

Technology

1.0%

Cerner

Corp.

170,696

12,037,482

Hotels,

Restaurants

&

Leisure

0.9%

Airbnb,

Inc.,

Class

A*

8,806

1,477,206

Domino's

Pizza,

Inc.

3,078

1,468,083

Six

Flags

Entertainment

Corp.*

32,742

1,391,535

Starbucks

Corp.

51,793

5,713,286

Travel

+

Leisure

Co.

22,918

1,249,719

11,299,829

Household

Durables

0.1%

NVR,

Inc.*

171

819,788

Household

Products

0.4%

Spectrum

Brands

Holdings,

Inc.

54,566

5,220,329

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Vistra

Corp.

290,002

4,959,034

Insurance

6.1%

Alleghany

Corp.*

11,553

7,213,809

Allstate

Corp.

(The)

157,286

20,024,081

Brighthouse

Financial,

Inc.*

38,983

1,763,201

Everest

Re

Group

Ltd.

20,088

5,037,669

Hanover

Insurance

Group,

Inc.

(The)

9,507

1,232,297

Kemper

Corp.

32,585

2,176,352

Markel

Corp.*

1,938

2,316,162

MetLife,

Inc.

108,607

6,704,310

Prudential

Financial,

Inc.

162,497

17,094,684

Reinsurance

Group

of

America,

Inc.

67,642

7,525,849

Travelers

Cos.,

Inc.

(The)

6,032

916,924

Unum

Group

150,894

3,781,404

75,786,742

Interactive

Media

&

Services

6.8%

Alphabet,

Inc.,

Class

C*

27,011

71,992,688

Facebook,

Inc.,

Class

A*

6,964

2,363,512

Twitter,

Inc.*

161,235

9,736,982

84,093,182

Internet

&

Direct

Marketing

Retail

3.7%

Amazon.com,

Inc.*

13,987

45,947,855

IT

Services

3.3%

Concentrix

Corp.*

8,075

1,429,275

DXC

Technology

Co.*

97,728

3,284,638

GoDaddy

,

Inc.,

Class

A*

108,478

7,560,917

Common

Stocks

Shares

Value

($)

IT

Services

International

Business

Machines

Corp.

96,632

13,425,084

SolarWinds

Corp.

91,981

1,538,842

VeriSign,

Inc.*

64,711

13,266,402

40,505,158

Machinery

0.4%

AGCO

Corp.

45,288

5,549,139

Media

0.7%

Altice

USA,

Inc.,

Class

A*

102,284

2,119,325

Fox

Corp.,

Class

A

87,721

3,518,489

Nexstar

Media

Group,

Inc.,

Class

A

22,639

3,440,222

9,078,036

Multiline

Retail

0.2%

Kohl's

Corp.

36,635

1,725,142

Macy's,

Inc.

53,476

1,208,558

2,933,700

Oil,

Gas

&

Consumable

Fuels

3.8%

APA

Corp.

681,158

14,597,216

Cheniere

Energy,

Inc.*

48,001

4,688,258

Cimarex

Energy

Co.

23,944

2,087,917

HollyFrontier

Corp.

45,332

1,501,849

Marathon

Oil

Corp.

308,109

4,211,850

Marathon

Petroleum

Corp.

181,326

11,207,760

Phillips

66

18,300

1,281,549

Targa

Resources

Corp.

152,589

7,508,905

Valero

Energy

Corp.

9,232

651,502

47,736,806

Paper

&

Forest

Products

0.3%

Louisiana-Pacific

Corp.

62,709

3,848,451

Pharmaceuticals

0.1%

Organon

&

Co.

26,954

883,821

Viatris

,

Inc.

11,354

153,847

1,037,668

Professional

Services

0.2%

Jacobs

Engineering

Group,

Inc.

21,742

2,881,467

Real

Estate

Management

&

Development

0.3%

Howard

Hughes

Corp.

(The)*

42,706

3,750,014

Road

&

Rail

0.8%

AMERCO

2,642

1,706,811

Avis

Budget

Group,

Inc.*

14,979

1,745,203

Ryder

System,

Inc.

66,776

5,523,043

Schneider

National,

Inc.,

Class

B

27,985

636,379

9,611,436

Semiconductors

&

Semiconductor

Equipment

3.2%

Cirrus

Logic,

Inc.*

34,139

2,811,347

Intel

Corp.

298,126

15,884,153

Micron

Technology,

Inc.

299,711

21,273,487

39,968,987

Software

4.8%

Citrix

Systems,

Inc.

51,928

5,575,509

Dropbox,

Inc.,

Class

A*

126,776

3,704,395

Fortinet,

Inc.*

44,759

13,071,418

40

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

Shares

Value

($)

Software

Microsoft

Corp.

112,213

31,635,089

New

Relic,

Inc.*

53,843

3,864,312

Nutanix

,

Inc.,

Class

A*

34,334

1,294,392

59,145,115

Specialty

Retail

2.9%

AutoNation,

Inc.*

24,235

2,950,854

AutoZone,

Inc.*

11,757

19,963,268

Best

Buy

Co.,

Inc.

112,645

11,907,703

Leslie's,

Inc.*

42,435

871,615

35,693,440

Technology

Hardware,

Storage

&

Peripherals

8.1%

Apple,

Inc.

359,052

50,805,858

Dell

Technologies,

Inc.,

Class

C*

94,993

9,883,072

Hewlett

Packard

Enterprise

Co.

993,939

14,163,631

NetApp,

Inc.

97,559

8,756,896

Pure

Storage,

Inc.,

Class

A*

43,735

1,100,372

Western

Digital

Corp.*

225,202

12,710,401

Xerox

Holdings

Corp.

172,798

3,485,335

100,905,565

Textiles,

Apparel

&

Luxury

Goods

0.1%

Columbia

Sportswear

Co.

16,389

1,570,722

Total

Investments

(cost

$1,041,548,049)

—

99.3%

1,232,029,837

Other

assets

in

excess

of

liabilities

—

0.7%

8,687,577

NET

ASSETS

—

100.0%

$

1,240,717,414

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2021

:

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

6/30/2022

14,347

6,600

6,600

Altice

USA,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

24,411

33,931

33,931

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

7/29/2022

42,594

89,019

89,019

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

10/31/2022

40,206

153,185

153,185

Armstrong

World

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

20,599

61,385

61,385

Aspen

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

51,471

71,030

71,030

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2021

(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

($)

Bio-Rad

Laboratories,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

8,698

61,582

61,582

Bio-

Techne

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

17,260

74,218

74,218

Brooks

Automation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

42,194

118,760

118,760

Bruker

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

79,186

95,245

95,245

Builders

FirstSource

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

101,614

223,551

223,551

Bumble,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

72,768

85,907

85,907

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

74,139

237,245

237,245

Camden

Property

Trust

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

1,989

438

438

Carnival

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

317,943

368,814

368,814

Carvana

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

12,672

53,729

53,729

Catalent

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

57,360

8,604

8,604

Cheniere

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

31,310

23,169

23,169

Cleveland-Cliffs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

123,822

85,437

85,437

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

10/31/2022

4,706

1,078

1,078

CommScope

Holding

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

239,240

19,139

19,139

Concentrix

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

11,501

46,464

46,464

Cree,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

54,206

55,832

55,832

Digital

Turbine,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

34,519

61,789

61,789

Fate

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

54,189

82,367

82,367

42

-

Statement

of

Investments

-

September

30,

2021

(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

($)

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

10/31/2022

4,698

19,544

19,544

Fox

Factory

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

29,526

32,774

32,774

Frontdoor

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

20,272

21,286

21,286

GameStop

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

30,829

96,495

96,495

Gilead

Sciences,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

32,353

19,089

19,089

GoHealth

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

551,097

16,533

16,533

Grand

Canyon

Education,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

34,926

9,081

9,081

H&R

Block,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

59,421

5,988

5,988

Hewlett

Packard

Enterprise

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

86,517

15,693

15,693

Hexcel

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

69,479

75,559

75,559

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

11/30/2022

26,710

127,132

127,132

II-VI,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

73,102

72,371

72,371

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

10/31/2022

39,248

3,925

3,925

Intuitive

Surgical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

3,103

5,151

5,151

Invitae

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

144,342

11,547

11,547

Kimco

Realty

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

299,094

130,040

130,040

L3Harris

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

30,675

23,590

23,590

Las

Vegas

Sands

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

45,211

31,648

31,648

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

10/31/2022

134,854

140,248

140,248

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2021

(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

($)

LifeStance

Health

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

10/31/2022

41,054

24,222

24,222

Markel

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

1,694

1,067

1,067

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

11/30/2022

104,747

45,864

45,864

Middleby

Corp.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

28,093

47,477

47,477

Northrop

Grumman

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

19,398

61,970

61,970

Norwegian

Cruise

Line

Holdings

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

141,630

172,789

172,789

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

10/31/2022

94,177

513,265

513,265

Pilgrim's

Pride

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

22,309

3,793

3,793

Pinnacle

West

Capital

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

3,032

4,220

4,220

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

44,336

57,193

57,193

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

10/31/2022

16,275

14,485

14,485

Prudential

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

14,046

8,631

8,631

QuantumScape

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

29,535

21,561

21,561

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

17,112

37,815

37,815

Reinsurance

Group

of

America,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

27,845

18,243

18,243

Rocket

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

378,395

143,790

143,790

Sabre

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

529,240

47,632

47,632

Service

Corp.

International

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

64,741

14,244

14,244

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

65,518

284,031

284,031

44

-

Statement

of

Investments

-

September

30,

2021

(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

($)

Signify

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

61,867

79,190

79,190

Skillz

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

5.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

228,823

178,482

178,482

Spectrum

Brands

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

10/31/2022

28,640

7,159

7,159

Take-Two

Interactive

Software,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

14,804

73,428

73,428

Teladoc

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

43,581

149,919

149,919

Thermo

Fisher

Scientific,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

14,737

71,621

71,621

Twilio

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

14,729

45,660

45,660

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

10/31/2022

11,669

17,749

17,749

Umpqua

Holdings

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

22,825

2,288

2,288

Unum

Group

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

199,038

55,731

55,731

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

10/31/2022

71,815

34,471

34,471

Vroom,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

163,067

251,123

251,123

Walt

Disney

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

37,360

199,876

199,876

Wayfair,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

5,242

119,046

119,046

Zoom

Video

Communications,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

9,112

3,554

3,554

5,787,801

5,787,801

–

–

AbbVie,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

58,144

(30,816)

(30,816)

ABIOMED,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,706

(15,560)

(15,560)

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

43,925

(202,494)

(202,494)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2021

(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

($)

AGCO

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

34,626

(155,773)

(155,773)

Amazon.com,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

1,847

(57,109)

(57,109)

AMC

Entertainment

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.20%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

326,715

(349,585)

(349,585)

American

Campus

Communities,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

35,987

(40,665)

(40,665)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

14,400

(21,071)

(21,071)

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

10/31/2022

4,240

(9,201)

(9,201)

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

10/31/2022

133,891

(77,249)

(77,249)

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

10/31/2022

100,045

(121,519)

(121,519)

Arrow

Electronics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

73,361

(197,341)

(197,341)

Arrowhead

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

13,252

(23,589)

(23,589)

AT&T,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

627,892

(144,415)

(144,415)

Autoliv

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

26,773

(62,882)

(62,882)

Avnet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

49,476

(11,874)

(11,874)

Black

Knight,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

8,597

(29,144)

(29,144)

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

10/31/2022

54,927

(34,055)

(34,055)

Columbia

Sportswear

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

63,519

(219,776)

(219,776)

Corteva

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

148,578

(124,824)

(124,824)

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

10/31/2022

20,437

(14,306)

(14,306)

Dell

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

13,754

(17,193)

(17,193)

46

-

Statement

of

Investments

-

September

30,

2021

(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

($)

Dropbox,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

298,724

(116,502)

(116,502)

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

10/31/2022

31,416

(28,589)

(28,589)

Element

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

10/31/2022

61,011

(32,854)

(32,854)

EMCOR

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

73,100

(179,826)

(179,826)

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

11/30/2022

50,752

(110,885)

(110,885)

Envista

Holdings

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

15,363

(18,282)

(18,282)

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

10/31/2022

11,231

(35,138)

(35,138)

Everest

Re

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

16,557

(37,775)

(37,775)

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

10/31/2022

43,847

(99,971)

(99,971)

Fastly

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

15,535

(7,457)

(7,457)

Foot

Locker,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

43,395

(158,392)

(158,392)

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

11/30/2022

41,179

(4,745)

(4,745)

General

Motors

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

113,474

(15,886)

(15,886)

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

10/31/2022

25,334

(13,174)

(13,174)

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

10/31/2022

9,259

(15,197)

(15,197)

Hawaiian

Electric

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

12,507

(2,328)

(2,328)

Howard

Hughes

Corp.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

18,715

(9,358)

(9,358)

Howmet

Aerospace,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

71,799

(86,877)

(86,877)

Humana,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,038

(10,495)

(10,495)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2021

(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

($)

Huntington

Ingalls

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

5,425

(13,586)

(13,586)

Huntsman

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,178

(137)

(137)

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

10/31/2022

209,135

(88,316)

(88,316)

International

Flavors

&

Fragrances,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

47,432

(74,942)

(74,942)

Jabil,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

23,958

(59,933)

(59,933)

Jacobs

Engineering

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

57,911

(205,005)

(205,005)

Kemper

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

1,858

(576)

(576)

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

10/31/2022

121,122

(119,161)

(119,161)

Knight-Swift

Transportation

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

10/31/2022

87,331

(138,374)

(138,374)

Lear

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

25,926

(76,547)

(76,547)

Liberty

Broadband

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

26,505

(7,686)

(7,686)

LyondellBasell

Industries

NV

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

45,365

(113,866)

(113,866)

ManpowerGroup

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

62,945

(112,042)

(112,042)

MetLife,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

119,392

(126,556)

(126,556)

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

10/31/2022

142,236

(212,583)

(212,583)

MicroStrategy

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.82%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

6,388

(31,237)

(31,237)

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

23,112

(104,697)

(104,697)

Molson

Coors

Beverage

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

22,741

(25,243)

(25,243)

NetApp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

56,078

(114,960)

(114,960)

48

-

Statement

of

Investments

-

September

30,

2021

(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

($)

New

Fortress

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

84,893

(92,143)

(92,143)

NRG

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

122,932

(68,842)

(68,842)

NVR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,018

(185,414)

(185,414)

Occidental

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

10/31/2022

234,706

(72,926)

(72,926)

Olin

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

42,707

(52,470)

(52,470)

Opendoor

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

44,757

(21,483)

(21,483)

Phillips

66

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

123,444

(13,479)

(13,479)

Premier,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

183,668

(5,671)

(5,671)

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

10/31/2022

122,263

(118,595)

(118,595)

R1

RCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

220,694

(156,693)

(156,693)

Raymond

James

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

63,844

(40,221)

(40,221)

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

10/31/2022

35,782

(122,374)

(122,374)

RingCentral,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

15,811

(50,911)

(50,911)

Roku,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

6,794

(18,887)

(18,887)

Ryder

System,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

29,432

(19,825)

(19,825)

Schneider

National,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

66,852

(40,447)

(40,447)

Science

Applications

International

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

25,379

(16,243)

(16,243)

SLM

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

15,278

(3,056)

(3,056)

Snowflake,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

14,098

(62,454)

(62,454)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

49

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Starbucks

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

152,408

(213,371)

(213,371)

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

10/31/2022

92,405

(97,025)

(97,025)

SVB

Financial

Group

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,532

(18,028)

(18,028)

Switch,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

225,574

(70,035)

(70,035)

Targa

Resources

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

31,987

(3,519)

(3,519)

Textron,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

83,450

(206,242)

(206,242)

Travel

+

Leisure

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

29,092

(76,221)

(76,221)

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

10/31/2022

119,273

(79,081)

(79,081)

Twist

Bioscience

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

21,811

(64,779)

(64,779)

United

Therapeutics

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

38,490

(118,549)

(118,549)

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

2.32%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

932,035

(81,992)

(81,992)

VeriSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

6,184

(4,020)

(4,020)

Viatris

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,710

(149)

(149)

Westlake

Chemical

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

6,875

(4,645)

(4,645)

Whirlpool

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

20,269

(102,183)

(102,183)

Xerox

Holdings

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

155,417

(105,684)

(105,684)

(6,977,276)

(6,977,276)

–

–

(1,189,475)

(1,189,475)

Financing

Costs

of

Swap

Contracts

(206,930)

(206,930)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(1,396,405)

(1,396,405)

OBFR

Overnight

Bank

Funding

Rate

50

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

51

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts

Total

Return

Swap

Contracts

—

The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

The

Fund

entered

into

total

return

swap

contracts

on

a

net

basis,

which

means

that

the

two

payment

streams

are

netted

out,

with

the

Fund

receiving

or

paying,

as

the

case

may

be,

only

the

net

amount

of

the

two

payments.

Payments

are

made

at

the

conclusion

of

a

total

return

swap

contract

or

periodically

during

its

term.

Total

return

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

Accordingly,

the

risk

of

loss

with

respect

to

total

return

swap

contracts

is

normally

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make.

If

the

counterparty

to

a

total

return

swap

defaults,

the

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

that

the

Fund

is

contractually

entitled

to

receive,

if

any.

Total

return

swap

contracts

are

marked-to-

market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,232,029,837

$

–

$

–

$

1,232,029,837

Total

Return

Swaps*

–

5,787,801

–

5,787,801

Total

Assets

$

1,232,029,837

$

5,787,801

$

–

$

1,237,817,638

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps*

$

–

$

(7,184,206)

$

–

$

(7,184,206)

Total

Liabilities

$

–

$

(7,184,206)

$

–

$

(7,184,206)

Total

$

1,232,029,837

$

(1,396,405)

$

–

$

1,230,633,432

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts(a)

Equity

risk

Unrealized

appreciation

on

centrally

clear

swap

contracts

$

5,787,801

Total

$

5,787,801

Liabilities:

Swap

Contracts(a)

Equity

risk

Unrealized

depreciation

on

centrally

clear

swap

contracts

$

(7,184,206)

Total

$

(7,184,206)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.1%

Shares

Value

($)

Air

Freight

&

Logistics

2.4%

CH

Robinson

Worldwide,

Inc.

75,716

6,587,292

Expeditors

International

of

Washington,

Inc.

68,492

8,159,452

United

Parcel

Service,

Inc.,

Class

B

15,618

2,844,038

17,590,782

Banks

1.2%

JPMorgan

Chase

&

Co.

19,886

3,255,139

SVB

Financial

Group*

8,298

5,367,810

Western

Alliance

Bancorp

4,937

537,245

9,160,194

Beverages

3.3%

Brown-Forman

Corp.,

Class

B

4,946

331,431

Coca-Cola

Co.

(The)

114,567

6,011,331

Monster

Beverage

Corp.*

88,768

7,885,261

PepsiCo,

Inc.

70,887

10,662,114

24,890,137

Biotechnology

5.0%

AbbVie,

Inc.

10,795

1,164,457

Amgen,

Inc.

42,944

9,132,042

Biogen,

Inc.*

8,549

2,419,282

Moderna

,

Inc.*

14,727

5,667,833

Regeneron

Pharmaceuticals,

Inc.*

16,019

9,694,378

Seagen

,

Inc.*

21,144

3,590,251

United

Therapeutics

Corp.*

13,080

2,414,306

Vertex

Pharmaceuticals,

Inc.*

14,951

2,711,962

36,794,511

Building

Products

0.2%

Carrier

Global

Corp.

27,047

1,399,953

Capital

Markets

1.7%

BlackRock,

Inc.

4,149

3,479,601

CME

Group,

Inc.

19,698

3,809,199

MarketAxess

Holdings,

Inc.

2,112

888,497

T.

Rowe

Price

Group,

Inc.

22,170

4,360,839

12,538,136

Chemicals

2.9%

Air

Products

&

Chemicals,

Inc.

4,353

1,114,847

Corteva

,

Inc.

41,820

1,759,786

Ecolab,

Inc.

49,667

10,361,530

Linde

plc

15,437

4,528,907

PPG

Industries,

Inc.

11,451

1,637,607

Sherwin-Williams

Co.

(The)

7,202

2,014,615

21,417,292

Commercial

Services

&

Supplies

2.7%

Copart

,

Inc.*

15,158

2,102,718

Republic

Services,

Inc.

50,941

6,115,976

Rollins,

Inc.

8,185

289,176

Waste

Management,

Inc.

75,198

11,231,573

19,739,443

Communications

Equipment

0.7%

Cisco

Systems,

Inc.

102,561

5,582,395

Containers

&

Packaging

0.1%

AptarGroup,

Inc.

2,115

252,425

Packaging

Corp.

of

America

4,728

649,817

902,242

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

1.5%

Verizon

Communications,

Inc.

206,019

11,127,086

Electric

Utilities

4.7%

Alliant

Energy

Corp.

5,271

295,071

American

Electric

Power

Co.,

Inc.

50,073

4,064,926

Duke

Energy

Corp.

44,721

4,364,322

Evergy

,

Inc.

38,619

2,402,102

Eversource

Energy

42,108

3,442,750

IDACORP,

Inc.

11,736

1,213,268

NextEra

Energy,

Inc.

138,283

10,857,981

Pinnacle

West

Capital

Corp.

51,852

3,752,011

Xcel

Energy,

Inc.

76,481

4,780,062

35,172,493

Electrical

Equipment

0.9%

Eaton

Corp.

plc

26,238

3,917,596

Emerson

Electric

Co.

3,482

328,004

Rockwell

Automation,

Inc.(a)

8,297

2,439,650

6,685,250

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.,

Class

A

4,939

361,683

Cognex

Corp.

23,050

1,849,071

SYNNEX

Corp.

11,941

1,243,058

3,453,812

Entertainment

0.2%

Electronic

Arts,

Inc.

2,239

318,498

Take-Two

Interactive

Software,

Inc.*

5,816

896,071

1,214,569

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Public

Storage

16,657

4,948,795

Food

&

Staples

Retailing

4.1%

Costco

Wholesale

Corp.

25,720

11,557,282

Grocery

Outlet

Holding

Corp.*

9,261

199,760

Kroger

Co.

(The)

193,066

7,805,658

Walmart,

Inc.

76,780

10,701,596

30,264,296

Food

Products

5.0%

Archer-Daniels-Midland

Co.

8,856

531,449

Campbell

Soup

Co.

19,202

802,836

Flowers

Foods,

Inc.

92,916

2,195,605

General

Mills,

Inc.

50,887

3,044,060

Hain

Celestial

Group,

Inc.

(The)*(a)

8,566

366,453

Hershey

Co.

(The)

64,260

10,876,005

Hormel

Foods

Corp.

199,170

8,165,970

J

M

Smucker

Co.

(The)(a)

16,201

1,944,606

Kellogg

Co.

17,824

1,139,310

McCormick

&

Co.,

Inc.

(Non-Voting)

33,254

2,694,572

Mondelez

International,

Inc.,

Class

A

95,057

5,530,416

37,291,282

Health

Care

Equipment

&

Supplies

5.6%

Abbott

Laboratories

84,286

9,956,705

ABIOMED,

Inc.*

1,172

381,509

Align

Technology,

Inc.*

1,615

1,074,669

2

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Becton

Dickinson

and

Co.

12,973

3,189,023

Danaher

Corp.

11,147

3,393,593

Edwards

Lifesciences

Corp.*

3,995

452,274

IDEXX

Laboratories,

Inc.*

5,831

3,626,299

Intuitive

Surgical,

Inc.*

11,538

11,470,503

Medtronic

plc

32,422

4,064,098

ResMed

,

Inc.

5,230

1,378,367

Stryker

Corp.

9,439

2,489,253

West

Pharmaceutical

Services,

Inc.

1,191

505,627

41,981,920

Health

Care

Providers

&

Services

2.7%

Anthem,

Inc.

9,894

3,688,483

Chemed

Corp.

9,357

4,352,128

Quest

Diagnostics,

Inc.(a)

10,333

1,501,488

UnitedHealth

Group,

Inc.

26,332

10,288,966

19,831,065

Health

Care

Technology

0.4%

Cerner

Corp.

19,217

1,355,183

Veeva

Systems,

Inc.,

Class

A*

4,470

1,288,120

2,643,303

Household

Durables

0.4%

Garmin

Ltd.

20,795

3,232,791

Household

Products

4.2%

Church

&

Dwight

Co.,

Inc.

34,129

2,818,031

Clorox

Co.

(The)

51,556

8,538,189

Colgate-Palmolive

Co.

108,536

8,203,151

Kimberly-Clark

Corp.

1,693

224,221

Procter

&

Gamble

Co.

(The)

80,282

11,223,424

31,007,016

Industrial

Conglomerates

0.8%

3M

Co.

25,461

4,466,369

Honeywell

International,

Inc.

6,562

1,392,981

5,859,350

Insurance

3.3%

Allstate

Corp.

(The)

29,593

3,767,485

Aon

plc,

Class

A(a)

1,560

445,801

Chubb

Ltd.

16,795

2,913,597

Erie

Indemnity

Co.,

Class

A(a)

4,547

811,276

Everest

Re

Group

Ltd.

5,518

1,383,804

Marsh

&

McLennan

Cos.,

Inc.

21,592

3,269,676

Progressive

Corp.

(The)

74,876

6,768,042

RenaissanceRe

Holdings

Ltd.

11,219

1,563,929

Travelers

Cos.,

Inc.

(The)

25,638

3,897,232

24,820,842

Interactive

Media

&

Services

3.0%

Alphabet,

Inc.,

Class

A*

4,185

11,188,681

Facebook,

Inc.,

Class

A*

31,730

10,768,845

IAC/InterActiveCorp*

3,033

395,169

22,352,695

Internet

&

Direct

Marketing

Retail

1.5%

Amazon.com,

Inc.*

3,325

10,922,758

IT

Services

4.5%

Accenture

plc,

Class

A

35,654

11,406,428

Automatic

Data

Processing,

Inc.

13,213

2,641,543

Common

Stocks

Shares

Value

($)

IT

Services

Cloudflare

,

Inc.,

Class

A*

22,185

2,499,140

Mastercard

,

Inc.,

Class

A

16,745

5,821,902

Paychex,

Inc.

2,348

264,032

Visa,

Inc.,

Class

A(a)

47,993

10,690,441

33,323,486

Life

Sciences

Tools

&

Services

3.5%

Agilent

Technologies,

Inc.

3,763

592,785

Bio-

Techne

Corp.

1,164

564,039

Charles

River

Laboratories

International,

Inc.*

2,189

903,335

Illumina,

Inc.*

6,152

2,495,313

Mettler

-Toledo

International,

Inc.*

5,499

7,574,103

QIAGEN

NV*

5,163

266,824

Thermo

Fisher

Scientific,

Inc.

20,944

11,965,935

Waters

Corp.*

4,579

1,636,077

25,998,411

Machinery

1.1%

Caterpillar,

Inc.

12,104

2,323,605

IDEX

Corp.

6,181

1,279,158

Illinois

Tool

Works,

Inc.

23,267

4,807,660

8,410,423

Media

1.2%

Charter

Communications,

Inc.,

Class

A*(a)

5,977

4,348,626

New

York

Times

Co.

(The),

Class

A

93,951

4,628,966

8,977,592

Metals

&

Mining

0.7%

Newmont

Corp.

94,933

5,154,862

Royal

Gold,

Inc.

3,893

371,742

5,526,604

Multiline

Retail

1.5%

Dollar

General

Corp.

2,901

615,418

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

5,249

316,410

Target

Corp.

44,076

10,083,266

11,015,094

Multi-Utilities

3.3%

Ameren

Corp.

60,196

4,875,876

Consolidated

Edison,

Inc.

37,368

2,712,543

Dominion

Energy,

Inc.

51,756

3,779,223

DTE

Energy

Co.

37,547

4,194,375

Public

Service

Enterprise

Group,

Inc.

55,811

3,398,890

WEC

Energy

Group,

Inc.

59,197

5,221,176

24,182,083

Oil,

Gas

&

Consumable

Fuels

0.1%

DT

Midstream,

Inc.

11,720

541,933

Personal

Products

1.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

30,686

9,203,652

Pharmaceuticals

4.5%

Eli

Lilly

&

Co.

38,238

8,834,890

Johnson

&

Johnson

64,069

10,347,143

Merck

&

Co.,

Inc.

110,831

8,324,516

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Pfizer,

Inc.

72,491

3,117,838

Zoetis,

Inc.

15,841

3,075,372

33,699,759

Professional

Services

0.5%

FTI

Consulting,

Inc.*

2,160

290,952

Robert

Half

International,

Inc.

32,654

3,276,176

3,567,128

Road

&

Rail

2.9%

JB

Hunt

Transport

Services,

Inc.

22,716

3,798,569

Landstar

System,

Inc.

27,202

4,293,020

Old

Dominion

Freight

Line,

Inc.

41,264

11,800,679

Union

Pacific

Corp.

9,445

1,851,314

21,743,582

Semiconductors

&

Semiconductor

Equipment

0.8%

Broadcom,

Inc.

3,981

1,930,506

Texas

Instruments,

Inc.

22,233

4,273,405

6,203,911

Software

6.0%

Adobe,

Inc.*

18,115

10,429,168

ANSYS,

Inc.*

2,126

723,797

Atlassian

Corp.

plc,

Class

A*

5,766

2,256,928

Dolby

Laboratories,

Inc.,

Class

A

3,451

303,688

Intuit,

Inc.

21,368

11,528,250

Microsoft

Corp.

39,490

11,133,021

Oracle

Corp.

47,828

4,167,253

Tyler

Technologies,

Inc.*

802

367,837

Zoom

Video

Communications,

Inc.,

Class

A*

15,234

3,983,691

44,893,633

Specialty

Retail

1.8%

AutoZone,

Inc.*

1,391

2,361,904

Best

Buy

Co.,

Inc.

6,129

647,897

GameStop

Corp.,

Class

A*(a)

2,564

449,905

Home

Depot,

Inc.

(The)

25,156

8,257,709

O'Reilly

Automotive,

Inc.*

1,370

837,152

Williams-Sonoma,

Inc.

2,761

489,608

13,044,175

Technology

Hardware,

Storage

&

Peripherals

0.7%

Apple,

Inc.

37,478

5,303,137

Textiles,

Apparel

&

Luxury

Goods

0.7%

Lululemon

Athletica

,

Inc.*

7,086

2,867,704

NIKE,

Inc.,

Class

B

15,532

2,255,712

5,123,416

Thrifts

&

Mortgage

Finance

0.0%

†

TFS

Financial

Corp.

15,133

288,435

Tobacco

0.7%

Altria

Group,

Inc.

23,615

1,074,955

Philip

Morris

International,

Inc.

43,221

4,096,918

5,171,873

Water

Utilities

1.4%

American

Water

Works

Co.,

Inc.

58,526

9,893,235

Common

Stocks

Shares

Value

($)

Water

Utilities

Essential

Utilities,

Inc.

4,846

223,304

10,116,539

Wireless

Telecommunication

Services

1.3%

T-Mobile

US,

Inc.*

77,295

9,875,209

Total

Common

Stocks

(cost

$482,767,508)

729,034,483

Repurchase

Agreement

0.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$516,421,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$526,748.(b)

516,420

516,420

Total

Repurchase

Agreement

(cost

$516,420)

516,420

Total

Investments

(cost

$483,283,928)

—

98.2%

729,550,903

Other

assets

in

excess

of

liabilities

—

1.8%

13,107,632

NET

ASSETS

—

100.0%

$

742,658,535

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$17,773,153,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$516,420

and

by

$17,896,788

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$18,413,208.

(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,

2021

was

$516,420.

REIT

Real

Estate

Investment

Trust

4

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

34

12/2021

USD

7,306,175

(272,120)

(272,120)

As

of

September

30,

2021,

the

Fund

had

$430,100

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2021

(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,

2021

(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,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

729,034,483

$

–

$

–

$

729,034,483

Repurchase

Agreement

–

516,420

–

516,420

Total

Assets

$

729,034,483

$

516,420

$

–

$

729,550,903

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(272,120)

$

–

$

–

$

(272,120)

Total

Liabilities

$

(272,120)

$

–

$

–

$

(272,120)

Total

$

728,762,363

$

516,420

$

–

$

729,278,783

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(272,120

)

Total

$

(272,120

)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

92.0%

Shares

Value

($)

Aerospace

&

Defense

3.2%

BAE

Systems

plc

1,435,940

10,853,469

Huntington

Ingalls

Industries,

Inc.

13,653

2,635,848

Raytheon

Technologies

Corp.

34,449

2,961,236

16,450,553

Auto

Components

0.5%

Lear

Corp.

16,913

2,646,546

Automobiles

1.9%

General

Motors

Co.*

188,032

9,911,167

Banks

11.8%

Bank

of

America

Corp.

320,011

13,584,467

Citigroup,

Inc.

249,544

17,512,998

First

Citizens

BancShares

,

Inc.,

Class

A(a)

4,282

3,610,454

JPMorgan

Chase

&

Co.

43,342

7,094,652

Wells

Fargo

&

Co.

409,004

18,981,875

60,784,446

Beverages

1.9%

Coca-Cola

Co.

(The)

86,484

4,537,816

Constellation

Brands,

Inc.,

Class

A

26,403

5,562,848

10,100,664

Capital

Markets

5.4%

Apollo

Global

Management,

Inc.(a)

68,883

4,242,504

Charles

Schwab

Corp.

(The)

94,166

6,859,052

Intercontinental

Exchange,

Inc.

13,311

1,528,369

Morgan

Stanley

97,507

9,488,406

Raymond

James

Financial,

Inc.

64,230

5,927,144

28,045,475

Chemicals

1.3%

Corteva

,

Inc.

52,412

2,205,497

DuPont

de

Nemours,

Inc.

19,668

1,337,227

PPG

Industries,

Inc.

21,291

3,044,826

6,587,550

Communications

Equipment

2.7%

Cisco

Systems,

Inc.

256,478

13,960,097

Consumer

Finance

0.8%

Capital

One

Financial

Corp.

25,445

4,121,327

Containers

&

Packaging

0.5%

Sealed

Air

Corp.

46,858

2,567,350

Diversified

Financial

Services

0.8%

Equitable

Holdings,

Inc.

132,126

3,916,215

Diversified

Telecommunication

Services

1.4%

Verizon

Communications,

Inc.

133,159

7,191,918

Electric

Utilities

1.4%

American

Electric

Power

Co.,

Inc.

27,184

2,206,797

Edison

International

65,245

3,619,140

Exelon

Corp.

33,769

1,632,394

7,458,331

Food

Products

0.9%

Danone

SA

67,941

4,637,309

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

4.8%

Alcon,

Inc.

51,039

4,134,650

Koninklijke

Philips

NV

114,205

5,061,896

Medtronic

plc

73,844

9,256,346

Zimmer

Biomet

Holdings,

Inc.

45,438

6,650,306

25,103,198

Health

Care

Providers

&

Services

7.7%

Anthem,

Inc.

32,850

12,246,480

Cigna

Corp.

27,154

5,435,145

CVS

Health

Corp.

75,211

6,382,406

Humana,

Inc.

15,242

5,931,424

McKesson

Corp.

13,503

2,692,228

UnitedHealth

Group,

Inc.

17,718

6,923,131

39,610,814

Household

Durables

1.0%

Newell

Brands,

Inc.

94,624

2,094,975

Panasonic

Corp.

233,900

2,903,201

4,998,176

Industrial

Conglomerates

2.3%

General

Electric

Co.

79,911

8,233,230

Siemens

AG

(Registered)

21,616

3,553,172

11,786,402

Insurance

7.1%

Allstate

Corp.

(The)

26,254

3,342,397

American

International

Group,

Inc.

277,328

15,222,534

Arthur

J

Gallagher

&

Co.

39,820

5,919,243

Fidelity

National

Financial,

Inc.

117,421

5,323,868

Hartford

Financial

Services

Group,

Inc.

(The)

7,344

515,916

MetLife,

Inc.

102,414

6,322,016

36,645,974

IT

Services

4.1%

Cognizant

Technology

Solutions

Corp.,

Class

A

114,036

8,462,612

Fidelity

National

Information

Services,

Inc.

61,408

7,472,125

Visa,

Inc.,

Class

A(a)

23,484

5,231,061

21,165,798

Machinery

1.1%

Komatsu

Ltd.

231,000

5,554,526

Media

3.4%

Comcast

Corp.,

Class

A

186,633

10,438,384

Fox

Corp.,

Class

A

175,446

7,037,139

Fox

Corp.,

Class

B

7,499

278,363

17,753,886

Multiline

Retail

1.2%

Dollar

General

Corp.

28,617

6,070,810

Multi-Utilities

2.7%

Ameren

Corp.(a)

35,346

2,863,026

CenterPoint

Energy,

Inc.

82,710

2,034,666

NiSource,

Inc.(a)

113,013

2,738,305

Public

Service

Enterprise

Group,

Inc.

104,387

6,357,168

13,993,165

Oil,

Gas

&

Consumable

Fuels

5.0%

BP

plc

2,103,329

9,528,179

8

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

ConocoPhillips

117,942

7,992,929

Equinor

ASA

117,651

2,998,145

Marathon

Petroleum

Corp.

83,452

5,158,168

25,677,421

Personal

Products

2.0%

Unilever

plc,

ADR-UK

190,742

10,342,031

Pharmaceuticals

5.3%

AstraZeneca

plc

86,738

10,441,918

Bayer

AG

(Registered)

131,033

7,146,788

Sanofi

99,968

9,623,378

27,212,084

Professional

Services

0.9%

Leidos

Holdings,

Inc.

49,020

4,712,293

Road

&

Rail

0.5%

Union

Pacific

Corp.

14,427

2,827,836

Semiconductors

&

Semiconductor

Equipment

0.5%

Analog

Devices,

Inc.(a)

16,057

2,689,226

Software

2.7%

CDK

Global,

Inc.

72,367

3,079,216

Microsoft

Corp.

10,470

2,951,702

Open

Text

Corp.

38,310

1,867,229

SS&C

Technologies

Holdings,

Inc.

88,657

6,152,796

14,050,943

Specialty

Retail

2.2%

Lowe's

Cos.,

Inc.

18,430

3,738,710

Ross

Stores,

Inc.

71,914

7,827,839

11,566,549

Technology

Hardware,

Storage

&

Peripherals

0.5%

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S(b)

1,541

2,411,473

Tobacco

1.4%

Altria

Group,

Inc.

65,363

2,975,324

British

American

Tobacco

plc

119,352

4,164,118

7,139,442

Wireless

Telecommunication

Services

1.1%

Rogers

Communications,

Inc.,

Class

B

127,541

5,956,143

Total

Common

Stocks

(cost

$373,095,796)

475,647,138

Master

Limited

Partnership

1.7%

Oil,

Gas

&

Consumable

Fuels

1.7%

Enterprise

Products

Partners

LP

413,051

8,938,424

Total

Master

Limited

Partnership

(cost  $9,480,224)

8,938,424

Total

Investments

(cost

$382,576,020)

—

93.7%

484,585,562

Other

assets

in

excess

of

liabilities

—

6.3%

32,477,143

NET

ASSETS

—

100.0%

$

517,062,705

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$17,176,151,

which

was

collateralized

by

$18,028,345

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

7.25%,

and

maturity

dates

ranging

from

10/7/2021

-

2/15/2051.

(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,

2021

was

$2,411,473

which

represents

0.47%

of

net

assets.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

KR

South

Korea

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

UK

United

Kingdom

NVIT

BlackRock

Equity

Dividend

Fund

-

September

30,

2021

(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,

2021

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

5,597,084

$

10,853,469

$

–

$

16,450,553

Auto

Components

2,646,546

–

–

2,646,546

Automobiles

9,911,167

–

–

9,911,167

Banks

60,784,446

–

–

60,784,446

Beverages

10,100,664

–

–

10,100,664

Capital

Markets

28,045,475

–

–

28,045,475

Chemicals

6,587,550

–

–

6,587,550

Communications

Equipment

13,960,097

–

–

13,960,097

Consumer

Finance

4,121,327

–

–

4,121,327

Containers

&

Packaging

2,567,350

–

–

2,567,350

Diversified

Financial

Services

3,916,215

–

–

3,916,215

Diversified

Telecommunication

Services

7,191,918

–

–

7,191,918

Electric

Utilities

7,458,331

–

–

7,458,331

Food

Products

–

4,637,309

–

4,637,309

Health

Care

Equipment

&

Supplies

15,906,652

9,196,546

–

25,103,198

Health

Care

Providers

&

Services

39,610,814

–

–

39,610,814

Household

Durables

2,094,975

2,903,201

–

4,998,176

Industrial

Conglomerates

8,233,230

3,553,172

–

11,786,402

Insurance

36,645,974

–

–

36,645,974

IT

Services

21,165,798

–

–

21,165,798

Machinery

–

5,554,526

–

5,554,526

Media

17,753,886

–

–

17,753,886

Multiline

Retail

6,070,810

–

–

6,070,810

Multi-Utilities

13,993,165

–

–

13,993,165

Oil,

Gas

&

Consumable

Fuels

13,151,097

12,526,324

–

25,677,421

Personal

Products

10,342,031

–

–

10,342,031

Pharmaceuticals

–

27,212,084

–

27,212,084

Professional

Services

4,712,293

–

–

4,712,293

Road

&

Rail

2,827,836

–

–

2,827,836

Semiconductors

&

Semiconductor

Equipment

2,689,226

–

–

2,689,226

Software

14,050,943

–

–

14,050,943

Specialty

Retail

11,566,549

–

–

11,566,549

Technology

Hardware,

Storage

&

Peripherals

–

2,411,473

–

2,411,473

Tobacco

2,975,324

4,164,118

–

7,139,442

Wireless

Telecommunication

Services

5,956,143

–

–

5,956,143

Total

Common

Stocks

$

392,634,916

$

83,012,222

$

–

$

475,647,138

Master

Limited

Partnership

8,938,424

–

–

8,938,424

Total

$

401,573,340

$

83,012,222

$

–

$

484,585,562

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

99.5%

Shares

Value

($)

Aerospace

&

Defense

2.7%

Howmet

Aerospace,

Inc.

34,947

1,090,346

Lockheed

Martin

Corp.

12,396

4,277,860

Northrop

Grumman

Corp.

2,842

1,023,546

6,391,752

Airlines

1.0%

Allegiant

Travel

Co.*

4,944

966,453

Delta

Air

Lines,

Inc.*

34,766

1,481,379

2,447,832

Auto

Components

0.8%

Dana,

Inc.

29,025

645,516

Visteon

Corp.*

12,341

1,164,867

1,810,383

Automobiles

0.9%

Tesla,

Inc.*

2,621

2,032,533

Banks

0.6%

Citizens

Financial

Group,

Inc.

28,393

1,333,903

Biotechnology

4.1%

Amicus

Therapeutics,

Inc.*

43,333

413,830

Apellis

Pharmaceuticals,

Inc.*

13,740

452,871

Arena

Pharmaceuticals,

Inc.*

17,391

1,035,634

Exelixis

,

Inc.*

52,413

1,108,011

Incyte

Corp.*

29,146

2,004,662

Ionis

Pharmaceuticals,

Inc.*

43,285

1,451,779

PTC

Therapeutics,

Inc.*(a)

3,820

142,142

Sarepta

Therapeutics,

Inc.*

1,982

183,295

Vertex

Pharmaceuticals,

Inc.*

15,505

2,812,452

9,604,676

Capital

Markets

0.0%

†

LPL

Financial

Holdings,

Inc.

17

2,665

Chemicals

3.2%

Chemours

Co.

(The)

27,935

811,791

Dow,

Inc.

25,412

1,462,715

FMC

Corp.

19,661

1,800,161

Olin

Corp.

35,558

1,715,673

Westlake

Chemical

Corp.

18,211

1,659,751

7,450,091

Communications

Equipment

1.7%

Arista

Networks,

Inc.*

5,850

2,010,294

CommScope

Holding

Co.,

Inc.*

146,475

1,990,595

4,000,889

Construction

&

Engineering

0.8%

EMCOR

Group,

Inc.

15,254

1,760,007

Consumer

Finance

0.6%

Synchrony

Financial

28,614

1,398,652

Diversified

Consumer

Services

0.4%

frontdoor

,

Inc.*

16,113

675,135

H&R

Block,

Inc.

9,120

228,000

903,135

Diversified

Telecommunication

Services

0.5%

Cogent

Communications

Holdings,

Inc.(a)

17,353

1,229,287

Electric

Utilities

0.6%

NRG

Energy,

Inc.

35,045

1,430,887

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

1.6%

Insight

Enterprises,

Inc.*

5,339

480,937

Jabil,

Inc.

54,626

3,188,520

3,669,457

Entertainment

1.5%

Take-Two

Interactive

Software,

Inc.*

12,895

1,986,733

Zynga,

Inc.,

Class

A*

199,595

1,502,950

3,489,683

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

SBA

Communications

Corp.

4,459

1,474,012

Food

&

Staples

Retailing

0.7%

Costco

Wholesale

Corp.

3,812

1,712,922

Food

Products

1.3%

Hershey

Co.

(The)

14,272

2,415,536

Pilgrim's

Pride

Corp.*

17,529

509,743

2,925,279

Health

Care

Equipment

&

Supplies

0.5%

Intuitive

Surgical,

Inc.*

631

627,309

Shockwave

Medical,

Inc.*

1,585

326,320

STAAR

Surgical

Co.*

2,317

297,804

1,251,433

Health

Care

Providers

&

Services

2.2%

Cardinal

Health,

Inc.

10,306

509,735

DaVita,

Inc.*

4,579

532,354

McKesson

Corp.

16,549

3,299,540

Tenet

Healthcare

Corp.*

10,380

689,647

5,031,276

Health

Care

Technology

1.0%

Veeva

Systems,

Inc.,

Class

A*

8,351

2,406,508

Hotels,

Restaurants

&

Leisure

2.8%

Chipotle

Mexican

Grill,

Inc.*

553

1,005,088

Domino's

Pizza,

Inc.

485

231,326

Papa

John's

International,

Inc.

7,307

927,916

Starbucks

Corp.

24,506

2,703,257

Travel

+

Leisure

Co.

31,908

1,739,943

6,607,530

Household

Durables

0.1%

NVR,

Inc.*

51

244,498

TRI

Pointe

Group,

Inc.*

862

18,119

262,617

Insurance

3.5%

Alleghany

Corp.*

641

400,247

Arch

Capital

Group

Ltd.*

45,389

1,732,952

Everest

Re

Group

Ltd.

5,358

1,343,679

Lincoln

National

Corp.(a)

10,680

734,250

Markel

Corp.*

1,899

2,269,552

RenaissanceRe

Holdings

Ltd.

(a)

11,781

1,642,271

8,122,951

Interactive

Media

&

Services

10.2%

Alphabet,

Inc.,

Class

C*

6,603

17,599,042

Facebook,

Inc.,

Class

A*

12,506

4,244,411

Yelp,

Inc.*

51,435

1,915,440

23,758,893

12

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

5.2%

Amazon.com,

Inc.*

3,516

11,550,201

Shutterstock

,

Inc.

4,228

479,117

12,029,318

IT

Services

4.1%

EPAM

Systems,

Inc.*

5,597

3,192,976

Genpact

Ltd.

7,794

370,293

GoDaddy

,

Inc.,

Class

A*

26,171

1,824,119

Mastercard

,

Inc.,

Class

A

12,047

4,188,501

9,575,889

Media

1.0%

Altice

USA,

Inc.,

Class

A*

33,493

693,975

Nexstar

Media

Group,

Inc.,

Class

A(a)

10,663

1,620,349

2,314,324

Oil,

Gas

&

Consumable

Fuels

2.8%

Cheniere

Energy,

Inc.*

31,736

3,099,655

Cimarex

Energy

Co.

13,585

1,184,612

EOG

Resources,

Inc.

18,674

1,498,962

Occidental

Petroleum

Corp.

27,831

823,241

6,606,470

Paper

&

Forest

Products

0.9%

Louisiana-Pacific

Corp.

32,358

1,985,811

Personal

Products

0.7%

Herbalife

Nutrition

Ltd.*(a)

23,348

989,488

Medifast

,

Inc.

3,919

754,956

1,744,444

Professional

Services

1.9%

Insperity

,

Inc.

23,149

2,563,520

TriNet

Group,

Inc.*

19,248

1,820,476

4,383,996

Road

&

Rail

1.0%

Landstar

System,

Inc.

9,029

1,424,957

XPO

Logistics,

Inc.*

12,126

964,987

2,389,944

Semiconductors

&

Semiconductor

Equipment

5.1%

Lam

Research

Corp.

6,624

3,770,050

Micron

Technology,

Inc.

20,443

1,451,044

NVIDIA

Corp.

4,012

831,126

QUALCOMM,

Inc.

19,003

2,451,007

Synaptics

,

Inc.*

14,682

2,638,796

Universal

Display

Corp.

4,622

790,177

11,932,200

Software

14.9%

Blackbaud

,

Inc.*

9,405

661,642

Box,

Inc.,

Class

A*(a)

44,315

1,048,936

Citrix

Systems,

Inc.

4,259

457,289

CommVault

Systems,

Inc.*

34,898

2,628,168

Domo,

Inc.,

Class

B*

4,397

371,283

Dropbox,

Inc.,

Class

A*

19,023

555,852

Fortinet,

Inc.*

14,744

4,305,838

Microsoft

Corp.

67,585

19,053,563

NCR

Corp.*

25,491

988,031

New

Relic,

Inc.*

23,555

1,690,542

NortonLifeLock

,

Inc.

2,241

56,697

Nutanix

,

Inc.,

Class

A*

40,814

1,538,688

Tenable

Holdings,

Inc.*

16,699

770,492

Common

Stocks

Shares

Value

($)

Software

Zscaler

,

Inc.*

2,578

676,003

34,803,024

Specialty

Retail

3.0%

Asbury

Automotive

Group,

Inc.*(a)

1,595

313,800

AutoZone,

Inc.*

2,385

4,049,706

Best

Buy

Co.,

Inc.

19,816

2,094,750

Leslie's,

Inc.*

32,328

664,017

7,122,273

Technology

Hardware,

Storage

&

Peripherals

12.9%

Apple,

Inc.

141,831

20,069,086

Dell

Technologies,

Inc.,

Class

C*

42,342

4,405,262

HP,

Inc.

97,877

2,677,915

NetApp,

Inc.

3,284

294,772

Pure

Storage,

Inc.,

Class

A*

105,732

2,660,217

30,107,252

Textiles,

Apparel

&

Luxury

Goods

1.2%

Columbia

Sportswear

Co.

22,795

2,184,673

Kontoor

Brands,

Inc.

12,608

629,769

2,814,442

Thrifts

&

Mortgage

Finance

0.2%

Axos

Financial,

Inc.*

8,976

462,623

Trading

Companies

&

Distributors

0.7%

Boise

Cascade

Co.

8,358

451,165

WESCO

International,

Inc.*

9,913

1,143,167

1,594,332

Total

Common

Stocks

(cost

$160,458,067)

232,375,595

Repurchase

Agreement

0.2%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$412,501,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$420,750.(b)

412,500

412,500

Total

Repurchase

Agreement

(cost

$412,500)

412,500

Total

Investments

(cost

$160,870,567)

—

99.7%

232,788,095

Other

assets

in

excess

of

liabilities

—

0.3%

758,573

NET

ASSETS

—

100.0%

$

233,546,668

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

13

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$2,755,222,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$412,500

and

by

$2,503,809

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$2,916,309.

(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,

2021

was

$412,500.

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2021

:

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

6/30/2022

6,713

3,088

3,088

3D

Systems

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

17,916

17,199

17,199

8x8,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

24,717

8,157

8,157

Alleghany

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

2,687

1,424

1,424

Altice

USA,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

27,477

38,193

38,193

Ameresco

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

5,887

19,604

19,604

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

6/30/2022

8,330

25,989

25,989

Appian

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

1,817

3,343

3,343

Armstrong

World

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

6/30/2022

9,609

28,635

28,635

Arvinas

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

3,436

6,735

6,735

Aspen

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

9,524

13,143

13,143

Atlassian

Corp.

plc

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

5,707

56,157

56,157

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

9/30/2022

2,538

14,061

14,061

14

-

Statement

of

Investments

-

September

30,

2021

(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

($)

Bandwidth,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

4,066

14,800

14,800

BigCommerce

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

1,916

5,461

5,461

BioCryst

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

20,072

7,226

7,226

Bio-

Techne

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

2,975

12,793

12,793

Blueprint

Medicines

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

9,113

9,113

9,113

Brooks

Automation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

15,667

43,867

43,867

Bruker

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

8,820

10,143

10,143

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

13,585

43,472

43,472

Cardlytics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

2,824

18,780

18,780

Carvana

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

3,870

16,575

16,575

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

10/31/2022

16,625

16,293

16,293

Catalent

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

8,943

1,341

1,341

Celsius

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

2,951

1,830

1,830

Chegg

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

10,146

16,538

16,538

Citrix

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

8,991

6,654

6,654

Costco

Wholesale

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

9,598

19,196

19,196

Digital

Turbine,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

3,915

5,874

5,874

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

6/30/2022

4,600

13,386

13,386

Editas

Medicine,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

4,570

51,961

51,961

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

EPAM

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

556

1,073

1,073

Exelixis

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

11,429

6,172

6,172

Fastenal

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

23,468

24,876

24,876

Fate

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

7,595

11,544

11,544

Fox

Factory

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

4,004

4,444

4,444

Green

Dot

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

12,145

8,744

8,744

H&R

Block,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

75,036

9,005

9,005

Hamilton

Lane,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

8,952

27,250

27,250

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

19,742

28,033

28,033

Hershey

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

2,553

3,755

3,755

Houlihan

Lokey

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

13,301

532

532

II-VI,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

14,060

13,919

13,919

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

10/31/2022

4,549

455

455

Intellia

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

1,902

10,005

10,005

Intuitive

Surgical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

4,109

6,821

6,821

Invitae

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

27,387

2,191

2,191

KBR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

12,496

8,998

8,998

Las

Vegas

Sands

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

32,759

22,931

22,931

LivePerson

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

11,698

4,094

4,094

16

-

Statement

of

Investments

-

September

30,

2021

(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

($)

Magnite

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

9,058

6,250

6,250

MicroVision

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

7,456

5,517

5,517

Middleby

Corp.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

3,338

5,641

5,641

Momentive

Global,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

16,262

3,903

3,903

Moody'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

10/31/2022

862

328

328

Murphy

USA,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

12,553

11,893

11,893

New

Relic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

2,820

2,059

2,059

Northrop

Grumman

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

7,793

26,652

26,652

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

8/31/2022

120

25

25

Onto

Innovation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

8,645

21,872

21,872

Papa

John's

International,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

1,972

3,550

3,550

Peloton

Interactive,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

11,136

8,352

8,352

Pilgrim's

Pride

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

30,741

5,226

5,226

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,290

4,244

4,244

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

9/30/2022

4,714

21,826

21,826

QuantumScape

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

4,206

3,070

3,070

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

6/30/2022

4,197

5,918

5,918

RenaissanceRe

Holdings

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

4,462

7,942

7,942

Rocket

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

72,076

27,412

27,412

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Royalty

Pharma

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

32,546

10,534

10,534

Sabre

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

104,770

9,429

9,429

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

540

455

455

SiteOne

Landscape

Supply,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

5,269

7,008

7,008

Skillz

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

5.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

46,939

36,612

36,612

Sprout

Social,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

1,861

10,049

10,049

Steven

Madden

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

16,738

29,793

29,793

Stitch

Fix,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

5,872

9,689

9,689

Sunnova

Energy

International,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

7,308

1,096

1,096

Tempur

Sealy

International,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

10,780

20,805

20,805

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

6/30/2022

2,786

501

501

Thermo

Fisher

Scientific,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

1,982

9,728

9,728

TJX

Cos.,

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

9/30/2022

16,765

67,557

67,557

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

6/30/2022

1,009

141

141

Trupanion

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

5,112

17,585

17,585

Turning

Point

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

9/30/2022

3,577

12,734

12,734

VF

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

10,009

5,105

5,105

Vroom,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

19,641

29,090

29,090

Walt

Disney

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

6,921

37,027

37,027

18

-

Statement

of

Investments

-

September

30,

2021

(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

($)

Wayfair,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,661

83,141

83,141

Zoom

Video

Communications,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,860

1,507

1,507

1,317,139

1,317,139

–

–

AbbVie,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,520

(1,336)

(1,336)

Abercrombie

&

Fitch

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

25,050

(69,639)

(69,639)

Advanced

Drainage

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,073

(3,780)

(3,780)

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

8/31/2022

6,970

(1,185)

(1,185)

AGCO

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

17,263

(80,618)

(80,618)

Allegiant

Travel

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

1,212

(11,187)

(11,187)

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

9/30/2022

140

(8,172)

(8,172)

Amicus

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

7/29/2022

66,664

(41,998)

(41,998)

Amkor

Technology,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

21,125

(16,689)

(16,689)

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

6/30/2022

3,165

(6,868)

(6,868)

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

6/30/2022

23,934

(15,557)

(15,557)

Arena

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

3,748

(525)

(525)

Ares

Management

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

20,685

(23,167)

(23,167)

Arrowhead

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,478

(6,191)

(6,191)

Asbury

Automotive

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

5,470

(11,378)

(11,378)

Axonics

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

3,066

(675)

(675)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Best

Buy

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,157

(9,408)

(9,408)

Bill.com

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

4,341

(17,540)

(17,540)

Blackbaud

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

13,611

(16,605)

(16,605)

Bloom

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

4,715

(660)

(660)

Boise

Cascade

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

2,410

(2,603)

(2,603)

Box,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

6,219

(2,425)

(2,425)

Brinker

International,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

4,304

(11,061)

(11,061)

Cabot

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

21,083

(5,903)

(5,903)

Cardinal

Health,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

35,505

(43,288)

(43,288)

CareDx

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

1,919

(8,098)

(8,098)

Chipotle

Mexican

Grill,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

282

(6,170)

(6,170)

CoreSite

Realty

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

10,264

(27,303)

(27,303)

CryoPort

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

10,629

(1,275)

(1,275)

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

8/31/2022

4,316

(3,021)

(3,021)

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

8/31/2022

14,214

(73,486)

(73,486)

Delta

Air

Lines,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

16,106

(13,368)

(13,368)

Diodes,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

849

(1,808)

(1,808)

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

6/30/2022

68,226

(26,608)

(26,608)

Equinix

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,711

(22,043)

(22,043)

20

-

Statement

of

Investments

-

September

30,

2021

(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

($)

Everest

Re

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

3,516

(7,243)

(7,243)

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

10/31/2022

12,589

(28,703)

(28,703)

Freshpet

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

7,162

(1,218)

(1,218)

fuboTV

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.95%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

3,954

(198)

(198)

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

9/30/2022

5,813

(3,023)

(3,023)

Herbalife

Nutrition

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2022

12,144

(13,173)

(13,173)

Horizon

Therapeutics

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

1,232

(2,932)

(2,932)

Insight

Enterprises,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

6,466

(388)

(388)

Intra-Cellular

Therapies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

15,504

(4,961)

(4,961)

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

6/30/2022

3,694

(3,029)

(3,029)

Kontoor

Brands,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

1,283

(6,300)

(6,300)

Lam

Research

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

1,094

(16,760)

(16,760)

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

6/30/2022

4,502

(6,348)

(6,348)

Lincoln

National

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

11,339

(25,286)

(25,286)

LyondellBasell

Industries

NV

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

21,229

(53,285)

(53,285)

Macquarie

Infrastructure

Holdings

LLC

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

20,644

(2,684)

(2,684)

Magnolia

Oil

&

Gas

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

44,973

(4,497)

(4,497)

Medifast

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

806

(6,206)

(6,206)

Merit

Medical

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

8,873

(266)

(266)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

MicroStrategy

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.82%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

1,477

(7,223)

(7,223)

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

6/30/2022

11,244

(50,935)

(50,935)

NanoString

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

5,472

(7,989)

(7,989)

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

6/30/2022

21,776

(43,116)

(43,116)

NetApp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

35,244

(72,250)

(72,250)

New

Fortress

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

8,247

(9,072)

(9,072)

Nexstar

Media

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

4,381

(19,364)

(19,364)

NIKE,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

301

(62)

(62)

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

6/30/2022

5,871

(3,992)

(3,992)

NVR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

439

(40,335)

(40,335)

Olin

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2022

5,469

(7,657)

(7,657)

Opendoor

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

7,069

(3,393)

(3,393)

Pacific

Biosciences

of

California,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

7,465

(5,076)

(5,076)

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

9/30/2022

11,254

(12,267)

(12,267)

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

6/30/2022

9,278

(9,000)

(9,000)

R1

RCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

27,536

(19,551)

(19,551)

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

6,699

(22,911)

(22,911)

RingCentral,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

3,266

(10,516)

(10,516)

Roku,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

247

(687)

(687)

22

-

Statement

of

Investments

-

September

30,

2021

(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

($)

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

6/30/2022

3,482

(1,566)

(1,566)

Sorrento

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

11,737

(704)

(704)

Starbucks

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

7,802

(10,923)

(10,923)

Switch,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

26,481

(7,415)

(7,415)

Terex

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

28,925

(51,486)

(51,486)

Texas

Capital

Bancshares,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

11,127

(4,673)

(4,673)

TG

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

9/30/2022

4,325

(1,038)

(1,038)

Toll

Brothers,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

16,735

(37,486)

(37,486)

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

7/29/2022

3,345

(8,764)

(8,764)

Twist

Bioscience

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

2,070

(6,148)

(6,148)

Universal

Display

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

1,063

(10,619)

(10,619)

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

2.32%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

80,101

(6,194)

(6,194)

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

6/30/2022

3,787

(795)

(795)

Vertiv

Holdings

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/29/2022

36,898

(15,128)

(15,128)

Vir

Biotechnology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

3,354

(2,180)

(2,180)

Virgin

Galactic

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

2,424

(4,630)

(4,630)

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

6/30/2022

5,193

(23,005)

(23,005)

WD-40

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2022

3,779

(3,061)

(3,061)

World

Wrestling

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2022

9,229

(7,290)

(7,290)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Wynn

Resorts

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

6,186

(2,722)

(2,722)

Yelp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2022

4,682

(7,025)

(7,025)

(1,336,386)

(1,336,386)

–

–

(19,247)

(19,247)

Financing

Costs

of

Swap

Contracts

(38,815)

(38,815)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(58,062)

(58,062)

OBFR

Overnight

Bank

Funding

Rate

24

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

25

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts

Total

Return

Swap

Contracts

—

The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

The

Fund

entered

into

total

return

swap

contracts

on

a

net

basis,

which

means

that

the

two

payment

streams

are

netted

out,

with

the

Fund

receiving

or

paying,

as

the

case

may

be,

only

the

net

amount

of

the

two

payments.

Payments

are

made

at

the

conclusion

of

a

total

return

swap

contract

or

periodically

during

its

term.

Total

return

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

Accordingly,

the

risk

of

loss

with

respect

to

total

return

swap

contracts

is

normally

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make.

If

the

counterparty

to

a

total

return

swap

defaults,

the

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

that

the

Fund

is

contractually

entitled

to

receive,

if

any.

Total

return

swap

contracts

are

marked-to-

market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

232,375,595

$

–

$

–

$

232,375,595

Repurchase

Agreement

–

412,500

–

412,500

Total

Return

Swaps*

–

1,317,139

–

1,317,139

Total

Assets

$

232,375,595

$

1,729,639

$

–

$

234,105,234

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps*

$

–

$

(1,375,201)

$

–

$

(1,375,201)

Total

Liabilities

$

–

$

(1,375,201)

$

–

$

(1,375,201)

Total

$

232,375,595

$

354,438

$

–

$

232,730,033

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts(a)

Equity

risk

Unrealized

appreciation

on

centrally

clear

swap

contracts

$

1,317,139

Total

$

1,317,139

Liabilities:

Swap

Contracts(a)

Equity

risk

Unrealized

depreciation

on

centrally

clear

swap

contracts

$

(1,375,201)

Total

$

(1,375,201)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

26

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund

Common

Stocks

99.9%

Shares

Value

($)

Aerospace

&

Defense

2.4%

Raytheon

Technologies

Corp.

72,000

6,189,120

Banks

3.4%

JPMorgan

Chase

&

Co.

52,000

8,511,880

Capital

Markets

9.5%

Apollo

Global

Management,

Inc.

60,000

3,695,400

Brookfield

Asset

Management,

Inc.,

Class

A

206,000

11,023,060

Charles

Schwab

Corp.

(The)

75,000

5,463,000

Intercontinental

Exchange,

Inc.

33,000

3,789,060

23,970,520

Chemicals

1.9%

Sherwin-Williams

Co.

(The)

17,400

4,867,302

Communications

Equipment

5.9%

Cisco

Systems,

Inc.

115,000

6,259,450

Motorola

Solutions,

Inc.

37,500

8,712,000

14,971,450

Construction

Materials

1.4%

Eagle

Materials,

Inc.

27,000

3,541,320

Containers

&

Packaging

4.8%

Ball

Corp.

91,000

8,187,270

Graphic

Packaging

Holding

Co.

210,000

3,998,400

12,185,670

Diversified

Financial

Services

5.0%

Berkshire

Hathaway,

Inc.,

Class

B*

46,000

12,555,240

Electrical

Equipment

1.7%

Rockwell

Automation,

Inc.

15,000

4,410,600

Entertainment

3.4%

Activision

Blizzard,

Inc.

47,000

3,637,330

Walt

Disney

Co.

(The)*

29,000

4,905,930

8,543,260

Food

&

Staples

Retailing

2.9%

BJ's

Wholesale

Club

Holdings,

Inc.*

50,000

2,746,000

US

Foods

Holding

Corp.*

133,000

4,609,780

7,355,780

Food

Products

2.3%

Lamb

Weston

Holdings,

Inc.

40,000

2,454,800

Mondelez

International,

Inc.,

Class

A

60,000

3,490,800

5,945,600

Health

Care

Equipment

&

Supplies

2.4%

Becton

Dickinson

and

Co.

10,000

2,458,200

Hill-Rom

Holdings,

Inc.

24,000

3,600,000

6,058,200

Health

Care

Providers

&

Services

4.3%

HCA

Healthcare,

Inc.

45,200

10,970,944

Hotels,

Restaurants

&

Leisure

5.0%

Aramark

145,000

4,764,700

Booking

Holdings,

Inc.*

1,125

2,670,604

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

McDonald's

Corp.

21,500

5,183,865

12,619,169

Household

Products

0.7%

WD-40

Co.

7,500

1,736,100

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Brookfield

Renewable

Corp.

30,000

1,164,300

Insurance

3.1%

Chubb

Ltd.

30,500

5,291,140

Progressive

Corp.

(The)

27,000

2,440,530

7,731,670

Interactive

Media

&

Services

5.2%

Alphabet,

Inc.,

Class

C*

4,900

13,060,019

Internet

&

Direct

Marketing

Retail

3.1%

Amazon.com,

Inc.*

2,400

7,884,096

IT

Services

2.6%

PayPal

Holdings,

Inc.*

25,000

6,505,250

Leisure

Products

0.8%

Brunswick

Corp.

22,500

2,143,575

Machinery

4.2%

Nordson

Corp.

18,000

4,286,700

Stanley

Black

&

Decker,

Inc.

36,000

6,311,160

10,597,860

Media

4.1%

Cable

One,

Inc.

1,600

2,901,008

Comcast

Corp.,

Class

A

135,000

7,550,550

10,451,558

Pharmaceuticals

2.1%

Pfizer,

Inc.

126,000

5,419,260

Road

&

Rail

2.7%

CSX

Corp.

228,000

6,780,720

Software

4.8%

Microsoft

Corp.

43,000

12,122,560

Specialty

Retail

2.8%

Lowe's

Cos.,

Inc.

35,500

7,201,530

Technology

Hardware,

Storage

&

Peripherals

4.5%

Apple,

Inc.

81,000

11,461,500

Textiles,

Apparel

&

Luxury

Goods

2.4%

Columbia

Sportswear

Co.

17,000

1,629,280

NIKE,

Inc.,

Class

B

31,000

4,502,130

6,131,410

Total

Investments

(cost

$125,737,466)

—

99.9%

253,087,463

Other

assets

in

excess

of

liabilities

—

0.1%

372,817

NET

ASSETS

—

100.0%

$

253,460,280

*

Denotes

a

non-income

producing

security.

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

28

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

253,087,463

$

–

$

–

$

253,087,463

Total

$

253,087,463

$

–

$

–

$

253,087,463

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

89.1%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)*

25,815

5,677,751

General

Dynamics

Corp.

10,821

2,121,241

Howmet

Aerospace,

Inc.

18,320

571,584

Huntington

Ingalls

Industries,

Inc.

1,908

368,358

L3Harris

Technologies,

Inc.

9,496

2,091,399

Lockheed

Martin

Corp.

11,598

4,002,470

Northrop

Grumman

Corp.

7,084

2,551,302

Raytheon

Technologies

Corp.

71,157

6,116,656

Textron,

Inc.

10,599

739,916

TransDigm

Group,

Inc.*

2,480

1,548,934

25,789,611

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

6,398

556,626

Expeditors

International

of

Washington,

Inc.

8,122

967,574

FedEx

Corp.

11,565

2,536,089

United

Parcel

Service,

Inc.,

Class

B

34,274

6,241,295

10,301,584

Airlines

0.2%

Alaska

Air

Group,

Inc.*

6,042

354,061

American

Airlines

Group,

Inc.*(a)

30,618

628,281

Delta

Air

Lines,

Inc.*

30,651

1,306,039

Southwest

Airlines

Co.*

27,557

1,417,257

United

Airlines

Holdings,

Inc.*(a)

15,261

725,966

4,431,604

Auto

Components

0.1%

Aptiv

plc*

12,648

1,884,172

BorgWarner,

Inc.

11,176

482,915

2,367,087

Automobiles

1.9%

Ford

Motor

Co.*

183,439

2,597,496

General

Motors

Co.*

67,958

3,582,066

Tesla,

Inc.*

38,107

29,551,217

35,730,779

Banks

3.9%

Bank

of

America

Corp.

349,545

14,838,185

Citigroup,

Inc.

95,676

6,714,542

Citizens

Financial

Group,

Inc.

20,388

957,828

Comerica,

Inc.

6,376

513,268

Fifth

Third

Bancorp

32,618

1,384,308

First

Republic

Bank

8,212

1,583,931

Huntington

Bancshares,

Inc.

69,785

1,078,876

JPMorgan

Chase

&

Co.

140,947

23,071,614

KeyCorp

45,246

978,219

M&T

Bank

Corp.

6,169

921,278

People's

United

Financial,

Inc.

20,661

360,948

PNC

Financial

Services

Group,

Inc.

(The)

20,028

3,918,278

Regions

Financial

Corp.

45,113

961,358

SVB

Financial

Group*

2,754

1,781,507

Truist

Financial

Corp.

62,977

3,693,601

US

Bancorp

63,629

3,782,108

Wells

Fargo

&

Co.

193,480

8,979,407

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

7,716

477,543

75,996,799

Beverages

1.2%

Brown-Forman

Corp.,

Class

B

8,533

571,796

Coca-Cola

Co.

(The)

182,421

9,571,630

Constellation

Brands,

Inc.,

Class

A

7,984

1,682,149

Molson

Coors

Beverage

Co.,

Class

B

8,257

382,959

Monster

Beverage

Corp.*

17,659

1,568,649

PepsiCo,

Inc.

64,948

9,768,829

23,546,012

Biotechnology

1.7%

AbbVie,

Inc.

83,020

8,955,367

Amgen,

Inc.

26,774

5,693,491

Biogen,

Inc.*

7,033

1,990,269

Gilead

Sciences,

Inc.

58,833

4,109,485

Incyte

Corp.*

8,752

601,963

Moderna,

Inc.*

16,415

6,317,477

Regeneron

Pharmaceuticals,

Inc.*

4,957

2,999,877

Vertex

Pharmaceuticals,

Inc.*

12,248

2,221,665

32,889,594

Building

Products

0.4%

A

O

Smith

Corp.

6,242

381,199

Allegion

plc

4,336

573,132

Carrier

Global

Corp.

40,713

2,107,305

Fortune

Brands

Home

&

Security,

Inc.

6,469

578,458

Johnson

Controls

International

plc

33,589

2,286,739

Masco

Corp.

11,738

652,046

Trane

Technologies

plc

11,187

1,931,436

8,510,315

Capital

Markets

2.7%

Ameriprise

Financial,

Inc.

5,372

1,418,853

Bank

of

New

York

Mellon

Corp.

(The)

36,582

1,896,411

BlackRock,

Inc.

6,732

5,645,859

Cboe

Global

Markets,

Inc.

4,980

616,823

Charles

Schwab

Corp.

(The)

70,395

5,127,572

CME

Group,

Inc.

17,014

3,290,167

Franklin

Resources,

Inc.

13,107

389,540

Goldman

Sachs

Group,

Inc.

(The)

15,887

6,005,763

Intercontinental

Exchange,

Inc.

26,653

3,060,297

Invesco

Ltd.

16,479

397,309

MarketAxess

Holdings,

Inc.

1,782

749,670

Moody's

Corp.

7,622

2,706,648

Morgan

Stanley

68,904

6,705,048

MSCI,

Inc.

3,898

2,371,309

Nasdaq,

Inc.

5,529

1,067,208

Northern

Trust

Corp.

9,998

1,077,884

Raymond

James

Financial,

Inc.

8,599

793,516

S&P

Global,

Inc.(a)

11,308

4,804,656

State

Street

Corp.

16,400

1,389,408

30

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.

10,729

2,110,394

51,624,335

Chemicals

1.5%

Air

Products

&

Chemicals,

Inc.

10,481

2,684,289

Albemarle

Corp.

5,590

1,224,042

Celanese

Corp.

5,284

795,982

CF

Industries

Holdings,

Inc.

9,981

557,139

Corteva,

Inc.

34,781

1,463,584

Dow,

Inc.

34,848

2,005,851

DuPont

de

Nemours,

Inc.

24,706

1,679,761

Eastman

Chemical

Co.

6,301

634,763

Ecolab,

Inc.

11,772

2,455,875

FMC

Corp.

6,026

551,741

International

Flavors

&

Fragrances,

Inc.

11,623

1,554,228

Linde

plc

24,333

7,138,815

LyondellBasell

Industries

NV,

Class

A

12,356

1,159,611

Mosaic

Co.

(The)

16,489

588,987

PPG

Industries,

Inc.

11,042

1,579,116

Sherwin-Williams

Co.

(The)

11,336

3,171,019

29,244,803

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

4,118

1,567,558

Copart,

Inc.*

9,817

1,361,814

Republic

Services,

Inc.

9,924

1,191,475

Rollins,

Inc.

11,065

390,927

Waste

Management,

Inc.

18,261

2,727,463

7,239,237

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

2,583

887,622

Cisco

Systems,

Inc.

198,123

10,783,835

F5

Networks,

Inc.*

2,776

551,813

Juniper

Networks,

Inc.

14,928

410,819

Motorola

Solutions,

Inc.

7,925

1,841,136

14,475,225

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

6,615

752,919

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,934

1,002,489

Vulcan

Materials

Co.

6,243

1,056,066

2,058,555

Consumer

Finance

0.6%

American

Express

Co.

30,334

5,081,855

Capital

One

Financial

Corp.

21,062

3,411,412

Discover

Financial

Services

14,146

1,737,836

Synchrony

Financial

26,756

1,307,834

11,538,937

Containers

&

Packaging

0.3%

Amcor

plc(a)

72,353

838,571

Avery

Dennison

Corp.

3,979

824,489

Ball

Corp.

15,434

1,388,597

International

Paper

Co.

18,444

1,031,388

Packaging

Corp.

of

America

4,437

609,821

Sealed

Air

Corp.

7,126

390,434

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

12,638

629,752

5,713,052

Distributors

0.1%

Genuine

Parts

Co.

6,770

820,727

LKQ

Corp.*

13,001

654,210

Pool

Corp.

1,927

837,108

2,312,045

Diversified

Financial

Services

1.2%

Berkshire

Hathaway,

Inc.,

Class

B*

87,559

23,898,353

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.

335,602

9,064,610

Lumen

Technologies,

Inc.(a)

45,711

566,359

Verizon

Communications,

Inc.

194,634

10,512,183

20,143,152

Electric

Utilities

1.4%

Alliant

Energy

Corp.

11,278

631,342

American

Electric

Power

Co.,

Inc.

23,367

1,896,933

Duke

Energy

Corp.

36,256

3,538,223

Edison

International

17,846

989,918

Entergy

Corp.

9,615

954,866

Evergy,

Inc.

10,852

674,994

Eversource

Energy

16,008

1,308,814

Exelon

Corp.

45,605

2,204,546

FirstEnergy

Corp.

26,049

927,865

NextEra

Energy,

Inc.

92,153

7,235,854

NRG

Energy,

Inc.

10,735

438,310

Pinnacle

West

Capital

Corp.

4,943

357,675

PPL

Corp.

36,185

1,008,838

Southern

Co.

(The)

50,133

3,106,742

Xcel

Energy,

Inc.

25,131

1,570,688

26,845,608

Electrical

Equipment

0.5%

AMETEK,

Inc.

10,769

1,335,464

Eaton

Corp.

plc

18,868

2,817,181

Emerson

Electric

Co.

28,182

2,654,744

Generac

Holdings,

Inc.*

2,968

1,212,932

Rockwell

Automation,

Inc.

5,418

1,593,109

9,613,430

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

28,247

2,068,528

CDW

Corp.

6,524

1,187,498

Corning,

Inc.

36,299

1,324,551

IPG

Photonics

Corp.*

1,741

275,774

Keysight

Technologies,

Inc.*

8,687

1,427,187

TE

Connectivity

Ltd.

15,469

2,122,656

Teledyne

Technologies,

Inc.*

2,183

937,773

Trimble,

Inc.*

12,030

989,468

Zebra

Technologies

Corp.,

Class

A*

2,523

1,300,405

11,633,840

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

38,804

959,623

Halliburton

Co.

42,616

921,358

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

66,103

1,959,293

3,840,274

Entertainment

1.7%

Activision

Blizzard,

Inc.

36,810

2,848,726

Electronic

Arts,

Inc.

13,526

1,924,073

Live

Nation

Entertainment,

Inc.*(a)

6,283

572,570

Netflix,

Inc.*

20,845

12,722,537

Take-Two

Interactive

Software,

Inc.*

5,522

850,775

Walt

Disney

Co.

(The)*

85,448

14,455,238

33,373,919

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Alexandria

Real

Estate

Equities,

Inc.(a)

6,388

1,220,555

American

Tower

Corp.

21,355

5,667,831

AvalonBay

Communities,

Inc.

6,511

1,443,098

Boston

Properties,

Inc.(a)

6,658

721,394

Crown

Castle

International

Corp.

20,272

3,513,543

Digital

Realty

Trust,

Inc.

13,140

1,898,073

Duke

Realty

Corp.

17,607

842,847

Equinix,

Inc.

4,244

3,353,312

Equity

Residential

16,220

1,312,522

Essex

Property

Trust,

Inc.

3,116

996,310

Extra

Space

Storage,

Inc.

6,329

1,063,209

Federal

Realty

Investment

Trust

3,389

399,868

Healthpeak

Properties,

Inc.

25,814

864,253

Host

Hotels

&

Resorts,

Inc.*

32,352

528,308

Iron

Mountain,

Inc.(a)

13,482

585,793

Kimco

Realty

Corp.

28,522

591,832

Mid-America

Apartment

Communities,

Inc.

5,482

1,023,764

Prologis,

Inc.

34,714

4,354,177

Public

Storage

7,111

2,112,678

Realty

Income

Corp.(a)

17,921

1,162,356

Regency

Centers

Corp.

7,343

494,404

SBA

Communications

Corp.

5,106

1,687,890

Simon

Property

Group,

Inc.

15,295

1,987,891

UDR,

Inc.(a)

13,253

702,144

Ventas,

Inc.

17,964

991,792

Vornado

Realty

Trust

7,615

319,906

Welltower,

Inc.

19,492

1,606,141

Weyerhaeuser

Co.

35,908

1,277,248

42,723,139

Food

&

Staples

Retailing

1.2%

Costco

Wholesale

Corp.

20,776

9,335,695

Kroger

Co.

(The)

32,476

1,313,005

Sysco

Corp.

23,890

1,875,365

Walgreens

Boots

Alliance,

Inc.

33,473

1,574,905

Walmart,

Inc.

67,147

9,358,949

23,457,919

Food

Products

0.8%

Archer-Daniels-Midland

Co.

26,064

1,564,101

Campbell

Soup

Co.

9,901

413,961

Conagra

Brands,

Inc.

22,173

751,000

General

Mills,

Inc.

28,376

1,697,452

Common

Stocks

Shares

Value

($)

Food

Products

Hershey

Co.

(The)

6,896

1,167,148

Hormel

Foods

Corp.

13,172

540,052

J

M

Smucker

Co.

(The)(a)

5,244

629,437

Kellogg

Co.

12,191

779,249

Kraft

Heinz

Co.

(The)

31,131

1,146,243

Lamb

Weston

Holdings,

Inc.

6,896

423,208

McCormick

&

Co.,

Inc.

(Non-Voting)

11,709

948,780

Mondelez

International,

Inc.,

Class

A

65,904

3,834,295

Tyson

Foods,

Inc.,

Class

A

14,143

1,116,448

15,011,374

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

6,126

540,313

Health

Care

Equipment

&

Supplies

3.4%

Abbott

Laboratories

83,524

9,866,690

ABIOMED,

Inc.*

2,119

689,777

Align

Technology,

Inc.*

3,457

2,300,392

Baxter

International,

Inc.

23,765

1,911,419

Becton

Dickinson

and

Co.

13,560

3,333,319

Boston

Scientific

Corp.*

67,275

2,919,062

Cooper

Cos.,

Inc.

(The)

2,356

973,758

Danaher

Corp.

29,836

9,083,272

DENTSPLY

SIRONA,

Inc.

10,204

592,342

DexCom,

Inc.*

4,525

2,474,542

Edwards

Lifesciences

Corp.*

29,441

3,333,016

Hologic,

Inc.*

11,995

885,351

IDEXX

Laboratories,

Inc.*

4,036

2,509,988

Intuitive

Surgical,

Inc.*

5,596

5,563,264

Medtronic

plc

63,225

7,925,254

ResMed,

Inc.

6,798

1,791,613

STERIS

plc

4,532

925,797

Stryker

Corp.

15,781

4,161,765

Teleflex,

Inc.

2,237

842,342

West

Pharmaceutical

Services,

Inc.

3,441

1,460,842

Zimmer

Biomet

Holdings,

Inc.

9,728

1,423,790

64,967,595

Health

Care

Providers

&

Services

2.3%

AmerisourceBergen

Corp.

7,061

843,437

Anthem,

Inc.

11,489

4,283,099

Cardinal

Health,

Inc.

13,603

672,804

Centene

Corp.*

27,232

1,696,826

Cigna

Corp.

16,050

3,212,568

CVS

Health

Corp.

61,805

5,244,772

DaVita,

Inc.*

3,244

377,147

HCA

Healthcare,

Inc.

11,731

2,847,348

Henry

Schein,

Inc.*

6,548

498,696

Humana,

Inc.

6,059

2,357,860

Laboratory

Corp.

of

America

Holdings*

4,602

1,295,187

McKesson

Corp.

7,323

1,460,060

Quest

Diagnostics,

Inc.(a)

5,810

844,251

UnitedHealth

Group,

Inc.

44,389

17,344,558

Universal

Health

Services,

Inc.,

Class

B

3,636

503,113

43,481,726

32

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

Common

Stocks

Shares

Value

($)

Health

Care

Technology

0.1%

Cerner

Corp.

14,186

1,000,397

Hotels,

Restaurants

&

Leisure

1.8%

Booking

Holdings,

Inc.*

1,926

4,572,074

Caesars

Entertainment,

Inc.*

9,808

1,101,242

Carnival

Corp.*(a)

38,274

957,233

Chipotle

Mexican

Grill,

Inc.*

1,331

2,419,119

Darden

Restaurants,

Inc.

6,246

946,082

Domino's

Pizza,

Inc.

1,753

836,111

Expedia

Group,

Inc.*

6,638

1,087,968

Hilton

Worldwide

Holdings,

Inc.*

13,002

1,717,694

Las

Vegas

Sands

Corp.*

16,121

590,029

Marriott

International,

Inc.,

Class

A*

12,859

1,904,289

McDonald's

Corp.

35,067

8,455,004

MGM

Resorts

International

18,957

817,995

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

18,040

481,848

Penn

National

Gaming,

Inc.*(a)

7,269

526,712

Royal

Caribbean

Cruises

Ltd.*(a)

10,493

933,352

Starbucks

Corp.

55,350

6,105,659

Wynn

Resorts

Ltd.*(a)

4,907

415,868

Yum!

Brands,

Inc.

14,066

1,720,412

35,588,691

Household

Durables

0.3%

DR

Horton,

Inc.

15,466

1,298,680

Garmin

Ltd.

7,166

1,114,026

Leggett

&

Platt,

Inc.

6,318

283,299

Lennar

Corp.,

Class

A

12,994

1,217,278

Mohawk

Industries,

Inc.*

2,684

476,142

Newell

Brands,

Inc.

18,310

405,383

NVR,

Inc.*

158

757,465

PulteGroup,

Inc.

12,295

564,587

Whirlpool

Corp.

2,928

596,902

6,713,762

Household

Products

1.2%

Church

&

Dwight

Co.,

Inc.

11,532

952,197

Clorox

Co.

(The)

5,851

968,984

Colgate-Palmolive

Co.

39,769

3,005,741

Kimberly-Clark

Corp.

15,956

2,113,213

Procter

&

Gamble

Co.

(The)

114,418

15,995,636

23,035,771

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

31,238

713,164

Industrial

Conglomerates

1.0%

3M

Co.

27,216

4,774,231

General

Electric

Co.

51,514

5,307,487

Honeywell

International,

Inc.

32,525

6,904,407

Roper

Technologies,

Inc.

4,922

2,195,852

19,181,977

Insurance

1.7%

Aflac,

Inc.

29,172

1,520,736

Allstate

Corp.

(The)

13,954

1,776,484

Common

Stocks

Shares

Value

($)

Insurance

American

International

Group,

Inc.

40,553

2,225,954

Aon

plc,

Class

A(a)

10,678

3,051,452

Arthur

J

Gallagher

&

Co.

9,721

1,445,027

Assurant,

Inc.

2,788

439,807

Brown

&

Brown,

Inc.

10,455

579,730

Chubb

Ltd.

20,754

3,600,404

Cincinnati

Financial

Corp.

7,030

802,967

Everest

Re

Group

Ltd.

1,832

459,429

Globe

Life,

Inc.

4,449

396,095

Hartford

Financial

Services

Group,

Inc.

(The)

16,467

1,156,807

Lincoln

National

Corp.

8,335

573,031

Loews

Corp.

9,952

536,711

Marsh

&

McLennan

Cos.,

Inc.

23,889

3,617,511

MetLife,

Inc.

34,426

2,125,117

Principal

Financial

Group,

Inc.

11,811

760,628

Progressive

Corp.

(The)

27,698

2,503,622

Prudential

Financial,

Inc.

18,272

1,922,214

Travelers

Cos.,

Inc.

(The)

11,767

1,788,702

W

R

Berkley

Corp.

6,519

477,061

Willis

Towers

Watson

plc

6,094

1,416,611

33,176,100

Interactive

Media

&

Services

6.0%

Alphabet,

Inc.,

Class

A*

14,175

37,897,146

Alphabet,

Inc.,

Class

C*

13,285

35,408,644

Facebook,

Inc.,

Class

A*

112,313

38,117,909

Match

Group,

Inc.*

12,381

1,943,693

Twitter,

Inc.*

37,775

2,281,232

115,648,624

Internet

&

Direct

Marketing

Retail

3.7%

Amazon.com,

Inc.*

20,489

67,307,185

eBay,

Inc.

30,206

2,104,452

Etsy,

Inc.*

6,046

1,257,326

70,668,963

IT

Services

4.4%

Accenture

plc,

Class

A

29,878

9,558,570

Akamai

Technologies,

Inc.*

7,822

818,103

Automatic

Data

Processing,

Inc.

19,963

3,991,003

Broadridge

Financial

Solutions,

Inc.

5,551

925,019

Cognizant

Technology

Solutions

Corp.,

Class

A

24,909

1,848,497

DXC

Technology

Co.*

11,872

399,018

Fidelity

National

Information

Services,

Inc.

29,090

3,539,671

Fiserv,

Inc.*

28,206

3,060,351

FleetCor

Technologies,

Inc.*

3,906

1,020,520

Gartner,

Inc.*

3,955

1,201,845

Global

Payments,

Inc.

13,851

2,182,640

International

Business

Machines

Corp.

41,962

5,829,781

Jack

Henry

&

Associates,

Inc.

3,467

568,796

Mastercard,

Inc.,

Class

A

41,035

14,267,049

Paychex,

Inc.

14,973

1,683,714

PayPal

Holdings,

Inc.*

55,246

14,375,562

VeriSign,

Inc.*

4,663

955,962

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

IT

Services

Visa,

Inc.,

Class

A(a)

79,477

17,703,502

Western

Union

Co.

(The)

18,998

384,139

84,313,742

Leisure

Products

0.0%

†

Hasbro,

Inc.

5,882

524,792

Life

Sciences

Tools

&

Services

1.2%

Agilent

Technologies,

Inc.

14,348

2,260,240

Bio-Rad

Laboratories,

Inc.,

Class

A*

971

724,317

Bio-Techne

Corp.

1,822

882,887

Charles

River

Laboratories

International,

Inc.*

2,381

982,567

Illumina,

Inc.*

6,916

2,805,199

IQVIA

Holdings,

Inc.*

8,951

2,144,123

Mettler-Toledo

International,

Inc.*

1,099

1,513,719

PerkinElmer,

Inc.

5,257

910,985

Thermo

Fisher

Scientific,

Inc.

18,475

10,555,322

Waters

Corp.*

2,868

1,024,736

23,804,095

Machinery

1.4%

Caterpillar,

Inc.

25,718

4,937,084

Cummins,

Inc.

6,782

1,522,966

Deere

&

Co.

13,557

4,542,544

Dover

Corp.

6,771

1,052,891

Fortive

Corp.

16,841

1,188,469

IDEX

Corp.

3,561

736,949

Illinois

Tool

Works,

Inc.

13,513

2,792,191

Ingersoll

Rand,

Inc.*

19,015

958,546

Otis

Worldwide

Corp.

20,041

1,648,973

PACCAR,

Inc.

16,171

1,276,215

Parker-Hannifin

Corp.

6,005

1,679,118

Pentair

plc(a)

7,747

562,665

Snap-on,

Inc.

2,523

527,181

Stanley

Black

&

Decker,

Inc.

7,731

1,355,322

Westinghouse

Air

Brake

Technologies

Corp.

8,871

764,769

Xylem,

Inc.

8,507

1,052,146

26,598,029

Media

1.1%

Charter

Communications,

Inc.,

Class

A*(a)

6,046

4,398,828

Comcast

Corp.,

Class

A

215,583

12,057,557

Discovery,

Inc.,

Class

A*(a)

8,332

211,466

Discovery,

Inc.,

Class

C*

14,478

351,381

DISH

Network

Corp.,

Class

A*

11,360

493,705

Fox

Corp.,

Class

A

15,340

615,287

Fox

Corp.,

Class

B

7,090

263,181

Interpublic

Group

of

Cos.,

Inc.

(The)

18,676

684,849

News

Corp.,

Class

A

17,126

402,975

News

Corp.,

Class

B

6,704

155,734

Omnicom

Group,

Inc.

10,085

730,759

ViacomCBS,

Inc.

28,164

1,112,760

21,478,482

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

68,604

2,231,688

Newmont

Corp.

37,905

2,058,242

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Nucor

Corp.

13,901

1,369,109

5,659,039

Multiline

Retail

0.5%

Dollar

General

Corp.

11,176

2,370,877

Dollar

Tree,

Inc.*

10,915

1,044,784

Target

Corp.

23,234

5,315,242

8,730,903

Multi-Utilities

0.6%

Ameren

Corp.

12,017

973,377

CenterPoint

Energy,

Inc.

27,004

664,298

CMS

Energy

Corp.

13,847

827,081

Consolidated

Edison,

Inc.

16,440

1,193,380

Dominion

Energy,

Inc.

38,184

2,788,196

DTE

Energy

Co.

9,114

1,018,125

NiSource,

Inc.

18,687

452,786

Public

Service

Enterprise

Group,

Inc.

23,553

1,434,378

Sempra

Energy

14,892

1,883,838

WEC

Energy

Group,

Inc.

14,700

1,296,540

12,531,999

Oil,

Gas

&

Consumable

Fuels

2.2%

APA

Corp.

17,979

385,290

Cabot

Oil

&

Gas

Corp.

19,391

421,948

Chevron

Corp.

90,842

9,215,921

ConocoPhillips

63,182

4,281,844

Devon

Energy

Corp.

28,356

1,006,922

Diamondback

Energy,

Inc.

8,133

769,951

EOG

Resources,

Inc.

27,605

2,215,853

Exxon

Mobil

Corp.

199,042

11,707,650

Hess

Corp.

13,109

1,023,944

Kinder

Morgan,

Inc.

90,868

1,520,222

Marathon

Oil

Corp.

36,650

501,006

Marathon

Petroleum

Corp.

30,089

1,859,801

Occidental

Petroleum

Corp.

41,687

1,233,101

ONEOK,

Inc.

21,354

1,238,318

Phillips

66

20,421

1,430,083

Pioneer

Natural

Resources

Co.

10,722

1,785,320

Valero

Energy

Corp.

19,030

1,342,947

Williams

Cos.,

Inc.

(The)

56,621

1,468,749

43,408,870

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

10,928

3,277,635

Pharmaceuticals

3.2%

Bristol-Myers

Squibb

Co.

104,951

6,209,951

Catalent,

Inc.*

8,155

1,085,186

Eli

Lilly

&

Co.

37,413

8,644,274

Johnson

&

Johnson

123,881

20,006,781

Merck

&

Co.,

Inc.

119,007

8,938,616

Organon

&

Co.

12,189

399,677

Pfizer,

Inc.

263,181

11,319,415

Viatris,

Inc.

57,866

784,084

Zoetis,

Inc.

22,280

4,325,439

61,713,423

Professional

Services

0.4%

Equifax,

Inc.

5,675

1,438,159

34

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

Common

Stocks

Shares

Value

($)

Professional

Services

IHS

Markit

Ltd.

18,705

2,181,377

Jacobs

Engineering

Group,

Inc.

6,109

809,626

Leidos

Holdings,

Inc.

6,380

613,309

Nielsen

Holdings

plc

17,871

342,944

Robert

Half

International,

Inc.

5,238

525,529

Verisk

Analytics,

Inc.

7,504

1,502,826

7,413,770

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

15,654

1,524,073

Road

&

Rail

0.8%

CSX

Corp.

106,371

3,163,474

JB

Hunt

Transport

Services,

Inc.

3,904

652,827

Kansas

City

Southern

4,295

1,162,399

Norfolk

Southern

Corp.

11,661

2,789,894

Old

Dominion

Freight

Line,

Inc.

4,478

1,280,618

Union

Pacific

Corp.

30,779

6,032,992

15,082,204

Semiconductors

&

Semiconductor

Equipment

5.0%

Advanced

Micro

Devices,

Inc.*

57,065

5,871,988

Analog

Devices,

Inc.

25,361

4,247,460

Applied

Materials,

Inc.

43,098

5,548,005

Broadcom,

Inc.

19,310

9,363,998

Enphase

Energy,

Inc.*

6,312

946,611

Intel

Corp.

190,954

10,174,029

KLA

Corp.

7,200

2,408,472

Lam

Research

Corp.

6,691

3,808,183

Microchip

Technology,

Inc.

12,925

1,983,858

Micron

Technology,

Inc.

52,608

3,734,116

Monolithic

Power

Systems,

Inc.

2,017

977,600

NVIDIA

Corp.

117,235

24,286,403

NXP

Semiconductors

NV

12,568

2,461,694

Qorvo,

Inc.*

5,262

879,754

QUALCOMM,

Inc.

53,004

6,836,456

Skyworks

Solutions,

Inc.

7,696

1,268,147

Teradyne,

Inc.

7,801

851,635

Texas

Instruments,

Inc.

43,400

8,341,914

Xilinx,

Inc.

11,478

1,733,063

95,723,386

Software

8.3%

Adobe,

Inc.*

22,437

12,917,430

ANSYS,

Inc.*

4,165

1,417,974

Autodesk,

Inc.*

10,419

2,971,186

Cadence

Design

Systems,

Inc.*

13,147

1,990,982

Ceridian

HCM

Holding,

Inc.*

6,033

679,436

Citrix

Systems,

Inc.

5,883

631,658

Fortinet,

Inc.*

6,332

1,849,197

Intuit,

Inc.

12,836

6,925,150

Microsoft

Corp.

353,920

99,777,126

NortonLifeLock,

Inc.

27,857

704,782

Oracle

Corp.

78,727

6,859,484

Paycom

Software,

Inc.*

2,306

1,143,200

PTC,

Inc.*

5,080

608,533

salesforce.com,

Inc.*

45,727

12,402,077

ServiceNow,

Inc.*

9,270

5,768,443

Common

Stocks

Shares

Value

($)

Software

Synopsys,

Inc.*

7,132

2,135,392

Tyler

Technologies,

Inc.*

1,914

877,856

159,659,906

Specialty

Retail

2.0%

Advance

Auto

Parts,

Inc.

3,133

654,453

AutoZone,

Inc.*

1,020

1,731,950

Bath

&

Body

Works,

Inc.

12,405

781,887

Best

Buy

Co.,

Inc.

10,497

1,109,638

CarMax,

Inc.*

7,792

997,064

Gap,

Inc.

(The)

10,287

233,515

Home

Depot,

Inc.

(The)

50,008

16,415,626

Lowe's

Cos.,

Inc.

33,202

6,735,358

O'Reilly

Automotive,

Inc.*

3,254

1,988,389

Ross

Stores,

Inc.

16,971

1,847,293

TJX

Cos.,

Inc.

(The)

56,564

3,732,093

Tractor

Supply

Co.

5,348

1,083,558

Ulta

Beauty,

Inc.*

2,571

927,925

38,238,749

Technology

Hardware,

Storage

&

Peripherals

5.7%

Apple,

Inc.

739,315

104,613,073

Hewlett

Packard

Enterprise

Co.

62,407

889,300

HP,

Inc.

56,709

1,551,558

NetApp,

Inc.

10,664

957,201

Seagate

Technology

Holdings

plc

9,827

810,924

Western

Digital

Corp.*

14,685

828,821

109,650,877

Textiles,

Apparel

&

Luxury

Goods

0.6%

Hanesbrands,

Inc.

17,166

294,569

NIKE,

Inc.,

Class

B

60,164

8,737,618

PVH

Corp.*

3,450

354,625

Ralph

Lauren

Corp.

2,288

254,059

Tapestry,

Inc.

12,797

473,745

Under

Armour,

Inc.,

Class

A*

9,583

193,385

Under

Armour,

Inc.,

Class

C*

10,369

181,665

VF

Corp.

15,424

1,033,254

11,522,920

Tobacco

0.6%

Altria

Group,

Inc.

86,822

3,952,137

Philip

Morris

International,

Inc.

73,225

6,940,998

10,893,135

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

26,780

1,382,116

United

Rentals,

Inc.*

3,465

1,215,972

WW

Grainger,

Inc.

2,110

829,357

3,427,445

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

8,461

1,430,247

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

27,489

3,511,995

Total

Common

Stocks

(cost

$1,081,880,127)

1,719,900,300

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

35

Purchased

Options

1.5%

Number

of

Contracts

Value

($)

Call

Options

1.5%

Index

Funds:

1.5%

S&P

500

E-Mini

Index

11/19/2021

at

USD

3,950.00,

European

Style

Notional

Amount:

USD

148,610,130

Exchange

Traded

*

690

13,575,750

S&P

500

E-Mini

Index

12/17/2021

at

USD

3,900.00,

American

Style

Notional

Amount:

USD

148,610,130

Exchange

Traded

*

690

15,861,375

S&P

500

E-Mini

Index

12/17/2021

at

USD

4,680.00,

American

Style

Notional

Amount:

USD

193,408,546

Exchange

Traded

*

898

392,875

Total

Purchased

Options

(cost

$43,035,350)

29,830,000

Short-Term

Investments

3.0%

Shares

U.S.

Treasury

Obligation

3.0%

U.S.

Treasury

Bills

0.04%

5/19/2022(b)

6,198,000

6,195,921

0.03%

12/16/2021

52,000,000

51,996,048

Total

U.S.

Treasury

Obligation

(cost

$58,192,765)

58,191,969

Total

Short-Term

Investment

(cost

$58,192,765)

58,191,969

Repurchase

Agreement

0.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,583,153,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$1,614,813.(c)

1,583,150

1,583,150

Total

Repurchase

Agreement

(cost

$1,583,150)

1,583,150

Total

Investments

(cost

$1,184,691,392)

—

93.7%

1,809,505,419

Other

assets

in

excess

of

liabilities

—

6.3%

121,640,064

NET

ASSETS

—

100.0%

$

1,931,145,483

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$32,519,006,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,583,150

and

by

$32,252,001

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$33,835,151.

(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,

2021

was

$1,583,150.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

36

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

1,550

12/2021

USD

333,075,625

(11,705,126)

U.S.

Treasury

Long

Bond

737

12/2021

USD

117,344,219

(2,470,871)

(14,175,997)

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

-

September

30,

2021

(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,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

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,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/

or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,719,900,300

$

–

$

–

$

1,719,900,300

Purchased

Option

29,830,000

–

–

29,830,000

Repurchase

Agreement

–

1,583,150

–

1,583,150

Short-Term

Investments

–

58,191,969

–

58,191,969

Total

Assets

$

1,749,730,300

$

59,775,119

$

–

$

1,809,505,419

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(14,175,997)

$

–

$

–

$

(14,175,997)

Total

Liabilities

$

(14,175,997)

$

–

$

–

$

(14,175,997)

Total

$

1,735,554,303

$

59,775,119

$

–

$

1,795,329,422

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Core

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

39

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

40

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(formerly,

NVIT

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,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

29,830,000

Total

$

29,830,000

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(11,705,126)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(2,470,871)

Total

$

(14,175,997)

The

Statement

of

Investments

should

be

read

in

conjunction

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

(formerly,

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

88.1%

Shares

Value

($)

Aerospace

&

Defense

4.7%

Howmet

Aerospace,

Inc.

197,675

6,167,460

L3Harris

Technologies,

Inc.

54,835

12,076,860

Northrop

Grumman

Corp.

15,640

5,632,746

23,877,066

Automobiles

0.7%

General

Motors

Co.*

63,670

3,356,046

Banks

7.0%

Bank

of

America

Corp.

175,608

7,454,560

JPMorgan

Chase

&

Co.

92,577

15,153,929

US

Bancorp

139,799

8,309,653

Wells

Fargo

&

Co.

99,611

4,622,946

35,541,088

Beverages

0.7%

PepsiCo,

Inc.

23,081

3,471,613

Biotechnology

2.3%

AbbVie,

Inc.

110,234

11,890,942

Building

Products

1.2%

Armstrong

World

Industries,

Inc.

43,776

4,179,294

Carrier

Global

Corp.

41,797

2,163,413

6,342,707

Capital

Markets

6.9%

Ameriprise

Financial,

Inc.

35,349

9,336,378

Charles

Schwab

Corp.

(The)

152,471

11,105,988

LPL

Financial

Holdings,

Inc.

25,344

3,972,925

Morgan

Stanley

89,251

8,685,015

State

Street

Corp.

27,277

2,310,907

35,411,213

Chemicals

1.5%

CF

Industries

Holdings,

Inc.

141,189

7,881,170

Communications

Equipment

2.4%

Cisco

Systems,

Inc.

223,009

12,138,380

Construction

&

Engineering

1.0%

Quanta

Services,

Inc.

44,469

5,061,462

Construction

Materials

0.4%

Vulcan

Materials

Co.

12,877

2,178,273

Consumer

Finance

2.1%

Ally

Financial,

Inc.

46,654

2,381,687

Capital

One

Financial

Corp.

51,804

8,390,694

10,772,381

Diversified

Financial

Services

4.3%

Berkshire

Hathaway,

Inc.,

Class

B*

46,007

12,557,151

Equitable

Holdings,

Inc.

75,884

2,249,202

Voya

Financial,

Inc.(a)

114,562

7,032,961

21,839,314

Electric

Utilities

3.0%

Exelon

Corp.

267,115

12,912,339

PPL

Corp.

81,653

2,276,486

15,188,825

Electrical

Equipment

2.1%

Eaton

Corp.

plc

45,411

6,780,316

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Hubbell,

Inc.

21,364

3,859,834

10,640,150

Electronic

Equipment,

Instruments

&

Components

1.0%

Corning,

Inc.

144,139

5,259,632

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Medical

Properties

Trust,

Inc.

111,832

2,244,468

Health

Care

Equipment

&

Supplies

6.6%

Becton

Dickinson

and

Co.

27,382

6,731,043

Danaher

Corp.

21,472

6,536,936

Medtronic

plc

117,610

14,742,413

Zimmer

Biomet

Holdings,

Inc.

37,625

5,506,795

33,517,187

Health

Care

Providers

&

Services

5.0%

CVS

Health

Corp.(a)

105,546

8,956,634

HCA

Healthcare,

Inc.

8,929

2,167,247

McKesson

Corp.

24,454

4,875,638

UnitedHealth

Group,

Inc.

24,572

9,601,263

25,600,782

Hotels,

Restaurants

&

Leisure

1.0%

Aramark

106,537

3,500,806

Las

Vegas

Sands

Corp.*

44,069

1,612,925

5,113,731

Household

Durables

0.4%

Newell

Brands,

Inc.

103,996

2,302,471

Independent

Power

and

Renewable

Electricity

Producers

3.8%

AES

Corp.

(The)

209,441

4,781,538

Clearway

Energy,

Inc.,

Class

C

213,813

6,472,120

NextEra

Energy

Partners

LP(a)

72,028

5,428,030

Vistra

Corp.

158,733

2,714,334

19,396,022

Insurance

6.3%

Aon

plc,

Class

A

25,647

7,329,143

Assurant,

Inc.

73,253

11,555,661

Hartford

Financial

Services

Group,

Inc.

(The)

33,419

2,347,685

Principal

Financial

Group,

Inc.

38,310

2,467,164

Willis

Towers

Watson

plc

36,925

8,583,585

32,283,238

Interactive

Media

&

Services

2.6%

Alphabet,

Inc.,

Class

A*

4,914

13,137,677

Machinery

1.0%

Ingersoll

Rand,

Inc.*

101,671

5,125,235

Media

1.4%

Comcast

Corp.,

Class

A(a)

132,707

7,422,303

Metals

&

Mining

1.7%

Freeport-McMoRan,

Inc.

129,775

4,221,581

Newmont

Corp.

79,171

4,298,985

8,520,566

Oil,

Gas

&

Consumable

Fuels

7.8%

ConocoPhillips

35,507

2,406,309

Devon

Energy

Corp.

340,590

12,094,351

Exxon

Mobil

Corp.

215,076

12,650,770

42

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund)

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Hess

Corp.

72,013

5,624,936

Marathon

Petroleum

Corp.

112,634

6,961,908

39,738,274

Pharmaceuticals

2.5%

Eli

Lilly

&

Co.

20,229

4,673,910

Organon

&

Co.

144,509

4,738,450

Viatris

,

Inc.

252,636

3,423,218

12,835,578

Road

&

Rail

0.7%

Norfolk

Southern

Corp.

14,556

3,482,523

Semiconductors

&

Semiconductor

Equipment

2.3%

Applied

Materials,

Inc.

40,996

5,277,415

QUALCOMM,

Inc.

49,055

6,327,114

11,604,529

Software

0.9%

Dolby

Laboratories,

Inc.,

Class

A

49,625

4,367,000

Tobacco

1.3%

Philip

Morris

International,

Inc.

68,901

6,531,126

Wireless

Telecommunication

Services

1.1%

Vodafone

Group

plc,

ADR-UK(a)

381,630

5,896,184

Total

Common

Stocks

(cost

$336,769,562)

449,969,156

Purchased

Options

1.5%

Number

of

Contracts

Call

Options

1.5%

Index

Funds:

1.5%

S&P

500

E-Mini

Index

11/19/2021

at

USD

3,950.00,

European

Style

Notional

Amount:

USD

38,552,483

Exchange

Traded

*

179

3,521,825

S&P

500

E-Mini

Index

12/17/2021

at

USD

3,900.00,

American

Style

Notional

Amount:

USD

38,552,483

Exchange

Traded

*

179

4,114,762

S&P

500

E-Mini

Index

12/17/2021

at

USD

4,680.00,

American

Style

Notional

Amount:

USD

50,182,841

Exchange

Traded

*

233

101,938

Total

Purchased

Options

(cost

$11,160,017)

7,738,525

Short-Term

Investments

4.2%

Shares

Value

($)

U.S.

Treasury

Obligation

4.2%

U.S.

Treasury

Bills

0.04%

5/19/2022(b)

1,032,000

1,031,654

0.03%

12/16/2021

20,000,000

19,998,480

Total

U.S.

Treasury

Obligation

(cost

$21,030,266)

21,030,134

Total

Short-Term

Investment

(cost

$21,030,266)

21,030,134

Repurchase

Agreements

1.0%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$4,309,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$4,395,293.(c)

4,309,110

4,309,110

MetLife,

Inc.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$1,020,410.(c)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$5,309,110)

5,309,110

Total

Investments

(cost

$374,268,955)

—

94.8%

484,046,925

Other

assets

in

excess

of

liabilities

—

5.2%

26,597,599

NET

ASSETS

—

100.0%

$

510,644,524

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$14,209,631,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,309,110

and

by

$9,363,931

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$14,673,041.

(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,

2021

was

$5,309,110.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

43

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

669

12/2021

USD

51,509,655

(1,207,124)

S&P

500

E-Mini

Index

116

12/2021

USD

24,926,950

(875,996)

U.S.

Treasury

Long

Bond

197

12/2021

USD

31,366,094

(660,464)

(2,743,584)

Currency:

USD

United

States

Dollar

44

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

NVIT

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

(formerly,

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

45

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/

or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

449,969,156

$

–

$

–

$

449,969,156

Purchased

Option

7,738,525

–

–

7,738,525

Repurchase

Agreements

–

5,309,110

–

5,309,110

Short-Term

Investments

–

21,030,134

–

21,030,134

Total

Assets

$

457,707,681

$

26,339,244

$

–

$

484,046,925

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(2,743,584)

$

–

$

–

$

(2,743,584)

Total

Liabilities

$

(2,743,584)

$

–

$

–

$

(2,743,584)

Total

$

454,964,097

$

26,339,244

$

–

$

481,303,341

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

46

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund)

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

7,738,525

Total

$

7,738,525

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(2,083,120)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(660,464)

Total

$

(2,743,584)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

U.S.

Equity

Fund

(formerly,

NVIT

J.P.

Morgan

Disciplined

Equity

Fund)

-

September

30,

2021

(Unaudited)

-

State-

ment

of

Investments

-

47

Common

Stocks

98.2%

Shares

Value

($)

Aerospace

&

Defense

1.1%

Northrop

Grumman

Corp.

1,056

380,318

Automobiles

2.3%

Tesla,

Inc.*

1,060

822,009

Banks

6.9%

Truist

Financial

Corp.

14,533

852,360

US

Bancorp

11,987

712,507

Wells

Fargo

&

Co.

18,687

867,264

2,432,131

Beverages

1.5%

Coca-Cola

Co.

(The)

10,316

541,280

Biotechnology

5.1%

AbbVie,

Inc.

8,576

925,093

Biogen,

Inc.*

1,125

318,364

Regeneron

Pharmaceuticals,

Inc.*

903

546,477

1,789,934

Capital

Markets

4.4%

Ameriprise

Financial,

Inc.

1,765

466,172

Morgan

Stanley

4,136

402,474

S&P

Global,

Inc.

1,548

657,730

1,526,376

Chemicals

2.5%

Eastman

Chemical

Co.

2,393

241,071

PPG

Industries,

Inc.

4,326

618,661

859,732

Electric

Utilities

3.9%

NextEra

Energy,

Inc.

10,710

840,949

Xcel

Energy,

Inc.

8,583

536,438

1,377,387

Electrical

Equipment

2.8%

Eaton

Corp.

plc

6,496

969,918

Equity

Real

Estate

Investment

Trusts

(REITs)

3.2%

Prologis,

Inc.

9,045

1,134,514

Health

Care

Equipment

&

Supplies

2.5%

Boston

Scientific

Corp.*

12,117

525,756

Intuitive

Surgical,

Inc.*

358

355,906

881,662

Health

Care

Providers

&

Services

1.8%

Centene

Corp.*

5,117

318,840

Cigna

Corp.

1,548

309,848

628,688

Hotels,

Restaurants

&

Leisure

4.8%

Marriott

International,

Inc.,

Class

A*

4,814

712,905

McDonald's

Corp.

2,776

669,321

Yum!

Brands,

Inc.

2,557

312,747

1,694,973

Insurance

0.7%

Progressive

Corp.

(The)

2,779

251,194

Interactive

Media

&

Services

8.0%

Alphabet,

Inc.,

Class

A*

931

2,489,047

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Facebook,

Inc.,

Class

A*

946

321,063

2,810,110

Internet

&

Direct

Marketing

Retail

4.8%

Amazon.com,

Inc.*

514

1,688,511

IT

Services

6.2%

Affirm

Holdings,

Inc.*

956

113,888

FleetCor

Technologies,

Inc.*

1,313

343,048

Mastercard

,

Inc.,

Class

A

3,400

1,182,112

Shopify,

Inc.,

Class

A*

216

292,848

Visa,

Inc.,

Class

A

1,018

226,760

2,158,656

Machinery

2.2%

Deere

&

Co.

1,643

550,520

Stanley

Black

&

Decker,

Inc.

1,241

217,560

768,080

Media

0.5%

Charter

Communications,

Inc.,

Class

A*

237

172,432

Oil,

Gas

&

Consumable

Fuels

0.3%

Pioneer

Natural

Resources

Co.

613

102,071

Pharmaceuticals

3.4%

Bristol-Myers

Squibb

Co.

10,995

650,574

Eli

Lilly

&

Co.

2,278

526,332

1,176,906

Professional

Services

1.5%

Leidos

Holdings,

Inc.

5,454

524,293

Road

&

Rail

3.1%

Norfolk

Southern

Corp.

4,532

1,084,281

Semiconductors

&

Semiconductor

Equipment

6.9%

Advanced

Micro

Devices,

Inc.*

3,542

364,472

Analog

Devices,

Inc.

6,520

1,091,969

ASML

Holding

NV

(Registered),

NYRS-NL

516

384,477

NXP

Semiconductors

NV

2,970

581,734

2,422,652

Software

8.6%

Ceridian

HCM

Holding,

Inc.*

2,126

239,430

Microsoft

Corp.

9,853

2,777,758

3,017,188

Specialty

Retail

3.5%

Lowe's

Cos.,

Inc.

3,037

616,086

O'Reilly

Automotive,

Inc.*

691

422,242

Ross

Stores,

Inc.

1,879

204,529

1,242,857

Technology

Hardware,

Storage

&

Peripherals

5.7%

Apple,

Inc.

14,222

2,012,413

Total

Investments

(cost

$30,094,513)

—

98.2%

34,470,566

Other

assets

in

excess

of

liabilities

—

1.8%

631,204

NET

ASSETS

—

100.0%

$

35,101,770

48

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

(formerly,

NVIT

J.P.

Morgan

Disciplined

Equity

Fund)

*

Denotes

a

non-income

producing

security.

NL

Netherlands

NYRS

New

York

Registry

Shares

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

2

12/2021

USD

429,775

(5,954)

(5,954)

As

of

September

30,

2021,

the

Fund

had

$33,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

J.P.

Morgan

U.S.

Equity

Fund

(formerly,

NVIT

J.P.

Morgan

Disciplined

Equity

Fund)

-

September

30,

2021

(Unaudited)

-

State-

ment

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,

2021

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

(formerly,

NVIT

J.P.

Morgan

Disciplined

Equity

Fund)

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

34,470,566

$

–

$

–

$

34,470,566

Total

Assets

$

34,470,566

$

–

$

–

$

34,470,566

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(5,954)

$

–

$

–

$

(5,954)

Total

Liabilities

$

(5,954)

$

–

$

–

$

(5,954)

Total

$

34,464,612

$

–

$

–

$

34,464,612

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(5,954)

Total

$

(5,954)

The

Statement

of

Investments

should

be

read

in

conjunction

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

Mid

Cap

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

95.6%

Shares

Value

($)

Aerospace

&

Defense

1.9%

BAE

Systems

plc

251,519

1,901,092

General

Dynamics

Corp.

13,313

2,609,747

Huntington

Ingalls

Industries,

Inc.

12,900

2,490,474

7,001,313

Airlines

0.9%

Southwest

Airlines

Co.*

61,554

3,165,722

Auto

Components

0.9%

BorgWarner,

Inc.

54,744

2,365,488

Bridgestone

Corp.

18,200

863,159

3,228,647

Automobiles

0.4%

Honda

Motor

Co.

Ltd.,

ADR-JP(a)

53,472

1,639,986

Banks

3.3%

CIT

Group,

Inc.

52,589

2,731,999

Commerce

Bancshares,

Inc.

(a)

4,645

323,664

Eastern

Bankshares

,

Inc.

10,400

211,120

First

Hawaiian,

Inc.

48,595

1,426,263

M&T

Bank

Corp.

13,302

1,986,521

Prosperity

Bancshares,

Inc.

18,310

1,302,390

Truist

Financial

Corp.

52,082

3,054,609

Westamerica

Bancorp

18,569

1,044,692

12,081,258

Beverages

0.7%

Molson

Coors

Beverage

Co.,

Class

B

52,500

2,434,950

Biotechnology

0.3%

United

Therapeutics

Corp.*

5,525

1,019,805

Building

Products

0.0%

†

Johnson

Controls

International

plc

1,134

77,203

Capital

Markets

4.0%

Ameriprise

Financial,

Inc.

6,849

1,808,958

Bank

of

New

York

Mellon

Corp.

(The)

85,467

4,430,609

Cboe

Global

Markets,

Inc.

15,900

1,969,374

Northern

Trust

Corp.

35,743

3,853,453

State

Street

Corp.

11,324

959,369

T.

Rowe

Price

Group,

Inc.

8,160

1,605,072

14,626,835

Chemicals

1.3%

Axalta

Coating

Systems

Ltd.*

164,064

4,789,028

Commercial

Services

&

Supplies

0.4%

Republic

Services,

Inc.

11,347

1,362,321

Communications

Equipment

0.9%

F5

Networks,

Inc.*

10,816

2,150,005

Juniper

Networks,

Inc.

42,922

1,181,213

3,331,218

Consumer

Finance

0.7%

Ally

Financial,

Inc.

53,500

2,731,175

Containers

&

Packaging

3.5%

Amcor

plc

61,366

711,232

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Berry

Global

Group,

Inc.*

31,300

1,905,544

Graphic

Packaging

Holding

Co.

126,000

2,399,040

Packaging

Corp.

of

America

10,365

1,424,565

Sealed

Air

Corp.

61,300

3,358,627

Sonoco

Products

Co.

53,727

3,201,055

13,000,063

Distributors

0.9%

LKQ

Corp.*

66,493

3,345,928

Diversified

Financial

Services

0.4%

Equitable

Holdings,

Inc.

48,000

1,422,720

Electric

Utilities

4.4%

Edison

International

54,512

3,023,781

Evergy

,

Inc.

77,286

4,807,189

Eversource

Energy

13,222

1,081,031

OGE

Energy

Corp.

132,400

4,363,904

Pinnacle

West

Capital

Corp.

35,896

2,597,435

Xcel

Energy,

Inc.

6,999

437,437

16,310,777

Electrical

Equipment

1.9%

Emerson

Electric

Co.

31,530

2,970,126

Hubbell,

Inc.

7,361

1,329,912

nVent

Electric

plc

82,735

2,674,822

6,974,860

Electronic

Equipment,

Instruments

&

Components

1.7%

Flex

Ltd.*

121,200

2,142,816

TE

Connectivity

Ltd.

3,073

421,677

Vontier

Corp.

113,900

3,827,040

6,391,533

Energy

Equipment

&

Services

0.8%

Baker

Hughes

Co.

124,941

3,089,791

Equity

Real

Estate

Investment

Trusts

(REITs)

4.1%

Equinix

,

Inc.

1,715

1,355,073

Essex

Property

Trust,

Inc.

5,007

1,600,938

Gaming

and

Leisure

Properties,

Inc.

38,701

1,792,630

Healthcare

Trust

of

America,

Inc.,

Class

A

68,050

2,018,363

Healthpeak

Properties,

Inc.

69,820

2,337,574

JBG

SMITH

Properties

116,481

3,449,002

MGM

Growth

Properties

LLC,

Class

A

42,996

1,646,747

Regency

Centers

Corp.

3,905

262,924

Weyerhaeuser

Co.

15,523

552,153

15,015,404

Food

&

Staples

Retailing

1.1%

Koninklijke

Ahold

Delhaize

NV

86,577

2,870,314

Sysco

Corp.

14,160

1,111,560

3,981,874

Food

Products

4.4%

Conagra

Brands,

Inc.

96,708

3,275,500

General

Mills,

Inc.

20,112

1,203,100

J

M

Smucker

Co.

(The)(a)

11,065

1,328,132

Kellogg

Co.

18,535

1,184,757

Kraft

Heinz

Co.

(The)

79,100

2,912,462

Orkla

ASA

142,027

1,301,581

52

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Food

Products

Post

Holdings,

Inc.*

44,890

4,945,082

16,150,614

Gas

Utilities

1.6%

Atmos

Energy

Corp.

14,639

1,291,160

Spire,

Inc.

19,249

1,177,654

UGI

Corp.

80,759

3,441,948

5,910,762

Health

Care

Equipment

&

Supplies

2.7%

Baxter

International,

Inc.

1,096

88,151

Becton

Dickinson

and

Co.

7,249

1,781,949

Envista

Holdings

Corp.*

27,154

1,135,309

Koninklijke

Philips

NV,

NYRS-

NL

REG

30,427

1,352,176

Zimmer

Biomet

Holdings,

Inc.

37,454

5,481,768

9,839,353

Health

Care

Providers

&

Services

7.0%

AmerisourceBergen

Corp.

32,382

3,868,030

Cardinal

Health,

Inc.

52,676

2,605,355

Centene

Corp.*

81,535

5,080,446

Henry

Schein,

Inc.*

37,009

2,818,605

Laboratory

Corp.

of

America

Holdings*

10,699

3,011,126

McKesson

Corp.

12,116

2,415,688

Quest

Diagnostics,

Inc.

19,822

2,880,335

Universal

Health

Services,

Inc.,

Class

B

21,886

3,028,366

25,707,951

Health

Care

Technology

0.9%

Cerner

Corp.

45,128

3,182,427

Hotels,

Restaurants

&

Leisure

0.7%

Cracker

Barrel

Old

Country

Store,

Inc.(a)

6,391

893,717

Sodexo

SA*

20,019

1,752,946

2,646,663

Household

Durables

0.6%

NVR,

Inc.*

500

2,397,040

Household

Products

0.8%

Kimberly-Clark

Corp.

13,058

1,729,402

Reynolds

Consumer

Products,

Inc.(a)

38,063

1,040,642

2,770,044

Independent

Power

and

Renewable

Electricity

Producers

1.2%

Vistra

Corp.

260,300

4,451,130

Insurance

10.7%

Aflac,

Inc.

53,825

2,805,897

Alleghany

Corp.*

7,004

4,373,368

Allstate

Corp.

(The)

35,616

4,534,273

American

International

Group,

Inc.

34,600

1,899,194

Arch

Capital

Group

Ltd.*

115,400

4,405,972

Arthur

J

Gallagher

&

Co.

4,600

683,790

Chubb

Ltd.

23,792

4,127,436

Fidelity

National

Financial,

Inc.

94,897

4,302,630

Loews

Corp.

72,800

3,926,104

Markel

Corp.*

2,800

3,346,364

Common

Stocks

Shares

Value

($)

Insurance

Old

Republic

International

Corp.

84,100

1,945,233

Reinsurance

Group

of

America,

Inc.

25,239

2,808,091

39,158,352

Interactive

Media

&

Services

0.5%

IAC/InterActiveCorp*

14,700

1,915,263

Internet

&

Direct

Marketing

Retail

0.6%

eBay,

Inc.

34,400

2,396,648

IT

Services

1.9%

Amdocs

Ltd.

14,286

1,081,593

Euronet

Worldwide,

Inc.*

21,786

2,772,922

FleetCor

Technologies,

Inc.*

11,300

2,952,351

6,806,866

Leisure

Products

0.3%

Polaris,

Inc.(a)

10,679

1,277,849

Machinery

1.2%

Crane

Co.

3,308

313,632

Cummins,

Inc.

3,834

860,963

IMI

plc

15,583

347,226

Oshkosh

Corp.

14,312

1,465,119

PACCAR,

Inc.

18,940

1,494,745

4,481,685

Media

4.4%

DISH

Network

Corp.,

Class

A*

58,400

2,538,064

Fox

Corp.,

Class

A

56,300

2,258,193

Fox

Corp.,

Class

B

73,588

2,731,587

Liberty

Broadband

Corp.,

Class

C*

25,605

4,421,983

Liberty

Media

Corp-Liberty

SiriusXM

,

Class

C*

85,700

4,068,179

16,018,006

Metals

&

Mining

0.4%

Kinross

Gold

Corp.

280,400

1,502,944

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.7%

Annaly

Capital

Management,

Inc.(a)

324,500

2,732,290

Multiline

Retail

1.9%

Dollar

Tree,

Inc.*

71,618

6,855,275

Multi-Utilities

2.9%

CenterPoint

Energy,

Inc.

136,200

3,350,520

NiSource,

Inc.(a)

204,500

4,955,035

NorthWestern

Corp.

43,468

2,490,716

10,796,271

Oil,

Gas

&

Consumable

Fuels

4.2%

ConocoPhillips

49,382

3,346,618

Devon

Energy

Corp.(a)

101,397

3,600,608

EQT

Corp.*

64,900

1,327,854

HollyFrontier

Corp.

69,800

2,312,474

Pioneer

Natural

Resources

Co.

6,845

1,139,761

Williams

Cos.,

Inc.

(The)

144,200

3,740,548

15,467,863

Paper

&

Forest

Products

1.0%

Mondi

plc

94,789

2,316,876

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Paper

&

Forest

Products

West

Fraser

Timber

Co.

Ltd.

14,700

1,238,181

3,555,057

Pharmaceuticals

2.3%

Bausch

Health

Cos.,

Inc.*

50,000

1,392,500

Organon

&

Co.

84,300

2,764,197

Perrigo

Co.

plc(a)

31,300

1,481,429

Viatris

,

Inc.

213,000

2,886,150

8,524,276

Professional

Services

0.3%

KBR,

Inc.(a)

24,700

973,180

Real

Estate

Management

&

Development

0.4%

Jones

Lang

LaSalle,

Inc.*

5,900

1,463,731

Road

&

Rail

0.3%

Heartland

Express,

Inc.

72,221

1,156,980

Software

2.7%

CDK

Global,

Inc.

100,085

4,258,617

NCR

Corp.*(a)

34,939

1,354,235

Open

Text

Corp.

35,101

1,710,823

SS&C

Technologies

Holdings,

Inc.

35,328

2,451,763

9,775,438

Specialty

Retail

2.2%

Advance

Auto

Parts,

Inc.

16,210

3,386,107

O'Reilly

Automotive,

Inc.*

5,100

3,116,406

Ross

Stores,

Inc.

13,400

1,458,590

7,961,103

Technology

Hardware,

Storage

&

Peripherals

0.6%

HP,

Inc.

80,896

2,213,315

Thrifts

&

Mortgage

Finance

0.2%

Capitol

Federal

Financial,

Inc.

65,156

748,642

Trading

Companies

&

Distributors

1.5%

AerCap

Holdings

NV*

40,300

2,329,743

Beacon

Roofing

Supply,

Inc.*

13,789

658,563

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

31,602

2,534,164

5,522,470

Total

Common

Stocks

(cost

$283,660,797)

351,381,899

Exchange

Traded

Fund

0.2%

Equity

Fund

0.2%

iShares

Russell

Mid-Cap

Value

ETF

5,216

590,712

Total

Exchange

Traded

Fund

(cost

$610,366)

590,712

Repurchase

Agreement

0.5%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,921,668,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$1,960,098.(b)

1,921,665

1,921,665

Total

Repurchase

Agreement

(cost

$1,921,665)

1,921,665

Total

Investments

(cost

$286,192,828)

—

96.3%

353,894,276

Other

assets

in

excess

of

liabilities

—

3.7%

13,469,520

NET

ASSETS

—

100.0%

$

367,363,796

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$6,908,301,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,921,665

and

by

$5,147,684

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

10/7/2021

–

11/15/2050,

a

total

value

of

$7,069,349.

(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,

2021

was

$1,921,665.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

JP

Japan

NL

Netherlands

NYRS

New

York

Registry

Shares

REIT

Real

Estate

Investment

Trust

54

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

2,260,879

JPY

247,631,803

Bank

of

America

NA

12/30/2021

33,705

USD

1,086,525

NOK

9,385,002

UBS

AG

12/30/2021

13,754

USD

5,288,935

EUR

4,498,962

Credit

Suisse

International

12/31/2021

66,835

USD

4,072,469

GBP

2,982,830

JPMorgan

Chase

Bank

12/31/2021

52,376

Total

unrealized

appreciation

166,670

JPY

9,059,590

USD

81,735

Bank

of

America

NA

12/30/2021

(254)

USD

53,681

JPY

6,007,348

Bank

of

America

NA

12/30/2021

(349)

GBP

95,955

USD

131,521

JPMorgan

Chase

Bank

12/31/2021

(2,198)

Total

unrealized

depreciation

(2,801)

Net

unrealized

appreciation

163,869

Currency:

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

NOK

Norwegian

krone

USD

United

States

dollar

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

55

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

56

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

5,100,221

$

1,901,092

$

–

$

7,001,313

Airlines

3,165,722

–

–

3,165,722

Auto

Components

2,365,488

863,159

–

3,228,647

Automobiles

1,639,986

–

–

1,639,986

Banks

12,081,258

–

–

12,081,258

Beverages

2,434,950

–

–

2,434,950

Biotechnology

1,019,805

–

–

1,019,805

Building

Products

77,203

–

–

77,203

Capital

Markets

14,626,835

–

–

14,626,835

Chemicals

4,789,028

–

–

4,789,028

Commercial

Services

&

Supplies

1,362,321

–

–

1,362,321

Communications

Equipment

3,331,218

–

–

3,331,218

Consumer

Finance

2,731,175

–

–

2,731,175

Containers

&

Packaging

13,000,063

–

–

13,000,063

Distributors

3,345,928

–

–

3,345,928

Diversified

Financial

Services

1,422,720

–

–

1,422,720

Electric

Utilities

16,310,777

–

–

16,310,777

Electrical

Equipment

6,974,860

–

–

6,974,860

Electronic

Equipment,

Instruments

&

Components

6,391,533

–

–

6,391,533

Energy

Equipment

&

Services

3,089,791

–

–

3,089,791

Equity

Real

Estate

Investment

Trusts

(REITs)

15,015,404

–

–

15,015,404

Food

&

Staples

Retailing

1,111,560

2,870,314

–

3,981,874

Food

Products

14,849,033

1,301,581

–

16,150,614

Gas

Utilities

5,910,762

–

–

5,910,762

Health

Care

Equipment

&

Supplies

9,839,353

–

–

9,839,353

Health

Care

Providers

&

Services

25,707,951

–

–

25,707,951

Health

Care

Technology

3,182,427

–

–

3,182,427

Hotels,

Restaurants

&

Leisure

893,717

1,752,946

–

2,646,663

Household

Durables

2,397,040

–

–

2,397,040

Household

Products

2,770,044

–

–

2,770,044

Independent

Power

and

Renewable

Electricity

Producers

4,451,130

–

–

4,451,130

Insurance

39,158,352

–

–

39,158,352

Interactive

Media

&

Services

1,915,263

–

–

1,915,263

Internet

&

Direct

Marketing

Retail

2,396,648

–

–

2,396,648

IT

Services

6,806,866

–

–

6,806,866

Leisure

Products

1,277,849

–

–

1,277,849

Machinery

4,134,459

347,226

–

4,481,685

Media

16,018,006

–

–

16,018,006

Metals

&

Mining

1,502,944

–

–

1,502,944

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,732,290

–

–

2,732,290

Multiline

Retail

6,855,275

–

–

6,855,275

Multi-Utilities

10,796,271

–

–

10,796,271

Oil,

Gas

&

Consumable

Fuels

15,467,863

–

–

15,467,863

Paper

&

Forest

Products

1,238,181

2,316,876

–

3,555,057

Pharmaceuticals

8,524,276

–

–

8,524,276

Professional

Services

973,180

–

–

973,180

Real

Estate

Management

&

Development

1,463,731

–

–

1,463,731

Road

&

Rail

1,156,980

–

–

1,156,980

Software

9,775,438

–

–

9,775,438

Specialty

Retail

7,961,103

–

–

7,961,103

Technology

Hardware,

Storage

&

Peripherals

2,213,315

–

–

2,213,315

Thrifts

&

Mortgage

Finance

748,642

–

–

748,642

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

57

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

Forward

Foreign

Currency

Contracts

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-

market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Level

1

Level

2

Level

3

Total

Assets:

Trading

Companies

&

Distributors

$

5,522,470

$

–

$

–

$

5,522,470

Total

Common

Stocks

$

340,028,705

$

11,353,194

$

–

$

351,381,899

Exchange

Traded

Fund

590,712

–

–

590,712

Forward

Foreign

Currency

Contracts

–

166,670

–

166,670

Repurchase

Agreement

–

1,921,665

–

1,921,665

Total

Assets

$

340,619,417

$

13,441,529

$

–

$

354,060,946

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(2,801)

$

–

$

(2,801)

Total

Liabilities

$

–

$

(2,801)

$

–

$

(2,801)

Total

$

340,619,417

$

13,438,728

$

–

$

354,058,145

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

166,670

Total

$

166,670

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(2,801)

Total

$

(2,801)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

58

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

98.6%

Shares

Value

($)

Aerospace

&

Defense

0.2%

Curtiss-Wright

Corp.

3,054

385,354

Auto

Components

2.8%

Dana,

Inc.

50,904

1,132,105

Fox

Factory

Holding

Corp.*

13,664

1,974,995

Patrick

Industries,

Inc.

6,668

555,444

Visteon

Corp.*

7,440

702,262

XPEL,

Inc.

Reg.

S*

3,114

236,228

4,601,034

Automobiles

0.4%

Thor

Industries,

Inc.

4,936

605,943

Banks

1.8%

Pinnacle

Financial

Partners,

Inc.

12,780

1,202,342

Silvergate

Capital

Corp.,

Class

A*

3,576

413,028

Synovus

Financial

Corp.

8,637

379,078

Triumph

Bancorp,

Inc.*

5,671

567,837

Western

Alliance

Bancorp

3,512

382,176

2,944,461

Beverages

0.2%

Celsius

Holdings,

Inc.*

3,584

322,883

Biotechnology

7.4%

Acceleron

Pharma,

Inc.*(a)

4,778

822,294

Akero

Therapeutics,

Inc.*(a)

6,968

155,735

Allakos

,

Inc.*(a)

3,626

383,885

ALX

Oncology

Holdings,

Inc.*(a)

4,932

364,278

Apellis

Pharmaceuticals,

Inc.*

6,646

219,052

Arena

Pharmaceuticals,

Inc.*

3,850

229,267

Arrowhead

Pharmaceuticals,

Inc.*

2,105

131,415

BioAtla

,

Inc.*(a)

4,031

118,673

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

1,353

187,945

Blueprint

Medicines

Corp.*(a)

4,851

498,731

CareDx

,

Inc.*

15,462

979,827

Celldex

Therapeutics,

Inc.*

7,439

401,632

Cytokinetics,

Inc.*

8,314

297,142

Deciphera

Pharmaceuticals,

Inc.*

8,513

289,272

Dyne

Therapeutics,

Inc.*(a)

9,900

160,776

Fate

Therapeutics,

Inc.*

2,248

133,239

Halozyme

Therapeutics,

Inc.*(a)

21,890

890,485

Heron

Therapeutics,

Inc.*(a)

17,527

187,364

ImmunoGen

,

Inc.*

38,872

220,404

Intellia

Therapeutics,

Inc.*

2,833

380,047

KalVista

Pharmaceuticals,

Inc.*

8,490

148,150

Karuna

Therapeutics,

Inc.*(a)

2,483

303,745

Kodiak

Sciences,

Inc.*(a)

3,247

311,647

Kymera

Therapeutics,

Inc.*

5,509

323,599

Madrigal

Pharmaceuticals,

Inc.*(a)

2,784

222,135

Mersana

Therapeutics,

Inc.*(a)

19,068

179,811

Mirati

Therapeutics,

Inc.*

1,548

273,857

PTC

Therapeutics,

Inc.*

8,160

303,634

RAPT

Therapeutics,

Inc.*(a)

7,817

242,718

Common

Stocks

Shares

Value

($)

Biotechnology

REVOLUTION

Medicines,

Inc.*(a)

6,470

177,990

Scholar

Rock

Holding

Corp.*

5,621

185,605

Syndax

Pharmaceuticals,

Inc.*(a)

11,989

229,110

TCR2

Therapeutics,

Inc.*

10,849

92,325

TG

Therapeutics,

Inc.*(a)

9,739

324,114

Turning

Point

Therapeutics,

Inc.*

3,772

250,574

Ultragenyx

Pharmaceutical,

Inc.*

1,929

173,976

Veracyte

,

Inc.*

20,748

963,745

Y-

mAbs

Therapeutics,

Inc.*(a)

8,087

230,803

11,989,001

Building

Products

3.0%

Advanced

Drainage

Systems,

Inc.

19,686

2,129,434

Armstrong

World

Industries,

Inc.

3,325

317,438

Builders

FirstSource

,

Inc.*(a)

9,053

468,402

Trex

Co.,

Inc.*

18,501

1,885,807

4,801,081

Capital

Markets

3.0%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

8,146

398,502

Cohen

&

Steers,

Inc.

8,102

678,705

Evercore

,

Inc.,

Class

A

6,740

900,936

Hamilton

Lane,

Inc.,

Class

A

16,438

1,394,271

LPL

Financial

Holdings,

Inc.

5,857

918,143

Stifel

Financial

Corp.

7,235

491,691

4,782,248

Chemicals

2.1%

Axalta

Coating

Systems

Ltd.*

18,758

547,546

Danimer

Scientific,

Inc.*(a)

9,899

161,750

Element

Solutions,

Inc.

47,263

1,024,662

Ingevity

Corp.*

3,916

279,485

Olin

Corp.

29,621

1,429,213

3,442,656

Commercial

Services

&

Supplies

1.7%

Casella

Waste

Systems,

Inc.,

Class

A*

19,009

1,443,543

Clean

Harbors,

Inc.*

2,790

289,797

Tetra

Tech,

Inc.

4,464

666,654

Viad

Corp.*

7,312

332,038

2,732,032

Communications

Equipment

0.3%

Lumentum

Holdings,

Inc.*

5,152

430,398

Construction

&

Engineering

0.5%

WillScot

Mobile

Mini

Holdings

Corp.*

27,047

857,931

Consumer

Finance

0.3%

OneMain

Holdings,

Inc.

8,788

486,240

Containers

&

Packaging

0.4%

Ranpak

Holdings

Corp.*

25,833

692,841

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

0.2%

Mister

Car

Wash,

Inc.*

19,563

357,025

Diversified

Telecommunication

Services

0.1%

Bandwidth,

Inc.,

Class

A*(a)

2,210

199,519

Electrical

Equipment

0.3%

EnerSys

3,083

229,499

Stem,

Inc.*(a)

8,232

196,662

426,161

Electronic

Equipment,

Instruments

&

Components

1.8%

II-VI,

Inc.*(a)

9,764

579,591

Insight

Enterprises,

Inc.*

5,016

451,841

Novanta

,

Inc.*

6,704

1,035,768

Rogers

Corp.*

4,418

823,869

2,891,069

Equity

Real

Estate

Investment

Trusts

(REITs)

2.0%

Essential

Properties

Realty

Trust,

Inc.(a)

17,713

494,547

Independence

Realty

Trust,

Inc.

24,475

498,066

National

Storage

Affiliates

Trust

15,172

800,930

PS

Business

Parks,

Inc.

3,509

550,000

Rexford

Industrial

Realty,

Inc.

8,405

476,984

Ryman

Hospitality

Properties,

Inc.*(a)

5,911

494,751

3,315,278

Food

&

Staples

Retailing

0.5%

Performance

Food

Group

Co.*

15,754

731,931

Food

Products

2.0%

Freshpet

,

Inc.*

15,116

2,156,902

Lancaster

Colony

Corp.

2,543

429,284

Simply

Good

Foods

Co.

(The)*

10,871

374,941

Sovos

Brands,

Inc.*(a)

22,145

308,922

3,270,049

Health

Care

Equipment

&

Supplies

7.4%

AtriCure

,

Inc.*

4,930

342,882

Axonics

,

Inc.*(a)

16,066

1,045,736

Cardiovascular

Systems,

Inc.*

6,678

219,239

CryoPort

,

Inc.*(a)

14,350

954,418

Figs,

Inc.,

Class

A*(a)

14,483

537,899

Glaukos

Corp.*

4,160

200,387

Globus

Medical,

Inc.,

Class

A*

20,120

1,541,594

Inari

Medical,

Inc.*

7,758

629,174

Integer

Holdings

Corp.*

5,489

490,387

Integra

LifeSciences

Holdings

Corp.*

8,189

560,783

Masimo

Corp.*

4,128

1,117,491

Nevro

Corp.*

3,187

370,903

Penumbra,

Inc.*

3,981

1,060,936

Shockwave

Medical,

Inc.*

3,891

801,079

Tandem

Diabetes

Care,

Inc.*

18,637

2,224,885

12,097,793

Health

Care

Providers

&

Services

2.4%

Amedisys

,

Inc.*

2,433

362,760

AMN

Healthcare

Services,

Inc.*

3,823

438,689

Covetrus

,

Inc.*

13,382

242,750

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

LHC

Group,

Inc.*(a)

3,352

525,962

ModivCare

,

Inc.*

2,330

423,175

Owens

&

Minor,

Inc.

11,859

371,068

R1

RCM,

Inc.*

35,285

776,623

Signify

Health,

Inc.,

Class

A*(a)

4,559

81,469

Surgery

Partners,

Inc.*

15,678

663,807

3,886,303

Health

Care

Technology

3.3%

Health

Catalyst,

Inc.*(a)

17,408

870,574

Inspire

Medical

Systems,

Inc.*

8,543

1,989,494

Omnicell

,

Inc.*

11,051

1,640,300

Phreesia

,

Inc.*

14,728

908,717

5,409,085

Hotels,

Restaurants

&

Leisure

4.8%

BJ's

Restaurants,

Inc.*

11,434

477,484

Boyd

Gaming

Corp.*

12,704

803,655

Choice

Hotels

International,

Inc.

3,813

481,849

Churchill

Downs,

Inc.

2,567

616,285

Dutch

Bros,

Inc.,

Class

A*

3,962

171,634

GAN

Ltd.*(a)

23,996

356,820

Papa

John's

International,

Inc.

6,148

780,734

Penn

National

Gaming,

Inc.*(a)

6,213

450,194

Red

Rock

Resorts,

Inc.,

Class

A*

21,722

1,112,601

Texas

Roadhouse,

Inc.

7,393

675,203

Travel

+

Leisure

Co.

1,362

74,270

Wingstop

,

Inc.

10,621

1,741,101

7,741,830

Household

Durables

0.5%

TopBuild

Corp.*

3,057

626,104

Traeger

,

Inc.*

8,035

168,173

794,277

Insurance

0.7%

James

River

Group

Holdings

Ltd.

7,967

300,595

Kemper

Corp.

4,045

270,165

Kinsale

Capital

Group,

Inc.

3,798

614,137

1,184,897

Internet

&

Direct

Marketing

Retail

0.8%

Overstock.com,

Inc.*(a)

5,935

462,455

Shutterstock

,

Inc.

5,150

583,598

Xometry

,

Inc.,

Class

A*(a)

3,140

181,084

1,227,137

IT

Services

4.7%

BigCommerce

Holdings,

Inc.,

Series

1*

8,631

437,074

Concentrix

Corp.*

4,520

800,040

DigitalOcean

Holdings,

Inc.*(a)

9,642

748,508

ExlService

Holdings,

Inc.*

6,443

793,262

Globant

SA*

5,921

1,663,860

LiveRamp

Holdings,

Inc.*

6,511

307,515

Paymentus

Holdings,

Inc.,

Class

A*

5,046

124,333

Perficient

,

Inc.*(a)

7,933

917,848

60

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

IT

Services

Repay

Holdings

Corp.*(a)

20,423

470,342

Shift4

Payments,

Inc.,

Class

A*(a)

9,788

758,766

Verra

Mobility

Corp.*(a)

38,874

585,831

7,607,379

Leisure

Products

0.9%

YETI

Holdings,

Inc.*

17,849

1,529,481

Life

Sciences

Tools

&

Services

3.6%

Bio-

Techne

Corp.

1,258

609,589

Medpace

Holdings,

Inc.*

9,858

1,865,922

NanoString

Technologies,

Inc.*

6,883

330,453

NeoGenomics

,

Inc.*(a)

10,607

511,682

Quanterix

Corp.*

5,712

284,401

Repligen

Corp.*

7,872

2,274,929

5,876,976

Machinery

7.1%

Altra

Industrial

Motion

Corp.

11,225

621,304

Chart

Industries,

Inc.*(a)

11,352

2,169,481

Federal

Signal

Corp.

25,549

986,702

Hydrofarm

Holdings

Group,

Inc.*(a)

12,312

466,009

ITT,

Inc.

16,282

1,397,647

John

Bean

Technologies

Corp.

5,010

704,156

Kornit

Digital

Ltd.*

16,773

2,427,724

REV

Group,

Inc.

46,556

798,901

Rexnord

Corp.

9,398

604,197

SPX

Corp.*

17,110

914,530

SPX

FLOW,

Inc.

5,742

419,740

11,510,391

Media

0.4%

Cardlytics,

Inc.*(a)

8,254

692,841

Multiline

Retail

0.3%

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

8,584

517,444

Oil,

Gas

&

Consumable

Fuels

0.3%

Matador

Resources

Co.

13,811

525,370

Paper

&

Forest

Products

0.3%

Louisiana-Pacific

Corp.

6,689

410,504

Personal

Products

0.2%

Beauty

Health

Co.

(The)*(a)

10,967

284,813

Pharmaceuticals

0.7%

Aclaris

Therapeutics,

Inc.*(a)

15,315

275,670

Arvinas

,

Inc.*

3,926

322,639

Reata

Pharmaceuticals,

Inc.,

Class

A*(a)

2,425

243,979

Revance

Therapeutics,

Inc.*

10,549

293,895

1,136,183

Professional

Services

1.7%

ASGN,

Inc.*

7,394

836,557

CACI

International,

Inc.,

Class

A*

2,321

608,334

Exponent,

Inc.

4,631

523,998

Insperity

,

Inc.

5,638

624,352

Common

Stocks

Shares

Value

($)

Professional

Services

Science

Applications

International

Corp.(a)

2,747

235,033

2,828,274

Real

Estate

Management

&

Development

0.2%

Redfin

Corp.*(a)

4,872

244,087

Road

&

Rail

0.8%

Saia,

Inc.*

5,692

1,354,867

Semiconductors

&

Semiconductor

Equipment

6.6%

Ambarella

,

Inc.*

10,120

1,576,089

Axcelis

Technologies,

Inc.*

8,375

393,876

Cirrus

Logic,

Inc.*

5,305

436,867

Entegris

,

Inc.

3,799

478,294

Lattice

Semiconductor

Corp.*

51,968

3,359,731

MACOM

Technology

Solutions

Holdings,

Inc.*

18,659

1,210,409

Nova

Ltd.*

8,284

847,370

Power

Integrations,

Inc.

14,459

1,431,297

SiTime

Corp.*

1,635

333,818

Synaptics

,

Inc.*

3,973

714,067

10,781,818

Software

13.4%

Alarm.com

Holdings,

Inc.*(a)

6,008

469,766

Avalara,

Inc.*

8,351

1,459,504

Blackbaud

,

Inc.*

5,110

359,488

Cerence

,

Inc.*(a)

9,487

911,796

Couchbase

,

Inc.*

6,070

188,838

CyberArk

Software

Ltd.*(a)

7,500

1,183,650

Digital

Turbine,

Inc.*(a)

10,366

712,662

Everbridge

,

Inc.*

2,401

362,647

J2

Global,

Inc.*

5,942

811,796

Kaltura

,

Inc.*(a)

19,364

199,256

Lightspeed

Commerce,

Inc.*

13,086

1,261,883

Manhattan

Associates,

Inc.*

17,441

2,668,996

Medallia

,

Inc.*

10,362

350,961

Mimecast

Ltd.*

6,920

440,112

Momentive

Global,

Inc.*

11,517

225,733

Paylocity

Holding

Corp.*

3,969

1,112,908

Q2

Holdings,

Inc.*

10,566

846,759

Rapid7,

Inc.*

6,664

753,165

Sprinklr

,

Inc.,

Class

A*(a)

8,500

148,750

Sprout

Social,

Inc.,

Class

A*

24,774

3,021,189

Telos

Corp.*(a)

13,514

384,068

Varonis

Systems,

Inc.*(a)

39,196

2,385,077

Workiva

,

Inc.*

10,847

1,528,993

21,787,997

Specialty

Retail

1.9%

American

Eagle

Outfitters,

Inc.

(a)

22,356

576,785

Boot

Barn

Holdings,

Inc.*

10,498

932,957

Floor

&

Decor

Holdings,

Inc.,

Class

A*

1,847

223,099

Foot

Locker,

Inc.

9,781

446,600

Lithia

Motors,

Inc.,

Class

A

2,941

932,415

3,111,856

Textiles,

Apparel

&

Luxury

Goods

1.3%

Deckers

Outdoor

Corp.*

1,253

451,331

On

Holding

AG,

Class

A*(a)

3,502

105,515

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Oxford

Industries,

Inc.

8,677

782,405

PVH

Corp.*

4,437

456,079

Under

Armour

,

Inc.,

Class

C*

15,434

270,404

2,065,734

Thrifts

&

Mortgage

Finance

0.3%

MGIC

Investment

Corp.

32,070

479,767

Trading

Companies

&

Distributors

3.0%

Applied

Industrial

Technologies,

Inc.

5,323

479,762

Boise

Cascade

Co.

4,295

231,844

Herc

Holdings,

Inc.*

12,903

2,109,124

SiteOne

Landscape

Supply,

Inc.*

7,362

1,468,498

Textainer

Group

Holdings

Ltd.*

18,470

644,788

4,934,016

Total

Common

Stocks

(cost

$108,619,291)

160,286,255

Repurchase

Agreements

1.4%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,753,208,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$1,788,269.(b)

1,753,205

1,753,205

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$500,005,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$510,002.(b)

500,000

500,000

Total

Repurchase

Agreements

(cost

$2,253,205)

2,253,205

Total

Investments

(cost

$110,872,496)

—

100.0%

162,539,460

Other

assets

in

excess

of

liabilities

—

0.0%

†

75,739

NET

ASSETS

—

100.0%

$

162,615,199

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$17,611,616,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,253,205

and

by

$16,309,692

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/5/2021

–

2/15/2051,

a

total

value

of

$18,562,897.

(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,

2021

was

$2,253,205.

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

62

-

Statement

of

Investments

-

September

30,

2021

(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,

2021

(Unaudited)

-

Statement

of

Investments

-

63

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

160,286,255

$

–

$

–

$

160,286,255

Repurchase

Agreements

–

2,253,205

–

2,253,205

Total

$

160,286,255

$

2,253,205

$

–

$

162,539,460

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

64

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

97.0%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Astronics

Corp.*(a)

23,752

333,953

Parsons

Corp.*(a)

17,660

596,202

Triumph

Group,

Inc.*

15,643

291,429

Vectrus

,

Inc.*

34,660

1,742,705

2,964,289

Air

Freight

&

Logistics

0.1%

Radiant

Logistics,

Inc.*

18,988

121,333

Airlines

0.1%

SkyWest,

Inc.*

3,611

178,167

Auto

Components

3.0%

American

Axle

&

Manufacturing

Holdings,

Inc.*

116,116

1,022,982

Cooper-Standard

Holdings,

Inc.*

16,936

371,068

Dorman

Products,

Inc.*(a)

23,800

2,253,146

Goodyear

Tire

&

Rubber

Co.

(The)*

117,703

2,083,343

Modine

Manufacturing

Co.*

10,192

115,475

Standard

Motor

Products,

Inc.

2,680

117,143

Strattec

Security

Corp.*

1,730

67,297

Tenneco,

Inc.,

Class

A*

73,913

1,054,738

7,085,192

Banks

6.8%

1st

Source

Corp.

1,054

49,791

Amalgamated

Financial

Corp.

8,513

134,676

Amerant

Bancorp,

Inc.*(a)

2,615

64,695

American

National

Bankshares

,

Inc.

1,100

36,344

Associated

Banc-Corp.

25,619

548,759

Banc

of

California,

Inc.

27,143

501,874

Bank

of

Marin

Bancorp

3,540

133,635

Bank

of

Princeton

(The)

211

6,338

Bankwell

Financial

Group,

Inc.

1,958

57,624

Banner

Corp.

7,314

403,806

Bar

Harbor

Bankshares

600

16,830

BayCom

Corp.*

3,201

59,539

BCB

Bancorp,

Inc.

3,196

47,173

Berkshire

Hills

Bancorp,

Inc.

9,663

260,708

Business

First

Bancshares,

Inc.(a)

2,373

55,504

Byline

Bancorp,

Inc.

4,565

112,116

Cadence

Bancorp

43,609

957,654

Camden

National

Corp.

2,500

119,750

Capital

Bancorp,

Inc.

3,073

73,936

Capital

City

Bank

Group,

Inc.

3,672

90,845

Capstar

Financial

Holdings,

Inc.

7,212

153,183

Carter

Bankshares

,

Inc.*

4,632

65,867

CBTX,

Inc.(a)

7,631

201,306

Central

Pacific

Financial

Corp.

26,516

680,931

Central

Valley

Community

Bancorp

4,004

86,086

Chemung

Financial

Corp.(a)

843

38,188

Civista

Bancshares,

Inc.

4,589

106,602

CNB

Financial

Corp.

2,663

64,817

Community

Trust

Bancorp,

Inc.

6,849

288,343

Common

Stocks

Shares

Value

($)

Banks

Eagle

Bancorp

Montana,

Inc.

(a)

1,100

24,607

Eagle

Bancorp,

Inc.

23,620

1,358,150

FB

Financial

Corp.

9,159

392,738

Financial

Institutions,

Inc.

6,112

187,333

First

Bancorp/PR

57,007

749,642

First

Business

Financial

Services,

Inc.

801

22,997

First

Financial

Corp.

4,461

187,585

First

Internet

Bancorp

2,632

82,066

First

Savings

Financial

Group,

Inc.

1,240

34,869

First

Western

Financial,

Inc.*(a)

920

26,671

Great

Southern

Bancorp,

Inc.

3,899

213,704

Guaranty

Bancshares,

Inc.

3,052

109,414

Hanmi

Financial

Corp.

18,795

377,028

HarborOne

Bancorp,

Inc.(a)

23,385

328,325

HBT

Financial,

Inc.

6,215

96,643

Heartland

Financial

USA,

Inc.

3,358

161,453

Heritage

Financial

Corp.(a)

1,806

46,053

Hilltop

Holdings,

Inc.(a)

18,014

588,517

HomeTrust

Bancshares,

Inc.

2,844

79,575

Independent

Bank

Corp./MI

9,722

208,829

Investar

Holding

Corp.

2,331

51,329

Lakeland

Bancorp,

Inc.(a)

14,935

263,304

Level

One

Bancorp,

Inc.

1,773

52,162

Macatawa

Bank

Corp.

3,688

29,615

Meridian

Corp.

1,841

52,781

Metropolitan

Bank

Holding

Corp.*

2,345

197,683

Midland

States

Bancorp,

Inc.

7,844

193,982

MidWestOne

Financial

Group,

Inc.

4,344

131,015

National

Bank

Holdings

Corp.,

Class

A

2,200

89,056

NBT

Bancorp,

Inc.

4,581

165,466

Nicolet

Bankshares

,

Inc.*

3,688

273,576

Northeast

Bank

2,200

74,184

Northrim

Bancorp,

Inc.

3,605

153,249

OceanFirst

Financial

Corp.

24,625

527,221

OFG

Bancorp

31,207

787,041

Old

Second

Bancorp,

Inc.

6,702

87,528

Peapack

-Gladstone

Financial

Corp.

5,163

172,238

Preferred

Bank

2,375

158,365

Primis

Financial

Corp.(a)

5,970

86,326

Professional

Holding

Corp.,

Class

A*

2,038

38,314

QCR

Holdings,

Inc.

6,533

336,057

RBB

Bancorp

3,770

95,042

S&T

Bancorp,

Inc.

2,174

64,068

Shore

Bancshares,

Inc.

2,017

35,761

Sierra

Bancorp

2,845

69,077

SmartFinancial

,

Inc.

3,843

99,342

South

Plains

Financial,

Inc.

1,860

45,347

Southern

First

Bancshares,

Inc.*

2,525

135,087

Spirit

of

Texas

Bancshares,

Inc.

2,620

63,404

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

Banks

UMB

Financial

Corp.

8,064

779,869

16,000,608

Beverages

0.6%

Primo

Water

Corp.

89,886

1,413,008

Biotechnology

1.6%

Adverum

Biotechnologies,

Inc.*(a)

28,184

61,159

Agios

Pharmaceuticals,

Inc.*

7,880

363,662

AnaptysBio

,

Inc.*(a)

2,593

70,322

Applied

Genetic

Technologies

Corp.*(a)

14,061

42,324

Atreca

,

Inc.,

Class

A*(a)

3,400

21,182

Bluebird

Bio,

Inc.*

8,259

157,829

Concert

Pharmaceuticals,

Inc.*

14,821

48,465

CytomX

Therapeutics,

Inc.*

26,845

136,641

Enanta

Pharmaceuticals,

Inc.*

2,649

150,490

Exelixis

,

Inc.*

6,518

137,790

Gossamer

Bio,

Inc.*(a)

45,941

577,478

Homology

Medicines,

Inc.*(a)

59,300

466,691

Ionis

Pharmaceuticals,

Inc.*

5,705

191,346

Mirum

Pharmaceuticals,

Inc.*

7,464

148,683

NextCure

,

Inc.*

4,417

29,771

Oyster

Point

Pharma,

Inc.*

1,000

11,850

Poseida

Therapeutics,

Inc.*(a)

10,805

78,768

Savara

,

Inc.*(a)

48,424

66,825

Selecta

Biosciences,

Inc.*

55,298

230,040

Travere

Therapeutics,

Inc.*

29,593

717,630

3,708,946

Building

Products

1.4%

American

Woodmark

Corp.*

35,200

2,301,024

Apogee

Enterprises,

Inc.

17,926

676,886

Quanex

Building

Products

Corp.

20,857

446,548

3,424,458

Capital

Markets

5.5%

Blucora

,

Inc.*

31,253

487,234

Cowen,

Inc.,

Class

A(a)

27,536

944,760

Focus

Financial

Partners,

Inc.,

Class

A*

131,829

6,903,885

StoneX

Group,

Inc.*

4,615

304,129

Virtus

Investment

Partners,

Inc.

14,200

4,406,544

13,046,552

Chemicals

2.9%

AdvanSix

,

Inc.*

18,522

736,250

American

Vanguard

Corp.

4,213

63,406

Chase

Corp.

9,100

929,565

Element

Solutions,

Inc.

150,700

3,267,176

Huntsman

Corp.

7,201

213,078

Kraton

Corp.*

3,008

137,285

Olin

Corp.

13,557

654,125

Rayonier

Advanced

Materials,

Inc.*

15,925

119,437

Stepan

Co.

5,783

653,132

6,773,454

Commercial

Services

&

Supplies

5.7%

ACCO

Brands

Corp.

60,541

520,047

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

BrightView

Holdings,

Inc.*

2,050

30,258

CECO

Environmental

Corp.*

5,519

38,854

CoreCivic

,

Inc.*

140,461

1,250,103

Healthcare

Services

Group,

Inc.(a)

84,800

2,119,152

Interface,

Inc.

13,681

207,267

Kimball

International,

Inc.,

Class

B

28,716

321,619

RR

Donnelley

&

Sons

Co.*

57,210

294,059

SP

Plus

Corp.*

72,100

2,211,307

Steelcase,

Inc.,

Class

A

54,748

694,205

UniFirst

Corp.

19,400

4,124,828

US

Ecology,

Inc.*(a)

52,400

1,695,140

13,506,839

Communications

Equipment

2.3%

ADTRAN,

Inc.

23,833

447,107

Ciena

Corp.*

18,673

958,858

Comtech

Telecommunications

Corp.

22,569

577,992

DZS,

Inc.*

4,424

54,238

Juniper

Networks,

Inc.

36,856

1,014,277

KVH

Industries,

Inc.*

3,350

32,260

NETGEAR,

Inc.*

26,702

852,061

NetScout

Systems,

Inc.*(a)

21,767

586,621

PC-Tel,

Inc.*

1,536

9,554

Plantronics,

Inc.*(a)

25,253

649,255

Ribbon

Communications,

Inc.*

39,020

233,340

5,415,563

Construction

&

Engineering

3.0%

API

Group

Corp.

Reg.

S*(b)

52,300

1,064,305

Argan

,

Inc.

4,689

204,769

EMCOR

Group,

Inc.

27,400

3,161,412

Fluor

Corp.*(a)

77,716

1,241,124

Matrix

Service

Co.*

13,160

137,654

Orion

Group

Holdings,

Inc.*

12,459

67,777

Primoris

Services

Corp.

26,658

652,854

Tutor

Perini

Corp.*

35,573

461,738

6,991,633

Consumer

Finance

1.1%

Elevate

Credit,

Inc.*

20,749

85,693

Enova

International,

Inc.*

17,888

618,031

EZCORP,

Inc.,

Class

A*

31,279

236,782

LendingClub

Corp.*

61,633

1,740,516

2,681,022

Containers

&

Packaging

0.1%

Pactiv

Evergreen,

Inc.(a)

11,100

138,972

Diversified

Consumer

Services

0.8%

Adtalem

Global

Education,

Inc.*

31,870

1,205,005

American

Public

Education,

Inc.*

16,539

423,564

Perdoceo

Education

Corp.*

30,523

322,323

Universal

Technical

Institute,

Inc.*

8,357

56,493

2,007,385

Diversified

Financial

Services

0.1%

Alerus

Financial

Corp.

840

25,099

66

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

Voya

Financial,

Inc.(a)

2,784

170,910

196,009

Diversified

Telecommunication

Services

0.1%

ATN

International,

Inc.

2,080

97,448

Consolidated

Communications

Holdings,

Inc.*

2,400

22,056

119,504

Electric

Utilities

0.7%

Portland

General

Electric

Co.

36,149

1,698,641

Electrical

Equipment

1.1%

EnerSys

32,400

2,411,856

LSI

Industries,

Inc.

9,674

74,973

Powell

Industries,

Inc.(a)

6,596

162,064

2,648,893

Electronic

Equipment,

Instruments

&

Components

3.5%

Avnet,

Inc.

6,588

243,558

Bel

Fuse,

Inc.,

Class

B

5,768

71,696

Belden,

Inc.

16,281

948,531

Benchmark

Electronics,

Inc.

21,376

570,953

Daktronics,

Inc.*

22,764

123,609

ePlus

,

Inc.*

58,000

5,951,380

PC

Connection,

Inc.(a)

5,093

224,245

ScanSource

,

Inc.*

4,748

165,183

8,299,155

Energy

Equipment

&

Services

0.3%

Bristow

Group,

Inc.*

98

3,119

Nabors

Industries

Ltd.*(a)

2,208

213,028

Newpark

Resources,

Inc.*

2,652

8,752

Oil

States

International,

Inc.*

69,590

444,680

669,579

Equity

Real

Estate

Investment

Trusts

(REITs)

4.6%

Apple

Hospitality

REIT,

Inc.

101,489

1,596,422

Armada

Hoffler

Properties,

Inc.

17,138

229,135

Centerspace

8,903

841,334

CorePoint

Lodging,

Inc.*

33,668

521,854

CTO

Realty

Growth,

Inc.

4,029

216,599

Diversified

Healthcare

Trust

113,745

385,596

Equity

Commonwealth

62,127

1,614,059

Farmland

Partners,

Inc.

17,603

211,060

Franklin

Street

Properties

Corp.

31,329

145,367

Gaming

and

Leisure

Properties,

Inc.

22,139

1,025,478

GEO

Group,

Inc.

(The)(a)

85,857

641,352

Industrial

Logistics

Properties

Trust

8,940

227,165

National

Health

Investors,

Inc.

3,097

165,690

NETSTREIT

Corp.

2,550

60,307

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

36,346

633,511

PotlatchDeltic

Corp.

24,863

1,282,434

Retail

Value,

Inc.

11,595

305,296

Spirit

Realty

Capital,

Inc.

13,132

604,597

Whitestone

REIT

30,327

296,598

11,003,854

Common

Stocks

Shares

Value

($)

Food

&

Staples

Retailing

2.0%

Albertsons

Cos.,

Inc.,

Class

A(a)

17,220

536,059

Andersons,

Inc.

(The)

18,147

559,472

Grocery

Outlet

Holding

Corp.*

163,000

3,515,910

SpartanNash

Co.

7,947

174,039

4,785,480

Food

Products

0.3%

Farmer

Brothers

Co.*

8,675

72,957

Fresh

Del

Monte

Produce,

Inc.

14,032

452,111

Landec

Corp.*

12,359

113,950

639,018

Gas

Utilities

1.0%

Northwest

Natural

Holding

Co.

13,744

632,087

Southwest

Gas

Holdings,

Inc.

24,705

1,652,270

Spire,

Inc.

1,230

75,251

2,359,608

Health

Care

Equipment

&

Supplies

2.2%

AngioDynamics

,

Inc.*

13,414

347,959

Avanos

Medical,

Inc.*

2,560

79,872

ICU

Medical,

Inc.*

13,000

3,033,940

Invacare

Corp.*

30,675

146,013

LivaNova

plc*

6,128

485,276

Orthofix

Medical,

Inc.*

4,765

181,642

Varex

Imaging

Corp.*

31,731

894,814

5,169,516

Health

Care

Providers

&

Services

1.8%

Addus

HomeCare

Corp.*

40,000

3,190,000

Molina

Healthcare,

Inc.*

3,950

1,071,674

4,261,674

Health

Care

Technology

0.7%

Allscripts

Healthcare

Solutions,

Inc.*(a)

82,446

1,102,303

Castlight

Health,

Inc.,

Class

B*

114,024

179,018

Computer

Programs

&

Systems,

Inc.*

7,968

282,545

NextGen

Healthcare,

Inc.*

10,750

151,575

1,715,441

Hotels,

Restaurants

&

Leisure

1.7%

Del

Taco

Restaurants,

Inc.

40,795

356,140

Wyndham

Hotels

&

Resorts,

Inc.

46,900

3,620,211

3,976,351

Household

Durables

0.4%

Bassett

Furniture

Industries,

Inc.

8,647

156,597

Beazer

Homes

USA,

Inc.*

43,367

748,081

Hooker

Furnishings

Corp.

2,624

70,822

Lifetime

Brands,

Inc.

4,130

75,124

1,050,624

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Vistra

Corp.

10,350

176,985

Insurance

5.4%

American

Equity

Investment

Life

Holding

Co.

16,790

496,480

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

Insurance

Argo

Group

International

Holdings

Ltd.

4,772

249,194

CNO

Financial

Group,

Inc.

66,952

1,576,050

Donegal

Group,

Inc.,

Class

A

5,818

84,303

Employers

Holdings,

Inc.

17,930

708,056

Enstar

Group

Ltd.*

17,052

4,002,616

First

American

Financial

Corp.

8,178

548,335

Genworth

Financial,

Inc.,

Class

A*

283,300

1,062,375

Global

Indemnity

Group

LLC,

Class

A

1,455

38,921

Greenlight

Capital

Re

Ltd.,

Class

A*

15,393

113,754

Heritage

Insurance

Holdings,

Inc.

23,963

163,188

Horace

Mann

Educators

Corp.

1,900

75,601

James

River

Group

Holdings

Ltd.

10,026

378,281

Kemper

Corp.

6,867

458,647

ProAssurance

Corp.

21,387

508,583

Reinsurance

Group

of

America,

Inc.

3,663

407,545

SiriusPoint

Ltd.*

32,179

297,978

Stewart

Information

Services

Corp.

7,587

479,954

United

Fire

Group,

Inc.

6,763

156,225

United

Insurance

Holdings

Corp.

7,135

25,900

Universal

Insurance

Holdings,

Inc.

10,276

133,999

Unum

Group

36,112

904,967

12,870,952

Interactive

Media

&

Services

0.7%

DHI

Group,

Inc.*

16,139

76,821

TrueCar

,

Inc.*

74,080

308,173

Yelp,

Inc.*

31,925

1,188,887

1,573,881

IT

Services

2.3%

Cass

Information

Systems,

Inc.

29,938

1,252,905

Conduent

,

Inc.*

6,400

42,176

Limelight

Networks,

Inc.*(a)

72,123

171,653

Unisys

Corp.*

19,818

498,225

Verra

Mobility

Corp.*(a)

234,500

3,533,915

5,498,874

Leisure

Products

0.6%

American

Outdoor

Brands,

Inc.*

9,738

239,165

Vista

Outdoor,

Inc.*

27,997

1,128,559

1,367,724

Machinery

3.0%

AGCO

Corp.

10,031

1,229,098

Commercial

Vehicle

Group,

Inc.*

20,176

190,865

Crane

Co.

41,300

3,915,653

Graham

Corp.

500

6,200

Hyster

-Yale

Materials

Handling,

Inc.

6,952

349,407

Common

Stocks

Shares

Value

($)

Machinery

Manitowoc

Co.,

Inc.

(The)*

37,992

813,789

NN,

Inc.*

8,500

44,625

Park-Ohio

Holdings

Corp.

4,200

107,184

REV

Group,

Inc.(a)

14,272

244,908

Titan

International,

Inc.*

6,300

45,108

Wabash

National

Corp.

13,574

205,375

7,152,212

Marine

0.1%

Genco

Shipping

&

Trading

Ltd.

13,659

274,956

Media

1.6%

comScore,

Inc.*

56,699

221,126

Cumulus

Media,

Inc.,

Class

A*(a)

6,528

79,968

Entravision

Communications

Corp.,

Class

A

36,927

262,182

Gray

Television,

Inc.

60,902

1,389,783

Hemisphere

Media

Group,

Inc.*

137,100

1,669,878

WideOpenWest

,

Inc.*

7,600

149,340

3,772,277

Metals

&

Mining

0.5%

Olympic

Steel,

Inc.

6,668

162,432

Schnitzer

Steel

Industries,

Inc.,

Class

A

10,747

470,826

SunCoke

Energy,

Inc.

94,284

592,104

1,225,362

Multiline

Retail

1.4%

Dillard's,

Inc.,

Class

A(a)

6,231

1,074,972

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

38,400

2,314,752

3,389,724

Oil,

Gas

&

Consumable

Fuels

4.4%

APA

Corp.

8,248

176,755

Arch

Resources,

Inc.*(a)

18,618

1,726,820

Berry

Corp.

37,394

269,611

CVR

Energy,

Inc.(a)

80,550

1,341,963

Delek

US

Holdings,

Inc.*

60,538

1,087,868

DHT

Holdings,

Inc.(a)

228,824

1,494,221

Dorian

LPG

Ltd.

28,015

347,666

Infinity

Bio-energy

Ltd.

Reg.

S*^∞

155,500

0

International

Seaways,

Inc.

28,529

519,798

Ovintiv

,

Inc.

20,100

660,888

Plains

GP

Holdings

LP,

Class

A*

10,881

117,243

REX

American

Resources

Corp.*

3,551

283,618

SFL

Corp.

Ltd.

96,613

809,617

Whiting

Petroleum

Corp.*

8,040

469,616

World

Fuel

Services

Corp.

32,468

1,091,574

10,397,258

Paper

&

Forest

Products

0.4%

Clearwater

Paper

Corp.*

14,260

546,586

Verso

Corp.,

Class

A

21,726

450,814

997,400

68

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Personal

Products

1.5%

Inter

Parfums

,

Inc.

48,300

3,611,391

Pharmaceuticals

0.8%

Cara

Therapeutics,

Inc.*(a)

44,195

682,813

Endo

International

plc*(a)

170,224

551,526

Lannett

Co.,

Inc.*(a)

55,897

167,691

NGM

Biopharmaceuticals,

Inc.*

21,714

456,428

Recro

Pharma,

Inc.*

14,500

29,870

Theravance

Biopharma,

Inc.*

5,405

39,997

1,928,325

Professional

Services

1.0%

Acacia

Research

Corp.*

41,974

285,004

Heidrick

&

Struggles

International,

Inc.

4,480

199,942

Kelly

Services,

Inc.,

Class

A

27,145

512,498

ManpowerGroup

,

Inc.

4,215

456,400

Mistras

Group,

Inc.*

2,100

21,336

Resources

Connection,

Inc.

17,700

279,306

TrueBlue

,

Inc.*

25,429

688,617

2,443,103

Real

Estate

Management

&

Development

2.6%

Cushman

&

Wakefield

plc*

203,500

3,787,135

Forestar

Group,

Inc.*

9,800

182,574

Kennedy-Wilson

Holdings,

Inc.

39,696

830,440

Realogy

Holdings

Corp.*

76,866

1,348,230

6,148,379

Road

&

Rail

2.2%

ArcBest

Corp.

20,004

1,635,727

Covenant

Logistics

Group,

Inc.*

9,200

254,380

Landstar

System,

Inc.

18,200

2,872,324

Ryder

System,

Inc.

1,953

161,533

US

Xpress

Enterprises,

Inc.,

Class

A*(a)

27,590

238,102

USA

Truck,

Inc.*

6,144

93,880

Yellow

Corp.*

6,271

35,431

5,291,377

Semiconductors

&

Semiconductor

Equipment

2.6%

Alpha

&

Omega

Semiconductor

Ltd.*

11,940

374,558

Cirrus

Logic,

Inc.*

3,889

320,259

CMC

Materials,

Inc.

34,400

4,239,112

GSI

Technology,

Inc.*

2,300

12,144

NeoPhotonics

Corp.*

49,615

432,147

Veeco

Instruments,

Inc.*(a)

34,712

770,953

6,149,173

Software

0.3%

Ping

Identity

Holding

Corp.*

25,655

630,343

Specialty

Retail

2.7%

Aaron's

Co.,

Inc.

(The)

29,988

825,870

America's

Car-Mart,

Inc.*

28,500

3,328,230

Container

Store

Group,

Inc.

(The)*

10,419

99,189

Genesco,

Inc.*

737

42,547

Hibbett,

Inc.

1,728

122,239

Lumber

Liquidators

Holdings,

Inc.*

2,100

39,228

Common

Stocks

Shares

Value

($)

Specialty

Retail

ODP

Corp.

(The)*

21,427

860,508

Signet

Jewelers

Ltd.

11,617

917,278

Tilly's,

Inc.,

Class

A

15,900

222,759

6,457,848

Technology

Hardware,

Storage

&

Peripherals

0.5%

Quantum

Corp.*

41,275

213,804

Super

Micro

Computer,

Inc.*

10,445

381,974

Xerox

Holdings

Corp.

26,207

528,595

1,124,373

Textiles,

Apparel

&

Luxury

Goods

0.1%

Unifi,

Inc.*

9,616

210,879

Thrifts

&

Mortgage

Finance

1.8%

Bridgewater

Bancshares,

Inc.*

5,662

99,142

FS

Bancorp,

Inc.

1,620

56,068

Home

Bancorp,

Inc.

843

32,607

HomeStreet

,

Inc.

14,762

607,456

Luther

Burbank

Corp.

901

12,083

Merchants

Bancorp

7,606

300,209

Northfield

Bancorp,

Inc.

6,713

115,195

Ocwen

Financial

Corp.*

3,310

93,110

OP

Bancorp

2,951

30,277

PCSB

Financial

Corp.

5,598

103,227

PennyMac

Financial

Services,

Inc.

22,859

1,397,371

Riverview

Bancorp,

Inc.

3,688

26,812

Southern

Missouri

Bancorp,

Inc.

700

31,423

TrustCo

Bank

Corp.

11,164

356,913

Washington

Federal,

Inc.

24,026

824,332

Waterstone

Financial,

Inc.

9,414

192,893

Western

New

England

Bancorp,

Inc.

2,600

22,178

4,301,296

Trading

Companies

&

Distributors

2.8%

Beacon

Roofing

Supply,

Inc.*(a)

70,000

3,343,200

Boise

Cascade

Co.

25,754

1,390,201

MRC

Global,

Inc.*

77,709

570,384

NOW,

Inc.*

62,282

476,457

Titan

Machinery,

Inc.*

1,280

33,165

Veritiv

Corp.*

9,953

891,391

6,704,798

Wireless

Telecommunication

Services

0.8%

Telephone

&

Data

Systems,

Inc.

73,434

1,431,963

United

States

Cellular

Corp.*

16,120

514,067

1,946,030

Total

Common

Stocks

(cost

$197,607,270)

229,695,688

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

69

Rights

0.0%

†

Number

of

Rights

Value

($)

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,406

0

Total

Rights

(cost

$7,218)

0

Repurchase

Agreements

1.0%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,795,525,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$1,831,432.(c)

1,795,522

1,795,522

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$500,005,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$510,002.(c)

500,000

500,000

Total

Repurchase

Agreements

(cost

$2,295,522)

2,295,522

Total

Investments

(cost

$199,910,010)

—

98.0%

231,991,210

Other

assets

in

excess

of

liabilities

—

2.0%

4,835,538

NET

ASSETS

—

100.0%

$

236,826,748

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$16,718,617,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,295,522

and

by

$15,540,222

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$17,835,744.

(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,

2021

was

$1,064,305

which

represents

0.45%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$2,295,522.

CVR

Contingent

Value

Rights

GP

General

Partnership

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

70

-

Statement

of

Investments

-

September

30,

2021

(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,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

2,964,289

$

–

$

–

$

2,964,289

Air

Freight

&

Logistics

121,333

–

–

121,333

Airlines

178,167

–

–

178,167

Auto

Components

7,085,192

–

–

7,085,192

Banks

16,000,608

–

–

16,000,608

Beverages

1,413,008

–

–

1,413,008

Biotechnology

3,708,946

–

–

3,708,946

Building

Products

3,424,458

–

–

3,424,458

Capital

Markets

13,046,552

–

–

13,046,552

Chemicals

6,773,454

–

–

6,773,454

Commercial

Services

&

Supplies

13,506,839

–

–

13,506,839

Communications

Equipment

5,415,563

–

–

5,415,563

Construction

&

Engineering

6,991,633

–

–

6,991,633

Consumer

Finance

2,681,022

–

–

2,681,022

Containers

&

Packaging

138,972

–

–

138,972

Diversified

Consumer

Services

2,007,385

–

–

2,007,385

Diversified

Financial

Services

196,009

–

–

196,009

Diversified

Telecommunication

Services

119,504

–

–

119,504

Electric

Utilities

1,698,641

–

–

1,698,641

Electrical

Equipment

2,648,893

–

–

2,648,893

Electronic

Equipment,

Instruments

&

Components

8,299,155

–

–

8,299,155

Energy

Equipment

&

Services

669,579

–

–

669,579

Equity

Real

Estate

Investment

Trusts

(REITs)

11,003,854

–

–

11,003,854

Food

&

Staples

Retailing

4,785,480

–

–

4,785,480

Food

Products

639,018

–

–

639,018

Gas

Utilities

2,359,608

–

–

2,359,608

Health

Care

Equipment

&

Supplies

5,169,516

–

–

5,169,516

Health

Care

Providers

&

Services

4,261,674

–

–

4,261,674

Health

Care

Technology

1,715,441

–

–

1,715,441

Hotels,

Restaurants

&

Leisure

3,976,351

–

–

3,976,351

Household

Durables

1,050,624

–

–

1,050,624

Independent

Power

and

Renewable

Electricity

Producers

176,985

–

–

176,985

Insurance

12,870,952

–

–

12,870,952

Interactive

Media

&

Services

1,573,881

–

–

1,573,881

IT

Services

5,498,874

–

–

5,498,874

Leisure

Products

1,367,724

–

–

1,367,724

Machinery

7,152,212

–

–

7,152,212

Marine

274,956

–

–

274,956

Media

3,772,277

–

–

3,772,277

Metals

&

Mining

1,225,362

–

–

1,225,362

Multiline

Retail

3,389,724

–

–

3,389,724

Oil,

Gas

&

Consumable

Fuels

10,397,258

–

–

10,397,258

Paper

&

Forest

Products

997,400

–

–

997,400

Personal

Products

3,611,391

–

–

3,611,391

Pharmaceuticals

1,928,325

–

–

1,928,325

Professional

Services

2,443,103

–

–

2,443,103

Real

Estate

Management

&

Development

6,148,379

–

–

6,148,379

Road

&

Rail

5,291,377

–

–

5,291,377

Semiconductors

&

Semiconductor

Equipment

6,149,173

–

–

6,149,173

Software

630,343

–

–

630,343

Specialty

Retail

6,457,848

–

–

6,457,848

Technology

Hardware,

Storage

&

Peripherals

1,124,373

–

–

1,124,373

Textiles,

Apparel

&

Luxury

Goods

210,879

–

–

210,879

72

-

Statement

of

Investments

-

September

30,

2021

(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:

Thrifts

&

Mortgage

Finance

$

4,301,296

$

–

$

–

$

4,301,296

Trading

Companies

&

Distributors

6,704,798

–

–

6,704,798

Wireless

Telecommunication

Services

1,946,030

–

–

1,946,030

Total

Common

Stocks

$

229,695,688

$

–

$

–

$

229,695,688

Repurchase

Agreements

–

2,295,522

–

2,295,522

Rights

–

–

–

–

Total

$

229,695,688

$

2,295,522

$

–

$

231,991,210

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2021,

the

Fund

held

one

common

stock

and

one

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

98.3%

Shares

Value

($)

AUSTRALIA

0.0%

†

Consumer

Finance

0.0%

†

Aet

and

D

Holdings

No.

1

Ltd.

*^∞

106,305

0

BERMUDA

0.1%

Insurance

0.1%

SiriusPoint

Ltd.

*

54,634

505,911

CANADA

0.5%

Software

0.5%

Lightspeed

Commerce,

Inc.

*

23,042

2,221,940

CHINA

0.3%

Trading

Companies

&

Distributors

0.3%

Textainer

Group

Holdings

Ltd.

*

42,371

1,479,172

ISRAEL

1.4%

Machinery

1.1%

Kornit

Digital

Ltd.

*

29,596

4,283,725

Semiconductors

&

Semiconductor

Equipment

0.3%

Nova

Ltd.

*

14,192

1,451,700

5,735,425

NORWAY

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

SFL

Corp.

Ltd.

189,475

1,587,801

PUERTO

RICO

0.7%

Banks

0.7%

First

Bancorp/PR

103,920

1,366,548

OFG

Bancorp

61,143

1,542,026

2,908,574

SWITZERLAND

0.0%

†

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

On

Holding

AG,

Class

A

*

6,084

183,311

UNITED

KINGDOM

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Infinity

Bio-energy

Ltd.

Reg.

S

*^∞

94,500

0

UNITED

STATES

94.9%

Aerospace

&

Defense

0.9%

Astronics

Corp.

*

46,569

654,760

Parsons

Corp.

*(a)

32,847

1,108,915

Textron,

Inc.

1,901

132,709

Triumph

Group,

Inc.

*

55,040

1,025,395

Vectrus

,

Inc.

*

16,223

815,692

3,737,471

Air

Freight

&

Logistics

0.0%

†

Radiant

Logistics,

Inc.

*

19,959

127,538

Airlines

0.0%

†

SkyWest,

Inc.

*

2,606

128,580

Auto

Components

3.4%

American

Axle

&

Manufacturing

Holdings,

Inc.

*

206,813

1,822,023

Cooper-Standard

Holdings,

Inc.

*

32,698

716,413

Dana,

Inc.

88,157

1,960,612

Fox

Factory

Holding

Corp.

*(a)

14,523

2,099,154

Common

Stocks

Shares

Value

($)

UNITED

STATES

Auto

Components

Goodyear

Tire

&

Rubber

Co.

(The)

*

211,579

3,744,949

Modine

Manufacturing

Co.

*

22,195

251,469

Standard

Motor

Products,

Inc.

5,137

224,538

Strattec

Security

Corp.

*

2,858

111,176

Tenneco,

Inc.,

Class

A

*

131,120

1,871,082

Visteon

Corp.

*

12,461

1,176,194

XPEL,

Inc.

Reg.

S

*

5,401

409,720

14,387,330

Banks

7.2%

1st

Source

Corp.

1,000

47,240

Amalgamated

Financial

Corp.

(a)

13,968

220,974

Amerant

Bancorp,

Inc.

*

7,363

182,161

American

National

Bankshares

,

Inc.

1,427

47,148

Associated

Banc-Corp.

46,010

985,534

Banc

of

California,

Inc.

49,818

921,135

Bank

of

Marin

Bancorp

2,803

105,813

Bank

of

Princeton

(The)

880

26,435

BankFinancial

Corp.

3,194

36,667

Bankwell

Financial

Group,

Inc.

3,638

107,066

Bar

Harbor

Bankshares

1,400

39,270

BayCom

Corp.

*

3,400

63,240

BCB

Bancorp,

Inc.

(a)

7,431

109,682

Berkshire

Hills

Bancorp,

Inc.

26,863

724,764

Business

First

Bancshares,

Inc.

3,554

83,128

Byline

Bancorp,

Inc.

15,072

370,168

Cadence

Bancorp

60,324

1,324,715

Camden

National

Corp.

5,109

244,721

Capital

Bancorp,

Inc.

(a)

3,180

76,511

Capital

City

Bank

Group,

Inc.

6,687

165,436

Capstar

Financial

Holdings,

Inc.

10,321

219,218

Carter

Bankshares

,

Inc.

*

8,467

120,401

CBTX,

Inc.

11,864

312,972

Central

Pacific

Financial

Corp.

64,239

1,649,658

Central

Valley

Community

Bancorp

4,876

104,834

Chemung

Financial

Corp.

1,395

63,194

Civista

Bancshares,

Inc.

2,689

62,465

CNB

Financial

Corp.

4,737

115,299

Community

Trust

Bancorp,

Inc.

12,640

532,144

Eagle

Bancorp

Montana,

Inc.

1,000

22,370

Eagle

Bancorp,

Inc.

45,634

2,623,956

Enterprise

Financial

Services

Corp.

8,369

378,948

FB

Financial

Corp.

12,149

520,949

Financial

Institutions,

Inc.

11,604

355,663

First

Bancorp/NC

3,452

148,471

First

Business

Financial

Services,

Inc.

2,800

80,388

First

Financial

Corp.

8,112

341,110

First

Internet

Bancorp

4,260

132,827

74

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

First

Savings

Financial

Group,

Inc.

2,340

65,801

First

Western

Financial,

Inc.

*

420

12,176

Great

Southern

Bancorp,

Inc.

8,010

439,028

Guaranty

Bancshares,

Inc.

3,415

122,428

Hanmi

Financial

Corp.

41,855

839,611

HarborOne

Bancorp,

Inc.

(a)

36,551

513,176

HBT

Financial,

Inc.

9,118

141,785

Heartland

Financial

USA,

Inc.

6,600

317,328

Heritage

Financial

Corp.

(a)

3,232

82,416

HomeTrust

Bancshares,

Inc.

12,387

346,588

Horizon

Bancorp,

Inc.

2,480

45,062

Independent

Bank

Corp./MI

19,300

414,564

Investar

Holding

Corp.

4,167

91,757

Lakeland

Bancorp,

Inc.

28,580

503,865

Level

One

Bancorp,

Inc.

900

26,478

Macatawa

Bank

Corp.

13,797

110,790

Meridian

Corp.

1,443

41,371

Metropolitan

Bank

Holding

Corp.

*

2,787

234,944

Midland

States

Bancorp,

Inc.

8,532

210,996

MidWestOne

Financial

Group,

Inc.

5,162

155,686

National

Bank

Holdings

Corp.,

Class

A

5,034

203,776

NBT

Bancorp,

Inc.

12,452

449,766

Nicolet

Bankshares

,

Inc.

*

7,668

568,812

Northeast

Bank

4,144

139,736

Northrim

Bancorp,

Inc.

4,095

174,078

OceanFirst

Financial

Corp.

40,335

863,572

Old

Second

Bancorp,

Inc.

17,287

225,768

Peapack

-Gladstone

Financial

Corp.

10,049

335,235

Pinnacle

Financial

Partners,

Inc.

21,655

2,037,302

Preferred

Bank

(a)

5,987

399,213

Primis

Financial

Corp.

(a)

10,826

156,544

Professional

Holding

Corp.,

Class

A

*(a)

3,014

56,663

QCR

Holdings,

Inc.

(a)

14,167

728,750

RBB

Bancorp

10,692

269,545

S&T

Bancorp,

Inc.

2,826

83,282

Shore

Bancshares,

Inc.

2,636

46,736

Sierra

Bancorp

3,626

88,039

Silvergate

Capital

Corp.,

Class

A

*

6,217

718,064

SmartFinancial

,

Inc.

4,200

108,570

South

Plains

Financial,

Inc.

985

24,014

Southern

First

Bancshares,

Inc.

*

3,350

179,225

Spirit

of

Texas

Bancshares,

Inc.

3,286

79,521

TriCo

Bancshares

48,584

2,108,546

UMB

Financial

Corp.

22,538

2,179,650

30,606,932

Beverages

0.6%

Primo

Water

Corp.

157,953

2,483,021

Common

Stocks

Shares

Value

($)

UNITED

STATES

Biotechnology

3.2%

Acceleron

Pharma,

Inc.

*

8,254

1,420,513

Adverum

Biotechnologies,

Inc.

*(a)

52,311

113,515

Agios

Pharmaceuticals,

Inc.

*

4,568

210,813

AnaptysBio

,

Inc.

*(a)

5,028

136,359

Applied

Genetic

Technologies

Corp.

*(a)

23,911

71,972

Atreca

,

Inc.,

Class

A

*(a)

6,503

40,514

Bluebird

Bio,

Inc.

*

15,038

287,376

CareDx

,

Inc.

*

26,443

1,675,692

Concert

Pharmaceuticals,

Inc.

*

23,679

77,430

CytomX

Therapeutics,

Inc.

*(a)

30,846

157,006

Deciphera

Pharmaceuticals,

Inc.

*

14,432

490,399

Exelixis

,

Inc.

*

13,854

292,874

Gossamer

Bio,

Inc.

*(a)

80,343

1,009,912

Halozyme

Therapeutics,

Inc.

*(a)

37,794

1,537,460

Homology

Medicines,

Inc.

*(a)

109,100

858,617

Mirum

Pharmaceuticals,

Inc.

*

13,896

276,808

NextCure

,

Inc.

*

7,972

53,731

Oyster

Point

Pharma,

Inc.

*

2,150

25,478

Poseida

Therapeutics,

Inc.

*(a)

24,906

181,565

Savara

,

Inc.

*(a)

91,962

126,908

Selecta

Biosciences,

Inc.

*

101,797

423,476

Travere

Therapeutics,

Inc.

*

102,211

2,478,616

Ultragenyx

Pharmaceutical,

Inc.

*

3,329

300,243

Veracyte

,

Inc.

*

25,957

1,205,703

13,452,980

Building

Products

2.0%

Advanced

Drainage

Systems,

Inc.

(a)

33,764

3,652,252

Apogee

Enterprises,

Inc.

31,483

1,188,798

Quanex

Building

Products

Corp.

13,464

288,264

Trex

Co.,

Inc.

*

31,676

3,228,735

8,358,049

Capital

Markets

2.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

14,241

696,670

Blucora

,

Inc.

*

59,912

934,028

Cohen

&

Steers,

Inc.

13,625

1,141,366

Cowen,

Inc.,

Class

A

(a)

51,300

1,760,103

Evercore

,

Inc.,

Class

A

11,659

1,558,459

Hamilton

Lane,

Inc.,

Class

A

28,167

2,389,124

LPL

Financial

Holdings,

Inc.

9,822

1,539,697

StoneX

Group,

Inc.

*

6,242

411,348

10,430,795

Chemicals

2.0%

AdvanSix

,

Inc.

*

39,779

1,581,215

American

Vanguard

Corp.

4,837

72,797

Danimer

Scientific,

Inc.

*(a)

17,349

283,483

Element

Solutions,

Inc.

82,294

1,784,134

Huntsman

Corp.

13,719

405,945

Kraton

Corp.

*

2,853

130,211

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

UNITED

STATES

Chemicals

Olin

Corp.

76,425

3,687,506

Rayonier

Advanced

Materials,

Inc.

*

27,960

209,700

Stepan

Co.

(a)

2,222

250,953

8,405,944

Commercial

Services

&

Supplies

2.0%

ACCO

Brands

Corp.

89,226

766,451

BrightView

Holdings,

Inc.

*

3,320

49,003

Casella

Waste

Systems,

Inc.,

Class

A

*

33,074

2,511,640

CECO

Environmental

Corp.

*

12,128

85,381

CoreCivic

,

Inc.

*

256,603

2,283,767

Interface,

Inc.

22,417

339,618

Kimball

International,

Inc.,

Class

B

46,811

524,283

RR

Donnelley

&

Sons

Co.

*(a)

107,767

553,922

Steelcase,

Inc.,

Class

A

96,278

1,220,805

8,334,870

Communications

Equipment

2.7%

ADTRAN,

Inc.

(a)

96,636

1,812,891

Ciena

Corp.

*

34,950

1,794,683

Comtech

Telecommunications

Corp.

(a)

43,552

1,115,367

DZS,

Inc.

*

9,278

113,748

Juniper

Networks,

Inc.

73,644

2,026,684

KVH

Industries,

Inc.

*

6,856

66,023

NETGEAR,

Inc.

*

51,464

1,642,216

NetScout

Systems,

Inc.

*(a)

42,112

1,134,918

PC-Tel,

Inc.

*

4,938

30,714

Plantronics,

Inc.

*

44,662

1,148,260

Ribbon

Communications,

Inc.

*(a)

77,509

463,504

11,349,008

Construction

&

Engineering

1.2%

Argan

,

Inc.

8,364

365,256

Fluor

Corp.

*(a)

145,203

2,318,892

Matrix

Service

Co.

*

27,406

286,667

Orion

Group

Holdings,

Inc.

*

24,001

130,565

Primoris

Services

Corp.

48,118

1,178,410

Tutor

Perini

Corp.

*

68,532

889,545

5,169,335

Consumer

Finance

1.2%

Elevate

Credit,

Inc.

*

49,782

205,600

Enova

International,

Inc.

*

34,980

1,208,559

EZCORP,

Inc.,

Class

A

*(a)

49,638

375,760

LendingClub

Corp.

*

114,043

3,220,574

SLM

Corp.

15,174

267,062

5,277,555

Containers

&

Packaging

0.3%

Pactiv

Evergreen,

Inc.

(a)

19,950

249,774

Ranpak

Holdings

Corp.

*

37,729

1,011,892

1,261,666

Diversified

Consumer

Services

0.7%

Adtalem

Global

Education,

Inc.

*

34,114

1,289,850

American

Public

Education,

Inc.

*

29,201

747,838

Perdoceo

Education

Corp.

*

60,263

636,377

Common

Stocks

Shares

Value

($)

UNITED

STATES

Diversified

Consumer

Services

Universal

Technical

Institute,

Inc.

*

19,288

130,387

2,804,452

Diversified

Financial

Services

0.2%

Alerus

Financial

Corp.

320

9,562

Voya

Financial,

Inc.

(a)

11,800

724,402

733,964

Diversified

Telecommunication

Services

0.0%

†

ATN

International,

Inc.

3,193

149,592

Consolidated

Communications

Holdings,

Inc.

*

4,525

41,585

191,177

Electric

Utilities

0.7%

Portland

General

Electric

Co.

67,416

3,167,878

Electrical

Equipment

0.2%

LSI

Industries,

Inc.

12,283

95,193

Powell

Industries,

Inc.

12,189

299,484

Stem,

Inc.

*(a)

14,178

338,712

733,389

Electronic

Equipment,

Instruments

&

Components

1.9%

Avnet,

Inc.

11,216

414,656

Bel

Fuse,

Inc.,

Class

B

8,523

105,941

Belden,

Inc.

31,761

1,850,395

Benchmark

Electronics,

Inc.

60,846

1,625,197

Daktronics,

Inc.

*

42,005

228,087

Novanta

,

Inc.

*

11,392

1,760,063

PC

Connection,

Inc.

(a)

9,328

410,712

Rogers

Corp.

*

7,566

1,410,908

ScanSource

,

Inc.

*

8,349

290,462

8,096,421

Energy

Equipment

&

Services

0.4%

Bristow

Group,

Inc.

*(a)

5,704

181,558

Nabors

Industries

Ltd.

*(a)

4,198

405,023

Newpark

Resources,

Inc.

*(a)

1,657

5,468

Oil

States

International,

Inc.

*

141,263

902,671

1,494,720

Equity

Real

Estate

Investment

Trusts

(REITs)

5.1%

Apple

Hospitality

REIT,

Inc.

138,519

2,178,903

Armada

Hoffler

Properties,

Inc.

33,837

452,401

Centerspace

17,137

1,619,447

CorePoint

Lodging,

Inc.

*

82,051

1,271,791

CTO

Realty

Growth,

Inc.

8,319

447,229

Diversified

Healthcare

Trust

211,617

717,382

Equity

Commonwealth

114,165

2,966,006

Farmland

Partners,

Inc.

(a)

24,600

294,954

Franklin

Street

Properties

Corp.

62,157

288,408

Gaming

and

Leisure

Properties,

Inc.

43,544

2,016,958

GEO

Group,

Inc.

(The)

(a)

247,561

1,849,281

Industrial

Logistics

Properties

Trust

13,369

339,706

National

Health

Investors,

Inc.

6,271

335,499

National

Storage

Affiliates

Trust

26,240

1,385,210

NETSTREIT

Corp.

4,964

117,399

76

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Equity

Real

Estate

Investment

Trusts

(REITs)

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

74,364

1,296,165

PotlatchDeltic

Corp.

45,272

2,335,129

Retail

Value,

Inc.

13,060

343,870

Spirit

Realty

Capital,

Inc.

15,867

730,517

Whitestone

REIT

(a)

67,644

661,558

21,647,813

Food

&

Staples

Retailing

0.4%

Albertsons

Cos.,

Inc.,

Class

A

(a)

28,090

874,441

Andersons,

Inc.

(The)

27,996

863,117

SpartanNash

Co.

4,383

95,988

1,833,546

Food

Products

0.9%

Farmer

Brothers

Co.

*

11,546

97,102

Fresh

Del

Monte

Produce,

Inc.

27,693

892,268

Freshpet

,

Inc.

*

19,306

2,754,774

Landec

Corp.

*

18,555

171,077

3,915,221

Gas

Utilities

1.0%

Northwest

Natural

Holding

Co.

23,505

1,080,995

Southwest

Gas

Holdings,

Inc.

45,521

3,044,444

Spire,

Inc.

5,192

317,647

4,443,086

Health

Care

Equipment

&

Supplies

4.5%

AngioDynamics

,

Inc.

*

10,068

261,164

Avanos

Medical,

Inc.

*

3,733

116,470

Axonics

,

Inc.

*(a)

27,855

1,813,082

CryoPort

,

Inc.

*(a)

24,685

1,641,799

Figs,

Inc.,

Class

A

*(a)

24,532

911,118

Globus

Medical,

Inc.,

Class

A

*

22,969

1,759,885

Inari

Medical,

Inc.

*

12,920

1,047,812

Invacare

Corp.

*

64,152

305,364

LivaNova

plc

*

12,469

987,420

Masimo

Corp.

*

7,853

2,125,886

Natus

Medical,

Inc.

*

3,230

81,008

Orthofix

Medical,

Inc.

*

3,229

123,089

Penumbra,

Inc.

*

6,887

1,835,386

Shockwave

Medical,

Inc.

*

6,773

1,394,425

Tandem

Diabetes

Care,

Inc.

*

24,733

2,952,626

Varex

Imaging

Corp.

*(a)

61,776

1,742,083

19,098,617

Health

Care

Providers

&

Services

1.0%

Amedisys

,

Inc.

*

1,904

283,886

AMN

Healthcare

Services,

Inc.

*

6,653

763,432

Molina

Healthcare,

Inc.

*

7,369

1,999,284

Signify

Health,

Inc.,

Class

A

*(a)

8,015

143,228

Surgery

Partners,

Inc.

*(a)

26,971

1,141,952

4,331,782

Health

Care

Technology

2.4%

Allscripts

Healthcare

Solutions,

Inc.

*(a)

146,242

1,955,256

Castlight

Health,

Inc.,

Class

B

*(a)

235,911

370,380

Common

Stocks

Shares

Value

($)

UNITED

STATES

Health

Care

Technology

Computer

Programs

&

Systems,

Inc.

*

14,561

516,333

Health

Catalyst,

Inc.

*(a)

13,994

699,840

Inspire

Medical

Systems,

Inc.

*

15,137

3,525,104

NextGen

Healthcare,

Inc.

*

24,511

345,605

Omnicell

,

Inc.

*

7,979

1,184,323

Phreesia

,

Inc.

*

24,618

1,518,931

10,115,772

Hotels,

Restaurants

&

Leisure

2.0%

Boyd

Gaming

Corp.

*

22,354

1,414,114

Choice

Hotels

International,

Inc.

6,624

837,075

Del

Taco

Restaurants,

Inc.

80,652

704,092

Dutch

Bros,

Inc.,

Class

A

*

6,882

298,128

Papa

John's

International,

Inc.

10,700

1,358,793

Red

Rock

Resorts,

Inc.,

Class

A

*

37,812

1,936,730

Travel

+

Leisure

Co.

2,377

129,618

Wingstop

,

Inc.

9,690

1,588,482

8,267,032

Household

Durables

0.5%

Bassett

Furniture

Industries,

Inc.

13,705

248,198

Beazer

Homes

USA,

Inc.

*

78,633

1,356,419

Hooker

Furnishings

Corp.

6,891

185,988

Lifetime

Brands,

Inc.

6,439

117,125

1,907,730

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Vistra

Corp.

20,700

353,970

Insurance

4.3%

American

Equity

Investment

Life

Holding

Co.

40,815

1,206,900

Argo

Group

International

Holdings

Ltd.

9,253

483,192

CNO

Financial

Group,

Inc.

122,010

2,872,114

Donegal

Group,

Inc.,

Class

A

9,396

136,148

Employers

Holdings,

Inc.

34,824

1,375,200

First

American

Financial

Corp.

14,979

1,004,342

Genworth

Financial,

Inc.,

Class

A

*

553,445

2,075,419

Global

Indemnity

Group

LLC,

Class

A

1,719

45,983

Greenlight

Capital

Re

Ltd.,

Class

A

*

19,756

145,997

Heritage

Insurance

Holdings,

Inc.

89,942

612,505

Horace

Mann

Educators

Corp.

680

27,057

James

River

Group

Holdings

Ltd.

18,971

715,776

Kemper

Corp.

11,842

790,927

Kinsale

Capital

Group,

Inc.

6,545

1,058,327

ProAssurance

Corp.

39,247

933,294

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

UNITED

STATES

Insurance

Reinsurance

Group

of

America,

Inc.

5,439

605,143

Stewart

Information

Services

Corp.

30,401

1,923,167

United

Fire

Group,

Inc.

13,587

313,860

United

Insurance

Holdings

Corp.

13,811

50,134

Universal

Insurance

Holdings,

Inc.

15,947

207,949

Unum

Group

67,000

1,679,020

18,262,454

Interactive

Media

&

Services

0.7%

DHI

Group,

Inc.

*

9,255

44,054

TrueCar

,

Inc.

*

163,398

679,736

Yelp,

Inc.

*

61,556

2,292,345

3,016,135

Internet

&

Direct

Marketing

Retail

0.3%

Overstock.com,

Inc.

*(a)

10,385

809,199

Xometry

,

Inc.,

Class

A

*(a)

5,410

311,995

1,121,194

IT

Services

1.8%

BigCommerce

Holdings,

Inc.

Series 1

*(a)

15,102

764,765

Conduent

,

Inc.

*

9,100

59,969

DigitalOcean

Holdings,

Inc.

*(a)

16,272

1,263,195

Globant

SA

*

10,157

2,854,220

Limelight

Networks,

Inc.

*(a)

136,140

324,013

Paymentus

Holdings,

Inc.,

Class

A

*

8,696

214,269

Shift4

Payments,

Inc.,

Class

A

*(a)

17,044

1,321,251

Unisys

Corp.

*(a)

38,409

965,602

7,767,284

Leisure

Products

1.0%

American

Outdoor

Brands,

Inc.

*

18,789

461,458

Vista

Outdoor,

Inc.

*(a)

36,964

1,490,019

YETI

Holdings,

Inc.

*

24,900

2,133,681

4,085,158

Life

Sciences

Tools

&

Services

2.2%

Bio-

Techne

Corp.

2,217

1,074,292

Medpace

Holdings,

Inc.

*

16,821

3,183,879

Quanterix

Corp.

*

9,971

496,456

Repligen

Corp.

*

15,973

4,616,037

9,370,664

Machinery

3.7%

AGCO

Corp.

17,577

2,153,710

Altra

Industrial

Motion

Corp.

11,355

628,499

Chart

Industries,

Inc.

*(a)

16,501

3,153,505

Commercial

Vehicle

Group,

Inc.

*

38,645

365,582

Federal

Signal

Corp.

43,107

1,664,792

Graham

Corp.

(a)

1,644

20,386

Hyster

-Yale

Materials

Handling,

Inc.

12,255

615,936

ITT,

Inc.

19,576

1,680,404

L

B

Foster

Co.,

Class

A

*

6,518

100,964

Manitowoc

Co.,

Inc.

(The)

*

87,030

1,864,183

Common

Stocks

Shares

Value

($)

UNITED

STATES

Machinery

NN,

Inc.

*

22,163

116,356

Park-Ohio

Holdings

Corp.

8,142

207,784

REV

Group,

Inc.

108,970

1,869,925

SPX

Corp.

*

16,635

889,141

Titan

International,

Inc.

*

11,201

80,199

Wabash

National

Corp.

5,562

84,153

15,495,519

Marine

0.2%

Genco

Shipping

&

Trading

Ltd.

(a)

45,618

918,290

Media

0.9%

comScore,

Inc.

*(a)

86,016

335,462

Cumulus

Media,

Inc.,

Class

A

*(a)

9,054

110,912

Entravision

Communications

Corp.,

Class

A

58,159

412,929

Gray

Television,

Inc.

112,363

2,564,123

Marchex

,

Inc.,

Class

B

*

10,371

30,957

Mode

Media

M-1

Escrow

*^∞

2,754

0

WideOpenWest

,

Inc.

*

13,550

266,258

3,720,641

Metals

&

Mining

0.5%

Olympic

Steel,

Inc.

13,400

326,424

Schnitzer

Steel

Industries,

Inc.,

Class

A

19,583

857,931

SunCoke

Energy,

Inc.

162,479

1,020,368

2,204,723

Multiline

Retail

0.5%

Dillard's,

Inc.,

Class

A

(a)

12,842

2,215,502

Oil,

Gas

&

Consumable

Fuels

4.7%

APA

Corp.

14,816

317,507

Arch

Resources,

Inc.

*(a)

35,340

3,277,786

Berry

Corp.

63,785

459,890

CVR

Energy,

Inc.

(a)

152,993

2,548,863

Delek

US

Holdings,

Inc.

*

119,002

2,138,466

DHT

Holdings,

Inc.

424,345

2,770,973

Dorian

LPG

Ltd.

54,901

681,321

HollyFrontier

Corp.

23,235

769,776

International

Seaways,

Inc.

(a)

55,014

1,002,355

Matador

Resources

Co.

24,257

922,736

Ovintiv

,

Inc.

36,426

1,197,687

Plains

GP

Holdings

LP,

Class

A

*

17,561

189,220

REX

American

Resources

Corp.

*

6,892

550,464

Whiting

Petroleum

Corp.

*

16,128

942,036

World

Fuel

Services

Corp.

61,307

2,061,141

19,830,221

Paper

&

Forest

Products

0.4%

Clearwater

Paper

Corp.

*(a)

24,956

956,563

Verso

Corp.,

Class

A

38,490

798,668

1,755,231

Personal

Products

0.1%

Edgewell

Personal

Care

Co.

13,053

473,824

Pharmaceuticals

0.9%

Cara

Therapeutics,

Inc.

*(a)

90,530

1,398,689

Endo

International

plc

*(a)

317,955

1,030,174

78

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Pharmaceuticals

Lannett

Co.,

Inc.

*(a)

94,087

282,261

NGM

Biopharmaceuticals,

Inc.

*

37,453

787,262

Recro

Pharma,

Inc.

*(a)

37,100

76,426

Theravance

Biopharma,

Inc.

*

10,500

77,700

3,652,512

Professional

Services

1.1%

Acacia

Research

Corp.

*(a)

74,937

508,822

Heidrick

&

Struggles

International,

Inc.

4,513

201,415

Kelly

Services,

Inc.,

Class

A

62,637

1,182,587

ManpowerGroup

,

Inc.

8,300

898,724

Mistras

Group,

Inc.

*

3,321

33,741

Resources

Connection,

Inc.

25,725

405,941

TrueBlue

,

Inc.

*

53,107

1,438,137

4,669,367

Real

Estate

Management

&

Development

1.0%

Forestar

Group,

Inc.

*

18,886

351,846

Kennedy-Wilson

Holdings,

Inc.

67,677

1,415,803

Realogy

Holdings

Corp.

*

134,278

2,355,236

4,122,885

Road

&

Rail

1.7%

ArcBest

Corp.

39,099

3,197,125

Covenant

Logistics

Group,

Inc.

*

15,915

440,050

Ryder

System,

Inc.

3,499

289,402

Saia,

Inc.

*

10,179

2,422,907

Schneider

National,

Inc.,

Class

B

5,840

132,802

US

Xpress

Enterprises,

Inc.,

Class

A

*(a)

57,642

497,450

USA

Truck,

Inc.

*

4,215

64,405

Yellow

Corp.

*

12,627

71,343

7,115,484

Semiconductors

&

Semiconductor

Equipment

3.6%

Alpha

&

Omega

Semiconductor

Ltd.

*

23,103

724,741

Ambarella

,

Inc.

*

17,538

2,731,368

Cirrus

Logic,

Inc.

*

7,123

586,579

Entegris

,

Inc.

6,485

816,462

GSI

Technology,

Inc.

*(a)

3,700

19,536

Lattice

Semiconductor

Corp.

*

66,925

4,326,701

MACOM

Technology

Solutions

Holdings,

Inc.

*

31,646

2,052,876

NeoPhotonics

Corp.

*

88,486

770,713

Power

Integrations,

Inc.

12,229

1,210,549

SiTime

Corp.

*

2,843

580,455

Veeco

Instruments,

Inc.

*(a)

71,375

1,585,239

15,405,219

Software

5.5%

Avalara,

Inc.

*

14,736

2,575,411

Cerence

,

Inc.

*(a)

16,210

1,557,943

Couchbase

,

Inc.

*

10,775

335,210

CyberArk

Software

Ltd.

*(a)

13,091

2,066,022

Manhattan

Associates,

Inc.

*

24,252

3,711,284

Paylocity

Holding

Corp.

*

6,986

1,958,874

Ping

Identity

Holding

Corp.

*

45,917

1,128,181

Q2

Holdings,

Inc.

*

10,470

839,066

Common

Stocks

Shares

Value

($)

UNITED

STATES

Software

Sprout

Social,

Inc.,

Class

A

*

33,973

4,143,006

Varonis

Systems,

Inc.

*(a)

49,697

3,024,062

Workiva

,

Inc.

*

14,193

2,000,645

23,339,704

Specialty

Retail

2.4%

Aaron's

Co.,

Inc.

(The)

55,911

1,539,789

American

Eagle

Outfitters,

Inc.

(a)

38,734

999,337

Boot

Barn

Holdings,

Inc.

*

18,304

1,626,676

Container

Store

Group,

Inc.

(The)

*(a)

19,190

182,689

Genesco,

Inc.

*

3,480

200,900

Hibbett,

Inc.

5,017

354,903

Lithia

Motors,

Inc.,

Class

A

5,020

1,591,541

Lumber

Liquidators

Holdings,

Inc.

*(a)

4,750

88,730

ODP

Corp.

(The)

*

36,072

1,448,652

Signet

Jewelers

Ltd.

23,019

1,817,580

Tilly's,

Inc.,

Class

A

34,000

476,340

10,327,137

Technology

Hardware,

Storage

&

Peripherals

0.5%

Quantum

Corp.

*

58,884

305,019

Super

Micro

Computer,

Inc.

*

16,691

610,390

Xerox

Holdings

Corp.

49,286

994,099

1,909,508

Textiles,

Apparel

&

Luxury

Goods

0.4%

Oxford

Industries,

Inc.

15,212

1,371,666

Unifi,

Inc.

*

19,221

421,517

1,793,183

Thrifts

&

Mortgage

Finance

1.6%

Bridgewater

Bancshares,

Inc.

*

11,113

194,589

FS

Bancorp,

Inc.

2,350

81,334

Home

Bancorp,

Inc.

1,500

58,020

HomeStreet

,

Inc.

28,421

1,169,524

Luther

Burbank

Corp.

2,200

29,502

Merchants

Bancorp

11,523

454,813

Northfield

Bancorp,

Inc.

(a)

4,561

78,267

Ocwen

Financial

Corp.

*

4,879

137,246

OP

Bancorp

6,876

70,548

PCSB

Financial

Corp.

11,147

205,551

PennyMac

Financial

Services,

Inc.

31,937

1,952,308

Riverview

Bancorp,

Inc.

5,600

40,712

Southern

Missouri

Bancorp,

Inc.

121

5,432

TrustCo

Bank

Corp.

15,480

494,896

Washington

Federal,

Inc.

44,836

1,538,322

Waterstone

Financial,

Inc.

15,674

321,160

Western

New

England

Bancorp,

Inc.

4,723

40,287

6,872,511

Trading

Companies

&

Distributors

2.9%

Boise

Cascade

Co.

47,141

2,544,671

Herc

Holdings,

Inc.

*

21,887

3,577,650

MRC

Global,

Inc.

*

142,413

1,045,311

NOW,

Inc.

*

117,619

899,785

SiteOne

Landscape

Supply,

Inc.

*

12,690

2,531,274

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

UNITED

STATES

Trading

Companies

&

Distributors

Titan

Machinery,

Inc.

*

1,878

48,659

Veritiv

Corp.

*

18,557

1,661,965

12,309,315

Wireless

Telecommunication

Services

0.8%

Telephone

&

Data

Systems,

Inc.

(a)

137,168

2,674,776

United

States

Cellular

Corp.

*

27,804

886,670

3,561,446

401,962,755

Total

Common

Stocks

(cost

$319,444,400)

416,584,889

Preferred

Stock

0.0%

†

UNITED

STATES

0.0%

†

Media

0.0%

†

Mode

Media

Corp.,

Series M-1*^∞

19,276

0

Total

Preferred

Stock

(cost

$100,042)

0

Corporate

Bonds

0.0%

†

Principal

Amount

($)

UNITED

STATES

0.0%

†

Media

0.0%

†

Mode

Media

Corp.,

9.00%,

12/2/14^∞

42,256

0

Mode

Media,

Inc.,

9.00%,

12/2/14^∞

1,544

0

Total

Corporate

Bonds

(cost

$43,259)

0

Rights

0.0%

†

Number

of

Rights

UNITED

STATES

0.0%

†

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

4,756

0

IT

Services

0.0%

†

BancTec,

Inc.,

CVR*^∞

36,134

0

Total

Rights

(cost

$14,268)

0

Repurchase

Agreements

1.5%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$3,283,399,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$3,349,061.(b)

3,283,394

3,283,394

MetLife,

Inc.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$1,020,410.(b)

1,000,000

1,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$2,000,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$2,040,006.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$6,283,394)

6,283,394

Total

Investments

(cost

$325,885,363)

  —

99.8%

422,868,283

Other

assets

in

excess

of

liabilities

—

0.2%

1,041,043

NET

ASSETS

—

100.0%

$

423,909,326

80

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$31,897,427,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,283,394

and

by

$26,962,007

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/5/2021

–

2/15/2051,

a

total

value

of

$33,245,401.

(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,

2021

was

$6,283,394.

CVR

Contingent

Value

Rights

GP

General

Partnership

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

81

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

82

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

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

$

3,737,471

$

–

$

–

$

3,737,471

Air

Freight

&

Logistics

127,538

–

–

127,538

Airlines

128,580

–

–

128,580

Auto

Components

14,387,330

–

–

14,387,330

Banks

33,515,506

–

–

33,515,506

Beverages

2,483,021

–

–

2,483,021

Biotechnology

13,452,980

–

–

13,452,980

Building

Products

8,358,049

–

–

8,358,049

Capital

Markets

10,430,795

–

–

10,430,795

Chemicals

8,405,944

–

–

8,405,944

Commercial

Services

&

Supplies

8,334,870

–

–

8,334,870

Communications

Equipment

11,349,008

–

–

11,349,008

Construction

&

Engineering

5,169,335

–

–

5,169,335

Consumer

Finance

5,277,555

–

–

5,277,555

Containers

&

Packaging

1,261,666

–

–

1,261,666

Diversified

Consumer

Services

2,804,452

–

–

2,804,452

Diversified

Financial

Services

733,964

–

–

733,964

Diversified

Telecommunication

Services

191,177

–

–

191,177

Electric

Utilities

3,167,878

–

–

3,167,878

Electrical

Equipment

733,389

–

–

733,389

Electronic

Equipment,

Instruments

&

Components

8,096,421

–

–

8,096,421

Energy

Equipment

&

Services

1,494,720

–

–

1,494,720

Equity

Real

Estate

Investment

Trusts

(REITs)

21,647,813

–

–

21,647,813

Food

&

Staples

Retailing

1,833,546

–

–

1,833,546

Food

Products

3,915,221

–

–

3,915,221

Gas

Utilities

4,443,086

–

–

4,443,086

Health

Care

Equipment

&

Supplies

19,098,617

–

–

19,098,617

Health

Care

Providers

&

Services

4,331,782

–

–

4,331,782

Health

Care

Technology

10,115,772

–

–

10,115,772

Hotels,

Restaurants

&

Leisure

8,267,032

–

–

8,267,032

Household

Durables

1,907,730

–

–

1,907,730

Independent

Power

and

Renewable

Electricity

Producers

353,970

–

–

353,970

Insurance

18,768,365

–

–

18,768,365

Interactive

Media

&

Services

3,016,135

–

–

3,016,135

Internet

&

Direct

Marketing

Retail

1,121,194

–

–

1,121,194

IT

Services

7,767,284

–

–

7,767,284

Leisure

Products

4,085,158

–

–

4,085,158

Life

Sciences

Tools

&

Services

9,370,664

–

–

9,370,664

Machinery

19,779,244

–

–

19,779,244

Marine

918,290

–

–

918,290

Media

3,720,641

–

–

3,720,641

Metals

&

Mining

2,204,723

–

–

2,204,723

Multiline

Retail

2,215,502

–

–

2,215,502

Oil,

Gas

&

Consumable

Fuels

21,418,022

–

–

21,418,022

Paper

&

Forest

Products

1,755,231

–

–

1,755,231

Personal

Products

473,824

–

–

473,824

Pharmaceuticals

3,652,512

–

–

3,652,512

Professional

Services

4,669,367

–

–

4,669,367

Real

Estate

Management

&

Development

4,122,885

–

–

4,122,885

Road

&

Rail

7,115,484

–

–

7,115,484

Semiconductors

&

Semiconductor

Equipment

16,856,919

–

–

16,856,919

Software

25,561,644

–

–

25,561,644

Specialty

Retail

10,327,137

–

–

10,327,137

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

83

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:

Technology

Hardware,

Storage

&

Peripherals

$

1,909,508

$

–

$

–

$

1,909,508

Textiles,

Apparel

&

Luxury

Goods

1,976,494

–

–

1,976,494

Thrifts

&

Mortgage

Finance

6,872,511

–

–

6,872,511

Trading

Companies

&

Distributors

13,788,487

–

–

13,788,487

Wireless

Telecommunication

Services

3,561,446

–

–

3,561,446

Total

Common

Stocks

$

416,584,889

$

–

$

–

$

416,584,889

Corporate

Bonds

–

–

–

–

Preferred

Stock

–

–

–

–

Repurchase

Agreements

–

6,283,394

–

6,283,394

Rights

–

–

–

–

Total

$

416,584,889

$

6,283,394

$

–

$

422,868,283

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2021,

the

Fund

held

two

corporate

bonds,

three

common

stocks,

one

preferred

stock

and

two

rights

investments

that

were

categorized

as

Level

3

investment

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.

84

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

(formerly,

NVIT

Newton

Sustainable

U.S.

Equity

Fund)

Common

Stocks

98.8%

Shares

Value

($)

Banks

8.2%

Citigroup,

Inc.

48,831

3,426,960

First

Republic

Bank

19,157

3,695,002

JPMorgan

Chase

&

Co.

23,160

3,791,060

10,913,022

Beverages

2.7%

PepsiCo,

Inc.

23,842

3,586,075

Capital

Markets

2.7%

Goldman

Sachs

Group,

Inc.

(The)

9,644

3,645,721

Chemicals

4.8%

Albemarle

Corp.

19,236

4,212,107

Ecolab,

Inc.

10,274

2,143,362

6,355,469

Diversified

Telecommunication

Services

1.1%

Verizon

Communications,

Inc.

25,905

1,399,129

Electric

Utilities

1.7%

Eversource

Energy

27,481

2,246,847

Electronic

Equipment,

Instruments

&

Components

2.2%

TE

Connectivity

Ltd.

21,758

2,985,633

Food

&

Staples

Retailing

2.6%

Costco

Wholesale

Corp.

7,626

3,426,743

Food

Products

0.2%

Beyond

Meat,

Inc.*

2,867

301,780

Health

Care

Equipment

&

Supplies

8.9%

Abbott

Laboratories

33,490

3,956,174

Cooper

Cos.,

Inc.

(The)

8,865

3,663,993

Medtronic

plc

34,166

4,282,708

11,902,875

Household

Durables

2.6%

Lennar

Corp.,

Class

A

36,512

3,420,444

Interactive

Media

&

Services

4.8%

Alphabet,

Inc.,

Class

A*

2,382

6,368,325

Internet

&

Direct

Marketing

Retail

9.1%

Amazon.com,

Inc.*

2,438

8,008,928

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

eBay,

Inc.

59,748

4,162,643

12,171,571

IT

Services

8.5%

Accenture

plc,

Class

A

17,086

5,466,153

Fidelity

National

Information

Services,

Inc.

18,509

2,252,175

Mastercard

,

Inc.,

Class

A

10,233

3,557,810

11,276,138

Multiline

Retail

2.1%

Dollar

General

Corp.

13,032

2,764,609

Multi-Utilities

1.1%

CMS

Energy

Corp.

24,321

1,452,693

Pharmaceuticals

1.6%

Merck

&

Co.,

Inc.

28,013

2,104,056

Road

&

Rail

1.7%

Norfolk

Southern

Corp.

9,292

2,223,111

Semiconductors

&

Semiconductor

Equipment

6.3%

Applied

Materials,

Inc.

25,383

3,267,554

QUALCOMM,

Inc.

14,147

1,824,680

Texas

Instruments,

Inc.

17,292

3,323,695

8,415,929

Software

14.2%

Intuit,

Inc.

8,341

4,500,053

Microsoft

Corp.

34,038

9,595,993

salesforce.com,

Inc.*

17,456

4,734,416

18,830,462

Technology

Hardware,

Storage

&

Peripherals

7.0%

Apple,

Inc.

65,939

9,330,369

Textiles,

Apparel

&

Luxury

Goods

3.0%

NIKE,

Inc.,

Class

B

27,510

3,995,277

Trading

Companies

&

Distributors

1.7%

Ferguson

plc

16,677

2,311,813

Total

Investments

(cost

$85,666,934)

—

98.8%

131,428,091

Other

assets

in

excess

of

liabilities

—

1.2%

1,657,035

NET

ASSETS

—

100.0%

$

133,085,126

*

Denotes

a

non-income

producing

security.

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

(formerly,

NVIT

Newton

Sustainable

U.S.

Equity

Fund)

-

September

30,

2021

(Unaudit-

ed)

-

Statement

of

Investments

-

85

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

.

86

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

(formerly,

NVIT

Newton

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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Banks

$

10,913,022

$

–

$

–

$

10,913,022

Beverages

3,586,075

–

–

3,586,075

Capital

Markets

3,645,721

–

–

3,645,721

Chemicals

6,355,469

–

–

6,355,469

Diversified

Telecommunication

Services

1,399,129

–

–

1,399,129

Electric

Utilities

2,246,847

–

–

2,246,847

Electronic

Equipment,

Instruments

&

Components

2,985,633

–

–

2,985,633

Food

&

Staples

Retailing

3,426,743

–

–

3,426,743

Food

Products

301,780

–

–

301,780

Health

Care

Equipment

&

Supplies

11,902,875

–

–

11,902,875

Household

Durables

3,420,444

–

–

3,420,444

Interactive

Media

&

Services

6,368,325

–

–

6,368,325

Internet

&

Direct

Marketing

Retail

12,171,571

–

–

12,171,571

IT

Services

11,276,138

–

–

11,276,138

Multiline

Retail

2,764,609

–

–

2,764,609

Multi-Utilities

1,452,693

–

–

1,452,693

Pharmaceuticals

2,104,056

–

–

2,104,056

Road

&

Rail

2,223,111

–

–

2,223,111

Semiconductors

&

Semiconductor

Equipment

8,415,929

–

–

8,415,929

Software

18,830,462

–

–

18,830,462

Technology

Hardware,

Storage

&

Peripherals

9,330,369

–

–

9,330,369

Textiles,

Apparel

&

Luxury

Goods

3,995,277

–

–

3,995,277

Trading

Companies

&

Distributors

–

2,311,813

–

2,311,813

Total

Common

Stocks

$

129,116,278

$

2,311,813

$

–

$

131,428,091

Total

$

129,116,278

$

2,311,813

$

–

$

131,428,091

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Real

Estate

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

99.1%

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

89.0%

Acadia

Realty

Trust

177,827

3,629,449

Alexandria

Real

Estate

Equities,

Inc.

47,845

9,141,744

American

Tower

Corp.

46,580

12,362,798

AvalonBay

Communities,

Inc.

62,081

13,759,633

Brixmor

Property

Group,

Inc.

458,189

10,130,559

Camden

Property

Trust

57,663

8,503,563

Douglas

Emmett,

Inc.

154,164

4,873,124

Equinix

,

Inc.

12,793

10,108,133

Extra

Space

Storage,

Inc.

85,560

14,373,224

First

Industrial

Realty

Trust,

Inc.

68,111

3,547,221

Healthpeak

Properties,

Inc.

143,653

4,809,502

Independence

Realty

Trust,

Inc.

33

6,719

6,852,232

Innovative

Industrial

Properties,

Inc.

16,135

3,729,928

Invitation

Homes,

Inc.

232,244

8,901,913

Kimco

Realty

Corp.

220,246

4,570,104

Life

Storage,

Inc.

80,498

9,236,340

Pebblebrook

Hotel

Trust

120,819

2,707,554

Phillips

Edison

&

Co.,

Inc.

48,560

1,491,278

PotlatchDeltic

Corp.

40,697

2,099,151

Prologis,

Inc.

209,263

26,247,858

Public

Storage

12,248

3,638,881

Retail

Opportunity

Investments

Corp.

235,912

4,109,587

Rexford

Industrial

Realty,

Inc.

133,818

7,594,171

Ryman

Hospitality

Properties,

Inc.*

57,303

4,796,261

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

SBA

Communications

Corp.

22,064

7,293,696

Simon

Property

Group,

Inc.

55,968

7,274,161

SL

Green

Realty

Corp.

93,909

6,652,514

Sun

Communities,

Inc.

51,900

9,606,690

UDR,

Inc.

203,168

10,763,841

VICI

Properties,

Inc.

284,992

8,096,623

Welltower

,

Inc.

174,168

14,351,443

245,253,176

Health

Care

Providers

&

Services

2.2%

Brookdale

Senior

Living,

Inc.*

368,389

2,320,851

HCA

Healthcare,

Inc.

15,721

3,815,801

6,136,652

Hotels,

Restaurants

&

Leisure

2.4%

Caesars

Entertainment,

Inc.*

26,593

2,985,862

Playa

Hotels

&

Resorts

NV*

434,819

3,604,649

6,590,511

Real

Estate

Management

&

Development

5.5%

Colliers

International

Group,

Inc.

46,295

5,912,335

Jones

Lang

LaSalle,

Inc.*

22,616

5,610,803

Tricon

Residential,

Inc.

268,819

3,586,800

15,109,938

Total

Investments

(cost

$195,851,222)

—

99.1%

273,090,277

Other

assets

in

excess

of

liabilities

—

0.9%

2,400,277

NET

ASSETS

—

100.0%

$

275,490,554

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

88

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Real

Estate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

273,090,277

$

–

$

–

$

273,090,277

Total

$

273,090,277

$

–

$

–

$

273,090,277

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Wells

Fargo

Discovery

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

98.8%

Shares

Value

($)

ARGENTINA

2.9%

Internet

&

Direct

Marketing

Retail

2.9%

MercadoLibre

,

Inc.

*

12,626

21,204,104

BRAZIL

0.8%

IT

Services

0.8%

StoneCo

Ltd.,

Class

A

*

168,630

5,854,834

CANADA

2.1%

Software

2.1%

Lightspeed

Commerce,

Inc.

*

161,502

15,573,638

CHINA

0.4%

Biotechnology

0.4%

Zai

Lab

Ltd.,

ADR

*

28,395

2,992,549

DENMARK

0.7%

Biotechnology

0.7%

Ascendis

Pharma

A/S,

ADR

*

34,329

5,471,699

INDIA

1.4%

IT

Services

1.4%

WNS

Holdings

Ltd.,

ADR

*

126,292

10,330,686

ISRAEL

0.5%

Internet

&

Direct

Marketing

Retail

0.5%

Global-e

Online

Ltd.

*(a)

54,900

3,941,820

SWITZERLAND

0.4%

Biotechnology

0.4%

CRISPR

Therapeutics

AG

*

27,108

3,034,198

UNITED

STATES

89.6%

Aerospace

&

Defense

1.3%

Axon

Enterprise,

Inc.

*

52,800

9,241,056

Banks

0.7%

Silvergate

Capital

Corp.,

Class

A

*

43,700

5,047,350

Biotechnology

4.4%

Mirati

Therapeutics,

Inc.

*

27,814

4,920,575

Natera

,

Inc.

*

110,335

12,295,732

ORIC

Pharmaceuticals,

Inc.

*(a)

127,494

2,665,900

Turning

Point

Therapeutics,

Inc.

*

53,573

3,558,854

Twist

Bioscience

Corp.

*

51,197

5,476,543

Zentalis

Pharmaceuticals,

Inc.

*

51,300

3,418,632

32,336,236

Building

Products

1.8%

Trex

Co.,

Inc.

*

130,779

13,330,303

Capital

Markets

1.4%

MarketAxess

Holdings,

Inc.

24,500

10,306,905

Commercial

Services

&

Supplies

2.4%

Casella

Waste

Systems,

Inc.,

Class

A

*

228,410

17,345,455

Diversified

Consumer

Services

2.5%

Chegg

,

Inc.

*(a)

154,469

10,506,981

Mister

Car

Wash,

Inc.

*

429,664

7,841,368

18,348,349

Electrical

Equipment

2.1%

Generac

Holdings,

Inc.

*

37,670

15,394,599

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electronic

Equipment,

Instruments

&

Components

4.8%

Cognex

Corp.

136,300

10,933,986

Novanta

,

Inc.

*

66,339

10,249,376

Teledyne

Technologies,

Inc.

*

33,489

14,386,204

35,569,566

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

Rexford

Industrial

Realty,

Inc.

76,600

4,347,050

Health

Care

Equipment

&

Supplies

11.9%

ABIOMED,

Inc.

*

17,599

5,728,826

Align

Technology,

Inc.

*

21,011

13,981,350

DexCom

,

Inc.

*(a)

26,575

14,532,805

Figs,

Inc.,

Class

A

*(a)

141,858

5,268,606

Heska

Corp.

*(a)

36,517

9,441,105

Inari

Medical,

Inc.

*

143,644

11,649,528

Insulet

Corp.

*

36,798

10,459,096

Shockwave

Medical,

Inc.

*

78,790

16,221,286

87,282,602

Health

Care

Providers

&

Services

7.5%

Amedisys

,

Inc.

*

37,123

5,535,039

Chemed

Corp.

19,821

9,219,144

Guardant

Health,

Inc.

*

88,943

11,118,764

HealthEquity

,

Inc.

*(a)

130,249

8,434,925

Oak

Street

Health,

Inc.

*(a)

168,028

7,146,231

Option

Care

Health,

Inc.

*

559,692

13,578,128

55,032,231

Health

Care

Technology

1.0%

Doximity

,

Inc.,

Class

A

*

58,908

4,753,876

Schrodinger,

Inc.

*(a)

48,400

2,646,512

7,400,388

Hotels,

Restaurants

&

Leisure

3.5%

Chipotle

Mexican

Grill,

Inc.

*

8,525

15,494,358

Domino's

Pizza,

Inc.

21,221

10,121,568

25,615,926

Insurance

1.8%

Goosehead

Insurance,

Inc.,

Class

A

(a)

84,800

12,914,192

Interactive

Media

&

Services

4.0%

Bumble,

Inc.,

Class

A

*(a)

217,100

10,850,658

IAC/InterActiveCorp

*

49,137

6,402,060

ZoomInfo

Technologies,

Inc.,

Class

A

*

199,800

12,225,762

29,478,480

Internet

&

Direct

Marketing

Retail

1.6%

Etsy,

Inc.

*

55,871

11,618,933

IT

Services

10.2%

EPAM

Systems,

Inc.

*

20,424

11,651,484

Globant

SA

*

59,574

16,740,890

MongoDB,

Inc.

*

54,491

25,693,050

Shift4

Payments,

Inc.,

Class

A

*(a)

115,200

8,930,304

Twilio

,

Inc.,

Class

A

*

36,793

11,738,807

74,754,535

Leisure

Products

1.4%

Callaway

Golf

Co.

*

383,409

10,593,591

Life

Sciences

Tools

&

Services

3.3%

10X

Genomics,

Inc.,

Class

A

*(a)

73,689

10,727,645

90

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Wells

Fargo

Discovery

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.,

Class

A

*

18,096

13,498,711

24,226,356

Media

0.7%

Magnite

,

Inc.

*(a)

174,033

4,872,924

Professional

Services

1.3%

Clarivate

plc

*

444,936

9,744,098

Road

&

Rail

1.8%

Saia,

Inc.

*

56,264

13,392,520

Semiconductors

&

Semiconductor

Equipment

4.1%

Enphase

Energy,

Inc.

*

72,225

10,831,583

MKS

Instruments,

Inc.

79,132

11,941,811

Universal

Display

Corp.

43,342

7,409,748

30,183,142

Software

11.7%

Avalara,

Inc.

*

105,145

18,376,192

Bill.com

Holdings,

Inc.

*

78,159

20,864,545

Black

Knight,

Inc.

*

199,971

14,397,912

Crowdstrike

Holdings,

Inc.,

Class

A

*

47,460

11,664,719

Elastic

NV

*

103,628

15,439,536

Olo

,

Inc.,

Class

A

*

179,600

5,393,388

86,136,292

Trading

Companies

&

Distributors

1.8%

SiteOne

Landscape

Supply,

Inc.

*

67,478

13,459,837

657,972,916

Total

Common

Stocks

(cost

$466,043,271)

726,376,444

Repurchase

Agreements

1.4%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$6,257,005,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$6,382,135.(b)

6,256,995

6,256,995

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$3,000,030,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

2/15/2031;

total

market

value

$3,060,009.(b)

3,000,000

3,000,000

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$10,256,995)

10,256,995

Total

Investments

(cost

$476,300,266)

  —

100.2%

736,633,439

Liabilities

in

excess

of

other

assets

—

(0.2)%

(1,828,529)

NET

ASSETS

—

100.0%

$

734,804,910

NVIT

Wells

Fargo

Discovery

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

91

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$52,454,362,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,256,995

and

by

$44,852,095

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

10/7/2021

–

11/15/2050,

a

total

value

of

$55,109,090.

(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,

2021

was

$10,256,995.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

92

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Wells

Fargo

Discovery

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

Wells

Fargo

Discovery

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

93

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

726,376,444

$

–

$

–

$

726,376,444

Repurchase

Agreements

–

10,256,995

–

10,256,995

Total

$

726,376,444

$

10,256,995

$

–

$

736,633,439

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Core

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

1

.

Asset-Backed

Securities

20.4%

Principal

Amount

($)

Value

($)

Airlines

2.4%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

7,114,710

7,193,784

American

Airlines

Pass-

Through

Trust,

Series

2017-1,

Class

B,

4.95%,

2/15/2025

2,121,000

2,126,417

British

Airways

Pass-Through

Trust

Series

2013-1,

Class

A,

4.63%,

6/20/2024(a)

5,218,862

5,507,157

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

8,295,000

8,369,637

Series

2021-1,

Class

A,

2.90%,

3/15/2035(a)

2,865,000

2,878,848

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

5,951,968

5,927,639

32,003,482

Automobiles

0.1%

OneMain

Direct

Auto

Receivables

Trust,

Series

2018-1A,

Class

A,

3.43%,

12/16/2024(a)

1,818,107

1,822,211

Home

Equity

0.7%

Newcastle

Mortgage

Securities

Trust,

Series

2006-1,

Class

M2,

0.64%,

3/25/2036(b)

2,306,896

2,320,324

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.33%,

1/25/2036(b)

1,059,509

1,061,330

RASC

Trust,

Series

2005-

KS12,

Class

M2,

0.78%,

1/25/2036(b)

5,845,731

5,845,393

Structured

Asset

Investment

Loan

Trust,

Series

2004-

7,

Class

A7,

0.93%,

8/25/2034(b)

657,125

656,827

9,883,874

Other

17.2%

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

10,994,338

11,629,054

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

9,589,875

10,191,039

AMMC

CLO

22

Ltd.

Series

2018-22A,

Class

A,

1.16%,

4/25/2031(a)(b)

11,500,000

11,476,448

Series

2018-22A,

Class

B,

1.58%,

4/25/2031(a)(b)

5,000,000

4,978,800

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

1.19%,

4/20/2031(a)(b)

5,000,000

5,000,045

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

A1,

1.41%,

10/25/2031(a)(b)

2,050,000

2,050,000

ARES

XLIV

CLO

Ltd.

Series

2017-44A,

Class

A1R,

1.21%,

4/15/2034(a)

(b)

7,000,000

7,005,411

Series

2017-44A,

Class

A3R1,

1.78%,

4/15/2034(a)

(b)

3,000,000

3,000,453

Bayview

Opportunity

Master

Fund

IVa

Trust

Series

2017-SPL5,

Class

B2,

4.50%,

6/28/2057(a)(b)

5,297,400

5,434,597

Series

2017-SPL1,

Class

A,

4.00%,

10/28/2064(a)(b)

2,519,107

2,569,754

Bayview

Opportunity

Master

Fund

IVb

Trust,

Series

2017-SPL2,

Class

A,

4.00%,

6/28/2054(a)(b)

2,817,385

2,940,286

Broad

River

Bsl

Funding

CLO

Ltd.

Series

2020-1A,

Class

AR,

1.30%,

7/20/2034(a)(b)

6,600,000

6,603,551

Series

2020-1A,

Class

BR,

1.83%,

7/20/2034(a)(b)

3,600,000

3,602,567

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

BR,

1.74%,

10/17/2034(a)(b)

6,500,000

6,496,743

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

596,447

620,270

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

8,008,314

9,635,254

Dryden

77

CLO

Ltd.

Series

2020-77A,

Class

AR,

1.26%,

5/20/2034(a)(b)

6,600,000

6,604,283

Series

2020-77A,

Class

BR,

1.79%,

5/20/2034(a)(b)

3,550,000

3,552,844

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

946,433

968,961

FCI

Funding

LLC

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

318,794

322,356

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

2,166,174

2,167,497

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

2,648,872

2,782,269

Goodgreen

,

Series

2019-

2A,

Class

A,

2.76%,

4/15/2055(a)

5,311,021

5,423,517

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

484,511

509,491

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

2,435,659

2,532,690

2

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2014-2A,

Class

A,

3.99%,

9/21/2040(a)

838,950

872,028

Series

2015-3,

Class

A,

4.28%,

9/20/2041(a)

1,029,886

1,081,586

Invesco

CLO

Ltd.

Series

2021-2A,

Class

A,

1.20%,

7/15/2034(a)(b)

10,000,000

10,003,570

Series

2021-2A,

Class

B,

1.68%,

7/15/2034(a)(b)

3,200,000

3,201,702

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.08%,

7/17/2037(a)(b)

12,194,439

12,202,946

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

A,

1.40%,

10/25/2031(a)(b)

7,950,000

7,951,638

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

3,331,645

3,433,432

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.

Series

2019-32A,

Class

AR,

1.12%,

1/20/2032(a)(b)

1,000,000

1,000,189

Series

2019-32A,

Class

BR,

1.53%,

1/20/2032(a)(b)

500,000

498,365

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.

Series

2020-38A,

Class

A,

1.43%,

10/20/2032(a)(b)

7,800,000

7,800,000

Series

2020-38A,

Class

AR,

0.00%,

10/20/2035(a)(b)

6,950,000

6,950,000

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

4,380,000

4,383,206

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

660,000

661,830

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,500,000

1,502,221

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

200,769

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

3,560,822

3,763,761

RR

1

LLC

Series

2017-1A,

Class

A1AB,

1.23%,

7/15/2035(a)

(b)

9,300,000

9,311,690

Series

2017-1A,

Class

A2B,

1.68%,

7/15/2035(a)(b)

3,800,000

3,806,787

Towd

Point

Mortgage

Trust,

Series

2018-6,

Class

A1,

3.75%,

3/25/2058(a)(b)

2,537,244

2,652,962

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

13,545,277

13,749,120

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,605,372

7,922,019

Wellman

Park

CLO

Ltd.

Series

2021-1A,

Class

A,

1.23%,

7/15/2034(a)(b)

10,000,000

10,003,570

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2021-1A,

Class

B,

1.73%,

7/15/2034(a)(b)

3,200,000

3,201,702

234,253,273

Total

Asset-Backed

Securities

(cost

$275,214,322)

277,962,840

Collateralized

Mortgage

Obligations

2.4%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

2,234,061

2,244,905

Chase

Mortgage

Finance

Corp.

Series

2016-SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

1,062,108

1,077,857

Series

2016-SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

5,891,459

6,009,209

Citigroup

Mortgage

Loan

Trust,

Series

2015-A,

Class

A1,

3.50%,

6/25/2058(a)(b)

102,547

103,088

FNMA

REMICS

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

84,402

91,548

Series

2009-78,

Class

BM,

4.00%,

6/25/2039

156,573

160,375

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

5,211,027

5,338,129

New

Residential

Mortgage

Loan

Trust

Series

2014-2A,

Class

A3,

3.75%,

5/25/2054(a)(b)

679,838

717,130

Series

2016-4A,

Class

A1,

3.75%,

11/25/2056(a)(b)

1,288,652

1,379,571

Series

2017-1A,

Class

A1,

4.00%,

2/25/2057(a)(b)

1,197,939

1,281,000

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

838,971

882,037

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

3,212,614

3,374,057

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

1,451,305

1,540,774

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

6,111,058

6,600,355

Series

2019-3A,

Class

A1A,

3.75%,

11/25/2058(a)(b)

1,220,401

1,294,005

Total

Collateralized

Mortgage

Obligations

(cost

$31,353,488)

32,094,040

NVIT

Core

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Commercial

Mortgage-Backed

Securities

2.5%

Principal

Amount

($)

Value

($)

AOA

Mortgage

Trust

,

Series

2015-1177,

Class

A,

2.96%,

12/13/2029(a)

5,000,000

4,999,328

Aventura

Mall

Trust

,

Series

2018-AVM,

Class

A,

4.25%,

7/5/2040(a)(b)

1,400,000

1,580,552

BB-UBS

Trust

,

Series

2012-

SHOW,

Class

B,

3.88%,

11/5/2036(a)

5,000,000

5,255,300

Benchmark

Mortgage

Trust

Series

2019-B11,

Class

AS,

3.78%,

5/15/2052

1,550,000

1,719,357

Series

2019-B10,

Class

AM,

3.98%,

3/15/2062

1,400,000

1,564,882

CityLine

Commercial

Mortgage

Trust

,

Series

2016-CLNE,

Class

A,

2.87%,

11/10/2031(a)(b)

7,388,000

7,621,785

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2014-C18,

Class

300B,

4.00%,

8/15/2031

10,500,000

11,005,321

Natixis

Commercial

Mortgage

Securities

Trust

,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

850,000

933,937

Total

Commercial

Mortgage-Backed

Securities

(cost

$33,512,028)

34,680,462

Corporate

Bonds

38.9%

Aerospace

&

Defense

1.7%

Boeing

Co.

(The)

,

2.95%,

2/1/2030(c)

4,775,000

4,868,601

3.25%,

2/1/2035

2,000,000

1,999,816

Huntington

Ingalls

Industries,

Inc.

,

4.20%,

5/1/2030

3,980,000

4,492,289

L3Harris

Technologies,

Inc.

,

1.80%,

1/15/2031

4,000,000

3,859,953

Moog,

Inc.

,

4.25%,

12/15/2027(a)

865,000

888,787

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028(c)

4,000,000

4,552,743

4.15%,

5/15/2045

2,000,000

2,352,921

23,015,110

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)(c)

1,000,000

1,009,050

Auto

Components

0.0%

†

Allison

Transmission,

Inc.

,

4.75%,

10/1/2027(a)

440,000

457,600

Automobiles

1.1%

Daimler

Finance

North

America

LLC

,

3.75%,

2/22/2028(a)(c)

1,000,000

1,112,049

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

Daimler

Finance

North

America

LLC,

3.10%,

8/15/2029(a)

3,550,000

3,795,664

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)

5,080,000

5,148,721

1.80%,

1/10/2028(a)(c)

672,000

657,734

6.38%,

4/8/2030(a)(c)

1,730,000

2,221,513

Nissan

Motor

Co.

Ltd.

,

4.81%,

9/17/2030(a)

2,450,000

2,755,518

15,691,199

Banks

4.2%

Bank

of

America

Corp.

,

Series

L,

3.95%,

4/21/2025

3,500,000

3,814,168

4.25%,

10/22/2026

3,000,000

3,376,783

Series

L,

4.18%,

11/25/2027

4,000,000

4,459,015

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(d)

2,340,000

2,619,685

(SOFR

+

1.53%),

1.90%,

7/23/2031(d)

2,500,000

2,410,692

(SOFR

+

1.88%),

2.83%,

10/24/2051(d)

440,000

421,612

Citigroup,

Inc.

,

4.45%,

9/29/2027

5,000,000

5,685,945

(SOFR

+

3.91%),

4.41%,

3/31/2031(d)

3,250,000

3,752,636

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032

6,200,000

6,225,634

Cooperatieve

Rabobank

UA

,

4.63%,

12/1/2023

5,000,000

5,417,973

HSBC

Holdings

plc

,

4.38%,

11/23/2026

3,500,000

3,901,011

ING

Groep

NV

,

3.95%,

3/29/2027

5,000,000

5,601,917

(SOFR

+

1.32%),

2.73%,

4/1/2032(d)

4,125,000

4,244,513

JPMorgan

Chase

&

Co.

,

Series

I,

(ICE

LIBOR

USD

3

Month

+

3.47%),

3.60%,

10/30/2021(c)(d)(e)

488,000

490,670

(SOFR

+

1.51%),

2.53%,

11/19/2041(d)

1,850,000

1,751,915

PNC

Financial

Services

Group,

Inc.

(The)

,

3.45%,

4/23/2029

3,000,000

3,324,133

57,498,302

Beverages

0.9%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

4,350,000

4,771,174

4.90%,

2/1/2046

2,000,000

2,458,430

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050(c)

1,435,000

1,712,990

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

2,975,000

3,879,255

12,821,849

4

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

0.5%

AbbVie,

Inc.

,

3.20%,

11/21/2029

2,115,000

2,278,936

4.25%,

11/21/2049

1,350,000

1,599,011

Gilead

Sciences,

Inc.

,

4.80%,

4/1/2044

2,775,000

3,492,395

7,370,342

Building

Products

0.5%

Carrier

Global

Corp.

,

2.72%,

2/15/2030

4,320,000

4,469,302

2.70%,

2/15/2031(c)

1,680,000

1,729,788

Johnson

Controls

International

plc

,

4.63%,

7/2/2044(f)

440,000

534,461

6,733,551

Capital

Markets

3.0%

Credit

Suisse

Group

AG

,

(ICE

LIBOR

USD

3

Month

+

1.41%),

3.87%,

1/12/2029(a)(d)

3,000,000

3,274,301

(SOFR

+

3.73%),

4.19%,

4/1/2031(a)(d)

1,000,000

1,120,049

(SOFR

+

1.73%),

3.09%,

5/14/2032(a)(d)

2,920,000

2,985,776

FMR

LLC

,

6.50%,

12/14/2040(a)

2,000,000

2,989,725

5.15%,

2/1/2043(a)

1,000,000

1,318,236

Moody's

Corp.

,

3.25%,

5/20/2050

2,600,000

2,662,734

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(d)

5,000,000

5,483,188

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(d)

5,000,000

5,532,578

MSCI,

Inc.

,

3.88%,

2/15/2031(a)

870,000

912,413

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

10,900,000

11,977,167

UBS

Group

AG

,

4.13%,

4/15/2026(a)

2,000,000

2,228,926

40,485,093

Chemicals

0.6%

CF

Industries,

Inc.

,

5.15%,

3/15/2034

860,000

1,052,021

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

5,750,000

6,150,032

Mosaic

Co.

(The)

,

5.63%,

11/15/2043

1,175,000

1,551,226

8,753,279

Commercial

Services

&

Supplies

0.1%

Clean

Harbors,

Inc.

,

5.13%,

7/15/2029(a)

865,000

947,175

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

Stericycle,

Inc.

,

3.88%,

1/15/2029(a)

875,000

880,346

1,827,521

Communications

Equipment

0.3%

Motorola

Solutions,

Inc.

,

5.50%,

9/1/2044(c)

2,435,000

3,172,689

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)(c)

875,000

912,188

4,084,877

Consumer

Finance

1.1%

Ford

Motor

Credit

Co.

LLC

,

4.00%,

11/13/2030

870,000

904,800

Navient

Solutions

LLC

,

0.00%,

10/3/2022(c)(g)

14,956,000

14,833,716

15,738,516

Containers

&

Packaging

0.8%

Ball

Corp.

,

2.88%,

8/15/2030

860,000

834,738

Berry

Global,

Inc.

,

4.88%,

7/15/2026(a)

2,250,000

2,362,613

5.63%,

7/15/2027(a)

865,000

914,054

Crown

Americas

LLC

,

4.25%,

9/30/2026

435,000

466,272

Sealed

Air

Corp.

,

4.00%,

12/1/2027(a)

865,000

921,138

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

4,750,000

4,673,911

4.13%,

2/1/2028

875,000

899,062

11,071,788

Diversified

Consumer

Services

0.1%

Service

Corp.

International

,

3.38%,

8/15/2030

1,155,000

1,152,661

Diversified

Financial

Services

0.2%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032

2,250,000

2,664,486

Diversified

Telecommunication

Services

1.1%

AT&T,

Inc.

,

3.65%,

6/1/2051

6,920,000

7,051,393

CCO

Holdings

LLC

,

4.50%,

5/1/2032(c)

1,160,000

1,194,800

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

575,000

591,560

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

3,000,000

3,036,871

4.00%,

3/22/2050

3,345,000

3,801,536

15,676,160

Electric

Utilities

3.4%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

7,525,000

8,514,307

Appalachian

Power

Co.

,

Series

Z,

3.70%,

5/1/2050

2,805,000

3,053,094

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

4,880,000

5,328,673

4.00%,

6/1/2028

3,750,000

4,218,198

NVIT

Core

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Evergy

,

Inc.

,

2.90%,

9/15/2029

3,505,000

3,678,395

Exelon

Corp.

,

4.05%,

4/15/2030

695,000

787,663

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

2,000,000

2,202,535

2.75%,

3/1/2032(a)

170,000

174,148

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

6,000,000

6,724,097

NextEra

Energy

Operating

Partners

LP

,

4.50%,

9/15/2027(a)

855,000

919,125

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)(c)

865,000

849,646

Public

Service

Co.

of

Colorado

,

2.90%,

5/15/2025

2,000,000

2,107,148

Vistra

Operations

Co.

LLC

,

3.70%,

1/30/2027(a)

5,500,000

5,800,242

5.63%,

2/15/2027(a)

920,000

952,255

4.30%,

7/15/2029(a)

1,403,000

1,495,256

46,804,782

Electrical

Equipment

0.1%

Sensata

Technologies

BV

,

4.00%,

4/15/2029(a)(c)

800,000

814,360

Electronic

Equipment,

Instruments

&

Components

0.1%

Sensata

Technologies,

Inc.

,

3.75%,

2/15/2031(a)

865,000

870,917

Energy

Equipment

&

Services

0.5%

Helmerich

&

Payne,

Inc.

,

4.65%,

3/15/2025

1,200,000

1,325,298

Schlumberger

Holdings

Corp.

,

4.00%,

12/21/2025(a)

321,000

353,744

3.90%,

5/17/2028(a)

4,389,000

4,838,176

6,517,218

Entertainment

0.3%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031(c)

3,500,000

3,653,465

Equity

Real

Estate

Investment

Trusts

(REITs)

3.9%

Corporate

Office

Properties

LP

,

2.25%,

3/15/2026

3,730,000

3,821,414

2.75%,

4/15/2031

4,750,000

4,798,181

Crown

Castle

International

Corp.

,

4.15%,

7/1/2050

1,290,000

1,464,588

Lexington

Realty

Trust

,

2.70%,

9/15/2030(c)

5,000,000

5,059,853

Piedmont

Operating

Partnership

LP

,

4.45%,

3/15/2024

9,050,000

9,677,520

2.75%,

4/1/2032

985,000

968,285

Sabra

Health

Care

LP

,

3.20%,

12/1/2031

4,855,000

4,756,079

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Spirit

Realty

LP

,

2.10%,

3/15/2028

3,500,000

3,481,807

4.00%,

7/15/2029(c)

4,750,000

5,262,277

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

4,226,000

4,233,843

VEREIT

Operating

Partnership

LP

,

2.85%,

12/15/2032

4,750,000

4,934,581

Welltower

,

Inc.

,

2.80%,

6/1/2031

4,750,000

4,893,075

53,351,503

Food

&

Staples

Retailing

0.4%

CVS

Pass-Through

Trust

,

6.04%,

12/10/2028

4,350,897

5,077,451

Food

Products

1.2%

Cargill,

Inc.

,

3.25%,

5/23/2029(a)

6,050,000

6,549,336

Grupo

Bimbo

SAB

de

CV

,

4.00%,

9/6/2049(a)

580,000

628,101

Ingredion,

Inc.

,

3.90%,

6/1/2050

2,315,000

2,611,179

J

M

Smucker

Co.

(The)

,

3.55%,

3/15/2050

2,245,000

2,420,024

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049

2,975,000

3,620,857

Lamb

Weston

Holdings,

Inc.

,

4.88%,

5/15/2028(a)

870,000

956,348

16,785,845

Health

Care

Equipment

&

Supplies

0.2%

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

2,050,000

2,619,101

Health

Care

Providers

&

Services

0.8%

CVS

Health

Corp.

,

4.25%,

4/1/2050

115,000

135,417

Dignity

Health

,

3.13%,

11/1/2022

6,000,000

6,162,710

3.81%,

11/1/2024

4,000,000

4,314,662

HCA,

Inc.

,

3.50%,

9/1/2030

860,000

911,076

11,523,865

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

5.00%,

5/15/2027(a)

870,000

903,652

Hotels,

Restaurants

&

Leisure

0.2%

International

Game

Technology

plc

,

5.25%,

1/15/2029(a)

870,000

929,830

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

870,000

908,289

MGM

Resorts

International

,

5.50%,

4/15/2027

880,000

954,800

2,792,919

6

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Durables

0.1%

Newell

Brands,

Inc.

,

5.87%,

4/1/2036(f)

865,000

1,074,373

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Corp.

,

4.50%,

2/15/2028(a)

865,000

882,300

Industrial

Conglomerates

0.1%

General

Electric

Co.

,

5.40%,

5/15/2022

1,125,000

1,156,114

Insurance

0.7%

MassMutual

Global

Funding

II

,

1.55%,

10/9/2030(a)

2,000,000

1,916,818

Metropolitan

Life

Global

Funding

I

,

3.45%,

12/18/2026(a)(c)

7,500,000

8,247,375

10,164,193

IT

Services

0.2%

Global

Payments,

Inc.

,

4.15%,

8/15/2049(c)

2,290,000

2,570,834

Life

Sciences

Tools

&

Services

0.1%

Charles

River

Laboratories

International,

Inc.

,

4.00%,

3/15/2031(a)

860,000

901,048

Machinery

0.1%

Amsted

Industries,

Inc.

,

4.63%,

5/15/2030(a)

870,000

893,925

Media

1.1%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

2,000,000

2,526,586

3.70%,

4/1/2051

1,250,000

1,217,030

Comcast

Corp.

,

2.65%,

2/1/2030

2,555,000

2,665,620

2.94%,

11/1/2056(a)

5,432,000

5,130,991

CSC

Holdings

LLC

,

3.38%,

2/15/2031(a)

860,000

799,800

Discovery

Communications

LLC

,

5.30%,

5/15/2049

1,000,000

1,249,227

Sirius

XM

Radio,

Inc.

,

5.00%,

8/1/2027(a)(c)

860,000

898,700

14,487,954

Metals

&

Mining

0.0%

†

Glencore

Funding

LLC

,

1.63%,

9/1/2025(a)

420,000

421,383

Multi-Utilities

1.6%

Black

Hills

Corp.

,

3.95%,

1/15/2026

6,890,000

7,514,757

3.05%,

10/15/2029

1,350,000

1,429,880

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049

3,500,000

4,350,893

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

7,000,000

7,670,043

3.25%,

6/15/2026

1,250,000

1,340,958

22,306,531

Oil,

Gas

&

Consumable

Fuels

2.6%

Aker

BP

ASA

,

3.75%,

1/15/2030(a)

5,500,000

5,888,555

Apache

Corp.

,

4.38%,

10/15/2028(c)

875,000

946,094

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051(c)

1,800,000

1,701,891

Cheniere

Energy

Partners

LP

,

3.25%,

1/31/2032(a)

38,000

38,125

Continental

Resources,

Inc.

,

4.38%,

1/15/2028(c)

865,000

956,906

DCP

Midstream

Operating

LP

,

5.38%,

7/15/2025

435,000

480,675

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

725,000

1,143,258

Energy

Transfer

LP

,

6.50%,

2/1/2042

2,350,000

3,053,174

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

2,250,000

2,392,713

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

450,000

573,206

3.25%,

8/1/2050(c)

395,000

380,735

Marathon

Oil

Corp.

,

6.60%,

10/1/2037

1,200,000

1,587,453

MPLX

LP

,

5.50%,

2/15/2049

1,270,000

1,609,834

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

5,400,000

5,532,860

ONEOK,

Inc.

,

7.15%,

1/15/2051

2,000,000

2,895,169

Sabine

Pass

Liquefaction

LLC

,

4.50%,

5/15/2030

2,140,000

2,466,585

Targa

Resources

Partners

LP

,

5.38%,

2/1/2027

865,000

896,313

Valero

Energy

Corp.

,

4.00%,

4/1/2029(c)

765,000

841,030

4.90%,

3/15/2045

600,000

721,671

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

320,000

361,247

Williams

Cos.,

Inc.

(The)

,

5.75%,

6/24/2044(c)

1,025,000

1,350,073

35,817,567

Pharmaceuticals

0.6%

Bristol-Myers

Squibb

Co.

,

4.25%,

10/26/2049

1,800,000

2,232,676

Catalent

Pharma

Solutions,

Inc.

,

3.13%,

2/15/2029(a)

575,000

564,621

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

2,100,000

2,265,199

NVIT

Core

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Takeda

Pharmaceutical

Co.

Ltd.

,

3.18%,

7/9/2050

2,385,000

2,416,905

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

3.15%,

10/1/2026(c)

900,000

861,750

8,341,151

Road

&

Rail

1.1%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

6,500,000

6,908,158

4.25%,

11/1/2029(a)

3,530,000

3,876,934

2.45%,

8/12/2031(a)

830,000

815,920

Union

Pacific

Corp.

,

3.84%,

3/20/2060

2,800,000

3,212,411

14,813,423

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom,

Inc.

,

2.60%,

2/15/2033(a)

1,000,000

960,588

Software

0.7%

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

855,000

878,512

Oracle

Corp.

,

2.88%,

3/25/2031

2,500,000

2,572,494

3.60%,

4/1/2050

2,375,000

2,377,846

PTC,

Inc.

,

4.00%,

2/15/2028(a)

855,000

877,444

VMware,

Inc.

,

1.80%,

8/15/2028

2,435,000

2,398,875

9,105,171

Specialty

Retail

0.5%

Lowe's

Cos.,

Inc.

,

1.70%,

10/15/2030(c)

6,750,000

6,453,544

Technology

Hardware,

Storage

&

Peripherals

0.4%

Apple,

Inc.

,

2.45%,

8/4/2026

4,000,000

4,232,491

HP,

Inc.

,

3.40%,

6/17/2030(c)

1,000,000

1,063,856

5,296,347

Textiles,

Apparel

&

Luxury

Goods

0.1%

Hanesbrands,

Inc.

,

4.63%,

5/15/2024(a)

870,000

917,224

Thrifts

&

Mortgage

Finance

0.5%

BPCE

SA

,

4.00%,

9/12/2023(a)

3,000,000

3,190,341

5.70%,

10/22/2023(a)

3,000,000

3,289,174

6,479,515

Trading

Companies

&

Distributors

0.3%

GATX

Corp.

,

1.90%,

6/1/2031

2,000,000

1,900,056

4.50%,

3/30/2045

1,315,000

1,504,049

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

United

Rentals

North

America,

Inc.

,

3.88%,

2/15/2031

860,000

881,500

4,285,605

Wireless

Telecommunication

Services

0.4%

T-Mobile

USA,

Inc.

,

2.88%,

2/15/2031

1,000,000

1,008,500

3.50%,

4/15/2031

1,145,000

1,207,556

3.30%,

2/15/2051

3,960,000

3,828,783

6,044,839

Total

Corporate

Bonds

(cost

$509,633,756)

531,140,091

Loan

Participation

0.1%

Electrical

Equipment

0.1%

Sensata

Technologies

B.V.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

1.75%),

1.84%,

9/20/2026

(d)

999,432

998,602

0

Total

Loan

Participation

(cost

$1,001,000)

998,602

Mortgage-Backed

Securities

19.9%

FHLMC

UMBS

Pool

Pool#

SB8000

3.00%,

7/1/2034

6,441,556

6,797,092

Pool#

SB8083

1.50%,

1/1/2036

17,814,215

18,006,794

Pool#

SB8088

1.50%,

2/1/2036

22,462,963

22,700,933

Pool#

SD8018

4.00%,

10/1/2049

3,190,796

3,414,744

Pool#

SD8080

2.00%,

6/1/2050

4,106,961

4,121,098

Pool#

SD8079

2.00%,

7/1/2050

10,445,341

10,481,296

Pool#

SD8084

3.00%,

8/1/2050

12,206,710

12,766,359

FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,319,352

2,721,920

Pool#

468516

5.17%,

6/1/2028

842,344

936,740

Pool#

AM7073

6.41%,

1/1/2030

1,489,555

1,778,726

Pool#

468127

5.70%,

5/1/2041

1,127,623

1,313,857

Pool#

AN0360

3.95%,

12/1/2045

10,000,000

11,696,028

FNMA

UMBS

Pool

Pool#

AR9398

3.50%,

6/1/2043

1,127,513

1,227,881

Pool#

BC0180

4.00%,

1/1/2046

3,274,903

3,577,998

8

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS7908

3.00%,

9/1/2046

6,887,337

7,276,365

Pool#

AS8483

3.00%,

12/1/2046

2,941,108

3,120,241

Pool#

MA2863

3.00%,

1/1/2047

9,248,636

9,774,802

Pool#

AS8784

3.00%,

2/1/2047

3,053,489

3,225,677

Pool#

BE7557

3.50%,

2/1/2047

5,818,744

6,243,994

Pool#

BM2003

4.00%,

10/1/2047

5,374,040

5,811,193

Pool#

BJ3716

3.50%,

12/1/2047

3,226,957

3,435,327

Pool#

MA3210

3.50%,

12/1/2047

1,308,064

1,392,961

Pool#

BM3355

3.50%,

2/1/2048

2,066,036

2,195,252

Pool#

CA1532

3.50%,

4/1/2048

6,889,510

7,334,800

Pool#

CA2208

4.50%,

8/1/2048

1,843,175

1,998,666

Pool#

CA2469

4.00%,

10/1/2048

3,271,606

3,508,124

Pool#

MA3745

3.50%,

8/1/2049

8,061,398

8,511,725

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

10/25/2051

15,000,000

14,571,090

2.00%,

10/25/2051

45,000,000

45,121,290

2.50%,

10/25/2051

45,000,000

46,397,461

Total

Mortgage-Backed

Securities

(cost

$268,605,883)

271,460,434

Municipal

Bonds

1.4%

California

0.4

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

3,885,000

5,758,061

District

of

Columbia

1.0

%

Metropolitan

Washington

Airports

Authority,

RB

Series

D,

7.46%,

10/1/2046

6,000,000

10,449,750

Series

D,

8.00%,

10/1/2047

2,000,000

3,518,159

13,967,909

Total

Municipal

Bonds

(cost

$14,218,948)

19,725,970

Purchased

Option

0.0%

†

Number

of

Contracts

Value

($)

Put

Option

0.0%

†

Future

Interest

Rate

Options

0.0%

†

U.S.

Treasury

30

Year

Bond

10/22/2021

at

USD

159.00,

American

Style,

Notional

Amount:

USD

17,500,000

Exchange

Traded

175

229,688

0

Total

Purchased

Option

(cost

$145,636)

229,688

U.S.

Government

Agency

Security

1.3%

Principal

Amount

($)

Tennessee

Valley

Authority,

5.88%,

4/1/2036(c)

11,793,000

17,273,764

Total

U.S.

Government

Agency

Security

(cost

$13,995,978)

17,273,764

U.S.

Treasury

Obligations

15.8%

U.S.

Treasury

Bonds,

7.13%,

2/15/2023

1,000,000

1,095,547

U.S.

Treasury

Notes

0.13%,

10/15/2023

4,000,000

3,985,625

0.25%,

3/15/2024

(c)

15,000,000

14,947,851

0.38%,

4/15/2024

19,000,000

18,978,477

0.25%,

6/15/2024

(c)

30,000,000

29,833,593

2.63%,

1/31/2026

(c)

11,000,000

11,822,422

1.25%,

3/31/2028

81,000,000

81,003,164

1.50%,

2/15/2030

(c)

53,000,000

53,337,461

Total

U.S.

Treasury

Obligations

(cost

$217,250,719)

215,004,140

Repurchase

Agreements

1.2%

Cantor

Fitzgerald

&

Co.

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,928,531,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$1,967,098.

(h)

1,928,528

1,928,528

NVIT

Core

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$5,000,009,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$5,102,049.

(h)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$3,000,030,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$3,060,009.

(h)

3,000,000

3,000,000

NatWest

Markets

Securities,

Inc.

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$5,000,049,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

4/15/2024

-

2/15/2044;

total

market

value

$5,100,008.

(h)

5,000,000

5,000,000

Pershing

LLC

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,005,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$2,040,001.

(h)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$16,928,528)

16,928,528

Total

Investments

(cost

$1,381,860,286)

—

103.9%

1,417,498,559

Liabilities

in

excess

of

other

assets

—

(3.9)%

(53,521,534)

NET

ASSETS

—

100.0%

$

1,363,977,025

†

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,

2021

was

$462,773,304

which

represents

33.93%

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,

2021.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$114,784,855,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,928,528

and

by

$100,914,254

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/7/2021

–

8/15/2051,

a

total

value

of

$117,842,782.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2021.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2021.

The

maturity

date

reflects

the

next

call

date.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2021.

(g)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$16,928,528.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

10

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

2021

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

Investment

Grade

Index

Series

37-V1

1.00

Quarterly

12/20/2026

0.53

USD

40,000,000

(976,860)

4,934

(971,926)

(976,860)

4,934

(971,926)

As

of

September

30,

2021,

the

Fund

had

$490,750

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

NVIT

Core

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

1,495

12/2021

USD

238,032,032

(3,865,317)

U.S.

Treasury

Ultra

Bond

175

12/2021

USD

33,435,937

(113,701)

(3,979,018)

Short

Contracts

U.S.

Treasury

5

Year

Note

(93)

12/2021

USD

(11,415,023)

(15,691)

U.S.

Treasury

10

Year

Note

(859)

12/2021

USD

(113,052,453)

(75,678)

U.S.

Treasury

10

Year

Ultra

Note

(1,222)

12/2021

USD

(177,495,500)

2,479,316

2,387,947

(1,591,071)

As

of

September

30,

2021,

the

Fund

had

$3,298,801

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Written

Put

Options

Contracts

as

of

September

30,

2021

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

30

Year

Bond

Exchange

Traded

175

USD

17,500,000

USD

155.00

10/22/2021

(41,016)

(41,016)

Total

Written

Options

Contracts

(Premiums

Received

($43,242))

(41,016)

Currency:

USD

United

States

dollar

12

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

277,962,840

$

–

$

277,962,840

Collateralized

Mortgage

Obligations

–

32,094,040

–

32,094,040

Commercial

Mortgage-Backed

Securities

–

34,680,462

–

34,680,462

Corporate

Bonds

–

531,140,091

–

531,140,091

Credit

Default

Swaps*

–

4,934

–

4,934

Futures

Contracts

2,479,316

–

–

2,479,316

Loan

Participation

–

998,602

–

998,602

Mortgage-Backed

Securities

–

271,460,434

–

271,460,434

Municipal

Bonds

–

19,725,970

–

19,725,970

Purchased

Option

229,688

–

–

229,688

Repurchase

Agreements

–

16,928,528

–

16,928,528

NVIT

Core

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange-traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Government

Agency

Security

$

–

$

17,273,764

$

–

$

17,273,764

U.S.

Treasury

Obligations

–

215,004,140

–

215,004,140

Total

Assets

$

2,709,004

$

1,417,273,805

$

–

$

1,419,982,809

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(4,070,387)

$

–

$

–

$

(4,070,387)

Options

Written

(41,016)

–

–

(41,016)

Total

Liabilities

$

(4,111,403)

$

–

$

–

$

(4,111,403)

Total

$

(1,402,399)

$

1,417,273,805

$

–

$

1,415,871,406

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

14

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Swap

Contracts

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts

during

the

period

ended

September

30,

2021

.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

NVIT

Core

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/

performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

2021

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(c)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

16

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

229,688

Swap

Contracts(a)

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

4,934

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

2,479,316

Total

$

2,713,938

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(41,016)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(4,070,387)

Total

$

(4,111,403)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation

/(

depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Asset-Backed

Securities

6.9%

Principal

Amount

($)

Value

($)

Airlines

0.9%

Air

Canada

Pass-Through

Trust,

Series

2020-2,

Class

A,

5.25%,

4/1/2029(a)

1,162,064

1,254,381

Alaska

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

4.80%,

8/15/2027(a)

746,506

831,256

British

Airways

Pass-Through

Trust,

Series

2020-1,

Class

B,

8.38%,

11/15/2028(a)

189,603

222,617

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

333,527

353,186

2,661,440

Automobiles

1.6%

CIG

Auto

Receivables

Trust,

Series

2019-1A,

Class

D,

4.85%,

5/15/2026(a)

1,150,000

1,175,015

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(a)

600,000

598,385

Series

2021-2,

Class

F,

4.19%,

2/15/2029(a)

490,000

488,758

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(a)

1,560,000

1,557,031

Series

2021-3,

Class

F,

3.69%,

2/26/2029(a)

1,000,000

995,480

4,814,669

Credit

Card

0.4%

Continental

Credit

Card

ABS

LLC,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026(a)

1,200,000

1,248,384

Other

4.0%

Amur

Equipment

Finance

Receivables

VI

LLC,

Series

2018-2A,

Class

E,

5.45%,

11/20/2023(a)

300,000

302,516

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

2,387,500

2,399,867

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

2.64%,

10/18/2036(a)(b)

1,600,000

1,599,998

Progress

Residential

Trust

Series

2020-SFR2,

Class

E,

5.12%,

6/17/2037(a)

730,000

769,050

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

2,100,000

2,109,290

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

1,710,000

1,687,544

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

2.18%,

2/20/2030(a)(b)

650,000

650,233

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2019-1A,

Class

D,

4.75%,

1/20/2036(a)

301,863

307,680

Symphony

CLO

XXII

Ltd.,

Series

2020-22A,

Class

C,

2.28%,

4/18/2033(a)(b)

400,000

400,725

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

1,034,733

York

CLO-4

Ltd.,

Series

2016-2A,

Class

CR,

2.28%,

4/20/2032(a)(b)

1,000,000

1,000,083

12,261,719

Total

Asset-Backed

Securities

(cost

$20,602,802)

20,986,212

Collateralized

Mortgage

Obligations

15.9%

Angel

Oak

Mortgage

Trust

I

LLC,

Series

2019-2,

Class

B2,

6.29%,

3/25/2049(a)(b)

2,250,000

2,283,438

Bellemeade

Re

Ltd.

Series

2019-1A,

Class

B1,

4.09%,

3/25/2029(a)(b)

880,000

879,999

Series

2020-4A,

Class

B1,

5.09%,

6/25/2030(a)(b)

295,000

295,001

Series

2020-2A,

Class

B1,

8.59%,

8/26/2030(a)(b)

800,000

870,415

Bellemeade

RE

Ltd.,

Series

2021-3A,

Class

B1,

3.90%,

9/25/2031(a)(b)

2,100,000

2,105,670

Connecticut

Avenue

Securities

Trust,

Series

2019-

HRP1,

Class

B1,

9.34%,

11/25/2039(a)(b)

4,100,000

4,355,342

Eagle

RE

Ltd.

Series

2019-1,

Class

B1,

4.59%,

4/25/2029(a)(b)

2,850,000

2,936,602

Series

2020-2,

Class

B1,

7.09%,

10/25/2030(a)(b)

1,360,000

1,395,661

Farmer

Mac

Agricultural

Real

Estate

Trust,

Series

2021-1,

Class

B,

1.00%,

1/25/2051(a)(b)

725,000

625,312

FHLMC

STACR

REMIC

Trust

Series

2021-HQA1,

Class

B2,

5.05%,

8/25/2033(a)(b)

1,775,000

1,829,196

Series

2021-HQA3,

Class

B2,

6.30%,

9/25/2041(a)(b)

1,680,000

1,694,560

Series

2020-DNA5,

Class

B2,

11.55%,

10/25/2050(a)

(b)

700,000

923,527

Series

2020-DNA6,

Class

B2,

5.70%,

12/25/2050(a)(b)

2,115,000

2,294,245

Series

2021-DNA1,

Class

B2,

4.80%,

1/25/2051(a)(b)

1,665,000

1,702,321

18

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

FHLMC

STACR

Trust,

Series

2018-HQA2,

Class

B2,

11.09%,

10/25/2048(a)(b)

2,800,000

3,313,432

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2020-HQA5,

Class

B2,

7.45%,

11/25/2050(a)(b)

1,140,000

1,354,768

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.22%,

6/1/2051(a)(b)

97,305,032

835,500

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

2,684,411

388,306

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

1,454,628

193,910

Home

RE

Ltd.

Series

2020-1,

Class

M2,

5.34%,

10/25/2030(a)(b)

1,150,000

1,195,999

Series

2020-1,

Class

B1,

7.09%,

10/25/2030(a)(b)

300,000

310,271

Series

2021-2,

Class

M2,

3.30%,

1/25/2034(a)(b)

1,500,000

1,512,144

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.24%,

7/25/2051(a)(b)

34,013,933

326,612

JP

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.00%,

12/25/2051(a)(b)

62,000,000

338,365

Series

2021-8,

Class

AX1,

IO,

0.14%,

12/25/2051(a)(b)

56,765,676

309,804

Mortgage

Insurance-Linked

Notes,

Series

2021-3,

Class

B1,

5.00%,

2/25/2034(a)(b)

910,000

919,086

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

4.44%,

7/25/2029(a)(b)

3,270,000

3,317,396

Radnor

RE

Ltd.,

Series

2021-1,

Class

M2,

3.20%,

12/27/2033(a)(b)

2,450,000

2,449,999

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

10.59%,

2/25/2047(a)(b)

2,000,000

2,314,321

Traingle

Re

Ltd.,

Series

2020-1,

Class

B1,

7.84%,

10/25/2030(a)(b)

250,000

261,947

Verus

Securitization

Trust

Series

2019-INV2,

Class

B1,

4.45%,

7/25/2059(a)(b)

850,000

864,554

Series

2020-INV1,

Class

B1,

5.75%,

3/25/2060(a)(b)

100,000

105,491

Series

2020-INV1,

Class

B2,

6.00%,

3/25/2060(a)(b)

110,000

113,828

Series

2020-2,

Class

M1,

5.36%,

5/25/2060(a)(b)

740,000

776,550

Series

2020-2,

Class

B1,

5.36%,

5/25/2060(a)(b)

350,000

361,843

Vista

Point

Securitization

Trust,

Series

2020-1,

Class

B1,

5.38%,

3/25/2065(a)(b)

970,000

1,003,376

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

ZH

Trust,

Series

2021-

2,

Class

B,

3.51%,

10/17/2027(a)

1,880,000

1,879,996

Total

Collateralized

Mortgage

Obligations

(cost

$46,182,124)

48,638,787

Commercial

Mortgage-Backed

Securities

7.0%

BAMLL

Commercial

Mortgage

Securities

Trust

,

Series

2021-JACX,

Class

E,

3.85%,

9/15/2038(a)(b)

965,000

964,997

BX

Commercial

Mortgage

Trust

,

Series

2021-

VOLT,

Class

F,

2.50%,

9/15/2036(a)(b)

1,000,000

1,001,254

COMM

Mortgage

Trust

Series

2015-CR26,

Class

D,

3.63%,

10/10/2048(b)

3,000,000

2,970,563

Series

2019-GC44,

Class

D,

2.50%,

8/15/2057(a)

2,120,000

1,900,080

FHLMC

Multifamily

Structured

Credit

Risk

REMICS,

Series

2021-MN1,

Class

M2,

3.80%,

1/25/2051(a)(b)

1,275,000

1,344,194

GS

Mortgage

Securities

Corp.

II

Series

2021-IP,

Class

D,

0.00%,

10/15/2036(a)(b)

700,000

700,000

Series

2021-IP,

Class

E,

0.00%,

10/15/2036(a)(b)

300,000

300,000

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2016-C2,

Class

D,

3.51%,

6/15/2049(a)(b)

2,500,000

1,699,403

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.35%,

4/15/2048(a)(b)

2,000,000

1,662,807

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

3,057,349

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-01,

Class

CE,

8.84%,

10/15/2049(a)(b)

2,136,000

2,294,732

SLG

Office

Trust

,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(a)

3,425,000

3,320,611

Total

Commercial

Mortgage-Backed

Securities

(cost

$20,903,631)

21,215,990

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

0.3%

Shares

Value

($)

Energy

Equipment

&

Services

0.3%

FTS

International,

Inc.,

Class A

*

35,187

865,600

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Templar

Energy

LLC

*^∞

6,672

0

Paper

&

Forest

Products

0.0%

†

Catalyst

Paper

Corp.

*^∞

344,368

0

Total

Common

Stocks

(cost

$716,931)

865,600

Convertible

Bonds

2.2%

Principal

Amount

($)

Airlines

1.0%

Air

Canada,

4.00%,

7/1/2025

1,377,000

1,968,466

Spirit

Airlines,

Inc.,

1.00%,

5/15/2026

1,288,000

1,206,747

3,175,213

Hotels,

Restaurants

&

Leisure

0.5%

DraftKings,

Inc.,

0.00%,

3/15/2028(a)

1,789,000

1,575,215

Pharmaceuticals

0.2%

Tricida,

Inc.,

3.50%,

5/15/2027

1,260,000

549,360

Semiconductors

&

Semiconductor

Equipment

0.5%

Enphase

Energy,

Inc.,

0.00%,

3/1/2028(a)

1,607,000

1,486,475

Total

Convertible

Bonds

(cost

$7,237,356)

6,786,263

Convertible

Preferred

Stock

0.9%

Banks

0.9%

Wells

Fargo

&

Co.,

7.50%,

1,926

2,854,332

Total

Convertible

Preferred

Stock

(cost

$2,766,607)

2,854,332

Corporate

Bonds

55.4%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

5.81%,

5/1/2050

1,040,000

1,386,289

Air

Freight

&

Logistics

0.6%

Western

Global

Airlines

LLC

,

10.38%,

8/15/2025(a)(c)

1,530,000

1,713,585

Airlines

2.0%

Aerovias

de

Mexico

SA

de

CV

,

7.00%,

2/5/2025(a)(d)

650,000

511,316

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

415,000

436,269

5.75%,

4/20/2029(a)

345,000

371,737

Gol

Finance

SA

,

8.00%,

6/30/2026(a)

3,225,000

3,243,737

Corporate

Bonds

Principal

Amount

($)

Value

($)

Airlines

Mileage

Plus

Holdings

LLC

,

6.50%,

6/20/2027(a)

1,335,000

1,451,706

6,014,765

Auto

Components

0.8%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

1,247,000

1,305,506

Iochpe-Maxion

Austria

GmbH

,

5.00%,

5/7/2028(a)

1,280,000

1,278,720

2,584,226

Banks

3.4%

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%),

8.00%,

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

1,750,000

1,976,415

Intesa

Sanpaolo

SpA

,

4.20%,

6/1/2032(a)(c)

230,000

235,785

JPMorgan

Chase

&

Co.

,

Series

HH,

(SOFR

+

3.13%),

4.60%,

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

1,000,000

1,022,500

Natwest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(f)

1,815,000

1,817,408

Nordea

Bank

Abp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%,

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

940,000

924,725

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%,

11/18/2030(a)(c)

(e)(f)

1,130,000

1,209,812

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(f)

3,000,000

3,336,672

10,523,317

Biotechnology

1.2%

Cidron

Aida

Finco

Sarl

,

5.00%,

4/1/2028(a)

EUR

1,800,000

2,100,392

Grifols

Escrow

Issuer

SA

,

3.88%,

10/15/2028(a)

345,000

404,303

4.75%,

10/15/2028(a)

590,000

602,538

HCRX

Investments

Holdco

LP

,

4.50%,

8/1/2029(a)(c)

585,000

587,925

3,695,158

Building

Products

0.4%

PGT

Innovations,

Inc.

,

4.38%,

10/1/2029(a)(c)

145,000

146,088

20

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

Standard

Industries,

Inc.

,

4.38%,

7/15/2030(a)

1,190,000

1,213,800

1,359,888

Capital

Markets

0.6%

LPL

Holdings,

Inc.

,

4.00%,

3/15/2029(a)

1,662,000

1,707,123

Chemicals

1.7%

INEOS

Finance

plc

,

2.88%,

5/1/2026(a)

EUR

1,685,000

1,966,458

LSF11

A5

HoldCo

LLC

,

6.63%,

10/15/2029(a)

675,000

675,000

NOVA

Chemicals

Corp.

,

5.25%,

6/1/2027(a)

1,355,000

1,423,597

Olympus

Water

US

Holding

Corp.

,

6.25%,

10/1/2029(a)

325,000

322,059

Trinseo

Materials

Operating

SCA

,

5.13%,

4/1/2029(a)(c)

935,000

942,013

5,329,127

Commercial

Services

&

Supplies

1.9%

Allied

Universal

Holdco

LLC

,

3.63%,

6/1/2028(a)

850,000

966,481

4.63%,

6/1/2028(a)

590,000

589,085

4.63%,

6/1/2028(a)

390,000

388,783

6.00%,

6/1/2029(a)(c)

520,000

513,131

GFL

Environmental,

Inc.

,

4.38%,

8/15/2029(a)

1,170,000

1,181,700

Nielsen

Finance

LLC

,

4.50%,

7/15/2029(a)(c)

355,000

347,119

4.75%,

7/15/2031(a)

355,000

345,330

Verisure

Holding

AB

,

3.25%,

2/15/2027(a)

705,000

820,165

Verisure

Midholding

AB

,

5.25%,

2/15/2029(a)

460,000

546,631

5,698,425

Communications

Equipment

0.4%

CommScope,

Inc.

,

4.75%,

9/1/2029(a)

1,340,000

1,338,325

Construction

&

Engineering

1.4%

Artera

Services

LLC

,

9.03%,

12/4/2025(a)

2,105,000

2,283,925

Dycom

Industries,

Inc.

,

4.50%,

4/15/2029(a)(c)

1,109,000

1,113,686

Stoneway

Capital

Corp.

,

10.00%,

3/1/2027(a)(d)

3,542,332

903,330

4,300,941

Consumer

Finance

3.5%

ASG

Finance

Designated

Activity

Co.

,

7.88%,

12/3/2024(a)(c)

1,995,000

1,965,075

Avation

Capital

SA

,

8.25%,

10/31/2026(a)(g)

2,006,944

1,676,495

Ford

Motor

Credit

Co.

LLC

,

2.33%,

11/25/2025

1,890,000

2,249,531

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Ford

Motor

Credit

Co.

LLC,

3.63%,

6/17/2031

2,600,000

2,616,250

VistaJet

Malta

Finance

plc

,

10.50%,

6/1/2024(a)

1,938,000

2,105,152

10,612,503

Diversified

Telecommunication

Services

1.5%

Altice

France

SA

,

5.13%,

1/15/2029(a)

200,000

196,000

5.13%,

7/15/2029(a)

1,785,000

1,750,148

Total

Play

Telecomunicaciones

SA

de

CV

,

6.38%,

9/20/2028(a)

1,355,000

1,351,612

Windstream

Escrow

LLC

,

7.75%,

8/15/2028(a)(c)

1,135,000

1,185,451

4,483,211

Electric

Utilities

2.0%

Light

Servicos

de

Eletricidade

SA

,

4.38%,

6/18/2026(a)

1,730,000

1,727,855

NRG

Energy,

Inc.

,

3.88%,

2/15/2032(a)

1,675,000

1,656,156

Vistra

Operations

Co.

LLC

,

5.00%,

7/31/2027(a)

2,500,000

2,581,250

4.38%,

5/1/2029(a)

85,000

85,521

6,050,782

Electrical

Equipment

0.4%

Energizer

Gamma

Acquisition

BV

,

3.50%,

6/30/2029(a)

EUR

1,080,000

1,241,335

Electronic

Equipment,

Instruments

&

Components

0.8%

Belden,

Inc.

,

3.38%,

7/15/2031(a)(c)

1,925,000

2,313,371

Energy

Equipment

&

Services

1.0%

Precision

Drilling

Corp.

,

6.88%,

1/15/2029(a)

770,000

804,223

Shelf

Drilling

Holdings

Ltd.

,

8.88%,

11/15/2024(a)(c)

710,000

727,750

Transocean

Sentry

Ltd.

,

5.38%,

5/15/2023(a)

1,591,660

1,559,826

3,091,799

Equity

Real

Estate

Investment

Trusts

(REITs)

2.9%

HAT

Holdings

I

LLC

,

3.38%,

6/15/2026(a)

1,185,000

1,202,775

iStar,

Inc.

,

4.25%,

8/1/2025

1,955,000

2,030,717

MPT

Operating

Partnership

LP

,

4.63%,

8/1/2029

1,070,000

1,148,110

3.50%,

3/15/2031

1,360,000

1,387,200

Uniti

Group

LP

,

6.00%,

1/15/2030(a)

3,200,000

3,172,000

8,940,802

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

1.4%

Bimbo

Bakeries

USA,

Inc.

,

4.00%,

5/17/2051(a)

280,000

303,368

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)

2,245,000

2,168,558

Simmons

Foods,

Inc.

,

4.63%,

3/1/2029(a)(c)

1,736,000

1,749,020

4,220,946

Health

Care

Equipment

&

Supplies

0.4%

Mozart

Debt

Merger

Sub,

Inc.

,

3.88%,

4/1/2029(a)

880,000

880,000

5.25%,

10/1/2029(a)

385,000

385,000

1,265,000

Hotels,

Restaurants

&

Leisure

4.2%

Boyd

Gaming

Corp.

,

4.75%,

6/15/2031(a)

635,000

654,844

Caesars

Entertainment,

Inc.

,

8.13%,

7/1/2027(a)(c)

1,235,000

1,388,418

4.63%,

10/15/2029(a)

470,000

475,875

Deuce

Finco

plc

,

5.50%,

6/15/2027(a)

GBP

655,000

892,534

Genting

New

York

LLC

,

3.30%,

2/15/2026(a)(c)

605,000

599,897

Grupo

Posadas

SAB

de

CV

,

7.88%,

6/30/2022(a)(c)(d)

768,000

634,568

Hilton

Domestic

Operating

Co.,

Inc.

,

3.75%,

5/1/2029(a)

905,000

914,050

4.00%,

5/1/2031(a)(c)

865,000

877,975

3.63%,

2/15/2032(a)

2,385,000

2,349,225

Marriott

International,

Inc.

,

Series

HH,

2.85%,

4/15/2031

1,145,000

1,159,635

Series

GG,

3.50%,

10/15/2032

920,000

977,448

Scientific

Games

International,

Inc.

,

7.00%,

5/15/2028(a)

965,000

1,040,994

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5.63%,

2/15/2029(a)

910,000

910,000

12,875,463

Household

Durables

0.2%

TopBuild

Corp.

,

4.13%,

2/15/2032(a)

690,000

696,900

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Atlantica

Sustainable

Infrastructure

plc

,

4.13%,

6/15/2028(a)

210,000

217,035

Insurance

1.6%

Farmers

Exchange

Capital

III

,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(f)

2,510,000

3,111,276

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Liberty

Mutual

Group,

Inc.

,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.63%,

5/23/2059(a)(f)

EUR

450,000

544,453

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

1,127,339

Mutual

of

Omaha

Insurance

Co.

,

(ICE

LIBOR

USD

3

Month

+

2.64%),

4.30%,

7/15/2054(a)(f)

170,000

176,645

4,959,713

Machinery

0.5%

Hillenbrand,

Inc.

,

3.75%,

3/1/2031

700,000

694,890

Roller

Bearing

Co.

of

America,

Inc.

,

4.38%,

10/15/2029(a)

60,000

61,500

Weir

Group

plc

(The)

,

2.20%,

5/13/2026(a)(c)

810,000

818,044

1,574,434

Marine

1.4%

Danaos

Corp.

,

8.50%,

3/1/2028(a)

975,000

1,077,375

Hidrovias

International

Finance

SARL

,

4.95%,

2/8/2031(a)

970,000

957,885

Seaspan

Corp.

,

Reg.

S,

6.50%,

4/29/2026(a)

1,800,000

1,927,419

5.50%,

8/1/2029(a)

380,000

387,683

4,350,362

Media

1.8%

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)

1,380,000

1,435,200

CSC

Holdings

LLC

,

4.63%,

12/1/2030(a)(c)

1,400,000

1,327,165

5.00%,

11/15/2031(a)(c)

300,000

287,535

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(c)

693,000

303,188

Midas

OpCo

Holdings

LLC

,

5.63%,

8/15/2029(a)

1,846,000

1,910,148

Summer

BC

Bidco

B

LLC

,

5.50%,

10/31/2026(a)

200,000

204,980

5,468,216

Metals

&

Mining

2.0%

Alcoa

Nederland

Holding

BV

,

4.13%,

3/31/2029(a)(c)

570,000

593,159

Allegheny

Technologies,

Inc.

,

4.88%,

10/1/2029

360,000

361,350

5.13%,

10/1/2031

200,000

201,540

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

860,000

825,643

22

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

FMG

Resources

August

2006

Pty.

Ltd.

,

4.38%,

4/1/2031(a)(c)

799,000

825,647

Metinvest

BV

,

7.75%,

10/17/2029(a)

1,000,000

1,082,500

Novelis

Corp.

,

3.25%,

11/15/2026(a)

275,000

278,899

3.88%,

8/15/2031(a)

420,000

415,401

TMS

International

Corp.

,

6.25%,

4/15/2029(a)(c)

1,320,000

1,379,400

5,963,539

Oil,

Gas

&

Consumable

Fuels

9.0%

Baytex

Energy

Corp.

,

8.75%,

4/1/2027(a)

1,750,000

1,806,875

Cameron

LNG

LLC

,

3.40%,

1/15/2038(a)

888,000

933,252

Delek

Logistics

Partners

LP

,

7.13%,

6/1/2028(a)

1,260,000

1,342,498

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)

2,538,000

2,661,728

EnLink

Midstream

Partners

LP

,

5.60%,

4/1/2044

540,000

515,700

5.05%,

4/1/2045

420,000

383,250

5.45%,

6/1/2047

1,620,000

1,563,041

EQT

Corp.

,

3.13%,

5/15/2026(a)

345,000

353,666

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)(c)

865,000

903,536

4.25%,

2/15/2030(a)

625,000

632,031

MC

Brazil

Downstream

Trading

SARL

,

7.25%,

6/30/2031(a)

2,190,000

2,202,045

MEG

Energy

Corp.

,

7.13%,

2/1/2027(a)

1,755,000

1,842,417

Midwest

Connector

Capital

Co.

LLC

,

4.63%,

4/1/2029(a)

1,467,000

1,576,902

MPLX

LP

,

5.50%,

2/15/2049

345,000

437,317

Neptune

Energy

Bondco

plc

,

6.63%,

5/15/2025(a)

1,450,000

1,491,688

PBF

Holding

Co.

LLC

,

9.25%,

5/15/2025(a)(c)

725,000

686,938

Petroleos

Mexicanos

,

6.84%,

1/23/2030

1,940,000

2,003,806

6.75%,

9/21/2047

640,000

558,186

Southwestern

Energy

Co.

,

5.38%,

2/1/2029(a)

615,000

657,933

Strathcona

Resources

Ltd.

,

6.88%,

8/1/2026(a)

2,605,000

2,580,594

Tullow

Oil

plc

,

10.25%,

5/15/2026(a)

1,490,000

1,555,947

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Venture

Global

Calcasieu

Pass

LLC

,

3.88%,

8/15/2029(a)

275,000

283,264

4.13%,

8/15/2031(a)

415,000

432,637

27,405,251

Paper

&

Forest

Products

0.7%

Mercer

International,

Inc.

,

5.13%,

2/1/2029(c)

1,970,000

2,011,863

Pharmaceuticals

2.1%

Gruenenthal

GmbH

,

3.63%,

11/15/2026(a)

EUR

1,545,000

1,856,082

4.13%,

5/15/2028(a)

555,000

673,563

Jazz

Securities

DAC

,

4.38%,

1/15/2029(a)

800,000

829,040

Organon

&

Co.

,

2.88%,

4/30/2028(a)

555,000

656,007

4.13%,

4/30/2028(a)

395,000

402,900

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

6.00%,

1/31/2025

515,000

644,334

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

3.15%,

10/1/2026(c)

1,550,000

1,484,125

6,546,051

Professional

Services

0.5%

CoreLogic,

Inc.

,

4.50%,

5/1/2028(a)

1,680,000

1,669,500

Real

Estate

Management

&

Development

0.4%

Kennedy-Wilson,

Inc.

,

4.75%,

2/1/2030

1,160,000

1,177,690

Specialty

Retail

1.0%

Gap,

Inc.

(The)

,

3.63%,

10/1/2029(a)(c)

220,000

220,550

3.88%,

10/1/2031(a)(c)

220,000

220,000

LCM

Investments

Holdings

II

LLC

,

4.88%,

5/1/2029(a)(c)

965,000

990,158

Penske

Automotive

Group,

Inc.

,

3.75%,

6/15/2029

1,615,000

1,624,092

3,054,800

Thrifts

&

Mortgage

Finance

0.8%

Nationstar

Mortgage

Holdings,

Inc.

,

6.00%,

1/15/2027(a)

660,000

690,888

5.50%,

8/15/2028(a)

870,000

896,100

United

Wholesale

Mortgage

LLC

,

5.50%,

4/15/2029(a)

850,000

825,268

2,412,256

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

0.3%

Beacon

Roofing

Supply,

Inc.

,

4.13%,

5/15/2029(a)

805,000

799,969

Total

Corporate

Bonds

(cost

$166,493,268)

169,053,960

Foreign

Government

Securities

3.8%

EGYPT

0.9%

Arab

Republic

of

Egypt

,

7.30%,

9/30/2033(a)

2,680,000

2,601,744

MEXICO

0.5%

United

Mexican

States

,

4.28%,

8/14/2041

1,590,000

1,622,277

NIGERIA

0.4%

Federal

Republic

of

Nigeria

,

7.38%,

9/28/2033(a)

1,055,000

1,063,440

QATAR

0.7%

State

of

Qatar

,

5.10%,

4/23/2048(a)

240,000

318,195

4.82%,

3/14/2049(a)

1,500,000

1,926,930

2,245,125

SERBIA

0.4%

Republic

of

Serbia

,

2.05%,

9/23/2036(a)

EUR

1,225,000

1,330,519

UNITED

ARAB

EMIRATES

0.9%

United

Arab

Emirates

Government

Bond

,

3.13%,

9/30/2049(a)

2,640,000

2,649,177

Total

Foreign

Government

Securities

(cost

$11,045,296)

11,512,282

Loan

Participations

3.5%

Airlines

0.5%

Grupo

Aeromexico,

S.A.B.

de

C.V.,DIP

1

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

8.00%),

9.00%,

12/31/2021

∞(f)

1,680,000

1,694,700

0

Auto

Components

0.2%

Autokiniton

US

Holdings,

Inc.,

Term

Loan

B,

(ICE

LIBOR

USD

3

Month

+

4.50%),

5.00%,

4/6/2028

(f)

485,783

485,632

0

Loan

Participations

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

0.3%

Petco

Health

and

Wellness

Co.,

Inc.,

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

3.25%),

4.00%,

3/3/2028

(f)

855,700

855,392

0

Hotels,

Restaurants

&

Leisure

1.6%

Enterprise

Development

Authority,

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

4.25%),

5.00%,

2/28/2028

(f)

1,823,250

1,825,438

Spectacle

Gary

Holdings

LLC,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

9.00%),

11.00%,

12/23/2025

(f)

2,915,393

3,165,038

4,990,476

0

Metal

Fabrication/Hardware

0.5%

Grinding

Media,

Inc.

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

0.00%),

4.75%,

9/22/2028

(f)

1,400,000

1,393,000

0

Telecommunications

0.4%

Xplornet

Communications,

Inc.

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

0.00%),

7.50%,

9/30/2029

(f)

1,105,000

1,093,950

0

Total

Loan

Participations

(cost

$10,168,803)

10,513,150

Preferred

Stock

0.0%

†

Shares

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Templar

Energy

LLC,

0.00%,

*^∞(h)

5,423

0

Total

Preferred

Stock

(cost

$41,720)

0

Repurchase

Agreements

2.3%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,055,896,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$2,097,010.

(i)

2,055,892

2,055,892

24

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$3,000,005,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$3,061,230.

(i)

3,000,000

3,000,000

NatWest

Markets

Securities,

Inc.

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$2,000,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$2,040,006.

(i)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$7,055,892)

7,055,892

Total

Investments

(cost

$293,214,430)

—

98.2%

299,482,468

Other

assets

in

excess

of

liabilities

—

1.8%

5,634,258

NET

ASSETS

—

100.0%

$

305,116,726

*

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,

2021

was

$234,846,264

which

represents

76.97%

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,

2021.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$22,035,790,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,055,892

and

by

$15,868,841

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2049,

a

total

value

of

$22,924,733.

(d)

Security

in

default.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2021.

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,

2021.

(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)

The

date

shown

reflects

the

next

call

date

on

which

the

issuer

may

redeem

the

security

at

par

value.

The

coupon

rate

for

this

security

is

based

on

par

value

and

is

currently

in

effect

as

of

September

30,

2021.

(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,

2021

was

$7,055,892.

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

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

2021

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

36-V1

5.00

Quarterly

6/20/2026

2.85

USD

114,000,000

(10,048,565)

(683,080)

(10,731,645)

Markit

CDX

North

American

Investment

Grade

Index

Series

36-V1

1.00

Quarterly

6/20/2026

0.48

USD

61,000,000

(1,314,855)

(179,428)

(1,494,283)

(11,363,420)

(862,508)

(12,225,928)

As

of

September

30,

2021,

the

Fund

had

$6,360,679

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

1,392,481

EUR

1,185,763

Bank

of

America

NA

10/18/2021

18,570

USD

16,831,443

EUR

14,204,728

JPMorgan

Chase

Bank

10/18/2021

372,828

USD

910,515

GBP

655,000

Morgan

Stanley

Co.,

Inc.

10/18/2021

27,954

Net

unrealized

appreciation

419,352

Currency:

EUR

Euro

GBP

British

pound

USD

United

States

dollar

26

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

54

12/2021

USD

8,597,812

(229,626)

(229,626)

Short

Contracts

Euro-Bobl

(16)

12/2021

EUR

(2,500,739)

16,019

Euro-Bund

(30)

12/2021

EUR

(5,901,330)

93,861

U.S.

Treasury

2

Year

Note

(37)

12/2021

USD

(8,142,023)

4,805

U.S.

Treasury

5

Year

Note

(327)

12/2021

USD

(40,136,695)

247,653

U.S.

Treasury

10

Year

Note

(123)

12/2021

USD

(16,187,953)

184,216

U.S.

Treasury

10

Year

Ultra

Note

(259)

12/2021

USD

(37,619,750)

624,308

U.S.

Treasury

Ultra

Bond

(93)

12/2021

USD

(17,768,813)

453,867

1,624,729

1,395,103

As

of

September

30,

2021,

the

Fund

had

$1,575,710

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,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

20,986,212

$

–

$

20,986,212

Collateralized

Mortgage

Obligations

–

48,638,787

–

48,638,787

Commercial

Mortgage-Backed

Securities

–

21,215,990

–

21,215,990

  Common

Stocks

Energy

Equipment

&

Services

865,600

–

–

865,600

Oil,

Gas

&

Consumable

Fuels

–

–

–

–

Paper

&

Forest

Products

–

–

–

–

Total

Common

Stocks

$

865,600

$

–

$

–

$

865,600

Convertible

Bonds

–

6,786,263

–

6,786,263

Convertible

Preferred

Stock

2,854,332

–

–

2,854,332

Corporate

Bonds

–

169,053,960

–

169,053,960

28

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

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

during

the

period

ended

September

30,

2021

.

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

a

s

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

Level

1

Level

2

Level

3

Total

Assets:

Foreign

Government

Securities

$

–

$

11,512,282

$

–

$

11,512,282

Forward

Foreign

Currency

Contracts

–

419,352

–

419,352

Futures

Contracts

1,624,729

–

–

1,624,729

Loan

Participations

–

10,513,150

–

10,513,150

Preferred

Stock

–

–

–

–

Repurchase

Agreements

–

7,055,892

–

7,055,892

Total

Assets

$

5,344,661

$

296,181,888

$

–

$

301,526,549

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps*

$

–

$

(862,508)

$

–

$

(862,508)

Futures

Contracts

(229,626)

–

–

(229,626)

Total

Liabilities

$

(229,626)

$

(862,508)

$

–

$

(1,092,134)

Total

$

5,115,035

$

295,319,380

$

–

$

300,434,415

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

During

the

period

ended

September

30,

2021,

the

Fund

held

one

preferred

stock

and

two

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

29

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,

2021

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(b)

Forward

Foreign

Currency

Contracts

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-

market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

30

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(c)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

419,352

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

1,624,729

Total

$

2,044,081

Liabilities:

Swap

Contracts(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(862,508)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(229,626)

Total

$

(1,092,134)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

In-

vestments

-

31

Asset-Backed

Securities

6.7%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

51,384

54,412

Home

Equity

0.1%

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-

WFH4,

Class

M1,

0.51%,

11/25/2036(a)

845,979

845,640

Other

5.7%

Assurant

CLO

Ltd.,

Series

2019-5A,

Class

A1,

1.52%,

1/15/2033(a)(b)

3,600,000

3,604,601

CIFC

Funding

Ltd.,

Series

2019-5A,

Class

A1,

1.47%,

10/15/2032(a)(b)

7,300,000

7,300,715

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

A1,

1.50%,

10/15/2032(a)(b)

8,600,000

8,600,000

Fortress

Credit

Opportunities

IX

CLO

Ltd.,

Series

2017-

9A,

Class

A1TR,

0.00%,

10/15/2033(a)(b)

7,250,000

7,250,000

FREED

ABS

Trust,

Series

2021-3FP,

Class

B,

1.01%,

11/20/2028(b)

2,880,000

2,877,114

Kayne

CLO

5

Ltd.,

Series

2019-5A,

Class

A,

1.48%,

7/24/2032(a)(b)

7,300,000

7,302,467

Magnetite

XXIV

Ltd.,

Series

2019-24A,

Class

A,

1.46%,

1/15/2033(a)(b)

4,400,000

4,402,266

MF1

Ltd.,

Series

2021-

FL7,

Class

AS,

1.55%,

10/18/2036(a)(b)

6,378,500

6,378,498

Pagaya

AI

Debt

Selection

Trust,

Series

2021-3,

Class

A,

1.15%,

5/15/2029(b)

2,143,000

2,143,695

PFS

Financing

Corp.,

Series

2021-B,

Class

A,

0.78%,

8/15/2026(b)

8,280,000

8,248,207

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

A1,

1.43%,

7/20/2032(a)(b)

10,600,000

10,601,155

Textainer

Marine

Containers

VII

Ltd.,

Series

2021-

2A,

Class

A,

2.23%,

4/20/2046(b)

3,649,167

3,686,533

Textainer

Marine

Containers

VIII

Ltd.,

Series

2020-

2A,

Class

A,

2.10%,

9/20/2045(b)

3,824,185

3,857,647

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

1.29%,

7/21/2034(a)(b)

1,450,000

1,449,142

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Voya

CLO

Ltd.,

Series

2019-2A,

Class

A,

1.40%,

7/20/2032(a)(b)

14,600,000

14,600,686

92,302,726

Student

Loan

0.9%

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(b)

8,094,444

8,065,278

Navient

Student

Loan

Trust,

Series

2019-7A,

Class

A1,

0.59%,

1/25/2068(a)(b)

5,894,298

5,906,259

13,971,537

Total

Asset-Backed

Securities

(cost

$107,114,012)

107,174,315

Collateralized

Mortgage

Obligations

1.2%

Angel

Oak

Mortgage

Trust,

Series

2019-6,

Class

A1,

2.62%,

11/25/2059(a)(b)

1,663,762

1,668,229

GCAT

Trust

Series

2019-NQM2,

Class

A1,

2.86%,

9/25/2059(b)(c)

2,664,782

2,671,975

Series

2019-NQM3,

Class

A1,

2.69%,

11/25/2059(a)(b)

1,653,651

1,688,444

GNMA

REMICS

Series

2013-23,

Class

IT,

IO,

3.50%,

2/20/2043

78,020

13,500

Series

2019-22,

Class

SA,

IO,

5.51%,

2/20/2045(a)

141,528

25,129

New

Residential

Mortgage

Loan

Trust,

Series

2019-

NQM5,

Class

A1,

2.71%,

11/25/2059(a)(b)

2,298,042

2,326,270

Starwood

Mortgage

Residential

Trust,

Series

2021-3,

Class

A1,

1.13%,

6/25/2056(a)(b)

4,130,135

4,121,888

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

2.64%,

11/25/2059(b)(c)

1,031,935

1,046,935

Series

2021-3,

Class

A1,

1.05%,

6/25/2066(a)(b)

5,148,676

5,164,544

Total

Collateralized

Mortgage

Obligations

(cost

$18,626,677)

18,726,914

32

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

Commercial

Mortgage-Backed

Securities

1.8%

Principal

Amount

($)

Value

($)

Benchmark

Mortgage

Trust

,

Series

2021-B26,

Class

XA,

IO,

1.00%,

6/15/2054(a)

206

14

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC11,

Class

B,

3.73%,

4/10/2046(a)

4,100,000

4,245,732

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

5,225,896

COMM

Mortgage

Trust

Series

2014-CR16,

Class

XA,

IO,

1.12%,

4/10/2047(a)

63,794

1,363

Series

2014-CR17,

Class

XA,

IO,

1.12%,

5/10/2047(a)

45,707

963

Series

2014-UBS3,

Class

XA,

IO,

1.23%,

6/10/2047(a)

32,879

772

Series

2014-UBS6,

Class

XA,

IO,

1.03%,

12/10/2047(a)

184,774

4,183

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C2,

Class

XA,

IO,

0.88%,

6/15/2057(a)

60,637

1,334

GS

Mortgage

Securities

Trust

Series

2012-GCJ7,

Class

B,

4.74%,

5/10/2045

4,325,000

4,404,220

Series

2014-GC18,

Class

XA,

IO,

1.14%,

1/10/2047(a)

114,908

2,179

Series

2014-GC26,

Class

XA,

IO,

1.11%,

11/10/2047(a)

53,714

1,321

Series

2015-GC30,

Class

XA,

IO,

0.88%,

5/10/2050(a)

72,751

1,733

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2014-C16,

Class

XA,

IO,

1.14%,

6/15/2047(a)

41,009

800

Wells

Fargo

Commercial

Mortgage

Trust

Series

2012-LC5,

Class

B,

4.14%,

10/15/2045

3,110,000

3,194,631

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

3,795,000

4,100,085

Series

2017-C39,

Class

A5,

3.42%,

9/15/2050

3,895,000

4,251,384

Series

2017-C40,

Class

A1,

2.11%,

10/15/2050

38,292

38,410

WFRBS

Commercial

Mortgage

Trust

Series

2014-LC14,

Class

XA,

IO,

1.43%,

3/15/2047(a)

46,596

1,116

Series

2014-C22,

Class

AS,

4.07%,

9/15/2057(a)

2,620,000

2,814,161

Total

Commercial

Mortgage-Backed

Securities

(cost

$27,596,825)

28,290,297

Convertible

Bond

0.0%

†

Principal

Amount

($)

Value

($)

Media

0.0%

†

DISH

Network

Corp.,

3.38%,

8/15/2026

728,000

756,756

Total

Convertible

Bond

(cost

$664,623)

756,756

Corporate

Bonds

50.3%

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)

,

2.20%,

2/4/2026

4,607,000

4,640,962

3.63%,

2/1/2031

10,130,000

10,844,252

5.71%,

5/1/2040

1,560,000

1,982,379

5.81%,

5/1/2050

2,410,000

3,212,458

5.93%,

5/1/2060

1,930,000

2,636,525

TransDigm

,

Inc.

,

6.25%,

3/15/2026(b)

705,000

734,962

6.38%,

6/15/2026

500,000

515,830

7.50%,

3/15/2027

425,000

445,188

5.50%,

11/15/2027

610,000

626,775

25,639,331

Airlines

0.8%

Air

Canada

,

3.88%,

8/15/2026(b)

255,000

257,308

American

Airlines

Group,

Inc.

,

5.00%,

6/1/2022(b)

4,944,000

4,950,180

American

Airlines,

Inc.

,

5.50%,

4/20/2026(b)

805,000

846,256

5.75%,

4/20/2029(b)

500,000

538,750

United

Airlines,

Inc.

,

4.38%,

4/15/2026(b)

1,250,000

1,282,813

4.63%,

4/15/2029(b)

4,185,000

4,324,988

12,200,295

Auto

Components

0.1%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(b)

355,000

371,656

Goodyear

Tire

&

Rubber

Co.

(The)

,

9.50%,

5/31/2025

430,000

471,925

5.00%,

7/15/2029(b)

220,000

233,475

1,077,056

Automobiles

1.1%

Ford

Motor

Co.

,

9.63%,

4/22/2030

470,000

665,273

7.45%,

7/16/2031

80,000

104,388

4.75%,

1/15/2043

360,000

377,327

5.29%,

12/8/2046

360,000

400,950

General

Motors

Co.

,

6.80%,

10/1/2027

3,845,000

4,802,104

Stellantis

Finance

US,

Inc.

,

2.69%,

9/15/2031(b)

1,521,000

1,506,236

Volkswagen

Group

of

America

Finance

LLC

,

3.13%,

5/12/2023(b)

1,745,000

1,812,942

3.35%,

5/13/2025(b)

3,485,000

3,725,848

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

In-

vestments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

Volkswagen

Group

of

America

Finance

LLC,

3.75%,

5/13/2030(b)

4,385,000

4,847,270

18,242,338

Banks

8.5%

Banco

de

Credito

e

Inversiones

SA

,

3.50%,

10/12/2027(b)

200,000

214,010

Banco

Santander

SA

,

Reg.

S,

(USD

ICE

Swap

Rate

5

Year

+

4.99%),

7.50%,

2/08/2024(d)(e)

1,200,000

1,308,000

2.75%,

12/3/2030

4,400,000

4,378,198

Bank

of

America

Corp.

,

Series

JJ,

(ICE

LIBOR

USD

3

Month

+

3.29%),

5.13%,

6/20/2024(d)(e)

1,870,000

1,983,462

Series

X,

(ICE

LIBOR

USD

3

Month

+

3.71%),

6.25%,

9/05/2024(d)(e)

1,240,000

1,364,000

4.45%,

3/3/2026

4,155,000

4,652,477

Series

FF,

(ICE

LIBOR

USD

3

Month

+

2.93%),

5.87%,

3/15/2028(d)(e)

1,000,000

1,141,350

(ICE

LIBOR

USD

3

Month

+

1.51%),

3.71%,

4/24/2028(e)

3,125,000

3,434,276

(SOFR

+

2.15%),

2.59%,

4/29/2031(e)

4,605,000

4,699,992

(SOFR

+

1.32%),

2.69%,

4/22/2032(e)

5,870,000

5,977,245

(SOFR

+

1.22%),

2.30%,

7/21/2032(e)

5,145,000

5,071,542

Banque

Centrale

de

Tunisie

,

Reg.

S,

5.75%,

1/30/2025

200,000

169,081

BNP

Paribas

SA

,

(USD

Swap

Semi

5

Year

+

4.92%),

6.75%,

3/14/2022(b)(d)(e)

1,445,000

1,466,444

3.50%,

3/1/2023(b)

7,020,000

7,317,297

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%,

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

1,290,000

1,317,412

Citigroup,

Inc.

,

Series

U,

(SOFR

+

3.81%),

5.00%,

9/12/2024(d)(e)

1,239,000

1,294,105

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(d)(e)

750,000

766,875

(ICE

LIBOR

USD

3

Month

+

0.90%),

3.35%,

4/24/2025(e)

5,475,000

5,815,272

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%,

12/10/2025(d)(e)

840,000

870,408

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(e)

2,080,000

2,298,461

Citizens

Financial

Group,

Inc.

,

Series

B,

(ICE

LIBOR

USD

3

Month

+

3.00%),

6.00%,

7/06/2023(d)(e)

2,650,000

2,775,875

Development

Bank

of

Japan,

Inc.

,

0.50%,

3/4/2024(b)

2,480,000

2,470,385

1.00%,

8/27/2030(b)

2,105,000

1,985,903

1.25%,

1/28/2031(b)

3,320,000

3,185,307

Development

Bank

of

Kazakhstan

JSC

,

2.95%,

5/6/2031(b)

200,000

201,060

Fifth

Third

Bancorp

,

Series

H,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.10%,

6/30/2023(d)(e)

2,560,000

2,635,520

Series

L,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%),

4.50%,

9/30/2025(d)(e)

655,000

711,657

ING

Groep

NV

,

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%,

4/16/2025(d)(e)

1,000,000

1,103,600

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%,

11/16/2026(d)(e)

1,385,000

1,515,716

Intesa

Sanpaolo

SpA

,

4.20%,

6/1/2032(b)

1,975,000

2,024,678

JPMorgan

Chase

&

Co.

,

Series

CC,

(ICE

LIBOR

USD

3

Month

+

2.58%),

4.62%,

11/01/2022(d)(e)

1,430,000

1,442,512

Series

FF,

(SOFR

+

3.38%),

5.00%,

8/01/2024(d)(e)

1,385,000

1,445,594

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(d)(e)

775,000

792,437

(ICE

LIBOR

USD

3

Month

+

1.16%),

3.22%,

3/1/2025(e)

9,650,000

10,192,924

Series

KK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.65%,

6/01/2026(d)(e)

450,000

452,250

(SOFR

+

1.51%),

2.74%,

10/15/2030(e)

4,550,000

4,712,079

(SOFR

+

1.07%),

1.95%,

2/4/2032(e)

4,610,000

4,447,366

(SOFR

+

1.51%),

2.53%,

11/19/2041(e)

2,385,000

2,258,550

34

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

M&T

Bank

Corp.

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

5.00%,

8/01/2024(d)(e)

1,295,000

1,363,056

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%),

3.50%,

9/01/2026(d)(e)

1,345,000

1,334,913

Natwest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%),

4.60%,

6/28/2031(d)(e)

1,890,000

1,899,072

NBK

Tier

1

Financing

2

Ltd.

,

(USD

Swap

Semi

6

Year

+

2.83%),

4.50%,

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

200,000

206,345

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.49%,

12/14/2026(b)(e)

6,395,000

6,323,670

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%,

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

1,820,000

1,790,425

Truist

Financial

Corp.

,

Series

N,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.80%,

9/01/2024(d)(e)

2,185,000

2,302,072

Series

L,

(ICE

LIBOR

USD

3

Month

+

3.10%),

5.05%,

12/15/2024(d)(e)

760,000

780,900

Series

P,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%),

4.95%,

9/01/2025(d)(e)

590,000

644,469

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

3/01/2030(d)(e)

650,000

747,175

Turkiye

Vakiflar

Bankasi

TAO

,

6.50%,

1/8/2026(b)

200,000

203,150

Wells

Fargo

&

Co.

,

Series

S,

(ICE

LIBOR

USD

3

Month

+

3.11%),

5.90%,

6/15/2024(d)(e)

1,290,000

1,388,363

Series

U,

(ICE

LIBOR

USD

3

Month

+

3.99%),

5.87%,

6/15/2025(d)(e)

645,000

718,859

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%,

3/15/2026(d)(e)

1,335,000

1,376,719

(SOFR

+

2.00%),

2.19%,

4/30/2026(e)

1,680,000

1,733,987

(SOFR

+

1.43%),

2.88%,

10/30/2030(e)

8,980,000

9,378,362

(SOFR

+

2.53%),

3.07%,

4/30/2041(e)

5,055,000

5,194,482

137,279,339

Beverages

1.0%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

2,805,000

3,447,948

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

2,677,000

2,862,671

2.88%,

5/1/2030

6,555,000

6,818,795

2.25%,

8/1/2031

2,625,000

2,582,937

15,712,351

Biotechnology

1.5%

AbbVie,

Inc.

,

2.30%,

11/21/2022

2,105,000

2,148,393

2.95%,

11/21/2026

12,930,000

13,849,918

Amgen,

Inc.

,

2.80%,

8/15/2041

5,190,000

5,014,878

Gilead

Sciences,

Inc.

,

2.80%,

10/1/2050

2,675,000

2,521,708

23,534,897

Building

Products

0.6%

Carrier

Global

Corp.

,

2.49%,

2/15/2027

4,710,000

4,924,656

2.72%,

2/15/2030

3,515,000

3,636,481

Cornerstone

Building

Brands,

Inc.

,

6.13%,

1/15/2029(b)

470,000

499,598

PGT

Innovations,

Inc.

,

4.38%,

10/1/2029(b)

823,000

829,173

9,889,908

Capital

Markets

3.4%

Credit

Suisse

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%,

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

1,600,000

1,756,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.29%),

5.10%,

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

1,705,000

1,745,579

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

In-

vestments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The)

,

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%),

5.50%,

8/10/2024(d)(e)

968,000

1,045,440

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%,

2/10/2025(d)(e)

1,144,000

1,212,640

(ICE

LIBOR

USD

3

Month

+

1.20%),

3.27%,

9/29/2025(e)

2,200,000

2,349,230

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%,

5/10/2026(d)(e)

605,000

619,369

Series

U,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.65%,

8/10/2026(d)(e)

1,060,000

1,061,325

(SOFR

+

1.09%),

1.99%,

1/27/2032(e)

4,720,000

4,551,637

(SOFR

+

1.28%),

2.62%,

4/22/2032(e)

5,415,000

5,480,467

(SOFR

+

1.25%),

2.38%,

7/21/2032(e)

6,565,000

6,500,132

Moody's

Corp.

,

2.75%,

8/19/2041

2,695,000

2,615,763

Morgan

Stanley

,

(SOFR

+

1.15%),

2.72%,

7/22/2025(e)

3,440,000

3,604,519

3.63%,

1/20/2027

4,000,000

4,409,351

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(e)

2,825,000

3,125,907

(SOFR

+

1.14%),

2.70%,

1/22/2031(e)

7,235,000

7,459,956

(SOFR

+

1.02%),

1.93%,

4/28/2032(e)

4,630,000

4,440,336

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%,

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

1,040,000

1,050,608

Reg.

S,

6.87%,

12/31/2164

1,276,000

1,446,665

54,474,924

Chemicals

1.5%

Braskem

Netherlands

Finance

BV

,

4.50%,

1/31/2030(b)

6,500,000

6,916,000

5.88%,

1/31/2050(b)

6,500,000

7,393,750

NOVA

Chemicals

Corp.

,

5.25%,

6/1/2027(b)

348,000

365,618

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Orbia

Advance

Corp.

SAB

de

CV

,

2.88%,

5/11/2031(b)

6,351,000

6,390,694

Sasol

Financing

USA

LLC

,

5.88%,

3/27/2024

400,000

421,600

4.38%,

9/18/2026

200,000

202,910

6.50%,

9/27/2028

400,000

441,400

Tronox

,

Inc.

,

4.63%,

3/15/2029(b)

290,000

288,550

Westlake

Chemical

Corp.

,

3.38%,

8/15/2061

2,530,000

2,379,462

24,799,984

Commercial

Services

&

Supplies

0.4%

APX

Group,

Inc.

,

6.75%,

2/15/2027(b)

245,000

260,276

5.75%,

7/15/2029(b)

415,000

409,625

GFL

Environmental,

Inc.

,

4.75%,

6/15/2029(b)

780,000

801,450

IAA,

Inc.

,

5.50%,

6/15/2027(b)

695,000

726,275

KAR

Auction

Services,

Inc.

,

5.13%,

6/1/2025(b)

875,000

884,844

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(b)

505,000

516,994

Nielsen

Finance

LLC

,

5.63%,

10/1/2028(b)

890,000

923,375

5.88%,

10/1/2030(b)

290,000

305,332

Prime

Security

Services

Borrower

LLC

,

5.75%,

4/15/2026(b)

590,000

638,239

3.38%,

8/31/2027(b)

150,000

143,907

6.25%,

1/15/2028(b)

1,250,000

1,292,225

6,902,542

Construction

&

Engineering

0.0%

†

IHS

Netherlands

Holdco

BV

,

8.00%,

9/18/2027(b)

200,000

213,500

Construction

Materials

0.3%

Cemex

SAB

de

CV

,

3.88%,

7/11/2031(b)

5,000,000

5,003,000

Consumer

Finance

1.2%

Ally

Financial,

Inc.

,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

4.70%,

5/15/2026(d)(e)

1,820,000

1,894,347

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.48%),

4.70%,

5/15/2028(d)(e)

695,000

726,275

American

Express

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%,

9/15/2026(d)(e)

1,625,000

1,655,631

36

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.

,

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%,

9/01/2026(d)(e)

1,000,000

1,030,000

Discover

Financial

Services

,

Series

C,

(ICE

LIBOR

USD

3

Month

+

3.08%),

5.50%,

10/30/2027(d)(e)

3,050,000

3,306,200

Ford

Motor

Credit

Co.

LLC

,

4.13%,

8/17/2027

7,453,000

7,903,906

5.11%,

5/3/2029

585,000

653,737

OneMain

Finance

Corp.

,

6.13%,

3/15/2024

350,000

373,975

8.88%,

6/1/2025

70,000

75,950

7.13%,

3/15/2026

335,000

388,181

3.50%,

1/15/2027

450,000

450,203

18,458,405

Containers

&

Packaging

0.5%

Graham

Packaging

Co.,

Inc.

,

7.13%,

8/15/2028(b)

295,000

313,209

Sealed

Air

Corp.

,

1.57%,

10/15/2026(b)

6,640,000

6,602,513

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(b)(c)

585,000

628,144

7,543,866

Distributors

0.1%

Univar

Solutions

USA,

Inc.

,

5.13%,

12/1/2027(b)

745,000

782,213

Diversified

Financial

Services

0.1%

MPH

Acquisition

Holdings

LLC

,

5.75%,

11/1/2028(b)

1,410,000

1,328,192

Power

Finance

Corp.

Ltd.

,

3.95%,

4/23/2030(b)

200,000

204,318

1,532,510

Diversified

Telecommunication

Services

2.7%

Altice

France

Holding

SA

,

6.00%,

2/15/2028(b)

1,010,000

970,080

Altice

France

SA

,

7.38%,

5/1/2026(b)

269,000

279,114

8.13%,

2/1/2027(b)

355,000

381,980

5.50%,

1/15/2028(b)

540,000

549,032

AT&T,

Inc.

,

4.35%,

3/1/2029

2,955,000

3,388,261

2.25%,

2/1/2032

4,105,000

3,996,889

3.50%,

6/1/2041

1,420,000

1,457,956

3.50%,

9/15/2053

12,145,000

12,020,149

3.65%,

9/15/2059

1,290,000

1,286,031

CCO

Holdings

LLC

,

5.50%,

5/1/2026(b)

100,000

103,128

4.75%,

3/1/2030(b)

55,000

57,501

4.50%,

8/15/2030(b)

855,000

882,121

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Consolidated

Communications,

Inc.

,

5.00%,

10/1/2028(b)

155,000

160,037

6.50%,

10/1/2028(b)

100,000

108,625

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(b)

625,000

664,062

5.00%,

5/1/2028(b)

220,000

231,000

6.75%,

5/1/2029(b)

330,000

347,738

5.88%,

11/1/2029

570,000

576,940

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(b)

520,000

534,976

Lumen

Technologies,

Inc.

,

5.38%,

6/15/2029(b)

360,000

367,329

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

195,000

249,600

8.75%,

3/15/2032

265,000

395,873

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030

2,685,000

2,540,987

2.65%,

11/20/2040

1,185,000

1,113,391

3.55%,

3/22/2051

3,500,000

3,691,089

3.70%,

3/22/2061

5,420,000

5,723,129

Virgin

Media

Finance

plc

,

5.00%,

7/15/2030(b)

585,000

599,903

42,676,921

Electric

Utilities

2.4%

AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(b)

4,000,000

4,124,000

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

3,230,000

3,828,019

Duke

Energy

Corp.

,

3.50%,

6/15/2051

2,665,000

2,744,167

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

2,500,000

2,586,907

Entergy

Texas,

Inc.

,

1.75%,

3/15/2031

8,050,000

7,625,121

FirstEnergy

Corp.

,

Series

C,

7.38%,

11/15/2031

45,000

61,473

Series

C,

5.35%,

7/15/2047(c)

450,000

548,718

Kallpa

Generacion

SA

,

4.13%,

8/16/2027(b)

200,000

208,548

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

2,345,000

2,445,948

NextEra

Energy

Capital

Holdings,

Inc.

,

1.90%,

6/15/2028

2,320,000

2,321,458

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(b)

490,000

481,302

3.88%,

2/15/2032(b)

385,000

380,669

Pacific

Gas

and

Electric

Co.

,

3.25%,

6/1/2031

5,875,000

5,853,652

3.30%,

8/1/2040

1,410,000

1,301,034

Perusahaan

Listrik

Negara

PT

,

Reg.

S,

5.25%,

10/24/2042

200,000

223,816

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

In-

vestments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Southwestern

Public

Service

Co.

,

Series

8,

3.15%,

5/1/2050

2,825,000

2,960,106

Vistra

Operations

Co.

LLC

,

4.38%,

5/1/2029(b)

270,000

271,655

37,966,593

Energy

Equipment

&

Services

0.0%

†

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

425,000

442,511

6.88%,

9/1/2027

85,000

89,981

532,492

Entertainment

0.1%

Lions

Gate

Capital

Holdings

LLC

,

5.50%,

4/15/2029(b)

695,000

718,470

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(b)

785,000

863,500

4.75%,

10/15/2027(b)

385,000

391,251

1,973,221

Equity

Real

Estate

Investment

Trusts

(REITs)

1.1%

Crown

Castle

International

Corp.

,

1.05%,

7/15/2026

1,655,000

1,619,731

2.10%,

4/1/2031

1,655,000

1,593,243

EPR

Properties

,

4.50%,

6/1/2027

385,000

417,974

4.95%,

4/15/2028

340,000

373,576

3.75%,

8/15/2029

140,000

144,302

Extra

Space

Storage

LP

,

2.35%,

3/15/2032

1,535,000

1,499,542

Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(b)

440,000

456,799

5.25%,

3/15/2028(b)

785,000

820,325

5.00%,

7/15/2028(b)

70,000

72,961

4.88%,

9/15/2029(b)

110,000

115,225

5.25%,

7/15/2030(b)

215,000

228,164

5.63%,

7/15/2032(b)

895,000

959,888

Uniti

Group

LP

,

7.13%,

12/15/2024(b)

345,000

352,331

7.88%,

2/15/2025(b)

785,000

829,431

6.50%,

2/15/2029(b)

850,000

874,365

Ventas

Realty

LP

,

3.50%,

4/15/2024

6,105,000

6,498,139

VICI

Properties

LP

,

4.25%,

12/1/2026(b)

174,000

181,713

17,037,709

Food

&

Staples

Retailing

0.4%

7-Eleven,

Inc.

,

1.80%,

2/10/2031(b)

3,130,000

2,980,234

Performance

Food

Group,

Inc.

,

6.88%,

5/1/2025(b)

55,000

58,300

5.50%,

10/15/2027(b)

500,000

523,500

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Staples

Retailing

Sysco

Corp.

,

6.60%,

4/1/2050

1,511,000

2,376,884

5,938,918

Food

Products

0.9%

J

M

Smucker

Co.

(The)

,

2.75%,

9/15/2041

4,817,000

4,665,256

Kraft

Heinz

Foods

Co.

,

5.20%,

7/15/2045

35,000

43,839

4.88%,

10/1/2049

5,265,000

6,408,005

Pilgrim's

Pride

Corp.

,

4.25%,

4/15/2031(b)

785,000

843,482

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(b)

100,000

103,922

5.63%,

1/15/2028(b)

780,000

819,468

4.63%,

4/15/2030(b)

705,000

710,450

4.50%,

9/15/2031(b)

345,000

340,905

13,935,327

Health

Care

Equipment

&

Supplies

0.5%

Mozart

Debt

Merger

Sub,

Inc.

,

3.88%,

4/1/2029(b)

4,793,000

4,793,000

5.25%,

10/1/2029(b)

332,000

332,000

Ortho-Clinical

Diagnostics,

Inc.

,

7.38%,

6/1/2025(b)

216,000

227,880

7.25%,

2/1/2028(b)

341,000

364,912

Stryker

Corp.

,

0.60%,

12/1/2023

2,350,000

2,350,094

8,067,886

Health

Care

Providers

&

Services

2.0%

180

Medical,

Inc.

,

3.88%,

10/15/2029(b)

200,000

200,000

Acadia

Healthcare

Co.,

Inc.

,

5.50%,

7/1/2028(b)

410,000

430,992

5.00%,

4/15/2029(b)

120,000

124,950

Cigna

Corp.

,

3.75%,

7/15/2023

5,207,000

5,503,851

2.40%,

3/15/2030

7,075,000

7,192,374

Community

Health

Systems,

Inc.

,

6.63%,

2/15/2025(b)

70,000

73,238

8.00%,

3/15/2026(b)

430,000

456,004

5.63%,

3/15/2027(b)

125,000

130,891

8.00%,

12/15/2027(b)

479,000

522,110

6.00%,

1/15/2029(b)

135,000

143,100

6.88%,

4/15/2029(b)

850,000

851,997

6.13%,

4/1/2030(b)

885,000

859,977

4.75%,

2/15/2031(b)

220,000

221,375

CVS

Health

Corp.

,

3.00%,

8/15/2026

3,045,000

3,269,106

3.25%,

8/15/2029

3,725,000

4,003,779

1.75%,

8/21/2030

4,080,000

3,910,743

DaVita,

Inc.

,

4.63%,

6/1/2030(b)

940,000

966,894

HCA,

Inc.

,

7.69%,

6/15/2025

85,000

102,180

5.38%,

9/1/2026

690,000

789,463

5.63%,

9/1/2028

145,000

172,507

38

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Tenet

Healthcare

Corp.

,

6.75%,

6/15/2023

340,000

366,520

6.13%,

10/1/2028(b)

1,370,000

1,439,151

31,731,202

Hotels,

Restaurants

&

Leisure

0.9%

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(b)

350,000

368,465

8.13%,

7/1/2027(b)

770,000

865,653

Caesars

Resort

Collection

LLC

,

5.25%,

10/15/2025(b)

730,000

739,928

Cedar

Fair

LP

,

5.50%,

5/1/2025(b)

595,000

618,056

5.38%,

4/15/2027

875,000

899,063

5.25%,

7/15/2029

240,000

246,000

Scientific

Games

International,

Inc.

,

5.00%,

10/15/2025(b)

228,000

234,555

8.25%,

3/15/2026(b)

330,000

350,213

7.00%,

5/15/2028(b)

655,000

706,581

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(b)

715,000

738,237

Six

Flags

Theme

Parks,

Inc.

,

7.00%,

7/1/2025(b)

630,000

670,950

Starbucks

Corp.

,

2.55%,

11/15/2030

5,610,000

5,762,581

Wyndham

Hotels

&

Resorts,

Inc.

,

4.38%,

8/15/2028(b)

370,000

386,254

Wynn

Las

Vegas

LLC

,

5.50%,

3/1/2025(b)

1,063,000

1,084,260

5.25%,

5/15/2027(b)

375,000

378,743

14,049,539

Household

Durables

0.1%

Taylor

Morrison

Communities,

Inc.

,

5.88%,

6/15/2027(b)

260,000

296,400

5.75%,

1/15/2028(b)

465,000

518,010

5.13%,

8/1/2030(b)

180,000

193,729

1,008,139

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(b)(e)

5,000,000

5,288,850

Calpine

Corp.

,

4.50%,

2/15/2028(b)

735,000

749,701

5.13%,

3/15/2028(b)

590,000

597,513

4.63%,

2/1/2029(b)

792,000

780,120

5.00%,

2/1/2031(b)

1,223,000

1,223,000

8,639,184

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

1.1%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(b)

955,000

988,425

Allianz

SE

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%,

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

6,600,000

6,402,000

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(b)

255,000

269,025

HUB

International

Ltd.

,

7.00%,

5/1/2026(b)

705,000

728,794

Liberty

Mutual

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.12%,

12/15/2051(b)(e)

5,514,000

5,666,046

MetLife,

Inc.

,

6.40%,

12/15/2036

3,291,000

4,226,806

18,281,096

Interactive

Media

&

Services

0.0%

†

Tencent

Holdings

Ltd.

,

3.24%,

6/3/2050(b)

216,000

203,280

Internet

&

Direct

Marketing

Retail

0.2%

Amazon.com,

Inc.

,

3.10%,

5/12/2051

3,765,000

3,936,122

IT

Services

0.2%

International

Business

Machines

Corp.

,

3.30%,

5/15/2026

2,635,000

2,871,993

Presidio

Holdings,

Inc.

,

4.88%,

2/1/2027(b)

550,000

567,875

8.25%,

2/1/2028(b)

255,000

274,444

3,714,312

Media

2.3%

Charter

Communications

Operating

LLC

,

4.46%,

7/23/2022

3,880,000

3,978,581

2.80%,

4/1/2031

2,835,000

2,841,404

5.75%,

4/1/2048

4,000,000

5,053,171

4.80%,

3/1/2050

1,720,000

1,930,193

3.70%,

4/1/2051

2,565,000

2,497,345

Comcast

Corp.

,

2.35%,

1/15/2027

7,820,000

8,202,095

3.30%,

2/1/2027

2,740,000

2,990,200

CSC

Holdings

LLC

,

7.50%,

4/1/2028(b)

505,000

545,792

6.50%,

2/1/2029(b)

200,000

216,590

5.75%,

1/15/2030(b)

2,425,000

2,465,558

4.63%,

12/1/2030(b)

445,000

421,849

DISH

DBS

Corp.

,

7.75%,

7/1/2026

340,000

383,936

7.38%,

7/1/2028

355,000

376,469

5.13%,

6/1/2029

345,000

338,028

Outfront

Media

Capital

LLC

,

5.00%,

8/15/2027(b)

531,000

544,620

4.63%,

3/15/2030(b)

120,000

120,254

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

In-

vestments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Radiate

Holdco

LLC

,

4.50%,

9/15/2026(b)

160,000

165,200

6.50%,

9/15/2028(b)

395,000

402,766

Sirius

XM

Radio,

Inc.

,

5.00%,

8/1/2027(b)

130,000

135,850

5.50%,

7/1/2029(b)

1,454,000

1,572,137

4.13%,

7/1/2030(b)

646,000

648,996

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(b)

440,000

454,454

36,285,488

Metals

&

Mining

0.2%

ArcelorMittal

SA

,

7.00%,

10/15/2039(c)

285,000

402,206

6.75%,

3/1/2041(c)

95,000

130,566

Corp.

Nacional

del

Cobre

de

Chile

,

3.15%,

1/14/2030(b)

260,000

268,325

Reg.

S,

5.63%,

9/21/2035

100,000

127,331

CSN

Inova

Ventures

,

6.75%,

1/28/2028(b)

219,000

233,541

First

Quantum

Minerals

Ltd.

,

6.88%,

3/1/2026(b)

405,000

421,200

Freeport-McMoRan,

Inc.

,

5.25%,

9/1/2029

245,000

266,131

5.40%,

11/14/2034

385,000

462,481

5.45%,

3/15/2043

825,000

1,015,782

Nexa

Resources

SA

,

5.38%,

5/4/2027(b)

318,000

333,903

Reg.

S,

5.38%,

5/4/2027

200,000

210,002

3,871,468

Multi-Utilities

0.3%

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025

2,645,000

2,624,138

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

3,120,000

2,970,162

5,594,300

Oil,

Gas

&

Consumable

Fuels

4.6%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

,

Reg.

S,

4.60%,

11/2/2047

550,000

648,505

4.60%,

11/2/2047(b)

200,000

235,820

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

795,000

845,188

3.25%,

1/31/2032(b)

630,000

632,079

Comstock

Resources,

Inc.

,

6.75%,

3/1/2029(b)

611,000

659,880

5.88%,

1/15/2030(b)

245,000

254,800

CQP

Holdco

LP

,

5.50%,

6/15/2031(b)

1,340,000

1,425,157

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(b)

675,000

684,490

Energy

Transfer

LP

,

4.50%,

11/1/2023

4,000,000

4,256,185

2.90%,

5/15/2025

2,930,000

3,071,202

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Enterprise

Products

Operating

LLC

,

4.25%,

2/15/2048

5,310,000

6,014,442

Series

E,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.25%,

8/16/2077(e)

2,500,000

2,615,720

Genesis

Energy

LP

,

6.50%,

10/1/2025

115,000

114,425

6.25%,

5/15/2026

330,000

324,017

8.00%,

1/15/2027

95,000

96,188

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

2,120,000

2,700,438

Leviathan

Bond

Ltd.

,

Reg.

S,

6.75%,

6/30/2030(b)

105,286

116,341

Magellan

Midstream

Partners

LP

,

3.25%,

6/1/2030

2,270,000

2,426,513

Marathon

Oil

Corp.

,

4.40%,

7/15/2027

1,710,000

1,920,809

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

9,845,000

10,989,443

MPLX

LP

,

4.90%,

4/15/2058

4,000,000

4,644,356

Pertamina

Persero

PT

,

Reg.

S,

6.45%,

5/30/2044

310,000

403,915

Petrobras

Global

Finance

BV

,

5.50%,

6/10/2051

140,000

130,340

Petroleos

de

Venezuela

SA

,

Reg.

S,

6.00%,

5/16/2024(f)

322,820

18,562

Reg.

S,

6.00%,

11/15/2026(e)(f)

830,693

47,765

Reg.

S,

5.38%,

4/12/2027(f)

789,800

45,413

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(b)

400,000

412,000

Reg.

S,

5.63%,

6/19/2047

200,000

199,782

Petroleos

Mexicanos

,

6.88%,

10/16/2025(b)

97,000

106,215

5.35%,

2/12/2028

690,000

679,995

6.50%,

1/23/2029

52,000

53,451

6.84%,

1/23/2030

83,000

85,730

5.95%,

1/28/2031

435,000

421,689

6.75%,

9/21/2047

382,000

333,167

6.35%,

2/12/2048

10,009,000

8,457,255

7.69%,

1/23/2050

116,000

109,840

6.95%,

1/28/2060

131,000

114,481

Phillips

66

,

1.30%,

2/15/2026

2,420,000

2,406,176

Pioneer

Natural

Resources

Co.

,

2.15%,

1/15/2031

4,695,000

4,565,451

Saudi

Arabian

Oil

Co.

,

Reg.

S,

4.25%,

4/16/2039

950,000

1,065,083

4.25%,

4/16/2039(b)

200,000

224,228

Southern

Gas

Corridor

CJSC

,

Reg.

S,

6.88%,

3/24/2026

2,000,000

2,353,120

6.88%,

3/24/2026(b)

206,000

242,371

40

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Suncor

Energy,

Inc.

,

3.10%,

5/15/2025

2,810,000

2,992,176

Transcanada

Trust

,

Series

16-A,

(ICE

LIBOR

USD

3

Month

+

4.64%),

5.87%,

8/15/2076(e)

1,515,000

1,696,800

Western

Midstream

Operating

LP

,

5.30%,

2/1/2030(c)

560,000

618,800

Williams

Cos.,

Inc.

(The)

,

4.50%,

11/15/2023

1,955,000

2,094,290

74,554,093

Paper

&

Forest

Products

0.4%

Suzano

Austria

GmbH

,

6.00%,

1/15/2029

200,000

234,700

3.13%,

1/15/2032

5,750,000

5,553,063

5,787,763

Pharmaceuticals

0.6%

Bausch

Health

Cos.,

Inc.

,

6.13%,

4/15/2025(b)

626,000

638,927

5.50%,

11/1/2025(b)

340,000

345,100

5.75%,

8/15/2027(b)

3,407,000

3,568,833

Organon

&

Co.

,

5.13%,

4/30/2031(b)

795,000

835,028

Viatris

,

Inc.

,

4.00%,

6/22/2050(b)

4,135,000

4,394,935

9,782,823

Real

Estate

Management

&

Development

0.1%

Realogy

Group

LLC

,

4.88%,

6/1/2023(b)

100,000

103,500

7.63%,

6/15/2025(b)

275,000

293,686

9.38%,

4/1/2027(b)

585,000

642,769

5.75%,

1/15/2029(b)

1,105,000

1,146,172

2,186,127

Road

&

Rail

0.4%

AerCap

Global

Aviation

Trust

,

(ICE

LIBOR

USD

3

Month

+

4.30%),

6.50%,

6/15/2045(b)(e)

229,000

248,153

Avis

Budget

Car

Rental

LLC

,

4.75%,

4/1/2028(b)

885,000

912,533

5.38%,

3/1/2029(b)

4,957,000

5,239,053

6,399,739

Semiconductors

&

Semiconductor

Equipment

1.8%

Broadcom,

Inc.

,

3.42%,

4/15/2033(b)

4,411,000

4,566,142

3.47%,

4/15/2034(b)

9,110,000

9,380,904

3.14%,

11/15/2035(b)

694,000

691,818

3.19%,

11/15/2036(b)

5,155,000

5,140,030

Marvell

Technology,

Inc.

,

2.45%,

4/15/2028(b)

4,430,000

4,513,150

2.95%,

4/15/2031(b)

3,879,000

3,987,223

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(b)

240,000

247,800

28,527,067

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

0.7%

Oracle

Corp.

,

3.65%,

3/25/2041

3,010,000

3,113,060

4.00%,

7/15/2046

2,510,000

2,659,036

3.60%,

4/1/2050

3,585,000

3,589,296

VMware,

Inc.

,

2.20%,

8/15/2031

2,540,000

2,483,532

11,844,924

Specialty

Retail

0.1%

Lowe's

Cos.,

Inc.

,

2.80%,

9/15/2041

1,484,000

1,443,581

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(b)

375,000

395,625

1,839,206

Technology

Hardware,

Storage

&

Peripherals

1.3%

Apple,

Inc.

,

3.35%,

2/9/2027

2,545,000

2,806,369

2.38%,

2/8/2041

2,595,000

2,492,448

2.70%,

8/5/2051

2,530,000

2,439,567

2.55%,

8/20/2060

2,035,000

1,855,050

Dell

International

LLC

,

5.45%,

6/15/2023

4,880,000

5,233,949

6.02%,

6/15/2026

1,800,000

2,141,150

8.35%,

7/15/2046

2,435,000

3,949,220

20,917,753

Thrifts

&

Mortgage

Finance

0.2%

Rocket

Mortgage

LLC

,

2.88%,

10/15/2026(b)

3,272,000

3,197,398

Tobacco

0.4%

Altria

Group,

Inc.

,

3.40%,

2/4/2041

1,829,000

1,732,134

BAT

Capital

Corp.

,

2.26%,

3/25/2028

4,275,000

4,243,041

5,975,175

Trading

Companies

&

Distributors

0.1%

Imola

Merger

Corp.

,

4.75%,

5/15/2029(b)

265,000

274,147

United

Rentals

North

America,

Inc.

,

3.75%,

1/15/2032

810,000

819,113

1,093,260

Wireless

Telecommunication

Services

1.0%

Sprint

Corp.

,

7.13%,

6/15/2024

355,000

404,061

7.63%,

3/1/2026

315,000

381,693

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028

2,985,000

3,008,880

2.63%,

2/15/2029

215,000

217,270

3.88%,

4/15/2030

5,240,000

5,785,809

2.55%,

2/15/2031

2,990,000

3,000,655

2.88%,

2/15/2031

550,000

554,675

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

In-

vestments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.,

4.38%,

4/15/2040

2,975,000

3,427,697

16,780,740

Total

Corporate

Bonds

(cost

$785,893,681)

807,615,724

Foreign

Government

Securities

2.7%

ANGOLA

0.1%

Republic

of

Angola

,

Reg.

S,

8.25%,

5/9/2028

200,000

207,000

Reg.

S,

8.00%,

11/26/2029

240,000

245,549

Reg.

S,

9.38%,

5/8/2048

1,000,000

1,030,560

Reg.

S,

9.13%,

11/26/2049

200,000

202,928

1,686,037

ARGENTINA

0.1%

Argentine

Republic

,

1.00%,

7/9/2029

758,076

288,076

0.50%,

7/9/2030(c)

1,280,000

469,402

2.00%,

1/9/2038(c)

1,780,588

690,494

2.50%,

7/9/2041(c)

1,840,000

675,777

2,123,749

BRAZIL

0.0%

†

Federative

Republic

of

Brazil

,

3.88%,

6/12/2030

400,000

387,780

5.63%,

1/7/2041

350,000

353,486

741,266

CHILE

0.0%

†

Republic

of

Chile

,

2.55%,

7/27/2033

200,000

194,968

COLOMBIA

0.1%

Republic

of

Colombia

,

7.38%,

9/18/2037

132,000

162,157

6.13%,

1/18/2041

290,000

318,516

5.00%,

6/15/2045

1,000,000

974,640

5.20%,

5/15/2049

330,000

328,726

1,784,039

COSTA

RICA

0.1%

Republic

of

Costa

Rica

,

Reg.

S,

6.13%,

2/19/2031

205,000

210,127

Reg.

S,

7.16%,

3/12/2045

700,000

699,125

7.16%,

3/12/2045(b)

438,000

437,453

1,346,705

DOMINICAN

REPUBLIC

0.1%

Dominican

Republic

Government

Bond

,

Reg.

S,

6.00%,

7/19/2028

150,000

169,501

Reg.

S,

7.45%,

4/30/2044

100,000

119,151

Reg.

S,

6.85%,

1/27/2045

320,000

356,803

Reg.

S,

6.40%,

6/5/2049

150,000

158,777

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

DOMINICAN

REPUBLIC

Dominican

Republic

Government

Bond

(continued)

Reg.

S,

5.88%,

1/30/2060

650,000

636,032

1,440,264

ECS

0.0%

†

Republic

of

Ecuador

,

Reg.

S,

5.00%,

7/31/2030(c)

310,000

260,403

ECUADOR

0.1%

0.00%,

7/31/2030(b)

97,034

51,793

5.00%,

7/31/2030(b)(c)

396,900

333,400

1.00%,

7/31/2035(b)(c)

750,130

494,155

0.50%,

7/31/2040(b)(c)

476,700

277,087

1,156,435

EGYPT

0.1%

Arab

Republic

of

Egypt

,

Reg.

S,

7.60%,

3/1/2029

200,000

207,126

Reg.

S,

8.50%,

1/31/2047

400,000

386,000

Reg.

S,

7.90%,

2/21/2048

430,000

392,375

Reg.

S,

8.70%,

3/1/2049

600,000

582,039

Reg.

S,

8.88%,

5/29/2050

200,000

197,833

Reg.

S,

7.50%,

2/16/2061

200,000

175,216

1,940,589

GHANA

0.1%

Republic

of

Ghana

,

Reg.

S,

7.75%,

4/7/2029

400,000

380,880

Reg.

S,

10.75%,

10/14/2030

530,000

639,975

Reg.

S,

8.63%,

4/7/2034

400,000

380,200

Reg.

S,

7.88%,

2/11/2035

200,000

179,776

Reg.

S,

8.88%,

5/7/2042

242,000

225,060

Reg.

S,

8.95%,

3/26/2051

200,000

182,250

1,988,141

HUNGARY

0.1%

Hungary

Government

Bond

,

3.13%,

9/21/2051(b)

2,090,000

2,058,002

INDONESIA

0.2%

Republic

of

Indonesia

,

Reg.

S,

8.50%,

10/12/2035

940,000

1,467,516

Reg.

S,

7.75%,

1/17/2038

185,000

275,163

Reg.

S,

5.25%,

1/17/2042

790,000

958,837

2,701,516

IVORY

COAST

0.2%

Republic

of

Cote

d'Ivoire

,

Reg.

S,

5.75%,

12/31/2032(c)

1,363,890

1,363,890

Reg.

S,

6.13%,

6/15/2033

1,350,000

1,424,925

2,788,815

42

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

JAPAN

0.3%

Japan

Bank

for

International

Cooperation

,

0.63%,

7/15/2025

5,010,000

4,954,139

KENYA

0.0%

†

Republic

of

Kenya

,

Reg.

S,

6.30%,

1/23/2034

200,000

197,258

MEXICO

0.3%

United

Mexican

States

,

2.66%,

5/24/2031

200,000

192,946

4.75%,

4/27/2032

3,615,000

4,066,044

4,258,990

NIGERIA

0.2%

Federal

Republic

of

Nigeria

,

5.63%,

6/27/2022

200,000

204,528

Reg.

S,

7.63%,

11/21/2025

400,000

442,504

Reg.

S,

7.88%,

2/16/2032

300,000

311,637

7.38%,

9/28/2033(b)

1,656,000

1,669,248

2,627,917

OMAN

0.1%

Sultanate

of

Oman

Government

Bond

,

Reg.

S,

6.50%,

3/8/2047

200,000

193,778

Reg.

S,

6.75%,

1/17/2048

549,000

542,851

Reg.

S,

7.00%,

1/25/2051

200,000

202,856

939,485

PANAMA

0.0%

†

Republic

of

Panama

,

8.88%,

9/30/2027

400,000

544,904

PERU

0.1%

Republic

of

Peru

,

8.75%,

11/21/2033

660,000

1,020,155

6.55%,

3/14/2037

22,000

29,658

1,049,813

QATAR

0.1%

State

of

Qatar

,

Reg.

S,

3.75%,

4/16/2030

230,000

258,930

Reg.

S,

4.82%,

3/14/2049

1,000,000

1,284,620

1,543,550

ROMANIA

0.1%

Romania

Government

Bond

,

Reg.

S,

3.00%,

2/14/2031

918,000

935,820

Reg.

S,

5.13%,

6/15/2048

290,000

342,926

Reg.

S,

4.00%,

2/14/2051

200,000

199,200

1,477,946

SENEGAL

0.0%

†

Republic

of

Senegal

,

Reg.

S,

6.75%,

3/13/2048

400,000

403,748

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

TURKEY

0.0%

†

Turkiye

Ihracat

Kredi

Bankasi

A/S

,

5.38%,

10/24/2023(b)

200,000

204,288

8.25%,

1/24/2024(b)

200,000

214,740

419,028

UKRAINE

0.2%

Ukraine

Government

Bond

,

Reg.

S,

7.75%,

9/1/2025

120,000

130,354

Reg.

S,

7.75%,

9/1/2027

410,000

444,115

Reg.

S,

9.75%,

11/1/2028

1,500,000

1,759,050

Reg.

S,

6.88%,

5/21/2029

300,000

304,029

Reg.

S,

7.38%,

9/25/2032

290,000

296,890

1.1E-05%,

5/31/2040(a)(b)

228,000

248,699

Ukreximbank

,

9.63%,

4/27/2022(b)

40,000

40,606

3,223,743

VENEZUELA,

BOLIVARIAN

REPUBLIC

OF

0.0%

†

Bolivarian

Republic

of

Venezuela

,

Reg.

S,

8.25%,

10/13/2024(f)

542,900

57,547

Total

Foreign

Government

Securities

(cost

$43,219,916)

43,908,997

Mortgage-Backed

Securities

10.6%

FHLMC

Gold

Pool

Pool#

G13072

5.00%,

4/1/2023

510

532

Pool#

G13122

5.00%,

4/1/2023

240

250

Pool#

G13225

5.00%,

6/1/2023

5,614

5,852

Pool#

J08443

5.00%,

7/1/2023

1,960

2,042

Pool#

C03795

3.50%,

4/1/2042

583,432

635,508

Pool#

Q08997

3.50%,

6/1/2042

361,536

393,859

Pool#

Q19480

4.00%,

6/1/2043

773,670

854,833

Pool#

V80509

4.00%,

10/1/2043

138,355

152,352

Pool#

Q29697

3.50%,

11/1/2044

431,567

467,439

Pool#

G07961

3.50%,

3/1/2045

343,606

372,162

Pool#

V82196

4.50%,

1/1/2046

166,083

182,203

Pool#

G61281

3.50%,

1/1/2048

992,338

1,065,647

FHLMC

UMBS

Pool

Pool#

QA7325

3.00%,

2/1/2050

1,608,191

1,687,903

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

In-

vestments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QA6750

3.00%,

2/1/2050

206,007

216,992

Pool#

QA8311

3.00%,

3/1/2050

1,339,998

1,411,343

Pool#

QB4785

2.50%,

10/1/2050

2,188,127

2,258,327

Pool#

QB9401

2.00%,

3/1/2051

3,014,641

3,036,957

FNMA

UMBS

Pool

Pool#

AH9471

4.50%,

4/1/2041

334,918

368,759

Pool#

AH4038

4.50%,

4/1/2041

250,290

277,665

Pool#

AI3506

4.50%,

6/1/2041

12,061

13,380

Pool#

AQ9328

3.50%,

1/1/2043

117,922

128,417

Pool#

AB9046

3.50%,

4/1/2043

691,918

755,367

Pool#

AT2021

3.50%,

4/1/2043

506,855

551,966

Pool#

AB9864

3.50%,

7/1/2043

265,932

290,320

Pool#

AS0212

3.50%,

8/1/2043

1,063,826

1,157,975

Pool#

AS0210

3.50%,

8/1/2043

682,848

745,472

Pool#

AU3742

3.50%,

8/1/2043

406,067

442,210

Pool#

AU6857

4.00%,

9/1/2043

412,400

458,848

Pool#

AU4386

4.00%,

10/1/2043

121,652

134,111

Pool#

AS1559

4.00%,

1/1/2044

675,880

746,438

Pool#

AW2478

4.50%,

6/1/2044

179,974

196,561

Pool#

AL6432

4.00%,

1/1/2045

694,651

764,256

Pool#

AS5175

3.50%,

6/1/2045

696,212

754,852

Pool#

AS6464

3.50%,

1/1/2046

571,527

618,850

Pool#

BO8947

3.00%,

1/1/2050

1,100,905

1,154,448

Pool#

FM4334

3.00%,

4/1/2050

2,164,435

2,284,940

Pool#

BP9581

2.50%,

8/1/2050

1,776,164

1,835,679

Pool#

FM5316

2.00%,

12/1/2050

1,864,890

1,873,989

Pool#

CA8817

2.00%,

2/1/2051

3,994,898

4,008,649

Pool#

BR4515

2.00%,

2/1/2051

2,648,705

2,665,441

Pool#

BR4029

2.00%,

2/1/2051

2,455,769

2,469,593

Pool#

BR2667

2.00%,

2/1/2051

1,941,299

1,959,537

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BR4051

2.00%,

2/1/2051

1,922,735

1,933,559

Pool#

BR7795

2.50%,

4/1/2051

3,764,680

3,886,561

Pool#

FM7151

2.00%,

5/1/2051

1,127,389

1,131,545

Pool#

FM7189

2.50%,

5/1/2051

3,249,113

3,364,580

Pool#

FM7738

2.50%,

6/1/2051

2,582,681

2,666,132

Pool#

BT0417

2.50%,

6/1/2051

1,565,962

1,616,661

Pool#

BT1339

2.50%,

7/1/2051

2,618,098

2,707,520

Pool#

FM8178

2.50%,

7/1/2051

1,594,464

1,646,086

Pool#

CB1038

2.50%,

7/1/2051

1,588,328

1,640,120

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

10/25/2036

15,000,000

15,448,245

2.50%,

10/25/2036

15,000,000

15,626,370

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

10/25/2051

20,000,000

20,053,907

2.50%,

10/25/2051

15,000,000

15,465,820

3.00%,

10/25/2051

7,000,000

7,324,569

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

619,303

669,528

Pool#

MA0783

3.50%,

2/20/2043

766,759

828,950

Pool#

MA2892

3.50%,

6/20/2045

41,639

44,429

Pool#

MA3663

3.50%,

5/20/2046

503,491

535,021

Pool#

MA3803

3.50%,

7/20/2046

239,354

254,067

Pool#

MA4262

3.50%,

2/20/2047

20,000

21,221

Pool#

MA4510

3.50%,

6/20/2047

783,765

830,205

Pool#

MA4586

3.50%,

7/20/2047

531,422

562,848

Pool#

MA4837

3.50%,

11/20/2047

938,415

994,040

Pool#

MA4962

3.50%,

1/20/2048

562,669

597,418

Pool#

MA6542

3.50%,

3/20/2050

693,169

728,068

GNMA

TBA

2.00%,

10/15/2051

8,000,000

8,115,313

2.50%,

10/15/2051

12,000,000

12,387,660

3.00%,

10/15/2051

9,000,000

9,402,894

Total

Mortgage-Backed

Securities

(cost

$170,100,829)

169,885,261

44

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

Municipal

Bond

0.3%

Principal

Amount

($)

Value

($)

California

0.3

%

State

of

California,

GO,

7.55%,

4/1/2039

3,000,000

5,055,144

Total

Municipal

Bond

(cost

$5,189,870)

5,055,144

Supranational

0.9%

Eastern

&

Southern

African

Trade

&

Development

Bank,

4.88%,

5/23/2024

200,000

210,780

Banque

Ouest

Africaine

de

Developpement

5.00%,

7/27/2027

200,000

223,990

4.70%,

10/22/2031(b)

200,000

219,612

European

Investment

Bank,

0.63%,

10/21/2027

1,365,000

1,318,988

International

Bank

for

Reconstruction

&

Development

0.50%,

10/28/2025

3,870,000

3,818,344

0.75%,

11/24/2027

5,280,000

5,123,781

0.75%,

8/26/2030

3,450,000

3,228,618

Total

Supranational

(cost

$14,545,938)

14,144,113

U.S.

Government

Agency

Securities

0.6%

FHLB,

5.50%,

7/15/2036

2,310,000

3,369,586

FNMA

0.50%,

11/7/2025

2,245,000

2,215,924

5.63%,

7/15/2037

3,060,000

4,564,864

Total

U.S.

Government

Agency

Securities

(cost

$9,272,729)

10,150,374

U.S.

Treasury

Obligations

25.1%

U.S.

Treasury

Bonds

1.13%,

5/15/2040

22,486,500

19,435,890

2.25%,

5/15/2041

26,245,000

27,290,699

3.63%,

8/15/2043

1,745,000

2,239,803

3.13%,

8/15/2044

33,005,000

39,498,992

3.13%,

5/15/2048

5,250,000

6,387,773

1.88%,

2/15/2051

21,720,200

20,712,247

2.38%,

5/15/2051

67,617,500

72,160,551

U.S.

Treasury

Notes

0.38%,

1/31/2026

930,000

910,020

0.75%,

8/31/2026

128,085,000

126,714,091

1.25%,

6/30/2028

62,898,900

62,766,222

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.25%,

8/15/2031

26,321,200

25,683,733

Total

U.S.

Treasury

Obligations

(cost

$410,494,277)

403,800,021

Total

Investments

(cost

$1,592,719,377)

—

100.2%

1,609,507,916

Liabilities

in

excess

of

other

assets

—

(0.2)%

(3,333,081)

NET

ASSETS

—

100.0%

$

1,606,174,835

†

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,

2021.

(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,

2021

was

$368,246,006

which

represents

22.93%

of

net

assets.

(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,

2021.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2021.

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,

2021.

(f)

Security

in

default.

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

In-

vestments

-

45

CLO

Collateralized

Loan

Obligations

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

ICE

Intercontinental

Exchange

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

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

5

Year

Note

(621)

12/2021

USD

(76,222,899)

379,439

U.S.

Treasury

10

Year

Note

(203)

12/2021

USD

(26,716,703)

303,682

U.S.

Treasury

10

Year

Ultra

Note

(688)

12/2021

USD

(99,932,000)

1,365,040

U.S.

Treasury

Long

Bond

(188)

12/2021

USD

(29,933,125)

679,699

U.S.

Treasury

Ultra

Bond

(438)

12/2021

USD

(83,685,375)

1,408,630

4,136,490

As

of

September

30,

2021,

the

Fund

had

$5,753,025

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

46

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

107,174,315

$

–

$

107,174,315

Collateralized

Mortgage

Obligations

–

18,726,914

–

18,726,914

Commercial

Mortgage-Backed

Securities

–

28,290,297

–

28,290,297

Convertible

Bond

–

756,756

–

756,756

Corporate

Bonds

–

807,615,724

–

807,615,724

Foreign

Government

Securities

–

43,908,997

–

43,908,997

Futures

Contracts

4,136,490

–

–

4,136,490

Mortgage-Backed

Securities

–

169,885,261

–

169,885,261

Municipal

Bond

–

5,055,144

–

5,055,144

Supranational

–

14,144,113

–

14,144,113

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

(formerly,

NVIT

Core

Plus

Bond

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

In-

vestments

-

47

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Government

Agency

Securities

$

–

$

10,150,374

$

–

$

10,150,374

U.S.

Treasury

Obligations

–

403,800,021

–

403,800,021

Total

$

4,136,490

$

1,609,507,916

$

–

$

1,613,644,406

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

4,136,490

Total

$

4,136,490

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Asset-Backed

Securities

17.9%

Principal

Amount

($)

Value

($)

Automobiles

0.2%

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

250,000

249,580

Flagship

Credit

Auto

Trust,

Series

2017-4,

Class

C,

2.92%,

11/15/2023(a)

160,932

161,533

411,113

Home

Equity

8.3%

Aegis

Asset-Backed

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2003-2,

Class

M2,

2.64%,

11/25/2033(b)

1,496,203

1,501,829

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust

AMQ,

Series

2007-

HE2,

Class

A4,

0.32%,

5/25/2037(b)

1,605,224

1,314,576

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB4,

Class

AV3,

0.39%,

5/25/2036(b)

2,699,030

2,189,022

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-

NC1,

Class

A3,

0.27%,

4/25/2037(b)

507,306

402,749

JP

Morgan

Mortgage

Acquisition

Trust

Series

2006-RM1,

Class

A5,

0.57%,

8/25/2036(b)

1,784,590

1,067,824

Series

2007-CH3,

Class

M2,

0.41%,

3/25/2037(b)

1,500,000

1,430,954

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

0.30%,

5/25/2037(b)

1,760,643

1,733,941

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-HE3,

Class

A4,

0.59%,

6/25/2037(b)

2,273,748

884,329

New

Century

Home

Equity

Loan

Trust,

Series

2006-

1,

Class

A2C,

0.37%,

5/25/2036(b)

1,500,000

1,319,956

Option

One

Mortgage

Loan

Trust,

Series

2006-1,

Class

M2,

0.66%,

1/25/2036(b)

2,049,000

1,869,252

Renaissance

Home

Equity

Loan

Trust,

Series

2007-

1,

Class

AF4,

5.76%,

4/25/2037(c)

2,781,357

1,209,647

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-FR4,

Class

A2B,

0.26%,

8/25/2036(b)

4,337,879

1,885,295

16,809,374

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

9.1%

Affirm

Asset

Securitization

Trust,

Series

2020-

Z1,

Class

A,

3.46%,

10/15/2024(a)

103,942

105,170

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

A,

1.43%,

1/15/2033(a)(b)

1,000,000

1,001,431

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

746,094

749,959

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A1A,

1.32%,

7/20/2034(a)(b)

500,000

500,087

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2014-3RA,

Class

A1A,

1.18%,

7/27/2031(a)(b)

495,916

495,971

CLNC

Ltd.,

Series

2019-

FL1,

Class

A,

1.41%,

8/20/2035(a)(b)

169,000

169,110

Columbia

Cent

CLO

29

Ltd.,

Series

2020-29A,

Class

B1,

2.59%,

7/20/2031(a)(b)

500,000

500,569

Dryden

75

CLO

Ltd.,

Series

2019-75A,

Class

AR2,

1.17%,

4/15/2034(a)(b)

500,000

500,464

FS

RIALTO,

Series

2021-

FL2,

Class

A,

1.30%,

4/16/2028(a)(b)

375,000

375,446

Generate

CLO

9

Ltd.,

Series

9A,

Class

A,

0.00%,

10/20/2034(a)(b)

500,000

500,000

Gulf

Stream

Meridian

3

Ltd.,

Series

2021-IIIA,

Class

A1,

1.45%,

4/15/2034(a)(b)

500,000

500,308

Home

Partners

of

America

Trust

Series

2021-1,

Class

D,

2.48%,

9/19/2041(a)

1,193,491

1,171,704

Series

2021-1,

Class

F,

3.33%,

9/19/2041(a)

701,350

689,593

LCM

XV

LP,

Series

15A,

Class

DR,

3.83%,

7/20/2030(a)(b)

250,000

247,522

LoanCore

Issuer

Ltd.,

Series

2019-CRE2,

Class

AS,

1.58%,

5/15/2036(a)(b)

188,000

188,000

Marble

Point

CLO

Management

LLC,

Series

2021-2A,

Class

A,

1.33%,

7/25/2034(a)(b)

500,000

500,271

Marble

Point

CLO

XIV

Ltd.,

Series

2018-2A,

Class

A1R,

1.41%,

1/20/2032(a)(b)

500,000

500,233

Marlette

Funding

Trust,

Series

2019-4A,

Class

C,

3.76%,

12/17/2029(a)

500,000

515,503

ME

Funding

LLC,

Series

2019-1,

Class

A2,

6.45%,

7/30/2049(a)

736,875

776,906

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

49

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Pagaya

AI

Debt

Selection

Trust

Series

2021-1,

Class

B,

2.13%,

11/15/2027(a)

350,000

353,332

Series

2021-3,

Class

B,

1.74%,

5/15/2029(a)

500,000

498,965

PMT

Issuer

Trust-FMSR,

Series

2021-FT1,

Class

A,

3.09%,

3/25/2026(a)(b)

850,000

849,376

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

1.32%,

10/20/2030(a)(b)

500,000

500,007

Sprite

Ltd.,

Series

2017-

1,

Class

A,

4.25%,

12/15/2037(a)

313,301

311,198

SUNNOVA

HELIOS

II

ISSUER

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048(a)

470,545

469,598

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

477,701

507,334

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

1.21%,

1/17/2032(a)

(b)

500,000

500,004

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

853,305

845,273

TRTX

Issuer

Ltd.,

Series

2019-FL3,

Class

AS,

1.61%,

10/15/2034(a)(b)

196,000

195,939

Upstart

Pass-Through

Trust

Series

2021-ST3,

Class

A,

2.00%,

5/20/2027(a)

437,727

439,076

Series

2021-ST4,

Class

A,

2.00%,

7/20/2027(a)

320,030

319,708

Venture

XV

CLO

Ltd.,

Series

2013-15A,

Class

A1R2,

1.50%,

7/15/2032(a)(b)

496,957

496,957

Venture

XX

CLO

Ltd.,

Series

2015-20A,

Class

AR,

0.95%,

4/15/2027(a)(b)

104,088

104,092

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

432,410

427,144

VOLT

XCIV

LLC,

Series

2021-

NPL3,

Class

A1,

2.24%,

2/27/2051(a)(c)

466,687

467,116

VOLT

XCIX

LLC,

Series

2021-

NPL8,

Class

A1,

2.12%,

4/25/2051(a)(c)

789,080

789,824

VOLT

XCVI

LLC,

Series

2021-

NPL5,

Class

A1,

2.12%,

3/27/2051(a)(c)

456,157

456,411

18,519,601

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

0.3%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

500,000

519,820

Total

Asset-Backed

Securities

(cost

$36,262,419)

36,259,908

Collateralized

Mortgage

Obligations

18.7%

Alternative

Loan

Trust

Series

2005-64CB,

Class

1A12,

0.89%,

12/25/2035(b)

1,272,238

1,109,453

Series

2006-13T1,

Class

A1,

6.00%,

5/25/2036

2,014,923

1,320,947

Series

2006-OA7,

Class

1A2,

1.03%,

6/25/2046(b)

1,928,136

1,773,757

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

0.57%,

2/25/2036(b)

1,568,079

1,586,051

BRAVO

Residential

Funding

Trust,

Series

2021-A,

Class

A1,

1.99%,

10/25/2059(a)(c)

925,109

925,244

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1,724,120

1,147,935

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,239,425

843,776

FHLMC

REMICS

Series

4749,

Class

LV,

3.50%,

4/15/2038

4,000,000

4,050,285

Series

4729,

Class

AG,

3.00%,

1/15/2044

687,495

688,615

Series

4748,

Class

KW,

3.50%,

9/15/2044

1,355,978

1,361,923

Series

5004,

Class

LS,

IO,

6.06%,

7/25/2050(b)

3,758,371

824,929

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(b)

1,000,000

993,239

FNMA

REMICS

Series

2013-20,

Class

MA,

2.50%,

3/25/2033

2,055,854

2,155,817

Series

2014-11,

Class

KZ,

2.50%,

10/25/2041

2,296,164

2,361,084

Series

2018-33,

Class

A,

3.00%,

5/25/2048

1,030,125

1,067,137

Series

2019-64,

Class

D,

2.50%,

11/25/2049

634,411

646,217

Series

2020-77,

Class

S,

IO,

4.10%,

11/25/2050(b)

6,793,147

1,010,859

Series

2021-61,

Class

KZ,

2.50%,

9/25/2051

3,006,250

2,972,704

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(b)

700,000

702,630

50

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

GNMA

REMICS

Series

2019-84,

Class

SA,

IO,

3.31%,

7/20/2049(b)

7,555,543

596,054

Series

2021-57,

Class

IA,

IO,

2.50%,

12/20/2050

4,539,171

651,167

GNMA

,

0.00%,

8/16/2063(b)

5,588,095

467,609

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

0.45%,

7/25/2047(b)

837,187

664,384

JP

Morgan

Mortgage

Trust,

Series

2006-S1,

Class

2A9,

6.50%,

4/25/2036

513,863

532,232

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

A1,

2.69%,

10/25/2060(a)(b)

608,587

608,974

New

Residential

Mortgage

Loan

Trust,

Series

2021-

NQ1R,

Class

M1,

2.27%,

7/25/2055(a)(b)

550,000

547,145

NRPL

Trust,

Series

2018-

2A,

Class

A1,

4.25%,

7/25/2067(a)(c)

1,218,163

1,216,404

RALI

Trust,

Series

2006-

QS17,

Class

A7,

6.00%,

12/25/2036

1,212,392

1,179,996

Seasoned

Credit

Risk

Transfer

Trust,

Series

2019-4,

Class

MV,

3.00%,

2/25/2059

1,975,871

2,096,660

Toorak

Mortgage

Corp.

Ltd.,

Series

2020-1,

Class

A2,

3.23%,

3/25/2023(a)(c)

1,100,000

1,100,390

ZH

Trust,

Series

2021-

2,

Class

A,

2.35%,

10/17/2027(a)

650,000

649,999

Total

Collateralized

Mortgage

Obligations

(cost

$38,520,606)

37,853,616

Commercial

Mortgage-Backed

Securities

7.3%

ACRE

Commercial

Mortgage

Ltd.

,

Series

2021-

FL4,

Class

A,

0.92%,

12/18/2037(a)(b)

177,564

176,940

BANK

Series

2020-BN30,

Class

XB,

IO,

0.83%,

12/15/2053(b)

3,036,000

180,733

Series

2017-BNK6,

Class

XA,

IO,

0.95%,

7/15/2060(b)

4,469,288

162,855

Series

2018-BN10,

Class

XA,

IO,

0.87%,

2/15/2061(b)

2,817,897

110,206

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.17%,

2/15/2053(b)

1,988,473

142,162

Series

2021-C9,

Class

XA,

IO,

1.77%,

2/15/2054(b)

1,496,965

181,999

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

BBCMS

Mortgage

Trust

Series

2021-C11,

Class

XA,

IO,

1.39%,

9/15/2054(b)

1,901,000

198,300

BB-UBS

Trust

Series

2012-SHOW,

Class

XB,

IO,

0.28%,

11/5/2036(a)

(b)

4,823,000

27,314

Series

2012-SHOW,

Class

XA,

IO,

0.73%,

11/5/2036(a)

(b)

8,760,000

161,387

Benchmark

Mortgage

Trust

Series

2020-B19,

Class

XA,

IO,

1.89%,

9/15/2053(b)

1,319,182

142,420

Series

2021-B27,

Class

XA,

IO,

1.39%,

7/15/2054(b)

2,010,560

195,457

BX

Commercial

Mortgage

Trust

Series

2021-VOLT,

Class

E,

2.10%,

9/15/2036(a)(b)

134,000

134,168

Series

2021-VOLT,

Class

F,

2.50%,

9/15/2036(a)(b)

134,000

134,168

BX

Trust

Series

2018-EXCL,

Class

A,

1.17%,

9/15/2037(a)(b)

51,359

50,974

Series

2019-OC11,

Class

E,

4.08%,

12/9/2041(a)(b)

211,000

217,818

Series

2019-OC11,

Class

D,

4.08%,

12/9/2041(a)(b)

100,000

105,688

BXMT

Ltd.

,

Series

2021-

FL4,

Class

A,

1.13%,

5/15/2038(a)(b)

125,000

125,039

CD

Mortgage

Trust

Series

2017-CD6,

Class

XA,

IO,

1.06%,

11/13/2050(b)

5,613,227

216,902

Series

2017-CD6,

Class

C,

4.41%,

11/13/2050(b)

202,000

217,597

CFCRE

Commercial

Mortgage

Trust

,

Series

2016-C4,

Class

XA,

IO,

1.80%,

5/10/2058(b)

2,113,632

128,973

Citigroup

Commercial

Mortgage

Trust

Series

2020-555,

Class

E,

3.62%,

12/10/2041(a)(b)

115,000

108,366

Series

2014-GC19,

Class

XA,

IO,

1.29%,

3/10/2047(b)

3,458,793

76,697

Series

2014-GC21,

Class

XA,

IO,

1.32%,

5/10/2047(b)

3,057,380

78,898

Series

2016-GC36,

Class

D,

2.85%,

2/10/2049(a)

139,000

97,649

COMM

Mortgage

Trust

Series

2017-PANW,

Class

E,

4.13%,

10/10/2029(a)(b)

254,000

254,938

Series

2017-PANW,

Class

D,

4.34%,

10/10/2029(a)(b)

152,000

156,318

Series

2014-CR20,

Class

XA,

IO,

1.15%,

11/10/2047(b)

5,761,848

152,135

Series

2015-CR23,

Class

C,

4.43%,

5/10/2048(b)

407,000

433,410

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

51

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

2.03%,

1/15/2049(b)

631,828

45,399

Series

2017-CX10,

Class

XA,

IO,

0.85%,

11/15/2050(b)

7,020,737

238,854

Series

2017-CX10,

Class

C,

4.25%,

11/15/2050(b)

405,000

404,365

Series

2019-C18,

Class

B,

3.59%,

12/15/2052

255,000

273,542

CSMC

,

Series

2020-

NET,

Class

A,

2.26%,

8/15/2037(a)

162,000

166,491

CSMC

Trust

Series

2017-CALI,

Class

F,

3.90%,

11/10/2032(a)(b)

250,000

245,705

Series

2017-CALI,

Class

E,

3.90%,

11/10/2032(a)(b)

133,000

135,988

CSWF

,

Series

2018-

TOP,

Class

F,

2.83%,

8/15/2035(a)(b)

160,800

160,546

FNMA

ACES

REMICS,

Series

2020-M7,

Class

X2,

IO,

1.33%,

3/25/2031(b)

5,199,230

460,437

GNMA

REMICS

Series

2021-35,

Class

,

IO,

1.01%,

12/16/2062(b)

5,129,317

457,582

Series

2021-52,

Class

,

IO,

0.85%,

4/16/2063(b)

5,806,259

448,517

Series

2021-129,

Class

,

IO,

0.99%,

6/16/2063(b)

5,686,913

496,560

Series

2021-79,

Class

,

0.92%,

8/16/2063(b)

5,708,623

478,593

GPMT

Ltd.

,

Series

2021-

FL3,

Class

A,

1.34%,

7/16/2035(a)(b)

174,344

174,346

Great

Wolf

Trust

Series

2019-WOLF,

Class

E,

2.82%,

12/15/2036(a)(b)

100,000

98,118

Series

2019-WOLF,

Class

F,

3.21%,

12/15/2036(a)(b)

100,000

97,998

GS

Mortgage

Securities

Corp.

Trust

Series

2018-TWR,

Class

D,

1.68%,

7/15/2031(a)(b)

100,000

97,983

Series

2018-LUAU,

Class

A,

1.08%,

11/15/2032(a)(b)

184,000

183,998

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.71%,

11/10/2049(b)

5,652,952

145,965

Series

2017-GS8,

Class

XA,

IO,

1.11%,

11/10/2050(b)

5,275,997

234,138

Series

2018-GS9,

Class

C,

4.51%,

3/10/2051(b)

175,000

189,848

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

HPLY

Trust

,

Series

2019-

HIT,

Class

F,

3.23%,

11/15/2036(a)(b)

93,557

92,152

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2018-LAQ,

Class

A,

1.08%,

6/15/2032(a)(b)

19,919

19,913

Series

2018-WPT,

Class

FFX,

5.54%,

7/5/2033(a)(b)

113,000

115,415

Series

2014-C20,

Class

B,

4.40%,

7/15/2047(b)

200,000

213,046

Series

2016-JP3,

Class

B,

3.40%,

8/15/2049(b)

190,000

199,040

JPMBB

Commercial

Mortgage

Securities

Trust

,

Series

2014-C23,

Class

D,

4.13%,

9/15/2047(a)(b)

200,000

201,223

JPMDB

Commercial

Mortgage

Securities

Trust

Series

2020-COR7,

Class

XA,

IO,

1.78%,

5/13/2053(b)

1,358,848

143,726

Series

2020-COR7,

Class

B,

3.29%,

5/13/2053(b)

158,000

168,299

MF1

Ltd.

,

Series

2020-

FL3,

Class

A,

2.21%,

7/15/2035(a)(b)

83,970

84,757

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2017-C33,

Class

XA,

IO,

1.42%,

5/15/2050(b)

2,607,961

142,127

Morgan

Stanley

Capital

I

Trust

Series

2017-ASHF,

Class

D,

2.28%,

11/15/2034(a)(b)

111,000

110,286

Series

2017-ASHF,

Class

E,

3.23%,

11/15/2034(a)(b)

167,000

164,535

Series

2019-H7,

Class

C,

4.13%,

7/15/2052

200,000

210,812

Series

2019-L3,

Class

XA,

IO,

0.76%,

11/15/2052(b)

3,036,029

137,303

Series

2020-L4,

Class

B,

3.08%,

2/15/2053

114,000

118,007

One

New

York

Plaza

Trust

,

Series

2020-1NYP,

Class

C,

2.28%,

1/15/2026(a)(b)

150,000

150,930

SG

Commercial

Mortgage

Securities

Trust

,

Series

2016-C5,

Class

XA,

IO,

2.07%,

10/10/2048(b)

3,095,845

192,518

Soho

Trust

,

Series

2021-

SOHO,

Class

B,

2.79%,

8/10/2038(a)(b)

202,000

193,283

UBS

Commercial

Mortgage

Trust

Series

2017-C3,

Class

B,

4.09%,

8/15/2050(b)

194,000

206,857

Series

2017-C4,

Class

B,

4.24%,

10/15/2050(b)

161,000

172,089

Series

2017-C5,

Class

C,

4.46%,

11/15/2050(b)

349,000

365,553

52

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Wells

Fargo

Commercial

Mortgage

Trust

Series

2012-LC5,

Class

C,

4.69%,

10/15/2045(b)

405,000

416,305

Series

2015-C28,

Class

XA,

IO,

0.74%,

5/15/2048(b)

8,725,355

160,857

Series

2016-C35,

Class

B,

3.44%,

7/15/2048

200,000

209,572

Series

2017-C41,

Class

B,

4.19%,

11/15/2050(b)

251,000

269,332

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(b)

161,000

172,684

Series

2020-C58,

Class

C,

3.16%,

7/15/2053

200,000

204,634

Series

2020-C57,

Class

XA,

IO,

2.23%,

8/15/2053(b)

1,083,601

158,522

Series

2021-C59,

Class

XA,

IO,

1.69%,

4/15/2054(b)

1,681,352

193,110

Total

Commercial

Mortgage-Backed

Securities

(cost

$14,645,217)

14,791,371

Corporate

Bonds

13.6%

Aerospace

&

Defense

0.2%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

120,000

122,352

Textron,

Inc.

,

2.45%,

3/15/2031

190,000

190,383

TransDigm

,

Inc.

,

8.00%,

12/15/2025(a)

10,000

10,663

6.25%,

3/15/2026(a)

70,000

72,975

5.50%,

11/15/2027

45,000

46,237

Triumph

Group,

Inc.

,

7.75%,

8/15/2025

30,000

29,677

472,287

Air

Freight

&

Logistics

0.0%

†

FedEx

Corp.

,

4.75%,

11/15/2045

45,000

54,856

Airlines

0.1%

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)

205,000

220,887

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

40,000

41,338

262,225

Auto

Components

0.1%

American

Axle

&

Manufacturing,

Inc.

,

5.00%,

10/1/2029

85,000

82,722

Clarios

Global

LP

,

6.25%,

5/15/2026(a)

49,000

51,482

Goodyear

Tire

&

Rubber

Co.

(The)

,

5.25%,

7/15/2031(a)

70,000

74,550

Corporate

Bonds

Principal

Amount

($)

Value

($)

Auto

Components

Icahn

Enterprises

LP

,

5.25%,

5/15/2027

40,000

41,500

250,254

Automobiles

0.1%

Hyundai

Capital

America

,

3.00%,

2/10/2027(a)

115,000

120,950

Banks

1.7%

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

213,502

Banco

de

Credito

del

Peru

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

3.13%,

7/1/2030(a)(e)

100,000

99,000

Banco

General

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.67%),

5.25%,

5/07/2031(a)(d)(e)

200,000

202,002

Banco

Internacional

del

Peru

SAA

Interbank

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.71%),

4.00%,

7/8/2030(e)

150,000

150,000

Banco

Mercantil

del

Norte

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.47%),

7.50%,

6/27/2029(a)(d)(e)

200,000

222,750

Bank

of

America

Corp.

,

(SOFR

+

0.96%),

1.73%,

7/22/2027(e)

20,000

20,082

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(e)

180,000

176,438

Bank

of

Nova

Scotia

(The)

,

1.63%,

5/1/2023

5,000

5,102

3.40%,

2/11/2024

120,000

127,533

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

3.67%,

7/24/2028(e)

215,000

236,329

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

198,986

Itau

Unibanco

Holding

SA

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%),

6.13%,

12/12/2022(d)(e)

200,000

201,752

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

53

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.25%),

2.58%,

4/22/2032(e)

200,000

202,774

Korea

Development

Bank

(The)

,

1.00%,

9/9/2026

200,000

197,624

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.74%),

0.86%,

3/2/2023(e)

125,000

126,099

Oversea-Chinese

Banking

Corp.

Ltd.

,

Reg.

S,

4.25%,

6/19/2024

200,000

216,386

Royal

Bank

of

Canada

,

1.15%,

7/14/2026

360,000

357,343

Santander

Holdings

USA,

Inc.

,

3.40%,

1/18/2023

110,000

113,755

Wells

Fargo

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.31%),

3.58%,

5/22/2028(e)

110,000

120,436

Woori

Bank

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.25%,

10/04/2024(d)(e)

200,000

207,730

3,395,623

Beverages

0.2%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

5.55%,

1/23/2049

90,000

121,890

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

80,000

85,549

2.88%,

5/1/2030

25,000

26,006

Primo

Water

Holdings,

Inc.

,

4.38%,

4/30/2029(a)

45,000

44,881

Triton

Water

Holdings,

Inc.

,

6.25%,

4/1/2029(a)

40,000

40,650

318,976

Biotechnology

0.1%

AbbVie,

Inc.

,

3.85%,

6/15/2024

10,000

10,755

3.80%,

3/15/2025

95,000

103,156

Amgen,

Inc.

,

2.45%,

2/21/2030

125,000

127,661

241,572

Building

Products

0.1%

Builders

FirstSource

,

Inc.

,

4.25%,

2/1/2032(a)

65,000

66,462

Carrier

Global

Corp.

,

3.58%,

4/5/2050

65,000

69,059

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

42,000

177,521

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

0.6%

Blackstone

Holdings

Finance

Co.

LLC

,

2.00%,

1/30/2032(a)

270,000

259,431

Coinbase

Global,

Inc.

,

3.63%,

10/1/2031(a)

15,000

14,259

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.17%),

1.29%,

5/15/2026(e)

234,000

239,861

Macquarie

Group

Ltd.

,

(ICE

LIBOR

USD

3

Month

+

1.33%),

4.15%,

3/27/2024(a)(e)

110,000

115,544

(SOFR

+

0.91%),

1.63%,

9/23/2027(a)(e)

120,000

119,414

Morgan

Stanley

,

(SOFR

+

1.36%),

2.48%,

9/16/2036(e)

240,000

234,894

Temasek

Financial

I

Ltd.

,

1.00%,

10/6/2030(a)

250,000

232,546

1,215,949

Chemicals

0.2%

CVR

Partners

LP

,

6.13%,

6/15/2028(a)

30,000

31,462

Diamond

BC

BV

,

4.63%,

10/1/2029(a)

55,000

55,825

DuPont

de

Nemours,

Inc.

,

5.42%,

11/15/2048

40,000

55,024

LG

Chem

Ltd.

,

2.38%,

7/7/2031(a)

200,000

196,735

SCIH

Salt

Holdings,

Inc.

,

6.63%,

5/1/2029(a)

15,000

14,400

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

55,000

56,651

410,097

Commercial

Services

&

Supplies

0.2%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

35,000

37,005

9.75%,

7/15/2027(a)

70,000

76,158

Garda

World

Security

Corp.

,

6.00%,

6/1/2029(a)

70,000

68,588

GFL

Environmental,

Inc.

,

4.00%,

8/1/2028(a)

80,000

79,400

Madison

IAQ

LLC

,

4.13%,

6/30/2028(a)

55,000

55,000

5.88%,

6/30/2029(a)

45,000

45,338

WASH

Multifamily

Acquisition,

Inc.

,

5.75%,

4/15/2026(a)

55,000

57,432

418,921

Communications

Equipment

0.0%

†

Avaya,

Inc.

,

6.13%,

9/15/2028(a)

40,000

42,059

54

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Communications

Equipment

CommScope

,

Inc.

,

4.75%,

9/1/2029(a)

55,000

54,931

96,990

Construction

&

Engineering

0.1%

Pike

Corp.

,

5.50%,

9/1/2028(a)

45,000

45,857

Quanta

Services,

Inc.

,

2.35%,

1/15/2032

120,000

117,416

163,273

Consumer

Finance

0.3%

Avolon

Holdings

Funding

Ltd.

,

2.13%,

2/21/2026(a)

75,000

74,233

3.25%,

2/15/2027(a)

35,000

36,095

Discover

Financial

Services

,

4.10%,

2/9/2027

110,000

122,533

General

Motors

Financial

Co.,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.99%),

1.13%,

1/5/2023(e)

180,000

181,764

3.95%,

4/13/2024

15,000

16,031

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(a)(f)

59,059

57,835

Navient

Corp.

,

5.00%,

3/15/2027

30,000

30,900

OneMain

Finance

Corp.

,

6.63%,

1/15/2028

50,000

57,500

576,891

Containers

&

Packaging

0.1%

Berry

Global,

Inc.

,

0.95%,

2/15/2024(a)

115,000

115,130

Silgan

Holdings,

Inc.

,

4.13%,

2/1/2028

65,000

66,787

WRKCo

,

Inc.

,

3.75%,

3/15/2025

110,000

119,041

300,958

Diversified

Consumer

Services

0.0%

†

Metis

Merger

Sub

LLC

,

6.50%,

5/15/2029(a)

45,000

43,763

Diversified

Financial

Services

0.1%

Petronas

Capital

Ltd.

,

3.50%,

4/21/2030(a)

200,000

216,408

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

,

2.75%,

6/1/2031

30,000

30,804

2.25%,

2/1/2032

135,000

131,445

3.30%,

2/1/2052

75,000

72,619

CCO

Holdings

LLC

,

4.75%,

3/1/2030(a)

50,000

52,274

4.25%,

1/15/2034(a)

40,000

39,625

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(a)

15,000

15,938

5.00%,

5/1/2028(a)

30,000

31,500

6.75%,

5/1/2029(a)

15,000

15,806

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

60,000

61,728

Lumen

Technologies,

Inc.

,

5.13%,

12/15/2026(a)

45,000

46,687

4.00%,

2/15/2027(a)

40,000

40,872

Sable

International

Finance

Ltd.

,

Reg.

S,

5.75%,

9/7/2027

200,000

210,000

SingTel

Group

Treasury

Pte.

Ltd.

,

Reg.

S,

1.88%,

6/10/2030

200,000

196,209

Verizon

Communications,

Inc.

,

1.75%,

1/20/2031

215,000

204,355

1,149,862

Electric

Utilities

0.9%

AEP

Texas,

Inc.

,

Series

H,

3.45%,

1/15/2050

95,000

98,047

Duke

Energy

Corp.

,

2.65%,

9/1/2026

165,000

174,059

Guacolda

Energia

SA

,

Reg.

S,

4.56%,

4/30/2025

200,000

132,502

JSW

Hydro

Energy

Ltd.

,

4.13%,

5/18/2031(a)

200,000

198,600

Korea

Electric

Power

Corp.

,

Reg.

S,

1.13%,

6/15/2025

200,000

198,926

Minejesa

Capital

BV

,

Reg.

S,

5.63%,

8/10/2037

200,000

211,300

Monongahela

Power

Co.

,

5.40%,

12/15/2043(a)

55,000

71,754

NextEra

Energy

Capital

Holdings,

Inc.

,

2.75%,

5/1/2025

120,000

126,558

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

80,000

78,580

Pacific

Gas

and

Electric

Co.

,

1.37%,

3/10/2023

70,000

69,755

2.50%,

2/1/2031

60,000

57,107

PG&E

Corp.

,

5.00%,

7/1/2028

25,000

25,469

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

115,000

126,268

TNB

Global

Ventures

Capital

Bhd.

,

Reg.

S,

3.24%,

10/19/2026

200,000

212,408

1,781,333

Electronic

Equipment,

Instruments

&

Components

0.1%

Arrow

Electronics,

Inc.

,

3.88%,

1/12/2028

110,000

118,819

Vontier

Corp.

,

1.80%,

4/1/2026(a)

130,000

129,063

247,882

Energy

Equipment

&

Services

0.2%

Halliburton

Co.

,

2.92%,

3/1/2030

60,000

62,053

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(a)

85,000

84,569

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

Transocean,

Inc.

,

11.50%,

1/30/2027(a)

18,000

18,540

USA

Compression

Partners

LP

,

6.88%,

9/1/2027

105,000

111,153

Weatherford

International

Ltd.

,

6.50%,

9/15/2028(a)

45,000

46,350

322,665

Entertainment

0.2%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

145,000

125,550

Lions

Gate

Capital

Holdings

LLC

,

5.50%,

4/15/2029(a)

50,000

51,688

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(a)

55,000

60,500

4.75%,

10/15/2027(a)

75,000

76,218

313,956

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

155,000

145,849

Boston

Properties

LP

,

3.65%,

2/1/2026

170,000

185,327

Crown

Castle

International

Corp.

,

4.30%,

2/15/2029

100,000

113,485

Iron

Mountain,

Inc.

,

4.50%,

2/15/2031(a)

30,000

30,429

Park

Intermediate

Holdings

LLC

,

4.88%,

5/15/2029(a)

50,000

51,461

Uniti

Group

LP

,

6.50%,

2/15/2029(a)

40,000

41,147

Vornado

Realty

LP

,

2.15%,

6/1/2026

45,000

45,706

Welltower

,

Inc.

,

2.05%,

1/15/2029

120,000

119,213

732,617

Food

&

Staples

Retailing

0.2%

CK

Hutchison

International

20

Ltd.

,

2.50%,

5/8/2030(a)

200,000

203,408

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

55,000

57,585

4.25%,

8/1/2029(a)

40,000

40,100

Sysco

Corp.

,

3.25%,

7/15/2027

50,000

54,127

3.30%,

2/15/2050

55,000

56,281

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

45,000

48,712

US

Foods,

Inc.

,

6.25%,

4/15/2025(a)

10,000

10,490

470,703

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0.2%

B&G

Foods,

Inc.

,

5.25%,

9/15/2027

25,000

26,074

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031

120,000

121,590

Kraft

Heinz

Foods

Co.

,

5.00%,

7/15/2035

30,000

36,893

5.20%,

7/15/2045

70,000

87,678

Pilgrim's

Pride

Corp.

,

5.88%,

9/30/2027(a)

45,000

47,846

Post

Holdings,

Inc.

,

4.63%,

4/15/2030(a)

50,000

50,387

Smithfield

Foods,

Inc.

,

4.25%,

2/1/2027(a)

120,000

131,192

501,660

Gas

Utilities

0.1%

Ferrellgas

LP

,

5.38%,

4/1/2026(a)

35,000

34,209

Suburban

Propane

Partners

LP

,

5.00%,

6/1/2031(a)

65,000

67,437

Superior

Plus

LP

,

4.50%,

3/15/2029(a)

70,000

72,275

173,921

Health

Care

Equipment

&

Supplies

0.0%

†

Mozart

Debt

Merger

Sub,

Inc.

,

5.25%,

10/1/2029(a)

15,000

15,000

Ortho-Clinical

Diagnostics,

Inc.

,

7.25%,

2/1/2028(a)

45,000

48,156

63,156

Health

Care

Providers

&

Services

0.5%

Anthem,

Inc.

,

3.30%,

1/15/2023

115,000

119,150

Centene

Corp.

,

3.00%,

10/15/2030

35,000

35,875

2.50%,

3/1/2031

185,000

182,456

Cigna

Corp.

,

4.90%,

12/15/2048

100,000

127,858

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(a)

60,000

63,600

6.88%,

4/15/2029(a)

40,000

40,094

HCA,

Inc.

,

4.13%,

6/15/2029

55,000

61,436

Legacy

LifePoint

Health

LLC

,

6.75%,

4/15/2025(a)

30,000

31,526

4.38%,

2/15/2027(a)

40,000

39,900

Radiology

Partners,

Inc.

,

9.25%,

2/1/2028(a)

45,000

48,394

RP

Escrow

Issuer

LLC

,

5.25%,

12/15/2025(a)

60,000

61,725

Select

Medical

Corp.

,

6.25%,

8/15/2026(a)

125,000

131,450

Tenet

Healthcare

Corp.

,

5.13%,

11/1/2027(a)

65,000

67,762

56

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Tenet

Healthcare

Corp.,

6.13%,

10/1/2028(a)

75,000

78,786

1,090,012

Hotels,

Restaurants

&

Leisure

0.6%

Bally's

Corp.

,

6.75%,

6/1/2027(a)

45,000

48,994

Boyd

Gaming

Corp.

,

4.75%,

6/15/2031(a)

90,000

92,813

Boyne

USA,

Inc.

,

4.75%,

5/15/2029(a)

125,000

129,062

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

55,000

57,902

Caesars

Resort

Collection

LLC

,

5.25%,

10/15/2025(a)

16,000

16,218

Carnival

Corp.

,

5.75%,

3/1/2027(a)

145,000

149,894

Cedar

Fair

LP

,

5.25%,

7/15/2029

40,000

41,000

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

135,000

146,519

Golden

Nugget,

Inc.

,

6.75%,

10/15/2024(a)

80,000

80,104

Marriott

International,

Inc.

,

Series

HH,

2.85%,

4/15/2031

115,000

116,470

MGM

Resorts

International

,

6.75%,

5/1/2025

75,000

79,031

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

40,000

40,750

Premier

Entertainment

Sub

LLC

,

5.63%,

9/1/2029(a)

65,000

65,650

5.88%,

9/1/2031(a)

65,000

65,669

Scientific

Games

International,

Inc.

,

7.25%,

11/15/2029(a)

45,000

50,564

Viking

Cruises

Ltd.

,

13.00%,

5/15/2025(a)

20,000

23,025

5.88%,

9/15/2027(a)

105,000

101,587

1,305,252

Household

Durables

0.1%

Mattamy

Group

Corp.

,

4.63%,

3/1/2030(a)

60,000

61,311

SWF

Escrow

Issuer

Corp.

,

6.50%,

10/1/2029(a)

70,000

68,201

129,512

Household

Products

0.1%

Energizer

Holdings,

Inc.

,

4.75%,

6/15/2028(a)

60,000

61,035

Kronos

Acquisition

Holdings,

Inc.

,

5.00%,

12/31/2026(a)

60,000

59,911

7.00%,

12/31/2027(a)

40,000

38,344

159,290

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Corp.

,

5.13%,

3/15/2028(a)

45,000

45,573

4.63%,

2/1/2029(a)

30,000

29,550

75,123

Industrial

Conglomerates

0.1%

General

Electric

Co.

,

5.88%,

1/14/2038

50,000

67,536

6.88%,

1/10/2039

35,000

52,161

Roper

Technologies,

Inc.

,

4.20%,

9/15/2028

105,000

119,347

239,044

Insurance

0.4%

Acrisure

LLC

,

4.25%,

2/15/2029(a)

75,000

74,156

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

40,000

41,400

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

40,000

40,562

Athene

Holding

Ltd.

,

3.95%,

5/25/2051

110,000

121,523

Brighthouse

Financial

Global

Funding

,

1.00%,

4/12/2024(a)

45,000

45,224

Brown

&

Brown,

Inc.

,

2.38%,

3/15/2031

80,000

79,753

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

45,000

47,475

Guardian

Life

Global

Funding

,

1.25%,

5/13/2026(a)

120,000

119,979

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(a)

115,000

120,436

NFP

Corp.

,

6.88%,

8/15/2028(a)

35,000

35,737

726,245

IT

Services

0.0%

†

Endure

Digital,

Inc.

,

6.00%,

2/15/2029(a)

60,000

57,000

GTT

Communications,

Inc.

,

7.88%,

12/31/2024(a)

(g)

30,000

3,000

60,000

Media

0.4%

Cengage

Learning,

Inc.

,

9.50%,

6/15/2024(a)

50,000

51,167

Charter

Communications

Operating

LLC

,

2.30%,

2/1/2032

150,000

142,856

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)

45,000

46,800

Comcast

Corp.

,

2.94%,

11/1/2056(a)

122,000

115,240

Diamond

Sports

Group

LLC

,

5.38%,

8/15/2026(a)

25,000

16,500

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

57

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

DIRECTV

Holdings

LLC

,

5.88%,

8/15/2027(a)

40,000

41,750

DISH

DBS

Corp.

,

5.88%,

11/15/2024

45,000

48,388

5.13%,

6/1/2029

45,000

44,090

GCI

LLC

,

4.75%,

10/15/2028(a)

50,000

52,490

iHeartCommunications

,

Inc.

,

8.38%,

5/1/2027

10,000

10,688

Nexstar

Media,

Inc.

,

5.63%,

7/15/2027(a)

25,000

26,449

Omnicom

Group,

Inc.

,

2.45%,

4/30/2030

125,000

126,511

Radiate

Holdco

LLC

,

4.50%,

9/15/2026(a)

40,000

41,300

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

60,000

61,575

Univision

Communications,

Inc.

,

4.50%,

5/1/2029(a)

45,000

45,731

871,535

Metals

&

Mining

0.3%

Arconic

Corp.

,

6.13%,

2/15/2028(a)

75,000

79,501

Glencore

Funding

LLC

,

1.63%,

4/27/2026(a)

75,000

74,643

3.38%,

9/23/2051(a)

50,000

47,508

Nexa

Resources

SA

,

Reg.

S,

5.38%,

5/4/2027

200,000

210,002

SunCoke

Energy,

Inc.

,

4.88%,

6/30/2029(a)

55,000

54,794

Vedanta

Resources

Finance

II

plc

,

9.25%,

4/23/2026(a)

200,000

190,500

656,948

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.50%,

4/3/2030

115,000

126,495

Dollar

Tree,

Inc.

,

4.00%,

5/15/2025

105,000

114,921

241,416

Multi-Utilities

0.1%

Empresas

Publicas

de

Medellin

ESP

,

Reg.

S,

4.25%,

7/18/2029

200,000

199,150

Oil,

Gas

&

Consumable

Fuels

2.0%

AI

Candelaria

Spain

SLU

,

5.75%,

6/15/2033(a)

250,000

248,440

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

24,000

24,793

Apache

Corp.

,

4.63%,

11/15/2025

20,000

21,500

4.38%,

10/15/2028

35,000

37,844

BP

Capital

Markets

America,

Inc.

,

3.00%,

3/17/2052

120,000

114,742

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Chesapeake

Energy

Corp.

,

5.88%,

2/1/2029(a)

65,000

69,449

CNX

Resources

Corp.

,

6.00%,

1/15/2029(a)

35,000

37,012

Empresa

Electrica

Cochrane

SpA

,

Reg.

S,

5.50%,

5/14/2027

170,360

174,408

Enable

Midstream

Partners

LP

,

5.00%,

5/15/2044(c)

55,000

60,279

Energy

Transfer

LP

,

4.75%,

1/15/2026

65,000

72,647

Enterprise

Products

Operating

LLC

,

3.75%,

2/15/2025

110,000

119,334

EQM

Midstream

Partners

LP

,

4.75%,

1/15/2031(a)

85,000

88,402

EQT

Corp.

,

7.50%,

2/1/2030(c)

30,000

38,616

Exxon

Mobil

Corp.

,

2.99%,

3/19/2025

75,000

80,011

Galaxy

Pipeline

Assets

Bidco

Ltd.

,

2.16%,

3/31/2034(a)

200,000

196,270

Gran

Tierra

Energy

International

Holdings

Ltd.

,

Reg.

S,

6.25%,

2/15/2025

200,000

173,002

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

60,000

62,673

4.25%,

2/15/2030(a)

85,000

85,956

Hilcorp

Energy

I

LP

,

6.25%,

11/1/2028(a)

45,000

46,630

5.75%,

2/1/2029(a)

30,000

30,825

Hunt

Oil

Co.

of

Peru

LLC

Sucursal

Del

Peru

,

Reg.

S,

6.38%,

6/1/2028

200,000

200,752

MEG

Energy

Corp.

,

7.13%,

2/1/2027(a)

60,000

62,989

5.88%,

2/1/2029(a)

10,000

10,225

MPLX

LP

,

1.75%,

3/1/2026

60,000

60,369

NGL

Energy

Operating

LLC

,

7.50%,

2/1/2026(a)

85,000

86,594

NuStar

Logistics

LP

,

6.38%,

10/1/2030

45,000

49,500

Occidental

Petroleum

Corp.

,

8.00%,

7/15/2025

25,000

29,850

6.63%,

9/1/2030

35,000

43,137

6.13%,

1/1/2031

50,000

60,024

6.45%,

9/15/2036

30,000

37,744

Oleoducto

Central

SA

,

Reg.

S,

4.00%,

7/14/2027

200,000

206,000

Ovintiv

,

Inc.

,

7.38%,

11/1/2031

35,000

47,476

Parkland

Corp.

,

4.50%,

10/1/2029(a)

55,000

55,748

Peabody

Energy

Corp.

,

8.50%,

12/31/2024(a)

15,157

13,297

58

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Petrobras

Global

Finance

BV

,

5.50%,

6/10/2051

50,000

46,550

Pioneer

Natural

Resources

Co.

,

1.13%,

1/15/2026

70,000

69,103

PTTEP

Treasury

Center

Co.

Ltd.

,

2.59%,

6/10/2027(a)

200,000

206,775

Rattler

Midstream

LP

,

5.63%,

7/15/2025(a)

30,000

31,239

SA

Global

Sukuk

Ltd.

,

2.69%,

6/17/2031(a)

200,000

201,722

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

80,000

91,969

Southwestern

Energy

Co.

,

5.38%,

2/1/2029(a)

40,000

42,792

Sunoco

LP

,

6.00%,

4/15/2027

35,000

36,444

4.50%,

5/15/2029

20,000

20,285

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030

60,000

65,606

TotalEnergies

Capital

International

SA

,

3.39%,

6/29/2060

125,000

131,133

UEP

Penonome

II

SA

,

6.50%,

10/1/2038(a)

197,194

205,577

Valero

Energy

Corp.

,

2.85%,

4/15/2025

75,000

78,987

Venture

Global

Calcasieu

Pass

LLC

,

4.13%,

8/15/2031(a)

65,000

67,762

Western

Midstream

Operating

LP

,

4.35%,

2/1/2025

45,000

47,484

Williams

Cos.,

Inc.

(The)

,

3.75%,

6/15/2027

60,000

66,069

4,156,035

Paper

&

Forest

Products

0.1%

Georgia-Pacific

LLC

,

3.60%,

3/1/2025(a)

101,000

108,952

Personal

Products

0.0%

†

Coty,

Inc.

,

5.00%,

4/15/2026(a)

40,000

40,861

Pharmaceuticals

0.1%

Bausch

Health

Cos.,

Inc.

,

6.25%,

2/15/2029(a)

75,000

74,214

Endo

Luxembourg

Finance

Co.

I

Sarl

,

6.13%,

4/1/2029(a)

35,000

35,000

Royalty

Pharma

plc

,

3.30%,

9/2/2040

115,000

114,638

Viatris

,

Inc.

,

1.65%,

6/22/2025(a)

30,000

30,300

254,152

Corporate

Bonds

Principal

Amount

($)

Value

($)

Real

Estate

Management

&

Development

0.0%

†

Realogy

Group

LLC

,

7.63%,

6/15/2025(a)

30,000

32,038

5.75%,

1/15/2029(a)

45,000

46,677

78,715

Road

&

Rail

0.2%

CSX

Corp.

,

3.35%,

9/15/2049

120,000

126,192

First

Student

Bidco

,

Inc.

,

4.00%,

7/31/2029(a)

50,000

49,312

NESCO

Holdings

II,

Inc.

,

5.50%,

4/15/2029(a)

15,000

15,558

Penske

Truck

Leasing

Co.

LP

,

4.20%,

4/1/2027(a)

60,000

67,642

Uber

Technologies,

Inc.

,

7.50%,

9/15/2027(a)

40,000

43,675

4.50%,

8/15/2029(a)

40,000

40,275

342,654

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

113,000

116,974

Software

0.1%

Clarivate

Science

Holdings

Corp.

,

4.88%,

7/1/2029(a)

50,000

50,097

Oracle

Corp.

,

3.60%,

4/1/2050

120,000

120,144

170,241

Specialty

Retail

0.2%

Ambience

Merger

Sub,

Inc.

,

7.13%,

7/15/2029(a)

25,000

24,781

Home

Depot,

Inc.

(The)

,

3.90%,

6/15/2047

80,000

94,135

SRS

Distribution,

Inc.

,

4.63%,

7/1/2028(a)

65,000

66,313

Staples,

Inc.

,

7.50%,

4/15/2026(a)

35,000

35,498

Victoria's

Secret

&

Co.

,

4.63%,

7/15/2029(a)

90,000

91,730

312,457

Technology

Hardware,

Storage

&

Peripherals

0.2%

Apple,

Inc.

,

1.25%,

8/20/2030

255,000

241,554

Dell

International

LLC

,

6.02%,

6/15/2026

100,000

118,953

NetApp,

Inc.

,

1.88%,

6/22/2025

55,000

56,342

416,849

Thrifts

&

Mortgage

Finance

0.1%

Nationstar

Mortgage

Holdings,

Inc.

,

5.50%,

8/15/2028(a)

45,000

46,350

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

59

Corporate

Bonds

Principal

Amount

($)

Value

($)

Thrifts

&

Mortgage

Finance

PennyMac

Financial

Services,

Inc.

,

4.25%,

2/15/2029(a)

90,000

85,687

132,037

Tobacco

0.1%

BAT

Capital

Corp.

,

2.73%,

3/25/2031

120,000

118,172

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.25%,

3/1/2025

120,000

126,695

Transportation

Infrastructure

0.3%

Adani

International

Container

Terminal

Pvt

Ltd.

,

Reg.

S,

3.00%,

2/16/2031

200,000

194,239

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

Reg.

S,

4.38%,

7/3/2029

200,000

210,380

PSA

Treasury

Pte.

Ltd.

,

Reg.

S,

2.13%,

9/5/2029

200,000

201,843

606,462

Water

Utilities

0.1%

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

115,000

118,019

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

170,000

171,913

3.38%,

4/15/2029

20,000

20,865

3.38%,

4/15/2029(a)

10,000

10,432

2.88%,

2/15/2031

20,000

20,170

223,380

Total

Corporate

Bonds

(cost

$27,086,087)

27,571,451

Foreign

Government

Securities

1.6%

BRAZIL

0.1%

Federative

Republic

of

Brazil

,

5.63%,

2/21/2047

200,000

200,340

CHILE

0.2%

Republic

of

Chile

,

2.55%,

1/27/2032

200,000

198,166

3.10%,

5/7/2041

200,000

193,004

391,170

COLOMBIA

0.1%

Republic

of

Colombia

,

4.13%,

5/15/2051

250,000

214,530

INDONESIA

0.2%

Perusahaan

Penerbit

SBSN

Indonesia

III

,

2.55%,

6/9/2031(a)

200,000

203,046

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

INDONESIA

Republic

of

Indonesia

,

4.35%,

1/11/2048

200,000

222,328

425,374

MEXICO

0.3%

United

Mexican

States

,

2.66%,

5/24/2031

200,000

192,946

4.60%,

2/10/2048

200,000

205,962

3.77%,

5/24/2061

200,000

177,342

576,250

PANAMA

0.2%

Republic

of

Panama

,

2.25%,

9/29/2032

200,000

188,164

3.87%,

7/23/2060

200,000

195,584

383,748

PERU

0.0%

†

Republic

of

Peru

,

3.30%,

3/11/2041

100,000

96,920

PHILIPPINES

0.2%

Republic

of

Philippines

,

1.65%,

6/10/2031

200,000

190,170

3.70%,

3/1/2041

200,000

211,272

401,442

SAUDI

ARABIA

0.2%

Kingdom

of

Saudi

Arabia

,

Reg.

S,

2.25%,

2/2/2033

200,000

194,452

Reg.

S,

3.75%,

1/21/2055

200,000

208,582

403,034

UNITED

ARAB

EMIRATES

0.1%

United

Arab

Emirates

Government

Bond

,

Reg.

S,

1.70%,

3/2/2031

200,000

193,040

Total

Foreign

Government

Securities

(cost

$3,329,007)

3,285,848

Mortgage-Backed

Securities

16.3%

FHLMC

Gold

Pool

Pool#

Q50135

3.50%,

8/1/2047

2,108,685

2,245,392

Pool#

G08775

4.00%,

8/1/2047

715,158

767,731

Pool#

Q51461

3.50%,

10/1/2047

878,297

935,465

FNMA

Pool

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

2,168,698

Pool#

BL5315

2.44%,

1/1/2032

2,200,000

2,323,014

Pool#

BL5793

2.54%,

2/1/2032

2,113,000

2,258,155

Pool#

BS3020

1.96%,

9/1/2033

1,300,000

1,296,242

60

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB0428

2.00%,

5/1/2036

3,288,188

3,415,714

Pool#

BE2453

3.00%,

12/1/2046

1,666,666

1,759,519

Pool#

MA2888

2.50%,

1/1/2047

1,418,077

1,470,279

Pool#

AS9937

3.00%,

7/1/2047

1,330,298

1,409,432

Pool#

FM4865

2.50%,

11/1/2050

3,602,484

3,738,170

Pool#

FM8215

2.50%,

3/1/2051

1,847,183

1,923,170

Pool#

FM7203

2.00%,

5/1/2051

2,917,409

2,929,152

Pool#

CB0705

3.00%,

6/1/2051

1,952,822

2,059,719

Pool#

FM8579

2.50%,

9/1/2051

398,371

413,635

Pool#

MA4416

3.50%,

9/1/2051

1,786,320

1,907,285

Total

Mortgage-Backed

Securities

(cost

$32,496,808)

33,020,772

U.S.

Treasury

Obligations

17.2%

U.S.

Treasury

Bonds,

1.88%,

2/15/2051

6,100,000

5,816,922

U.S.

Treasury

Notes

0.13%,

11/30/2022

1,900,000

1,899,703

0.13%,

8/31/2023

3,350,000

3,341,102

2.13%,

7/31/2024

1,450,000

1,517,062

0.38%,

9/15/2024

4,050,000

4,032,598

2.25%,

11/15/2025

2,850,000

3,014,432

0.38%,

11/30/2025

2,550,000

2,501,291

1.63%,

5/15/2026

750,000

773,496

0.63%,

7/31/2026

2,300,000

2,263,164

1.00%,

7/31/2028

2,300,000

2,255,437

0.63%,

5/15/2030

2,000,000

1,866,719

1.63%,

5/15/2031

5,500,000

5,564,453

Total

U.S.

Treasury

Obligations

(cost

$34,464,226)

34,846,379

Investment

Company

2.7%

Shares

Fixed

Income

Fund

2.7%

DoubleLine

Floating

Rate

Fund,

Class

I

560,459

5,357,987

Total

Investment

Company

(cost

$5,449,881)

5,357,987

Short-Term

Investment

0.5%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Obligation

0.5%

U.S.

Treasury

Bills,

0.04%,

12/16/2021

950,000

949,928

Total

Short-Term

Investment

(cost

$949,918)

949,928

Total

Investments

(cost

$193,204,169)

—

95.8%

193,937,260

Other

assets

in

excess

of

liabilities

—

4.2%

8,579,253

NET

ASSETS

—

100.0%

$

202,516,513

†

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,

2021

was

$42,514,023

which

represents

20.99%

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,

2021.

(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,

2021.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2021.

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,

2021.

(f)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(g)

Security

in

default.

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.

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

61

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

62

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

63

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

36,259,908

$

–

$

36,259,908

Collateralized

Mortgage

Obligations

–

37,853,616

–

37,853,616

Commercial

Mortgage-Backed

Securities

–

14,791,371

–

14,791,371

Corporate

Bonds

–

27,571,451

–

27,571,451

Foreign

Government

Securities

–

3,285,848

–

3,285,848

Investment

Company

5,357,987

–

–

5,357,987

Mortgage-Backed

Securities

–

33,020,772

–

33,020,772

Short-Term

Investment

–

949,928

–

949,928

U.S.

Treasury

Obligations

–

34,846,379

–

34,846,379

Total

$

5,357,987

$

188,579,273

$

–

$

193,937,260

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

64

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Government

Bond

Fund

Asset-Backed

Securities

7.5%

Principal

Amount

($)

Value

($)

Automobiles

2.4%

Credit

Acceptance

Auto

Loan

Trust,

Series

2019-

1A,

Class

A,

3.33%,

2/15/2028(a)

766,002

768,131

NextGear

Floorplan

Master

Owner

Trust

Series

2018-2A,

Class

A2,

3.69%,

10/15/2023(a)

4,999,999

5,006,188

Series

2019-1A,

Class

A2,

3.21%,

2/15/2024(a)

4,500,000

4,547,845

10,322,164

Other

5.1%

CCG

Receivables

Trust,

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

1,965,214

1,982,085

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

2,180,000

2,178,267

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

250,118

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

251,106

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

240,000

240,175

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

2,200,000

2,203,258

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

200,769

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

2,310,000

2,324,071

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

5,900,000

6,222,642

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

5,900,000

6,293,888

22,146,379

Total

Asset-Backed

Securities

(cost

$32,400,804)

32,468,543

Collateralized

Mortgage

Obligations

6.5%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

676,267

679,550

FHLMC

REMICS,

Series

2985,

Class

JR,

4.50%,

6/15/2025

1,270,725

1,330,020

FNMA

REMICS

Series

2003-64,

Class

HQ,

5.00%,

7/25/2023

244,731

251,778

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

1993-149,

Class

M,

7.00%,

8/25/2023

76,933

80,397

Series

2005-40,

Class

YG,

5.00%,

5/25/2025

1,166,607

1,223,564

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

3,693,910

3,835,956

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

13,919,931

14,433,321

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

2,756,357

2,862,144

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(b)

1,017,517

1,080,870

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(b)

2,321,726

2,501,030

Total

Collateralized

Mortgage

Obligations

(cost

$27,272,708)

28,278,630

Corporate

Bonds

11.8%

Diversified

Financial

Services

11.8%

Private

Export

Funding

Corp.

,

Series

II,

2.05%,

11/15/2022

5,000,000

5,095,209

Series

GG,

2.45%,

7/15/2024

5,500,000

5,776,011

Series

OO,

1.75%,

11/15/2024

10,000,000

10,331,622

Series

NN,

3.25%,

6/15/2025

14,000,000

14,993,620

Series

PP,

1.40%,

7/15/2028

15,000,000

14,935,673

Total

Corporate

Bonds

(cost

$49,423,248)

51,132,135

Mortgage-Backed

Securities

28.0%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

2,805,680

3,018,100

Pool#

G08881

3.50%,

6/1/2049

1,989,883

2,103,632

FHLMC

Non

Gold

Pool

Pool

#

847558

,

3.04%,

6/1/2035

(b)

550,495

577,689

FHLMC

UMBS

Pool

Pool#

QN1359

3.00%,

1/1/2035

3,225,250

3,405,928

Pool#

SB8083

1.50%,

1/1/2036

9,797,818

9,903,737

Pool#

SD8025

3.50%,

11/1/2049

4,395,440

4,645,369

Pool#

SD8030

3.00%,

12/1/2049

2,165,734

2,270,543

Pool#

SD8050

3.00%,

3/1/2050

3,108,141

3,256,069

NVIT

Government

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

65

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8080

2.00%,

6/1/2050

2,986,881

2,997,162

FNMA

Pool

Pool#

745684

2.04%,

4/1/2034(b)

1,399,161

1,470,769

Pool#

790760

1.88%,

9/1/2034(b)

530,478

539,292

Pool#

799144

1.66%,

4/1/2035(b)

274,698

277,893

Pool#

822705

2.06%,

4/1/2035(b)

257,201

258,114

Pool#

815217

1.81%,

5/1/2035(b)

583,075

586,532

Pool#

821377

1.90%,

5/1/2035(b)

276,675

278,358

Pool#

783609

2.14%,

5/1/2035(b)

447,008

447,628

Pool#

826181

1.85%,

7/1/2035(b)

655,109

663,050

Pool#

873932

6.31%,

8/1/2036

6,215,002

6,212,936

Pool#

745866

2.14%,

9/1/2036(b)

2,162,998

2,319,654

FNMA

UMBS

Pool

Pool#

MA4228

1.50%,

1/1/2036

5,374,290

5,431,225

Pool#

BM5426

3.00%,

12/1/2047

12,488,415

13,213,925

Pool#

CA1564

4.50%,

4/1/2048

2,141,715

2,324,894

Pool#

BM5267

4.50%,

12/1/2048

5,028,522

5,454,363

Pool#

MA3664

4.00%,

5/1/2049

2,108,990

2,258,397

Pool#

MA3746

4.00%,

8/1/2049

2,212,973

2,370,608

Pool#

BP5843

2.50%,

5/1/2050

6,558,840

6,768,450

Pool#

MA4096

2.50%,

8/1/2050

4,882,049

5,038,071

Pool#

MA4119

2.00%,

9/1/2050

5,421,164

5,439,824

Pool#

MA4183

2.50%,

11/1/2050

4,102,677

4,233,792

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

10/25/2051

4,000,000

3,885,624

2.00%,

10/25/2051

14,000,000

14,037,735

2.50%,

10/25/2051

3,000,000

3,093,164

GNMA

I

Pool

Pool#

748484

3.50%,

8/15/2025

101,485

108,099

Pool#

682492

3.50%,

10/15/2025

267,839

285,346

Pool#

719433

3.50%,

10/15/2025

211,818

225,639

Pool#

733504

3.50%,

11/15/2025

346,568

369,256

Pool#

682497

3.50%,

11/15/2025

290,037

309,019

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

749618

3.50%,

11/15/2025

195,109

207,832

Pool#

740930

3.50%,

11/15/2025

152,437

162,412

Pool#

742371

3.50%,

11/15/2025

89,831

95,726

Pool#

705178

3.50%,

11/15/2025

39,811

42,359

Pool#

750403

3.50%,

11/15/2025

33,823

36,033

Pool#

755650

3.50%,

12/15/2025

611,030

650,995

Pool#

682502

3.50%,

12/15/2025

206,314

219,758

Total

Mortgage-Backed

Securities

(cost

$119,999,763)

121,495,001

U.S.

Government

Agency

Securities

26.6%

FFCB

3.14%,

7/2/2026

13,500,000

14,875,114

2.75%,

11/6/2026

2,000,000

2,174,248

2.43%,

9/13/2027

22,000,000

23,685,481

1.95%,

11/27/2029

1,500,000

1,561,840

3.19%,

3/9/2033

2,475,000

2,819,666

FHLB

2.75%,

12/11/2026

11,500,000

12,531,100

3.00%,

12/11/2026

10,000,000

11,005,076

2.13%,

12/14/2029

2,590,000

2,726,743

Hashemite

Kingdom

of

Jordan

AID

Bond

2.58%,

6/30/2022

2,000,000

2,035,369

3.00%,

6/30/2025

2,125,000

2,273,883

Republic

of

Iraq

AID

Bond,

2.15%,

1/18/2022

10,000,000

10,056,961

Tennessee

Valley

Authority,

7.13%,

5/1/2030(c)

20,721,000

29,852,617

Total

U.S.

Government

Agency

Securities

(cost

$107,816,220)

115,598,098

U.S.

Treasury

Obligations

16.9%

U.S.

Treasury

Bonds

1.13%,

5/15/2040

2,000,000

1,728,672

1.13%,

8/15/2040

8,500,000

7,314,649

2.50%,

2/15/2046

13,000,000

14,059,297

2.25%,

8/15/2046

8,500,000

8,778,574

1.25%,

5/15/2050

25,750,000

21,065,713

U.S.

Treasury

Notes

1.63%,

5/15/2026

(d)

500,000

515,664

0.50%,

5/31/2027

5,000,000

4,830,273

1.25%,

3/31/2028

8,500,000

8,500,332

3.13%,

11/15/2028

6,000,000

6,741,094

Total

U.S.

Treasury

Obligations

(cost

$71,741,634)

73,534,268

66

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Government

Bond

Fund

Short-Term

Investment

2.0%

Principal

Amount

($)

Value

($)

U.S.

Government

Agency

Security

2.0%

Resolution

Funding

Corp.,

1.29%,

1/15/2030

10,000,000

8,713,923

Total

Short-Term

Investment

(cost

$8,995,803)

8,713,923

Repurchase

Agreements

1.8%

Cantor

Fitzgerald

&

Co.

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$53,861,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$54,937.

(e)

53,860

53,860

CF

Secured,

LLC

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$3,000,005,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$3,060,005.

(e)

3,000,000

3,000,000

MetLife,

Inc.

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,004,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$2,040,820.

(e)

2,000,000

2,000,000

NatWest

Markets

Securities,

Inc.

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$2,000,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$2,040,006.

(e)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$1,020,000.

(e)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$8,053,860)

8,053,860

Total

Investments

(cost

$425,704,040)

—

101.1%

439,274,458

Liabilities

in

excess

of

other

assets

—

(1.1)%

(4,645,227)

NET

ASSETS

—

100.0%

$

434,629,231

(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,

2021

was

$36,729,993

which

represents

8.45%

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,

2021.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$7,750,933,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,053,860.

(d)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(e)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2021

was

$8,053,860.

NVIT

Government

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

67

AID

Agency

for

International

Development

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REMICS

Real

Estate

Mortgage

Investment

Conduits

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

10

Year

Note

(180)

12/2021

USD

(23,689,688)

38,240

38,240

Currency:

USD

United

States

Dollar

68

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

32,468,543

$

–

$

32,468,543

Collateralized

Mortgage

Obligations

–

28,278,630

–

28,278,630

Corporate

Bonds

–

51,132,135

–

51,132,135

Futures

Contracts

38,240

–

–

38,240

Mortgage-Backed

Securities

–

121,495,001

–

121,495,001

Repurchase

Agreements

–

8,053,860

–

8,053,860

Short-Term

Investment

–

8,713,923

–

8,713,923

U.S.

Government

Agency

Securities

–

115,598,098

–

115,598,098

U.S.

Treasury

Obligations

–

73,534,268

–

73,534,268

Total

$

38,240

$

439,274,458

$

–

$

439,312,698

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Government

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

69

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

38,240

Total

$

38,240

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

70

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Common

Stocks

0.5%

Shares

Value

($)

Chemicals

0.1%

Hexion

Holdings

Corp.,

Class B

*

3,182

70,004

Media

Entertainment

0.1%

iHeartMedia,

Inc.,

Class A

*

4,485

112,215

Oil

Field

Services

0.3%

Superior

Energy

Services

LLC

*^∞

9,956

428,108

Total

Common

Stocks

(cost

$416,786)

610,327

Corporate

Bonds

94.7%

Principal

Amount

($)

Aerospace

&

Defense

1.5%

TransDigm

UK

Holdings

plc

,

6.88%,

5/15/2026

300,000

315,375

TransDigm,

Inc.

,

6.25%,

3/15/2026(a)

475,000

495,188

5.50%,

11/15/2027

675,000

693,562

4.88%,

5/1/2029

350,000

350,651

1,854,776

Airlines

0.5%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

325,000

341,656

5.75%,

4/20/2029(a)

250,000

269,375

611,031

Automotive

5.6%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(a)

500,000

511,885

Clarios

Global

LP

,

6.75%,

5/15/2025(a)

23,000

24,265

6.25%,

5/15/2026(a)

44,000

46,229

8.50%,

5/15/2027(a)

950,000

1,010,562

Dana

Financing

Luxembourg

Sarl

,

5.75%,

4/15/2025(a)

100,000

103,140

Dana,

Inc.

,

4.25%,

9/1/2030

25,000

25,711

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%,

10/15/2029(a)

300,000

300,000

Ford

Motor

Credit

Co.

LLC

,

3.81%,

10/12/2021

450,000

450,225

3.38%,

11/13/2025

475,000

488,062

4.39%,

1/8/2026

450,000

479,813

2.70%,

8/10/2026

200,000

200,400

4.27%,

1/9/2027

575,000

611,903

5.11%,

5/3/2029

475,000

530,813

4.00%,

11/13/2030

475,000

494,000

IHO

Verwaltungs

GmbH

,

6.00%,

5/15/2027(a)(b)

450,000

469,076

JB

Poindexter

&

Co.,

Inc.

,

7.13%,

4/15/2026(a)

375,000

394,688

KAR

Auction

Services,

Inc.

,

5.13%,

6/1/2025(a)

400,000

404,500

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automotive

Real

Hero

Merger

Sub

2,

Inc.

,

6.25%,

2/1/2029(a)

625,000

648,437

7,193,709

Building

Materials

2.1%

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

4.00%,

1/15/2028(a)

75,000

76,594

CP

Atlas

Buyer,

Inc.

,

7.00%,

12/1/2028(a)

500,000

501,250

Foundation

Building

Materials,

Inc.

,

6.00%,

3/1/2029(a)

375,000

367,500

GYP

Holdings

III

Corp.

,

4.63%,

5/1/2029(a)

75,000

75,843

Interface,

Inc.

,

5.50%,

12/1/2028(a)

125,000

131,250

SRS

Distribution,

Inc.

,

6.13%,

7/1/2029(a)

150,000

154,500

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(a)

650,000

670,313

3.38%,

1/15/2031(a)

275,000

261,717

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(a)

275,000

290,125

White

Cap

Parent

LLC

,

8.25%,

3/15/2026(a)(b)

200,000

206,500

2,735,592

Cable

Satellite

8.6%

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

87,000

89,721

5.13%,

5/1/2027(a)

150,000

156,197

5.00%,

2/1/2028(a)

525,000

548,048

5.38%,

6/1/2029(a)

200,000

216,000

4.75%,

3/1/2030(a)

750,000

784,106

4.50%,

8/15/2030(a)

75,000

77,379

4.25%,

2/1/2031(a)

150,000

152,602

4.50%,

5/1/2032

400,000

412,000

4.50%,

6/1/2033(a)

125,000

127,215

4.25%,

1/15/2034(a)

50,000

49,531

CSC

Holdings

LLC

,

5.88%,

9/15/2022

200,000

206,875

5.25%,

6/1/2024

425,000

455,252

5.50%,

4/15/2027(a)

725,000

754,798

7.50%,

4/1/2028(a)

250,000

270,194

5.75%,

1/15/2030(a)

400,000

406,690

4.63%,

12/1/2030(a)

350,000

331,791

4.50%,

11/15/2031(a)

325,000

320,937

DIRECTV

Holdings

LLC

,

5.88%,

8/15/2027(a)

200,000

208,750

DISH

DBS

Corp.

,

5.88%,

11/15/2024

100,000

107,528

7.75%,

7/1/2026

225,000

254,076

7.38%,

7/1/2028

125,000

132,559

5.13%,

6/1/2029

375,000

367,421

Intelsat

Jackson

Holdings

SA

,

5.50%,

8/1/2023(c)

225,000

125,438

8.50%,

10/15/2024(a)(c)

75,000

42,750

9.75%,

7/15/2025(a)(c)

100,000

54,250

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

71

Corporate

Bonds

Principal

Amount

($)

Value

($)

Cable

Satellite

Sirius

XM

Radio,

Inc.

,

3.13%,

9/1/2026(a)

250,000

253,437

4.00%,

7/15/2028(a)

200,000

203,375

5.50%,

7/1/2029(a)

75,000

81,094

3.88%,

9/1/2031(a)

650,000

634,969

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%,

3/1/2028(a)

600,000

630,300

UPC

Broadband

Finco

BV

,

4.88%,

7/15/2031(a)

525,000

537,527

Virgin

Media

Secured

Finance

plc

,

5.50%,

5/15/2029(a)

225,000

237,150

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

325,000

335,676

Vmed

O2

UK

Financing

I

plc

,

4.75%,

7/15/2031(a)

575,000

587,466

Ziggo

Bond

Co.

BV

,

6.00%,

1/15/2027(a)

275,000

284,298

5.13%,

2/28/2030(a)

200,000

205,095

Ziggo

BV

,

5.50%,

1/15/2027(a)

383,000

395,926

11,038,421

Chemicals

3.1%

Axalta

Coating

Systems

LLC

,

4.75%,

6/15/2027(a)

150,000

156,375

3.38%,

2/15/2029(a)

150,000

145,875

Compass

Minerals

International,

Inc.

,

4.88%,

7/15/2024(a)

350,000

364,438

6.75%,

12/1/2027(a)

150,000

159,187

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

225,000

227,250

HB

Fuller

Co.

,

4.25%,

10/15/2028

75,000

76,312

Herens

Holdco

Sarl

,

4.75%,

5/15/2028(a)

325,000

326,625

Hexion,

Inc.

,

7.88%,

7/15/2027(a)

450,000

480,375

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

125,000

137,812

Koppers,

Inc.

,

6.00%,

2/15/2025(a)

750,000

766,875

Olympus

Water

US

Holding

Corp.

,

4.25%,

10/1/2028(a)

250,000

246,369

6.25%,

10/1/2029(a)

200,000

198,190

Polar

US

Borrower

LLC

,

6.75%,

5/15/2026(a)

275,000

276,719

SPCM

SA

,

3.38%,

3/15/2030(a)

200,000

199,845

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

175,000

180,252

3,942,499

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Machinery

0.8%

H&E

Equipment

Services,

Inc.

,

3.88%,

12/15/2028(a)

400,000

398,440

Terex

Corp.

,

5.00%,

5/15/2029(a)

100,000

103,625

United

Rentals

North

America,

Inc.

,

5.50%,

5/15/2027

150,000

157,445

4.88%,

1/15/2028

150,000

158,586

3.88%,

2/15/2031

50,000

51,250

3.75%,

1/15/2032

150,000

151,687

1,021,033

Consumer

Cyclical

Services

2.5%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

250,000

264,320

9.75%,

7/15/2027(a)

800,000

870,380

6.00%,

6/1/2029(a)

225,000

222,028

Brink's

Co.

(The)

,

5.50%,

7/15/2025(a)

75,000

78,375

Garda

World

Security

Corp.

,

4.63%,

2/15/2027(a)

125,000

125,000

9.50%,

11/1/2027(a)

782,000

846,398

6.00%,

6/1/2029(a)

250,000

244,957

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

250,000

260,625

Signal

Parent,

Inc.

,

6.13%,

4/1/2029(a)

275,000

262,625

3,174,708

Consumer

Products

1.1%

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

525,000

522,375

Diamond

BC

BV

,

4.63%,

10/1/2029(a)

75,000

76,125

Edgewell

Personal

Care

Co.

,

4.13%,

4/1/2029(a)

275,000

274,574

Energizer

Holdings,

Inc.

,

4.75%,

6/15/2028(a)

125,000

127,156

4.38%,

3/31/2029(a)

275,000

272,922

Prestige

Brands,

Inc.

,

5.13%,

1/15/2028(a)

50,000

52,149

3.75%,

4/1/2031(a)

100,000

96,500

1,421,801

Diversified

Manufacturing

0.9%

Gates

Global

LLC

,

6.25%,

1/15/2026(a)

650,000

674,375

WESCO

Distribution,

Inc.

,

7.13%,

6/15/2025(a)

100,000

106,713

7.25%,

6/15/2028(a)

350,000

387,625

1,168,713

Finance

Companies

1.9%

LD

Holdings

Group

LLC

,

6.13%,

4/1/2028(a)

225,000

212,062

Navient

Corp.

,

5.88%,

10/25/2024

175,000

186,813

6.75%,

6/25/2025

250,000

273,125

6.75%,

6/15/2026

75,000

82,772

72

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Finance

Companies

Rocket

Mortgage

LLC

,

2.88%,

10/15/2026(a)

150,000

146,580

5.25%,

1/15/2028(a)

275,000

296,313

3.63%,

3/1/2029(a)

150,000

151,688

3.88%,

3/1/2031(a)

275,000

277,406

4.00%,

10/15/2033(a)

125,000

124,062

United

Wholesale

Mortgage

LLC

,

5.50%,

11/15/2025(a)

450,000

453,375

5.50%,

4/15/2029(a)

200,000

194,181

2,398,377

Food

&

Beverage

2.5%

Aramark

Services,

Inc.

,

5.00%,

4/1/2025(a)

100,000

102,345

6.38%,

5/1/2025(a)

475,000

499,344

Kraft

Heinz

Foods

Co.

,

4.25%,

3/1/2031

300,000

339,156

5.20%,

7/15/2045

375,000

469,704

4.38%,

6/1/2046

175,000

199,119

Performance

Food

Group,

Inc.

,

4.25%,

8/1/2029(a)

175,000

175,437

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(a)

800,000

831,380

4.63%,

4/15/2030(a)

25,000

25,193

4.50%,

9/15/2031(a)

325,000

321,142

US

Foods,

Inc.

,

4.75%,

2/15/2029(a)

275,000

282,219

3,245,039

Food

&

Staples

Retailing

0.0%

†

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^∞(c)

100,000

0

Gaming

4.2%

Affinity

Gaming

,

6.88%,

12/15/2027(a)

300,000

315,518

Bally's

Corp.

,

6.75%,

6/1/2027(a)

75,000

81,656

Boyd

Gaming

Corp.

,

8.63%,

6/1/2025(a)

50,000

54,188

4.75%,

12/1/2027

100,000

103,069

4.75%,

6/15/2031(a)

150,000

154,687

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

225,000

236,870

8.13%,

7/1/2027(a)

300,000

337,268

4.63%,

10/15/2029(a)

100,000

101,250

Caesars

Resort

Collection

LLC

,

5.75%,

7/1/2025(a)

25,000

26,356

5.25%,

10/15/2025(a)

350,000

354,760

CCM

Merger,

Inc.

,

6.38%,

5/1/2026(a)

50,000

52,625

MGM

Growth

Properties

Operating

Partnership

LP

,

5.63%,

5/1/2024

225,000

244,687

3.88%,

2/15/2029(a)

50,000

53,250

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gaming

MGM

Resorts

International

,

6.75%,

5/1/2025

100,000

105,375

4.63%,

9/1/2026

77,000

80,754

5.50%,

4/15/2027

216,000

234,360

4.75%,

10/15/2028

125,000

131,718

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

125,000

127,344

Mohegan

Gaming

&

Entertainment

,

7.88%,

10/15/2024(a)

50,000

52,500

8.00%,

2/1/2026(a)

600,000

624,660

Penn

National

Gaming,

Inc.

,

5.63%,

1/15/2027(a)

50,000

51,500

4.13%,

7/1/2029(a)

75,000

74,130

Raptor

Acquisition

Corp.

,

4.88%,

11/1/2026(a)

50,000

51,062

Scientific

Games

International,

Inc.

,

8.63%,

7/1/2025(a)

300,000

324,880

8.25%,

3/15/2026(a)

75,000

79,594

7.25%,

11/15/2029(a)

200,000

224,728

Station

Casinos

LLC

,

5.00%,

10/1/2025(a)

325,000

329,615

4.50%,

2/15/2028(a)

175,000

177,774

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

25,000

25,500

4.25%,

12/1/2026(a)

175,000

182,758

4.63%,

12/1/2029(a)

125,000

134,375

4.13%,

8/15/2030(a)

225,000

238,500

5,367,311

Health

Insurance

1.0%

Centene

Corp.

,

4.25%,

12/15/2027

325,000

340,161

2.45%,

7/15/2028

25,000

25,125

4.63%,

12/15/2029

400,000

435,920

3.38%,

2/15/2030

125,000

129,413

3.00%,

10/15/2030

200,000

205,000

2.63%,

8/1/2031

75,000

74,493

1,210,112

Healthcare

6.9%

Acadia

Healthcare

Co.,

Inc.

,

5.50%,

7/1/2028(a)

50,000

52,560

5.00%,

4/15/2029(a)

25,000

26,031

AdaptHealth

LLC

,

4.63%,

8/1/2029(a)

175,000

174,869

5.13%,

3/1/2030(a)

225,000

225,112

AHP

Health

Partners,

Inc.

,

5.75%,

7/15/2029(a)

125,000

126,250

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

375,000

394,688

Charles

River

Laboratories

International,

Inc.

,

3.75%,

3/15/2029(a)

75,000

76,593

4.00%,

3/15/2031(a)

75,000

78,580

Community

Health

Systems,

Inc.

,

6.63%,

2/15/2025(a)

75,000

78,469

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

73

Corporate

Bonds

Principal

Amount

($)

Value

($)

Healthcare

Community

Health

Systems,

Inc.,

8.00%,

3/15/2026(a)

175,000

185,583

5.63%,

3/15/2027(a)

100,000

104,713

6.00%,

1/15/2029(a)

25,000

26,500

6.88%,

4/15/2029(a)

350,000

350,823

6.13%,

4/1/2030(a)

250,000

242,931

DaVita,

Inc.

,

4.63%,

6/1/2030(a)

175,000

180,007

Global

Medical

Response,

Inc.

,

6.50%,

10/1/2025(a)

575,000

594,406

HCA,

Inc.

,

5.38%,

2/1/2025

50,000

55,875

5.88%,

2/15/2026

650,000

745,063

5.38%,

9/1/2026

100,000

114,415

3.50%,

9/1/2030

300,000

317,817

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

275,000

281,839

Legacy

LifePoint

Health

LLC

,

6.75%,

4/15/2025(a)

150,000

157,628

4.38%,

2/15/2027(a)

100,000

99,750

LifePoint

Health,

Inc.

,

5.38%,

1/15/2029(a)

25,000

24,312

MEDNAX,

Inc.

,

6.25%,

1/15/2027(a)

225,000

236,531

Mozart

Debt

Merger

Sub,

Inc.

,

3.88%,

4/1/2029(a)

250,000

250,000

5.25%,

10/1/2029(a)

425,000

425,000

MPH

Acquisition

Holdings

LLC

,

5.50%,

9/1/2028(a)

175,000

174,519

5.75%,

11/1/2028(a)

625,000

588,737

RegionalCare

Hospital

Partners

Holdings,

Inc.

,

9.75%,

12/1/2026(a)

550,000

580,938

Team

Health

Holdings,

Inc.

,

6.38%,

2/1/2025(a)

300,000

289,914

Teleflex,

Inc.

,

4.63%,

11/15/2027

75,000

78,188

4.25%,

6/1/2028(a)

25,000

25,977

Tenet

Healthcare

Corp.

,

6.75%,

6/15/2023

300,000

323,400

4.88%,

1/1/2026(a)

175,000

181,111

6.25%,

2/1/2027(a)

250,000

259,375

5.13%,

11/1/2027(a)

175,000

182,438

4.63%,

6/15/2028(a)

25,000

25,904

6.13%,

10/1/2028(a)

125,000

131,309

4.25%,

6/1/2029(a)

300,000

304,500

Vizient,

Inc.

,

6.25%,

5/15/2027(a)

100,000

104,500

8,877,155

Hotels,

Restaurants

&

Leisure

0.4%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

75,000

78,375

5.75%,

5/1/2028(a)

75,000

80,775

4.88%,

1/15/2030

125,000

134,095

3.63%,

2/15/2032(a)

100,000

98,500

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Wyndham

Hotels

&

Resorts,

Inc.

,

4.38%,

8/15/2028(a)

100,000

104,393

496,138

Independent

Energy

5.5%

Antero

Resources

Corp.

,

5.00%,

3/1/2025

175,000

179,244

7.63%,

2/1/2029(a)

25,000

27,950

5.38%,

3/1/2030(a)

100,000

105,315

Apache

Corp.

,

4.63%,

11/15/2025

50,000

53,750

4.88%,

11/15/2027

100,000

109,052

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(a)

350,000

361,806

8.25%,

12/31/2028(a)

50,000

54,500

5.88%,

6/30/2029(a)

75,000

76,629

Berry

Petroleum

Co.

LLC

,

7.00%,

2/15/2026(a)

125,000

127,306

Callon

Petroleum

Co.

,

8.25%,

7/15/2025

125,000

122,172

6.38%,

7/1/2026

150,000

143,504

Centennial

Resource

Production

LLC

,

6.88%,

4/1/2027(a)

250,000

254,684

Chesapeake

Energy

Corp.

,

7.00%,

10/1/2024

200,000

5,500

5.50%,

2/1/2026(a)

25,000

26,125

5.88%,

2/1/2029(a)

25,000

26,711

Comstock

Resources,

Inc.

,

6.75%,

3/1/2029(a)

375,000

405,000

5.88%,

1/15/2030(a)

50,000

52,000

Continental

Resources,

Inc.

,

4.38%,

1/15/2028

150,000

165,937

5.75%,

1/15/2031(a)

200,000

241,750

CrownRock

LP

,

5.63%,

10/15/2025(a)

450,000

460,553

5.00%,

5/1/2029(a)

50,000

52,205

Endeavor

Energy

Resources

LP

,

6.63%,

7/15/2025(a)

125,000

131,719

5.50%,

1/30/2026(a)

25,000

26,060

5.75%,

1/30/2028(a)

100,000

105,250

EQT

Corp.

,

3.13%,

5/15/2026(a)

150,000

153,768

3.90%,

10/1/2027

50,000

54,112

5.00%,

1/15/2029

50,000

56,297

3.63%,

5/15/2031(a)

150,000

156,300

Oasis

Petroleum,

Inc.

,

6.38%,

6/1/2026(a)

50,000

52,375

Occidental

Petroleum

Corp.

,

3.50%,

6/15/2025

200,000

207,880

8.00%,

7/15/2025

125,000

149,250

5.88%,

9/1/2025

175,000

196,131

3.20%,

8/15/2026

150,000

153,141

8.88%,

7/15/2030

225,000

305,647

6.63%,

9/1/2030

175,000

215,688

6.45%,

9/15/2036

225,000

283,078

4.30%,

8/15/2039

200,000

197,256

74

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Energy

Occidental

Petroleum

Corp.,

4.10%,

2/15/2047

100,000

95,090

4.40%,

8/15/2049

125,000

122,656

PDC

Energy,

Inc.

,

6.13%,

9/15/2024

175,000

177,625

5.75%,

5/15/2026

100,000

104,125

Range

Resources

Corp.

,

4.88%,

5/15/2025

98,000

103,469

9.25%,

2/1/2026

125,000

136,256

8.25%,

1/15/2029(a)

100,000

112,505

Rockcliff

Energy

II

LLC

,

5.50%,

10/15/2029(a)

75,000

76,125

SM

Energy

Co.

,

6.75%,

9/15/2026

125,000

127,661

6.50%,

7/15/2028

125,000

129,415

Southwestern

Energy

Co.

,

8.38%,

9/15/2028

175,000

198,228

5.38%,

3/15/2030

50,000

53,961

Tap

Rock

Resources

LLC

,

7.00%,

10/1/2026(a)

75,000

76,781

Ultratech

CH

,

7.13%,

4/15/2025^∞(c)

100,000

0

7,009,542

Industrial

-

Other

0.8%

Booz

Allen

Hamilton,

Inc.

,

3.88%,

9/1/2028(a)

50,000

51,256

4.00%,

7/1/2029(a)

25,000

25,625

Madison

IAQ

LLC

,

4.13%,

6/30/2028(a)

50,000

50,000

5.88%,

6/30/2029(a)

400,000

403,000

Roller

Bearing

Co.

of

America,

Inc.

,

4.38%,

10/15/2029(a)

25,000

25,625

TK

Elevator

Holdco

GmbH

,

7.63%,

7/15/2028(a)

250,000

267,188

TK

Elevator

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)

225,000

235,794

1,058,488

Insurance

-

P&C

4.4%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

475,000

491,625

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

300,000

304,215

Ardonagh

Midco

2

plc

,

11.50%,

1/15/2027(a)(b)

307,985

327,966

AssuredPartners,

Inc.

,

7.00%,

8/15/2025(a)

550,000

558,772

5.63%,

1/15/2029(a)

200,000

201,240

BroadStreet

Partners,

Inc.

,

5.88%,

4/15/2029(a)

400,000

398,500

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

150,000

158,250

HUB

International

Ltd.

,

7.00%,

5/1/2026(a)

1,400,000

1,447,250

NFP

Corp.

,

4.88%,

8/15/2028(a)

25,000

25,425

6.88%,

8/15/2028(a)

925,000

944,471

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

-

P&C

USI,

Inc.

,

6.88%,

5/1/2025(a)

725,000

737,847

5,595,561

Leisure

0.6%

SeaWorld

Parks

&

Entertainment,

Inc.

,

5.25%,

8/15/2029(a)

375,000

383,672

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(a)

250,000

258,125

Six

Flags

Theme

Parks,

Inc.

,

7.00%,

7/1/2025(a)

125,000

133,125

774,922

Media

Entertainment

7.5%

AMC

Networks,

Inc.

,

5.00%,

4/1/2024

169,000

170,901

4.25%,

2/15/2029

250,000

248,750

Audacy

Capital

Corp.

,

6.50%,

5/1/2027(a)

300,000

306,852

6.75%,

3/31/2029(a)

300,000

302,376

Cumulus

Media

New

Holdings,

Inc.

,

6.75%,

7/1/2026(a)

263,000

272,205

Diamond

Sports

Group

LLC

,

5.38%,

8/15/2026(a)

250,000

165,000

6.63%,

8/15/2027(a)

325,000

142,188

Gray

Television,

Inc.

,

5.88%,

7/15/2026(a)

350,000

361,288

7.00%,

5/15/2027(a)

125,000

134,062

4.75%,

10/15/2030(a)

75,000

73,687

iHeartCommunications,

Inc.

,

6.38%,

5/1/2026

75,360

79,516

8.38%,

5/1/2027

695,964

743,812

5.25%,

8/15/2027(a)

150,000

155,859

4.75%,

1/15/2028(a)

100,000

103,050

Lamar

Media

Corp.

,

4.88%,

1/15/2029

125,000

132,500

3.63%,

1/15/2031

50,000

50,000

Match

Group

Holdings

II

LLC

,

5.00%,

12/15/2027(a)

275,000

287,850

4.13%,

8/1/2030(a)

325,000

338,406

Midas

OpCo

Holdings

LLC

,

5.63%,

8/15/2029(a)

500,000

517,375

Nexstar

Media,

Inc.

,

5.63%,

7/15/2027(a)

375,000

396,741

4.75%,

11/1/2028(a)

325,000

337,142

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(a)

275,000

281,531

Nielsen

Finance

LLC

,

5.63%,

10/1/2028(a)

50,000

51,875

4.50%,

7/15/2029(a)

125,000

122,225

5.88%,

10/1/2030(a)

75,000

78,965

4.75%,

7/15/2031(a)

125,000

121,595

Outfront

Media

Capital

LLC

,

4.25%,

1/15/2029(a)

75,000

74,336

4.63%,

3/15/2030(a)

250,000

250,530

Scripps

Escrow

II,

Inc.

,

3.88%,

1/15/2029(a)

75,000

75,262

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

75

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Entertainment

Scripps

Escrow

II,

Inc.,

5.38%,

1/15/2031(a)

200,000

196,630

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

250,000

256,563

Sinclair

Television

Group,

Inc.

,

5.88%,

3/15/2026(a)

575,000

587,219

5.13%,

2/15/2027(a)

100,000

99,250

5.50%,

3/1/2030(a)

75,000

74,392

TEGNA,

Inc.

,

4.63%,

3/15/2028

300,000

306,705

5.00%,

9/15/2029

450,000

463,522

Terrier

Media

Buyer,

Inc.

,

8.88%,

12/15/2027(a)

700,000

740,166

Univision

Communications,

Inc.

,

4.50%,

5/1/2029(a)

200,000

203,250

Urban

One,

Inc.

,

7.38%,

2/1/2028(a)

300,000

321,649

9,625,225

Metals

&

Mining

1.2%

Cleveland-Cliffs,

Inc.

,

4.63%,

3/1/2029(a)

275,000

280,844

4.88%,

3/1/2031(a)

350,000

361,375

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

225,000

216,011

Freeport-McMoRan,

Inc.

,

5.00%,

9/1/2027

100,000

104,250

4.38%,

8/1/2028

125,000

130,782

5.25%,

9/1/2029

100,000

108,625

4.63%,

8/1/2030

200,000

216,250

5.40%,

11/14/2034

125,000

150,156

1,568,293

Midstream

7.7%

AmeriGas

Partners

LP

,

5.50%,

5/20/2025

75,000

82,860

5.88%,

8/20/2026

350,000

395,500

5.75%,

5/20/2027

75,000

84,750

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

275,000

284,089

5.75%,

1/15/2028(a)

525,000

544,031

5.38%,

6/15/2029(a)

400,000

412,000

Cheniere

Energy

Partners

LP

,

5.63%,

10/1/2026

225,000

231,187

4.50%,

10/1/2029

75,000

79,735

4.00%,

3/1/2031(a)

275,000

287,980

3.25%,

1/31/2032(a)

100,000

100,330

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

125,000

131,719

CNX

Midstream

Partners

LP

,

6.50%,

3/15/2026(a)

575,000

603,980

4.75%,

4/15/2030(a)

175,000

177,708

DT

Midstream,

Inc.

,

4.38%,

6/15/2031(a)

150,000

154,500

EQM

Midstream

Partners

LP

,

4.75%,

7/15/2023

26,000

27,152

6.00%,

7/1/2025(a)

100,000

109,620

6.50%,

7/1/2027(a)

200,000

224,950

5.50%,

7/15/2028

325,000

357,052

Corporate

Bonds

Principal

Amount

($)

Value

($)

Midstream

EQM

Midstream

Partners

LP,

4.50%,

1/15/2029(a)

125,000

129,687

4.75%,

1/15/2031(a)

325,000

338,006

6.50%,

7/15/2048

100,000

113,750

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

200,000

208,910

4.25%,

2/15/2030(a)

100,000

101,125

Holly

Energy

Partners

LP

,

5.00%,

2/1/2028(a)

225,000

228,150

NuStar

Logistics

LP

,

6.00%,

6/1/2026

50,000

54,000

5.63%,

4/28/2027

375,000

399,375

Oasis

Midstream

Partners

LP

,

8.00%,

4/1/2029(a)

175,000

182,000

Rattler

Midstream

LP

,

5.63%,

7/15/2025(a)

150,000

156,195

Solaris

Midstream

Holdings

LLC

,

7.63%,

4/1/2026(a)

75,000

80,374

Suburban

Propane

Partners

LP

,

5.88%,

3/1/2027

150,000

156,375

5.00%,

6/1/2031(a)

375,000

389,062

Summit

Midstream

Holdings

LLC

,

5.50%,

8/15/2022

100,000

99,366

5.75%,

4/15/2025

275,000

250,250

Targa

Resources

Partners

LP

,

5.88%,

4/15/2026

450,000

469,969

5.38%,

2/1/2027

350,000

362,670

6.50%,

7/15/2027

75,000

80,867

5.00%,

1/15/2028

50,000

52,500

5.50%,

3/1/2030

350,000

382,703

4.00%,

1/15/2032(a)

50,000

51,673

TransMontaigne

Partners

LP

,

6.13%,

2/15/2026

150,000

152,625

Western

Midstream

Operating

LP

,

4.00%,

7/1/2022

75,000

76,142

4.65%,

7/1/2026

75,000

81,121

4.50%,

3/1/2028

325,000

348,563

5.45%,

4/1/2044

50,000

57,432

5.30%,

3/1/2048

400,000

461,000

5.50%,

8/15/2048

100,000

117,000

9,870,033

Oil

Field

Services

1.7%

Archrock

Partners

LP

,

6.88%,

4/1/2027(a)

400,000

420,000

6.25%,

4/1/2028(a)

350,000

361,979

Nabors

Industries

Ltd.

,

7.25%,

1/15/2026(a)

200,000

194,520

7.50%,

1/15/2028(a)

100,000

94,750

Precision

Drilling

Corp.

,

7.13%,

1/15/2026(a)

75,000

77,062

6.88%,

1/15/2029(a)

125,000

130,556

Shelf

Drilling

Holdings

Ltd.

,

8.25%,

2/15/2025(a)

150,000

117,750

76

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil

Field

Services

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

450,000

468,541

6.88%,

9/1/2027

325,000

344,045

2,209,203

Packaging

4.6%

ARD

Finance

SA

,

6.50%,

6/30/2027(a)

600,000

637,410

Ardagh

Metal

Packaging

Finance

USA

LLC

,

4.00%,

9/1/2029(a)

250,000

252,812

Ardagh

Packaging

Finance

plc

,

5.25%,

8/15/2027(a)

400,000

407,202

5.25%,

8/15/2027(a)

200,000

203,601

Ball

Corp.

,

2.88%,

8/15/2030

175,000

169,860

3.13%,

9/15/2031

75,000

74,068

Berry

Global,

Inc.

,

4.88%,

7/15/2026(a)

75,000

78,754

5.63%,

7/15/2027(a)

175,000

184,924

Crown

Americas

LLC

,

4.75%,

2/1/2026

250,000

257,650

Flex

Acquisition

Co.,

Inc.

,

6.88%,

1/15/2025(a)

900,000

911,250

7.88%,

7/15/2026(a)

350,000

365,750

Mauser

Packaging

Solutions

Holding

Co.

,

7.25%,

4/15/2025(a)

400,000

397,562

Owens-Brockway

Glass

Container,

Inc.

,

5.88%,

8/15/2023(a)

200,000

211,500

5.38%,

1/15/2025(a)

400,000

427,000

6.63%,

5/13/2027(a)

75,000

80,379

Sealed

Air

Corp.

,

4.00%,

12/1/2027(a)

100,000

106,490

Trident

TPI

Holdings,

Inc.

,

9.25%,

8/1/2024(a)

200,000

210,172

6.63%,

11/1/2025(a)

425,000

431,843

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(d)

475,000

510,031

5,918,258

Paper

0.5%

Clearwater

Paper

Corp.

,

5.38%,

2/1/2025(a)

400,000

431,000

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

75,000

81,187

3.50%,

3/1/2029(a)

100,000

99,500

611,687

Pharmaceuticals

4.1%

Bausch

Health

Americas,

Inc.

,

9.25%,

4/1/2026(a)

150,000

160,196

8.50%,

1/31/2027(a)

325,000

346,190

Bausch

Health

Cos.,

Inc.

,

6.13%,

4/15/2025(a)

692,000

706,290

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Bausch

Health

Cos.,

Inc.,

9.00%,

12/15/2025(a)

25,000

26,387

5.75%,

8/15/2027(a)

150,000

157,125

5.00%,

1/30/2028(a)

175,000

166,026

4.88%,

6/1/2028(a)

100,000

103,625

5.00%,

2/15/2029(a)

175,000

162,969

6.25%,

2/15/2029(a)

100,000

98,952

7.25%,

5/30/2029(a)

400,000

409,940

5.25%,

1/30/2030(a)

300,000

279,750

5.25%,

2/15/2031(a)

125,000

114,951

Catalent

Pharma

Solutions,

Inc.

,

3.50%,

4/1/2030(a)

100,000

100,000

Endo

Dac

,

9.50%,

7/31/2027(a)

150,000

150,333

6.00%,

6/30/2028(a)

311,000

222,365

Endo

Luxembourg

Finance

Co.

I

Sarl

,

6.13%,

4/1/2029(a)

75,000

75,000

Grifols

Escrow

Issuer

SA

,

4.75%,

10/15/2028(a)

200,000

204,250

HCRX

Investments

Holdco

LP

,

4.50%,

8/1/2029(a)

25,000

25,125

Jaguar

Holding

Co.

II

,

4.63%,

6/15/2025(a)

200,000

207,750

5.00%,

6/15/2028(a)

150,000

161,451

Jazz

Securities

DAC

,

4.38%,

1/15/2029(a)

250,000

259,075

Mallinckrodt

International

Finance

SA

,

5.63%,

10/15/2023(a)(c)

450,000

227,831

5.50%,

4/15/2025(a)(c)

775,000

389,437

Organon

&

Co.

,

5.13%,

4/30/2031(a)

325,000

341,364

Syneos

Health,

Inc.

,

3.63%,

1/15/2029(a)

150,000

149,580

5,245,962

Restaurants

1.4%

1011778

BC

ULC

,

3.88%,

1/15/2028(a)

100,000

100,985

4.38%,

1/15/2028(a)

75,000

76,141

4.00%,

10/15/2030(a)

1,150,000

1,138,500

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

150,000

156,601

Yum!

Brands,

Inc.

,

4.75%,

1/15/2030(a)

100,000

108,382

4.63%,

1/31/2032

150,000

160,125

1,740,734

Retailers

0.4%

Academy

Ltd.

,

6.00%,

11/15/2027(a)

125,000

135,000

Gap,

Inc.

(The)

,

3.63%,

10/1/2029(a)

50,000

50,125

3.88%,

10/1/2031(a)

75,000

75,000

NMG

Holding

Co.,

Inc.

,

7.13%,

4/1/2026(a)

175,000

185,719

William

Carter

Co.

(The)

,

5.50%,

5/15/2025(a)

50,000

52,535

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

77

Corporate

Bonds

Principal

Amount

($)

Value

($)

Retailers

William

Carter

Co.

(The),

5.63%,

3/15/2027(a)

50,000

51,832

550,211

Supermarkets

0.6%

Albertsons

Cos.,

Inc.

,

5.75%,

3/15/2025

100,000

101,990

5.88%,

2/15/2028(a)

100,000

106,500

3.50%,

3/15/2029(a)

525,000

523,937

4.88%,

2/15/2030(a)

75,000

80,812

813,239

Technology

6.1%

Black

Knight

InfoServ

LLC

,

3.63%,

9/1/2028(a)

225,000

226,125

Boxer

Parent

Co.,

Inc.

,

9.13%,

3/1/2026(a)

25,000

26,214

Cars.com,

Inc.

,

6.38%,

11/1/2028(a)

350,000

369,250

CDW

LLC

,

4.25%,

4/1/2028

175,000

182,739

3.25%,

2/15/2029

50,000

51,250

Clarivate

Science

Holdings

Corp.

,

3.88%,

7/1/2028(a)

50,000

50,000

4.88%,

7/1/2029(a)

200,000

200,390

Consensus

Cloud

Solutions,

Inc.

,

6.00%,

10/15/2026(a)

75,000

77,062

6.50%,

10/15/2028(a)

200,000

207,550

Dell

International

LLC

,

7.13%,

6/15/2024(a)

825,000

843,563

Diebold

Nixdorf,

Inc.

,

9.38%,

7/15/2025(a)

25,000

27,360

Dun

&

Bradstreet

Corp.

(The)

,

6.88%,

8/15/2026(a)

90,000

94,388

10.25%,

2/15/2027(a)

420,000

451,500

Elastic

NV

,

4.13%,

7/15/2029(a)

150,000

150,750

Gartner,

Inc.

,

4.50%,

7/1/2028(a)

75,000

78,750

3.75%,

10/1/2030(a)

75,000

77,190

HealthEquity,

Inc.

,

4.50%,

10/1/2029(a)

100,000

101,500

Helios

Software

Holdings,

Inc.

,

4.63%,

5/1/2028(a)

250,000

246,250

LogMeIn,

Inc.

,

5.50%,

9/1/2027(a)

300,000

305,250

Millennium

Escrow

Corp.

,

6.63%,

8/1/2026(a)

175,000

180,241

NCR

Corp.

,

5.75%,

9/1/2027(a)

75,000

79,095

5.00%,

10/1/2028(a)

200,000

204,362

5.13%,

4/15/2029(a)

150,000

154,688

5.25%,

10/1/2030(a)

350,000

366,985

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(a)

100,000

103,250

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

125,000

128,437

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

PTC,

Inc.

,

3.63%,

2/15/2025(a)

100,000

101,500

Rackspace

Technology

Global,

Inc.

,

3.50%,

2/15/2028(a)

250,000

241,305

5.38%,

12/1/2028(a)

275,000

270,187

Rocket

Software,

Inc.

,

6.50%,

2/15/2029(a)

400,000

396,000

Science

Applications

International

Corp.

,

4.88%,

4/1/2028(a)

50,000

51,673

Seagate

HDD

Cayman

,

3.13%,

7/15/2029(a)

200,000

193,420

3.38%,

7/15/2031(a)

175,000

170,625

Sensata

Technologies,

Inc.

,

4.38%,

2/15/2030(a)

75,000

80,697

3.75%,

2/15/2031(a)

25,000

25,171

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(a)

525,000

554,365

Synaptics,

Inc.

,

4.00%,

6/15/2029(a)

75,000

76,730

TTM

Technologies,

Inc.

,

4.00%,

3/1/2029(a)

100,000

99,605

Veritas

US,

Inc.

,

7.50%,

9/1/2025(a)

450,000

468,000

Viavi

Solutions,

Inc.

,

3.75%,

10/1/2029(a)

50,000

50,110

7,763,527

Transportation

Services

0.3%

Watco

Cos.

LLC

,

6.50%,

6/15/2027(a)

300,000

321,000

Utility

-

Electric

2.8%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

34,000

34,977

4.50%,

2/15/2028(a)

225,000

229,500

5.13%,

3/15/2028(a)

200,000

202,547

4.63%,

2/1/2029(a)

100,000

98,500

5.00%,

2/1/2031(a)

50,000

50,000

3.75%,

3/1/2031(a)

175,000

168,437

Enviva

Partners

LP

,

6.50%,

1/15/2026(a)

650,000

672,344

NRG

Energy,

Inc.

,

6.63%,

1/15/2027

176,000

182,327

3.38%,

2/15/2029(a)

50,000

49,347

5.25%,

6/15/2029(a)

300,000

319,125

3.63%,

2/15/2031(a)

50,000

49,113

3.88%,

2/15/2032(a)

150,000

148,312

Pattern

Energy

Operations

LP

,

4.50%,

8/15/2028(a)

100,000

104,250

TerraForm

Power

Operating

LLC

,

5.00%,

1/31/2028(a)

300,000

322,125

4.75%,

1/15/2030(a)

250,000

261,562

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

150,000

154,117

5.63%,

2/15/2027(a)

300,000

310,518

78

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Utility

-

Electric

Vistra

Operations

Co.

LLC,

5.00%,

7/31/2027(a)

225,000

232,313

3,589,414

Wireless

Communications

0.9%

Sprint

Corp.

,

7.13%,

6/15/2024

325,000

369,915

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026(a)

225,000

227,531

4.75%,

2/1/2028

275,000

292,188

2.63%,

2/15/2029

25,000

25,264

3.38%,

4/15/2029(a)

225,000

234,731

1,149,629

Total

Corporate

Bonds

(cost

$117,790,209)

121,171,343

Exchange

Traded

Fund

3.4%

Shares

Unassigned

3.4%

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

50,399

4,409,408

Total

Exchange

Traded

Fund

(cost

$4,399,329)

4,409,408

Loan

Participation

0.0%

†

Principal

Amount

($)

Value

($)

Healthcare

0.0%

†

Envision

Healthcare

Corp.,Term

Loan,

(ICE

LIBOR

USD

1

Month

+

6.00%,

1.00%

Floor),

7.00%,

10/11/2025

(e)

1,557

1,309

0

Total

Loan

Participation

(cost

$24,925)

1,309

Warrants

0.0%

†

Number

of

Warrants

Independent

Energy

0.0%

†

Chesapeake

Energy

Corp.,

expiring

2/9/2026

*

1,583

57,320

Total

Warrants

(cost

$0)

57,320

Total

Investments

(cost

$122,631,249)

—

98.6%

126,249,707

Other

assets

in

excess

of

liabilities

—

1.4%

1,733,682

NET

ASSETS

—

100.0%

$

127,983,389

*

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,

2021

was

$93,907,263

which

represents

73.37%

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,

2021.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2021.

ETF

Exchange

Traded

Fund

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

Currency:

USD

United

States

Dollar

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

79

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

80

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Chemicals

$

70,004

$

–

$

–

$

70,004

Media

Entertainment

112,215

–

–

112,215

Oil

Field

Services

–

–

428,108

428,108

Total

Common

Stocks

$

182,219

$

–

$

428,108

$

610,327

  Corporate

Bonds

Aerospace

&

Defense

–

1,504,125

–

1,504,125

Aerospace

/

Defense

–

350,651

–

350,651

Airlines

–

611,031

–

611,031

Automotive

–

7,193,709

–

7,193,709

Building

Materials

–

2,735,592

–

2,735,592

Cable

Satellite

–

11,038,421

–

11,038,421

Chemicals

–

3,942,499

–

3,942,499

Construction

Machinery

–

1,021,033

–

1,021,033

Consumer

Cyclical

Services

–

3,174,708

–

3,174,708

Consumer

Products

–

1,421,801

–

1,421,801

Diversified

Manufacturing

–

1,168,713

–

1,168,713

Finance

Companies

–

2,398,377

–

2,398,377

Food

&

Beverage

–

3,245,039

–

3,245,039

Food

&

Staples

Retailing

–

–

–

–

Gaming

–

5,367,311

–

5,367,311

Health

Insurance

–

1,210,112

–

1,210,112

Healthcare

–

8,877,155

–

8,877,155

Hotels,

Restaurants

&

Leisure

–

496,138

–

496,138

Independent

Energy

–

7,009,542

–

7,009,542

Industrial

-

Other

–

1,058,488

–

1,058,488

Insurance

-

P&C

–

5,595,561

–

5,595,561

Leisure

–

774,922

–

774,922

Media

Entertainment

–

9,625,225

–

9,625,225

Metals

&

Mining

–

1,568,293

–

1,568,293

Midstream

–

9,870,033

–

9,870,033

Oil

Field

Services

–

2,209,203

–

2,209,203

Packaging

–

5,918,258

–

5,918,258

Paper

–

611,687

–

611,687

Pharmaceuticals

–

5,245,962

–

5,245,962

Restaurants

–

1,740,734

–

1,740,734

Retailers

–

550,211

–

550,211

Supermarkets

–

813,239

–

813,239

Technology

–

7,763,527

–

7,763,527

Transportation

Services

–

321,000

–

321,000

Utility

-

Electric

–

3,589,414

–

3,589,414

Wireless

Communications

–

1,149,629

–

1,149,629

Total

Corporate

Bonds

$

–

$

121,171,343

$

–

$

121,171,343

Exchange

Traded

Fund

4,409,408

–

–

4,409,408

Loan

Participation

–

1,309

–

1,309

Warrants

57,320

–

–

57,320

Total

$

4,648,947

$

121,172,652

$

428,108

$

126,249,707

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

81

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

During

the

period

ended

September

30,

2021,

the

Fund

held

two

corporate

bond

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Corporate

Bonds

Total

Balance

as

of

12/31/2020

$

—

$

—

$—

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

—

—

—

Purchases

*

288,724

—

288,724

Sales

—

—

—

Change

in

Unrealized

Appreciation/Depreciation

139,384

—

139,384

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

9/30/2021

$

428,108

$

—

$428,108

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

9/30/2021

$

139,384

$

—

$139,384

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

82

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Asset-Backed

Securities

28.4%

Principal

Amount

($)

Value

($)

Airlines

1.5%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

6,271,890

6,341,597

American

Airlines

Pass-

Through

Trust

Series

2013-2,

Class

A,

4.95%,

1/15/2023

1,397,349

1,428,928

Series

2015-1,

Class

B,

3.70%,

5/1/2023

1,893,734

1,865,644

Series

2015-2,

Class

B,

4.40%,

9/22/2023

2,689,979

2,649,425

Series

2016-3,

Class

B,

3.75%,

10/15/2025

2,417,302

2,330,169

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

4,490,000

4,530,400

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

7,002,315

6,973,693

26,119,856

Automobiles

1.0%

Credit

Acceptance

Auto

Loan

Trust

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

6,050,000

6,135,724

Series

2020-1A,

Class

A,

2.01%,

2/15/2029(a)

5,000,000

5,070,191

Flagship

Credit

Auto

Trust

Series

2019-3,

Class

A,

2.33%,

2/15/2024(a)

785,163

788,543

Series

2019-4,

Class

A,

2.17%,

6/17/2024(a)

878,771

883,653

Foursight

Capital

Automobile

Receivables

Trust,

Series

2020-1,

Class

A3,

2.05%,

10/15/2024(a)

2,899,529

2,917,044

OneMain

Direct

Auto

Receivables

Trust,

Series

2018-1A,

Class

A,

3.43%,

12/16/2024(a)

1,957,962

1,962,381

17,757,536

Credit

Card

0.1%

Avant

Credit

Card

Master

Trust,

Series

2021-

1A,

Class

A,

1.37%,

4/15/2027(a)

2,250,000

2,245,176

Electric

Utilities

0.6%

AEP

Texas

Restoration

Funding

LLC,

Series

2019-1,

Class

A1,

2.06%,

2/1/2027

9,262,714

9,503,672

Home

Equity

1.2%

Citigroup

Mortgage

Loan

Trust,

Series

2007-

WFH1,

Class

M1,

0.48%,

1/25/2037(b)

3,269,017

3,277,475

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Home

Equity

Long

Beach

Mortgage

Loan

Trust,

Series

2005-

WL2,

Class

M2,

0.82%,

8/25/2035(b)

1,592,761

1,598,747

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-

NC1,

Class

A2C,

0.85%,

1/25/2035(b)

3,182,251

3,181,183

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.33%,

1/25/2036(b)

882,924

884,442

RASC

Trust,

Series

2005-

KS12,

Class

M2,

0.78%,

1/25/2036(b)

8,508,462

8,507,969

Soundview

Home

Loan

Trust

Series

2005-CTX1,

Class

M3,

0.79%,

11/25/2035(b)

2,283,618

2,282,889

Series

2006-WF2,

Class

M1,

0.42%,

12/25/2036(b)

1,681,787

1,677,205

21,409,910

Other

24.0%

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

3,493,061

3,694,720

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

10,270,447

10,914,273

AMMC

CLO

22

Ltd.

Series

2018-22A,

Class

A,

1.16%,

4/25/2031(a)(b)

5,000,000

4,989,760

Series

2018-22A,

Class

B,

1.58%,

4/25/2031(a)(b)

5,000,000

4,978,800

AMMC

CLO

XIII

Ltd.,

Series

2013-13A,

Class

A2LR,

1.83%,

7/24/2029(a)(b)

9,000,000

9,000,585

Apidos

CLO

XXXIII

Series

2020-33A,

Class

AR,

1.28%,

10/24/2034(a)(b)

12,500,000

12,501,325

Series

2020-33A,

Class

BR,

1.73%,

10/24/2034(a)(b)

8,300,000

8,300,880

Apidos

CLO

XXXV

Series

2021-35A,

Class

A,

1.25%,

4/20/2034(a)(b)

7,600,000

7,607,068

Series

2021-35A,

Class

B,

1.60%,

4/20/2034(a)(b)

1,900,000

1,901,461

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

A1,

1.41%,

10/25/2031(a)(b)

2,700,000

2,700,000

ARES

XLIV

CLO

Ltd.

Series

2017-44A,

Class

A1R,

1.21%,

4/15/2034(a)

(b)

10,500,000

10,508,117

Series

2017-44A,

Class

A3R1,

1.78%,

4/15/2034(a)

(b)

4,500,000

4,500,679

NVIT

Short

Term

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

83

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Bayview

Opportunity

Master

Fund

IVa

Trust,

Series

2017-SPL1,

Class

A,

4.00%,

10/28/2064(a)(b)

2,519,107

2,569,754

Bayview

Opportunity

Master

Fund

IVb

Trust

Series

2017-SPL2,

Class

A,

4.00%,

6/28/2054(a)(b)

2,817,385

2,940,286

Series

2017-SPL4,

Class

A,

3.50%,

1/28/2055(a)(b)

1,444,129

1,474,933

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2012-4A,

Class

BR3,

1.74%,

4/22/2032(a)(b)

6,700,000

6,700,710

Carlyle

US

CLO

Ltd.

Series

2021-1A,

Class

A1,

1.33%,

4/15/2034(a)(b)

7,000,000

6,999,972

Series

2021-1A,

Class

A2,

1.64%,

4/15/2034(a)(b)

3,000,000

3,000,906

CCG

Receivables

Trust

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

1,241,523

1,252,181

Series

2019-2,

Class

A2,

2.11%,

3/15/2027(a)

2,634,243

2,659,614

Cedar

Funding

II

CLO

Ltd.

Series

2013-1A,

Class

ARR,

1.21%,

4/20/2034(a)(b)

10,000,000

10,009,330

Series

2013-1A,

Class

BRR,

1.48%,

4/20/2034(a)(b)

7,000,000

7,007,595

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

1.13%,

1/20/2031(a)(b)

3,000,000

3,000,912

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

BR,

1.74%,

10/17/2034(a)(b)

11,850,000

11,844,063

Cedar

Funding

X

CLO

Ltd.

Series

2019-10A,

Class

BR,

0.00%,

10/20/2032(a)(b)

10,200,000

10,200,000

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

2,292,899

2,384,481

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

1,654,769

1,694,159

FCI

Funding

LLC

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

318,794

322,356

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

3,247,682

3,249,666

Federal

Express

Corp.

Pass-

Through

Trust,

Series

1998

6.72%,

1/15/2022

30,774

31,264

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

772,721

811,635

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

GoldenTree

Loan

Management

US

CLO

8

Ltd.,

Series

2020-8A,

Class

BR,

1.69%,

10/20/2034(a)

(b)

5,350,000

5,350,990

GoldentTree

Loan

Management

US

CLO

1

Ltd.,

Series

2021-9A,

Class

A,

1.20%,

1/20/2033(a)(b)

19,500,000

19,505,402

Goodgreen

,

Series

2019-

2A,

Class

A,

2.76%,

4/15/2055(a)

6,766,301

6,909,622

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

340,340

357,887

HERO

Funding

Trust,

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

405,856

422,024

Invesco

CLO

Ltd.

Series

2021-2A,

Class

A,

1.20%,

7/15/2034(a)(b)

16,000,000

16,005,712

Series

2021-2A,

Class

B,

1.68%,

7/15/2034(a)(b)

5,500,000

5,502,926

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.08%,

7/17/2037(a)(b)

4,516,459

4,519,609

LCM

34

Ltd.

Series

34A,

Class

A1,

1.25%,

10/20/2034(a)(b)

11,450,000

11,450,561

Series

34A,

Class

B,

1.68%,

10/20/2034(a)(b)

8,600,000

8,600,421

Magnetite

XXVII

Ltd.,

Series

2020-27A,

Class

BR,

1.68%,

10/20/2034(a)(b)

4,550,000

4,550,924

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

A,

1.40%,

10/25/2031(a)(b)

10,600,000

10,602,184

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

7,312,216

7,535,614

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.

Series

2019-32A,

Class

AR,

1.12%,

1/20/2032(a)(b)

2,000,000

2,000,378

Series

2019-32A,

Class

BR,

1.53%,

1/20/2032(a)(b)

1,000,000

996,729

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.

Series

2020-38A,

Class

A,

1.43%,

10/20/2032(a)(b)

10,400,000

10,400,000

Series

2020-38A,

Class

AR,

0.00%,

10/20/2035(a)(b)

17,300,000

17,300,000

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

A,

1.19%,

4/16/2033(a)(b)

11,000,000

11,031,911

84

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

3,960,000

3,962,898

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

540,000

541,498

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

9,000,000

9,013,328

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

600,000

602,306

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

1.93%,

5/20/2031(a)(b)

10,000,000

10,006,350

Renew

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

2,373,882

2,509,174

Series

2017-2A,

Class

A,

3.22%,

9/22/2053(a)

2,162,812

2,251,135

RR

1

LLC

Series

2017-1A,

Class

A1AB,

1.23%,

7/15/2035(a)

(b)

4,900,000

4,906,159

Series

2017-1A,

Class

A2B,

1.68%,

7/15/2035(a)(b)

2,050,000

2,053,662

RR

19

Ltd.

Series

2021-19A,

Class

A1,

0.00%,

10/15/2035(a)(b)

11,450,000

11,450,000

Southwick

Park

CLO

LLC

Series

2019-4A,

Class

A1,

1.43%,

7/20/2032(a)(b)

14,500,000

14,501,580

Series

2019-4A,

Class

B1,

1.88%,

7/20/2032(a)(b)

2,500,000

2,500,240

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A1,

3.75%,

3/25/2058(a)(b)

2,717,839

2,841,793

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

590,080

613,234

Series

2019-4,

Class

A1,

2.90%,

10/25/2059(a)(b)

6,347,559

6,547,943

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

13,754,876

13,961,873

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

5,172,391

5,387,740

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/2039(a)

2,826,000

2,852,713

Wellman

Park

CLO

Ltd.

Series

2021-1A,

Class

A,

1.23%,

7/15/2034(a)(b)

16,000,000

16,005,712

Series

2021-1A,

Class

B,

1.73%,

7/15/2034(a)(b)

5,500,000

5,502,926

420,806,643

Total

Asset-Backed

Securities

(cost

$496,374,832)

497,842,793

Collateralized

Mortgage

Obligations

5.8%

Principal

Amount

($)

Value

($)

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

5,606,925

5,634,141

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

1,062,108

1,077,858

GS

Mortgage-Backed

Securities

Trust,

Series

2021-PJ9,

Class

A4,

2.50%,

2/26/2052(a)(b)

10,000,000

10,038,530

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

3,383

3,440

HomeBanc

Mortgage

Trust,

Series

2005-4,

Class

A2,

0.75%,

10/25/2035(b)

1,003,901

1,006,634

J.P.

Morgan

Mortgage

Trust,

Series

2021-12,

Class

A15,

2.50%,

2/25/2052(a)(b)

4,134,000

4,141,428

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

6,336,738

6,491,298

New

Residential

Mortgage

Loan

Trust

Series

2016-2A,

Class

A1,

3.75%,

11/26/2035(a)(b)

5,776,960

6,174,330

Series

2014-3A,

Class

AFX3,

3.75%,

11/25/2054(a)

(b)

2,573,455

2,728,718

Series

2016-3A,

Class

A1,

3.75%,

9/25/2056(a)(b)

1,190,074

1,271,587

Series

2016-4A,

Class

A1,

3.75%,

11/25/2056(a)(b)

1,288,652

1,379,571

Series

2017-1A,

Class

A1,

4.00%,

2/25/2057(a)(b)

3,194,503

3,416,001

Series

2017-2A,

Class

A3,

4.00%,

3/25/2057(a)(b)

4,557,876

4,857,199

Series

2017-3A,

Class

A1,

4.00%,

4/25/2057(a)(b)

1,971,663

2,113,087

Series

2019-1A,

Class

A1,

4.00%,

9/25/2057(a)(b)

2,059,600

2,165,549

Series

2018-1A,

Class

A1A,

4.00%,

12/25/2057(a)(b)

3,298,062

3,519,725

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

4,913,974

5,166,216

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

3,212,614

3,374,057

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

1,269,892

1,348,177

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

7,970,945

8,609,159

Series

2019-3A,

Class

A1A,

3.75%,

11/25/2058(a)(b)

2,136,761

2,265,632

Series

2019-4A,

Class

A1B,

3.50%,

12/25/2058(a)(b)

5,122,354

5,377,584

Series

2019-6A,

Class

A1B,

3.50%,

9/25/2059(a)(b)

3,831,503

4,030,560

Series

2020-RPL1,

Class

A1,

2.75%,

11/25/2059(a)(b)

6,484,481

6,667,812

NVIT

Short

Term

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

85

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

RALI

Trust,

Series

2003-

QS20,

Class

CB,

5.00%,

11/25/2018

29,635

31,335

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

269,447

272,031

Visio

Trust,

Series

2019-

2,

Class

A1,

2.72%,

11/25/2054(a)(b)

8,507,605

8,674,807

Total

Collateralized

Mortgage

Obligations

(cost

$99,614,837)

101,836,466

Commercial

Mortgage-Backed

Securities

0.2%

AOA

Mortgage

Trust

,

Series

2015-1177,

Class

A,

2.96%,

12/13/2029(a)

4,000,000

3,999,462

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2013-C8,

Class

XA,

IO,

1.05%,

12/15/2048(b)

19,342,143

178,294

Total

Commercial

Mortgage-Backed

Securities

(cost

$4,155,495)

4,177,756

Corporate

Bonds

26.9%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

5.04%,

5/1/2027

2,750,000

3,163,395

Howmet

Aerospace,

Inc.

,

6.88%,

5/1/2025

1,350,000

1,579,527

Moog,

Inc.

,

4.25%,

12/15/2027(a)

2,000,000

2,055,000

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

2,596,000

2,742,113

9,540,035

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)(d)

1,000,000

1,009,050

Auto

Components

0.1%

Allison

Transmission,

Inc.

,

4.75%,

10/1/2027(a)

1,350,000

1,404,000

Automobiles

1.4%

Daimler

Finance

North

America

LLC

,

3.65%,

2/22/2024(a)

5,000,000

5,333,422

2.70%,

6/14/2024(a)

3,000,000

3,147,237

Hyundai

Capital

America

,

5.88%,

4/7/2025(a)

10,000,000

11,428,306

Nissan

Motor

Acceptance

Co.

LLC

,

2.00%,

3/9/2026(a)

3,860,000

3,869,030

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

Nissan

Motor

Co.

Ltd.

,

3.52%,

9/17/2025(a)(d)

640,000

680,422

24,458,417

Banks

6.1%

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.16%),

1.29%,

1/20/2023(e)

5,000,000

5,017,014

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(e)

8,623,000

8,886,605

(ICE

LIBOR

USD

3

Month

+

0.97%),

3.46%,

3/15/2025(e)

5,000,000

5,319,562

Series

L,

4.18%,

11/25/2027

5,500,000

6,131,146

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(d)(e)

5,000,000

5,236,829

3.50%,

11/16/2027(a)

2,500,000

2,721,942

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(e)

5,000,000

5,016,193

4.40%,

6/10/2025

7,000,000

7,742,532

4.45%,

9/29/2027

2,000,000

2,274,378

Citizens

Financial

Group,

Inc.

,

4.30%,

12/3/2025

5,000,000

5,541,802

Cooperatieve

Rabobank

UA

,

3.95%,

11/9/2022

7,770,000

8,065,517

4.63%,

12/1/2023

2,386,000

2,585,456

HSBC

Holdings

plc

,

(SOFR

+

0.71%),

0.98%,

5/24/2025(e)

2,000,000

1,996,477

ING

Groep

NV

,

3.15%,

3/29/2022(d)

5,000,000

5,071,328

JPMorgan

Chase

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(e)

2,896,000

3,101,849

(SOFR

+

0.42%),

0.56%,

2/16/2025(e)

11,104,000

11,057,890

(SOFR

+

0.77%),

1.47%,

9/22/2027(e)

3,000,000

2,980,804

Toronto-Dominion

Bank

(The)

,

0.70%,

9/10/2024

10,000,000

9,980,173

Wells

Fargo

&

Co.

,

4.13%,

8/15/2023(d)

7,000,000

7,454,882

106,182,379

Beverages

0.3%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

5,000,000

5,510,854

Biotechnology

0.7%

AbbVie,

Inc.

,

3.45%,

3/15/2022

10,000,000

10,089,322

2.60%,

11/21/2024

2,000,000

2,102,460

12,191,782

86

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

0.2%

Carrier

Global

Corp.

,

2.24%,

2/15/2025

3,750,000

3,884,983

Capital

Markets

2.6%

Credit

Suisse

Group

AG

,

(SOFR

+

1.56%),

2.59%,

9/11/2025(a)(e)

8,000,000

8,293,167

4.28%,

1/9/2028(a)

3,000,000

3,334,446

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.05%),

2.91%,

6/5/2023(e)

7,000,000

7,114,213

3.75%,

5/22/2025

2,000,000

2,167,340

Morgan

Stanley

,

(SOFR

+

0.88%),

1.59%,

5/4/2027(e)

6,000,000

6,017,850

UBS

AG

,

7.50%,

7/15/2025

5,000,000

6,028,312

UBS

Group

AG

,

2.65%,

2/1/2022(a)

9,000,000

9,069,387

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

7/30/2024(a)(e)

4,000,000

4,025,898

46,050,613

Chemicals

0.1%

CF

Industries,

Inc.

,

3.45%,

6/1/2023(d)

1,212,000

1,265,025

Communications

Equipment

0.1%

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)

1,350,000

1,407,375

Consumer

Finance

0.1%

Ford

Motor

Credit

Co.

LLC

,

3.81%,

1/9/2024

1,850,000

1,910,125

5.58%,

3/18/2024

650,000

698,646

2,608,771

Containers

&

Packaging

0.5%

Ball

Corp.

,

4.00%,

11/15/2023

2,420,000

2,550,075

Berry

Global,

Inc.

,

4.50%,

2/15/2026(a)(d)

1,350,000

1,375,110

Crown

Americas

LLC

,

4.50%,

1/15/2023

920,000

965,080

4.75%,

2/1/2026

700,000

721,420

Sealed

Air

Corp.

,

5.13%,

12/1/2024(a)

1,350,000

1,466,438

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

2,000,000

1,967,962

9,046,085

Diversified

Consumer

Services

0.1%

Service

Corp.

International

,

4.63%,

12/15/2027

1,350,000

1,415,812

Diversified

Telecommunication

Services

0.4%

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)

1,400,000

1,457,834

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

650,000

668,720

Lumen

Technologies,

Inc.

,

Series

T,

5.80%,

3/15/2022

1,380,000

1,406,220

Telefonica

Emisiones

SA

,

4.10%,

3/8/2027

3,500,000

3,932,189

7,464,963

Electric

Utilities

1.4%

Alliant

Energy

Finance

LLC

,

1.40%,

3/15/2026(a)

4,650,000

4,586,104

Evergy

,

Inc.

,

5.29%,

6/15/2022(c)

11,510,000

11,763,089

NextEra

Energy

Operating

Partners

LP

,

4.25%,

7/15/2024(a)

1,350,000

1,429,312

Vistra

Operations

Co.

LLC

,

3.55%,

7/15/2024(a)

1,670,000

1,756,548

3.70%,

1/30/2027(a)

2,250,000

2,372,826

5.63%,

2/15/2027(a)

1,750,000

1,811,355

4.30%,

7/15/2029(a)(d)

1,000,000

1,065,756

24,784,990

Electrical

Equipment

0.2%

Sensata

Technologies

BV

,

4.88%,

10/15/2023(a)

1,880,000

1,999,850

5.63%,

11/1/2024(a)(d)

650,000

719,413

2,719,263

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Corporate

Office

Properties

LP

,

2.25%,

3/15/2026

2,015,000

2,064,383

MGM

Growth

Properties

Operating

Partnership

LP

,

5.63%,

5/1/2024

2,120,000

2,305,500

Spirit

Realty

LP

,

2.10%,

3/15/2028

1,500,000

1,492,203

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

1,786,000

1,789,315

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

1,350,000

1,377,000

9,028,401

Food

Products

0.4%

Kraft

Heinz

Foods

Co.

,

3.00%,

6/1/2026

4,625,000

4,871,704

3.88%,

5/15/2027

1,500,000

1,637,869

Lamb

Weston

Holdings,

Inc.

,

4.88%,

11/1/2026(a)

655,000

671,061

7,180,634

Health

Care

Equipment

&

Supplies

0.3%

Becton

Dickinson

and

Co.

,

3.70%,

6/6/2027

5,000,000

5,536,935

Health

Care

Providers

&

Services

0.7%

CVS

Health

Corp.

,

3.70%,

3/9/2023

4,646,000

4,851,532

3.63%,

4/1/2027

4,000,000

4,405,211

NVIT

Short

Term

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

87

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

HCA,

Inc.

,

5.88%,

5/1/2023

1,830,000

1,967,286

5.38%,

2/1/2025

650,000

726,375

11,950,404

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

1,870,000

1,916,507

Hotels,

Restaurants

&

Leisure

0.2%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

1,350,000

1,410,750

International

Game

Technology

plc

,

4.13%,

4/15/2026(a)

1,750,000

1,818,897

3,229,647

Household

Durables

0.1%

Newell

Brands,

Inc.

,

4.35%,

4/1/2023(c)

1,870,000

1,947,250

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Calpine

Corp.

,

4.50%,

2/15/2028(a)

1,350,000

1,377,000

Insurance

1.2%

Five

Corners

Funding

Trust

,

4.42%,

11/15/2023(a)

7,577,000

8,181,906

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

7,000,000

7,059,970

Principal

Life

Global

Funding

II

,

2.25%,

11/21/2024(a)

6,000,000

6,247,281

21,489,157

Machinery

0.1%

Amsted

Industries,

Inc.

,

5.63%,

7/1/2027(a)

2,100,000

2,191,392

Media

1.2%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025(d)

9,000,000

10,121,621

Comcast

Corp.

,

3.70%,

4/15/2024

7,500,000

8,066,341

CSC

Holdings

LLC

,

5.50%,

4/15/2027(a)

2,120,000

2,207,132

Sirius

XM

Radio,

Inc.

,

3.13%,

9/1/2026(a)

1,350,000

1,368,563

21,763,657

Oil,

Gas

&

Consumable

Fuels

2.5%

Apache

Corp.

,

4.63%,

11/15/2025

1,350,000

1,451,250

BP

Capital

Markets

America,

Inc.

,

3.79%,

2/6/2024

5,000,000

5,353,380

BP

Capital

Markets

plc

,

3.81%,

2/10/2024

3,975,000

4,265,967

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Continental

Resources,

Inc.

,

4.50%,

4/15/2023

2,810,000

2,911,863

DCP

Midstream

Operating

LP

,

3.88%,

3/15/2023(d)

1,190,000

1,218,048

5.38%,

7/15/2025

650,000

718,250

Energy

Transfer

LP

,

4.00%,

10/1/2027

3,250,000

3,585,601

MPLX

LP

,

4.25%,

12/1/2027

2,500,000

2,809,018

NGPL

PipeCo

LLC

,

4.88%,

8/15/2027(a)

3,500,000

3,972,389

Occidental

Petroleum

Corp.

,

2.90%,

8/15/2024

1,350,000

1,374,165

Sabine

Pass

Liquefaction

LLC

,

5.75%,

5/15/2024(d)

4,000,000

4,454,835

Targa

Resources

Partners

LP

,

6.50%,

7/15/2027

1,350,000

1,455,611

Valero

Energy

Corp.

,

2.85%,

4/15/2025

3,000,000

3,159,487

Western

Midstream

Operating

LP

,

4.35%,

2/1/2025(c)

1,350,000

1,424,534

Williams

Cos.,

Inc.

(The)

,

3.90%,

1/15/2025

4,500,000

4,862,102

43,016,500

Pharmaceuticals

1.8%

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024

5,676,000

6,026,436

Royalty

Pharma

plc

,

0.75%,

9/2/2023(d)

9,957,000

9,989,530

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023(d)

10,210,000

10,643,902

Viatris

,

Inc.

,

1.65%,

6/22/2025(a)

5,000,000

5,050,033

31,709,901

Professional

Services

0.3%

Equifax,

Inc.

,

2.60%,

12/1/2024

5,000,000

5,246,819

Road

&

Rail

0.8%

Ashtead

Capital,

Inc.

,

1.50%,

8/12/2026(a)

4,000,000

3,958,494

4.00%,

5/1/2028(a)

9,726,000

10,336,729

14,295,223

Semiconductors

&

Semiconductor

Equipment

0.2%

QUALCOMM,

Inc.

,

1.30%,

5/20/2028

4,200,000

4,112,882

Software

0.2%

PTC,

Inc.

,

3.63%,

2/15/2025(a)

90,000

91,350

VMware,

Inc.

,

1.40%,

8/15/2026(d)

3,000,000

2,986,500

3,077,850

88

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

0.1%

EMC

Corp.

,

3.38%,

6/1/2023

930,000

960,225

HP,

Inc.

,

3.40%,

6/17/2030(d)

562,000

597,887

1,558,112

Textiles,

Apparel

&

Luxury

Goods

0.1%

Hanesbrands,

Inc.

,

5.38%,

5/15/2025(a)

2,110,000

2,208,917

Thrifts

&

Mortgage

Finance

0.9%

BPCE

SA

,

4.00%,

9/12/2023(a)

3,000,000

3,190,341

5.70%,

10/22/2023(a)

6,800,000

7,455,461

5.15%,

7/21/2024(a)

2,620,000

2,895,014

4.88%,

4/1/2026(a)

1,500,000

1,691,271

15,232,087

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

4.00%,

4/15/2022(d)

1,870,000

1,891,823

2.63%,

4/15/2026

1,000,000

1,022,500

2,914,323

Total

Corporate

Bonds

(cost

$465,290,425)

471,927,995

Exchange

Traded

Fund

0.6%

Shares

Debt

Funds

0.6%

iShares

Trust

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

186,220

10,175,061

Total

Exchange

Traded

Fund

(cost

$10,011,187)

10,175,061

Loan

Participation

0.1%

Principal

Amount

($)

Software

0.1%

Open

Text

Corp.,

1st

Lien

Term

Loan

B,

(ICE

LIBOR

USD

+

1.75%),

1.84%,

5/30/2025

(e)

933,327

934,494

0

Total

Loan

Participation

(cost

$935,380)

934,494

Mortgage-Backed

Securities

5.8%

FHLMC

Non

Gold

Pool

Pool#

1Q0648

2.00%,

6/1/2037(b)

253,155

267,069

Pool#

1B3601

2.57%,

10/1/2037(b)

116,761

116,574

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool#

SB8088

,

1.50%,

2/1/2036

8,985,185

9,080,374

FNMA

Pool

Pool#

747271

2.14%,

7/1/2034(b)

205,658

209,564

Pool#

886345

1.81%,

8/1/2036(b)

30,448

30,463

Pool#

949691

1.98%,

9/1/2037(b)

68,147

68,256

FNMA

UMBS

Pool#

BN0906

,

4.00%,

11/1/2048

3,790,970

4,130,715

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2036

25,000,000

25,247,075

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

10/25/2051

27,000,000

27,072,774

2.50%,

10/25/2051

34,000,000

35,055,859

Total

Mortgage-Backed

Securities

(cost

$101,682,188)

101,278,723

U.S.

Treasury

Obligations

33.7%

U.S.

Treasury

Bonds,

7.13%,

2/15/2023

5,000,000

5,477,734

U.S.

Treasury

Notes

2.13%,

12/31/2022

5,135,000

5,261,369

0.13%,

10/15/2023

40,000,000

39,856,250

2.50%,

1/31/2024

24,000,000

25,188,750

0.38%,

4/15/2024

44,000,000

43,950,156

2.00%,

5/31/2024

(d)

51,000,000

53,095,781

0.25%,

6/15/2024

30,000,000

29,833,594

1.75%,

7/31/2024

(d)

30,000,000

31,076,953

2.38%,

8/15/2024

50,000,000

52,685,547

2.25%,

10/31/2024

5,000,000

5,261,133

2.25%,

11/15/2024

8,000,000

8,420,313

2.00%,

8/15/2025

15,000,000

15,706,641

3.00%,

9/30/2025

134,000,000

145,667,422

2.25%,

11/15/2025

4,000,000

4,230,781

2.63%,

1/31/2026

54,000,000

58,037,343

1.50%,

2/15/2030

(d)

67,000,000

67,426,602

Total

U.S.

Treasury

Obligations

(cost

$587,325,229)

591,176,369

NVIT

Short

Term

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

89

Repurchase

Agreements

1.2%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,107,590,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$2,149,738.

(f)

2,107,586

2,107,586

CF

Secured,

LLC

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$4,000,007,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$4,080,006.

(f)

4,000,000

4,000,000

NatWest

Markets

Securities,

Inc.

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$15,000,146,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

4/15/2024

-

2/15/2044;

total

market

value

$15,300,025.

(f)

15,000,000

15,000,000

Total

Repurchase

Agreements

(cost

$21,107,586)

21,107,586

Total

Investments

(cost

$1,786,497,159)

—

102.7%

1,800,457,243

Liabilities

in

excess

of

other

assets

—

(2.7)%

(47,792,756)

NET

ASSETS

—

100.0%

$

1,752,664,487

(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,

2021

was

$724,325,658

which

represents

41.33%

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,

2021.

(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,

2021.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$109,908,767,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,107,586

and

by

$91,312,064

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/7/2021

–

8/15/2051,

a

total

value

of

$112,419,650.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2021.

(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,

2021

was

$21,107,586.

CLO

Collateralized

Loan

Obligations

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

90

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

986

12/2021

USD

216,973,922

(20,446)

(20,446)

Short

Contracts

U.S.

Treasury

5

Year

Note

(2,315)

12/2021

USD

(284,148,165)

639,256

U.S.

Treasury

10

Year

Note

(564)

12/2021

USD

(74,227,687)

772,609

U.S.

Treasury

10

Year

Ultra

Note

(5)

12/2021

USD

(726,250)

10,144

1,422,009

1,401,563

As

of

September

30,

2021,

the

Fund

had

$2,342,863

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Short

Term

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

91

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

92

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

497,842,793

$

–

$

497,842,793

Collateralized

Mortgage

Obligations

–

101,836,466

–

101,836,466

Commercial

Mortgage-Backed

Securities

–

4,177,756

–

4,177,756

Corporate

Bonds

–

471,927,995

–

471,927,995

Exchange

Traded

Fund

10,175,061

–

–

10,175,061

Futures

Contracts

1,422,009

–

–

1,422,009

Loan

Participation

–

934,494

–

934,494

Mortgage-Backed

Securities

–

101,278,723

–

101,278,723

Repurchase

Agreements

–

21,107,586

–

21,107,586

U.S.

Treasury

Obligations

–

591,176,369

–

591,176,369

Total

Assets

$

11,597,070

$

1,790,282,182

$

–

$

1,801,879,252

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(20,446)

$

–

$

–

$

(20,446)

Total

Liabilities

$

(20,446)

$

–

$

–

$

(20,446)

Total

$

11,576,624

$

1,790,282,182

$

–

$

1,801,858,806

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Short

Term

Bond

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

93

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

1,422,009

Total

$

1,422,009

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(20,446)

Total

$

(20,446)

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.

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.4%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust

Series

2012-1,

Class

A,

4.15%,

4/11/2024

203,574

214,957

Series

2013-1,

Class

A,

4.30%,

8/15/2025

326,479

350,460

Series

2020-1,

Class

A,

5.88%,

10/15/2027

333,891

373,638

939,055

Automobiles

0.2%

Americredit

Automobile

Receivables

Trust,

Series

2018-1,

Class

D,

3.82%,

3/18/2024

1,600,000

1,647,986

Carmax

Auto

Owner

Trust

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

1,120,000

1,119,612

Series

2021-1,

Class

A4,

0.53%,

10/15/2026

510,000

509,654

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

1,290,000

1,292,247

4,569,499

Credit

Card

0.1%

BA

Credit

Card

Trust,

Series

2021-A1,

Class

A1,

0.44%,

9/15/2026

100,000

99,761

Citibank

Credit

Card

Issuance

Trust,

Series

2018-A6,

Class

A6,

3.21%,

12/7/2024

2,000,000

2,070,867

2,170,628

Electric

Utilities

0.0%

†

Evergy

Metro,

Inc.,

3.65%,

8/15/2025

500,000

543,143

Total

Asset-Backed

Securities

(cost

$7,969,317)

8,222,325

Commercial

Mortgage-Backed

Securities

2.0%

BBCMS

Mortgage

Trust

,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

1,375,000

1,516,453

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A2,

3.98%,

7/15/2051

479,110

500,926

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

1,138,283

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

3,253,952

Series

2021-B25,

Class

A5,

2.58%,

4/15/2054

1,500,000

1,555,673

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC25,

Class

AS,

4.02%,

10/10/2047

1,500,000

1,613,448

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Citigroup

Commercial

Mortgage

Trust

Series

2016-P5,

Class

A4,

2.94%,

10/10/2049

600,000

638,044

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,654,132

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

3,154,092

COMM

Mortgage

Trust

Series

2014-UBS2,

Class

A5,

3.96%,

3/10/2047

1,500,000

1,600,922

Series

2014-UBS3,

Class

A4,

3.82%,

6/10/2047

1,500,000

1,607,462

Series

2015-DC1,

Class

A5,

3.35%,

2/10/2048

1,000,000

1,069,474

Series

2015-PC1,

Class

A5,

3.90%,

7/10/2050

1,000,000

1,090,319

CSAIL

Commercial

Mortgage

Trust

,

Series

2018-

CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,399,559

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K024,

Class

A2,

2.57%,

9/25/2022

100,000

101,819

Series

K026,

Class

A2,

2.51%,

11/25/2022

900,000

918,995

Series

K031,

Class

A2,

3.30%,

4/25/2023(a)

400,000

416,261

Series

K033,

Class

A2,

3.06%,

7/25/2023(a)

950,000

989,882

Series

K037,

Class

A2,

3.49%,

1/25/2024

800,000

848,383

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,500,000

2,755,673

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

943,852

Series

K121,

Class

A2,

1.55%,

10/25/2030

2,000,000

1,986,898

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

2,948,195

FNMA

ACES

REMICS,

Series

2013-M6,

Class

1AC,

3.54%,

2/25/2043(a)

184,531

204,495

GS

Mortgage

Securities

Trust

,

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

1,500,000

1,611,652

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2013-C10,

Class

A5,

4.22%,

7/15/2046(a)

500,000

526,536

Series

2015-C24,

Class

A4,

3.73%,

5/15/2048

1,000,000

1,089,397

2

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Morgan

Stanley

Capital

I

Trust

,

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

1,180,000

1,290,535

Morgan

Stanley

Capital

I,

Inc.

,

Series

2021-L7,

Class

A5,

2.57%,

9/15/2031

3,000,000

3,089,968

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

1,500,000

1,620,587

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,646,604

Total

Commercial

Mortgage-Backed

Securities

(cost

$42,905,652)

44,782,471

Corporate

Bonds

26.1%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

250,000

250,374

2.20%,

2/4/2026

250,000

251,843

2.25%,

6/15/2026

500,000

508,230

5.04%,

5/1/2027

500,000

575,163

3.20%,

3/1/2029(b)

500,000

520,301

2.95%,

2/1/2030(b)

85,000

86,666

5.15%,

5/1/2030

800,000

938,952

3.25%,

2/1/2035

100,000

99,991

5.71%,

5/1/2040

500,000

635,378

3.75%,

2/1/2050(b)

340,000

343,171

5.81%,

5/1/2050

500,000

666,485

5.93%,

5/1/2060

200,000

273,215

General

Dynamics

Corp.

,

1.15%,

6/1/2026(b)

45,000

45,230

2.63%,

11/15/2027

300,000

320,241

3.63%,

4/1/2030(b)

200,000

224,029

2.25%,

6/1/2031(b)

30,000

30,707

2.85%,

6/1/2041(b)

50,000

50,983

4.25%,

4/1/2050

200,000

252,848

L3Harris

Technologies,

Inc.

,

3.95%,

5/28/2024

257,000

275,586

2.90%,

12/15/2029

100,000

104,565

1.80%,

1/15/2031

185,000

178,523

4.85%,

4/27/2035

90,000

111,008

Lockheed

Martin

Corp.

,

2.90%,

3/1/2025(b)

500,000

531,876

3.55%,

1/15/2026

250,000

274,825

3.60%,

3/1/2035

110,000

124,428

4.07%,

12/15/2042

393,000

470,796

4.70%,

5/15/2046

250,000

327,172

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

500,000

529,696

4.75%,

6/1/2043

250,000

318,250

4.03%,

10/15/2047

400,000

468,289

Raytheon

Technologies

Corp.

,

3.95%,

8/16/2025

200,000

220,262

1.90%,

9/1/2031

50,000

48,517

6.13%,

7/15/2038

400,000

563,113

4.70%,

12/15/2041

50,000

63,017

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Raytheon

Technologies

Corp.,

4.50%,

6/1/2042

700,000

857,970

4.63%,

11/16/2048(b)

400,000

507,473

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

267,633

12,316,806

Air

Freight

&

Logistics

0.1%

FedEx

Corp.

,

3.10%,

8/5/2029

100,000

106,899

3.90%,

2/1/2035

380,000

429,128

4.55%,

4/1/2046

500,000

590,998

5.25%,

5/15/2050(b)

200,000

264,104

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027(b)

100,000

109,882

6.20%,

1/15/2038

295,000

428,680

3.40%,

9/1/2049

320,000

353,213

5.30%,

4/1/2050

150,000

216,611

2,499,515

Airlines

0.0%

†

Southwest

Airlines

Co.

,

5.13%,

6/15/2027(b)

275,000

321,606

2.63%,

2/10/2030

400,000

405,743

727,349

Auto

Components

0.0%

†

Aptiv

Corp.

,

4.15%,

3/15/2024

475,000

510,148

Aptiv

plc

,

5.40%,

3/15/2049(b)

150,000

204,317

BorgWarner,

Inc.

,

3.38%,

3/15/2025

135,000

144,618

2.65%,

7/1/2027(b)

55,000

57,968

Lear

Corp.

,

5.25%,

5/15/2049(b)

150,000

186,300

1,103,351

Automobiles

0.1%

Daimler

Finance

North

America

LLC

,

8.50%,

1/18/2031

250,000

378,457

General

Motors

Co.

,

6.13%,

10/1/2025

400,000

468,677

4.20%,

10/1/2027

250,000

277,895

6.80%,

10/1/2027(b)

100,000

124,892

5.15%,

4/1/2038

250,000

298,265

5.20%,

4/1/2045

250,000

304,436

5.40%,

4/1/2048

250,000

309,989

2,162,611

Banks

4.3%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

2.05%,

11/21/2022

250,000

255,269

Banco

Santander

SA

,

2.75%,

5/28/2025

200,000

209,793

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(c)

200,000

199,071

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Santander

SA,

3.80%,

2/23/2028

600,000

657,630

3.49%,

5/28/2030(b)

200,000

215,179

Bank

of

America

Corp.

,

3.30%,

1/11/2023

500,000

518,889

4.10%,

7/24/2023

250,000

266,527

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(c)

1,515,000

1,561,314

4.00%,

4/1/2024

350,000

378,892

(SOFR

+

0.41%),

0.52%,

6/14/2024(c)

100,000

99,958

(ICE

LIBOR

USD

3

Month

+

0.94%),

3.86%,

7/23/2024(c)

400,000

423,316

(SOFR

+

0.74%),

0.81%,

10/24/2024(c)

300,000

301,039

Series

L,

3.95%,

4/21/2025

310,000

337,826

(SOFR

+

0.69%),

0.98%,

4/22/2025(c)

300,000

301,595

3.88%,

8/1/2025(b)

250,000

275,513

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.01%,

2/13/2026(c)

300,000

307,792

4.45%,

3/3/2026

125,000

139,966

3.50%,

4/19/2026

290,000

316,658

(SOFR

+

1.15%),

1.32%,

6/19/2026(b)(c)

500,000

499,878

4.25%,

10/22/2026

435,000

489,634

(SOFR

+

1.01%),

1.20%,

10/24/2026(c)

200,000

198,497

(ICE

LIBOR

USD

3

Month

+

1.06%),

3.56%,

4/23/2027(c)

700,000

761,761

(SOFR

+

0.96%),

1.73%,

7/22/2027(c)

850,000

853,498

3.25%,

10/21/2027

500,000

539,879

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(c)

500,000

551,775

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(c)

1,000,000

1,083,838

(SOFR

+

1.06%),

2.09%,

6/14/2029(c)

100,000

99,839

(ICE

LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/2030(c)

200,000

208,796

(SOFR

+

2.15%),

2.59%,

4/29/2031(c)

600,000

612,377

(SOFR

+

1.37%),

1.92%,

10/24/2031(c)

400,000

384,788

(SOFR

+

1.32%),

2.69%,

4/22/2032(c)

630,000

641,510

(SOFR

+

1.22%),

2.30%,

7/21/2032(c)

100,000

98,572

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(c)

300,000

294,063

(ICE

LIBOR

USD

3

Month

+

1.81%),

4.24%,

4/24/2038(c)

250,000

292,500

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

300,000

289,625

5.88%,

2/7/2042

250,000

356,125

(SOFR

+

1.58%),

3.31%,

4/22/2042(c)

300,000

314,783

5.00%,

1/21/2044

350,000

459,134

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(c)

300,000

370,299

(ICE

LIBOR

USD

3

Month

+

1.52%),

4.33%,

3/15/2050(c)

500,000

613,064

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(c)

600,000

709,996

(SOFR

+

1.88%),

2.83%,

10/24/2051(c)

60,000

57,493

(SOFR

+

1.56%),

2.97%,

7/21/2052(c)

50,000

48,947

Bank

of

Montreal

,

0.63%,

7/9/2024

300,000

299,377

1.85%,

5/1/2025(b)

500,000

514,499

1.25%,

9/15/2026

300,000

297,753

Bank

of

Nova

Scotia

(The)

,

0.65%,

7/31/2024

80,000

79,864

1.35%,

6/24/2026

300,000

300,218

1.30%,

9/15/2026

200,000

198,530

2.15%,

8/1/2031

300,000

297,568

Barclays

plc

,

4.34%,

1/10/2028

800,000

894,814

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

400,000

465,047

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(c)

200,000

230,776

5.25%,

8/17/2045(b)

205,000

274,116

4.95%,

1/10/2047

200,000

259,216

BBVA

USA

,

3.88%,

4/10/2025

500,000

545,754

Canadian

Imperial

Bank

of

Commerce

,

0.50%,

12/14/2023(b)

200,000

199,778

1.25%,

6/22/2026

200,000

197,957

Citigroup,

Inc.

,

3.88%,

10/25/2023(b)

750,000

802,306

3.75%,

6/16/2024

500,000

540,131

3.30%,

4/27/2025

560,000

603,583

4.60%,

3/9/2026

350,000

395,301

3.40%,

5/1/2026

500,000

544,312

4.30%,

11/20/2026

500,000

561,565

4

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(SOFR

+

0.77%),

1.46%,

6/9/2027(b)(c)

285,000

283,320

4.45%,

9/29/2027

500,000

568,595

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(c)

500,000

552,515

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(c)

700,000

761,167

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(c)

500,000

561,573

(SOFR

+

1.42%),

2.98%,

11/5/2030(c)

200,000

210,277

(SOFR

+

1.15%),

2.67%,

1/29/2031(c)

100,000

102,414

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

300,000

305,791

(SOFR

+

1.17%),

2.56%,

5/1/2032(c)

245,000

247,410

6.63%,

6/15/2032

333,000

447,284

8.13%,

7/15/2039

350,000

598,126

(SOFR

+

4.55%),

5.32%,

3/26/2041(c)

300,000

398,297

6.68%,

9/13/2043

250,000

380,691

4.65%,

7/23/2048

200,000

257,990

Citizens

Financial

Group,

Inc.

,

2.50%,

2/6/2030

170,000

172,559

Comerica,

Inc.

,

4.00%,

2/1/2029

250,000

285,312

Cooperatieve

Rabobank

UA

,

4.63%,

12/1/2023

250,000

270,899

3.38%,

5/21/2025

250,000

271,080

5.25%,

5/24/2041

175,000

241,049

5.25%,

8/4/2045

250,000

332,346

Discover

Bank

,

4.20%,

8/8/2023

500,000

533,465

2.45%,

9/12/2024

300,000

312,845

2.70%,

2/6/2030(b)

310,000

321,498

Fifth

Third

Bancorp

,

3.65%,

1/25/2024

500,000

533,476

Fifth

Third

Bank

NA

,

1.80%,

1/30/2023(b)

250,000

254,558

3.95%,

7/28/2025

200,000

221,420

3.85%,

3/15/2026

300,000

330,554

2.25%,

2/1/2027

295,000

307,470

HSBC

Holdings

plc

,

4.25%,

3/14/2024

500,000

537,166

(SOFR

+

1.54%),

1.64%,

4/18/2026(c)

390,000

392,092

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

200,000

198,372

4.95%,

3/31/2030

200,000

237,858

(SOFR

+

1.19%),

2.80%,

5/24/2032(c)

220,000

222,963

6.50%,

5/2/2036

400,000

550,028

6.50%,

9/15/2037

600,000

831,840

6.80%,

6/1/2038

200,000

284,854

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

5.25%,

3/14/2044(b)

250,000

325,083

HSBC

USA,

Inc.

,

3.50%,

6/23/2024

500,000

536,662

Huntington

Bancshares,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.17%),

2.49%,

8/15/2036(c)(d)

250,000

246,163

ING

Groep

NV

,

4.10%,

10/2/2023

500,000

535,183

4.55%,

10/2/2028(b)

200,000

234,469

JPMorgan

Chase

&

Co.

,

2.70%,

5/18/2023

500,000

517,174

3.88%,

9/10/2024

1,000,000

1,087,280

3.13%,

1/23/2025

500,000

531,440

(SOFR

+

0.54%),

0.82%,

6/1/2025(c)

190,000

189,966

(SOFR

+

0.58%),

0.97%,

6/23/2025(c)

400,000

400,490

(SOFR

+

0.49%),

0.77%,

8/9/2025(c)

500,000

497,968

(SOFR

+

1.16%),

2.30%,

10/15/2025(c)

250,000

259,303

(SOFR

+

1.59%),

2.00%,

3/13/2026(c)

300,000

307,286

3.30%,

4/1/2026

500,000

542,108

8.00%,

4/29/2027

290,000

383,421

(SOFR

+

0.77%),

1.47%,

9/22/2027(c)

200,000

198,720

4.25%,

10/1/2027

500,000

568,602

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.54%,

5/1/2028(c)

500,000

546,118

(ICE

LIBOR

USD

3

Month

+

1.12%),

4.01%,

4/23/2029(c)

600,000

670,461

(SOFR

+

1.02%),

2.07%,

6/1/2029(c)

500,000

501,126

(SOFR

+

2.04%),

2.52%,

4/22/2031(c)

400,000

408,081

(SOFR

+

1.25%),

2.58%,

4/22/2032(c)

75,000

76,040

5.60%,

7/15/2041

400,000

551,259

5.40%,

1/6/2042

500,000

685,088

4.85%,

2/1/2044

500,000

651,148

(ICE

LIBOR

USD

3

Month

+

1.58%),

4.26%,

2/22/2048(c)

750,000

904,305

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(c)

250,000

289,797

(SOFR

+

2.44%),

3.11%,

4/22/2051(c)

600,000

609,468

(SOFR

+

1.58%),

3.33%,

4/22/2052(c)

200,000

209,511

KeyBank

NA

,

6.95%,

2/1/2028

225,000

288,028

KeyCorp

,

2.25%,

4/6/2027

50,000

51,664

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Korea

Development

Bank

(The)

,

3.00%,

1/13/2026

500,000

538,170

Kreditanstalt

fuer

Wiederaufbau

,

2.38%,

12/29/2022

1,250,000

1,283,692

2.63%,

2/28/2024

2,500,000

2,629,354

0.00%,

6/29/2037(b)(e)

750,000

552,352

Landwirtschaftliche

Rentenbank

,

1.75%,

7/27/2026

1,000,000

1,034,345

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024

205,000

225,111

4.58%,

12/10/2025

350,000

390,665

4.65%,

3/24/2026

500,000

561,946

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(c)

1,000,000

1,088,442

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.46%,

3/2/2023

750,000

782,385

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.95%,

7/19/2025(c)

200,000

200,227

3.85%,

3/1/2026

750,000

828,114

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.54%,

7/20/2027(c)

200,000

199,804

3.74%,

3/7/2029(b)

600,000

668,865

3.20%,

7/18/2029

500,000

534,859

Mizuho

Financial

Group,

Inc.

,

(SOFR

+

1.25%),

1.24%,

7/10/2024(c)

200,000

202,334

(SOFR

+

1.36%),

2.55%,

9/13/2025(c)

455,000

476,199

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.55%,

7/9/2027(b)(c)

200,000

199,561

3.17%,

9/11/2027

250,000

268,826

(SOFR

+

1.77%),

2.20%,

7/10/2031(c)

400,000

393,356

2.56%,

9/13/2031

200,000

197,181

MUFG

Americas

Holdings

Corp.

,

3.00%,

2/10/2025

400,000

424,352

National

Australia

Bank

Ltd.

,

2.50%,

7/12/2026

750,000

795,617

National

Bank

of

Canada

,

Series

FXD,

0.75%,

8/6/2024

250,000

249,334

Natwest

Group

plc

,

3.88%,

9/12/2023

365,000

386,988

4.80%,

4/5/2026(b)

500,000

568,378

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(c)

200,000

199,987

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(c)

200,000

212,359

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(c)

500,000

590,420

Oesterreichische

Kontrollbank

AG

,

1.50%,

2/12/2025

1,000,000

1,026,430

PNC

Bank

NA

,

2.95%,

1/30/2023

250,000

257,970

3.80%,

7/25/2023

500,000

528,405

2.95%,

2/23/2025

500,000

532,186

PNC

Financial

Services

Group,

Inc.

(The)

,

1.15%,

8/13/2026(b)

100,000

100,208

2.55%,

1/22/2030(b)

500,000

519,732

(SOFR

+

0.98%),

2.31%,

4/23/2032(c)

200,000

203,393

Regions

Financial

Corp.

,

2.25%,

5/18/2025

400,000

415,701

1.80%,

8/12/2028(b)

200,000

197,628

Royal

Bank

of

Canada

,

1.95%,

1/17/2023

170,000

173,579

2.55%,

7/16/2024

350,000

367,201

0.65%,

7/29/2024

400,000

399,152

2.25%,

11/1/2024

500,000

521,930

1.20%,

4/27/2026

300,000

298,145

1.15%,

7/14/2026

200,000

198,524

Santander

Holdings

USA,

Inc.

,

3.50%,

6/7/2024

500,000

531,151

3.24%,

10/5/2026

300,000

320,466

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

498,996

Santander

UK

plc

,

4.00%,

3/13/2024

500,000

540,001

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.45%,

9/27/2024(b)

500,000

522,655

2.63%,

7/14/2026

750,000

789,399

1.40%,

9/17/2026

200,000

198,360

3.35%,

10/18/2027(b)

500,000

543,790

1.90%,

9/17/2028

200,000

197,652

3.20%,

9/17/2029

500,000

526,397

2.22%,

9/17/2031

200,000

196,832

2.93%,

9/17/2041

50,000

48,711

Toronto-Dominion

Bank

(The)

,

1.90%,

12/1/2022

500,000

509,333

0.55%,

3/4/2024

250,000

249,313

6

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Toronto-Dominion

Bank

(The),

3.25%,

3/11/2024

500,000

531,304

0.70%,

9/10/2024

100,000

99,802

0.75%,

1/6/2026(b)

200,000

196,828

1.20%,

6/3/2026(b)

200,000

199,445

1.25%,

9/10/2026

100,000

99,277

2.00%,

9/10/2031

100,000

98,278

Truist

Bank

,

2.15%,

12/6/2024(b)

400,000

416,810

3.63%,

9/16/2025

250,000

272,967

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.15%),

2.64%,

9/17/2029(c)

250,000

261,343

Truist

Financial

Corp.

,

2.85%,

10/26/2024

250,000

265,769

4.00%,

5/1/2025

1,000,000

1,099,961

1.13%,

8/3/2027(b)

300,000

293,248

(SOFR

+

0.86%),

1.89%,

6/7/2029(c)

300,000

299,708

US

Bancorp

,

3.90%,

4/26/2028

500,000

568,235

US

Bank

NA

,

2.80%,

1/27/2025

1,000,000

1,061,000

Wells

Fargo

&

Co.

,

3.75%,

1/24/2024

1,500,000

1,603,614

(SOFR

+

1.60%),

1.65%,

6/2/2024(c)

600,000

611,727

3.00%,

2/19/2025

825,000

875,636

3.00%,

4/22/2026

500,000

536,445

5.38%,

11/2/2043

250,000

331,661

5.61%,

1/15/2044

388,000

523,847

4.65%,

11/4/2044

500,000

612,643

4.90%,

11/17/2045

300,000

379,866

4.40%,

6/14/2046

350,000

415,971

4.75%,

12/7/2046

200,000

250,482

(SOFR

+

4.50%),

5.01%,

4/4/2051(c)

500,000

671,014

Westpac

Banking

Corp.

,

2.00%,

1/13/2023

30,000

30,645

1.15%,

6/3/2026

200,000

199,757

3.40%,

1/25/2028

300,000

331,728

2.65%,

1/16/2030

120,000

127,623

2.15%,

6/3/2031

300,000

302,639

(USD

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(c)

300,000

331,145

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(c)

500,000

543,247

Zions

Bancorp

NA

,

3.25%,

10/29/2029(b)

250,000

259,888

96,021,945

Beverages

0.7%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

250,000

274,206

4.90%,

2/1/2046

770,000

946,495

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044

150,000

176,828

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.00%,

4/13/2028

250,000

282,142

4.75%,

1/23/2029

400,000

470,911

4.60%,

4/15/2048

500,000

596,912

4.44%,

10/6/2048

581,000

679,713

5.55%,

1/23/2049

900,000

1,218,906

4.50%,

6/1/2050(b)

500,000

596,861

Coca-Cola

Co.

(The)

,

1.75%,

9/6/2024(b)

500,000

518,335

2.90%,

5/25/2027

500,000

542,723

3.45%,

3/25/2030

400,000

447,511

2.00%,

3/5/2031

95,000

95,336

2.25%,

1/5/2032

300,000

303,996

2.88%,

5/5/2041

300,000

309,406

2.60%,

6/1/2050

400,000

382,247

3.00%,

3/5/2051

135,000

139,793

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027(b)

500,000

548,594

3.60%,

2/15/2028

400,000

439,501

2.88%,

5/1/2030

500,000

520,121

2.25%,

8/1/2031

405,000

398,510

Diageo

Capital

plc

,

2.63%,

4/29/2023

500,000

515,068

2.38%,

10/24/2029

210,000

216,204

Diageo

Investment

Corp.

,

7.45%,

4/15/2035

250,000

386,929

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050

200,000

209,246

Keurig

Dr

Pepper,

Inc.

,

4.60%,

5/25/2028

750,000

870,695

5.09%,

5/25/2048

250,000

331,690

Molson

Coors

Beverage

Co.

,

3.00%,

7/15/2026(b)

190,000

202,972

5.00%,

5/1/2042

250,000

305,266

PepsiCo,

Inc.

,

0.75%,

5/1/2023

65,000

65,519

0.40%,

10/7/2023(b)

35,000

35,087

2.25%,

3/19/2025

300,000

313,024

2.75%,

3/19/2030

700,000

746,397

1.63%,

5/1/2030

130,000

127,363

1.40%,

2/25/2031(b)

200,000

192,211

4.45%,

4/14/2046

500,000

632,008

3.63%,

3/19/2050

400,000

460,784

15,499,510

Biotechnology

0.5%

AbbVie,

Inc.

,

3.25%,

10/1/2022

200,000

204,391

2.30%,

11/21/2022

200,000

204,123

3.85%,

6/15/2024

325,000

349,531

2.60%,

11/21/2024

400,000

420,492

3.80%,

3/15/2025

250,000

271,463

3.60%,

5/14/2025

500,000

540,874

3.20%,

5/14/2026(b)

120,000

129,468

4.55%,

3/15/2035

195,000

233,690

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

AbbVie,

Inc.,

4.50%,

5/14/2035

500,000

597,680

4.30%,

5/14/2036

250,000

293,156

4.05%,

11/21/2039

380,000

436,699

4.40%,

11/6/2042

625,000

746,614

4.75%,

3/15/2045

168,000

209,792

4.25%,

11/21/2049

675,000

799,506

Amgen,

Inc.

,

1.65%,

8/15/2028

200,000

196,668

2.00%,

1/15/2032

200,000

192,334

2.80%,

8/15/2041

200,000

193,252

4.56%,

6/15/2048

524,000

648,520

4.66%,

6/15/2051

618,000

779,736

3.00%,

1/15/2052

200,000

191,864

Baxalta

,

Inc.

,

4.00%,

6/23/2025

60,000

65,646

Biogen,

Inc.

,

2.25%,

5/1/2030

200,000

198,927

3.15%,

5/1/2050(b)

230,000

219,221

3.25%,

2/15/2051(d)

130,000

127,803

Gilead

Sciences,

Inc.

,

0.75%,

9/29/2023

50,000

50,002

3.70%,

4/1/2024

1,000,000

1,068,458

3.65%,

3/1/2026

145,000

158,920

1.20%,

10/1/2027

60,000

58,732

1.65%,

10/1/2030(b)

115,000

110,421

4.50%,

2/1/2045

500,000

605,596

4.75%,

3/1/2046

500,000

628,740

2.80%,

10/1/2050

95,000

89,556

11,021,875

Building

Products

0.1%

Allegion

plc

,

3.50%,

10/1/2029(b)

250,000

270,466

Carrier

Global

Corp.

,

2.24%,

2/15/2025

120,000

124,319

2.49%,

2/15/2027

135,000

141,153

2.72%,

2/15/2030

50,000

51,728

3.58%,

4/5/2050

500,000

531,222

Fortune

Brands

Home

&

Security,

Inc.

,

3.25%,

9/15/2029

250,000

269,457

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

183,000

201,420

1.75%,

9/15/2030

100,000

97,062

2.00%,

9/16/2031

100,000

97,386

4.63%,

7/2/2044(f)

250,000

303,671

Masco

Corp.

,

2.00%,

2/15/2031

250,000

241,802

3.13%,

2/15/2051

60,000

58,839

Owens

Corning

,

4.30%,

7/15/2047

200,000

230,343

2,618,868

Capital

Markets

1.7%

Bank

of

New

York

Mellon

Corp.

(The)

,

3.25%,

9/11/2024

750,000

803,984

2.10%,

10/24/2024

250,000

260,472

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Bank

of

New

York

Mellon

Corp.

(The),

Series

G,

3.00%,

2/24/2025

205,000

218,958

1.05%,

10/15/2026

100,000

99,149

3.00%,

10/30/2028

500,000

540,322

1.80%,

7/28/2031

100,000

97,746

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(d)

200,000

198,646

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

50,000

49,198

Brookfield

Finance

LLC

,

3.45%,

4/15/2050

200,000

206,295

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026

500,000

559,146

4.85%,

3/29/2029

300,000

353,117

3.50%,

3/30/2051

35,000

36,569

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030(b)

300,000

287,683

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026(b)

170,000

168,499

1.15%,

5/13/2026(b)

400,000

400,711

4.00%,

2/1/2029

500,000

568,977

1.65%,

3/11/2031(b)

200,000

192,648

2.30%,

5/13/2031

300,000

306,431

1.95%,

12/1/2031

100,000

98,139

CME

Group,

Inc.

,

3.00%,

3/15/2025

500,000

532,305

Credit

Suisse

AG

,

1.00%,

5/5/2023

1,250,000

1,261,520

3.63%,

9/9/2024

250,000

269,456

2.95%,

4/9/2025

400,000

424,015

Credit

Suisse

Group

AG

,

3.75%,

3/26/2025

390,000

420,598

4.55%,

4/17/2026

500,000

561,663

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

55,000

78,295

Deutsche

Bank

AG

,

3.95%,

2/27/2023

750,000

783,778

3.70%,

5/30/2024(b)

470,000

500,745

(SOFR

+

2.16%),

2.22%,

9/18/2024(c)

275,000

281,873

(SOFR

+

2.58%),

3.96%,

11/26/2025(c)

200,000

216,302

(SOFR

+

1.87%),

2.13%,

11/24/2026(c)

155,000

157,444

(SOFR

+

3.04%),

3.55%,

9/18/2031(b)(c)

150,000

160,068

(SOFR

+

1.72%),

3.04%,

5/28/2032(c)

150,000

152,191

FS

KKR

Capital

Corp.

,

2.63%,

1/15/2027(b)

100,000

100,244

Goldman

Sachs

Group,

Inc.

(The)

,

3.63%,

1/22/2023

750,000

781,686

3.20%,

2/23/2023

500,000

518,027

3.85%,

7/8/2024

385,000

414,466

3.50%,

4/1/2025

670,000

720,319

3.75%,

5/22/2025

500,000

541,835

8

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

0.80%),

1.43%,

3/9/2027(c)

250,000

249,312

(SOFR

+

0.82%),

1.54%,

9/10/2027(c)

500,000

497,999

(SOFR

+

1.28%),

2.62%,

4/22/2032(c)

390,000

394,715

(SOFR

+

1.25%),

2.38%,

7/21/2032(c)

280,000

277,233

6.45%,

5/1/2036

400,000

551,747

6.75%,

10/1/2037

150,000

214,843

(ICE

LIBOR

USD

3

Month

+

1.37%),

4.02%,

10/31/2038(c)

500,000

574,615

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(c)

500,000

600,931

6.25%,

2/1/2041

350,000

510,157

(SOFR

+

1.51%),

3.21%,

4/22/2042(c)

200,000

206,748

(SOFR

+

1.47%),

2.91%,

7/21/2042(c)

300,000

295,786

4.80%,

7/8/2044

300,000

383,721

Golub

Capital

BDC,

Inc.

,

2.05%,

2/15/2027

100,000

98,399

Intercontinental

Exchange,

Inc.

,

4.00%,

10/15/2023(b)

500,000

534,416

3.75%,

12/1/2025

160,000

175,502

2.10%,

6/15/2030

165,000

162,641

1.85%,

9/15/2032

500,000

471,046

4.25%,

9/21/2048

250,000

294,447

3.00%,

6/15/2050

75,000

73,917

Jefferies

Financial

Group,

Inc.

,

5.50%,

10/18/2023

250,000

265,960

Jefferies

Group

LLC

,

5.13%,

1/20/2023

250,000

264,422

4.85%,

1/15/2027(b)

500,000

579,757

Legg

Mason,

Inc.

,

4.75%,

3/15/2026

500,000

573,300

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

100,000

101,997

Moody's

Corp.

,

2.00%,

8/19/2031

60,000

58,713

2.75%,

8/19/2041

75,000

72,795

3.25%,

5/20/2050

35,000

35,844

Morgan

Stanley

,

4.88%,

11/1/2022

500,000

523,793

4.10%,

5/22/2023

650,000

686,275

(SOFR

+

0.46%),

0.53%,

1/25/2024(c)

400,000

400,288

Series

F,

3.88%,

4/29/2024

625,000

674,350

(SOFR

+

0.51%),

0.79%,

1/22/2025(c)

100,000

99,996

(SOFR

+

0.53%),

0.79%,

5/30/2025(c)

370,000

368,864

(SOFR

+

1.99%),

2.19%,

4/28/2026(c)

640,000

660,802

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

3.13%,

7/27/2026

500,000

538,141

4.35%,

9/8/2026

500,000

564,355

3.63%,

1/20/2027

750,000

826,753

3.95%,

4/23/2027

500,000

556,054

(SOFR

+

0.86%),

1.51%,

7/20/2027(c)

480,000

477,718

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(c)

1,000,000

1,106,516

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(c)

500,000

577,336

(SOFR

+

3.12%),

3.62%,

4/1/2031(c)

820,000

903,776

7.25%,

4/1/2032

324,000

470,261

(SOFR

+

1.02%),

1.93%,

4/28/2032(c)

500,000

479,518

(SOFR

+

1.18%),

2.24%,

7/21/2032(c)

100,000

98,279

(SOFR

+

1.36%),

2.48%,

9/16/2036(c)

450,000

440,427

4.30%,

1/27/2045

300,000

365,677

(SOFR

+

4.84%),

5.60%,

3/24/2051(c)

100,000

148,267

(SOFR

+

1.43%),

2.80%,

1/25/2052(c)

205,000

197,043

Nasdaq,

Inc.

,

1.65%,

1/15/2031(b)

400,000

376,886

Nomura

Holdings,

Inc.

,

2.17%,

7/14/2028(b)

200,000

198,168

3.10%,

1/16/2030

500,000

521,078

Oaktree

Specialty

Lending

Corp.

,

2.70%,

1/15/2027

100,000

100,317

Owl

Rock

Capital

Corp.

,

2.88%,

6/11/2028

230,000

229,571

Raymond

James

Financial,

Inc.

,

4.95%,

7/15/2046

250,000

322,919

S&P

Global,

Inc.

,

2.50%,

12/1/2029(b)

80,000

83,584

1.25%,

8/15/2030(b)

110,000

103,531

3.25%,

12/1/2049

65,000

69,945

2.30%,

8/15/2060(b)

40,000

34,021

State

Street

Corp.

,

3.70%,

11/20/2023

500,000

535,886

3.30%,

12/16/2024(b)

310,000

335,747

2.40%,

1/24/2030(b)

200,000

207,514

37,128,139

Chemicals

0.4%

Air

Products

and

Chemicals,

Inc.

,

1.50%,

10/15/2025(b)

25,000

25,454

1.85%,

5/15/2027(b)

105,000

108,176

2.05%,

5/15/2030(b)

145,000

146,572

2.70%,

5/15/2040

65,000

65,509

2.80%,

5/15/2050(b)

40,000

39,996

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Celanese

US

Holdings

LLC

,

1.40%,

8/5/2026

100,000

99,278

Dow

Chemical

Co.

(The)

,

9.40%,

5/15/2039

206,000

369,401

4.80%,

5/15/2049(b)

350,000

442,439

DuPont

de

Nemours,

Inc.

,

5.42%,

11/15/2048

300,000

412,682

Eastman

Chemical

Co.

,

4.65%,

10/15/2044

200,000

239,541

Ecolab,

Inc.

,

1.30%,

1/30/2031(b)

200,000

188,374

2.13%,

8/15/2050(b)

200,000

176,661

2.75%,

8/18/2055(b)(d)

65,000

62,455

FMC

Corp.

,

3.45%,

10/1/2029

60,000

64,753

4.50%,

10/1/2049

85,000

100,324

Linde,

Inc.

,

3.20%,

1/30/2026

250,000

270,553

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

147,000

214,544

LYB

International

Finance

III

LLC

,

3.38%,

5/1/2030

500,000

543,342

2.25%,

10/1/2030(b)

135,000

135,068

4.20%,

5/1/2050(b)

200,000

227,792

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055(b)

250,000

301,648

Mosaic

Co.

(The)

,

4.25%,

11/15/2023

250,000

266,579

4.05%,

11/15/2027

250,000

280,928

Nutrien

Ltd.

,

3.15%,

10/1/2022

50,000

51,037

3.00%,

4/1/2025

150,000

158,822

5.88%,

12/1/2036

125,000

168,658

5.25%,

1/15/2045

350,000

460,578

PPG

Industries,

Inc.

,

1.20%,

3/15/2026

110,000

109,536

2.80%,

8/15/2029

300,000

315,020

RPM

International,

Inc.

,

3.45%,

11/15/2022

350,000

358,570

Sherwin-Williams

Co.

(The)

,

3.95%,

1/15/2026

400,000

442,851

2.95%,

8/15/2029(b)

200,000

212,449

4.50%,

6/1/2047

300,000

363,655

Westlake

Chemical

Corp.

,

2.88%,

8/15/2041

100,000

95,640

4.38%,

11/15/2047(b)

200,000

227,953

3.13%,

8/15/2051(b)

70,000

66,036

7,812,874

Commercial

Services

&

Supplies

0.1%

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

23,795

Novant

Health,

Inc.

,

3.17%,

11/1/2051

130,000

136,998

Republic

Services,

Inc.

,

3.20%,

3/15/2025

500,000

533,666

1.45%,

2/15/2031(b)

165,000

154,616

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

Waste

Connections,

Inc.

,

2.20%,

1/15/2032(b)

100,000

98,583

2.95%,

1/15/2052

70,000

68,492

Waste

Management,

Inc.

,

2.00%,

6/1/2029

35,000

35,151

2.95%,

6/1/2041

85,000

86,994

4.15%,

7/15/2049(b)

125,000

153,431

1,291,726

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

3.50%,

6/15/2025

400,000

436,835

5.90%,

2/15/2039

500,000

722,214

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

500,000

544,366

2.30%,

11/15/2030

300,000

294,856

1,998,271

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

,

2.35%,

1/15/2032

50,000

48,923

3.05%,

10/1/2041(b)

55,000

53,052

101,975

Construction

Materials

0.0%

†

Eagle

Materials,

Inc.

,

2.50%,

7/1/2031

65,000

64,593

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030

500,000

509,013

2.40%,

7/15/2031

25,000

25,129

3.20%,

7/15/2051(b)

50,000

49,886

Vulcan

Materials

Co.

,

4.50%,

6/15/2047

250,000

303,261

951,882

Consumer

Finance

0.7%

AerCap

Ireland

Capital

DAC

,

3.88%,

1/23/2028(b)

500,000

536,809

Ally

Financial,

Inc.

,

3.88%,

5/21/2024

600,000

645,433

4.63%,

3/30/2025

100,000

111,063

8.00%,

11/1/2031

150,000

216,349

American

Express

Co.

,

2.50%,

7/30/2024

400,000

420,496

3.00%,

10/30/2024

500,000

533,701

3.63%,

12/5/2024

500,000

542,258

American

Honda

Finance

Corp.

,

2.60%,

11/16/2022

500,000

512,392

1.95%,

5/10/2023

175,000

179,224

0.75%,

8/9/2024

50,000

49,984

2.15%,

9/10/2024

500,000

520,110

1.30%,

9/9/2026

115,000

114,850

2.35%,

1/8/2027

100,000

104,446

Capital

One

Financial

Corp.

,

3.20%,

1/30/2023(b)

1,000,000

1,035,313

3.75%,

4/24/2024(b)

700,000

750,941

3.75%,

7/28/2026(b)

250,000

274,439

3.65%,

5/11/2027

300,000

332,333

10

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.,

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

100,000

97,903

Caterpillar

Financial

Services

Corp.

,

3.30%,

6/9/2024(b)

250,000

268,182

2.15%,

11/8/2024(b)

500,000

522,358

3.25%,

12/1/2024

500,000

540,786

1.15%,

9/14/2026

100,000

99,788

Discover

Financial

Services

,

4.10%,

2/9/2027

250,000

278,485

General

Motors

Financial

Co.,

Inc.

,

5.25%,

3/1/2026

1,055,000

1,205,606

1.50%,

6/10/2026(b)

200,000

198,788

3.60%,

6/21/2030

200,000

214,526

2.70%,

6/10/2031

145,000

144,556

John

Deere

Capital

Corp.

,

2.80%,

3/6/2023(b)

500,000

517,658

0.45%,

1/17/2024(b)

250,000

249,982

0.63%,

9/10/2024

65,000

65,030

0.70%,

1/15/2026(b)

200,000

196,999

1.05%,

6/17/2026(b)

100,000

99,662

2.25%,

9/14/2026

250,000

262,443

1.50%,

3/6/2028(b)

250,000

248,360

1.45%,

1/15/2031

200,000

190,963

2.00%,

6/17/2031(b)

300,000

299,807

PACCAR

Financial

Corp.

,

0.50%,

8/9/2024

60,000

59,846

Synchrony

Financial

,

4.25%,

8/15/2024

350,000

378,212

4.50%,

7/23/2025

375,000

414,092

Toyota

Motor

Credit

Corp.

,

2.90%,

3/30/2023

1,000,000

1,038,268

0.50%,

6/18/2024

100,000

99,515

0.63%,

9/13/2024

100,000

99,779

1.80%,

2/13/2025

500,000

513,568

1.13%,

6/18/2026

500,000

496,813

3.20%,

1/11/2027(b)

200,000

218,154

2.15%,

2/13/2030(b)

500,000

507,885

1.90%,

9/12/2031

100,000

98,169

16,506,324

Containers

&

Packaging

0.1%

Amcor

Flexibles

North

America,

Inc.

,

2.63%,

6/19/2030

50,000

51,052

2.69%,

5/25/2031

75,000

76,947

Avery

Dennison

Corp.

,

2.25%,

2/15/2032

100,000

97,898

International

Paper

Co.

,

3.80%,

1/15/2026

200,000

220,119

6.00%,

11/15/2041

350,000

489,331

Packaging

Corp.

of

America

,

4.50%,

11/1/2023

250,000

267,630

3.00%,

12/15/2029

50,000

52,908

4.05%,

12/15/2049

100,000

116,271

3.05%,

10/1/2051(b)

40,000

39,442

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

WRKCo

,

Inc.

,

4.90%,

3/15/2029(b)

250,000

295,614

1,707,212

Diversified

Consumer

Services

0.1%

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049

35,000

39,426

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

112,567

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

89,324

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

34,432

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050

150,000

144,482

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111

100,000

172,312

4.68%,

7/1/2114

75,000

108,805

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050

28,000

27,950

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

82,661

3.30%,

7/15/2056

200,000

227,354

Trustees

of

Boston

University

,

Series

CC,

4.06%,

10/1/2048

16,000

19,436

Trustees

of

Princeton

University

(The)

,

Series

2020,

2.52%,

7/1/2050(b)

84,000

82,965

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

45,662

University

of

Southern

California

,

Series

21A,

2.95%,

10/1/2051

200,000

209,322

Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

58,756

1,455,454

Diversified

Financial

Services

0.3%

Berkshire

Hathaway,

Inc.

,

4.50%,

2/11/2043

250,000

314,157

Block

Financial

LLC

,

5.50%,

11/1/2022

250,000

256,846

2.50%,

7/15/2028

105,000

106,488

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028(b)

133,000

169,491

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

Equitable

Holdings,

Inc.,

4.35%,

4/20/2028(b)

650,000

740,813

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035

783,000

939,641

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.70%,

3/15/2029

500,000

557,268

2.40%,

3/15/2030

185,000

189,074

8.00%,

3/1/2032

159,000

234,970

Shell

International

Finance

BV

,

3.40%,

8/12/2023

1,000,000

1,056,530

2.88%,

5/10/2026(b)

500,000

538,778

2.38%,

11/7/2029

150,000

155,816

4.13%,

5/11/2035

500,000

589,790

6.38%,

12/15/2038

250,000

368,958

4.55%,

8/12/2043

500,000

626,507

3.75%,

9/12/2046

500,000

569,018

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

250,000

274,408

7,688,553

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

,

4.45%,

4/1/2024

500,000

541,750

3.95%,

1/15/2025(b)

500,000

545,786

1.65%,

2/1/2028(b)

200,000

198,398

4.35%,

3/1/2029

500,000

573,310

4.30%,

2/15/2030(b)

500,000

573,789

2.25%,

2/1/2032

300,000

292,099

2.55%,

12/1/2033(b)

860,000

846,083

4.50%,

5/15/2035

310,000

362,899

4.85%,

3/1/2039

500,000

599,222

3.10%,

2/1/2043

100,000

95,875

4.65%,

6/1/2044

250,000

292,532

3.30%,

2/1/2052(b)

100,000

96,826

3.50%,

9/15/2053

1,540,000

1,524,169

3.55%,

9/15/2055

975,000

961,490

3.80%,

12/1/2057

1,114,000

1,138,009

3.65%,

9/15/2059

429,000

427,680

British

Telecommunications

plc

,

9.63%,

12/15/2030(f)

250,000

382,627

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(f)

369,000

550,138

Orange

SA

,

9.00%,

3/1/2031(f)

407,000

633,497

5.38%,

1/13/2042

250,000

333,781

Telefonica

Emisiones

SA

,

5.21%,

3/8/2047

250,000

312,012

5.52%,

3/1/2049(b)

350,000

457,903

TELUS

Corp.

,

2.80%,

2/16/2027

200,000

211,921

4.30%,

6/15/2049

250,000

298,956

Verizon

Communications,

Inc.

,

0.75%,

3/22/2024

55,000

55,211

3.38%,

2/15/2025

498,000

538,954

0.85%,

11/20/2025

250,000

247,266

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.,

1.45%,

3/20/2026

105,000

105,946

2.10%,

3/22/2028

125,000

126,886

4.33%,

9/21/2028(b)

283,000

325,316

3.88%,

2/8/2029

110,000

123,374

1.75%,

1/20/2031

900,000

855,441

2.55%,

3/21/2031

215,000

217,642

2.36%,

3/15/2032(d)

840,000

830,713

4.81%,

3/15/2039

385,000

477,585

3.40%,

3/22/2041

230,000

240,199

2.85%,

9/3/2041

110,000

107,357

4.52%,

9/15/2048

750,000

920,329

2.88%,

11/20/2050

1,000,000

932,146

3.55%,

3/22/2051

270,000

284,741

2.99%,

10/30/2056

1,170,000

1,080,337

3.00%,

11/20/2060

500,000

461,877

20,182,072

Electric

Utilities

1.5%

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

50,000

47,665

Alabama

Power

Co.

,

4.15%,

8/15/2044

350,000

410,252

3.13%,

7/15/2051(b)

80,000

82,001

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029

500,000

518,043

2.20%,

12/15/2031(b)

100,000

98,831

3.50%,

12/1/2049

200,000

212,931

Baltimore

Gas

and

Electric

Co.

,

2.25%,

6/15/2031(b)

80,000

80,332

3.20%,

9/15/2049

115,000

119,668

2.90%,

6/15/2050

60,000

59,213

CenterPoint

Energy

Houston

Electric

LLC

,

4.50%,

4/1/2044

500,000

635,132

Series

AD,

2.90%,

7/1/2050

60,000

60,599

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024

400,000

450,404

Commonwealth

Edison

Co.

,

4.35%,

11/15/2045

200,000

244,449

3.65%,

6/15/2046

250,000

276,567

4.00%,

3/1/2048(b)

500,000

587,407

Series

127,

3.20%,

11/15/2049

155,000

159,940

Series

131,

2.75%,

9/1/2051

200,000

191,465

Connecticut

Light

and

Power

Co.

(The)

,

Series

A,

2.05%,

7/1/2031

100,000

99,752

Dominion

Energy

South

Carolina,

Inc.

,

6.05%,

1/15/2038

150,000

209,100

5.10%,

6/1/2065(b)

100,000

143,545

DTE

Electric

Co.

,

4.30%,

7/1/2044

500,000

611,797

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026

500,000

538,524

2.45%,

2/1/2030

100,000

102,422

3.70%,

12/1/2047

500,000

555,298

12

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Duke

Energy

Carolinas

LLC,

3.20%,

8/15/2049

50,000

51,864

Duke

Energy

Corp.

,

0.90%,

9/15/2025

50,000

49,568

2.45%,

6/1/2030

70,000

70,743

2.55%,

6/15/2031

150,000

151,983

3.50%,

6/15/2051

200,000

205,941

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027

250,000

271,014

2.50%,

12/1/2029

70,000

72,400

3.40%,

10/1/2046

500,000

533,910

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

153,887

Duke

Energy

Progress

LLC

,

4.15%,

12/1/2044

500,000

589,018

4.20%,

8/15/2045

500,000

590,906

Edison

International

,

3.55%,

11/15/2024

175,000

185,549

4.13%,

3/15/2028

500,000

533,075

Emera

US

Finance

LP

,

4.75%,

6/15/2046

200,000

235,996

Entergy

Corp.

,

2.80%,

6/15/2030

80,000

82,515

3.75%,

6/15/2050

35,000

37,524

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029

750,000

839,368

1.75%,

3/15/2031

400,000

378,888

3.55%,

9/30/2049

200,000

212,699

Evergy

Kansas

Central,

Inc.

,

4.10%,

4/1/2043

200,000

232,828

Evergy

,

Inc.

,

2.90%,

9/15/2029

250,000

262,368

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025

245,000

259,853

Series

Q,

0.80%,

8/15/2025

100,000

98,463

Series

O,

4.25%,

4/1/2029

400,000

457,178

Series

R,

1.65%,

8/15/2030

100,000

94,974

3.45%,

1/15/2050(b)

100,000

104,762

Exelon

Corp.

,

5.63%,

6/15/2035

400,000

517,713

Florida

Power

&

Light

Co.

,

2.85%,

4/1/2025

60,000

63,688

3.13%,

12/1/2025

500,000

537,360

5.65%,

2/1/2037

450,000

613,145

3.95%,

3/1/2048

500,000

603,689

Georgia

Power

Co.

,

Series

A,

2.20%,

9/15/2024(b)

1,000,000

1,038,565

4.30%,

3/15/2042

500,000

582,952

Iberdrola

International

BV

,

5.81%,

3/15/2025(b)

118,000

136,269

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046

350,000

435,589

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

623,000

687,028

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049

250,000

301,601

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

MidAmerican

Energy

Co.

,

5.80%,

10/15/2036

550,000

759,143

4.80%,

9/15/2043

500,000

643,715

2.70%,

8/1/2052

100,000

96,062

Mississippi

Power

Co.

,

Series

B,

3.10%,

7/30/2051

100,000

98,869

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030(b)

100,000

101,400

Series

EE,

3.13%,

8/1/2050

100,000

101,176

NextEra

Energy

Capital

Holdings,

Inc.

,

1.90%,

6/15/2028(b)

125,000

125,079

2.75%,

11/1/2029

245,000

256,331

Northern

States

Power

Co.

,

4.00%,

8/15/2045

165,000

194,913

NSTAR

Electric

Co.

,

2.38%,

10/15/2022

500,000

508,277

3.95%,

4/1/2030

200,000

228,385

Ohio

Power

Co.

,

Series

R,

2.90%,

10/1/2051

90,000

86,964

Oncor

Electric

Delivery

Co.

LLC

,

4.55%,

12/1/2041

150,000

187,777

5.30%,

6/1/2042

150,000

204,505

3.10%,

9/15/2049

250,000

261,005

Pacific

Gas

and

Electric

Co.

,

4.25%,

8/1/2023

500,000

523,131

3.75%,

7/1/2028(b)

800,000

837,013

4.55%,

7/1/2030

500,000

540,665

2.50%,

2/1/2031

150,000

142,767

4.50%,

7/1/2040

300,000

306,222

4.95%,

7/1/2050

500,000

531,935

PacifiCorp

,

5.25%,

6/15/2035

177,000

225,519

PECO

Energy

Co.

,

3.70%,

9/15/2047

250,000

280,321

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

136,000

191,495

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031

200,000

197,190

4.30%,

3/15/2044

250,000

301,658

Series

34,

3.20%,

3/1/2050

200,000

211,957

Series

36,

2.70%,

1/15/2051

200,000

193,639

Public

Service

Co.

of

Oklahoma

,

Series

J,

2.20%,

8/15/2031(b)

100,000

98,633

Series

K,

3.15%,

8/15/2051

50,000

49,782

Public

Service

Electric

and

Gas

Co.

,

1.90%,

8/15/2031(b)

165,000

162,315

3.95%,

5/1/2042

400,000

464,442

3.20%,

8/1/2049

250,000

261,603

Southern

California

Edison

Co.

,

Series

C,

3.50%,

10/1/2023

500,000

526,201

Series

G,

2.50%,

6/1/2031(b)

100,000

100,353

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Southern

California

Edison

Co.,

6.00%,

1/15/2034

177,000

229,057

4.00%,

4/1/2047

200,000

214,469

Series

B,

4.88%,

3/1/2049

300,000

358,194

Series

H,

3.65%,

6/1/2051

30,000

30,787

Southern

Co.

(The)

,

3.25%,

7/1/2026

295,000

317,440

4.40%,

7/1/2046(b)

200,000

235,150

Southwestern

Electric

Power

Co.

,

Series

L,

3.85%,

2/1/2048

550,000

601,865

Tampa

Electric

Co.

,

3.63%,

6/15/2050

40,000

44,519

Union

Electric

Co.

,

2.15%,

3/15/2032

100,000

99,097

3.65%,

4/15/2045

250,000

278,708

3.25%,

10/1/2049(b)

250,000

262,505

Virginia

Electric

and

Power

Co.

,

Series

B,

4.20%,

5/15/2045

200,000

238,139

Wisconsin

Electric

Power

Co.

,

1.70%,

6/15/2028

245,000

244,078

5.63%,

5/15/2033

59,000

76,890

Xcel

Energy,

Inc.

,

3.30%,

6/1/2025(b)

500,000

533,603

6.50%,

7/1/2036

177,000

251,468

32,786,621

Electrical

Equipment

0.1%

Eaton

Corp.

,

2.75%,

11/2/2022

750,000

769,365

3.10%,

9/15/2027

500,000

541,853

Rockwell

Automation,

Inc.

,

1.75%,

8/15/2031(b)

50,000

48,751

2.80%,

8/15/2061(b)

60,000

57,048

1,417,017

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.80%,

2/15/2030

250,000

262,029

Arrow

Electronics,

Inc.

,

4.50%,

3/1/2023

250,000

260,930

Avnet,

Inc.

,

3.00%,

5/15/2031

100,000

100,311

Corning,

Inc.

,

4.38%,

11/15/2057

500,000

599,735

Jabil,

Inc.

,

1.70%,

4/15/2026

140,000

140,734

3.00%,

1/15/2031

270,000

276,881

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029(b)

75,000

79,142

1,719,762

Energy

Equipment

&

Services

0.1%

Baker

Hughes

a

GE

Co.

LLC

,

3.34%,

12/15/2027

285,000

311,042

3.14%,

11/7/2029

85,000

91,287

Baker

Hughes

Holdings

LLC

,

5.13%,

9/15/2040

200,000

255,156

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

Halliburton

Co.

,

3.80%,

11/15/2025(b)

133,000

145,658

6.70%,

9/15/2038

300,000

408,889

5.00%,

11/15/2045

300,000

359,433

1,571,465

Entertainment

0.2%

Activision

Blizzard,

Inc.

,

1.35%,

9/15/2030

25,000

23,170

2.50%,

9/15/2050

200,000

173,172

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

145,797

TWDC

Enterprises

18

Corp.

,

3.15%,

9/17/2025

325,000

351,247

3.00%,

2/13/2026

150,000

161,973

3.00%,

7/30/2046(b)

150,000

152,170

Walt

Disney

Co.

(The)

,

1.75%,

1/13/2026(b)

100,000

102,603

2.00%,

9/1/2029

300,000

302,700

2.65%,

1/13/2031(b)

600,000

626,309

6.55%,

3/15/2033

300,000

420,933

6.20%,

12/15/2034

245,000

346,735

6.65%,

11/15/2037

150,000

223,738

3.50%,

5/13/2040

100,000

110,401

5.40%,

10/1/2043

500,000

688,109

4.70%,

3/23/2050(b)

200,000

262,226

3.60%,

1/13/2051

300,000

334,175

4,425,458

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

Alexandria

Real

Estate

Equities,

Inc.

,

4.85%,

4/15/2049

300,000

385,241

American

Campus

Communities

Operating

Partnership

LP

,

2.85%,

2/1/2030

250,000

256,823

American

Tower

Corp.

,

3.50%,

1/31/2023

250,000

260,229

0.60%,

1/15/2024(b)

155,000

154,692

2.40%,

3/15/2025

125,000

129,968

1.45%,

9/15/2026

105,000

104,512

1.50%,

1/31/2028(b)

300,000

290,595

3.95%,

3/15/2029

600,000

667,034

2.90%,

1/15/2030

110,000

114,518

1.88%,

10/15/2030(b)

165,000

158,460

2.30%,

9/15/2031

145,000

142,981

2.95%,

1/15/2051

300,000

282,931

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

695,000

751,079

3.30%,

6/1/2029

20,000

21,816

2.45%,

1/15/2031

210,000

215,354

2.05%,

1/15/2032

85,000

83,802

Boston

Properties

LP

,

3.80%,

2/1/2024

250,000

265,637

2.75%,

10/1/2026(b)

250,000

263,721

2.90%,

3/15/2030

100,000

103,696

2.45%,

10/1/2033

300,000

291,968

14

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Brixmor

Operating

Partnership

LP

,

3.65%,

6/15/2024

500,000

533,563

2.50%,

8/16/2031

100,000

98,527

Broadstone

Net

Lease

LLC

,

2.60%,

9/15/2031

85,000

83,969

CC

Holdings

GS

V

LLC

,

3.85%,

4/15/2023

250,000

262,418

Corporate

Office

Properties

LP

,

2.00%,

1/15/2029

100,000

97,970

Crown

Castle

International

Corp.

,

3.70%,

6/15/2026

60,000

65,491

3.65%,

9/1/2027(b)

750,000

824,605

3.10%,

11/15/2029

260,000

273,159

2.90%,

4/1/2041

200,000

192,783

CubeSmart

LP

,

2.00%,

2/15/2031

300,000

291,729

CyrusOne

LP

,

2.90%,

11/15/2024

50,000

52,399

3.45%,

11/15/2029

50,000

52,075

Duke

Realty

LP

,

2.88%,

11/15/2029

125,000

131,696

1.75%,

7/1/2030

65,000

62,346

Equinix

,

Inc.

,

2.63%,

11/18/2024

80,000

83,779

1.00%,

9/15/2025

50,000

49,313

1.55%,

3/15/2028

100,000

97,762

2.00%,

5/15/2028

30,000

29,922

3.20%,

11/18/2029

105,000

111,398

2.50%,

5/15/2031

90,000

90,613

2.95%,

9/15/2051

100,000

93,892

3.40%,

2/15/2052

200,000

203,384

ERP

Operating

LP

,

3.00%,

4/15/2023

200,000

206,739

1.85%,

8/1/2031(b)

30,000

28,958

4.50%,

7/1/2044(b)

350,000

438,356

Essential

Properties

LP

,

2.95%,

7/15/2031

100,000

100,522

Essex

Portfolio

LP

,

4.00%,

3/1/2029

100,000

112,210

3.00%,

1/15/2030

75,000

79,067

2.65%,

3/15/2032(b)

35,000

35,369

Extra

Space

Storage

LP

,

2.35%,

3/15/2032

40,000

39,076

Federal

Realty

Investment

Trust

,

3.50%,

6/1/2030

200,000

216,983

GLP

Capital

LP

,

5.30%,

1/15/2029

500,000

584,580

Healthcare

Trust

of

America

Holdings

LP

,

3.10%,

2/15/2030

250,000

262,884

Healthpeak

Properties,

Inc.

,

1.35%,

2/1/2027

60,000

59,337

3.50%,

7/15/2029

125,000

136,782

3.00%,

1/15/2030

180,000

189,870

Highwoods

Realty

LP

,

3.05%,

2/15/2030

250,000

261,101

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Host

Hotels

&

Resorts

LP

,

Series

D,

3.75%,

10/15/2023

525,000

549,577

Series

E,

4.00%,

6/15/2025

375,000

402,007

Series

H,

3.38%,

12/15/2029

100,000

102,925

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

104,818

Kimco

Realty

Corp.

,

3.13%,

6/1/2023

500,000

518,143

2.25%,

12/1/2031

25,000

24,423

4.45%,

9/1/2047

250,000

302,566

Life

Storage

LP

,

2.40%,

10/15/2031

90,000

89,127

Mid-America

Apartments

LP

,

1.10%,

9/15/2026

30,000

29,594

2.75%,

3/15/2030

50,000

52,007

National

Retail

Properties,

Inc.

,

2.50%,

4/15/2030

300,000

304,016

3.50%,

4/15/2051

40,000

41,618

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

550,000

612,842

3.63%,

10/1/2029

100,000

105,214

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

2.63%,

11/15/2031

100,000

98,875

Prologis

LP

,

2.25%,

4/15/2030

160,000

162,873

1.25%,

10/15/2030(b)

65,000

60,876

3.00%,

4/15/2050

65,000

66,311

2.13%,

10/15/2050

155,000

132,346

Public

Storage

,

1.85%,

5/1/2028

185,000

187,512

2.30%,

5/1/2031(b)

160,000

162,111

Rayonier

LP

,

2.75%,

5/17/2031

45,000

44,792

Realty

Income

Corp.

,

0.75%,

3/15/2026

70,000

68,328

3.25%,

1/15/2031

265,000

287,568

1.80%,

3/15/2033

55,000

52,053

Regency

Centers

LP

,

2.95%,

9/15/2029

50,000

52,455

3.70%,

6/15/2030

300,000

331,137

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031

90,000

86,734

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

250,000

263,352

3.20%,

12/1/2031

100,000

97,962

Simon

Property

Group

LP

,

1.38%,

1/15/2027

100,000

98,940

2.45%,

9/13/2029

250,000

255,393

2.25%,

1/15/2032

100,000

97,766

4.25%,

11/30/2046

500,000

583,432

SITE

Centers

Corp.

,

3.63%,

2/1/2025

500,000

529,836

Spirit

Realty

LP

,

3.40%,

1/15/2030

250,000

265,645

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

65,000

65,121

2.70%,

7/15/2031(b)

195,000

197,044

UDR,

Inc.

,

3.00%,

8/15/2031

250,000

261,616

1.90%,

3/15/2033

55,000

51,079

Ventas

Realty

LP

,

4.00%,

3/1/2028

250,000

278,081

3.00%,

1/15/2030

100,000

104,025

2.50%,

9/1/2031

100,000

98,713

VEREIT

Operating

Partnership

LP

,

2.85%,

12/15/2032

400,000

415,544

Welltower

,

Inc.

,

4.25%,

4/1/2026

500,000

558,204

2.05%,

1/15/2029(b)

70,000

69,541

3.10%,

1/15/2030

100,000

105,735

2.75%,

1/15/2031

500,000

515,268

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

300,000

427,206

WP

Carey,

Inc.

,

3.85%,

7/15/2029

120,000

132,903

21,984,938

Food

&

Staples

Retailing

0.3%

Costco

Wholesale

Corp.

,

1.60%,

4/20/2030

500,000

488,594

Kroger

Co.

(The)

,

4.00%,

2/1/2024

500,000

534,379

1.70%,

1/15/2031(b)

290,000

276,932

7.50%,

4/1/2031

257,000

363,313

5.40%,

7/15/2040

200,000

260,820

5.40%,

1/15/2049

50,000

68,276

3.95%,

1/15/2050(b)

100,000

113,488

Sysco

Corp.

,

2.40%,

2/15/2030(b)

300,000

304,502

5.95%,

4/1/2030(b)

200,000

254,398

6.60%,

4/1/2050

300,000

471,916

Walgreens

Boots

Alliance,

Inc.

,

3.45%,

6/1/2026

20,000

21,691

3.20%,

4/15/2030(b)

500,000

535,322

Walmart,

Inc.

,

2.55%,

4/11/2023

750,000

771,753

3.30%,

4/22/2024

725,000

772,682

1.05%,

9/17/2026

50,000

49,988

1.50%,

9/22/2028

100,000

99,569

1.80%,

9/22/2031

100,000

99,141

4.05%,

6/29/2048

125,000

157,247

5,644,011

Food

Products

0.3%

Archer-Daniels-Midland

Co.

,

4.02%,

4/16/2043

172,000

204,334

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031

100,000

101,325

Campbell

Soup

Co.

,

4.15%,

3/15/2028

500,000

563,158

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Conagra

Brands,

Inc.

,

7.00%,

10/1/2028

221,000

287,875

5.30%,

11/1/2038

250,000

317,945

General

Mills,

Inc.

,

4.20%,

4/17/2028

500,000

569,739

3.00%,

2/1/2051(b)(d)

100,000

99,823

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

260,663

Hormel

Foods

Corp.

,

1.70%,

6/3/2028(b)

200,000

200,945

3.05%,

6/3/2051(b)

200,000

208,132

J

M

Smucker

Co.

(The)

,

2.13%,

3/15/2032

100,000

97,613

4.25%,

3/15/2035

300,000

350,426

Kellogg

Co.

,

3.25%,

4/1/2026

125,000

135,670

4.50%,

4/1/2046

250,000

307,556

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044

250,000

320,042

Mondelez

International,

Inc.

,

1.50%,

5/4/2025

60,000

60,904

3.63%,

2/13/2026

300,000

329,040

2.75%,

4/13/2030(b)

200,000

209,266

1.50%,

2/4/2031

70,000

65,880

2.63%,

9/4/2050(b)

40,000

37,113

Tyson

Foods,

Inc.

,

3.55%,

6/2/2027

500,000

551,656

4.55%,

6/2/2047

100,000

122,693

5.10%,

9/28/2048

250,000

330,262

Unilever

Capital

Corp.

,

2.00%,

7/28/2026

100,000

103,790

1.38%,

9/14/2030(b)

165,000

157,707

1.75%,

8/12/2031

200,000

194,957

5.90%,

11/15/2032

206,000

278,968

2.63%,

8/12/2051

200,000

192,794

6,660,276

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027(b)

500,000

537,635

3.38%,

9/15/2049

160,000

167,852

Eastern

Energy

Gas

Holdings

LLC

,

Series

A,

2.50%,

11/15/2024

100,000

104,720

National

Fuel

Gas

Co.

,

3.75%,

3/1/2023

250,000

258,829

ONE

Gas,

Inc.

,

4.66%,

2/1/2044

250,000

308,257

Southwest

Gas

Corp.

,

3.18%,

8/15/2051(b)

90,000

86,338

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

112,184

1,575,815

Health

Care

Equipment

&

Supplies

0.3%

Abbott

Laboratories

,

3.88%,

9/15/2025

90,000

99,593

3.75%,

11/30/2026(b)

298,000

334,279

1.15%,

1/30/2028

90,000

87,599

1.40%,

6/30/2030(b)

95,000

91,258

16

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Abbott

Laboratories,

5.30%,

5/27/2040(b)

500,000

683,466

4.90%,

11/30/2046

250,000

338,495

Baxter

International,

Inc.

,

2.60%,

8/15/2026

460,000

485,809

Becton

Dickinson

and

Co.

,

3.73%,

12/15/2024

156,000

168,577

3.70%,

6/6/2027

326,000

361,008

4.67%,

6/6/2047

200,000

249,702

3.79%,

5/20/2050

200,000

223,457

Boston

Scientific

Corp.

,

3.85%,

5/15/2025

255,000

278,729

4.00%,

3/1/2029

500,000

566,569

4.70%,

3/1/2049

150,000

191,642

Danaher

Corp.

,

3.35%,

9/15/2025(b)

250,000

271,306

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

100,000

104,315

3.25%,

11/15/2039(b)

100,000

106,649

3.40%,

11/15/2049

140,000

151,293

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

250,000

323,518

Medtronic,

Inc.

,

4.38%,

3/15/2035

350,000

430,303

4.63%,

3/15/2045

300,000

391,843

Stryker

Corp.

,

3.38%,

11/1/2025

160,000

173,338

3.50%,

3/15/2026

70,000

76,346

4.63%,

3/15/2046

400,000

514,442

Zimmer

Biomet

Holdings,

Inc.

,

4.45%,

8/15/2045(b)

150,000

177,654

6,881,190

Health

Care

Providers

&

Services

1.0%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

71,192

Series

2020,

3.01%,

6/15/2050

66,000

67,702

Aetna,

Inc.

,

2.80%,

6/15/2023

500,000

517,630

6.63%,

6/15/2036

250,000

361,203

3.88%,

8/15/2047

200,000

221,806

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

58,312

AmerisourceBergen

Corp.

,

4.30%,

12/15/2047

200,000

232,196

Anthem,

Inc.

,

4.10%,

3/1/2028

750,000

849,010

2.25%,

5/15/2030

200,000

200,694

4.63%,

5/15/2042

250,000

306,440

5.10%,

1/15/2044

300,000

387,633

4.65%,

8/15/2044

250,000

308,542

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

218,000

234,782

Banner

Health

,

Series

2020,

3.18%,

1/1/2050

39,000

40,900

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050

86,000

84,943

Cardinal

Health,

Inc.

,

3.41%,

6/15/2027(b)

500,000

544,275

4.37%,

6/15/2047

200,000

224,536

Cigna

Corp.

,

3.00%,

7/15/2023

500,000

521,430

3.50%,

6/15/2024

500,000

534,179

3.25%,

4/15/2025

250,000

267,760

3.05%,

10/15/2027(b)

400,000

431,682

4.38%,

10/15/2028

300,000

346,684

2.38%,

3/15/2031(b)

110,000

111,000

4.80%,

7/15/2046

250,000

312,246

4.90%,

12/15/2048

600,000

767,145

CommonSpirit

Health

,

1.55%,

10/1/2025

37,000

37,155

2.78%,

10/1/2030

77,000

79,292

3.82%,

10/1/2049

108,000

120,061

4.19%,

10/1/2049

37,000

42,252

3.91%,

10/1/2050

149,000

162,776

CVS

Health

Corp.

,

3.70%,

3/9/2023

603,000

629,676

4.10%,

3/25/2025

61,000

66,924

4.30%,

3/25/2028

152,000

173,379

1.75%,

8/21/2030

360,000

345,065

1.88%,

2/28/2031

210,000

202,877

2.13%,

9/15/2031

10,000

9,825

4.88%,

7/20/2035

500,000

607,405

4.13%,

4/1/2040

200,000

229,206

5.13%,

7/20/2045

300,000

386,618

5.05%,

3/25/2048

900,000

1,158,482

4.25%,

4/1/2050

85,000

100,091

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050(b)

117,000

116,054

HCA,

Inc.

,

5.00%,

3/15/2024

1,000,000

1,097,479

4.13%,

6/15/2029

250,000

279,255

2.38%,

7/15/2031

50,000

49,139

5.50%,

6/15/2047

350,000

453,864

3.50%,

7/15/2051

45,000

44,608

Humana,

Inc.

,

3.15%,

12/1/2022

900,000

922,896

1.35%,

2/3/2027

280,000

276,247

2.15%,

2/3/2032

215,000

210,028

3.95%,

8/15/2049(b)

150,000

172,482

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046

20,000

23,143

Kaiser

Foundation

Hospitals

,

Series

2021,

2.81%,

6/1/2041

86,000

87,011

4.88%,

4/1/2042

250,000

330,428

Series

2019,

3.27%,

11/1/2049

122,000

130,362

Laboratory

Corp.

of

America

Holdings

,

1.55%,

6/1/2026

35,000

35,069

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Laboratory

Corp.

of

America

Holdings,

2.95%,

12/1/2029(b)

250,000

265,145

Mass

General

Brigham,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

49,667

Series

2020,

3.19%,

7/1/2049

100,000

105,724

Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061

79,000

84,292

McKesson

Corp.

,

1.30%,

8/15/2026

100,000

99,173

3.95%,

2/16/2028

250,000

281,251

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

57,671

Mount

Sinai

Hospitals

Group,

Inc.

,

Series

2017,

3.98%,

7/1/2048

33,000

36,352

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060(b)

250,000

229,273

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

35,000

40,955

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

44,372

Series

21A,

2.70%,

10/1/2051

151,000

143,951

Quest

Diagnostics,

Inc.

,

3.50%,

3/30/2025

370,000

399,177

4.20%,

6/30/2029

100,000

114,238

2.95%,

6/30/2030

75,000

79,199

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

35,170

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

44,756

Series

2018,

4.09%,

8/15/2048

50,000

59,445

Series

20A,

3.36%,

8/15/2050

134,000

141,742

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

67,506

UnitedHealth

Group,

Inc.

,

1.15%,

5/15/2026(b)

120,000

120,086

3.38%,

4/15/2027

200,000

220,134

2.95%,

10/15/2027(b)

200,000

217,196

2.30%,

5/15/2031

75,000

76,522

4.63%,

7/15/2035

105,000

130,448

5.80%,

3/15/2036

708,000

981,215

3.05%,

5/15/2041

180,000

186,033

3.95%,

10/15/2042

250,000

292,345

4.75%,

7/15/2045

250,000

327,658

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

UnitedHealth

Group,

Inc.,

3.70%,

8/15/2049

500,000

567,961

3.25%,

5/15/2051

60,000

63,447

3.88%,

8/15/2059

300,000

351,911

3.13%,

5/15/2060

100,000

102,336

Universal

Health

Services,

Inc.

,

1.65%,

9/1/2026(d)

100,000

99,413

2.65%,

1/15/2032(b)(d)

100,000

99,024

Willis-

Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048

41,000

52,763

22,850,622

Hotels,

Restaurants

&

Leisure

0.2%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030(b)

200,000

237,728

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

200,000

217,065

3.25%,

2/15/2030

165,000

170,644

Las

Vegas

Sands

Corp.

,

3.20%,

8/8/2024

50,000

51,337

3.50%,

8/18/2026

55,000

56,180

3.90%,

8/8/2029

40,000

40,773

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

166,000

189,834

Series

GG,

3.50%,

10/15/2032

200,000

212,489

McDonald's

Corp.

,

3.80%,

4/1/2028(b)

200,000

223,522

4.70%,

12/9/2035

400,000

493,863

4.88%,

7/15/2040

250,000

313,951

4.88%,

12/9/2045

250,000

317,863

3.63%,

9/1/2049

200,000

218,076

4.20%,

4/1/2050

200,000

238,428

Sands

China

Ltd.

,

5.40%,

8/8/2028

200,000

220,872

Starbucks

Corp.

,

3.50%,

3/1/2028(b)

250,000

274,558

2.55%,

11/15/2030(b)

200,000

205,440

4.45%,

8/15/2049

250,000

305,675

3.50%,

11/15/2050

200,000

212,314

4,200,612

Household

Durables

0.1%

DR

Horton,

Inc.

,

2.50%,

10/15/2024

215,000

225,227

1.30%,

10/15/2026

220,000

217,521

Whirlpool

Corp.

,

3.70%,

5/1/2025(b)

500,000

541,229

2.40%,

5/15/2031(b)

175,000

174,967

1,158,944

Household

Products

0.1%

Kimberly-Clark

Corp.

,

2.40%,

6/1/2023

500,000

517,092

6.63%,

8/1/2037

130,000

198,154

3.20%,

7/30/2046

165,000

177,128

2.88%,

2/7/2050

100,000

101,335

18

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Products

Procter

&

Gamble

Co.

(The)

,

0.55%,

10/29/2025(b)

240,000

236,643

1.00%,

4/23/2026

170,000

170,243

2.85%,

8/11/2027(b)

250,000

270,804

1.20%,

10/29/2030(b)

100,000

95,130

1.95%,

4/23/2031(b)

300,000

304,306

3.60%,

3/25/2050(b)

300,000

365,428

2,436,263

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

,

2.45%,

1/15/2031

400,000

394,497

Oglethorpe

Power

Corp.

,

5.25%,

9/1/2050(b)

200,000

251,544

646,041

Industrial

Conglomerates

0.3%

3M

Co.

,

2.00%,

2/14/2025(b)

200,000

206,917

3.00%,

8/7/2025

400,000

430,910

2.38%,

8/26/2029

200,000

207,527

3.05%,

4/15/2030(b)

100,000

108,079

5.70%,

3/15/2037

415,000

574,133

3.25%,

8/26/2049

90,000

95,288

General

Electric

Co.

,

3.38%,

3/11/2024(b)

500,000

531,439

3.45%,

5/15/2024(b)

144,000

153,152

3.63%,

5/1/2030(b)

200,000

222,240

6.75%,

3/15/2032

323,000

441,824

6.15%,

8/7/2037

101,000

139,303

6.88%,

1/10/2039

200,000

298,064

4.25%,

5/1/2040

200,000

233,642

4.35%,

5/1/2050

100,000

120,745

Honeywell

International,

Inc.

,

1.35%,

6/1/2025

40,000

40,655

2.50%,

11/1/2026(b)

500,000

530,915

1.10%,

3/1/2027

100,000

99,227

2.70%,

8/15/2029(b)

500,000

530,969

1.75%,

9/1/2031(b)

100,000

97,453

2.80%,

6/1/2050

90,000

91,097

Roper

Technologies,

Inc.

,

2.35%,

9/15/2024

50,000

52,352

1.00%,

9/15/2025

60,000

59,679

2.95%,

9/15/2029

90,000

95,465

1.75%,

2/15/2031(b)

245,000

233,628

Trane

Technologies

Luxembourg

Finance

SA

,

4.50%,

3/21/2049

250,000

308,518

5,903,221

Insurance

0.7%

Aflac,

Inc.

,

3.60%,

4/1/2030

500,000

559,134

Allstate

Corp.

(The)

,

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(c)

195,000

262,762

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

American

International

Group,

Inc.

,

3.90%,

4/1/2026

175,000

194,135

4.25%,

3/15/2029

500,000

572,333

3.88%,

1/15/2035

250,000

282,470

4.80%,

7/10/2045

150,000

190,293

4.38%,

6/30/2050(b)

200,000

246,235

4.38%,

1/15/2055

250,000

306,578

Aon

Corp.

,

2.80%,

5/15/2030

200,000

208,931

2.05%,

8/23/2031

50,000

48,669

2.90%,

8/23/2051(b)

50,000

48,189

Aon

plc

,

4.60%,

6/14/2044

250,000

311,602

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046

250,000

326,721

Berkshire

Hathaway

Finance

Corp.

,

4.30%,

5/15/2043

250,000

303,837

4.25%,

1/15/2049

300,000

365,732

2.85%,

10/15/2050(b)

45,000

44,346

2.50%,

1/15/2051(b)

230,000

212,381

Brighthouse

Financial,

Inc.

,

3.70%,

6/22/2027(b)

281,000

307,802

Chubb

Corp.

(The)

,

6.00%,

5/11/2037

165,000

237,839

Chubb

INA

Holdings,

Inc.

,

2.70%,

3/13/2023

500,000

516,923

3.35%,

5/3/2026

90,000

98,169

4.35%,

11/3/2045

250,000

314,418

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

80,000

78,709

Everest

Reinsurance

Holdings,

Inc.

,

3.13%,

10/15/2052

50,000

48,744

Fidelity

National

Financial,

Inc.

,

3.20%,

9/17/2051

35,000

33,378

First

American

Financial

Corp.

,

2.40%,

8/15/2031(b)

75,000

73,080

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

248,000

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

100,395

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

309,000

435,440

Lincoln

National

Corp.

,

3.05%,

1/15/2030

500,000

532,539

Loews

Corp.

,

4.13%,

5/15/2043

200,000

235,094

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(c)

500,000

548,153

Markel

Corp.

,

3.35%,

9/17/2029

475,000

514,606

3.45%,

5/7/2052

100,000

103,253

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Marsh

&

McLennan

Cos.,

Inc.

,

4.20%,

3/1/2048

500,000

610,749

MetLife,

Inc.

,

3.60%,

11/13/2025

500,000

547,025

5.70%,

6/15/2035

159,000

216,917

6.40%,

12/15/2036

500,000

642,176

4.88%,

11/13/2043(b)

250,000

325,216

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(g)

105,000

128,625

Principal

Financial

Group,

Inc.

,

3.40%,

5/15/2025

500,000

536,695

4.30%,

11/15/2046

200,000

241,369

Progressive

Corp.

(The)

,

6.25%,

12/1/2032

162,000

220,917

3.70%,

1/26/2045

250,000

283,752

Prudential

Financial,

Inc.

,

4.60%,

5/15/2044

250,000

317,769

3.91%,

12/7/2047

186,000

215,626

3.94%,

12/7/2049(b)

505,000

595,057

Travelers

Cos.,

Inc.

(The)

,

5.35%,

11/1/2040

250,000

345,197

4.10%,

3/4/2049

200,000

245,839

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

192,000

269,284

Unum

Group

,

4.00%,

6/15/2029(b)

250,000

276,772

Willis

North

America,

Inc.

,

4.50%,

9/15/2028

400,000

458,152

2.95%,

9/15/2029

65,000

67,969

XLIT

Ltd.

,

4.45%,

3/31/2025

500,000

554,162

16,010,158

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

3.38%,

2/25/2024

750,000

801,594

0.45%,

8/15/2025(b)

45,000

44,446

2.00%,

8/15/2026

500,000

522,560

0.80%,

8/15/2027(b)

90,000

88,170

1.10%,

8/15/2030

165,000

155,876

1.90%,

8/15/2040

100,000

89,785

2.05%,

8/15/2050(b)

200,000

174,673

Baidu,

Inc.

,

3.88%,

9/29/2023

400,000

422,352

4.38%,

3/29/2028

200,000

223,921

2,523,377

Internet

&

Direct

Marketing

Retail

0.3%

Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027

500,000

535,552

4.20%,

12/6/2047(b)

500,000

553,736

Amazon.com,

Inc.

,

2.80%,

8/22/2024

250,000

264,947

1.00%,

5/12/2026(b)

250,000

249,709

3.15%,

8/22/2027

250,000

274,877

1.65%,

5/12/2028(b)

200,000

201,607

1.50%,

6/3/2030(b)

500,000

486,290

2.10%,

5/12/2031

300,000

303,887

Corporate

Bonds

Principal

Amount

($)

Value

($)

Internet

&

Direct

Marketing

Retail

Amazon.com,

Inc.,

4.80%,

12/5/2034

500,000

637,179

3.88%,

8/22/2037

350,000

413,266

2.88%,

5/12/2041

200,000

206,284

4.05%,

8/22/2047

500,000

606,621

3.10%,

5/12/2051

300,000

313,635

4.25%,

8/22/2057

250,000

317,605

eBay,

Inc.

,

1.40%,

5/10/2026

40,000

40,128

3.60%,

6/5/2027(b)

500,000

553,356

2.60%,

5/10/2031

75,000

76,482

3.65%,

5/10/2051(b)

100,000

107,170

6,142,331

IT

Services

0.4%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028(b)

120,000

121,363

1.25%,

9/1/2030

400,000

380,286

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

215,000

234,390

2.60%,

5/1/2031

135,000

137,032

CGI,

Inc.

,

1.45%,

9/14/2026(d)

50,000

49,475

2.30%,

9/14/2031(d)

50,000

48,578

DXC

Technology

Co.

,

1.80%,

9/15/2026

100,000

99,871

2.38%,

9/15/2028

100,000

98,822

Fidelity

National

Information

Services,

Inc.

,

1.15%,

3/1/2026

95,000

94,173

1.65%,

3/1/2028

110,000

108,604

2.25%,

3/1/2031

270,000

268,000

3.10%,

3/1/2041

75,000

75,964

Fiserv,

Inc.

,

2.75%,

7/1/2024

350,000

368,578

2.25%,

6/1/2027

400,000

412,579

3.50%,

7/1/2029

300,000

326,684

2.65%,

6/1/2030(b)

215,000

219,998

4.40%,

7/1/2049

200,000

239,469

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

261,302

4.45%,

6/1/2028(b)

300,000

341,305

3.20%,

8/15/2029

150,000

158,565

International

Business

Machines

Corp.

,

3.50%,

5/15/2029

400,000

442,046

1.95%,

5/15/2030(b)

400,000

395,056

5.88%,

11/29/2032

233,000

312,610

4.00%,

6/20/2042

500,000

577,075

4.25%,

5/15/2049(b)

300,000

363,764

Mastercard

,

Inc.

,

2.00%,

3/3/2025

300,000

311,835

3.30%,

3/26/2027(b)

60,000

65,960

2.95%,

6/1/2029

200,000

216,569

3.35%,

3/26/2030(b)

370,000

411,586

3.80%,

11/21/2046

250,000

291,829

PayPal

Holdings,

Inc.

,

1.35%,

6/1/2023

70,000

71,164

20

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

PayPal

Holdings,

Inc.,

2.40%,

10/1/2024

85,000

89,321

1.65%,

6/1/2025

95,000

97,351

2.85%,

10/1/2029

170,000

181,458

2.30%,

6/1/2030

100,000

102,487

3.25%,

6/1/2050(b)

120,000

129,471

Visa,

Inc.

,

2.80%,

12/14/2022

250,000

256,564

3.15%,

12/14/2025

135,000

146,391

1.10%,

2/15/2031(b)

300,000

281,106

4.30%,

12/14/2045

750,000

941,490

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

150,000

191,137

9,921,308

Leisure

Products

0.0%

†

Brunswick

Corp.

,

2.40%,

8/18/2031

65,000

62,847

Hasbro,

Inc.

,

3.00%,

11/19/2024

100,000

105,880

3.55%,

11/19/2026

100,000

108,858

3.90%,

11/19/2029

100,000

110,456

5.10%,

5/15/2044

100,000

120,801

508,842

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

3.88%,

7/15/2023

250,000

263,665

2.75%,

9/15/2029

165,000

172,172

PerkinElmer,

Inc.

,

1.90%,

9/15/2028

60,000

59,553

3.30%,

9/15/2029

100,000

107,814

2.25%,

9/15/2031

35,000

34,527

Thermo

Fisher

Scientific,

Inc.

,

1.75%,

10/15/2028(b)

115,000

114,605

2.60%,

10/1/2029(b)

325,000

339,232

2.00%,

10/15/2031

55,000

53,809

2.80%,

10/15/2041

30,000

29,924

5.30%,

2/1/2044

100,000

137,639

1,312,940

Machinery

0.2%

Caterpillar,

Inc.

,

2.60%,

9/19/2029

70,000

73,768

6.05%,

8/15/2036(b)

177,000

255,464

3.25%,

9/19/2049

330,000

357,705

Deere

&

Co.

,

3.90%,

6/9/2042

250,000

297,109

Dover

Corp.

,

2.95%,

11/4/2029

45,000

47,906

5.38%,

3/1/2041

100,000

129,923

Flowserve

Corp.

,

3.50%,

9/15/2022

100,000

102,376

2.80%,

1/15/2032

100,000

98,960

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

259,382

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

300,000

307,500

Parker-Hannifin

Corp.

,

4.20%,

11/21/2034

500,000

575,545

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Stanley

Black

&

Decker,

Inc.

,

4.25%,

11/15/2028

250,000

289,522

2.30%,

3/15/2030

500,000

513,106

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(f)

250,000

287,725

3,595,991

Media

0.8%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

410,000

461,096

2.25%,

1/15/2029

100,000

99,921

5.05%,

3/30/2029

150,000

175,633

2.30%,

2/1/2032

300,000

285,712

6.38%,

10/23/2035

500,000

657,449

3.50%,

3/1/2042

100,000

97,842

5.38%,

5/1/2047

400,000

478,918

5.75%,

4/1/2048

500,000

631,647

4.80%,

3/1/2050

400,000

448,882

3.85%,

4/1/2061

310,000

295,645

3.95%,

6/30/2062

100,000

96,469

Comcast

Cable

Communications

Holdings,

Inc.

,

9.46%,

11/15/2022

118,000

130,035

Comcast

Corp.

,

3.60%,

3/1/2024

1,000,000

1,072,430

3.15%,

2/15/2028

500,000

542,723

3.40%,

4/1/2030

365,000

401,988

1.95%,

1/15/2031

200,000

196,268

4.25%,

1/15/2033

250,000

292,242

7.05%,

3/15/2033

295,000

427,257

4.40%,

8/15/2035(b)

200,000

237,020

6.50%,

11/15/2035

100,000

143,523

3.90%,

3/1/2038

250,000

283,885

3.40%,

7/15/2046

250,000

265,131

3.97%,

11/1/2047

743,000

848,368

4.70%,

10/15/2048

400,000

510,833

4.00%,

11/1/2049

863,000

999,500

2.45%,

8/15/2052(b)

300,000

264,735

2.94%,

11/1/2056(d)

677,000

639,485

Discovery

Communications

LLC

,

3.45%,

3/15/2025

270,000

288,519

4.90%,

3/11/2026

115,000

130,694

3.95%,

3/20/2028

500,000

553,743

3.63%,

5/15/2030(b)

200,000

216,903

5.00%,

9/20/2037

125,000

150,013

4.00%,

9/15/2055(b)

387,000

404,685

Fox

Corp.

,

5.58%,

1/25/2049(b)

300,000

403,988

Grupo

Televisa

SAB

,

6.63%,

1/15/2040

250,000

346,769

5.00%,

5/13/2045(b)

250,000

299,350

Interpublic

Group

of

Cos.,

Inc.

(The)

,

2.40%,

3/1/2031(b)

160,000

160,603

3.38%,

3/1/2041(b)

220,000

230,854

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

700,000

958,081

ViacomCBS

,

Inc.

,

3.88%,

4/1/2024(b)

200,000

213,406

5.50%,

5/15/2033

118,000

149,140

4.38%,

3/15/2043

459,000

525,078

5.85%,

9/1/2043

200,000

272,555

4.60%,

1/15/2045

250,000

299,491

WPP

Finance

2010

,

3.75%,

9/19/2024

550,000

596,793

17,185,302

Metals

&

Mining

0.2%

Barrick

Gold

Corp.

,

5.25%,

4/1/2042

150,000

194,015

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

250,000

344,362

BHP

Billiton

Finance

USA

Ltd.

,

6.42%,

3/1/2026

80,000

97,058

5.00%,

9/30/2043

400,000

532,808

Newmont

Corp.

,

5.88%,

4/1/2035

236,000

312,757

4.88%,

3/15/2042

150,000

188,864

Nucor

Corp.

,

4.00%,

8/1/2023

500,000

528,059

Reliance

Steel

&

Aluminum

Co.

,

4.50%,

4/15/2023

250,000

262,495

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

206,000

280,914

Rio

Tinto

Finance

USA

plc

,

4.13%,

8/21/2042(b)

250,000

301,067

Southern

Copper

Corp.

,

3.88%,

4/23/2025

200,000

216,400

6.75%,

4/16/2040

250,000

348,000

5.88%,

4/23/2045(b)

230,000

310,960

Teck

Resources

Ltd.

,

6.25%,

7/15/2041(b)

250,000

333,615

Vale

Overseas

Ltd.

,

6.88%,

11/10/2039(b)

250,000

338,250

4,589,624

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.25%,

4/15/2023

250,000

259,209

3.50%,

4/3/2030

500,000

549,980

Target

Corp.

,

2.25%,

4/15/2025

280,000

292,077

2.50%,

4/15/2026(b)

750,000

800,564

2.35%,

2/15/2030

105,000

108,677

2.65%,

9/15/2030

450,000

477,352

3.63%,

4/15/2046

200,000

233,534

2,721,393

Multi-Utilities

0.4%

Ameren

Corp.

,

2.50%,

9/15/2024

310,000

323,999

Ameren

Illinois

Co.

,

2.90%,

6/15/2051

100,000

101,451

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Berkshire

Hathaway

Energy

Co.

,

5.15%,

11/15/2043

500,000

652,172

Black

Hills

Corp.

,

3.05%,

10/15/2029

210,000

222,426

3.88%,

10/15/2049

100,000

107,206

CenterPoint

Energy,

Inc.

,

2.65%,

6/1/2031

85,000

86,796

Consolidated

Edison

Co.

of

New

York,

Inc.

,

2.40%,

6/15/2031

50,000

50,584

3.95%,

3/1/2043

500,000

560,815

4.50%,

12/1/2045

500,000

605,029

3.70%,

11/15/2059

100,000

106,099

3.60%,

6/15/2061

200,000

208,973

Consumers

Energy

Co.

,

4.35%,

4/15/2049

300,000

373,226

3.10%,

8/15/2050

45,000

46,490

2.65%,

8/15/2052

25,000

23,652

2.50%,

5/1/2060

265,000

231,543

Delmarva

Power

&

Light

Co.

,

3.50%,

11/15/2023

250,000

264,309

Dominion

Energy,

Inc.

,

Series

C,

2.25%,

8/15/2031

30,000

29,905

Series

E,

6.30%,

3/15/2033

10,000

13,439

Series

B,

5.95%,

6/15/2035

151,000

202,265

Series

C,

4.90%,

8/1/2041

700,000

871,115

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025

170,000

168,659

2.95%,

3/1/2030

50,000

52,210

NiSource,

Inc.

,

0.95%,

8/15/2025(b)

160,000

158,089

1.70%,

2/15/2031(b)

85,000

80,069

5.95%,

6/15/2041

300,000

413,628

Puget

Energy,

Inc.

,

3.65%,

5/15/2025

250,000

266,945

2.38%,

6/15/2028(d)

200,000

200,044

Puget

Sound

Energy,

Inc.

,

5.64%,

4/15/2041

200,000

270,722

San

Diego

Gas

&

Electric

Co.

,

Series

VVV,

1.70%,

10/1/2030

100,000

96,298

4.15%,

5/15/2048

200,000

240,035

Sempra

Energy

,

4.05%,

12/1/2023

150,000

159,760

6.00%,

10/15/2039

220,000

302,355

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

250,000

237,994

4.40%,

6/1/2043

250,000

292,745

Series

21A,

3.15%,

9/30/2051(b)

100,000

100,162

WEC

Energy

Group,

Inc.

,

3.55%,

6/15/2025

420,000

453,965

8,575,174

22

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

1.9%

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026(b)

500,000

544,969

3.06%,

6/17/2041

50,000

50,484

3.00%,

2/24/2050

500,000

481,002

2.77%,

11/10/2050

300,000

276,795

3.00%,

3/17/2052

50,000

47,809

3.38%,

2/8/2061

50,000

49,758

BP

Capital

Markets

plc

,

3.54%,

11/4/2024

250,000

270,382

3.72%,

11/28/2028

500,000

558,290

Canadian

Natural

Resources

Ltd.

,

3.90%,

2/1/2025

500,000

540,940

6.25%,

3/15/2038

340,000

452,159

Cenovus

Energy,

Inc.

,

2.65%,

1/15/2032

45,000

44,149

5.40%,

6/15/2047(b)

200,000

245,372

3.75%,

2/15/2052

25,000

24,294

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

250,000

289,027

3.70%,

11/15/2029

65,000

70,538

2.74%,

12/31/2039(d)

100,000

99,055

Chevron

Corp.

,

1.14%,

5/11/2023

55,000

55,727

1.55%,

5/11/2025

200,000

204,486

2.95%,

5/16/2026

300,000

323,238

2.00%,

5/11/2027

120,000

123,781

2.24%,

5/11/2030(b)

60,000

61,515

2.98%,

5/11/2040

40,000

41,349

3.08%,

5/11/2050

25,000

25,877

Chevron

USA,

Inc.

,

0.69%,

8/12/2025(b)

140,000

138,485

1.02%,

8/12/2027(b)

120,000

117,303

3.85%,

1/15/2028

50,000

56,455

5.25%,

11/15/2043

150,000

202,272

4.95%,

8/15/2047

250,000

333,825

2.34%,

8/12/2050(b)

200,000

180,240

CNOOC

Finance

2013

Ltd.

,

3.00%,

5/9/2023

750,000

774,323

3.30%,

9/30/2049

200,000

187,821

CNOOC

Finance

2015

USA

LLC

,

3.50%,

5/5/2025

500,000

531,931

CNOOC

Petroleum

North

America

ULC

,

5.88%,

3/10/2035

133,000

165,533

6.40%,

5/15/2037

200,000

265,156

ConocoPhillips

,

3.75%,

10/1/2027(d)

500,000

558,420

5.90%,

10/15/2032

177,000

234,882

6.50%,

2/1/2039

400,000

583,276

ConocoPhillips

Co.

,

6.95%,

4/15/2029

250,000

333,988

4.30%,

11/15/2044

155,000

184,252

Devon

Energy

Corp.

,

4.75%,

5/15/2042

300,000

342,379

Diamondback

Energy,

Inc.

,

4.75%,

5/31/2025(b)

300,000

335,109

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Eastern

Gas

Transmission

&

Storage,

Inc.

,

3.00%,

11/15/2029(d)

200,000

209,946

Enable

Midstream

Partners

LP

,

5.00%,

5/15/2044(b)(f)

150,000

164,396

Enbridge

Energy

Partners

LP

,

5.88%,

10/15/2025(b)

250,000

291,405

Enbridge,

Inc.

,

0.55%,

10/4/2023

40,000

40,012

1.60%,

10/4/2026

95,000

95,332

3.70%,

7/15/2027

500,000

549,553

3.13%,

11/15/2029(b)

150,000

159,986

2.50%,

8/1/2033

200,000

200,775

4.00%,

11/15/2049(b)

250,000

279,775

3.40%,

8/1/2051(b)

65,000

65,485

Energy

Transfer

LP

,

3.45%,

1/15/2023

250,000

257,247

3.60%,

2/1/2023

500,000

515,505

4.90%,

2/1/2024

250,000

269,536

4.75%,

1/15/2026

250,000

279,410

3.75%,

5/15/2030(b)

60,000

64,834

6.05%,

6/1/2041

75,000

93,047

5.35%,

5/15/2045

500,000

583,125

5.30%,

4/15/2047

300,000

351,446

6.25%,

4/15/2049

500,000

657,005

Enterprise

Products

Operating

LLC

,

3.90%,

2/15/2024

750,000

800,407

2.80%,

1/31/2030(b)

120,000

125,378

6.13%,

10/15/2039

285,000

392,835

4.45%,

2/15/2043

500,000

575,824

4.25%,

2/15/2048

250,000

283,166

3.70%,

1/31/2051

350,000

370,228

3.20%,

2/15/2052

300,000

290,303

Equinor

ASA

,

3.70%,

3/1/2024(b)

500,000

536,796

3.25%,

11/10/2024

500,000

537,322

3.70%,

4/6/2050

500,000

575,329

Exxon

Mobil

Corp.

,

1.57%,

4/15/2023

200,000

203,873

3.18%,

3/15/2024(b)

500,000

529,465

2.02%,

8/16/2024

100,000

104,051

2.71%,

3/6/2025(b)

500,000

528,643

3.04%,

3/1/2026

235,000

253,631

2.28%,

8/16/2026

100,000

105,121

3.29%,

3/19/2027(b)

200,000

219,592

3.48%,

3/19/2030

250,000

278,122

2.61%,

10/15/2030(b)

250,000

261,706

4.23%,

3/19/2040

200,000

237,432

3.10%,

8/16/2049

250,000

252,919

4.33%,

3/19/2050

326,000

399,318

3.45%,

4/15/2051

274,000

291,379

Hess

Corp.

,

4.30%,

4/1/2027(b)

500,000

555,330

5.60%,

2/15/2041(b)

250,000

312,363

Kinder

Morgan

Energy

Partners

LP

,

4.25%,

9/1/2024

250,000

271,963

5.80%,

3/15/2035

206,000

264,637

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Kinder

Morgan

Energy

Partners

LP,

6.38%,

3/1/2041

250,000

342,439

5.00%,

8/15/2042

350,000

412,274

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025(b)

160,000

176,703

2.00%,

2/15/2031(b)

50,000

48,192

5.30%,

12/1/2034

350,000

431,960

5.05%,

2/15/2046

250,000

302,296

3.25%,

8/1/2050(b)

200,000

192,777

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

350,000

388,050

3.95%,

3/1/2050

25,000

26,550

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

118,000

154,181

Marathon

Petroleum

Corp.

,

3.63%,

9/15/2024

250,000

268,263

6.50%,

3/1/2041

250,000

345,938

MPLX

LP

,

4.50%,

7/15/2023

150,000

158,798

4.88%,

6/1/2025

250,000

279,381

1.75%,

3/1/2026

160,000

160,985

4.25%,

12/1/2027

750,000

842,705

4.00%,

3/15/2028

500,000

552,143

2.65%,

8/15/2030

190,000

190,652

4.50%,

4/15/2038(b)

250,000

279,084

4.70%,

4/15/2048

250,000

288,643

ONEOK

Partners

LP

,

4.90%,

3/15/2025

500,000

554,460

6.13%,

2/1/2041

100,000

128,552

ONEOK,

Inc.

,

4.00%,

7/13/2027

500,000

554,145

4.35%,

3/15/2029

500,000

564,202

5.20%,

7/15/2048(b)

250,000

302,716

Phillips

66

,

4.65%,

11/15/2034

200,000

238,460

5.88%,

5/1/2042

382,000

524,816

Phillips

66

Partners

LP

,

3.61%,

2/15/2025

500,000

534,840

Pioneer

Natural

Resources

Co.

,

1.90%,

8/15/2030(b)

200,000

191,359

Plains

All

American

Pipeline

LP

,

4.65%,

10/15/2025

500,000

554,090

5.15%,

6/1/2042

350,000

392,944

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

1,000,000

1,149,611

Suncor

Energy,

Inc.

,

6.50%,

6/15/2038

500,000

694,659

TotalEnergies

Capital

Canada

Ltd.

,

2.75%,

7/15/2023

750,000

782,460

TotalEnergies

Capital

International

SA

,

2.83%,

1/10/2030(b)

500,000

533,188

3.13%,

5/29/2050(b)

200,000

201,097

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

TransCanada

PipeLines

Ltd.

,

4.88%,

1/15/2026

285,000

326,054

4.25%,

5/15/2028(b)

500,000

569,231

4.63%,

3/1/2034

250,000

294,483

5.85%,

3/15/2036

750,000

977,709

Valero

Energy

Corp.

,

4.00%,

4/1/2029(b)

250,000

274,846

7.50%,

4/15/2032(b)

118,000

163,757

6.63%,

6/15/2037

200,000

270,080

Williams

Cos.,

Inc.

(The)

,

4.00%,

9/15/2025

500,000

547,934

3.50%,

11/15/2030(b)

400,000

434,544

5.80%,

11/15/2043

250,000

329,401

4.90%,

1/15/2045

350,000

418,885

43,442,136

Paper

&

Forest

Products

0.0%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

250,000

390,219

Suzano

Austria

GmbH

,

5.00%,

1/15/2030

200,000

221,700

611,919

Personal

Products

0.0%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024(b)

85,000

88,397

2.38%,

12/1/2029(b)

35,000

36,350

1.95%,

3/15/2031

100,000

99,749

3.13%,

12/1/2049

150,000

162,005

386,501

Pharmaceuticals

1.0%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026

200,000

200,050

1.75%,

5/28/2028(b)

125,000

125,727

2.25%,

5/28/2031(b)

35,000

35,550

AstraZeneca

plc

,

3.38%,

11/16/2025

500,000

545,541

0.70%,

4/8/2026(b)

200,000

195,802

1.38%,

8/6/2030(b)

200,000

190,324

6.45%,

9/15/2037

200,000

296,340

4.00%,

9/18/2042

250,000

296,817

2.13%,

8/6/2050(b)

85,000

73,307

3.00%,

5/28/2051(b)

180,000

185,665

Bristol-Myers

Squibb

Co.

,

3.25%,

2/20/2023

242,000

251,189

2.90%,

7/26/2024

319,000

338,695

3.88%,

8/15/2025

237,000

261,350

3.90%,

2/20/2028

250,000

282,642

3.25%,

8/1/2042

250,000

269,238

5.00%,

8/15/2045

300,000

403,320

4.55%,

2/20/2048

250,000

320,694

4.25%,

10/26/2049

400,000

496,150

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025

95,000

100,535

2.25%,

5/15/2050

300,000

271,199

GlaxoSmithKline

Capital

plc

,

0.53%,

10/1/2023

1,000,000

1,001,594

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028(b)

300,000

339,606

24

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

GlaxoSmithKline

Capital,

Inc.,

5.38%,

4/15/2034

201,000

267,282

4.20%,

3/18/2043

300,000

364,737

Johnson

&

Johnson

,

2.45%,

3/1/2026

250,000

266,183

4.95%,

5/15/2033

663,000

860,163

3.63%,

3/3/2037

100,000

115,296

3.70%,

3/1/2046

250,000

293,571

3.75%,

3/3/2047(b)

100,000

118,924

2.45%,

9/1/2060

500,000

466,403

Merck

&

Co.,

Inc.

,

2.80%,

5/18/2023

500,000

519,682

2.75%,

2/10/2025

220,000

232,918

3.90%,

3/7/2039

100,000

116,696

3.60%,

9/15/2042

250,000

283,109

4.15%,

5/18/2043

350,000

425,407

4.00%,

3/7/2049

350,000

421,156

Novartis

Capital

Corp.

,

3.10%,

5/17/2027(b)

500,000

544,085

4.40%,

5/6/2044

200,000

254,987

4.00%,

11/20/2045

200,000

241,421

Pfizer,

Inc.

,

3.40%,

5/15/2024

500,000

536,410

0.80%,

5/28/2025

125,000

124,545

2.63%,

4/1/2030

100,000

105,593

1.70%,

5/28/2030(b)

140,000

138,062

1.75%,

8/18/2031

100,000

97,730

7.20%,

3/15/2039

525,000

841,380

2.55%,

5/28/2040

45,000

44,695

4.00%,

3/15/2049(b)

500,000

604,927

2.70%,

5/28/2050(b)

65,000

63,938

Pharmacia

LLC

,

6.60%,

12/1/2028(f)

177,000

234,574

Royalty

Pharma

plc

,

2.20%,

9/2/2030(b)

50,000

48,878

2.15%,

9/2/2031(b)

35,000

33,703

3.55%,

9/2/2050(b)

300,000

294,699

3.35%,

9/2/2051

50,000

47,372

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023

500,000

521,249

3.20%,

9/23/2026(b)

925,000

997,766

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

196,863

3.03%,

7/9/2040(b)

200,000

203,060

3.18%,

7/9/2050

300,000

304,013

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026

800,000

881,279

5.25%,

6/15/2046

200,000

244,633

Viatris

,

Inc.

,

1.65%,

6/22/2025(d)

200,000

202,001

2.30%,

6/22/2027(d)

400,000

408,432

2.70%,

6/22/2030(d)

150,000

151,635

4.00%,

6/22/2050(d)

200,000

212,573

Wyeth

LLC

,

6.50%,

2/1/2034

206,000

294,622

Zoetis,

Inc.

,

3.25%,

2/1/2023

600,000

618,328

4.50%,

11/13/2025

230,000

258,884

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Zoetis,

Inc.,

3.90%,

8/20/2028

350,000

393,300

3.00%,

5/15/2050(b)

300,000

302,129

21,680,628

Professional

Services

0.1%

Equifax,

Inc.

,

2.35%,

9/15/2031

100,000

98,444

Thomson

Reuters

Corp.

,

4.30%,

11/23/2023

500,000

534,702

3.35%,

5/15/2026

280,000

302,322

Verisk

Analytics,

Inc.

,

4.00%,

6/15/2025

250,000

275,384

3.63%,

5/15/2050

85,000

90,316

1,301,168

Real

Estate

Management

&

Development

0.0%

†

CBRE

Services,

Inc.

,

4.88%,

3/1/2026

500,000

570,207

Road

&

Rail

0.5%

Burlington

Northern

Santa

Fe

LLC

,

3.85%,

9/1/2023

150,000

158,730

3.75%,

4/1/2024

500,000

535,431

3.65%,

9/1/2025

250,000

274,282

3.25%,

6/15/2027(b)

500,000

551,269

4.55%,

9/1/2044

250,000

315,496

4.70%,

9/1/2045

250,000

323,223

3.90%,

8/1/2046

200,000

233,111

4.05%,

6/15/2048

250,000

299,379

3.55%,

2/15/2050

250,000

280,358

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

242,000

318,397

6.20%,

6/1/2036

236,000

333,508

2.45%,

5/1/2050(b)

85,000

78,107

Canadian

Pacific

Railway

Co.

,

5.95%,

5/15/2037

250,000

343,052

6.13%,

9/15/2115

100,000

151,005

CSX

Corp.

,

4.10%,

3/15/2044

250,000

290,375

4.30%,

3/1/2048

250,000

303,248

4.50%,

3/15/2049

150,000

186,405

3.95%,

5/1/2050

350,000

407,847

Kansas

City

Southern

,

2.88%,

11/15/2029

160,000

167,937

4.20%,

11/15/2069

65,000

75,285

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

100,000

103,879

2.30%,

5/15/2031(b)

200,000

201,992

4.45%,

6/15/2045

500,000

612,545

3.40%,

11/1/2049(b)

170,000

181,200

2.90%,

8/25/2051(b)

100,000

97,216

Ryder

System,

Inc.

,

2.50%,

9/1/2024

75,000

78,388

2.90%,

12/1/2026(b)

270,000

287,645

Union

Pacific

Corp.

,

2.75%,

4/15/2023(b)

750,000

772,492

3.25%,

8/15/2025

500,000

537,939

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Union

Pacific

Corp.,

2.15%,

2/5/2027

55,000

56,972

3.95%,

9/10/2028

500,000

566,590

2.38%,

5/20/2031(b)

200,000

204,866

3.60%,

9/15/2037

500,000

556,784

3.20%,

5/20/2041

100,000

105,419

4.05%,

11/15/2045

220,000

256,247

4.05%,

3/1/2046

340,000

393,793

4.50%,

9/10/2048

250,000

316,055

2.95%,

3/10/2052(b)

35,000

34,794

3.95%,

8/15/2059

60,000

70,133

11,061,394

Semiconductors

&

Semiconductor

Equipment

0.6%

Analog

Devices,

Inc.

,

2.80%,

10/1/2041

25,000

25,003

Applied

Materials,

Inc.

,

3.30%,

4/1/2027

200,000

219,819

1.75%,

6/1/2030

60,000

59,073

5.10%,

10/1/2035

250,000

326,965

2.75%,

6/1/2050

85,000

83,248

Broadcom

Corp.

,

3.88%,

1/15/2027

500,000

549,460

Broadcom,

Inc.

,

3.15%,

11/15/2025

26,000

27,788

4.75%,

4/15/2029(b)

200,000

229,690

4.15%,

11/15/2030

285,000

315,772

4.30%,

11/15/2032(b)

200,000

224,127

3.42%,

4/15/2033(d)

84,000

86,954

3.47%,

4/15/2034(d)

1,300,000

1,338,658

3.50%,

2/15/2041(d)

300,000

296,426

Intel

Corp.

,

3.40%,

3/25/2025(b)

300,000

324,205

3.70%,

7/29/2025

500,000

547,245

3.75%,

3/25/2027(b)

200,000

224,460

1.60%,

8/12/2028(b)

75,000

74,731

3.90%,

3/25/2030(b)

400,000

458,846

2.00%,

8/12/2031

100,000

99,455

2.80%,

8/12/2041

30,000

29,907

4.10%,

5/11/2047

300,000

354,132

3.73%,

12/8/2047

443,000

494,202

4.75%,

3/25/2050(b)

400,000

522,678

KLA

Corp.

,

4.65%,

11/1/2024

215,000

237,148

3.30%,

3/1/2050

220,000

231,470

Lam

Research

Corp.

,

3.80%,

3/15/2025

255,000

277,862

1.90%,

6/15/2030(b)

90,000

89,728

2.88%,

6/15/2050

85,000

85,236

Maxim

Integrated

Products,

Inc.

,

3.38%,

3/15/2023

350,000

361,989

Micron

Technology,

Inc.

,

4.64%,

2/6/2024

60,000

65,075

5.33%,

2/6/2029

150,000

178,372

NVIDIA

Corp.

,

1.55%,

6/15/2028

365,000

363,512

2.85%,

4/1/2030

360,000

385,775

2.00%,

6/15/2031

200,000

198,943

3.50%,

4/1/2050

280,000

313,721

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

NXP

BV

,

2.70%,

5/1/2025(d)

25,000

26,111

3.88%,

6/18/2026(b)(d)

35,000

38,560

4.30%,

6/18/2029(d)

100,000

113,341

3.40%,

5/1/2030(d)

35,000

37,991

2.50%,

5/11/2031(b)(d)

190,000

191,768

3.25%,

5/11/2041(d)

195,000

201,401

QUALCOMM,

Inc.

,

3.25%,

5/20/2027

250,000

274,225

1.30%,

5/20/2028

73,000

71,486

2.15%,

5/20/2030(b)

80,000

81,217

1.65%,

5/20/2032

590,000

561,913

4.65%,

5/20/2035

500,000

622,676

Skyworks

Solutions,

Inc.

,

3.00%,

6/1/2031

40,000

40,894

Texas

Instruments,

Inc.

,

1.38%,

3/12/2025

200,000

203,527

2.25%,

9/4/2029

300,000

311,444

1.90%,

9/15/2031(b)

80,000

79,423

2.70%,

9/15/2051

100,000

98,380

Xilinx,

Inc.

,

2.38%,

6/1/2030

300,000

306,079

12,962,111

Software

0.6%

Adobe,

Inc.

,

1.70%,

2/1/2023

30,000

30,558

1.90%,

2/1/2025

30,000

30,981

3.25%,

2/1/2025

135,000

144,907

2.15%,

2/1/2027

245,000

256,699

2.30%,

2/1/2030

600,000

620,611

Microsoft

Corp.

,

2.65%,

11/3/2022

500,000

510,871

2.00%,

8/8/2023

250,000

257,388

3.63%,

12/15/2023(b)

400,000

425,582

2.88%,

2/6/2024

365,000

384,130

2.40%,

8/8/2026

465,000

493,960

3.50%,

2/12/2035

325,000

374,227

3.45%,

8/8/2036

239,000

273,494

2.53%,

6/1/2050

1,336,000

1,285,575

2.92%,

3/17/2052

1,075,000

1,111,332

Oracle

Corp.

,

2.50%,

10/15/2022

500,000

511,327

2.63%,

2/15/2023(b)

500,000

514,906

2.40%,

9/15/2023

1,000,000

1,034,606

2.50%,

4/1/2025

100,000

104,612

2.65%,

7/15/2026

190,000

200,228

2.95%,

4/1/2030

600,000

628,521

3.25%,

5/15/2030(b)

250,000

267,515

2.88%,

3/25/2031

500,000

514,499

5.38%,

7/15/2040

350,000

440,988

4.50%,

7/8/2044(b)

650,000

747,009

4.13%,

5/15/2045

200,000

215,358

4.00%,

7/15/2046

500,000

529,688

4.00%,

11/15/2047

500,000

533,936

3.60%,

4/1/2050

800,000

800,959

salesforce.com,

Inc.

,

1.95%,

7/15/2031(b)

35,000

34,834

2.90%,

7/15/2051

40,000

39,900

26

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

ServiceNow

,

Inc.

,

1.40%,

9/1/2030

145,000

135,998

VMware,

Inc.

,

4.70%,

5/15/2030

300,000

353,654

13,808,853

Specialty

Retail

0.4%

AutoNation,

Inc.

,

1.95%,

8/1/2028

45,000

44,373

2.40%,

8/1/2031

90,000

87,713

AutoZone,

Inc.

,

3.25%,

4/15/2025

325,000

347,269

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030

125,000

121,713

Home

Depot,

Inc.

(The)

,

2.70%,

4/1/2023

500,000

515,214

2.50%,

4/15/2027

200,000

212,260

2.80%,

9/14/2027(b)

750,000

809,752

0.90%,

3/15/2028(b)

130,000

124,495

1.50%,

9/15/2028

100,000

98,916

3.90%,

12/6/2028(b)

300,000

343,247

1.38%,

3/15/2031(b)

300,000

284,507

1.88%,

9/15/2031

100,000

98,172

5.95%,

4/1/2041

150,000

214,322

4.20%,

4/1/2043

250,000

298,975

4.40%,

3/15/2045

600,000

748,613

3.35%,

4/15/2050

335,000

362,428

2.38%,

3/15/2051(b)

200,000

180,560

2.75%,

9/15/2051(b)

100,000

97,378

Lowe's

Cos.,

Inc.

,

3.13%,

9/15/2024(b)

400,000

425,715

4.00%,

4/15/2025(b)

500,000

547,906

3.10%,

5/3/2027(b)

250,000

270,526

1.30%,

4/15/2028

170,000

165,381

1.70%,

9/15/2028

80,000

79,300

6.50%,

3/15/2029

236,000

302,087

3.65%,

4/5/2029

400,000

442,871

1.70%,

10/15/2030(b)

75,000

71,706

2.80%,

9/15/2041

60,000

58,366

4.05%,

5/3/2047

250,000

287,017

3.00%,

10/15/2050

345,000

336,419

O'Reilly

Automotive,

Inc.

,

3.55%,

3/15/2026

300,000

328,704

TJX

Cos.,

Inc.

(The)

,

2.25%,

9/15/2026

500,000

524,772

Tractor

Supply

Co.

,

1.75%,

11/1/2030

55,000

52,802

8,883,479

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

,

0.75%,

5/11/2023

75,000

75,547

2.50%,

2/9/2025

595,000

625,599

1.13%,

5/11/2025

140,000

141,016

0.55%,

8/20/2025(b)

500,000

492,438

3.25%,

2/23/2026

1,130,000

1,229,233

2.45%,

8/4/2026

625,000

661,327

3.35%,

2/9/2027

1,000,000

1,102,699

1.40%,

8/5/2028(b)

50,000

49,195

2.20%,

9/11/2029(b)

235,000

241,973

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Apple,

Inc.,

1.65%,

5/11/2030(b)

300,000

294,309

1.25%,

8/20/2030

500,000

473,635

1.65%,

2/8/2031(b)

250,000

243,318

1.70%,

8/5/2031

50,000

48,656

3.85%,

5/4/2043

550,000

642,588

4.38%,

5/13/2045

355,000

447,249

4.65%,

2/23/2046

460,000

598,646

2.65%,

5/11/2050

300,000

288,422

2.40%,

8/20/2050(b)

400,000

366,797

2.65%,

2/8/2051

100,000

95,661

2.70%,

8/5/2051

50,000

48,213

2.55%,

8/20/2060

400,000

364,629

2.85%,

8/5/2061

50,000

48,245

Dell

International

LLC

,

5.45%,

6/15/2023

350,000

375,386

4.00%,

7/15/2024

200,000

216,360

8.35%,

7/15/2046

400,000

648,742

Hewlett

Packard

Enterprise

Co.

,

2.25%,

4/1/2023

500,000

512,308

6.35%,

10/15/2045

250,000

335,668

HP,

Inc.

,

1.45%,

6/17/2026(b)(d)

155,000

154,169

2.65%,

6/17/2031(d)

50,000

49,505

6.00%,

9/15/2041(b)

250,000

322,760

11,194,293

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030(b)

400,000

430,128

3.88%,

11/1/2045

250,000

296,687

3.38%,

3/27/2050

200,000

223,158

949,973

Thrifts

&

Mortgage

Finance

0.0%

†

BPCE

SA

,

4.00%,

4/15/2024

475,000

514,417

Tobacco

0.3%

Altria

Group,

Inc.

,

4.40%,

2/14/2026

160,000

179,704

4.50%,

5/2/2043

250,000

265,323

5.38%,

1/31/2044

170,000

200,128

5.95%,

2/14/2049

500,000

633,235

3.70%,

2/4/2051

300,000

282,463

BAT

Capital

Corp.

,

3.22%,

8/15/2024

500,000

530,053

4.70%,

4/2/2027

100,000

112,967

3.56%,

8/15/2027

750,000

808,075

4.39%,

8/15/2037

500,000

537,017

4.54%,

8/15/2047

300,000

310,787

4.76%,

9/6/2049

300,000

324,299

Philip

Morris

International,

Inc.

,

2.63%,

3/6/2023

1,000,000

1,031,339

6.38%,

5/16/2038

460,000

645,195

3.88%,

8/21/2042

250,000

271,237

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

500,000

551,210

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Reynolds

American,

Inc.,

5.70%,

8/15/2035

120,000

143,625

6,826,657

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

2.30%,

2/1/2025(b)

75,000

77,036

3.25%,

3/1/2025

1,000,000

1,055,789

1.88%,

8/17/2026

80,000

79,721

2.10%,

9/1/2028

100,000

97,083

3.25%,

10/1/2029(b)

250,000

260,090

Aircastle

Ltd.

,

5.00%,

4/1/2023

100,000

106,233

4.13%,

5/1/2024

300,000

319,118

GATX

Corp.

,

3.25%,

9/15/2026(b)

500,000

530,056

3.10%,

6/1/2051

90,000

85,051

WW

Grainger,

Inc.

,

3.75%,

5/15/2046(b)

250,000

286,126

2,896,303

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

4.30%,

9/1/2045

500,000

600,503

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

200,000

205,250

805,753

Wireless

Telecommunication

Services

0.3%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

177,000

248,176

6.13%,

3/30/2040

350,000

492,492

Rogers

Communications,

Inc.

,

3.00%,

3/15/2023

600,000

617,946

5.00%,

3/15/2044

250,000

307,459

3.70%,

11/15/2049

100,000

103,881

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025

500,000

538,654

3.75%,

4/15/2027

500,000

550,845

2.05%,

2/15/2028

100,000

100,800

3.88%,

4/15/2030

750,000

828,121

2.55%,

2/15/2031

500,000

501,782

4.38%,

4/15/2040

250,000

288,042

3.00%,

2/15/2041(b)

400,000

387,013

4.50%,

4/15/2050

300,000

349,731

3.40%,

10/15/2052(d)

50,000

48,764

3.60%,

11/15/2060(d)

50,000

49,159

Vodafone

Group

plc

,

4.13%,

5/30/2025(b)

500,000

553,172

7.88%,

2/15/2030

206,000

291,626

4.38%,

2/19/2043

500,000

580,893

5.25%,

5/30/2048

500,000

647,186

4.25%,

9/17/2050

40,000

46,096

7,531,838

Total

Corporate

Bonds

(cost

$535,782,081)

581,172,638

Foreign

Government

Securities

1.8%

Principal

Amount

($)

Value

($)

CANADA

0.3%

Province

of

Alberta

,

3.35%,

11/1/2023

500,000

530,359

3.30%,

3/15/2028

500,000

555,248

Province

of

British

Columbia

,

2.00%,

10/23/2022

500,000

509,565

Province

of

Ontario

,

2.20%,

10/3/2022

1,000,000

1,019,669

3.05%,

1/29/2024

500,000

529,373

2.00%,

10/2/2029

1,000,000

1,027,638

Province

of

Quebec

,

2.63%,

2/13/2023(b)

500,000

515,869

2.50%,

4/9/2024

500,000

524,856

7.50%,

9/15/2029

578,000

824,212

6,036,789

CHILE

0.1%

Republic

of

Chile

,

3.13%,

3/27/2025(b)

750,000

798,090

3.24%,

2/6/2028

500,000

531,325

2.45%,

1/31/2031

500,000

494,965

2.55%,

1/27/2032(b)

500,000

495,415

3.63%,

10/30/2042

400,000

416,936

2,736,731

GERMANY

0.0%

†

FMS

Wertmanagement

AoeR

,

2.75%,

1/30/2024

600,000

631,579

HUNGARY

0.0%

†

Hungary

Government

Bond

,

5.38%,

3/25/2024

500,000

554,800

7.63%,

3/29/2041(b)

250,000

416,250

971,050

INDONESIA

0.1%

Republic

of

Indonesia

,

4.10%,

4/24/2028

1,000,000

1,122,843

2.85%,

2/14/2030(b)

500,000

516,155

5.35%,

2/11/2049(b)

200,000

257,482

4.20%,

10/15/2050

200,000

221,217

4.45%,

4/15/2070

200,000

227,763

2,345,460

ISRAEL

0.1%

State

of

Israel

Government

Bond

,

3.15%,

6/30/2023

500,000

522,570

3.25%,

1/17/2028(b)

1,000,000

1,096,460

3.38%,

1/15/2050

200,000

212,011

3.88%,

7/3/2050

200,000

227,820

4.50%,

4/3/2120

200,000

251,050

2,309,911

ITALY

0.0%

†

Italian

Republic

Government

Bond

,

6.88%,

9/27/2023

251,000

281,311

5.38%,

6/15/2033(b)

291,000

365,433

28

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ITALY

Italian

Republic

Government

Bond

(continued)

4.00%,

10/17/2049

400,000

440,319

1,087,063

JAPAN

0.2%

Japan

Bank

for

International

Cooperation

,

2.38%,

11/16/2022

1,000,000

1,023,273

2.50%,

5/23/2024

2,000,000

2,098,536

2.38%,

4/20/2026

500,000

527,914

1.88%,

7/21/2026

500,000

515,639

4,165,362

MEXICO

0.3%

United

Mexican

States

,

4.00%,

10/2/2023

258,000

275,190

3.75%,

1/11/2028(b)

1,000,000

1,087,090

2.66%,

5/24/2031(b)

700,000

675,311

6.75%,

9/27/2034

996,000

1,309,750

6.05%,

1/11/2040(b)

400,000

489,236

4.75%,

3/8/2044

600,000

638,526

5.55%,

1/21/2045

500,000

584,530

4.60%,

1/23/2046

347,000

359,586

4.35%,

1/15/2047(b)

500,000

500,540

5,919,759

PANAMA

0.1%

Republic

of

Panama

,

6.70%,

1/26/2036

250,000

332,273

4.30%,

4/29/2053

500,000

528,915

4.50%,

4/1/2056

400,000

435,180

3.87%,

7/23/2060

200,000

195,584

1,491,952

PERU

0.1%

Republic

of

Peru

,

4.13%,

8/25/2027

750,000

829,207

2.78%,

1/23/2031

500,000

494,800

8.75%,

11/21/2033

500,000

772,845

5.63%,

11/18/2050(b)

300,000

405,822

2,502,674

PHILIPPINES

0.2%

Republic

of

Philippines

,

4.20%,

1/21/2024

500,000

535,965

9.50%,

2/2/2030

500,000

774,370

2.46%,

5/5/2030

500,000

510,185

7.75%,

1/14/2031

200,000

288,050

6.38%,

10/23/2034

500,000

690,253

3.70%,

2/2/2042

600,000

634,644

3,433,467

POLAND

0.0%

†

Republic

of

Poland

,

4.00%,

1/22/2024

500,000

539,089

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea

,

2.38%,

4/21/2027

1,000,000

1,050,381

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

SOUTH

KOREA

Republic

of

Korea

,

5.63%,

11/3/2025

300,000

353,478

4.13%,

6/10/2044

250,000

318,647

1,722,506

SWEDEN

0.1%

Svensk

Exportkredit

AB

,

1.63%,

11/14/2022

200,000

203,083

0.75%,

4/6/2023

1,000,000

1,006,710

1,209,793

URUGUAY

0.1%

Oriental

Republic

of

Uruguay

,

4.38%,

10/27/2027

1,250,000

1,433,138

5.10%,

6/18/2050

700,000

889,721

2,322,859

Total

Foreign

Government

Securities

(cost

$37,333,171)

39,426,044

Mortgage-Backed

Securities

27.1%

FHLMC

Gold

Pool

Pool#

C90719

5.00%,

10/1/2023

52,331

57,456

Pool#

J09912

4.00%,

6/1/2024

124,624

132,020

Pool#

C00351

8.00%,

7/1/2024

126

134

Pool#

G13900

5.00%,

12/1/2024

4

4

Pool#

D60780

8.00%,

6/1/2025

453

466

Pool#

G30267

5.00%,

8/1/2025

27,317

29,982

Pool#

E02746

3.50%,

11/1/2025

90,020

96,078

Pool#

J13883

3.50%,

12/1/2025

194,327

207,459

Pool#

J14732

4.00%,

3/1/2026

102,857

109,269

Pool#

E02896

3.50%,

5/1/2026

105,771

112,907

Pool#

J18127

3.00%,

3/1/2027

115,350

121,743

Pool#

J18702

3.00%,

3/1/2027

108,969

114,999

Pool#

J19106

3.00%,

5/1/2027

49,619

52,575

Pool#

J20471

3.00%,

9/1/2027

215,534

227,502

Pool#

D82854

7.00%,

10/1/2027

104

105

Pool#

G14609

3.00%,

11/1/2027

302,240

319,007

Pool#

C00566

7.50%,

12/1/2027

494

558

Pool#

G15100

2.50%,

7/1/2028

135,539

142,197

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

29

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C18271

7.00%,

11/1/2028

1,757

1,935

Pool#

C00678

7.00%,

11/1/2028

604

686

Pool#

C00836

7.00%,

7/1/2029

400

460

Pool#

C31285

7.00%,

9/1/2029

657

720

Pool#

C31282

7.00%,

9/1/2029

56

57

Pool#

G18536

2.50%,

1/1/2030

1,878,886

1,966,944

Pool#

C37436

8.00%,

1/1/2030

1,077

1,255

Pool#

C36429

7.00%,

2/1/2030

556

573

Pool#

C36306

7.00%,

2/1/2030

547

568

Pool#

C00921

7.50%,

2/1/2030

747

860

Pool#

G01108

7.00%,

4/1/2030

274

311

Pool#

C37703

7.50%,

4/1/2030

601

631

Pool#

G18552

3.00%,

5/1/2030

684,764

724,547

Pool#

U49055

3.00%,

6/1/2030

77,858

82,293

Pool#

J32243

3.00%,

7/1/2030

524,132

555,465

Pool#

J32257

3.00%,

7/1/2030

105,516

111,667

Pool#

J32255

3.00%,

7/1/2030

101,031

107,080

Pool#

C41561

8.00%,

8/1/2030

1,740

1,814

Pool#

C01051

8.00%,

9/1/2030

1,223

1,443

Pool#

C43550

7.00%,

10/1/2030

1,286

1,327

Pool#

C44017

7.50%,

10/1/2030

406

412

Pool#

C43967

8.00%,

10/1/2030

2,728

2,740

Pool#

C44957

8.00%,

11/1/2030

792

808

Pool#

J33361

3.00%,

12/1/2030

241,789

255,804

Pool#

G18578

3.00%,

12/1/2030

230,653

243,364

Pool#

J33315

3.00%,

12/1/2030

96,860

102,481

Pool#

C01103

7.50%,

12/1/2030

627

743

Pool#

C46932

7.50%,

1/1/2031

593

614

Pool#

G18587

3.00%,

2/1/2031

171,486

181,428

Pool#

G18592

3.00%,

3/1/2031

188,094

199,004

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C48206

7.50%,

3/1/2031

1,570

1,577

Pool#

C91366

4.50%,

4/1/2031

55,994

61,118

Pool#

G18601

3.00%,

5/1/2031

109,882

116,264

Pool#

G18605

3.00%,

6/1/2031

64,370

68,108

Pool#

J34627

3.00%,

6/1/2031

14,578

15,427

Pool#

C91377

4.50%,

6/1/2031

30,451

33,239

Pool#

C53324

7.00%,

6/1/2031

1,443

1,537

Pool#

C01209

8.00%,

6/1/2031

304

309

Pool#

J35107

2.50%,

8/1/2031

111,540

117,176

Pool#

G01309

7.00%,

8/1/2031

749

851

Pool#

G01311

7.00%,

9/1/2031

6,023

6,833

Pool#

C01222

7.00%,

9/1/2031

762

890

Pool#

G01315

7.00%,

9/1/2031

209

239

Pool#

J35522

2.50%,

10/1/2031

403,878

422,866

Pool#

C60012

7.00%,

11/1/2031

641

662

Pool#

C61298

8.00%,

11/1/2031

2,295

2,354

Pool#

J35957

2.50%,

12/1/2031

576,435

603,526

Pool#

C61105

7.00%,

12/1/2031

4,923

5,315

Pool#

C01305

7.50%,

12/1/2031

643

722

Pool#

C63171

7.00%,

1/1/2032

4,183

4,750

Pool#

V61548

2.50%,

2/1/2032

545,170

572,810

Pool#

D99004

3.50%,

3/1/2032

99,172

106,299

Pool#

G30577

3.50%,

4/1/2032

197,293

210,939

Pool#

G01391

7.00%,

4/1/2032

10,361

11,923

Pool#

C01345

7.00%,

4/1/2032

3,325

3,898

Pool#

C01370

8.00%,

4/1/2032

928

1,058

Pool#

C01381

8.00%,

5/1/2032

10,825

12,638

Pool#

C68290

7.00%,

6/1/2032

2,174

2,372

Pool#

C68300

7.00%,

6/1/2032

903

907

Pool#

D99266

3.50%,

7/1/2032

160,011

172,411

30

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G01449

7.00%,

7/1/2032

6,592

7,555

Pool#

C69908

7.00%,

8/1/2032

22,530

25,446

Pool#

C91558

3.50%,

9/1/2032

32,057

34,361

Pool#

G16407

2.50%,

1/1/2033

302,192

319,189

Pool#

G16408

2.50%,

1/1/2033

211,501

223,000

Pool#

G01536

7.00%,

3/1/2033

8,920

10,370

Pool#

C01528

5.00%,

4/1/2033

46,566

52,882

Pool#

G30646

3.00%,

5/1/2033

201,132

214,773

Pool#

G30642

3.00%,

5/1/2033

98,292

104,921

Pool#

K90535

3.00%,

5/1/2033

42,165

45,013

Pool#

G18693

4.00%,

5/1/2033

83,412

89,172

Pool#

G18696

3.50%,

7/1/2033

21,232

22,708

Pool#

A16419

6.50%,

11/1/2033

14,333

16,103

Pool#

C01806

7.00%,

1/1/2034

11,482

12,208

Pool#

A21356

6.50%,

4/1/2034

45,387

52,097

Pool#

C01851

6.50%,

4/1/2034

19,758

22,623

Pool#

A24301

6.50%,

5/1/2034

26,538

29,816

Pool#

A22067

6.50%,

5/1/2034

21,050

24,498

Pool#

G18737

3.50%,

6/1/2034

137,710

147,438

Pool#

A24988

6.50%,

7/1/2034

10,586

11,894

Pool#

G01741

6.50%,

10/1/2034

7,414

8,444

Pool#

G08023

6.50%,

11/1/2034

15,165

17,847

Pool#

A33137

6.50%,

1/1/2035

3,614

4,060

Pool#

G01947

7.00%,

5/1/2035

7,739

8,931

Pool#

G08073

5.50%,

8/1/2035

73,346

85,274

Pool#

A37135

5.50%,

9/1/2035

97,172

112,585

Pool#

A47368

5.00%,

10/1/2035

94,338

107,696

Pool#

A38531

5.50%,

10/1/2035

191,211

222,318

Pool#

A38255

5.50%,

10/1/2035

112,788

131,130

Pool#

G08088

6.50%,

10/1/2035

77,903

91,357

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A39759

5.50%,

11/1/2035

5,870

6,773

Pool#

A40376

5.50%,

12/1/2035

3,836

4,443

Pool#

A42305

5.50%,

1/1/2036

8,252

9,360

Pool#

A41548

7.00%,

1/1/2036

11,307

11,850

Pool#

G08111

5.50%,

2/1/2036

100,771

117,161

Pool#

A43886

5.50%,

3/1/2036

313,785

361,853

Pool#

A43885

5.50%,

3/1/2036

206,119

233,871

Pool#

A43884

5.50%,

3/1/2036

117,130

131,188

Pool#

A48378

5.50%,

3/1/2036

94,943

106,420

Pool#

A43861

5.50%,

3/1/2036

46,743

52,453

Pool#

G08116

5.50%,

3/1/2036

21,878

25,437

Pool#

A48735

5.50%,

5/1/2036

6,863

7,678

Pool#

A53039

6.50%,

10/1/2036

44,140

49,594

Pool#

G05254

5.00%,

1/1/2037

69,533

79,311

Pool#

G04331

5.00%,

2/1/2037

67,536

77,032

Pool#

G05941

6.00%,

2/1/2037

338,078

399,273

Pool#

G03620

6.50%,

10/1/2037

2,078

2,464

Pool#

G03721

6.00%,

12/1/2037

30,629

36,206

Pool#

G03969

6.00%,

2/1/2038

32,878

38,843

Pool#

C91982

3.50%,

3/1/2038

123,463

131,537

Pool#

G04913

5.00%,

3/1/2038

122,577

140,013

Pool#

G05299

4.50%,

6/1/2038

113,668

126,522

Pool#

G04581

6.50%,

8/1/2038

61,946

70,869

Pool#

C92013

3.50%,

9/1/2038

328,747

350,173

Pool#

A81674

6.00%,

9/1/2038

199,031

235,274

Pool#

G05459

5.50%,

5/1/2039

906,583

1,055,669

Pool#

G05535

4.50%,

7/1/2039

328,304

368,199

Pool#

A89500

4.50%,

10/1/2039

32,556

36,120

Pool#

A91165

5.00%,

2/1/2040

1,411,415

1,608,728

Pool#

G60342

4.50%,

5/1/2042

330,395

368,793

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G60195

4.00%,

6/1/2042

430,955

476,566

Pool#

Q08977

4.00%,

6/1/2042

82,381

89,165

Pool#

Q09824

4.00%,

8/1/2042

55,132

60,996

Pool#

Q11087

4.00%,

9/1/2042

49,427

53,139

Pool#

G07158

3.50%,

10/1/2042

247,956

268,536

Pool#

G07163

3.50%,

10/1/2042

201,743

219,759

Pool#

Q11532

3.50%,

10/1/2042

156,406

170,339

Pool#

Q12051

3.50%,

10/1/2042

124,537

135,286

Pool#

Q12052

3.50%,

10/1/2042

55,149

59,909

Pool#

C09020

3.50%,

11/1/2042

366,911

398,581

Pool#

G07264

3.50%,

12/1/2042

317,022

343,413

Pool#

Q14292

3.50%,

1/1/2043

86,439

94,160

Pool#

Q15884

3.00%,

2/1/2043

486,778

519,807

Pool#

Q16470

3.00%,

3/1/2043

1,014,418

1,090,462

Pool#

V80002

2.50%,

4/1/2043

382,775

398,682

Pool#

Q16915

3.00%,

4/1/2043

358,014

384,853

Pool#

Q17675

3.50%,

4/1/2043

395,924

431,241

Pool#

Q18523

3.50%,

5/1/2043

420,299

455,265

Pool#

Q18751

3.50%,

6/1/2043

545,348

592,108

Pool#

G07410

3.50%,

7/1/2043

167,391

183,208

Pool#

Q20332

3.50%,

7/1/2043

55,102

59,854

Pool#

G07459

3.50%,

8/1/2043

475,421

516,425

Pool#

G60038

3.50%,

1/1/2044

987,249

1,075,170

Pool#

Q26869

4.00%,

6/1/2044

511,408

563,840

Pool#

G07946

4.00%,

7/1/2044

14,722

16,233

Pool#

Q28607

3.50%,

9/1/2044

185,420

201,343

Pool#

G61231

3.50%,

9/1/2044

55,513

60,445

Pool#

G08609

3.50%,

10/1/2044

165,271

178,031

Pool#

Q30833

4.00%,

1/1/2045

21,531

23,797

Pool#

G60400

4.50%,

1/1/2045

144,259

160,900

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G07925

4.00%,

2/1/2045

41,553

46,407

Pool#

Q34165

4.00%,

6/1/2045

302,222

334,141

Pool#

V81873

4.00%,

8/1/2045

176,884

193,458

Pool#

G08669

4.00%,

9/1/2045

266,744

291,517

Pool#

V82126

3.50%,

12/1/2045

138,356

150,194

Pool#

Q38199

3.50%,

1/1/2046

13,624

14,598

Pool#

Q38357

4.00%,

1/1/2046

89,251

97,560

Pool#

G61365

4.50%,

1/1/2046

53,099

58,704

Pool#

G08697

3.00%,

3/1/2046

698,661

738,674

Pool#

Q39364

3.50%,

3/1/2046

108,487

118,126

Pool#

Q39434

3.50%,

3/1/2046

92,798

99,813

Pool#

Q39440

4.00%,

3/1/2046

47,610

51,791

Pool#

G08704

4.50%,

4/1/2046

25,608

28,082

Pool#

Q40097

4.50%,

4/1/2046

3,023

3,281

Pool#

G60582

3.50%,

5/1/2046

280,206

304,194

Pool#

Q40718

3.50%,

5/1/2046

95,214

102,147

Pool#

G08707

4.00%,

5/1/2046

126,061

137,095

Pool#

G08708

4.50%,

5/1/2046

19,515

21,400

Pool#

Q40728

4.50%,

5/1/2046

2,744

2,978

Pool#

Q41548

3.00%,

7/1/2046

101,152

107,310

Pool#

Q41903

3.50%,

7/1/2046

148,723

159,709

Pool#

Q41491

3.50%,

7/1/2046

12,331

13,195

Pool#

Q41407

3.50%,

7/1/2046

6,081

6,441

Pool#

G61791

4.00%,

7/1/2046

101,830

112,517

Pool#

Q41947

4.50%,

7/1/2046

9,457

10,362

Pool#

G08715

3.00%,

8/1/2046

702,184

742,094

Pool#

Q42596

3.50%,

8/1/2046

118,277

127,126

Pool#

Q42203

3.50%,

8/1/2046

25,950

27,872

Pool#

Q42393

3.50%,

8/1/2046

22,979

24,510

Pool#

G61237

3.50%,

8/1/2046

20,635

22,342

32

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q42680

4.00%,

8/1/2046

5,941

6,516

Pool#

G08720

4.50%,

8/1/2046

13,615

14,927

Pool#

G61323

3.00%,

9/1/2046

628,302

670,347

Pool#

G08721

3.00%,

9/1/2046

388,000

409,996

Pool#

V82617

3.50%,

9/1/2046

275,304

296,376

Pool#

G08722

3.50%,

9/1/2046

81,940

87,966

Pool#

G60733

4.50%,

9/1/2046

140,704

156,707

Pool#

G60722

3.00%,

10/1/2046

1,091,592

1,169,330

Pool#

Q44035

3.00%,

10/1/2046

570,335

602,910

Pool#

G61815

4.00%,

10/1/2046

49,567

54,157

Pool#

G61257

3.00%,

11/1/2046

1,100,716

1,160,014

Pool#

Q44452

3.00%,

11/1/2046

238,377

251,549

Pool#

G08732

3.00%,

11/1/2046

70,206

74,373

Pool#

Q44473

3.50%,

11/1/2046

33,362

35,598

Pool#

Q44223

3.50%,

11/1/2046

20,614

21,957

Pool#

G08734

4.00%,

11/1/2046

373,632

405,909

Pool#

G08737

3.00%,

12/1/2046

2,288,494

2,418,450

Pool#

G60989

3.00%,

12/1/2046

387,558

413,511

Pool#

Q45878

3.00%,

12/1/2046

86,740

91,475

Pool#

G08738

3.50%,

12/1/2046

1,555,886

1,661,230

Pool#

Q45024

3.50%,

12/1/2046

104,364

113,995

Pool#

G08741

3.00%,

1/1/2047

628,053

666,982

Pool#

G08747

3.00%,

2/1/2047

1,177,230

1,254,370

Pool#

G08748

3.50%,

2/1/2047

322,792

344,709

Pool#

G08749

4.00%,

2/1/2047

568,955

615,570

Pool#

G61890

4.00%,

2/1/2047

40,866

44,464

Pool#

G08751

3.50%,

3/1/2047

475,343

506,725

Pool#

Q47592

3.50%,

4/1/2047

88,842

94,510

Pool#

Q47484

3.50%,

4/1/2047

17,381

18,640

Pool#

G60988

3.00%,

5/1/2047

1,328,342

1,423,556

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q48098

3.50%,

5/1/2047

67,017

71,860

Pool#

Q48237

4.50%,

5/1/2047

109,125

118,925

Pool#

G61390

3.00%,

6/1/2047

914,223

968,140

Pool#

Q48414

4.50%,

6/1/2047

73,626

79,569

Pool#

Q48365

4.50%,

6/1/2047

24,754

27,055

Pool#

G08770

3.50%,

7/1/2047

945,275

1,008,360

Pool#

V83270

3.50%,

7/1/2047

217,973

232,051

Pool#

G61339

3.00%,

8/1/2047

203,342

214,661

Pool#

G08774

3.50%,

8/1/2047

106,359

113,089

Pool#

Q49917

3.50%,

8/1/2047

88,318

94,054

Pool#

Q53085

3.00%,

9/1/2047

229,923

244,402

Pool#

G61295

3.50%,

9/1/2047

456,171

498,208

Pool#

G08779

3.50%,

9/1/2047

285,254

302,169

Pool#

G61622

3.00%,

10/1/2047

493,118

522,570

Pool#

G08785

4.00%,

10/1/2047

33,803

36,278

Pool#

Q52075

4.00%,

11/1/2047

213,253

229,836

Pool#

V83598

3.50%,

12/1/2047

96,889

102,965

Pool#

G67707

3.50%,

1/1/2048

551,821

604,061

Pool#

V83909

4.00%,

1/1/2048

264,400

284,873

Pool#

G61311

3.50%,

2/1/2048

618,347

657,706

Pool#

T65458

3.50%,

2/1/2048

113,086

117,910

Pool#

G08801

4.00%,

2/1/2048

186,271

200,177

Pool#

Q54460

4.00%,

2/1/2048

170,881

186,728

Pool#

G61298

4.00%,

2/1/2048

77,703

84,782

Pool#

Q54727

3.50%,

3/1/2048

229,623

244,291

Pool#

Q55401

5.00%,

4/1/2048

56,285

62,200

Pool#

V84237

3.50%,

5/1/2048

389,806

413,340

Pool#

G08813

3.50%,

5/1/2048

43,650

46,224

Pool#

G08820

4.50%,

5/1/2048

391,321

425,010

Pool#

G08821

5.00%,

5/1/2048

17,231

19,040

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G67712

4.00%,

6/1/2048

157,552

175,405

Pool#

G67713

4.00%,

6/1/2048

135,593

148,725

Pool#

G08817

4.00%,

6/1/2048

56,326

60,306

Pool#

G08818

4.50%,

6/1/2048

210,220

228,110

Pool#

Q56472

4.50%,

6/1/2048

49,910

54,518

Pool#

Q56473

4.50%,

6/1/2048

47,056

51,355

Pool#

G08827

4.50%,

7/1/2048

140,122

151,833

Pool#

Q57401

4.50%,

7/1/2048

63,933

70,263

Pool#

Q57402

4.50%,

7/1/2048

20,588

22,618

Pool#

G08833

5.00%,

7/1/2048

6,346

6,997

Pool#

G08831

4.00%,

8/1/2048

157,798

169,182

Pool#

G08836

4.00%,

9/1/2048

629,068

673,436

Pool#

G67716

4.50%,

10/1/2048

95,938

106,560

Pool#

G08843

4.50%,

10/1/2048

50,154

54,376

Pool#

V85044

4.00%,

12/1/2048

175,689

190,984

Pool#

V85082

4.50%,

12/1/2048

41,748

45,179

Pool#

G61846

4.00%,

1/1/2049

3,980

4,263

Pool#

V85139

4.50%,

1/1/2049

51,853

56,074

FHLMC

Non

Gold

Pool

Pool#

1B8478

2.14%,

7/1/2041(a)

66,799

70,677

Pool#

2B0108

2.34%,

1/1/2042(a)

7,674

7,765

Pool#

2B1381

1.74%,

6/1/2043(a)

1,418

1,437

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

87,379

92,587

Pool#

ZS7757

3.00%,

3/1/2030

474,396

502,273

Pool#

SB0383

2.50%,

4/1/2032

967,246

1,018,843

Pool#

ZS8701

3.50%,

6/1/2033

70,849

75,827

Pool#

SB0218

3.00%,

10/1/2033

123,816

130,849

Pool#

SB0366

3.50%,

2/1/2034

161,359

172,600

Pool#

QN0248

3.00%,

7/1/2034

68,457

72,287

Pool#

SB0095

3.50%,

7/1/2034

162,212

173,896

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB0069

3.00%,

9/1/2034

229,957

245,339

Pool#

SB8021

3.00%,

12/1/2034

445,363

468,586

Pool#

SB8500

2.50%,

7/1/2035

949,066

1,004,354

Pool#

SB8505

2.50%,

10/1/2035

2,805,471

2,962,301

Pool#

SB8506

2.00%,

2/1/2036

2,316,807

2,404,380

Pool#

SB8508

2.00%,

2/1/2036

1,620,165

1,674,102

Pool#

RC1826

2.00%,

2/1/2036

470,381

484,831

Pool#

RC1887

2.00%,

3/1/2036

866,533

897,853

Pool#

RC2049

2.00%,

6/1/2036

2,051,814

2,115,067

Pool#

RC2045

2.00%,

6/1/2036

655,866

676,014

Pool#

SB8112

2.50%,

7/1/2036

394,704

411,187

Pool#

QN7405

2.00%,

8/1/2036

251,639

260,750

Pool#

SB8119

2.00%,

9/1/2036

1,140,003

1,175,024

Pool#

QA2237

3.00%,

7/1/2046

1,334,456

1,410,544

Pool#

QA2226

3.00%,

7/1/2046

801,602

847,413

Pool#

ZS4693

3.00%,

12/1/2046

1,046,687

1,105,782

Pool#

ZM2339

3.50%,

1/1/2047

208,940

222,163

Pool#

ZS4746

3.00%,

12/1/2047

539,960

566,881

Pool#

ZA5785

4.50%,

10/1/2048

271,428

293,543

Pool#

ZT1321

4.50%,

11/1/2048

372,324

403,219

Pool#

ZA6139

4.50%,

12/1/2048

129,818

140,384

Pool#

ZA6536

4.00%,

3/1/2049

127,392

136,419

Pool#

ZA6380

4.00%,

3/1/2049

110,936

118,759

Pool#

ZT1858

4.50%,

4/1/2049

57,906

63,622

Pool#

RA1859

3.00%,

12/1/2049

672,464

703,556

Pool#

SD8051

3.50%,

3/1/2050

268,537

283,797

Pool#

QA8965

3.00%,

4/1/2050

758,985

796,412

Pool#

RA2579

3.00%,

5/1/2050

362,683

382,608

Pool#

RA2621

4.00%,

5/1/2050

95,516

102,173

Pool#

RA3022

2.50%,

6/1/2050

700,074

726,183

34

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA2977

2.50%,

7/1/2050

2,989,733

3,102,039

Pool#

SD7521

2.50%,

7/1/2050

1,070,871

1,114,873

Pool#

RA3174

3.00%,

7/1/2050

842,316

889,593

Pool#

SD7523

2.50%,

8/1/2050

281,198

292,728

Pool#

RA3382

3.00%,

8/1/2050

652,676

692,204

Pool#

SD0500

3.00%,

8/1/2050

49,016

52,461

Pool#

SD0514

2.00%,

10/1/2050

1,004,996

1,013,979

Pool#

RA3723

2.00%,

10/1/2050

322,233

323,342

Pool#

RA3935

2.50%,

11/1/2050

3,325,808

3,432,240

Pool#

RA3932

2.50%,

11/1/2050

1,769,726

1,845,841

Pool#

RA3934

2.50%,

11/1/2050

926,476

961,194

Pool#

RA3987

2.50%,

11/1/2050

444,753

458,966

Pool#

RA4071

2.50%,

12/1/2050

1,052,848

1,092,295

Pool#

RA4216

2.50%,

12/1/2050

986,025

1,022,940

Pool#

RA4411

2.50%,

1/1/2051

2,371,342

2,447,126

Pool#

RA4351

2.50%,

1/1/2051

1,138,878

1,178,767

Pool#

RA4410

2.50%,

1/1/2051

857,528

890,676

Pool#

RA4652

2.00%,

2/1/2051

3,607,601

3,620,019

Pool#

RA4493

2.00%,

2/1/2051

1,662,905

1,668,629

Pool#

QB9104

2.00%,

2/1/2051

917,590

920,749

Pool#

RA4737

2.00%,

3/1/2051

3,262,657

3,278,599

Pool#

RA4718

2.00%,

3/1/2051

1,490,773

1,495,904

Pool#

SD7537

2.00%,

3/1/2051

760,790

765,586

Pool#

SD8140

2.00%,

4/1/2051

6,081,118

6,102,050

Pool#

SD8146

2.00%,

5/1/2051

13,828,401

13,876,000

Pool#

QC2070

2.00%,

5/1/2051

145,973

147,279

Pool#

SD0593

3.00%,

5/1/2051

2,379,904

2,578,935

Pool#

RA5436

2.00%,

6/1/2051

441,979

443,501

Pool#

RA5373

2.00%,

6/1/2051

374,857

378,213

Pool#

RA5398

2.00%,

7/1/2051

1,261,315

1,272,605

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QC5128

2.00%,

8/1/2051

349,298

351,721

Pool#

RA6085

2.00%,

10/1/2051

874,000

883,008

Pool#

RA6091

2.00%,

10/1/2051

849,000

856,600

FNMA

Pool

Pool#

AC9895

1.94%,

4/1/2040(a)

387,224

393,710

Pool#

AC9890

1.96%,

4/1/2040(a)

430,909

453,416

Pool#

AJ1249

2.07%,

9/1/2041(a)

83,663

88,240

Pool#

AK0714

2.18%,

2/1/2042(a)

10,410

10,647

Pool#

AT4250

1.78%,

6/1/2043(a)

27,978

29,248

Pool#

BF0203

3.00%,

2/1/2047

613,523

649,654

Pool#

BF0206

4.00%,

2/1/2047

375,266

408,310

Pool#

BF0200

3.50%,

11/1/2051

254,889

274,089

Pool#

BF0171

4.00%,

1/1/2057

220,127

246,862

Pool#

BF0184

4.00%,

2/1/2057

255,396

286,414

FNMA

UMBS

Pool

Pool#

894126

5.50%,

10/1/2021

1

1

Pool#

902789

5.50%,

11/1/2021

172

172

Pool#

906708

5.00%,

12/1/2021

273

284

Pool#

901509

5.00%,

12/1/2021

105

109

Pool#

928106

5.50%,

2/1/2022

1,203

1,208

Pool#

914385

5.50%,

3/1/2022

37

37

Pool#

899438

5.50%,

6/1/2022

1,971

1,979

Pool#

AA2549

4.00%,

4/1/2024

27,338

28,945

Pool#

934863

4.00%,

6/1/2024

66,550

70,481

Pool#

AC1374

4.00%,

8/1/2024

35,993

38,124

Pool#

AC1529

4.50%,

9/1/2024

128,031

134,497

Pool#

AD0244

4.50%,

10/1/2024

15,906

16,687

Pool#

AD4089

4.50%,

5/1/2025

147,154

156,340

Pool#

890216

4.50%,

7/1/2025

29,541

31,111

Pool#

AB1609

4.00%,

10/1/2025

84,862

89,952

Pool#

AH1361

3.50%,

12/1/2025

73,296

78,243

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

35

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AH1518

3.50%,

12/1/2025

34,292

36,580

Pool#

AH5616

3.50%,

2/1/2026

212,440

226,822

Pool#

AL0298

4.00%,

5/1/2026

178,920

190,182

Pool#

AB4277

3.00%,

1/1/2027

295,103

311,359

Pool#

AL1391

3.50%,

1/1/2027

4,554

4,863

Pool#

AP4746

3.00%,

8/1/2027

83,968

89,053

Pool#

AP7855

3.00%,

9/1/2027

468,182

496,723

Pool#

AP4640

3.00%,

9/1/2027

55,178

58,538

Pool#

AQ5096

3.00%,

11/1/2027

120,488

127,827

Pool#

AB6887

3.00%,

11/1/2027

90,659

96,134

Pool#

AQ4532

3.00%,

11/1/2027

73,424

77,899

Pool#

AQ3758

3.00%,

11/1/2027

51,747

54,901

Pool#

AB6886

3.00%,

11/1/2027

45,724

48,544

Pool#

AQ7406

3.00%,

11/1/2027

44,857

47,489

Pool#

AQ2884

3.00%,

12/1/2027

44,281

46,979

Pool#

AS0487

2.50%,

9/1/2028

246,320

258,634

Pool#

930998

4.50%,

4/1/2029

12,707

13,734

Pool#

BM1507

2.50%,

12/1/2029

135,015

141,180

Pool#

AL8077

3.50%,

12/1/2029

15,270

16,370

Pool#

BM4299

3.00%,

3/1/2030

563,575

592,782

Pool#

AS4874

3.00%,

4/1/2030

318,495

336,915

Pool#

AS5412

2.50%,

7/1/2030

120,375

125,983

Pool#

AS5420

3.00%,

7/1/2030

264,320

279,994

Pool#

AL7152

3.50%,

7/1/2030

300,870

323,478

Pool#

AS5702

2.50%,

8/1/2030

454,925

476,097

Pool#

AZ4898

2.50%,

8/1/2030

332,159

347,254

Pool#

AY8448

3.00%,

8/1/2030

936,064

989,428

Pool#

AZ2953

3.00%,

9/1/2030

825,730

873,162

Pool#

AZ5718

3.00%,

9/1/2030

561,944

593,355

Pool#

AS6060

3.00%,

10/1/2030

580,991

614,003

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AZ9234

3.50%,

10/1/2030

34,819

37,260

Pool#

BA2993

3.00%,

11/1/2030

135,667

143,460

Pool#

AS6174

3.50%,

11/1/2030

18,437

19,777

Pool#

AS6272

2.50%,

12/1/2030

167,075

174,769

Pool#

AS6295

3.00%,

12/1/2030

239,305

252,893

Pool#

BA3545

3.00%,

12/1/2030

111,053

117,435

Pool#

AH1515

4.00%,

12/1/2030

245,995

267,135

Pool#

AD0716

6.50%,

12/1/2030

744,344

841,342

Pool#

BA6532

2.50%,

1/1/2031

126,337

132,033

Pool#

BM5016

3.00%,

1/1/2031

388,394

412,081

Pool#

AB2121

4.00%,

1/1/2031

37,843

41,095

Pool#

AL8060

3.00%,

2/1/2031

275,724

293,165

Pool#

MA0641

4.00%,

2/1/2031

176,654

191,846

Pool#

560868

7.50%,

2/1/2031

597

605

Pool#

AS6799

3.00%,

3/1/2031

203,338

214,905

Pool#

BC0774

3.00%,

3/1/2031

124,358

131,937

Pool#

BC4410

3.50%,

3/1/2031

14,605

15,611

Pool#

AS6919

3.50%,

3/1/2031

14,484

15,525

Pool#

BC0320

3.50%,

3/1/2031

10,914

11,754

Pool#

BC4430

3.00%,

4/1/2031

40,814

43,103

Pool#

AL8565

3.00%,

6/1/2031

134,448

143,114

Pool#

AL8566

3.00%,

6/1/2031

132,485

140,723

Pool#

AL8561

3.50%,

6/1/2031

136,502

148,078

Pool#

AS8028

2.50%,

9/1/2031

474,554

496,439

Pool#

AL9378

3.00%,

9/1/2031

64,334

68,403

Pool#

MA2775

2.50%,

10/1/2031

976,401

1,021,977

Pool#

BM1888

2.50%,

10/1/2031

930,688

973,182

Pool#

AS8038

2.50%,

10/1/2031

428,830

448,595

Pool#

BC4777

2.50%,

10/1/2031

354,896

371,446

Pool#

AL9323

2.50%,

10/1/2031

21,285

22,279

36

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8612

3.00%,

10/1/2031

153,938

162,787

Pool#

607212

7.50%,

10/1/2031

3,215

3,304

Pool#

MA0895

3.50%,

11/1/2031

181,209

192,625

Pool#

607632

6.50%,

11/1/2031

32

36

Pool#

MA2830

2.50%,

12/1/2031

379,754

397,480

Pool#

BM3814

2.50%,

12/1/2031

264,284

276,794

Pool#

AS8594

2.50%,

1/1/2032

301,129

316,674

Pool#

AS8597

2.50%,

1/1/2032

250,521

262,764

Pool#

AS8609

3.00%,

1/1/2032

197,653

209,097

Pool#

AL9786

3.00%,

1/1/2032

180,492

192,002

Pool#

AL9585

3.50%,

1/1/2032

70,058

76,018

Pool#

BM1036

2.50%,

2/1/2032

1,359,838

1,427,143

Pool#

BM4624

3.00%,

2/1/2032

202,165

214,619

Pool#

AL9872

3.00%,

2/1/2032

151,423

160,897

Pool#

AL9740

3.00%,

2/1/2032

126,497

134,580

Pool#

AL9871

3.00%,

2/1/2032

91,861

98,119

Pool#

AS8767

3.00%,

2/1/2032

15,843

16,861

Pool#

BM1007

2.50%,

3/1/2032

406,253

424,959

Pool#

AL9899

3.00%,

3/1/2032

27,497

29,248

Pool#

BM3269

2.50%,

4/1/2032

600,996

628,343

Pool#

MA1029

3.50%,

4/1/2032

149,230

161,801

Pool#

545556

7.00%,

4/1/2032

2,757

3,149

Pool#

AO2565

3.50%,

5/1/2032

59,702

64,140

Pool#

AS9695

3.50%,

5/1/2032

30,441

32,906

Pool#

545605

7.00%,

5/1/2032

3,779

4,356

Pool#

BM4088

3.00%,

6/1/2032

251,520

265,957

Pool#

AO5103

3.50%,

6/1/2032

156,594

168,313

Pool#

890786

3.50%,

6/1/2032

29,278

31,803

Pool#

MA1107

3.50%,

7/1/2032

21,422

22,956

Pool#

FM1664

4.00%,

7/1/2032

156,226

165,408

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

651361

7.00%,

7/1/2032

1,061

1,092

Pool#

BM1669

3.00%,

8/1/2032

156,702

167,506

Pool#

AP1990

3.50%,

8/1/2032

60,512

64,422

Pool#

AP1997

3.50%,

8/1/2032

52,690

56,418

Pool#

BH5355

3.50%,

8/1/2032

8,294

8,898

Pool#

AO7202

3.50%,

9/1/2032

151,944

162,814

Pool#

MA1166

3.50%,

9/1/2032

115,242

123,492

Pool#

BM5167

3.50%,

9/1/2032

23,317

24,965

Pool#

CA0586

2.50%,

10/1/2032

59,037

62,341

Pool#

AP3673

3.50%,

10/1/2032

144,284

155,423

Pool#

BH9391

3.50%,

10/1/2032

10,435

11,204

Pool#

BM3389

3.00%,

11/1/2032

241,172

258,371

Pool#

AB6962

3.50%,

11/1/2032

204,275

220,051

Pool#

AQ3343

3.50%,

11/1/2032

122,191

131,627

Pool#

BM3977

3.00%,

12/1/2032

369,048

391,318

Pool#

CA0951

3.00%,

12/1/2032

193,983

205,322

Pool#

FM1661

2.50%,

1/1/2033

744,994

778,585

Pool#

BM4338

2.50%,

1/1/2033

402,287

420,755

Pool#

BM3919

3.00%,

2/1/2033

224,899

241,049

Pool#

BM3750

3.50%,

3/1/2033

191,766

207,558

Pool#

BM4129

3.50%,

4/1/2033

250,059

270,660

Pool#

555346

5.50%,

4/1/2033

36,809

42,399

Pool#

713560

5.50%,

4/1/2033

8,092

9,130

Pool#

694846

6.50%,

4/1/2033

6,729

7,557

Pool#

701261

7.00%,

4/1/2033

292

310

Pool#

AB9402

3.00%,

5/1/2033

216,296

230,894

Pool#

AB9403

3.00%,

5/1/2033

100,039

106,763

Pool#

AB9300

3.00%,

5/1/2033

77,847

83,100

Pool#

BM4132

3.50%,

5/1/2033

181,637

196,415

Pool#

MA3372

4.00%,

5/1/2033

182,352

193,934

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

37

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

555421

5.00%,

5/1/2033

817,777

928,155

Pool#

MA3393

4.00%,

6/1/2033

75,736

80,392

Pool#

MA3427

4.00%,

7/1/2033

59,652

63,349

Pool#

720087

5.50%,

7/1/2033

188,908

216,980

Pool#

728721

5.50%,

7/1/2033

17,692

20,254

Pool#

555684

5.50%,

7/1/2033

7,086

8,162

Pool#

MA1527

3.00%,

8/1/2033

811,390

868,131

Pool#

743235

5.50%,

10/1/2033

10,616

12,213

Pool#

750229

6.50%,

10/1/2033

18,604

20,896

Pool#

FM2154

4.00%,

12/1/2033

324,349

343,412

Pool#

755872

5.50%,

12/1/2033

122,296

140,217

Pool#

725221

5.50%,

1/1/2034

3,494

4,027

Pool#

725223

5.50%,

3/1/2034

410

473

Pool#

725228

6.00%,

3/1/2034

333,233

386,661

Pool#

725425

5.50%,

4/1/2034

199,160

229,796

Pool#

725423

5.50%,

5/1/2034

19,904

22,952

Pool#

725594

5.50%,

7/1/2034

83,405

96,416

Pool#

MA3739

3.50%,

8/1/2034

155,149

165,935

Pool#

788027

6.50%,

9/1/2034

22,160

24,889

Pool#

MA3827

2.50%,

11/1/2034

808,803

843,834

Pool#

FM1905

3.00%,

11/1/2034

96,617

102,612

Pool#

807310

7.00%,

11/1/2034

1,988

2,303

Pool#

FM2412

3.50%,

1/1/2035

49,250

53,021

Pool#

735141

5.50%,

1/1/2035

263,359

304,965

Pool#

889852

5.50%,

5/1/2035

7,346

8,468

Pool#

FM5474

2.50%,

10/1/2035

630,789

658,827

Pool#

MA4156

2.50%,

10/1/2035

573,452

597,410

Pool#

FM4900

2.00%,

12/1/2035

81,422

84,013

Pool#

256023

6.00%,

12/1/2035

259,804

306,882

Pool#

CA8793

2.00%,

2/1/2036

1,961,295

2,024,554

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA8789

2.00%,

2/1/2036

905,386

933,199

Pool#

CA8736

2.00%,

2/1/2036

905,211

937,973

Pool#

FM5908

2.00%,

2/1/2036

667,453

692,482

Pool#

CA9141

2.00%,

2/1/2036

631,541

655,220

Pool#

CA9145

2.00%,

2/1/2036

552,505

569,478

Pool#

FM5571

2.00%,

2/1/2036

339,728

351,790

Pool#

CA9435

2.00%,

3/1/2036

560,689

577,914

Pool#

CA9475

2.00%,

3/1/2036

524,681

540,800

Pool#

CA9441

2.50%,

3/1/2036

427,215

452,100

Pool#

CB0262

2.00%,

4/1/2036

846,980

872,999

Pool#

745418

5.50%,

4/1/2036

38,994

45,318

Pool#

FM7259

2.50%,

5/1/2036

399,612

419,155

Pool#

745516

5.50%,

5/1/2036

22,185

25,775

Pool#

MA4360

2.00%,

6/1/2036

1,498,990

1,545,040

Pool#

889745

5.50%,

6/1/2036

4,163

4,811

Pool#

CB1090

2.50%,

7/1/2036

221,674

233,607

Pool#

FM8538

2.00%,

8/1/2036

283,786

294,037

Pool#

995065

5.50%,

9/1/2036

146,505

168,667

Pool#

888635

5.50%,

9/1/2036

94,821

109,282

Pool#

995024

5.50%,

8/1/2037

52,122

60,516

Pool#

995050

6.00%,

9/1/2037

484,476

572,479

Pool#

955194

7.00%,

11/1/2037

38,250

45,157

Pool#

928940

7.00%,

12/1/2037

22,052

23,300

Pool#

MA3389

4.00%,

6/1/2038

110,490

119,161

Pool#

MA3464

3.50%,

9/1/2038

191,154

203,464

Pool#

990810

7.00%,

10/1/2038

48,481

50,826

Pool#

AD8536

5.00%,

8/1/2040

157,295

175,944

Pool#

AB1735

3.50%,

11/1/2040

5,101

5,403

Pool#

AE9747

4.50%,

12/1/2040

535,936

598,792

Pool#

AB2067

3.50%,

1/1/2041

205,605

224,463

38

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

932888

3.50%,

1/1/2041

168,825

186,901

Pool#

AB2068

3.50%,

1/1/2041

114,482

124,632

Pool#

932891

3.50%,

1/1/2041

32,408

35,615

Pool#

AL3650

5.00%,

2/1/2041

10,403

11,747

Pool#

AL6521

5.00%,

4/1/2041

874,859

999,406

Pool#

AL0390

5.00%,

5/1/2041

309,264

351,271

Pool#

AL5863

4.50%,

6/1/2041

1,807,562

2,009,100

Pool#

AI9851

4.50%,

9/1/2041

28,887

32,400

Pool#

AL0761

5.00%,

9/1/2041

101,002

114,368

Pool#

BM3907

5.50%,

9/1/2041

233,467

269,221

Pool#

AJ5431

4.50%,

10/1/2041

76,174

83,567

Pool#

AJ4861

4.00%,

12/1/2041

111,050

122,819

Pool#

AX5316

4.50%,

1/1/2042

52,186

58,464

Pool#

AL2499

4.50%,

1/1/2042

19,514

21,656

Pool#

AW8167

3.50%,

2/1/2042

615,980

666,884

Pool#

AB5185

3.50%,

5/1/2042

279,690

302,823

Pool#

AO3575

4.50%,

5/1/2042

47,105

51,339

Pool#

AO4647

3.50%,

6/1/2042

604,962

658,853

Pool#

AO8036

4.50%,

7/1/2042

328,391

367,897

Pool#

AP2092

4.50%,

8/1/2042

11,829

12,791

Pool#

AP6579

3.50%,

9/1/2042

484,999

524,959

Pool#

AL2782

4.50%,

9/1/2042

89,281

99,317

Pool#

AB6524

3.50%,

10/1/2042

864,910

939,242

Pool#

AB7074

3.00%,

11/1/2042

469,642

501,282

Pool#

AP8785

3.00%,

11/1/2042

157,996

167,967

Pool#

AL2677

3.50%,

11/1/2042

530,879

578,157

Pool#

AB6786

3.50%,

11/1/2042

286,742

310,523

Pool#

MA1273

3.50%,

12/1/2042

238,613

259,135

Pool#

AR4210

3.50%,

1/1/2043

127,076

138,370

Pool#

AT4040

3.00%,

3/1/2043

124,528

132,901

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AR8213

3.50%,

4/1/2043

141,776

154,385

Pool#

AB9238

3.00%,

5/1/2043

759,600

816,236

Pool#

AB9237

3.00%,

5/1/2043

592,780

639,626

Pool#

AB9236

3.00%,

5/1/2043

181,211

195,871

Pool#

AB9362

3.50%,

5/1/2043

795,111

868,023

Pool#

AT4145

3.00%,

6/1/2043

225,618

242,410

Pool#

AB9814

3.00%,

7/1/2043

701,385

753,682

Pool#

AT6871

3.00%,

7/1/2043

104,269

111,088

Pool#

AS0203

3.00%,

8/1/2043

538,517

578,672

Pool#

AS0255

4.50%,

8/1/2043

179,686

199,970

Pool#

AS0516

3.00%,

9/1/2043

381,761

407,930

Pool#

AL4471

4.00%,

9/1/2043

310,086

345,001

Pool#

AL6951

3.50%,

10/1/2043

403,314

437,675

Pool#

BM4222

3.00%,

1/1/2044

529,834

564,869

Pool#

AS2276

4.50%,

4/1/2044

332,868

372,129

Pool#

AW1006

4.00%,

5/1/2044

117,763

131,483

Pool#

AL7767

4.50%,

6/1/2044

29,928

33,385

Pool#

AS3161

4.00%,

8/1/2044

685,743

756,866

Pool#

BM4650

3.00%,

10/1/2044

954,972

1,018,452

Pool#

CA0688

3.50%,

10/1/2044

269,689

291,795

Pool#

BC5090

4.00%,

10/1/2044

75,619

83,348

Pool#

AS3946

4.00%,

12/1/2044

873,355

966,871

Pool#

AL8303

3.00%,

1/1/2045

170,575

181,881

Pool#

BM4384

4.00%,

1/1/2045

291,743

319,879

Pool#

BM3611

4.00%,

1/1/2045

244,205

267,752

Pool#

BM3804

3.50%,

2/1/2045

108,967

118,578

Pool#

AL9555

4.00%,

2/1/2045

1,586,981

1,744,202

Pool#

AX9524

4.00%,

2/1/2045

943,167

1,052,992

Pool#

AS4418

4.00%,

2/1/2045

618,781

690,825

Pool#

AS4375

4.00%,

2/1/2045

455,304

508,320

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

39

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL6889

4.50%,

2/1/2045

106,796

119,119

Pool#

BM3931

3.00%,

3/1/2045

465,055

495,970

Pool#

AY1312

3.50%,

3/1/2045

1,499,568

1,636,732

Pool#

AX9567

3.50%,

3/1/2045

79,314

86,629

Pool#

BM4975

4.00%,

3/1/2045

141,923

156,000

Pool#

AS4578

4.00%,

3/1/2045

119,962

133,931

Pool#

BM3664

3.00%,

5/1/2045

523,503

558,204

Pool#

AS4921

3.50%,

5/1/2045

736,906

799,982

Pool#

AS5012

4.00%,

5/1/2045

1,242,670

1,387,364

Pool#

BM5562

4.00%,

6/1/2045

224,093

247,614

Pool#

AS5312

3.50%,

7/1/2045

147,790

160,441

Pool#

AZ7111

4.00%,

7/1/2045

15,419

16,806

Pool#

AZ9866

4.00%,

8/1/2045

11,911

13,040

Pool#

AL7207

4.50%,

8/1/2045

129,337

144,749

Pool#

AL9634

3.50%,

10/1/2045

94,713

102,497

Pool#

BA2164

3.00%,

11/1/2045

111,246

117,612

Pool#

AS6311

3.50%,

12/1/2045

1,235,838

1,327,946

Pool#

AS6282

3.50%,

12/1/2045

1,123,737

1,218,378

Pool#

BC0326

3.50%,

12/1/2045

716,057

769,753

Pool#

BC0092

3.50%,

12/1/2045

71,755

77,114

Pool#

BC0475

3.50%,

12/1/2045

47,874

51,475

Pool#

AS6362

4.50%,

12/1/2045

22,706

25,166

Pool#

AS6474

3.50%,

1/1/2046

264,901

291,032

Pool#

AS6539

3.50%,

1/1/2046

239,046

262,618

Pool#

AL9849

3.50%,

1/1/2046

138,852

150,692

Pool#

AS6527

4.00%,

1/1/2046

186,944

203,749

Pool#

BC0178

4.50%,

1/1/2046

2,156

2,336

Pool#

BC1158

3.50%,

2/1/2046

960,511

1,032,197

Pool#

BC2667

4.00%,

2/1/2046

23,314

25,315

Pool#

BC0605

4.00%,

2/1/2046

20,339

22,087

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9781

4.50%,

2/1/2046

253,511

281,919

Pool#

BC0300

3.50%,

3/1/2046

742,724

795,917

Pool#

BM4621

3.50%,

3/1/2046

349,482

379,240

Pool#

AS6833

3.50%,

3/1/2046

16,610

17,867

Pool#

AS6795

4.00%,

3/1/2046

113,673

123,257

Pool#

BA6972

4.00%,

3/1/2046

35,669

38,810

Pool#

BC0311

4.50%,

3/1/2046

2,634

2,865

Pool#

BC0823

3.50%,

4/1/2046

124,782

133,691

Pool#

BA7692

3.50%,

4/1/2046

13,402

14,634

Pool#

AS7026

4.00%,

4/1/2046

81,895

89,018

Pool#

AS7171

3.50%,

5/1/2046

38,818

41,543

Pool#

AS7251

4.00%,

5/1/2046

14,826

16,123

Pool#

AS7387

3.50%,

6/1/2046

113,944

121,804

Pool#

AL8833

4.00%,

6/1/2046

733,937

818,738

Pool#

AS7593

3.50%,

7/1/2046

646,009

692,673

Pool#

AS7594

3.50%,

7/1/2046

623,213

670,760

Pool#

AS7545

3.50%,

7/1/2046

181,069

193,749

Pool#

AL8824

3.50%,

7/1/2046

170,447

187,255

Pool#

AS7490

3.50%,

7/1/2046

109,569

118,665

Pool#

BC1452

4.00%,

7/1/2046

1,108,668

1,206,236

Pool#

BD5180

4.50%,

7/1/2046

4,223

4,587

Pool#

MA2705

3.00%,

8/1/2046

578,745

610,241

Pool#

BC1489

3.00%,

8/1/2046

126,229

135,612

Pool#

BD4890

3.50%,

8/1/2046

739,795

792,033

Pool#

BC9501

3.50%,

8/1/2046

23,089

24,780

Pool#

AS7760

4.00%,

8/1/2046

132,727

144,963

Pool#

AS7648

4.00%,

8/1/2046

66,102

71,561

Pool#

AS7795

4.00%,

8/1/2046

50,184

54,389

Pool#

BD3911

4.00%,

8/1/2046

18,469

20,051

Pool#

BD3923

4.00%,

8/1/2046

9,293

10,078

40

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS7770

4.50%,

8/1/2046

35,975

39,300

Pool#

BD5232

4.50%,

8/1/2046

6,303

6,889

Pool#

AL8947

3.50%,

9/1/2046

198,685

216,880

Pool#

BD4944

3.50%,

9/1/2046

29,553

31,445

Pool#

AL9263

3.00%,

10/1/2046

188,678

201,948

Pool#

AL9234

3.50%,

10/1/2046

77,736

84,922

Pool#

BM3932

3.50%,

10/1/2046

52,040

55,758

Pool#

AS8125

3.50%,

10/1/2046

48,460

52,162

Pool#

FM1871

4.00%,

10/1/2046

120,559

132,799

Pool#

BC4766

4.50%,

10/1/2046

37,449

41,173

Pool#

AS8154

4.50%,

10/1/2046

17,921

19,574

Pool#

FM1368

3.00%,

11/1/2046

1,135,863

1,200,976

Pool#

MA2806

3.00%,

11/1/2046

376,883

398,381

Pool#

BC9003

3.00%,

11/1/2046

149,150

158,510

Pool#

AS8369

3.50%,

11/1/2046

569,382

613,996

Pool#

BE5067

3.50%,

11/1/2046

393,222

422,932

Pool#

BE0065

3.50%,

11/1/2046

13,632

14,703

Pool#

BE5038

4.00%,

11/1/2046

13,268

14,939

Pool#

MA2833

3.00%,

12/1/2046

3,118,672

3,314,503

Pool#

AS8483

3.00%,

12/1/2046

720,099

763,958

Pool#

BC9067

3.00%,

12/1/2046

326,834

346,380

Pool#

AS8488

3.00%,

12/1/2046

280,634

301,049

Pool#

AS8509

3.00%,

12/1/2046

88,332

95,295

Pool#

BM1121

3.50%,

12/1/2046

604,684

657,918

Pool#

AS8492

3.50%,

12/1/2046

571,075

625,228

Pool#

AS8572

3.50%,

12/1/2046

435,298

463,837

Pool#

AS8417

3.50%,

12/1/2046

349,782

372,680

Pool#

BE4224

3.50%,

12/1/2046

15,801

16,893

Pool#

AS8650

3.00%,

1/1/2047

1,258,023

1,329,173

Pool#

AL9697

3.00%,

1/1/2047

700,653

751,986

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8647

3.00%,

1/1/2047

517,404

554,748

Pool#

BE5775

3.00%,

1/1/2047

450,062

476,677

Pool#

AL9774

3.50%,

1/1/2047

376,799

416,929

Pool#

BM3204

3.50%,

1/1/2047

295,804

324,655

Pool#

AS8692

3.50%,

1/1/2047

221,011

235,417

Pool#

BD2440

3.50%,

1/1/2047

219,408

234,104

Pool#

BD2450

3.50%,

1/1/2047

150,889

160,881

Pool#

BE6548

3.50%,

1/1/2047

87,949

93,880

Pool#

BE7115

4.50%,

1/1/2047

14,391

15,816

Pool#

BE5856

4.50%,

1/1/2047

10,100

11,080

Pool#

BE6503

4.50%,

1/1/2047

4,463

4,868

Pool#

BM3908

5.50%,

1/1/2047

47,438

54,997

Pool#

MA2895

3.00%,

2/1/2047

3,899,208

4,130,976

Pool#

BM3688

3.50%,

2/1/2047

487,699

522,987

Pool#

BD5046

3.50%,

2/1/2047

93,242

99,487

Pool#

BM5274

4.00%,

2/1/2047

90,980

98,710

Pool#

BE8495

4.50%,

2/1/2047

3,748

4,090

Pool#

BE7869

4.50%,

2/1/2047

3,007

3,255

Pool#

AL9859

3.00%,

3/1/2047

1,174,692

1,242,634

Pool#

AL9848

3.00%,

3/1/2047

379,591

400,736

Pool#

BM5383

4.00%,

3/1/2047

58,608

64,697

Pool#

AS8966

4.00%,

3/1/2047

44,457

47,986

Pool#

AS8979

4.50%,

3/1/2047

62,193

68,844

Pool#

BE9247

4.50%,

3/1/2047

6,457

7,068

Pool#

BM3707

2.50%,

4/1/2047

190,963

198,023

Pool#

AS9463

3.50%,

4/1/2047

176,730

192,045

Pool#

AS9451

3.50%,

4/1/2047

118,728

126,141

Pool#

BD7122

4.00%,

4/1/2047

567,662

613,010

Pool#

AS9467

4.00%,

4/1/2047

284,934

311,989

Pool#

AS9470

4.50%,

4/1/2047

200,678

220,238

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

41

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BH0304

4.50%,

4/1/2047

9,096

9,910

Pool#

AS9562

3.00%,

5/1/2047

76,773

81,252

Pool#

BM3237

3.50%,

5/1/2047

395,725

430,720

Pool#

AS9577

3.50%,

5/1/2047

163,659

178,198

Pool#

BM1268

4.00%,

5/1/2047

304,588

333,357

Pool#

BE3670

3.50%,

6/1/2047

190,199

202,278

Pool#

AS9794

3.50%,

6/1/2047

148,181

161,573

Pool#

AS9747

4.00%,

6/1/2047

795,237

873,555

Pool#

BM3549

4.00%,

6/1/2047

324,689

352,850

Pool#

BE3702

4.00%,

6/1/2047

122,581

132,084

Pool#

BM1295

4.50%,

6/1/2047

141,558

155,532

Pool#

BE9624

4.50%,

6/1/2047

18,204

19,814

Pool#

BM3801

3.00%,

7/1/2047

646,855

682,562

Pool#

AS9938

3.50%,

7/1/2047

153,429

167,950

Pool#

BM1551

3.50%,

7/1/2047

139,241

151,517

Pool#

AS9909

3.50%,

7/1/2047

72,345

78,615

Pool#

BM1492

4.00%,

7/1/2047

590,705

646,366

Pool#

AS9973

4.00%,

7/1/2047

43,947

47,217

Pool#

890673

3.00%,

8/1/2047

332,857

352,432

Pool#

MA3087

3.50%,

8/1/2047

293,253

311,731

Pool#

CA0240

3.50%,

8/1/2047

156,854

166,692

Pool#

BM1658

3.50%,

8/1/2047

121,154

131,041

Pool#

BH7375

3.50%,

8/1/2047

93,275

99,344

Pool#

CA0123

4.00%,

8/1/2047

471,548

519,299

Pool#

BH2597

4.00%,

8/1/2047

325,667

350,842

Pool#

BH5359

4.00%,

8/1/2047

165,264

180,327

Pool#

CA0133

4.00%,

8/1/2047

58,639

63,168

Pool#

BM5787

4.00%,

8/1/2047

17,066

18,529

Pool#

CA0407

3.50%,

9/1/2047

276,039

293,570

Pool#

BH4004

4.00%,

9/1/2047

283,740

305,639

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3556

4.00%,

9/1/2047

149,515

167,999

Pool#

CA0392

4.00%,

9/1/2047

132,325

142,227

Pool#

CA0265

4.00%,

9/1/2047

40,043

43,175

Pool#

CA0487

3.50%,

10/1/2047

666,840

707,733

Pool#

BM1959

3.50%,

10/1/2047

404,154

442,402

Pool#

CA0493

4.00%,

10/1/2047

331,294

356,632

Pool#

CA0549

4.00%,

10/1/2047

228,825

245,560

Pool#

BM3015

4.00%,

10/1/2047

169,924

189,203

Pool#

CA0496

4.50%,

10/1/2047

192,121

213,912

Pool#

CA0623

4.50%,

10/1/2047

57,447

62,707

Pool#

CA0693

3.50%,

11/1/2047

479,311

510,059

Pool#

CA0680

3.50%,

11/1/2047

201,334

220,812

Pool#

BM3358

3.50%,

11/1/2047

180,650

197,683

Pool#

CA0696

4.00%,

11/1/2047

556,876

597,533

Pool#

BM3191

4.00%,

11/1/2047

121,258

131,087

Pool#

CA0808

4.00%,

11/1/2047

92,431

99,695

Pool#

BM3379

3.00%,

12/1/2047

586,670

627,945

Pool#

BJ2492

3.50%,

12/1/2047

293,746

312,587

Pool#

MA3211

4.00%,

12/1/2047

811,529

875,428

Pool#

BJ1699

4.00%,

12/1/2047

240,367

265,011

Pool#

MA3238

3.50%,

1/1/2048

457,434

485,422

Pool#

CA0991

3.50%,

1/1/2048

409,189

449,637

Pool#

CA1015

4.00%,

1/1/2048

310,565

334,645

Pool#

CA1025

4.50%,

1/1/2048

461,101

501,407

Pool#

CA1189

3.50%,

2/1/2048

1,768,543

1,880,789

Pool#

BH9280

3.50%,

2/1/2048

858,009

936,334

Pool#

CA1242

3.50%,

2/1/2048

183,985

202,908

Pool#

MA3277

4.00%,

2/1/2048

18,378

19,753

Pool#

BJ8271

4.50%,

2/1/2048

544,303

595,161

Pool#

BJ8270

4.50%,

2/1/2048

321,571

352,885

42

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BK1586

4.50%,

2/1/2048

298,488

330,777

Pool#

BJ8269

4.50%,

2/1/2048

268,057

298,401

Pool#

CA4341

3.00%,

3/1/2048

157,837

165,848

Pool#

MA3305

3.50%,

3/1/2048

50,080

53,266

Pool#

BK1972

4.50%,

3/1/2048

80,061

88,133

Pool#

BJ0640

5.00%,

3/1/2048

21,667

23,960

Pool#

CA1531

3.50%,

4/1/2048

144,229

159,971

Pool#

CA1510

3.50%,

4/1/2048

127,981

135,971

Pool#

CA1551

4.00%,

4/1/2048

829,714

888,869

Pool#

CA1560

4.50%,

4/1/2048

171,614

189,099

Pool#

BJ2681

5.00%,

4/1/2048

69,061

76,303

Pool#

MA3348

5.00%,

4/1/2048

6,795

7,510

Pool#

BM4024

3.50%,

5/1/2048

97,388

107,283

Pool#

MA3358

4.50%,

5/1/2048

261,845

282,913

Pool#

MA3374

5.00%,

5/1/2048

20,906

23,078

Pool#

CA1898

4.50%,

6/1/2048

195,505

217,324

Pool#

CA1951

4.00%,

7/1/2048

202,902

217,714

Pool#

BK6577

4.50%,

7/1/2048

27,068

29,324

Pool#

CA1988

4.50%,

7/1/2048

6,723

7,297

Pool#

BK4766

4.50%,

8/1/2048

319,912

353,225

Pool#

CA2376

4.00%,

9/1/2048

222,538

238,565

Pool#

MA3472

5.00%,

9/1/2048

25,521

28,093

Pool#

MA3495

4.00%,

10/1/2048

289,232

309,881

Pool#

CA2493

4.50%,

10/1/2048

136,754

148,237

Pool#

BM4664

4.50%,

10/1/2048

128,880

142,823

Pool#

BM5024

3.00%,

11/1/2048

795,003

833,586

Pool#

FM1001

3.50%,

11/1/2048

59,199

63,035

Pool#

MA3521

4.00%,

11/1/2048

299,261

320,527

Pool#

MA3536

4.00%,

12/1/2048

227,022

243,346

Pool#

CA2779

4.50%,

12/1/2048

399,528

441,131

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BN0340

4.50%,

12/1/2048

359,716

389,485

Pool#

BM5212

4.50%,

12/1/2048

97,806

105,910

Pool#

FM2888

3.50%,

1/1/2049

2,119,808

2,247,204

Pool#

BN3944

4.00%,

1/1/2049

134,374

146,125

Pool#

BN3960

4.50%,

1/1/2049

233,237

252,672

Pool#

BN6135

4.00%,

2/1/2049

108,827

116,591

Pool#

FM2337

4.50%,

2/1/2049

416,608

451,553

Pool#

CA3387

4.00%,

4/1/2049

430,936

472,963

Pool#

CA3394

5.00%,

4/1/2049

50,213

55,393

Pool#

CA3489

4.00%,

5/1/2049

322,920

354,412

Pool#

MA3665

4.50%,

5/1/2049

395,486

428,254

Pool#

FM1051

4.50%,

5/1/2049

244,022

264,330

Pool#

CA3669

4.00%,

6/1/2049

473,747

519,474

Pool#

CA3639

4.00%,

6/1/2049

168,340

183,063

Pool#

CA3825

4.00%,

7/1/2049

361,402

398,099

Pool#

CA3844

4.50%,

7/1/2049

177,003

191,606

Pool#

CA4030

4.00%,

8/1/2049

771,754

826,994

Pool#

CA4035

4.50%,

8/1/2049

230,570

249,658

Pool#

BO2258

3.00%,

10/1/2049

1,129,051

1,183,628

Pool#

BO5494

3.00%,

11/1/2049

131,038

138,331

Pool#

MA3835

3.50%,

11/1/2049

202,345

213,973

Pool#

MA3836

4.00%,

11/1/2049

291,883

312,382

Pool#

BO6225

3.00%,

12/1/2049

995,728

1,043,876

Pool#

BO5380

3.00%,

12/1/2049

154,236

163,007

Pool#

MA3873

4.00%,

12/1/2049

220,212

235,695

Pool#

CA5152

3.00%,

2/1/2050

349,949

369,322

Pool#

FM2887

3.00%,

3/1/2050

658,418

693,898

Pool#

FM0077

3.00%,

3/1/2050

164,193

175,112

Pool#

CA5510

3.00%,

4/1/2050

561,188

593,423

Pool#

CA5754

4.00%,

5/1/2050

71,425

76,489

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4077

2.00%,

7/1/2050

1,252,399

1,256,710

Pool#

CA6317

3.00%,

7/1/2050

678,868

720,341

Pool#

CA6598

2.50%,

8/1/2050

1,161,079

1,205,065

Pool#

BQ4909

2.00%,

9/1/2050

2,075,102

2,082,245

Pool#

CA6985

2.00%,

9/1/2050

1,122,771

1,130,506

Pool#

FM4226

2.50%,

9/1/2050

2,849,956

2,957,226

Pool#

FM4231

2.50%,

9/1/2050

2,624,223

2,708,963

Pool#

FM4222

2.50%,

9/1/2050

645,842

674,797

Pool#

CA7029

2.50%,

9/1/2050

592,902

619,485

Pool#

CA7572

2.50%,

10/1/2050

4,180,318

4,353,573

Pool#

CA7368

2.50%,

10/1/2050

1,649,753

1,702,952

Pool#

CA7369

2.50%,

10/1/2050

1,353,811

1,397,447

Pool#

CA7573

2.50%,

11/1/2050

6,149,440

6,399,588

Pool#

FM4859

2.50%,

11/1/2050

1,345,669

1,396,319

Pool#

FM4808

2.50%,

11/1/2050

1,036,067

1,069,525

Pool#

CA8442

2.00%,

1/1/2051

2,494,478

2,516,774

Pool#

FM6031

2.00%,

2/1/2051

3,033,470

3,044,807

Pool#

CA8823

2.00%,

2/1/2051

1,331,816

1,338,323

Pool#

CA8893

2.00%,

2/1/2051

1,298,073

1,304,415

Pool#

BQ9747

2.00%,

2/1/2051

960,666

963,973

Pool#

FM6135

2.00%,

2/1/2051

721,328

725,746

Pool#

CA8954

2.50%,

2/1/2051

1,727,938

1,783,160

Pool#

CA8866

2.50%,

2/1/2051

928,054

959,389

Pool#

FM6554

2.00%,

3/1/2051

2,334,032

2,350,135

Pool#

FM7677

2.50%,

3/1/2051

2,743,263

2,837,562

Pool#

FM6569

2.50%,

3/1/2051

2,733,249

2,829,779

Pool#

FM6834

2.00%,

4/1/2051

2,818,420

2,837,865

Pool#

CB0235

2.00%,

4/1/2051

1,517,441

1,527,970

Pool#

CB0149

2.00%,

4/1/2051

386,942

388,488

Pool#

BR7647

2.00%,

4/1/2051

309,041

310,183

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BR7703

2.50%,

4/1/2051

536,356

553,637

Pool#

CB0400

2.00%,

5/1/2051

369,852

375,381

Pool#

MA4326

2.50%,

5/1/2051

2,137,377

2,205,684

Pool#

CB0684

2.00%,

6/1/2051

1,563,956

1,574,032

Pool#

CB0819

2.00%,

6/1/2051

1,406,009

1,415,765

Pool#

FM7719

2.00%,

6/1/2051

1,008,667

1,015,626

Pool#

MA4356

2.50%,

6/1/2051

8,436,029

8,705,630

Pool#

MA4378

2.00%,

7/1/2051

2,433,314

2,441,690

Pool#

CB1110

2.00%,

7/1/2051

641,640

644,011

Pool#

FM8160

2.50%,

7/1/2051

800,000

834,096

Pool#

FM8007

2.50%,

7/1/2051

520,416

537,346

Pool#

CB1065

2.50%,

7/1/2051

394,905

407,691

Pool#

CB1133

2.50%,

7/1/2051

324,224

337,535

Pool#

CB1330

2.50%,

8/1/2051

1,816,601

1,875,838

Pool#

FM8011

2.50%,

8/1/2051

1,506,475

1,566,639

Pool#

CB1400

3.00%,

8/1/2051

49,643

53,489

Pool#

MA4437

2.00%,

10/1/2051

11,799,000

11,839,614

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2036

13,100,000

13,229,467

2.00%,

10/25/2036

7,440,000

7,662,330

2.50%,

10/25/2036

695,000

724,022

3.00%,

10/25/2036

98,663

103,770

3.50%,

10/25/2036

1,293,000

1,379,596

4.00%,

10/25/2036

143,000

151,574

4.50%,

10/25/2036

215,000

225,171

5.00%,

10/25/2036

35,000

36,498

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

10/25/2051

18,525,000

17,995,296

2.00%,

10/25/2051

23,321,000

23,383,859

2.50%,

10/25/2051

6,526,000

6,728,663

3.00%,

10/25/2051

5,250,000

5,493,427

3.50%,

10/25/2051

1,700,000

1,798,712

4.00%,

10/25/2051

1,825,000

1,955,281

2.50%,

11/25/2051

1,425,000

1,466,470

3.00%,

11/25/2051

1,350,000

1,410,835

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

312

326

Pool#

457801

7.00%,

8/15/2028

1,699

1,839

44

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

486936

6.50%,

2/15/2029

684

767

Pool#

502969

6.00%,

3/15/2029

2,474

2,777

Pool#

487053

7.00%,

3/15/2029

801

877

Pool#

781014

6.00%,

4/15/2029

1,680

1,878

Pool#

509099

7.00%,

6/15/2029

2,719

2,796

Pool#

470643

7.00%,

7/15/2029

7,137

7,342

Pool#

434505

7.50%,

8/15/2029

47

48

Pool#

416538

7.00%,

10/15/2029

13

13

Pool#

781124

7.00%,

12/15/2029

5,781

6,673

Pool#

507396

7.50%,

9/15/2030

34,562

36,076

Pool#

531352

7.50%,

9/15/2030

2,204

2,277

Pool#

536334

7.50%,

10/15/2030

158

162

Pool#

540659

7.00%,

1/15/2031

731

740

Pool#

486019

7.50%,

1/15/2031

809

844

Pool#

535388

7.50%,

1/15/2031

501

510

Pool#

528589

6.50%,

3/15/2031

17,709

19,784

Pool#

508473

7.50%,

4/15/2031

3,375

3,617

Pool#

544470

8.00%,

4/15/2031

1,870

1,878

Pool#

781287

7.00%,

5/15/2031

2,690

3,132

Pool#

781319

7.00%,

7/15/2031

815

963

Pool#

485879

7.00%,

8/15/2031

4,480

4,936

Pool#

572554

6.50%,

9/15/2031

38,650

43,177

Pool#

781328

7.00%,

9/15/2031

2,604

3,020

Pool#

550991

6.50%,

10/15/2031

469

524

Pool#

571267

7.00%,

10/15/2031

465

507

Pool#

555171

6.50%,

12/15/2031

1,159

1,295

Pool#

781380

7.50%,

12/15/2031

850

1,006

Pool#

781481

7.50%,

1/15/2032

3,743

4,460

Pool#

580972

6.50%,

2/15/2032

164

183

Pool#

781401

7.50%,

2/15/2032

2,556

2,964

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781916

6.50%,

3/15/2032

35,426

40,343

Pool#

552474

7.00%,

3/15/2032

4,299

4,915

Pool#

781478

7.50%,

3/15/2032

1,534

1,796

Pool#

781429

8.00%,

3/15/2032

2,680

3,132

Pool#

781431

7.00%,

4/15/2032

10,156

12,021

Pool#

552616

7.00%,

6/15/2032

34,894

39,602

Pool#

570022

7.00%,

7/15/2032

13,132

15,232

Pool#

595077

6.00%,

10/15/2032

4,896

5,788

Pool#

552903

6.50%,

11/15/2032

78,504

89,690

Pool#

552952

6.00%,

12/15/2032

4,737

5,412

Pool#

602102

6.00%,

2/15/2033

13,863

15,551

Pool#

588192

6.00%,

2/15/2033

3,830

4,315

Pool#

553144

5.50%,

4/15/2033

15,076

17,479

Pool#

604243

6.00%,

4/15/2033

6,569

7,688

Pool#

611526

6.00%,

5/15/2033

7,763

8,700

Pool#

553320

6.00%,

6/15/2033

17,800

20,903

Pool#

573916

6.00%,

11/15/2033

22,306

22,306

Pool#

604788

6.50%,

11/15/2033

50,656

56,589

Pool#

781688

6.00%,

12/15/2033

25,198

29,763

Pool#

604875

6.00%,

12/15/2033

22,420

26,505

Pool#

781690

6.00%,

12/15/2033

9,951

11,756

Pool#

781699

7.00%,

12/15/2033

3,628

4,101

Pool#

621856

6.00%,

1/15/2034

8,639

9,680

Pool#

564799

6.00%,

3/15/2034

14,923

16,737

Pool#

630038

6.50%,

8/15/2034

30,137

33,667

Pool#

781804

6.00%,

9/15/2034

27,543

32,552

Pool#

781847

6.00%,

12/15/2034

18,513

21,855

Pool#

486921

5.50%,

2/15/2035

6,241

7,146

Pool#

781902

6.00%,

2/15/2035

24,856

29,242

Pool#

781933

6.00%,

6/15/2035

2,797

3,306

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

45

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

649513

5.50%,

10/15/2035

219,912

251,264

Pool#

649510

5.50%,

10/15/2035

87,103

100,432

Pool#

652207

5.50%,

3/15/2036

41,254

46,026

Pool#

655519

5.00%,

5/15/2036

19,229

21,759

Pool#

652539

5.00%,

5/15/2036

6,696

7,580

Pool#

606308

5.50%,

5/15/2036

9,380

10,615

Pool#

606314

5.50%,

5/15/2036

6,818

7,602

Pool#

657912

6.50%,

8/15/2036

4,318

4,823

Pool#

697957

4.50%,

3/15/2039

662,809

749,990

Pool#

704630

5.50%,

7/15/2039

29,741

34,361

Pool#

710724

4.50%,

8/15/2039

226,260

256,090

Pool#

722292

5.00%,

9/15/2039

420,075

487,659

Pool#

782803

6.00%,

11/15/2039

216,591

250,909

Pool#

736666

4.50%,

4/15/2040

470,557

531,880

Pool#

733312

4.00%,

9/15/2040

59,003

65,521

Pool#

742235

4.00%,

12/15/2040

135,259

150,226

Pool#

759075

4.00%,

1/15/2041

108,337

120,173

Pool#

755959

4.00%,

1/15/2041

105,326

117,256

Pool#

742244

4.00%,

1/15/2041

99,783

110,869

Pool#

755958

4.00%,

1/15/2041

99,458

109,630

Pool#

753826

4.00%,

1/15/2041

52,832

58,655

Pool#

690662

4.00%,

1/15/2041

39,580

43,676

Pool#

719486

4.00%,

1/15/2041

10,652

11,437

Pool#

759207

4.00%,

2/15/2041

197,646

220,036

Pool#

757555

4.00%,

2/15/2041

23,032

25,080

Pool#

757557

4.00%,

2/15/2041

22,029

23,963

Pool#

738107

4.00%,

3/15/2041

260,243

288,926

Pool#

784637

4.00%,

8/15/2041

82,631

92,620

Pool#

778869

4.00%,

2/15/2042

133,427

148,136

Pool#

783745

3.50%,

3/15/2043

913,694

1,007,573

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

AD8789

3.50%,

3/15/2043

485,368

524,471

Pool#

AD2254

3.50%,

3/15/2043

86,249

92,207

Pool#

AA6403

3.00%,

5/15/2043

623,344

664,603

Pool#

AD2411

3.50%,

5/15/2043

402,076

429,849

Pool#

783781

3.50%,

6/15/2043

346,898

373,309

Pool#

784015

3.00%,

7/15/2043

111,596

118,309

Pool#

784459

3.00%,

12/15/2046

255,634

268,913

Pool#

784293

3.00%,

12/15/2046

59,369

66,520

Pool#

784355

4.00%,

12/15/2046

125,072

134,056

Pool#

784500

3.00%,

2/15/2047

534,104

560,405

Pool#

784713

3.00%,

2/15/2047

125,279

132,999

Pool#

784458

3.50%,

12/15/2047

1,179,281

1,297,205

Pool#

784747

4.00%,

5/15/2048

117,283

126,995

Pool#

784715

4.00%,

5/15/2048

87,945

94,510

Pool#

785073

4.00%,

9/15/2049

116,205

125,827

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

279,171

321,149

Pool#

4245

6.00%,

9/20/2038

107,531

124,364

Pool#

4559

5.00%,

10/20/2039

254,737

290,280

Pool#

4715

5.00%,

6/20/2040

64,166

73,169

Pool#

4747

5.00%,

7/20/2040

740,124

841,249

Pool#

4771

4.50%,

8/20/2040

616,211

682,412

Pool#

4802

5.00%,

9/20/2040

495,093

564,557

Pool#

4834

4.50%,

10/20/2040

163,110

180,933

Pool#

737727

4.00%,

12/20/2040

953,657

1,047,895

Pool#

737730

4.00%,

12/20/2040

314,054

345,088

Pool#

4923

4.50%,

1/20/2041

253,359

283,912

Pool#

4978

4.50%,

3/20/2041

35,865

39,915

Pool#

5017

4.50%,

4/20/2041

373,419

415,940

Pool#

5056

5.00%,

5/20/2041

124,038

141,443

46

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

5082

4.50%,

6/20/2041

145,147

162,075

Pool#

5175

4.50%,

9/20/2041

170,623

190,680

Pool#

675523

3.50%,

3/20/2042

184,228

199,052

Pool#

5332

4.00%,

3/20/2042

164,387

181,290

Pool#

MA0392

3.50%,

9/20/2042

1,501,622

1,623,649

Pool#

MA0462

3.50%,

10/20/2042

1,185,053

1,281,302

Pool#

MA0534

3.50%,

11/20/2042

2,703,799

2,923,146

Pool#

MA0625

3.50%,

12/20/2042

570,524

616,805

Pool#

MA0698

3.00%,

1/20/2043

610,232

646,163

Pool#

MA0852

3.50%,

3/20/2043

622,401

672,872

Pool#

MA0934

3.50%,

4/20/2043

564,587

610,435

Pool#

AF1001

3.50%,

6/20/2043

488,688

530,402

Pool#

MA1376

4.00%,

10/20/2043

261,326

285,830

Pool#

AJ9335

3.50%,

10/20/2044

58,362

63,050

Pool#

MA2677

3.00%,

3/20/2045

225,000

237,202

Pool#

MA2754

3.50%,

4/20/2045

414,673

442,397

Pool#

MA2824

2.50%,

5/20/2045

446,148

464,391

Pool#

MA2825

3.00%,

5/20/2045

883,918

931,520

Pool#

AM4381

3.50%,

5/20/2045

529,309

563,523

Pool#

MA2891

3.00%,

6/20/2045

1,478,930

1,558,658

Pool#

MA2960

3.00%,

7/20/2045

502,007

529,080

Pool#

784156

4.00%,

8/20/2045

219,753

235,571

Pool#

AO1103

3.50%,

9/20/2045

817,237

882,924

Pool#

AO1099

3.50%,

9/20/2045

441,172

476,629

Pool#

MA3106

4.00%,

9/20/2045

121,469

132,530

Pool#

MA3172

3.00%,

10/20/2045

240,946

253,912

Pool#

MA3173

3.50%,

10/20/2045

170,765

182,072

Pool#

MA3174

4.00%,

10/20/2045

15,040

16,115

Pool#

MA3243

3.00%,

11/20/2045

452,410

476,752

Pool#

MA3244

3.50%,

11/20/2045

445,787

476,241

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

784098

3.00%,

12/20/2045

885,727

935,922

Pool#

MA3309

3.00%,

12/20/2045

775,598

817,341

Pool#

MA3310

3.50%,

12/20/2045

333,278

355,571

Pool#

784111

3.00%,

1/20/2046

476,766

504,258

Pool#

MA3377

4.00%,

1/20/2046

68,360

74,329

Pool#

784119

3.00%,

2/20/2046

886,615

936,861

Pool#

784115

3.00%,

2/20/2046

40,542

42,840

Pool#

MA3520

3.00%,

3/20/2046

621,734

655,153

Pool#

MA3521

3.50%,

3/20/2046

1,198,468

1,274,792

Pool#

MA3522

4.00%,

3/20/2046

472,586

506,365

Pool#

MA3596

3.00%,

4/20/2046

325,102

342,383

Pool#

MA3597

3.50%,

4/20/2046

343,492

364,261

Pool#

MA3662

3.00%,

5/20/2046

1,230,510

1,295,207

Pool#

MA3735

3.00%,

6/20/2046

755,180

794,924

Pool#

MA3736

3.50%,

6/20/2046

1,995,032

2,121,622

Pool#

MA3804

4.00%,

7/20/2046

73,205

78,427

Pool#

MA3873

3.00%,

8/20/2046

1,614,515

1,700,501

Pool#

MA3876

4.50%,

8/20/2046

77,051

85,566

Pool#

MA3936

3.00%,

9/20/2046

1,656,835

1,744,086

Pool#

MA3939

4.50%,

9/20/2046

11,546

12,903

Pool#

MA4006

4.50%,

10/20/2046

238,675

266,230

Pool#

MA4068

3.00%,

11/20/2046

246,262

259,237

Pool#

MA4069

3.50%,

11/20/2046

26,075

27,683

Pool#

MA4070

4.00%,

11/20/2046

45,659

48,916

Pool#

MA4071

4.50%,

11/20/2046

16,470

18,360

Pool#

MA4125

2.50%,

12/20/2046

137,556

142,845

Pool#

MA4126

3.00%,

12/20/2046

2,487,831

2,621,981

Pool#

MA4127

3.50%,

12/20/2046

605,534

643,468

Pool#

MA4194

2.50%,

1/20/2047

527,624

546,962

Pool#

MA4196

3.50%,

1/20/2047

160,419

170,421

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

47

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4261

3.00%,

2/20/2047

640,622

675,021

Pool#

MA4262

3.50%,

2/20/2047

2,428,865

2,577,159

Pool#

MA4264

4.50%,

2/20/2047

19,290

21,131

Pool#

MA4321

3.50%,

3/20/2047

1,241,654

1,315,200

Pool#

AZ1974

3.50%,

4/20/2047

298,533

322,522

Pool#

MA4382

3.50%,

4/20/2047

211,247

222,287

Pool#

MA4383

4.00%,

4/20/2047

1,058,328

1,134,888

Pool#

MA4384

4.50%,

4/20/2047

25,268

27,387

Pool#

MA4509

3.00%,

6/20/2047

231,901

245,468

Pool#

MA4511

4.00%,

6/20/2047

485,512

520,609

Pool#

MA4512

4.50%,

6/20/2047

57,352

62,182

Pool#

MA4585

3.00%,

7/20/2047

43,357

45,917

Pool#

MA4587

4.00%,

7/20/2047

1,517,802

1,625,966

Pool#

MA4652

3.50%,

8/20/2047

489,714

519,257

Pool#

784471

3.50%,

8/20/2047

475,106

506,912

Pool#

BC1888

3.50%,

8/20/2047

472,879

510,820

Pool#

MA4653

4.00%,

8/20/2047

76,090

81,511

Pool#

784408

3.50%,

10/20/2047

236,435

252,424

Pool#

MA4780

4.50%,

10/20/2047

20,141

21,777

Pool#

MA4836

3.00%,

11/20/2047

446,583

470,004

Pool#

MA4837

3.50%,

11/20/2047

441,552

467,725

Pool#

MA4838

4.00%,

11/20/2047

2,053,828

2,200,118

Pool#

MA4899

3.00%,

12/20/2047

362,819

381,090

Pool#

784421

3.50%,

12/20/2047

338,515

372,948

Pool#

MA4900

3.50%,

12/20/2047

319,570

338,819

Pool#

MA4961

3.00%,

1/20/2048

673,317

707,381

Pool#

MA4962

3.50%,

1/20/2048

606,611

644,073

Pool#

MA5018

3.00%,

2/20/2048

170,451

178,585

Pool#

MA5019

3.50%,

2/20/2048

33,560

35,470

Pool#

784480

3.50%,

4/20/2048

374,318

415,356

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

784479

3.50%,

4/20/2048

260,868

290,599

Pool#

784481

3.50%,

4/20/2048

118,034

126,848

Pool#

MA5137

4.00%,

4/20/2048

451,463

483,615

Pool#

BD4034

4.00%,

4/20/2048

135,459

146,939

Pool#

MA5138

4.50%,

4/20/2048

188,593

202,130

Pool#

MA5192

4.00%,

5/20/2048

812,110

868,027

Pool#

MA5265

4.50%,

6/20/2048

347,779

373,387

Pool#

MA5331

4.50%,

7/20/2048

158,956

169,899

Pool#

MA5398

4.00%,

8/20/2048

806,248

858,945

Pool#

MA5399

4.50%,

8/20/2048

419,141

449,013

Pool#

MA5466

4.00%,

9/20/2048

177,503

189,375

Pool#

BJ2692

4.00%,

11/20/2048

102,089

108,971

Pool#

MA5597

5.00%,

11/20/2048

15,841

17,101

Pool#

MA5652

4.50%,

12/20/2048

196,971

210,364

Pool#

784656

4.50%,

12/20/2048

127,175

136,369

Pool#

BK2856

4.50%,

12/20/2048

21,241

22,780

Pool#

MA5653

5.00%,

12/20/2048

44,959

48,531

Pool#

MA5712

5.00%,

1/20/2049

170,381

182,992

Pool#

MA5818

4.50%,

3/20/2049

146,702

156,567

Pool#

MA5878

5.00%,

4/20/2049

18,214

19,663

Pool#

MA5987

4.50%,

6/20/2049

934,004

998,202

Pool#

MA6041

4.50%,

7/20/2049

265,550

283,459

Pool#

MA6092

4.50%,

8/20/2049

112,029

119,531

Pool#

MA6153

3.00%,

9/20/2049

185,490

194,029

Pool#

MA6409

3.00%,

1/20/2050

1,248,574

1,306,056

Pool#

MA6474

3.00%,

2/20/2050

1,204,246

1,259,687

Pool#

MA6542

3.50%,

3/20/2050

334,839

351,697

Pool#

MA6657

3.50%,

5/20/2050

627,076

659,645

Pool#

BW4732

2.50%,

8/20/2050

1,463,153

1,511,354

Pool#

BW6206

2.50%,

8/20/2050

1,230,224

1,270,773

48

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA6820

3.00%,

8/20/2050

939,646

982,906

Pool#

MA6821

3.50%,

8/20/2050

1,004,053

1,056,173

Pool#

BW4741

2.50%,

9/20/2050

1,375,401

1,420,641

Pool#

BY0776

2.50%,

9/20/2050

877,927

906,847

Pool#

BY0805

2.50%,

9/20/2050

850,888

878,944

Pool#

MA7053

3.00%,

12/20/2050

1,399,962

1,464,413

Pool#

MA7136

2.50%,

1/20/2051

2,690,264

2,772,567

Pool#

MA7137

3.00%,

1/20/2051

3,203,339

3,350,814

Pool#

MA7193

2.50%,

2/20/2051

728,510

752,248

Pool#

MA7311

2.00%,

4/20/2051

3,991,920

4,052,970

Pool#

MA7367

2.50%,

5/20/2051

4,918,442

5,075,739

Pool#

MA7472

2.50%,

7/20/2051

2,464,433

2,543,842

Pool#

MA7534

2.50%,

8/20/2051

3,273,902

3,379,930

GNMA

TBA

1.50%,

10/15/2051

450,000

442,283

2.00%,

10/15/2051

6,000,000

6,086,484

2.50%,

10/15/2051

8,869,000

9,155,513

3.00%,

10/15/2051

2,022,000

2,112,517

4.00%,

10/15/2051

514,000

550,564

4.50%,

10/15/2051

575,000

641,889

UMBS,

30

Year,

Single

Family

TBA

4.50%,

10/25/2051

25,000

27,037

Total

Mortgage-Backed

Securities

(cost

$592,367,722)

604,732,049

Municipal

Bonds

0.8%

California

0.3

%

Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

162,967

Bay

Area

Toll

Authority,

RB

Series

F-1,

2.57%,

4/1/2031

60,000

62,987

Series

F-2,

6.26%,

4/1/2049

250,000

403,528

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

92,006

City

of

San

Francisco

California

Public

Utilities

Commission

Water

Revenue,

RB,

Series

B,

6.00%,

11/1/2040

100,000

138,098

Municipal

Bonds

Principal

Amount

($)

Value

($)

California

Bay

Area

Toll

Authority,

RB

(continued)

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

506,752

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

123,037

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

323,139

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

420,000

593,534

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

149,692

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

200,000

247,819

State

of

California,

GO

7.55%,

4/1/2039

1,410,000

2,375,918

7.63%,

3/1/2040

425,000

706,848

University

of

California,

RB

Series

AB,

3.35%,

7/1/2029

200,000

223,844

Series

H,

6.55%,

5/15/2048

150,000

231,616

Series

F,

6.58%,

5/15/2049

200,000

305,163

Series

N,

3.26%,

5/15/2060

230,000

247,119

University

of

Texas

System,

RB,

Series

F,

5.95%,

5/15/2045

300,000

422,475

University

of

Virginia,

RB,

Series

AQ,

4.77%,

5/15/2115

150,000

205,461

7,522,003

Connecticut

0.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

659,187

Florida

0.0

%

†

State

Board

of

Administration

Finance

Corp.,

RB

Series

A,

1.26%,

7/1/2025

95,000

96,024

Series

A,

2.15%,

7/1/2030

105,000

106,143

202,167

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

Refunding,

RB,

Series

A,

6.66%,

4/1/2057

484,000

738,432

Illinois

0.1

%

Chicago

Transit

Authority,

RB,

Series

A,

6.90%,

12/1/2040

300,000

424,182

State

of

Illinois,

GO

4.95%,

6/1/2023

81,455

85,971

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

49

Municipal

Bonds

Principal

Amount

($)

Value

($)

Illinois

State

of

Illinois,

GO

(continued)

5.10%,

6/1/2033

945,000

1,101,442

1,611,595

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

NATL-RE

Insured,

Series

A,

7.43%,

2/15/2029

125,000

160,151

New

Jersey

State

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

718,292

New

Jersey

Transportation

Trust

Fund

Authority,

RB,

4.13%,

6/15/2042

30,000

34,123

Rutgers-State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

335,626

1,248,192

New

York

0.2

%

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

460,000

746,053

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

300,000

436,575

New

York

City

Transitional

Finance

Authority,

RB,

Series

B,

5.57%,

11/1/2038

500,000

658,353

New

York

State

Dormitory

Authority,

RB,

5.63%,

3/15/2039

250,000

321,634

Port

Authority

of

New

York

&

New

Jersey,

RB

6.04%,

12/1/2029

620,000

810,343

3.18%,

7/15/2060

135,000

135,954

3,108,912

Ohio

0.0

%

†

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

122,243

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

198,423

320,666

South

Carolina

0.0

%

†

South

Carolina

State

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

159,165

Texas

0.1

%

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

294,333

Municipal

Bonds

Principal

Amount

($)

Value

($)

Texas

Dallas-Fort

Worth

International

Airport,

RB,

Series

C,

2.92%,

11/1/2050

100,000

100,246

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

46,507

North

Texas

Tollway

Authority,

RB,

3.01%,

1/1/2043

35,000

35,327

State

of

Texas,

GO,

Series

A,

4.63%,

4/1/2033

350,000

427,748

Texas

Transportation

Commission,

RB,

Series

B,

5.18%,

4/1/2030

150,000

182,950

University

of

Texas

System,

RB

Series

A,

5.26%,

7/1/2039

260,000

363,145

Series

C,

4.79%,

8/15/2046

200,000

266,679

1,716,935

Virginia

0.0

%

†

University

of

Virginia,

RB,

Series

VA,

2.26%,

9/1/2050

90,000

82,772

Washington

0.0

%

†

State

of

Washington

Motor

Vehicle

Fuel

Tax,

GO,

Series

F,

5.14%,

8/1/2040

200,000

276,201

Total

Municipal

Bonds

(cost

$13,534,104)

17,646,227

Supranational

1.2%

African

Development

Bank

0.75%,

4/3/2023

1,000,000

1,007,392

3.00%,

9/20/2023

500,000

525,951

Asian

Development

Bank

2.75%,

3/17/2023

1,000,000

1,036,661

2.63%,

1/30/2024

1,000,000

1,050,716

1.50%,

10/18/2024

500,000

513,524

0.63%,

4/29/2025

1,000,000

993,165

1.88%,

1/24/2030

500,000

515,153

Asian

Infrastructure

Investment

Bank

(The),

0.50%,

10/30/2024

230,000

229,149

European

Bank

for

Reconstruction

&

Development,

1.50%,

2/13/2025

1,000,000

1,027,271

European

Investment

Bank

2.50%,

3/15/2023

500,000

516,405

1.38%,

5/15/2023

3,000,000

3,053,570

3.25%,

1/29/2024

1,000,000

1,065,198

0.75%,

10/26/2026(b)

290,000

285,978

2.38%,

5/24/2027

2,000,000

2,134,594

Inter-American

Development

Bank

2.50%,

1/18/2023(b)

2,000,000

2,059,496

2.63%,

1/16/2024

1,000,000

1,049,746

50

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Supranational

Principal

Amount

($)

Value

($)

1.75%,

3/14/2025

500,000

517,704

0.63%,

7/15/2025

1,000,000

994,181

2.00%,

7/23/2026

1,000,000

1,045,547

2.25%,

6/18/2029

250,000

265,092

1.13%,

1/13/2031

2,000,000

1,926,695

International

Bank

for

Reconstruction

&

Development

7.63%,

1/19/2023

973,000

1,065,927

1.88%,

6/19/2023

1,000,000

1,026,940

3.00%,

9/27/2023

750,000

789,540

0.63%,

4/22/2025

1,000,000

996,638

2.50%,

11/22/2027(b)

1,000,000

1,076,152

0.88%,

5/14/2030

1,000,000

949,364

Nordic

Investment

Bank,

2.25%,

5/21/2024

500,000

522,814

Total

Supranational

(cost

$27,754,956)

28,240,563

U.S.

Government

Agency

Securities

1.3%

FHLB

3.00%,

12/9/2022

1,535,000

1,587,664

2.75%,

12/13/2024(b)

1,000,000

1,069,005

5.50%,

7/15/2036(b)

1,500,000

2,188,043

FHLMC

0.13%,

7/25/2022

3,325,000

3,326,225

0.25%,

6/26/2023

2,700,000

2,700,000

0.25%,

8/24/2023

3,535,000

3,533,588

0.25%,

12/4/2023

1,030,000

1,027,777

0.38%,

7/21/2025

1,165,000

1,149,695

6.25%,

7/15/2032

1,245,000

1,804,353

FNMA

2.63%,

1/11/2022

1,055,000

1,062,288

2.38%,

1/19/2023

490,000

503,863

0.50%,

6/17/2025

1,000,000

993,947

6.25%,

5/15/2029

2,500,000

3,361,414

7.25%,

5/15/2030

2,000,000

2,921,420

0.88%,

8/5/2030

440,000

414,196

Tennessee

Valley

Authority,

4.88%,

1/15/2048

500,000

716,408

Total

U.S.

Government

Agency

Securities

(cost

$27,070,756)

28,359,886

U.S.

Treasury

Obligations

37.9%

U.S.

Treasury

Bonds

7.63%,

11/15/2022

(b)

2,000,000

2,167,344

6.25%,

8/15/2023

4,000,000

4,449,062

6.88%,

8/15/2025

(b)

449,000

554,234

6.00%,

2/15/2026

(b)

4,042,000

4,934,082

6.50%,

11/15/2026

(b)

3,000,000

3,825,234

5.50%,

8/15/2028

4,000,000

5,111,875

5.38%,

2/15/2031

(b)

2,000,000

2,692,187

4.75%,

2/15/2037

(b)

709,600

1,001,451

5.00%,

5/15/2037

305,000

441,845

4.38%,

2/15/2038

(b)

250,000

342,197

4.25%,

5/15/2039

(b)

1,500,000

2,044,688

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

4.50%,

8/15/2039

(b)

1,080,000

1,516,852

4.38%,

11/15/2039

300,000

415,734

3.88%,

8/15/2040

1,000,000

1,311,250

1.38%,

11/15/2040

1,500,000

1,347,422

4.25%,

11/15/2040

1,400,000

1,924,180

4.75%,

2/15/2041

(b)

2,000,000

2,922,187

3.75%,

8/15/2041

(b)

4,900,000

6,351,625

3.13%,

11/15/2041

7,100,000

8,455,656

3.13%,

2/15/2042

(b)

1,000,000

1,193,086

3.00%,

5/15/2042

(b)

1,000,000

1,169,180

2.75%,

8/15/2042

7,200,000

8,102,531

2.75%,

11/15/2042

1,500,000

1,686,738

3.13%,

2/15/2043

4,050,000

4,825,986

2.88%,

5/15/2043

5,350,000

6,139,752

3.63%,

2/15/2044

5,000,000

6,436,133

3.38%,

5/15/2044

4,000,000

4,971,719

3.13%,

8/15/2044

5,700,000

6,821,520

3.00%,

11/15/2044

5,500,000

6,457,559

2.50%,

2/15/2045

12,500,000

13,499,023

3.00%,

5/15/2045

(b)

5,500,000

6,471,094

2.88%,

8/15/2045

3,300,000

3,805,055

2.50%,

2/15/2046

7,000,000

7,570,391

2.50%,

5/15/2046

3,000,000

3,246,211

2.88%,

11/15/2046

5,000,000

5,791,602

3.00%,

2/15/2047

2,000,000

2,369,844

3.00%,

5/15/2047

(b)

2,500,000

2,965,723

2.75%,

8/15/2047

2,500,000

2,837,598

2.75%,

11/15/2047

3,200,000

3,635,750

3.00%,

2/15/2048

4,000,000

4,756,250

3.38%,

11/15/2048

5,500,000

7,006,484

2.88%,

5/15/2049

5,000,000

5,849,219

2.25%,

8/15/2049

3,000,000

3,109,687

2.38%,

11/15/2049

800,000

851,469

2.00%,

2/15/2050

500,000

491,211

1.25%,

5/15/2050

1,700,000

1,390,746

1.38%,

8/15/2050

(b)

5,000,000

4,219,141

1.63%,

11/15/2050

6,800,000

6,109,109

1.88%,

2/15/2051

4,400,000

4,195,812

2.38%,

5/15/2051

(b)

7,500,000

8,003,907

2.00%,

8/15/2051

4,300,000

4,224,078

U.S.

Treasury

Notes

1.75%,

9/30/2022

15,500,000

15,757,930

1.88%,

10/31/2022

6,000,000

6,114,141

2.00%,

10/31/2022

5,000,000

5,102,148

1.63%,

11/15/2022

1,300,000

1,321,938

0.13%,

11/30/2022

15,000,000

14,997,656

2.00%,

11/30/2022

8,500,000

8,684,609

2.13%,

12/31/2022

10,000,000

10,246,094

1.75%,

1/31/2023

7,600,000

7,760,312

2.00%,

2/15/2023

6,000,000

6,150,703

1.50%,

2/28/2023

7,000,000

7,131,797

2.63%,

2/28/2023

5,000,000

5,172,852

0.13%,

3/31/2023

(b)

5,000,000

4,995,117

1.50%,

3/31/2023

3,900,000

3,976,629

2.75%,

4/30/2023

5,000,000

5,200,781

0.13%,

5/15/2023

2,000,000

1,997,109

1.75%,

5/15/2023

(b)

1,000,000

1,024,883

1.63%,

5/31/2023

2,000,000

2,046,641

2.75%,

8/31/2023

3,000,000

3,141,914

1.38%,

9/30/2023

(b)

3,500,000

3,575,879

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

51

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.88%,

10/31/2023

5,000,000

5,266,016

2.75%,

11/15/2023

(b)

1,500,000

1,577,227

2.13%,

11/30/2023

1,500,000

1,558,242

2.25%,

12/31/2023

3,500,000

3,648,750

2.63%,

12/31/2023

8,000,000

8,407,188

2.25%,

1/31/2024

(b)

5,500,000

5,741,484

2.50%,

1/31/2024

9,000,000

9,445,781

2.75%,

2/15/2024

2,500,000

2,640,625

2.00%,

4/30/2024

7,000,000

7,283,555

2.50%,

5/15/2024

(b)

7,000,000

7,377,344

2.00%,

5/31/2024

3,800,000

3,956,156

1.75%,

6/30/2024

6,000,000

6,211,406

2.13%,

7/31/2024

6,500,000

6,800,625

2.38%,

8/15/2024

24,353,000

25,661,023

0.38%,

9/15/2024

5,000,000

4,978,516

1.50%,

9/30/2024

14,000,000

14,409,609

2.13%,

9/30/2024

9,000,000

9,428,203

1.50%,

10/31/2024

5,000,000

5,146,875

2.25%,

11/15/2024

7,550,000

7,946,670

2.13%,

11/30/2024

3,800,000

3,985,844

2.25%,

12/31/2024

(b)

5,000,000

5,267,188

2.00%,

2/15/2025

18,700,000

19,559,762

2.63%,

3/31/2025

4,300,000

4,592,602

2.13%,

5/15/2025

8,300,000

8,722,781

0.25%,

5/31/2025

7,500,000

7,373,438

0.25%,

7/31/2025

(b)

15,000,000

14,712,891

2.88%,

7/31/2025

6,500,000

7,021,523

2.00%,

8/15/2025

6,000,000

6,282,656

0.25%,

8/31/2025

4,000,000

3,918,281

2.75%,

8/31/2025

4,000,000

4,304,375

0.25%,

9/30/2025

(b)

8,000,000

7,828,438

0.25%,

10/31/2025

(b)

8,000,000

7,816,562

2.25%,

11/15/2025

8,500,000

8,990,410

0.38%,

11/30/2025

15,200,000

14,909,656

0.38%,

12/31/2025

10,000,000

9,798,437

0.38%,

1/31/2026

(b)

8,000,000

7,828,125

1.63%,

2/15/2026

8,500,000

8,770,273

0.50%,

2/28/2026

(b)

2,000,000

1,966,250

0.75%,

3/31/2026

(b)

4,000,000

3,971,719

1.63%,

5/15/2026

2,000,000

2,062,656

0.75%,

5/31/2026

3,000,000

2,974,805

0.88%,

6/30/2026

(b)

6,000,000

5,978,906

0.63%,

7/31/2026

(b)

2,000,000

1,967,969

1.50%,

8/15/2026

(b)

9,700,000

9,944,016

0.75%,

8/31/2026

(b)

5,000,000

4,946,484

1.38%,

8/31/2026

(b)

4,500,000

4,585,957

0.88%,

9/30/2026

8,000,000

7,956,875

1.63%,

9/30/2026

10,000,000

10,310,937

1.63%,

10/31/2026

(b)

8,000,000

8,245,625

2.25%,

2/15/2027

1,200,000

1,274,625

2.38%,

5/15/2027

5,700,000

6,096,328

0.50%,

5/31/2027

1,000,000

966,055

2.25%,

8/15/2027

8,300,000

8,821,668

0.50%,

8/31/2027

8,000,000

7,700,000

2.25%,

11/15/2027

5,390,000

5,729,612

0.63%,

11/30/2027

8,500,000

8,209,141

0.75%,

1/31/2028

4,000,000

3,884,219

2.75%,

2/15/2028

10,000,000

10,940,234

1.13%,

2/29/2028

(b)

3,000,000

2,981,133

1.25%,

3/31/2028

(b)

1,500,000

1,500,059

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.25%,

4/30/2028

(b)

5,000,000

4,996,484

2.88%,

5/15/2028

10,000,000

11,029,297

1.25%,

5/31/2028

3,000,000

2,995,664

1.25%,

6/30/2028

4,000,000

3,991,562

1.00%,

7/31/2028

4,000,000

3,922,500

2.88%,

8/15/2028

11,500,000

12,703,457

1.13%,

8/31/2028

4,000,000

3,952,500

1.25%,

9/30/2028

4,500,000

4,481,016

3.13%,

11/15/2028

7,000,000

7,864,609

2.63%,

2/15/2029

8,772,000

9,564,221

2.38%,

5/15/2029

5,700,000

6,118,594

1.63%,

8/15/2029

(b)

3,000,000

3,055,547

1.75%,

11/15/2029

(b)

4,000,000

4,110,625

0.63%,

5/15/2030

4,800,000

4,480,125

0.63%,

8/15/2030

7,000,000

6,511,914

0.88%,

11/15/2030

(b)

9,100,000

8,635,758

1.13%,

2/15/2031

(b)

6,500,000

6,295,859

1.63%,

5/15/2031

8,500,000

8,599,609

1.25%,

8/15/2031

(b)

4,000,000

3,903,125

Total

U.S.

Treasury

Obligations

(cost

$813,737,916)

845,808,122

Repurchase

Agreements

4.1%

Bank

of

America

NA

0.05%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

2.50%,

maturing

7/20/2050;

total

market

value

$2,040,000.

(h)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,691,174,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$1,724,994.

(h)

1,691,171

1,691,171

CF

Secured,

LLC

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,004,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$2,040,003.

(h)

2,000,000

2,000,000

52

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$68,000,662,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$69,360,212.

(h)

68,000,000

68,000,000

NatWest

Markets

Securities,

Inc.

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$17,000,166,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

4/15/2024

-

2/15/2044;

total

market

value

$17,340,029.

(h)

17,000,000

17,000,000

Total

Repurchase

Agreements

(cost

$90,691,171)

90,691,171

Total

Investments

Before

TBA

Sale

Commitments

(cost

$2,189,146,846)

—

102.7%

2,289,081,496

TBA

Sale

Commitments

0.0%

†

Mortgage-Backed

Securities

0.0%

†

GNMA

TBA

5.00%,

10/15/2051

(74,000)

(79,677)

Total

TBA

Sale

Commitments

(cost

$(79,790))

(79,677)

Total

Investments

(cost

$2,189,067,056)

—

102.7%

2,289,001,819

Liabilities

in

excess

of

other

assets

—

(2.7)%

(61,215,898)

NET

ASSETS

—

100.0%

$

2,227,785,921

†

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,

2021.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$198,426,457,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$90,691,171

and

by

$113,004,791

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/7/2021

–

8/15/2051,

a

total

value

of

$203,695,962.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2021.

(d)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2021

was

$7,176,491

which

represents

0.32%

of

net

assets.

(e)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2021.

(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,

2021

was

$90,691,171.

NVIT

Bond

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

53

ACES

Alternative

Credit

Enhancement

Services

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

NATL

National

Public

Finance

Guarantee

Corp.

RB

Revenue

Bond

RE

Reinsured

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

54

-

Statement

of

Investments

-

September

30,

2021

(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,

2021

(Unaudited)

-

Statement

of

Investments

-

55

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

8,222,325

$

–

$

8,222,325

Commercial

Mortgage-Backed

Securities

–

44,782,471

–

44,782,471

Corporate

Bonds

–

581,172,638

–

581,172,638

Foreign

Government

Securities

–

39,426,044

–

39,426,044

Mortgage-Backed

Securities

–

604,732,049

–

604,732,049

Municipal

Bonds

–

17,646,227

–

17,646,227

Repurchase

Agreements

–

90,691,171

–

90,691,171

Supranational

–

28,240,563

–

28,240,563

U.S.

Government

Agency

Securities

–

28,359,886

–

28,359,886

U.S.

Treasury

Obligations

–

845,808,122

–

845,808,122

Total

Assets

$

–

$

2,289,081,496

$

–

$

2,289,081,496

$

–

$

–

$

–

$

–

Liabilities:

Mortgage-Backed

Security

$

–

$

(79,677)

$

–

$

(79,677)

Total

Liabilities

$

–

$

(79,677)

$

–

$

(79,677)

Total

$

–

$

2,289,001,819

$

–

$

2,289,001,819

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report

56

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

99.0%

Shares

Value

($)

AUSTRALIA

7.7%

Airlines

0.0%

†

Qantas

Airways

Ltd.*

102,103

417,330

Banks

1.9%

Australia

&

New

Zealand

Banking

Group

Ltd.

348,224

7,025,414

Commonwealth

Bank

of

Australia

217,176

16,183,850

National

Australia

Bank

Ltd.

402,960

8,031,118

Westpac

Banking

Corp.

447,396

8,319,494

39,559,876

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

89,903

799,229

Biotechnology

0.6%

CSL

Ltd.(a)

55,439

11,690,829

Capital

Markets

0.4%

ASX

Ltd.

22,872

1,336,104

Macquarie

Group

Ltd.

42,311

5,551,317

Magellan

Financial

Group

Ltd.(a)

18,178

463,298

7,350,719

Chemicals

0.0%

†

Orica

Ltd.(a)

50,673

499,445

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

184,763

1,437,074

Diversified

Telecommunication

Services

0.1%

Telstra

Corp.

Ltd.

488,716

1,377,454

Electric

Utilities

0.1%

AusNet

Services

Ltd.

229,923

420,501

Origin

Energy

Ltd.(a)

223,889

754,545

1,175,046

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Dexus

124,103

960,237

Goodman

Group

201,975

3,135,339

GPT

Group

(The)

247,625

902,102

Mirvac

Group

499,382

1,071,339

Scentre

Group

619,366

1,332,665

Stockland

291,193

931,153

Vicinity

Centres

451,549

538,010

8,870,845

Food

&

Staples

Retailing

0.3%

Coles

Group

Ltd.

162,617

1,984,566

Endeavour

Group

Ltd.

153,738

771,994

Woolworths

Group

Ltd.

153,738

4,365,382

7,121,942

Gas

Utilities

0.1%

APA

Group

149,161

936,479

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

8,150

1,287,229

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

23,217

1,167,880

Sonic

Healthcare

Ltd.

53,641

1,574,888

2,742,768

Hotels,

Restaurants

&

Leisure

0.2%

Aristocrat

Leisure

Ltd.

72,408

2,423,817

Crown

Resorts

Ltd.*

43,675

302,083

Domino's

Pizza

Enterprises

Ltd.

7,387

851,678

Common

Stocks

Shares

Value

($)

AUSTRALIA

Hotels,

Restaurants

&

Leisure

Tabcorp

Holdings

Ltd.

261,447

925,379

4,502,957

Insurance

0.2%

Insurance

Australia

Group

Ltd.(a)

293,785

1,035,318

Medibank

Pvt

Ltd.

320,551

828,800

QBE

Insurance

Group

Ltd.

172,647

1,440,313

Suncorp

Group

Ltd.

160,295

1,439,760

4,744,191

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.(a)

6,011

683,482

SEEK

Ltd.

40,571

903,162

1,586,644

IT

Services

0.2%

Afterpay

Ltd.*

26,057

2,254,221

Computershare

Ltd.

62,533

818,365

3,072,586

Metals

&

Mining

2.0%

BHP

Group

Ltd.

357,816

9,617,138

BHP

Group

plc

257,242

6,411,316

BlueScope

Steel

Ltd.

63,796

925,525

Evolution

Mining

Ltd.

205,834

521,607

Fortescue

Metals

Group

Ltd.

208,264

2,196,257

Glencore

plc*

1,209,750

5,713,123

Newcrest

Mining

Ltd.

97,786

1,603,140

Northern

Star

Resources

Ltd.

135,290

833,350

Rio

Tinto

Ltd.

44,938

3,193,297

Rio

Tinto

plc

136,703

9,025,972

South32

Ltd.

605,914

1,537,972

41,578,697

Multiline

Retail

0.3%

Wesfarmers

Ltd.

138,943

5,591,405

Multi-Utilities

0.0%

†

AGL

Energy

Ltd.(a)

76,700

317,444

Oil,

Gas

&

Consumable

Fuels

0.3%

Ampol

Ltd.

30,859

619,267

Oil

Search

Ltd.

235,941

746,866

Santos

Ltd.

225,087

1,160,499

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

26,368

744,131

Woodside

Petroleum

Ltd.(a)

114,946

1,977,968

5,248,731

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

81,891

635,655

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

246,818

672,235

Software

0.0%

†

WiseTech

Global

Ltd.

15,888

612,132

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.

35,454

483,292

Transportation

Infrastructure

0.2%

Sydney

Airport*

168,097

998,538

Transurban

Group

365,931

3,710,180

4,708,718

159,020,952

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

AUSTRIA

0.3%

Banks

0.1%

Erste

Group

Bank

AG

34,513

1,507,247

Raiffeisen

Bank

International

AG

16,664

433,514

1,940,761

Electric

Utilities

0.0%

†

Verbund

AG

8,656

874,389

Metals

&

Mining

0.0%

†

voestalpine

AG(a)

12,978

477,000

Oil,

Gas

&

Consumable

Fuels

0.1%

OMV

AG

18,678

1,122,350

Paper

&

Forest

Products

0.1%

Mondi

plc

57,726

1,410,965

5,825,465

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

30,412

2,730,248

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV(a)

92,316

5,213,829

Chemicals

0.1%

Solvay

SA

8,685

1,080,712

Umicore

SA

23,313

1,381,486

2,462,198

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

SA

9,391

1,032,439

Groupe

Bruxelles

Lambert

SA

4,876

537,080

Sofina

SA

1,846

732,329

2,301,848

Diversified

Telecommunication

Services

0.0%

†

Proximus

SADP(a)

20,547

406,224

Electric

Utilities

0.0%

†

Elia

Group

SA/NV(a)

3,487

416,486

Food

&

Staples

Retailing

0.0%

†

Etablissements

Franz

Colruyt

NV

7,190

366,277

Insurance

0.1%

Ageas

SA/NV

21,353

1,056,762

Pharmaceuticals

0.1%

UCB

SA

15,170

1,687,892

16,641,764

BRAZIL

0.0%

†

Chemicals

0.0%

†

Yara

International

ASA

20,475

1,013,385

CHILE

0.0%

†

Metals

&

Mining

0.0%

†

Antofagasta

plc

49,511

889,521

CHINA

0.7%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

438,500

1,313,673

Common

Stocks

Shares

Value

($)

CHINA

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

215,200

541,672

Capital

Markets

0.0%

†

Futu

Holdings

Ltd.,

ADR*(a)

6,105

555,677

Food

Products

0.0%

†

Wilmar

International

Ltd.

221,594

680,777

Internet

&

Direct

Marketing

Retail

0.5%

Prosus

NV*

114,098

8,986,153

Marine

0.0%

†

SITC

International

Holdings

Co.

Ltd.

164,000

584,687

Real

Estate

Management

&

Development

0.1%

ESR

Cayman

Ltd.

Reg.

S*(b)

243,800

735,983

Specialty

Retail

0.0%

†

Chow

Tai

Fook

Jewellery

Group

Ltd.(a)

244,000

464,531

13,863,153

DENMARK

2.6%

Air

Freight

&

Logistics

0.3%

DSV

A/S

24,581

5,868,623

Banks

0.1%

Danske

Bank

A/S

82,276

1,386,939

Beverages

0.1%

Carlsberg

A/S,

Class

B

12,242

1,991,471

Biotechnology

0.2%

Genmab

A/S*

8,027

3,506,871

Building

Products

0.0%

†

ROCKWOOL

International

A/S,

Class

B

1,014

433,568

Chemicals

0.1%

Chr

Hansen

Holding

A/S

12,268

1,001,846

Novozymes

A/S,

Class

B

25,796

1,766,064

2,767,910

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S(b)

22,940

3,026,716

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

123,167

4,931,183

Health

Care

Equipment

&

Supplies

0.2%

Ambu

A/S,

Class

B

20,226

597,438

Coloplast

A/S,

Class

B

14,412

2,258,925

Demant

A/S*

12,491

629,055

GN

Store

Nord

A/S

16,277

1,109,293

4,594,711

Insurance

0.1%

Tryg

A/S

44,080

1,001,403

Marine

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

384

982,549

AP

Moller

-

Maersk

A/S,

Class

B

706

1,909,707

2,892,256

58

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

DENMARK

Pharmaceuticals

1.0%

Novo

Nordisk

A/S,

Class

B

205,321

19,748,815

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

11,887

1,441,536

53,592,002

FINLAND

1.3%

Banks

0.2%

Nordea

Bank

Abp

(a)

399,011

5,121,651

Communications

Equipment

0.2%

Nokia

OYJ*

657,588

3,617,664

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

18,081

1,122,596

Electric

Utilities

0.1%

Fortum

OYJ

55,447

1,686,261

Food

&

Staples

Retailing

0.1%

Kesko

OYJ,

Class

B

34,359

1,186,004

Insurance

0.1%

Sampo

OYJ,

Class

A

60,828

3,018,301

Machinery

0.2%

Kone

OYJ,

Class

B

42,227

2,961,023

Wartsila

OYJ

Abp

56,217

673,199

3,634,222

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ

50,919

2,873,813

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ,

Class

R

68,654

1,139,944

UPM-

Kymmene

OYJ

65,213

2,304,124

3,444,068

Pharmaceuticals

0.0%

†

Orion

OYJ,

Class

B

12,329

487,996

26,192,576

FRANCE

10.2%

Aerospace

&

Defense

0.8%

Airbus

SE*

71,735

9,418,456

Dassault

Aviation

SA

2,780

311,901

Safran

SA

41,686

5,226,594

Thales

SA

13,483

1,302,087

16,259,038

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

20,818

3,194,954

Faurecia

SE

12,884

602,234

Valeo

27,298

761,776

4,558,964

Automobiles

0.0%

†

Renault

SA*

24,047

857,776

Banks

0.7%

BNP

Paribas

SA

137,214

8,789,301

Credit

Agricole

SA

144,859

1,998,609

Societe

Generale

SA

98,326

3,087,144

13,875,054

Beverages

0.3%

Pernod

Ricard

SA

25,479

5,571,927

Common

Stocks

Shares

Value

($)

FRANCE

Beverages

Remy

Cointreau

SA

2,674

518,272

6,090,199

Building

Products

0.2%

Cie

de

Saint-Gobain

61,854

4,165,995

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

7,471

630,007

Chemicals

0.5%

Air

Liquide

SA

57,743

9,239,290

Arkema

SA

7,487

990,403

10,229,693

Construction

&

Engineering

0.4%

Bouygues

SA

28,788

1,188,026

Eiffage

SA

9,902

998,931

Vinci

SA

64,929

6,725,599

8,912,556

Diversified

Financial

Services

0.0%

†

Eurazeo

SE

4,217

396,321

Wendel

SE

2,947

408,639

804,960

Diversified

Telecommunication

Services

0.1%

Orange

SA

237,850

2,576,708

Electric

Utilities

0.0%

†

Electricite

de

France

SA(a)

56,712

712,181

Electrical

Equipment

0.2%

Legrand

SA

32,826

3,520,701

Entertainment

0.1%

Bollore

SA

115,816

669,701

Ubisoft

Entertainment

SA*

11,503

689,966

1,359,667

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Covivio

6,510

544,360

Gecina

SA

5,521

740,132

Klepierre

SA

26,694

594,346

Unibail

-

Rodamco

-Westfield*

15,200

1,111,719

2,990,557

Food

&

Staples

Retailing

0.1%

Carrefour

SA

76,966

1,385,422

Food

Products

0.3%

Danone

SA

79,556

5,430,090

Health

Care

Equipment

&

Supplies

0.0%

†

BioMerieux

4,979

565,474

Health

Care

Providers

&

Services

0.0%

†

Orpea

SA

6,511

754,058

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

21,011

743,795

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

11,647

599,124

Sodexo

SA*

11,247

984,833

2,327,752

Household

Durables

0.0%

†

SEB

SA

3,494

492,666

Insurance

0.4%

AXA

SA

236,572

6,581,431

CNP

Assurances

24,294

385,385

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

FRANCE

Insurance

SCOR

SE

17,616

504,894

7,471,710

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

36,198

619,394

IT

Services

0.4%

Atos

SE

12,427

661,687

Capgemini

SE

19,353

4,024,847

Edenred

30,993

1,669,305

Worldline

SA

Reg.

S*(b)

28,286

2,158,113

8,513,952

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

3,306

1,845,352

Machinery

0.1%

Alstom

SA(a)

38,544

1,462,415

Media

0.1%

Publicis

Groupe

SA

27,195

1,831,412

Vivendi

SE

86,789

1,094,701

2,926,113

Multi-Utilities

0.3%

Engie

SA

220,040

2,887,915

Suez

SA

41,504

946,466

Veolia

Environnement

SA

64,904

1,986,238

5,820,619

Oil,

Gas

&

Consumable

Fuels

0.7%

TotalEnergies

SE

304,372

14,585,228

Personal

Products

0.6%

L'Oreal

SA

30,706

12,673,050

Pharmaceuticals

0.7%

Ipsen

SA

5,106

487,454

Sanofi

138,220

13,305,692

13,793,146

Professional

Services

0.2%

Bureau

Veritas

SA

34,130

1,047,512

Teleperformance

7,182

2,825,805

3,873,317

Software

0.2%

Dassault

Systemes

SE

81,160

4,254,952

Textiles,

Apparel

&

Luxury

Goods

2.1%

EssilorLuxottica

SA

34,889

6,660,992

Hermes

International

3,845

5,314,085

Kering

SA

9,087

6,462,911

LVMH

Moet

Hennessy

Louis

Vuitton

SE

33,882

24,227,802

42,665,790

Transportation

Infrastructure

0.1%

Aeroports

de

Paris*

3,812

483,860

Getlink

SE

55,934

875,725

1,359,585

210,364,141

GERMANY

8.8%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

6,312

1,427,219

Air

Freight

&

Logistics

0.4%

Deutsche

Post

AG

(Registered)

121,586

7,663,141

Common

Stocks

Shares

Value

($)

GERMANY

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*(a)

33,579

231,040

Auto

Components

0.1%

Continental

AG*

13,202

1,447,350

Automobiles

1.1%

Bayerische

Motoren

Werke

AG

39,844

3,824,383

Bayerische

Motoren

Werke

AG

(Preference)

6,641

507,076

Daimler

AG

(Registered)

104,405

9,281,120

Porsche

Automobil

Holding

SE

(Preference)

18,879

1,881,370

Volkswagen

AG(a)

4,089

1,269,554

Volkswagen

AG

(Preference)

22,525

5,045,931

21,809,434

Banks

0.0%

†

Commerzbank

AG*

125,621

836,739

Capital

Markets

0.3%

Deutsche

Bank

AG

(Registered)*

252,070

3,232,867

Deutsche

Boerse

AG

23,049

3,752,064

6,984,931

Chemicals

0.7%

BASF

SE

111,621

8,504,712

Covestro

AG

Reg.

S(b)

23,563

1,618,342

Evonik

Industries

AG

26,658

844,347

FUCHS

PETROLUB

SE

(Preference)

7,629

356,925

LANXESS

AG

10,547

717,198

Symrise

AG

15,605

2,058,649

14,100,173

Construction

Materials

0.1%

HeidelbergCement

AG

17,546

1,315,925

Diversified

Telecommunication

Services

0.4%

Deutsche

Telekom

AG

(Registered)

408,220

8,230,598

Telefonica

Deutschland

Holding

AG(a)

145,367

413,786

United

Internet

AG

(Registered)

12,388

482,037

9,126,421

Electrical

Equipment

0.1%

Siemens

Energy

AG*

48,305

1,298,068

Health

Care

Equipment

&

Supplies

0.2%

Carl

Zeiss

Meditec

AG

4,927

947,106

Sartorius

AG

(Preference)

3,196

2,035,366

Siemens

Healthineers

AG

Reg.

S(b)

34,384

2,237,371

5,219,843

Health

Care

Providers

&

Services

0.2%

Fresenius

Medical

Care

AG

&

Co.

KGaA

25,911

1,825,991

Fresenius

SE

&

Co.

KGaA

51,043

2,454,112

4,280,103

Household

Products

0.2%

Henkel

AG

&

Co.

KGaA

13,290

1,146,688

60

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

GERMANY

Household

Products

Henkel

AG

&

Co.

KGaA

(Preference)

21,775

2,021,628

3,168,316

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Uniper

SE

11,158

465,745

Industrial

Conglomerates

0.7%

Siemens

AG

(Registered)

93,334

15,341,956

Insurance

0.8%

Allianz

SE

(Registered)

50,533

11,397,402

Hannover

Rueck

SE

7,093

1,242,297

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

17,071

4,679,077

17,318,776

Interactive

Media

&

Services

0.0%

†

Scout24

AG

Reg.

S(b)

10,890

755,905

Internet

&

Direct

Marketing

Retail

0.2%

HelloFresh

SE*

20,145

1,865,029

Zalando

SE

Reg.

S*(a)(b)

20,166

1,853,127

Zalando

SE

Reg.

S*∞(b)

5,968

548,342

4,266,498

IT

Services

0.0%

†

Bechtle

AG

10,302

706,780

Machinery

0.2%

GEA

Group

AG

17,480

801,081

KION

Group

AG

8,886

831,521

Knorr-

Bremse

AG

9,192

986,389

Rational

AG

644

607,254

3,226,245

Multi-Utilities

0.3%

E.ON

SE

276,733

3,385,680

RWE

AG

79,390

2,806,544

6,192,224

Personal

Products

0.1%

Beiersdorf

AG

11,969

1,294,019

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

120,308

6,561,826

Merck

KGaA

15,857

3,448,246

10,010,072

Real

Estate

Management

&

Development

0.4%

Aroundtown

SA

118,978

821,972

Deutsche

Wohnen

SE

41,594

2,549,797

LEG

Immobilien

SE

8,773

1,241,220

Vonovia

SE

65,880

3,960,253

8,573,242

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

159,245

6,546,427

Software

0.9%

Nemetschek

SE

6,877

722,800

SAP

SE

127,414

17,261,239

TeamViewer

AG

Reg.

S*(a)

(b)

18,970

559,362

18,543,401

Common

Stocks

Shares

Value

($)

GERMANY

Textiles,

Apparel

&

Luxury

Goods

0.4%

adidas

AG

23,353

7,358,690

Puma

SE

13,196

1,474,781

8,833,471

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

18,411

1,717,423

182,700,887

HONG

KONG

2.5%

Banks

0.1%

Hang

Seng

Bank

Ltd.

91,700

1,565,016

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

228,000

677,270

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

146,800

8,910,505

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

469,220

641,716

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

72,000

400,030

CLP

Holdings

Ltd.

198,000

1,904,430

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S(a)

314,000

311,725

Power

Assets

Holdings

Ltd.

172,000

1,008,023

3,624,208

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

251,000

2,145,094

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

935,545

665,538

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

1,358,266

2,057,401

Hotels,

Restaurants

&

Leisure

0.0%

†

Melco

Resorts

&

Entertainment

Ltd.,

ADR*

24,061

246,385

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

26,400

1,399,200

Jardine

Matheson

Holdings

Ltd.

600

31,554

Insurance

0.8%

AIA

Group

Ltd.

1,474,800

16,981,055

Machinery

0.2%

Techtronic

Industries

Co.

Ltd.

167,500

3,283,578

Real

Estate

Management

&

Development

0.4%

CK

Asset

Holdings

Ltd.

244,516

1,405,280

Hang

Lung

Properties

Ltd.

244,000

554,657

Henderson

Land

Development

Co.

Ltd.(a)

182,775

693,828

Hongkong

Land

Holdings

Ltd.

133,400

624,312

Hongkong

Land

Holdings

Ltd.

8,100

38,766

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

HONG

KONG

Real

Estate

Management

&

Development

New

World

Development

Co.

Ltd.

195,231

792,193

Sino

Land

Co.

Ltd.

425,000

571,815

Sun

Hung

Kai

Properties

Ltd.

158,500

1,969,737

Swire

Pacific

Ltd.,

Class

A

56,500

334,885

Swire

Properties

Ltd.

138,400

346,290

Wharf

Real

Estate

Investment

Co.

Ltd.

210,500

1,087,508

8,419,271

Road

&

Rail

0.1%

MTR

Corp.

Ltd.

191,500

1,028,107

51,675,898

IRELAND

0.7%

Building

Products

0.1%

Kingspan

Group

plc

18,466

1,826,598

Construction

Materials

0.2%

CRH

plc

95,162

4,438,927

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

30,620

1,605,158

Food

Products

0.1%

Kerry

Group

plc,

Class

A

19,524

2,613,947

Hotels,

Restaurants

&

Leisure

0.2%

Flutter

Entertainment

plc*

20,299

4,012,947

14,497,577

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

3,266

473,841

Banks

0.2%

Bank

Hapoalim

BM

143,449

1,259,384

Bank

Leumi

Le-Israel

BM

181,689

1,542,268

Israel

Discount

Bank

Ltd.,

Class

A*

137,812

727,614

Mizrahi

Tefahot

Bank

Ltd.

15,695

528,418

4,057,684

Chemicals

0.0%

†

ICL

Group

Ltd.

80,791

587,657

IT

Services

0.1%

Wix.com

Ltd.*

6,979

1,367,675

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

131,179

1,277,683

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

5,444

489,514

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

13,223

1,494,728

Nice

Ltd.*

7,862

2,224,006

3,718,734

11,972,788

ITALY

2.0%

Automobiles

0.2%

Ferrari

NV

15,578

3,261,124

Common

Stocks

Shares

Value

($)

ITALY

Banks

0.6%

FinecoBank

Banca

Fineco

SpA

*

71,528

1,296,271

Intesa

Sanpaolo

SpA

2,016,358

5,720,439

Mediobanca

Banca

di

Credito

Finanziario

SpA

*

81,076

979,387

UniCredit

SpA

260,610

3,447,232

11,443,329

Beverages

0.0%

†

Davide

Campari-Milano

NV

63,753

897,455

Diversified

Telecommunication

Services

0.1%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

42,276

471,449

Telecom

Italia

SpA

1,928,237

763,994

1,235,443

Electric

Utilities

0.4%

Enel

SpA

992,166

7,617,391

Terna

-

Rete

Elettrica

Nazionale

166,292

1,179,482

8,796,873

Electrical

Equipment

0.0%

†

Prysmian

SpA

31,069

1,089,923

Gas

Utilities

0.1%

Snam

SpA

241,540

1,338,871

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

3,044

638,870

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

15,663

746,413

Insurance

0.2%

Assicurazioni

Generali

SpA

(a)

133,977

2,850,341

Poste

Italiane

SpA

Reg.

S(b)

66,235

911,586

3,761,927

IT

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

55,382

1,033,248

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

305,092

4,062,074

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

13,060

759,670

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

25,027

1,530,671

Transportation

Infrastructure

0.1%

Atlantia

SpA

*

62,985

1,190,720

41,786,611

JAPAN

24.0%

Air

Freight

&

Logistics

0.1%

SG

Holdings

Co.

Ltd.

37,400

1,063,474

Yamato

Holdings

Co.

Ltd.

34,000

861,962

1,925,436

Airlines

0.1%

ANA

Holdings,

Inc.*(a)

20,900

542,623

Japan

Airlines

Co.

Ltd.*(a)

15,686

373,381

916,004

62

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Auto

Components

0.6%

Aisin

Corp.(a)

17,300

628,751

Bridgestone

Corp.

69,600

3,300,869

Denso

Corp.

53,100

3,481,002

Koito

Manufacturing

Co.

Ltd.

13,300

799,716

Stanley

Electric

Co.

Ltd.

17,200

433,558

Sumitomo

Electric

Industries

Ltd.(a)

95,900

1,279,318

Toyota

Industries

Corp.

17,500

1,437,737

11,360,951

Automobiles

1.8%

Honda

Motor

Co.

Ltd.

199,900

6,164,980

Isuzu

Motors

Ltd.

68,100

894,695

Mazda

Motor

Corp.*

65,680

571,949

Nissan

Motor

Co.

Ltd.*

277,400

1,391,203

Subaru

Corp.

73,000

1,355,651

Suzuki

Motor

Corp.

45,000

2,005,798

Toyota

Motor

Corp.

1,293,470

23,137,859

Yamaha

Motor

Co.

Ltd.

36,300

1,010,765

36,532,900

Banks

1.1%

Chiba

Bank

Ltd.

(The)(a)

61,400

395,336

Concordia

Financial

Group

Ltd.(a)

122,400

482,935

Japan

Post

Bank

Co.

Ltd.(a)

46,500

397,964

Mitsubishi

UFJ

Financial

Group,

Inc.(a)

1,490,967

8,704,924

Mizuho

Financial

Group,

Inc.

(a)

292,751

4,121,343

Resona

Holdings,

Inc.

265,900

1,058,296

Shizuoka

Bank

Ltd.

(The)(a)

52,900

435,212

Sumitomo

Mitsui

Financial

Group,

Inc.

159,653

5,585,521

Sumitomo

Mitsui

Trust

Holdings,

Inc.

39,540

1,354,152

22,535,683

Beverages

0.3%

Asahi

Group

Holdings

Ltd.

55,000

2,664,307

Ito

En

Ltd.

6,100

405,075

Kirin

Holdings

Co.

Ltd.

100,200

1,861,115

Suntory

Beverage

&

Food

Ltd.

17,100

710,377

5,640,874

Biotechnology

0.0%

†

PeptiDream

,

Inc.*

11,200

364,625

Building

Products

0.5%

AGC,

Inc.

23,800

1,218,133

Daikin

Industries

Ltd.

30,300

6,517,186

Lixil

Corp.

32,000

929,884

TOTO

Ltd.

16,900

802,955

9,468,158

Capital

Markets

0.3%

Daiwa

Securities

Group,

Inc.

(a)

178,300

1,041,499

Japan

Exchange

Group,

Inc.

60,900

1,511,410

Nomura

Holdings,

Inc.

381,900

1,877,105

SBI

Holdings,

Inc.(a)

29,190

720,183

5,150,197

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

0.9%

Asahi

Kasei

Corp.

149,500

1,595,720

JSR

Corp.

23,400

848,227

Kansai

Paint

Co.

Ltd.(a)

22,200

551,998

Mitsubishi

Chemical

Holdings

Corp.(a)

162,800

1,487,598

Mitsubishi

Gas

Chemical

Co.,

Inc.

18,400

363,377

Mitsui

Chemicals,

Inc.(a)

22,000

738,648

Nippon

Paint

Holdings

Co.

Ltd.

89,000

968,167

Nippon

Sanso

Holdings

Corp.

20,000

503,306

Nissan

Chemical

Corp.

14,900

869,692

Nitto

Denko

Corp.

17,300

1,232,821

Shin-Etsu

Chemical

Co.

Ltd.

43,100

7,269,448

Sumitomo

Chemical

Co.

Ltd.

(a)

183,700

958,264

Toray

Industries,

Inc.

176,300

1,125,944

Tosoh

Corp.

31,700

575,233

19,088,443

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

(a)

27,700

670,830

Secom

Co.

Ltd.

25,700

1,864,898

Sohgo

Security

Services

Co.

Ltd.

8,300

374,761

Toppan,

Inc.

29,000

493,224

3,403,713

Construction

&

Engineering

0.1%

Kajima

Corp.(a)

54,800

706,182

Obayashi

Corp.(a)

82,500

685,021

Shimizu

Corp.(a)

70,400

530,568

Taisei

Corp.(a)

24,300

782,412

2,704,183

Consumer

Finance

0.0%

†

Acom

Co.

Ltd.(a)

59,900

219,748

Diversified

Financial

Services

0.2%

Mitsubishi

HC

Capital,

Inc.

80,200

421,456

ORIX

Corp.

149,000

2,784,507

Tokyo

Century

Corp.(a)

4,800

270,935

3,476,898

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

155,956

4,311,413

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.(a)

81,900

971,502

Kansai

Electric

Power

Co.,

Inc.

(The)(a)

89,500

868,549

Tohoku

Electric

Power

Co.,

Inc.(a)

50,100

369,136

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

173,600

497,891

2,707,078

Electrical

Equipment

0.5%

Fuji

Electric

Co.

Ltd.

15,000

683,502

Mitsubishi

Electric

Corp.

225,500

3,136,347

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

JAPAN

Electrical

Equipment

Nidec

Corp.

54,300

6,023,783

9,843,632

Electronic

Equipment,

Instruments

&

Components

1.5%

Azbil

Corp.(a)

15,500

666,233

Hamamatsu

Photonics

KK

16,900

1,048,377

Hirose

Electric

Co.

Ltd.(a)

3,694

615,140

Ibiden

Co.

Ltd.

13,300

735,244

Keyence

Corp.

23,744

14,227,051

Kyocera

Corp.

39,100

2,444,327

Murata

Manufacturing

Co.

Ltd.

70,800

6,302,249

Omron

Corp.

22,500

2,230,143

Shimadzu

Corp.

28,200

1,238,722

TDK

Corp.

47,400

1,712,430

Yokogawa

Electric

Corp.

28,800

503,573

31,723,489

Entertainment

0.5%

Capcom

Co.

Ltd.

22,200

616,616

Koei

Tecmo

Holdings

Co.

Ltd.

7,410

352,467

Konami

Holdings

Corp.(a)

10,700

671,466

Nexon

Co.

Ltd.

58,600

945,446

Nintendo

Co.

Ltd.

13,500

6,567,195

Square

Enix

Holdings

Co.

Ltd.

9,700

511,128

Toho

Co.

Ltd.(a)

13,000

613,289

10,277,607

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Daiwa

House

REIT

Investment

Corp.

251

735,475

GLP

J-REIT

516

848,183

Japan

Metropolitan

Fund

Invest

852

819,079

Japan

Real

Estate

Investment

Corp.

149

892,525

Nippon

Building

Fund,

Inc.

186

1,208,205

Nippon

Prologis

REIT,

Inc.

262

876,136

Nomura

Real

Estate

Master

Fund,

Inc.

528

760,864

Orix

JREIT,

Inc.

304

529,549

United

Urban

Investment

Corp.

320

432,905

7,102,921

Food

&

Staples

Retailing

0.4%

Aeon

Co.

Ltd.

79,900

2,102,693

Cosmos

Pharmaceutical

Corp.

2,300

392,249

Kobe

Bussan

Co.

Ltd.

17,300

564,815

Lawson,

Inc.

6,200

304,409

Seven

&

i

Holdings

Co.

Ltd.

92,800

4,211,219

Tsuruha

Holdings,

Inc.

4,700

580,642

Welcia

Holdings

Co.

Ltd.

12,400

445,821

8,601,848

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

57,700

1,707,333

Kikkoman

Corp.(a)

17,000

1,381,512

MEIJI

Holdings

Co.

Ltd.(a)

14,280

922,913

NH

Foods

Ltd.

10,300

389,622

Nisshin

Seifun

Group,

Inc.

20,923

348,822

Common

Stocks

Shares

Value

($)

JAPAN

Food

Products

Nissin

Foods

Holdings

Co.

Ltd.

8,000

643,053

Toyo

Suisan

Kaisha

Ltd.

11,200

497,439

Yakult

Honsha

Co.

Ltd.

15,200

770,648

6,661,342

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

47,700

876,755

Toho

Gas

Co.

Ltd.(a)

8,700

380,068

Tokyo

Gas

Co.

Ltd.

47,800

890,180

2,147,003

Health

Care

Equipment

&

Supplies

0.8%

Asahi

Intecc

Co.

Ltd.

27,200

746,244

Hoya

Corp.

44,700

6,990,987

Olympus

Corp.

143,700

3,155,833

Sysmex

Corp.

20,400

2,520,037

Terumo

Corp.

77,400

3,638,921

17,052,022

Health

Care

Providers

&

Services

0.0%

†

Medipal

Holdings

Corp.

20,500

386,702

Health

Care

Technology

0.2%

M3,

Inc.

53,700

3,833,620

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.(a)

9,826

463,791

Oriental

Land

Co.

Ltd.(a)

24,200

3,919,187

4,382,978

Household

Durables

1.2%

Casio

Computer

Co.

Ltd.(a)

23,500

389,667

Iida

Group

Holdings

Co.

Ltd.

(a)

17,300

445,274

Panasonic

Corp.

271,800

3,373,621

Rinnai

Corp.

4,700

515,071

Sekisui

Chemical

Co.

Ltd.(a)

45,300

779,933

Sekisui

House

Ltd.

74,000

1,555,042

Sharp

Corp.(a)

22,900

289,916

Sony

Group

Corp.

153,800

17,127,388

24,475,912

Household

Products

0.1%

Lion

Corp.

27,600

446,503

Pigeon

Corp.

14,300

333,020

Unicharm

Corp.

49,300

2,186,550

2,966,073

Industrial

Conglomerates

0.4%

Hitachi

Ltd.

117,900

6,990,740

Toshiba

Corp.(a)

50,000

2,096,693

9,087,433

Insurance

0.6%

Dai-ichi

Life

Holdings,

Inc.

124,300

2,706,511

Japan

Post

Holdings

Co.

Ltd.*

188,400

1,585,682

Japan

Post

Insurance

Co.

Ltd.

25,500

461,505

MS&AD

Insurance

Group

Holdings,

Inc.(a)

53,241

1,776,451

Sompo

Holdings,

Inc.(a)

39,750

1,721,541

T&D

Holdings,

Inc.

63,700

869,993

64

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Insurance

Tokio

Marine

Holdings,

Inc.

(a)

77,300

4,145,410

13,267,093

Interactive

Media

&

Services

0.1%

Kakaku.com,

Inc.

15,800

511,505

Z

Holdings

Corp.

322,500

2,069,646

2,581,151

Internet

&

Direct

Marketing

Retail

0.1%

Mercari

,

Inc.*

12,900

710,166

Rakuten

Group,

Inc.

109,400

1,058,636

ZOZO,

Inc.

15,200

569,155

2,337,957

IT

Services

0.7%

Fujitsu

Ltd.

24,200

4,394,976

GMO

Payment

Gateway,

Inc.

4,900

620,807

Itochu

Techno-Solutions

Corp.

11,300

368,907

NEC

Corp.

29,400

1,595,988

Nomura

Research

Institute

Ltd.

40,915

1,507,903

NTT

Data

Corp.(a)

80,200

1,553,826

Obic

Co.

Ltd.

8,300

1,588,183

Otsuka

Corp.

14,000

719,743

SCSK

Corp.

17,100

361,606

TIS,

Inc.

26,900

735,239

13,447,178

Leisure

Products

0.3%

Bandai

Namco

Holdings,

Inc.

24,200

1,817,299

Shimano,

Inc.

8,900

2,592,748

Yamaha

Corp.(a)

16,800

1,056,185

5,466,232

Machinery

1.3%

Daifuku

Co.

Ltd.

12,500

1,175,408

FANUC

Corp.

23,700

5,188,251

Harmonic

Drive

Systems,

Inc.(a)

4,800

231,492

Hino

Motors

Ltd.

40,100

376,152

Hitachi

Construction

Machinery

Co.

Ltd.(a)

13,400

379,582

Hoshizaki

Corp.

7,200

655,571

Komatsu

Ltd.

107,400

2,582,494

Kubota

Corp.

127,100

2,711,450

Kurita

Water

Industries

Ltd.

11,200

541,110

Makita

Corp.

28,000

1,528,004

MINEBEA

MITSUMI,

Inc.

46,100

1,177,129

MISUMI

Group,

Inc.

33,400

1,419,307

Mitsubishi

Heavy

Industries

Ltd.

38,000

1,025,945

Miura

Co.

Ltd.(a)

10,000

401,209

Nabtesco

Corp.

13,000

492,452

NGK

Insulators

Ltd.

33,600

570,587

NSK

Ltd.(a)

42,600

289,117

SMC

Corp.

6,900

4,316,832

THK

Co.

Ltd.

13,800

304,258

Yaskawa

Electric

Corp.

28,600

1,375,796

26,742,146

Marine

0.1%

Nippon

Yusen

KK(a)

20,300

1,526,934

Common

Stocks

Shares

Value

($)

JAPAN

Media

0.1%

CyberAgent

,

Inc.

47,600

921,873

Dentsu

Group,

Inc.

26,901

1,034,919

Hakuhodo

DY

Holdings,

Inc.

(a)

31,200

538,268

2,495,060

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.*

23,900

463,087

JFE

Holdings,

Inc.(a)

57,200

853,496

Nippon

Steel

Corp.

104,344

1,867,419

Sumitomo

Metal

Mining

Co.

Ltd.

30,100

1,086,236

4,270,238

Multiline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

52,400

1,086,009

Ryohin

Keikaku

Co.

Ltd.

32,800

729,739

1,815,748

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.(a)

366,739

1,497,560

Idemitsu

Kosan

Co.

Ltd.(a)

27,456

724,825

Inpex

Corp.

129,700

1,015,058

3,237,443

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

101,000

509,643

Personal

Products

0.4%

Kao

Corp.

58,700

3,497,461

Kobayashi

Pharmaceutical

Co.

Ltd.

6,100

483,094

Kose

Corp.(a)

4,200

503,416

Pola

Orbis

Holdings,

Inc.

13,200

304,468

Shiseido

Co.

Ltd.

49,600

3,342,872

8,131,311

Pharmaceuticals

1.4%

Astellas

Pharma,

Inc.

230,000

3,792,389

Chugai

Pharmaceutical

Co.

Ltd.

81,400

2,981,878

Daiichi

Sankyo

Co.

Ltd.

213,700

5,701,049

Eisai

Co.

Ltd.

28,900

2,176,326

Hisamitsu

Pharmaceutical

Co.,

Inc.

5,600

212,422

Kyowa

Kirin

Co.

Ltd.

31,500

1,135,912

Nippon

Shinyaku

Co.

Ltd.

6,800

566,510

Ono

Pharmaceutical

Co.

Ltd.

43,600

994,403

Otsuka

Holdings

Co.

Ltd.

47,200

2,012,075

Santen

Pharmaceutical

Co.

Ltd.

42,900

605,380

Shionogi

&

Co.

Ltd.(a)

32,500

2,226,428

Sumitomo

Dainippon

Pharma

Co.

Ltd.(a)

24,600

439,524

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

3,400

198,792

Takeda

Pharmaceutical

Co.

Ltd.

192,349

6,375,944

29,419,032

Professional

Services

0.6%

Nihon

M&A

Center

Holdings,

Inc.

38,000

1,119,765

Persol

Holdings

Co.

Ltd.

19,600

491,120

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

JAPAN

Professional

Services

Recruit

Holdings

Co.

Ltd.

166,600

10,158,485

11,769,370

Real

Estate

Management

&

Development

0.5%

Daito

Trust

Construction

Co.

Ltd.(a)

7,900

922,350

Daiwa

House

Industry

Co.

Ltd.(a)

68,600

2,291,006

Hulic

Co.

Ltd.

33,300

371,247

Mitsubishi

Estate

Co.

Ltd.

144,800

2,305,957

Mitsui

Fudosan

Co.

Ltd.

113,800

2,710,705

Nomura

Real

Estate

Holdings,

Inc.

13,200

343,996

Sumitomo

Realty

&

Development

Co.

Ltd.

39,300

1,434,065

10,379,326

Road

&

Rail

0.6%

Central

Japan

Railway

Co.(a)

17,600

2,813,029

East

Japan

Railway

Co.(a)

37,076

2,600,710

Hankyu

Hanshin

Holdings,

Inc.

29,100

918,139

Keio

Corp.(a)

13,099

701,276

Keisei

Electric

Railway

Co.

Ltd.

14,400

477,659

Kintetsu

Group

Holdings

Co.

Ltd.*

20,200

681,803

Nippon

Express

Co.

Ltd.(a)

8,700

599,409

Odakyu

Electric

Railway

Co.

Ltd.

34,200

792,250

Tobu

Railway

Co.

Ltd.

23,800

641,796

Tokyu

Corp.(a)

63,200

941,136

West

Japan

Railway

Co.(a)

26,300

1,309,671

12,476,878

Semiconductors

&

Semiconductor

Equipment

0.8%

Advantest

Corp.

24,000

2,150,204

Disco

Corp.

3,500

979,715

Lasertec

Corp.

9,400

2,135,196

Renesas

Electronics

Corp.*

152,800

1,885,363

Rohm

Co.

Ltd.

10,600

998,582

SUMCO

Corp.

35,400

710,752

Tokyo

Electron

Ltd.(a)

18,300

8,066,685

16,926,497

Software

0.1%

Oracle

Corp.

Japan

4,300

378,341

Trend

Micro,

Inc.

16,600

926,049

1,304,390

Specialty

Retail

0.4%

ABC-Mart,

Inc.

3,300

186,832

Fast

Retailing

Co.

Ltd.

7,200

5,306,579

Hikari

Tsushin,

Inc.

2,400

405,834

Nitori

Holdings

Co.

Ltd.

9,700

1,908,302

USS

Co.

Ltd.

29,200

499,560

Yamada

Holdings

Co.

Ltd.

94,500

397,749

8,704,856

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.(a)

27,200

598,475

Canon,

Inc.

121,700

2,993,471

FUJIFILM

Holdings

Corp.

44,000

3,794,118

Ricoh

Co.

Ltd.(a)

82,400

845,557

Common

Stocks

Shares

Value

($)

JAPAN

Technology

Hardware,

Storage

&

Peripherals

Seiko

Epson

Corp.(a)

32,700

659,734

8,891,355

Tobacco

0.1%

Japan

Tobacco,

Inc.

147,800

2,901,967

Trading

Companies

&

Distributors

0.9%

ITOCHU

Corp.(a)

145,000

4,247,269

Marubeni

Corp.(a)

190,800

1,565,488

Mitsubishi

Corp.

154,000

4,817,533

Mitsui

&

Co.

Ltd.(a)

183,600

3,982,877

MonotaRO

Co.

Ltd.

31,600

713,064

Sumitomo

Corp.

136,100

1,902,853

Toyota

Tsusho

Corp.

26,800

1,123,144

18,352,228

Wireless

Telecommunication

Services

1.0%

KDDI

Corp.(a)

198,300

6,553,321

SoftBank

Corp.

347,600

4,719,458

SoftBank

Group

Corp.

147,100

8,500,522

19,773,301

495,076,220

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

20,299

667,803

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE(a)

16,603

2,129,118

Metals

&

Mining

0.1%

ArcelorMittal

SA(a)

87,271

2,633,289

4,762,407

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Galaxy

Entertainment

Group

Ltd.*

264,000

1,332,024

Sands

China

Ltd.*

308,300

631,814

SJM

Holdings

Ltd.*(a)

229,000

154,939

Wynn

Macau

Ltd.*(a)

181,200

151,348

2,270,125

MALTA

0.0%

†

Capital

Markets

0.0%

†

BGP

Holdings

plc*^∞

848,508

0

NETHERLANDS

5.3%

Banks

0.4%

ABN

AMRO

Bank

NV,

CVA

Reg.

S*(a)(b)

50,658

728,904

ING

Groep

NV

475,145

6,896,339

7,625,243

Beverages

0.2%

Heineken

Holding

NV

13,473

1,171,198

Heineken

NV

32,060

3,332,724

4,503,922

Biotechnology

0.1%

Argenx

SE*

5,715

1,724,767

Chemicals

0.3%

Akzo

Nobel

NV

23,570

2,566,557

Koninklijke

DSM

NV

20,840

4,165,475

6,732,032

66

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

NETHERLANDS

Diversified

Financial

Services

0.1%

EXOR

NV

12,587

1,060,666

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

410,074

1,286,025

Entertainment

0.1%

Universal

Music

Group

NV*

86,789

2,323,798

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

127,536

4,228,241

Food

Products

0.0%

†

JDE

Peet's

NV

9,429

280,072

Health

Care

Equipment

&

Supplies

0.3%

Koninklijke

Philips

NV

110,940

4,917,182

Insurance

0.1%

Aegon

NV

220,482

1,131,949

NN

Group

NV

32,872

1,715,510

2,847,459

IT

Services

0.3%

Adyen

NV

Reg.

S*(b)

2,406

6,690,029

Oil,

Gas

&

Consumable

Fuels

1.0%

Koninklijke

Vopak

NV

8,867

348,577

Royal

Dutch

Shell

plc,

Class

A

499,673

11,038,729

Royal

Dutch

Shell

plc,

Class

B

450,740

9,985,837

21,373,143

Professional

Services

0.2%

Randstad

NV(a)

13,972

933,755

Wolters

Kluwer

NV

32,381

3,422,765

4,356,520

Semiconductors

&

Semiconductor

Equipment

1.9%

ASM

International

NV

5,750

2,245,028

ASML

Holding

NV

51,198

37,767,349

40,012,377

109,961,476

NEW

ZEALAND

0.3%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

222,747

734,391

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

82,594

369,467

Food

Products

0.0%

†

a2

Milk

Co.

Ltd.

(The)*(a)

91,571

407,691

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

68,471

1,505,549

Health

Care

Providers

&

Services

0.0%

†

Ryman

Healthcare

Ltd.

56,138

580,757

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

151,540

513,858

Software

0.1%

Xero

Ltd.*

16,105

1,604,961

Common

Stocks

Shares

Value

($)

NEW

ZEALAND

Transportation

Infrastructure

0.1%

Auckland

International

Airport

Ltd.*(a)

148,060

795,978

6,512,652

NORWAY

0.6%

Banks

0.1%

DNB

Bank

ASA

115,364

2,619,130

Diversified

Telecommunication

Services

0.1%

Telenor

ASA(a)

86,178

1,447,483

Food

Products

0.1%

Mowi

ASA

51,434

1,298,077

Orkla

ASA

92,531

847,984

2,146,061

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

24,367

539,621

Media

0.0%

†

Schibsted

ASA,

Class

A

9,510

451,941

Schibsted

ASA,

Class

B

12,017

508,400

960,341

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

161,292

1,203,610

Oil,

Gas

&

Consumable

Fuels

0.2%

Equinor

ASA

121,210

3,088,841

12,005,087

POLAND

0.0%

†

Air

Freight

&

Logistics

0.0%

†

InPost

SA*

24,393

402,367

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

337,597

1,770,931

Food

&

Staples

Retailing

0.0%

†

Jeronimo

Martins

SGPS

SA

32,215

641,490

Oil,

Gas

&

Consumable

Fuels

0.1%

Galp

Energia

SGPS

SA

62,894

712,271

3,124,692

RUSSIA

0.1%

Beverages

0.1%

Coca-Cola

HBC

AG*

25,379

815,727

Metals

&

Mining

0.0%

†

Evraz

plc

64,919

517,977

1,333,704

SAUDI

ARABIA

0.1%

Internet

&

Direct

Marketing

Retail

0.1%

Delivery

Hero

SE

Reg.

S*(b)

19,153

2,452,640

SINGAPORE

1.0%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

185,100

517,161

Airlines

0.0%

†

Singapore

Airlines

Ltd.*

160,114

585,648

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

SINGAPORE

Banks

0.6%

DBS

Group

Holdings

Ltd.

222,800

4,947,476

Oversea-Chinese

Banking

Corp.

Ltd.

406,900

3,406,324

United

Overseas

Bank

Ltd.

143,600

2,716,004

11,069,804

Capital

Markets

0.1%

Singapore

Exchange

Ltd.

99,400

727,352

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

983,950

1,775,329

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

32,800

432,251

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Ascendas

REIT

405,407

892,284

CapitaLand

Integrated

Commercial

Trust

583,370

867,171

Mapletree

Commercial

Trust

281,700

427,873

Mapletree

Logistics

Trust

386,358

576,319

2,763,647

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

706,796

372,284

Industrial

Conglomerates

0.0%

†

Keppel

Corp.

Ltd.

182,400

693,155

Real

Estate

Management

&

Development

0.1%

Capitaland

Investment

Ltd.*

340,097

851,620

City

Developments

Ltd.

61,200

308,858

UOL

Group

Ltd.

47,500

238,777

1,399,255

20,335,886

SOUTH

AFRICA

0.3%

Metals

&

Mining

0.3%

Anglo

American

plc

157,938

5,448,049

SPAIN

2.4%

Banks

0.7%

Banco

Bilbao

Vizcaya

Argentaria

SA

809,533

5,340,095

Banco

Santander

SA

2,124,881

7,696,543

CaixaBank

SA

540,243

1,675,223

14,711,861

Biotechnology

0.1%

Grifols

SA

37,919

924,580

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

30,283

811,933

Ferrovial

SA

59,176

1,716,244

2,528,177

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

62,143

3,830,616

Telefonica

SA(a)

638,291

2,975,056

6,805,672

Electric

Utilities

0.5%

Endesa

SA

40,648

819,804

Iberdrola

SA

722,114

7,212,158

Common

Stocks

Shares

Value

($)

SPAIN

Electric

Utilities

Red

Electrica

Corp.

SA

54,857

1,096,502

9,128,464

Electrical

Equipment

0.0%

†

Siemens

Gamesa

Renewable

Energy

SA*

27,758

701,639

Gas

Utilities

0.1%

Enagas

SA

28,047

623,335

Naturgy

Energy

Group

SA(a)

33,428

841,594

1,464,929

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

EDP

Renovaveis

SA

35,146

865,560

IT

Services

0.2%

Amadeus

IT

Group

SA*

55,739

3,661,635

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

177,413

2,304,325

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

132,419

4,817,737

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

9,147

1,577,775

49,492,354

SWEDEN

3.4%

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A

198,015

2,790,057

Svenska

Handelsbanken

AB,

Class

A

177,894

1,995,560

Swedbank

AB,

Class

A

109,936

2,223,715

7,009,332

Building

Products

0.3%

Assa

Abloy

AB,

Class

B

123,470

3,580,039

Nibe

Industrier

AB,

Class

B

173,839

2,183,564

5,763,603

Capital

Markets

0.1%

EQT

AB

36,069

1,485,678

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

Class

B

38,118

604,523

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

Class

B(a)

355,700

4,020,250

Construction

&

Engineering

0.0%

†

Skanska

AB,

Class

B

39,600

992,519

Diversified

Financial

Services

0.4%

Industrivarden

AB,

Class

A

13,441

428,407

Industrivarden

AB,

Class

C

20,799

640,790

Investor

AB,

Class

B

220,845

4,728,673

Kinnevik

AB,

Class

B*(a)

30,484

1,074,830

L

E

Lundbergforetagen

AB,

Class

B

9,028

493,021

7,365,721

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB

324,210

1,336,790

68

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB,

Class

B

242,515

3,736,713

Entertainment

0.0%

†

Embracer

Group

AB*

62,556

601,370

Food

&

Staples

Retailing

0.0%

†

ICA

Gruppen

AB

12,291

563,555

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

20,717

3,149,160

Household

Durables

0.1%

Electrolux

AB

Series B(a)

26,142

603,682

Husqvarna

AB,

Class

B

48,561

579,330

1,183,012

Household

Products

0.1%

Essity

AB,

Class

B

73,947

2,295,199

Industrial

Conglomerates

0.0%

†

Investment

AB

Latour

,

Class

B

16,568

512,634

Machinery

1.0%

Alfa

Laval

AB

37,403

1,393,718

Atlas

Copco

AB,

Class

A

81,752

4,959,101

Atlas

Copco

AB,

Class

B

47,480

2,427,158

Epiroc

AB,

Class

A

78,853

1,625,346

Epiroc

AB,

Class

B

45,014

795,339

Sandvik

AB

139,592

3,185,786

SKF

AB,

Class

B

48,390

1,138,849

Volvo

AB,

Class

A

24,422

553,661

Volvo

AB,

Class

B

175,003

3,931,849

20,010,807

Metals

&

Mining

0.1%

Boliden

AB*

34,549

1,111,448

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Lundin

Energy

AB

24,411

906,177

Paper

&

Forest

Products

0.1%

Svenska

Cellulosa

AB

SCA,

Class

B

71,363

1,102,754

Real

Estate

Management

&

Development

0.0%

†

Fastighets

AB

Balder,

Class

B*

12,738

764,030

Software

0.1%

Sinch

AB

Reg.

S*(b)

61,991

1,194,592

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB,

Class

B*

89,074

1,805,972

Tobacco

0.1%

Swedish

Match

AB

192,648

1,689,544

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB,

Class

B(a)

63,483

937,787

70,143,170

SWITZERLAND

9.5%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)

4,204

319,711

Common

Stocks

Shares

Value

($)

SWITZERLAND

Building

Products

0.2%

Geberit

AG

(Registered)

4,553

3,345,374

Capital

Markets

0.8%

Credit

Suisse

Group

AG

(Registered)

301,256

2,986,889

Julius

Baer

Group

Ltd.

26,765

1,770,274

Partners

Group

Holding

AG

2,768

4,308,974

UBS

Group

AG

(Registered)

445,479

7,118,745

16,184,882

Chemicals

0.6%

Clariant

AG

(Registered)*

25,170

471,579

EMS-

Chemie

Holding

AG

(Registered)

856

805,694

Givaudan

SA

(Registered)

1,128

5,151,938

Sika

AG

(Registered)

17,291

5,469,056

11,898,267

Construction

Materials

0.1%

Holcim

Ltd.*

62,924

3,027,307

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

3,110

1,785,726

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)

211,548

7,051,348

Food

Products

2.2%

Barry

Callebaut

AG

(Registered)

434

981,895

Chocoladefabriken

Lindt

&

Spruengli

AG

126

1,411,509

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

13

1,526,528

Nestle

SA

(Registered)

351,614

42,305,811

46,225,743

Health

Care

Equipment

&

Supplies

0.5%

Alcon,

Inc.

61,166

4,955,035

Sonova

Holding

AG

(Registered)

6,839

2,579,321

Straumann

Holding

AG

(Registered)

1,290

2,308,464

9,842,820

Insurance

0.5%

Baloise

Holding

AG

(Registered)

5,893

898,530

Swiss

Life

Holding

AG

(Registered)

3,826

1,940,118

Zurich

Insurance

Group

AG

18,276

7,452,009

10,290,657

Life

Sciences

Tools

&

Services

0.3%

Lonza

Group

AG

(Registered)

9,056

6,784,673

Machinery

0.1%

Schindler

Holding

AG

4,816

1,288,707

Schindler

Holding

AG

(Registered)

2,558

657,659

1,946,366

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

6,437

2,187,276

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

Shares

Value

($)

SWITZERLAND

Pharmaceuticals

2.7%

Novartis

AG

(Registered)

270,985

22,231,667

Roche

Holding

AG

89,634

32,885,395

Vifor

Pharma

AG

5,784

748,912

55,865,974

Professional

Services

0.2%

Adecco

Group

AG

(Registered)

19,726

987,896

SGS

SA

(Registered)

736

2,140,113

3,128,009

Real

Estate

Management

&

Development

0.0%

†

Swiss

Prime

Site

AG

(Registered)

8,889

865,662

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

83,291

3,631,279

Software

0.1%

Temenos

AG

(Registered)

8,324

1,130,465

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

21,113

1,869,850

Textiles,

Apparel

&

Luxury

Goods

0.4%

Cie

Financiere

Richemont

SA

(Registered)

64,041

6,603,486

Swatch

Group

AG

(The)

3,664

960,469

Swatch

Group

AG

(The)

(Registered)

6,136

315,999

7,879,954

195,261,343

TAIWAN

0.1%

Entertainment

0.1%

Sea

Ltd.,

ADR*

8,400

2,677,332

UNITED

ARAB

EMIRATES

0.0%

†

Health

Care

Providers

&

Services

0.0%

†

NMC

Health

plc*^∞

11,719

0

UNITED

KINGDOM

11.9%

Aerospace

&

Defense

0.2%

BAE

Systems

plc

393,559

2,974,693

Rolls-Royce

Holdings

plc*

1,053,423

1,981,842

4,956,535

Banks

1.3%

Barclays

plc

2,062,006

5,258,912

HSBC

Holdings

plc

2,478,777

12,967,787

Lloyds

Banking

Group

plc

8,702,475

5,413,376

Natwest

Group

plc

705,769

2,141,611

Standard

Chartered

plc

326,524

1,913,628

27,695,314

Beverages

0.7%

Coca-Cola

Europacific

Partners

plc

25,865

1,430,076

Diageo

plc

285,139

13,738,866

15,168,942

Capital

Markets

0.5%

3i

Group

plc

116,799

2,011,853

Abrdn

plc

269,980

926,892

Hargreaves

Lansdown

plc

45,675

876,868

London

Stock

Exchange

Group

plc

39,600

3,956,337

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Capital

Markets

Schroders

plc

15,324

735,978

St

James's

Place

plc

67,351

1,364,459

9,872,387

Chemicals

0.1%

Croda

International

plc

17,344

1,980,606

Johnson

Matthey

plc

24,344

878,040

2,858,646

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

221,090

1,732,132

Diversified

Financial

Services

0.0%

†

M&G

plc

320,496

877,138

Diversified

Telecommunication

Services

0.1%

BT

Group

plc*

1,077,162

2,313,409

Electric

Utilities

0.1%

SSE

plc

126,152

2,649,006

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

47,447

1,809,902

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

British

Land

Co.

plc

(The)

100,664

664,839

Land

Securities

Group

plc

88,471

823,459

Segro

plc

146,129

2,344,844

3,833,142

Food

&

Staples

Retailing

0.3%

J

Sainsbury

plc

203,562

779,500

Ocado

Group

plc*

58,591

1,303,143

Tesco

plc

935,245

3,172,065

Wm

Morrison

Supermarkets

plc

284,900

1,129,250

6,383,958

Food

Products

0.1%

Associated

British

Foods

plc

42,130

1,046,800

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

106,494

1,828,883

Hotels,

Restaurants

&

Leisure

0.4%

Compass

Group

plc*

216,523

4,430,128

Entain

plc*

72,004

2,061,183

InterContinental

Hotels

Group

plc*

22,277

1,428,470

Whitbread

plc*

25,167

1,119,315

9,039,096

Household

Durables

0.2%

Barratt

Developments

plc

128,727

1,135,948

Berkeley

Group

Holdings

plc

14,491

848,831

Persimmon

plc

37,887

1,350,066

Taylor

Wimpey

plc

463,064

956,360

4,291,205

Household

Products

0.3%

Reckitt

Benckiser

Group

plc

87,110

6,818,045

Industrial

Conglomerates

0.3%

CK

Hutchison

Holdings

Ltd.

329,016

2,181,810

DCC

plc

12,508

1,035,276

Melrose

Industries

plc

518,002

1,198,661

Smiths

Group

plc

50,275

963,720

5,379,467

Insurance

0.7%

Admiral

Group

plc

24,267

1,012,750

70

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Insurance

Aviva

plc

476,400

2,535,608

Direct

Line

Insurance

Group

plc

174,605

681,237

Legal

&

General

Group

plc

730,435

2,758,325

Phoenix

Group

Holdings

plc

80,143

693,022

Prudential

plc

318,444

6,181,846

13,862,788

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

120,561

953,987

Internet

&

Direct

Marketing

Retail

0.1%

Just

Eat

Takeaway.com

NV

Reg.

S*(b)

21,868

1,593,530

Machinery

0.2%

CNH

Industrial

NV

122,705

2,077,670

Spirax-Sarco

Engineering

plc

9,177

1,844,290

3,921,960

Media

0.2%

Informa

plc*

177,670

1,301,879

Pearson

plc

88,677

847,871

WPP

plc

147,585

1,983,124

4,132,874

Multiline

Retail

0.1%

Next

plc

15,817

1,734,591

Multi-Utilities

0.3%

National

Grid

plc

430,228

5,117,690

Oil,

Gas

&

Consumable

Fuels

0.5%

BP

plc

2,465,433

11,168,527

Personal

Products

0.8%

Unilever

plc

320,667

17,312,583

Pharmaceuticals

1.7%

AstraZeneca

plc

188,759

22,723,673

GlaxoSmithKline

plc

612,293

11,557,344

34,281,017

Professional

Services

0.6%

Experian

plc

112,923

4,690,916

Intertek

Group

plc

19,234

1,284,059

RELX

plc

237,591

6,855,405

12,830,380

Software

0.1%

AVEVA

Group

plc

13,500

651,996

Sage

Group

plc

(The)

136,141

1,299,382

1,951,378

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

62,695

882,678

Kingfisher

plc

246,989

1,117,441

2,000,119

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

47,354

1,152,990

Tobacco

0.6%

British

American

Tobacco

plc

265,823

9,274,403

Imperial

Brands

plc

115,643

2,413,394

11,687,797

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

55,092

4,179,094

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Trading

Companies

&

Distributors

Bunzl

plc

39,700

1,311,471

5,490,565

Water

Utilities

0.1%

Severn

Trent

plc

30,249

1,057,767

United

Utilities

Group

plc

86,084

1,119,312

2,177,079

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

3,409,339

5,157,104

245,080,966

UNITED

STATES

1.3%

Automobiles

0.2%

Stellantis

NV

246,774

4,717,119

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI

55,550

1,992,519

Diversified

Financial

Services

0.0%

†

Jackson

Financial,

Inc.,

Class

A*

7,961

206,986

Electrical

Equipment

0.5%

Schneider

Electric

SE

65,748

10,931,274

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA(a)

59,687

629,425

Insurance

0.2%

Swiss

Re

AG

36,787

3,133,588

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

27,488

1,429,225

Software

0.0%

†

CyberArk

Software

Ltd.*(a)

4,491

708,770

Trading

Companies

&

Distributors

0.2%

Ferguson

plc

27,713

3,841,655

27,590,561

Total

Common

Stocks

(cost

$1,402,178,853)

2,044,635,554

Rights

0.0%

†

Number

of

Rights

FRANCE

0.0%

†

Multi-Utilities

0.0%

†

Veolia

Environnement

SA,

expiring

10/1/2021*∞(a)

64,904

53,981

GERMANY

0.0%

†

Airlines

0.0%

†

Deutsche

Lufthansa

AG,

expiring

10/5/2021*(a)

33,579

79,737

Total

Rights

(cost

$186,155)

133,718

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

71

Repurchase

Agreements

2.0%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$4,264,127,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$4,349,402.(c)

4,264,120

4,264,120

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,000,002,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$1,020,002.(c)

1,000,000

1,000,000

MetLife,

Inc.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$12,000,020,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$12,244,919.(c)

12,000,000

12,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$13,000,127,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$13,260,041.(c)

13,000,000

13,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$11,000,107,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

4/15/2024

-

2/15/2044;

total

market

value

$11,220,019.(c)

11,000,000

11,000,000

Total

Repurchase

Agreements

(cost

$41,264,120)

41,264,120

Total

Investments

(cost

$1,443,629,128)

—

101.0%

2,086,033,392

Liabilities

in

excess

of

other

assets

—

(1.0)%

(21,065,920)

NET

ASSETS

—

100.0%

$

2,064,967,472

72

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$120,343,930,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$41,264,120

and

by

$86,325,014

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$127,589,134.

(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,

2021

was

$40,517,118

which

represents

1.96%

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,

2021

was

$41,264,120.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

73

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

113

12/2021

EUR

5,298,571

(84,802)

FTSE

100

Index

32

12/2021

GBP

3,049,867

6,681

Nikkei

225

Index

23

12/2021

JPY

3,065,771

11,266

SPI

200

Index

12

12/2021

AUD

1,581,742

3,935

(62,920)

As

of

September

30,

2021,

the

Fund

had

$794,875

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

74

-

Statement

of

Investments

-

September

30,

2021

(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,

2021

(Unaudited)

-

Statement

of

Investments

-

75

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

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

$

–

$

23,633,794

$

–

$

23,633,794

Air

Freight

&

Logistics

–

15,859,567

–

15,859,567

Airlines

–

2,150,022

–

2,150,022

Auto

Components

–

17,367,265

–

17,367,265

Automobiles

–

67,178,353

–

67,178,353

Banks

–

177,417,048

–

177,417,048

Beverages

1,430,076

40,233,244

–

41,663,320

Biotechnology

–

18,211,672

–

18,211,672

Building

Products

–

25,680,566

–

25,680,566

Capital

Markets

555,677

57,296,658

–

57,852,335

Chemicals

–

72,237,849

–

72,237,849

Commercial

Services

&

Supplies

–

7,177,442

–

7,177,442

Communications

Equipment

–

7,637,914

–

7,637,914

Construction

&

Engineering

–

15,137,435

–

15,137,435

Construction

Materials

–

10,774,678

–

10,774,678

Consumer

Finance

–

219,748

–

219,748

Containers

&

Packaging

–

1,605,158

–

1,605,158

Diversified

Financial

Services

744,066

15,350,151

–

16,094,217

Diversified

Telecommunication

Services

–

38,282,800

–

38,282,800

Electric

Utilities

–

36,937,106

–

36,937,106

Electrical

Equipment

–

39,367,768

–

39,367,768

Electronic

Equipment,

Instruments

&

Components

–

37,702,355

–

37,702,355

Energy

Equipment

&

Services

–

629,425

–

629,425

Entertainment

5,001,130

12,238,644

–

17,239,774

Equity

Real

Estate

Investment

Trusts

(REITs)

–

27,706,206

–

27,706,206

Food

&

Staples

Retailing

–

30,478,737

–

30,478,737

Food

Products

–

66,158,061

–

66,158,061

Gas

Utilities

–

7,944,683

–

7,944,683

Health

Care

Equipment

&

Supplies

–

47,452,583

–

47,452,583

Health

Care

Providers

&

Services

–

9,490,801

–

9,490,801

Health

Care

Technology

–

3,833,620

–

3,833,620

Hotels,

Restaurants

&

Leisure

246,385

30,057,299

–

30,303,684

Household

Durables

–

30,442,795

–

30,442,795

Household

Products

–

15,247,633

–

15,247,633

Independent

Power

and

Renewable

Electricity

Producers

–

1,845,163

–

1,845,163

Industrial

Conglomerates

1,399,200

31,046,199

–

32,445,399

Insurance

–

99,295,331

–

99,295,331

Interactive

Media

&

Services

–

6,497,081

–

6,497,081

Internet

&

Direct

Marketing

Retail

–

19,636,778

–

19,636,778

IT

Services

1,367,675

37,125,408

–

38,493,083

Leisure

Products

–

5,466,232

–

5,466,232

Life

Sciences

Tools

&

Services

–

12,188,368

–

12,188,368

Machinery

986,389

63,241,350

–

64,227,739

Marine

–

7,191,153

–

7,191,153

Media

–

10,514,388

–

10,514,388

Metals

&

Mining

–

58,129,829

–

58,129,829

Multiline

Retail

–

9,141,744

–

9,141,744

Multi-Utilities

–

17,447,977

–

17,447,977

Oil,

Gas

&

Consumable

Fuels

–

70,682,923

–

70,682,923

Paper

&

Forest

Products

–

6,467,430

–

6,467,430

Personal

Products

–

39,410,963

–

39,410,963

Pharmaceuticals

1,277,683

166,721,417

–

167,999,100

Professional

Services

–

35,957,596

–

35,957,596

Real

Estate

Management

&

Development

1,475,932

30,786,006

–

32,261,938

Road

&

Rail

–

14,177,220

–

14,177,220

76

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Index

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Level

1

Level

2

Level

3

Total

Assets:

Semiconductors

&

Semiconductor

Equipment

$

–

$

67,116,580

$

–

$

67,116,580

Software

2,203,498

32,820,277

–

35,023,775

Specialty

Retail

–

17,793,215

–

17,793,215

Technology

Hardware,

Storage

&

Peripherals

–

10,761,205

–

10,761,205

Textiles,

Apparel

&

Luxury

Goods

–

63,504,412

–

63,504,412

Tobacco

–

16,279,308

–

16,279,308

Trading

Companies

&

Distributors

–

29,885,163

–

29,885,163

Transportation

Infrastructure

–

9,632,776

–

9,632,776

Water

Utilities

–

2,177,079

–

2,177,079

Wireless

Telecommunication

Services

–

25,868,192

–

25,868,192

Total

Common

Stocks

$

16,687,711

$

2,027,947,843

$

–

$

2,044,635,554

Futures

Contracts

21,882

–

–

21,882

Repurchase

Agreements

–

41,264,120

–

41,264,120

Rights  

79,737

53,981

–

133,718

Total

Assets

$

16,789,330

$

2,069,265,944

$

–

$

2,086,055,274

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(84,802)

$

–

$

–

$

(84,802)

Total

Liabilities

$

(84,802)

$

–

$

–

$

(84,802)

Total

$

16,704,528

$

2,069,265,944

$

–

$

2,085,970,472

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2021,

the

Fund

held

two

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

NVIT

International

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

77

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

21,882

Total

$

21,882

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(84,802)

Total

$

(84,802)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

78

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

99.3%

Shares

Value

($)

Aerospace

&

Defense

1.1%

Axon

Enterprise,

Inc.*

47,781

8,362,631

Curtiss-Wright

Corp.

30,162

3,805,841

Hexcel

Corp.*(a)

61,518

3,653,554

Mercury

Systems,

Inc.*

40,813

1,935,352

17,757,378

Air

Freight

&

Logistics

0.3%

GXO

Logistics,

Inc.*(a)

72,373

5,676,938

Airlines

0.2%

JetBlue

Airways

Corp.*(a)

236,166

3,610,978

Auto

Components

1.6%

Adient

plc*

69,277

2,871,532

Dana,

Inc.

106,828

2,375,855

Fox

Factory

Holding

Corp.*

30,555

4,416,420

Gentex

Corp.

173,085

5,708,343

Goodyear

Tire

&

Rubber

Co.

(The)*

204,547

3,620,482

Lear

Corp.

43,482

6,804,063

Visteon

Corp.*

20,329

1,918,854

27,715,549

Automobiles

0.5%

Harley-Davidson,

Inc.

111,813

4,093,474

Thor

Industries,

Inc.(a)

40,560

4,979,145

9,072,619

Banks

7.1%

Associated

Banc-Corp.

112,990

2,420,246

BancorpSouth

Bank

69,654

2,074,296

Bank

of

Hawaii

Corp.

29,230

2,401,829

Bank

OZK

88,573

3,806,868

Cathay

General

Bancorp

58,311

2,413,492

CIT

Group,

Inc.

72,276

3,754,738

Commerce

Bancshares,

Inc.

(a)

75,751

5,278,330

Cullen/Frost

Bankers,

Inc.(a)

41,744

4,951,673

East

West

Bancorp,

Inc.

103,122

7,996,080

First

Financial

Bankshares

,

Inc.

92,635

4,256,578

First

Horizon

Corp.

402,366

6,554,542

FNB

Corp.

239,365

2,781,421

Fulton

Financial

Corp.

117,279

1,792,023

Glacier

Bancorp,

Inc.

78,658

4,353,720

Hancock

Whitney

Corp.

64,358

3,032,549

Home

BancShares

,

Inc.

112,144

2,638,749

International

Bancshares

Corp.

39,002

1,624,043

PacWest

Bancorp

86,879

3,937,356

Pinnacle

Financial

Partners,

Inc.

55,475

5,219,088

Prosperity

Bancshares,

Inc.

67,417

4,795,371

Signature

Bank

44,015

11,984,404

Sterling

Bancorp

142,114

3,547,166

Synovus

Financial

Corp.

107,946

4,737,750

Texas

Capital

Bancshares,

Inc.*

36,361

2,182,387

UMB

Financial

Corp.

30,961

2,994,239

Umpqua

Holdings

Corp.

160,747

3,255,127

United

Bankshares

,

Inc.

95,595

3,477,746

Valley

National

Bancorp

299,481

3,986,092

Webster

Financial

Corp.(a)

66,583

3,626,110

Common

Stocks

Shares

Value

($)

Banks

Wintrust

Financial

Corp.

42,465

3,412,912

119,286,925

Beverages

0.2%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

6,811

3,471,907

Biotechnology

1.7%

Arrowhead

Pharmaceuticals,

Inc.*

76,327

4,765,095

Emergent

BioSolutions

,

Inc.*(a)

34,620

1,733,424

Exelixis

,

Inc.*

227,652

4,812,563

Halozyme

Therapeutics,

Inc.*(a)

102,834

4,183,287

Neurocrine

Biosciences,

Inc.*

68,599

6,579,330

United

Therapeutics

Corp.*

32,485

5,996,081

28,069,780

Building

Products

2.4%

Builders

FirstSource

,

Inc.*(a)

150,814

7,803,116

Carlisle

Cos.,

Inc.

37,779

7,510,087

Lennox

International,

Inc.

24,596

7,235,405

Owens

Corning

75,271

6,435,671

Simpson

Manufacturing

Co.,

Inc.

31,115

3,328,372

Trex

Co.,

Inc.*

83,527

8,513,907

40,826,558

Capital

Markets

2.7%

Affiliated

Managers

Group,

Inc.

30,147

4,554,910

Evercore

,

Inc.,

Class

A

29,254

3,910,382

FactSet

Research

Systems,

Inc.

27,265

10,763,677

Federated

Hermes,

Inc.,

Class

B

71,449

2,322,092

Interactive

Brokers

Group,

Inc.,

Class

A

63,393

3,951,920

Janus

Henderson

Group

plc

122,754

5,073,423

Jefferies

Financial

Group,

Inc.

144,810

5,376,795

SEI

Investments

Co.

77,332

4,585,788

Stifel

Financial

Corp.

77,228

5,248,415

45,787,402

Chemicals

2.5%

Ashland

Global

Holdings,

Inc.

(a)

40,878

3,643,047

Avient

Corp.

67,964

3,150,131

Cabot

Corp.

41,835

2,096,770

Chemours

Co.

(The)

121,861

3,541,281

Ingevity

Corp.*

28,422

2,028,478

Minerals

Technologies,

Inc.

23,340

1,630,066

NewMarket

Corp.(a)

5,286

1,790,738

Olin

Corp.

105,262

5,078,892

RPM

International,

Inc.(a)

93,829

7,285,822

Scotts

Miracle-

Gro

Co.

(The)

29,583

4,329,768

Sensient

Technologies

Corp.

30,086

2,740,233

Valvoline,

Inc.

132,258

4,123,804

41,439,030

Commercial

Services

&

Supplies

1.7%

Brink's

Co.

(The)

36,441

2,306,715

NVIT

Mid

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Clean

Harbors,

Inc.*

36,839

3,826,467

Herman

Miller,

Inc.(a)

54,721

2,060,793

IAA,

Inc.*

97,870

5,340,766

KAR

Auction

Services,

Inc.*(a)

85,979

1,409,196

MSA

Safety,

Inc.

26,238

3,822,877

Stericycle,

Inc.*

65,965

4,483,641

Tetra

Tech,

Inc.

39,174

5,850,245

29,100,700

Communications

Equipment

0.9%

Ciena

Corp.*

111,911

5,746,630

Lumentum

Holdings,

Inc.*(a)

55,222

4,613,246

NetScout

Systems,

Inc.*(a)

53,179

1,433,174

ViaSat

,

Inc.*(a)

53,094

2,923,886

14,716,936

Construction

&

Engineering

1.3%

AECOM*

104,888

6,623,677

Dycom

Industries,

Inc.*

22,618

1,611,306

EMCOR

Group,

Inc.

38,855

4,483,090

Fluor

Corp.*

103,049

1,645,693

MasTec

,

Inc.*

41,847

3,610,559

Valmont

Industries,

Inc.

15,325

3,603,214

21,577,539

Construction

Materials

0.2%

Eagle

Materials,

Inc.

30,473

3,996,839

Consumer

Finance

0.7%

FirstCash

,

Inc.(a)

29,336

2,566,900

LendingTree

,

Inc.*

8,476

1,185,199

Navient

Corp.(a)

124,640

2,459,147

PROG

Holdings,

Inc.

48,334

2,030,511

SLM

Corp.

225,034

3,960,599

12,202,356

Containers

&

Packaging

0.8%

AptarGroup,

Inc.

47,586

5,679,389

Greif,

Inc.,

Class

A

19,510

1,260,346

Silgan

Holdings,

Inc.

58,979

2,262,434

Sonoco

Products

Co.

72,617

4,326,521

13,528,690

Diversified

Consumer

Services

0.9%

Graham

Holdings

Co.,

Class

B

2,923

1,722,115

Grand

Canyon

Education,

Inc.*(a)

32,427

2,852,279

H&R

Block,

Inc.

130,560

3,264,000

Service

Corp.

International

121,173

7,301,885

15,140,279

Diversified

Telecommunication

Services

0.2%

Iridium

Communications,

Inc.*

95,764

3,816,195

Electric

Utilities

1.0%

ALLETE,

Inc.

37,944

2,258,427

Hawaiian

Electric

Industries,

Inc.

78,870

3,220,262

IDACORP,

Inc.(a)

36,406

3,763,652

OGE

Energy

Corp.

147,095

4,848,251

PNM

Resources,

Inc.

62,232

3,079,240

17,169,832

Electrical

Equipment

1.7%

Acuity

Brands,

Inc.(a)

25,895

4,489,416

Common

Stocks

Shares

Value

($)

Electrical

Equipment

EnerSys

30,299

2,255,458

Hubbell,

Inc.

39,503

7,137,007

nVent

Electric

plc

123,124

3,980,599

Regal

Beloit

Corp.

29,394

4,419,094

Sunrun

,

Inc.*(a)

149,400

6,573,600

28,855,174

Electronic

Equipment,

Instruments

&

Components

3.2%

Arrow

Electronics,

Inc.*

51,677

5,802,810

Avnet,

Inc.

72,039

2,663,282

Belden,

Inc.

32,491

1,892,926

Cognex

Corp.

127,622

10,237,837

Coherent,

Inc.*

17,843

4,462,356

II-VI,

Inc.*(a)

76,296

4,528,930

Jabil,

Inc.

106,094

6,192,707

Littelfuse

,

Inc.

17,725

4,843,711

National

Instruments

Corp.

97,590

3,828,456

SYNNEX

Corp.

30,216

3,145,486

Vishay

Intertechnology

,

Inc.

95,812

1,924,863

Vontier

Corp.

123,766

4,158,537

53,681,901

Energy

Equipment

&

Services

0.4%

ChampionX

Corp.*(a)

147,082

3,288,753

NOV,

Inc.*

280,834

3,681,734

6,970,487

Entertainment

0.1%

World

Wrestling

Entertainment,

Inc.,

Class

A(a)

32,771

1,843,696

Equity

Real

Estate

Investment

Trusts

(REITs)

9.2%

American

Campus

Communities,

Inc.

101,611

4,923,053

Apartment

Income

REIT

Corp.

113,335

5,531,881

Brixmor

Property

Group,

Inc.

216,793

4,793,293

Camden

Property

Trust

72,082

10,629,933

CoreSite

Realty

Corp.

31,796

4,405,018

Corporate

Office

Properties

Trust

81,037

2,186,378

Cousins

Properties,

Inc.

109,040

4,066,102

CyrusOne

,

Inc.

89,670

6,941,355

Douglas

Emmett,

Inc.

127,148

4,019,148

EastGroup

Properties,

Inc.

28,793

4,797,778

EPR

Properties

55,307

2,731,060

First

Industrial

Realty

Trust,

Inc.

92,009

4,791,829

Healthcare

Realty

Trust,

Inc.

104,208

3,103,314

Highwoods

Properties,

Inc.

76,353

3,348,843

Hudson

Pacific

Properties,

Inc.

112,449

2,954,035

JBG

SMITH

Properties

83,355

2,468,142

Kilroy

Realty

Corp.

76,438

5,060,960

Lamar

Advertising

Co.,

Class

A

62,967

7,143,606

Life

Storage,

Inc.

56,239

6,452,863

Macerich

Co.

(The)(a)

154,765

2,586,123

Medical

Properties

Trust,

Inc.

434,633

8,723,084

National

Retail

Properties,

Inc.

129,012

5,572,028

National

Storage

Affiliates

Trust

58,317

3,078,554

Omega

Healthcare

Investors,

Inc.

175,719

5,264,541

Park

Hotels

&

Resorts,

Inc.*

175,512

3,359,300

80

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Pebblebrook

Hotel

Trust

94,860

2,125,813

Physicians

Realty

Trust

158,742

2,797,034

PotlatchDeltic

Corp.

48,341

2,493,429

PS

Business

Parks,

Inc.

14,030

2,199,062

Rayonier,

Inc.(a)

102,454

3,655,559

Rexford

Industrial

Realty,

Inc.

(a)

98,667

5,599,352

Sabra

Health

Care

REIT,

Inc.

165,413

2,434,879

SL

Green

Realty

Corp.(a)

49,490

3,505,872

Spirit

Realty

Capital,

Inc.

88,019

4,052,395

STORE

Capital

Corp.

178,349

5,712,518

Urban

Edge

Properties

80,253

1,469,432

154,977,566

Food

&

Staples

Retailing

1.1%

BJ's

Wholesale

Club

Holdings,

Inc.*

99,099

5,442,517

Casey's

General

Stores,

Inc.

26,697

5,031,050

Grocery

Outlet

Holding

Corp.*

62,074

1,338,936

Performance

Food

Group

Co.*

113,191

5,258,854

Sprouts

Farmers

Market,

Inc.*(a)

80,912

1,874,731

18,946,088

Food

Products

1.8%

Darling

Ingredients,

Inc.*

117,799

8,469,748

Flowers

Foods,

Inc.

142,973

3,378,452

Hain

Celestial

Group,

Inc.

(The)*(a)

58,847

2,517,475

Ingredion,

Inc.

49,444

4,401,010

Lancaster

Colony

Corp.

14,130

2,385,285

Pilgrim's

Pride

Corp.*

35,970

1,046,008

Post

Holdings,

Inc.*

42,064

4,633,770

Sanderson

Farms,

Inc.

15,244

2,868,921

Tootsie

Roll

Industries,

Inc.(a)

11,029

335,613

30,036,282

Gas

Utilities

1.2%

National

Fuel

Gas

Co.

65,787

3,455,133

New

Jersey

Resources

Corp.

71,495

2,488,741

ONE

Gas,

Inc.

38,255

2,424,219

Southwest

Gas

Holdings,

Inc.

42,842

2,865,273

Spire,

Inc.

36,513

2,233,865

UGI

Corp.

153,249

6,531,473

19,998,704

Health

Care

Equipment

&

Supplies

3.8%

Envista

Holdings

Corp.*

118,096

4,937,594

Globus

Medical,

Inc.,

Class

A*

56,520

4,330,562

Haemonetics

Corp.*

36,830

2,599,830

Hill-Rom

Holdings,

Inc.

47,702

7,155,300

ICU

Medical,

Inc.*

14,453

3,373,041

Integra

LifeSciences

Holdings

Corp.*

52,352

3,585,065

LivaNova

plc*

38,966

3,085,718

Masimo

Corp.*

36,511

9,883,893

Neogen

Corp.*

76,635

3,328,258

NuVasive

,

Inc.*

37,568

2,248,445

Penumbra,

Inc.*(a)

24,869

6,627,589

Quidel

Corp.*(a)

27,476

3,878,237

STAAR

Surgical

Co.*

34,391

4,420,275

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Tandem

Diabetes

Care,

Inc.*

45,709

5,456,740

64,910,547

Health

Care

Providers

&

Services

3.1%

Acadia

Healthcare

Co.,

Inc.*(a)

65,100

4,152,078

Amedisys

,

Inc.*

23,468

3,499,079

Chemed

Corp.(a)

11,222

5,219,577

Encompass

Health

Corp.

72,189

5,417,063

HealthEquity

,

Inc.*(a)

61,362

3,973,803

LHC

Group,

Inc.*(a)

22,739

3,567,976

Molina

Healthcare,

Inc.*

42,098

11,421,608

Option

Care

Health,

Inc.*

101,025

2,450,866

Patterson

Cos.,

Inc.

62,727

1,890,592

Progyny

,

Inc.*

49,796

2,788,576

R1

RCM,

Inc.*

96,864

2,131,977

Tenet

Healthcare

Corp.*

78,194

5,195,209

51,708,404

Hotels,

Restaurants

&

Leisure

3.1%

Boyd

Gaming

Corp.*

60,067

3,799,838

Choice

Hotels

International,

Inc.

22,827

2,884,648

Churchill

Downs,

Inc.

25,224

6,055,778

Cracker

Barrel

Old

Country

Store,

Inc.(a)

17,508

2,448,319

Jack

in

the

Box,

Inc.

16,007

1,557,961

Marriott

Vacations

Worldwide

Corp.

31,261

4,918,293

Papa

John's

International,

Inc.

23,570

2,993,154

Scientific

Games

Corp.*(a)

64,863

5,388,169

Six

Flags

Entertainment

Corp.*

57,215

2,431,637

Texas

Roadhouse,

Inc.

50,832

4,642,487

Travel

+

Leisure

Co.

63,896

3,484,249

Wendy's

Co.

(The)

132,242

2,867,007

Wingstop

,

Inc.

21,491

3,523,020

Wyndham

Hotels

&

Resorts,

Inc.

68,699

5,302,876

52,297,436

Household

Durables

1.6%

Helen

of

Troy

Ltd.*(a)

17,634

3,962,007

KB

Home

65,479

2,548,443

Taylor

Morrison

Home

Corp.*(a)

91,142

2,349,641

Tempur

Sealy

International,

Inc.

144,184

6,691,579

Toll

Brothers,

Inc.

84,811

4,689,200

TopBuild

Corp.*

23,979

4,911,139

TRI

Pointe

Group,

Inc.*

80,833

1,699,110

26,851,119

Household

Products

0.1%

Energizer

Holdings,

Inc.(a)

45,651

1,782,671

Insurance

3.6%

Alleghany

Corp.*

9,988

6,236,607

American

Financial

Group,

Inc.

48,559

6,110,179

Brighthouse

Financial,

Inc.*

61,254

2,770,519

CNO

Financial

Group,

Inc.

95,182

2,240,584

First

American

Financial

Corp.

80,208

5,377,946

Hanover

Insurance

Group,

Inc.

(The)

26,453

3,428,838

NVIT

Mid

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

Insurance

Kemper

Corp.

43,872

2,930,211

Kinsale

Capital

Group,

Inc.(a)

15,464

2,500,529

Mercury

General

Corp.

19,523

1,086,846

Old

Republic

International

Corp.

208,396

4,820,200

Primerica,

Inc.

29,094

4,469,711

Reinsurance

Group

of

America,

Inc.

49,709

5,530,623

RenaissanceRe

Holdings

Ltd.

34,510

4,810,694

RLI

Corp.

28,790

2,886,773

Selective

Insurance

Group,

Inc.(a)

43,530

3,287,821

Unum

Group

60,572

1,517,934

60,006,015

Interactive

Media

&

Services

0.3%

TripAdvisor,

Inc.*

72,335

2,448,540

Yelp,

Inc.*

50,619

1,885,051

4,333,591

IT

Services

1.8%

Alliance

Data

Systems

Corp.

35,899

3,621,850

Concentrix

Corp.*

31,007

5,488,239

Genpact

Ltd.

125,484

5,961,745

LiveRamp

Holdings,

Inc.*

49,544

2,339,963

MAXIMUS,

Inc.

44,304

3,686,093

Sabre

Corp.*(a)

237,276

2,809,348

WEX,

Inc.*(a)

32,862

5,788,312

29,695,550

Leisure

Products

1.4%

Brunswick

Corp.

56,824

5,413,622

Callaway

Golf

Co.*

87,437

2,415,884

Mattel,

Inc.*

257,063

4,771,089

Polaris,

Inc.(a)

41,798

5,001,549

YETI

Holdings,

Inc.*

64,217

5,502,755

23,104,899

Life

Sciences

Tools

&

Services

1.3%

Medpace

Holdings,

Inc.*

20,669

3,912,228

Repligen

Corp.*

37,070

10,712,859

Syneos

Health,

Inc.*

75,284

6,585,845

21,210,932

Machinery

5.0%

AGCO

Corp.

44,981

5,511,522

Colfax

Corp.*(a)

94,323

4,329,426

Crane

Co.

36,915

3,499,911

Donaldson

Co.,

Inc.

91,015

5,225,171

Flowserve

Corp.

95,412

3,307,934

Graco

,

Inc.

121,894

8,528,923

ITT,

Inc.

63,268

5,430,925

Kennametal,

Inc.

62,292

2,132,255

Lincoln

Electric

Holdings,

Inc.

43,099

5,550,720

Middleby

Corp.

(The)*

40,649

6,931,061

Nordson

Corp.

39,178

9,330,241

Oshkosh

Corp.

50,289

5,148,085

Terex

Corp.

51,234

2,156,951

Timken

Co.

(The)(a)

51,277

3,354,541

Toro

Co.

(The)

77,084

7,508,753

Trinity

Industries,

Inc.(a)

60,076

1,632,265

Common

Stocks

Shares

Value

($)

Machinery

Woodward,

Inc.

46,378

5,249,990

84,828,674

Marine

0.1%

Kirby

Corp.*

43,282

2,075,805

Media

1.0%

Cable

One,

Inc.(a)

3,595

6,518,202

John

Wiley

&

Sons,

Inc.,

Class

A

31,726

1,656,415

New

York

Times

Co.

(The),

Class

A

121,108

5,966,991

TEGNA,

Inc.

161,425

3,183,301

17,324,909

Metals

&

Mining

2.1%

Cleveland-Cliffs,

Inc.*(a)

330,573

6,548,651

Commercial

Metals

Co.

86,217

2,626,170

Compass

Minerals

International,

Inc.

24,677

1,589,199

Reliance

Steel

&

Aluminum

Co.

45,974

6,547,617

Royal

Gold,

Inc.

47,130

4,500,444

Steel

Dynamics,

Inc.

141,888

8,297,610

United

States

Steel

Corp.

195,369

4,292,257

Worthington

Industries,

Inc.

24,008

1,265,221

35,667,169

Multiline

Retail

0.6%

Kohl's

Corp.

114,365

5,385,448

Nordstrom,

Inc.*

80,503

2,129,304

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

43,930

2,648,101

10,162,853

Multi-Utilities

0.6%

Black

Hills

Corp.(a)

46,116

2,894,240

MDU

Resources

Group,

Inc.

148,501

4,406,025

NorthWestern

Corp.

37,386

2,142,218

9,442,483

Oil,

Gas

&

Consumable

Fuels

2.1%

Antero

Midstream

Corp.(a)

236,184

2,461,037

Cimarex

Energy

Co.

74,617

6,506,602

CNX

Resources

Corp.*

155,438

1,961,628

DT

Midstream,

Inc.

71,098

3,287,572

EQT

Corp.*

217,720

4,454,551

Equitrans

Midstream

Corp.

298,299

3,024,752

HollyFrontier

Corp.

110,172

3,649,998

Murphy

Oil

Corp.(a)

106,904

2,669,393

Targa

Resources

Corp.

166,203

8,178,850

36,194,383

Paper

&

Forest

Products

0.3%

Louisiana-Pacific

Corp.

69,387

4,258,280

Personal

Products

0.2%

Coty,

Inc.,

Class

A*

242,269

1,904,234

Nu

Skin

Enterprises,

Inc.,

Class

A

37,404

1,513,740

3,417,974

Pharmaceuticals

0.8%

Jazz

Pharmaceuticals

plc*

44,128

5,745,907

Nektar

Therapeutics*

134,789

2,420,811

82

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Perrigo

Co.

plc

96,392

4,562,233

12,728,951

Professional

Services

1.6%

ASGN,

Inc.*

38,706

4,379,197

CACI

International,

Inc.,

Class

A*

17,089

4,479,027

FTI

Consulting,

Inc.*(a)

24,514

3,302,036

Insperity

,

Inc.

26,502

2,934,831

KBR,

Inc.(a)

104,026

4,098,624

ManpowerGroup

,

Inc.

39,452

4,271,863

Science

Applications

International

Corp.

42,321

3,620,985

27,086,563

Real

Estate

Management

&

Development

0.5%

Jones

Lang

LaSalle,

Inc.*

36,726

9,111,353

Road

&

Rail

1.8%

Avis

Budget

Group,

Inc.*(a)

34,516

4,021,459

Knight-Swift

Transportation

Holdings,

Inc.

119,755

6,125,468

Landstar

System,

Inc.

27,361

4,318,113

Ryder

System,

Inc.

39,304

3,250,834

Saia,

Inc.*

18,999

4,522,332

Werner

Enterprises,

Inc.

42,052

1,861,642

XPO

Logistics,

Inc.*

71,896

5,721,484

29,821,332

Semiconductors

&

Semiconductor

Equipment

4.0%

Amkor

Technology,

Inc.

73,267

1,828,012

Brooks

Automation,

Inc.

54,135

5,540,717

Cirrus

Logic,

Inc.*

41,511

3,418,431

CMC

Materials,

Inc.

21,403

2,637,492

Cree,

Inc.*(a)

83,973

6,779,140

First

Solar,

Inc.*(a)

71,626

6,837,418

Lattice

Semiconductor

Corp.*

98,748

6,384,058

MKS

Instruments,

Inc.

40,261

6,075,788

Semtech

Corp.*

46,957

3,661,237

Silicon

Laboratories,

Inc.*

29,306

4,107,529

SolarEdge

Technologies,

Inc.*

37,959

10,067,486

Synaptics

,

Inc.*

25,588

4,598,931

Universal

Display

Corp.

31,430

5,373,273

67,309,512

Software

4.2%

ACI

Worldwide,

Inc.*

86,050

2,644,317

Aspen

Technology,

Inc.*(a)

49,341

6,059,075

Blackbaud

,

Inc.*(a)

31,584

2,221,934

CDK

Global,

Inc.

89,582

3,811,714

Cerence

,

Inc.*(a)

27,836

2,675,318

CommVault

Systems,

Inc.*

34,036

2,563,251

Digital

Turbine,

Inc.*(a)

63,679

4,377,931

Envestnet

,

Inc.*

24,276

1,947,906

Fair

Isaac

Corp.*

20,685

8,231,182

J2

Global,

Inc.*

34,904

4,768,585

Manhattan

Associates,

Inc.*

46,021

7,042,594

Mimecast

Ltd.*

44,464

2,827,910

NCR

Corp.*

96,229

3,729,836

Paylocity

Holding

Corp.*

28,680

8,041,872

Qualys

,

Inc.*

24,427

2,718,481

SailPoint

Technologies

Holdings,

Inc.*(a)

68,287

2,928,147

Common

Stocks

Shares

Value

($)

Software

Teradata

Corp.*

78,844

4,521,703

71,111,756

Specialty

Retail

3.7%

American

Eagle

Outfitters,

Inc.

(a)

111,980

2,889,084

AutoNation,

Inc.*(a)

31,844

3,877,326

Dick's

Sporting

Goods,

Inc.(a)

47,843

5,730,156

Five

Below,

Inc.*

40,610

7,180,254

Foot

Locker,

Inc.

66,264

3,025,614

GameStop

Corp.,

Class

A*(a)

45,175

7,926,857

Lithia

Motors,

Inc.,

Class

A

21,958

6,961,564

Murphy

USA,

Inc.

17,023

2,847,267

RH*

12,384

8,259,014

Urban

Outfitters,

Inc.*

47,562

1,412,116

Victoria's

Secret

&

Co.*

55,751

3,080,800

Williams-Sonoma,

Inc.

54,560

9,675,125

62,865,177

Technology

Hardware,

Storage

&

Peripherals

0.1%

Xerox

Holdings

Corp.

102,504

2,067,506

Textiles,

Apparel

&

Luxury

Goods

1.7%

Capri

Holdings

Ltd.*

111,081

5,377,431

Carter's,

Inc.

32,346

3,145,325

Columbia

Sportswear

Co.

26,155

2,506,695

Crocs,

Inc.*

45,737

6,562,345

Deckers

Outdoor

Corp.*

20,210

7,279,642

Skechers

U.S.A.,

Inc.,

Class

A*

99,590

4,194,731

29,066,169

Thrifts

&

Mortgage

Finance

0.8%

Essent

Group

Ltd.(a)

81,430

3,583,734

MGIC

Investment

Corp.

247,995

3,710,005

New

York

Community

Bancorp,

Inc.(a)

336,413

4,329,636

Washington

Federal,

Inc.

48,255

1,655,629

13,279,004

Trading

Companies

&

Distributors

0.8%

GATX

Corp.(a)

25,301

2,265,957

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

34,259

2,747,229

Univar

Solutions,

Inc.*

124,611

2,968,234

Watsco

,

Inc.

23,798

6,297,427

14,278,847

Water

Utilities

0.4%

Essential

Utilities,

Inc.

161,229

7,429,432

Wireless

Telecommunication

Services

0.1%

Telephone

&

Data

Systems,

Inc.(a)

72,310

1,410,045

Total

Common

Stocks

(cost

$1,099,474,204)

1,676,113,669

NVIT

Mid

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

83

Repurchase

Agreements

1.3%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$943,802,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$962,676.(b)

943,800

943,800

MetLife,

Inc.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$1,020,410.(b)

1,000,000

1,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$5,000,049,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$5,100,016.(b)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$11,000,107,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

4/15/2024

-

2/15/2044;

total

market

value

$11,220,019.(b)

11,000,000

11,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$4,000,009,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$4,080,002.(b)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$21,943,800)

21,943,800

Total

Investments

(cost

$1,121,418,004)

—

100.6%

1,698,057,469

Liabilities

in

excess

of

other

assets

—

(0.6)%

(9,484,733)

NET

ASSETS

—

100.0%

$

1,688,572,736

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$144,341,373,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,943,800

and

by

$129,108,838

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$151,052,638.

(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,

2021

was

$21,943,800.

REIT

Real

Estate

Investment

Trust

84

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

37

12/2021

USD

9,742,840

(141,656)

(141,656)

As

of

September

30,

2021,

the

Fund

had

$560,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Mid

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

85

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

86

-

Statement

of

Investments

-

September

30,

2021

(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,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,676,113,669

$

–

$

–

$

1,676,113,669

Repurchase

Agreements

–

21,943,800

–

21,943,800

Total

Assets

$

1,676,113,669

$

21,943,800

$

–

$

1,698,057,469

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(141,656)

$

–

$

–

$

(141,656)

Total

Liabilities

$

(141,656)

$

–

$

–

$

(141,656)

Total

$

1,675,972,013

$

21,943,800

$

–

$

1,697,915,813

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(141,656)

Total

$

(141,656)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

S&P

500

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

99.0%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Boeing

Co.

(The)*

82,289

18,098,643

General

Dynamics

Corp.

35,125

6,885,554

Howmet

Aerospace,

Inc.

61,275

1,911,780

Huntington

Ingalls

Industries,

Inc.

5,724

1,105,076

L3Harris

Technologies,

Inc.

29,939

6,593,765

Lockheed

Martin

Corp.

37,103

12,804,245

Northrop

Grumman

Corp.

22,408

8,070,241

Raytheon

Technologies

Corp.

224,753

19,319,768

Textron,

Inc.

32,242

2,250,814

TransDigm

Group,

Inc.*

7,827

4,888,509

81,928,395

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

19,124

1,663,788

Expeditors

International

of

Washington,

Inc.

25,640

3,054,493

FedEx

Corp.

37,205

8,158,685

United

Parcel

Service,

Inc.,

Class

B

109,159

19,877,854

32,754,820

Airlines

0.2%

Alaska

Air

Group,

Inc.*

20,660

1,210,676

American

Airlines

Group,

Inc.*(a)

91,296

1,873,394

Delta

Air

Lines,

Inc.*

94,481

4,025,835

Southwest

Airlines

Co.*

90,529

4,655,907

United

Airlines

Holdings,

Inc.*(a)

48,044

2,285,453

14,051,265

Auto

Components

0.1%

Aptiv

plc*

40,709

6,064,420

BorgWarner,

Inc.

38,307

1,655,245

7,719,665

Automobiles

2.1%

Ford

Motor

Co.*

586,909

8,310,632

General

Motors

Co.*

217,037

11,440,020

Tesla,

Inc.*

121,311

94,074,254

113,824,906

Banks

4.3%

Bank

of

America

Corp.

1,081,591

45,913,538

Citigroup,

Inc.

303,010

21,265,242

Citizens

Financial

Group,

Inc.

64,685

3,038,901

Comerica,

Inc.

20,065

1,615,232

Fifth

Third

Bancorp

101,861

4,322,981

First

Republic

Bank

25,840

4,984,019

Huntington

Bancshares,

Inc.

221,347

3,422,025

JPMorgan

Chase

&

Co.

446,737

73,126,380

KeyCorp(a)

139,450

3,014,909

M&T

Bank

Corp.

19,570

2,922,584

People's

United

Financial,

Inc.

71,669

1,252,057

PNC

Financial

Services

Group,

Inc.

(The)

63,598

12,442,313

Regions

Financial

Corp.

145,382

3,098,090

SVB

Financial

Group*

8,781

5,680,253

Truist

Financial

Corp.

198,218

11,625,486

US

Bancorp

199,900

11,882,056

Wells

Fargo

&

Co.

613,920

28,492,027

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

23,711

1,467,474

239,565,567

Beverages

1.4%

Brown-Forman

Corp.,

Class

B

25,980

1,740,920

Coca-Cola

Co.

(The)

580,879

30,478,721

Constellation

Brands,

Inc.,

Class

A

25,298

5,330,036

Molson

Coors

Beverage

Co.,

Class

B(a)

30,068

1,394,554

Monster

Beverage

Corp.*

56,236

4,995,444

PepsiCo,

Inc.

206,818

31,107,495

75,047,170

Biotechnology

1.9%

AbbVie,

Inc.

264,388

28,519,533

Amgen,

Inc.

84,895

18,052,922

Biogen,

Inc.*

21,965

6,215,875

Gilead

Sciences,

Inc.

187,740

13,113,639

Incyte

Corp.*

28,172

1,937,670

Moderna

,

Inc.*

52,501

20,205,535

Regeneron

Pharmaceuticals,

Inc.*

15,672

9,484,381

Vertex

Pharmaceuticals,

Inc.*

38,853

7,047,546

104,577,101

Building

Products

0.5%

A

O

Smith

Corp.

19,687

1,202,285

Allegion

plc

14,256

1,884,358

Carrier

Global

Corp.

129,724

6,714,514

Fortune

Brands

Home

&

Security,

Inc.

19,875

1,777,222

Johnson

Controls

International

plc

105,013

7,149,285

Masco

Corp.

35,123

1,951,083

Trane

Technologies

plc

35,798

6,180,525

26,859,272

Capital

Markets

3.0%

Ameriprise

Financial,

Inc.

16,716

4,415,030

Bank

of

New

York

Mellon

Corp.

(The)

117,465

6,089,386

BlackRock,

Inc.

21,233

17,807,268

Cboe

Global

Markets,

Inc.

15,970

1,978,044

Charles

Schwab

Corp.

(The)

224,515

16,353,673

CME

Group,

Inc.

53,753

10,394,755

Franklin

Resources,

Inc.

44,013

1,308,066

Goldman

Sachs

Group,

Inc.

(The)

50,397

19,051,578

Intercontinental

Exchange,

Inc.

84,241

9,672,552

Invesco

Ltd.

48,061

1,158,751

MarketAxess

Holdings,

Inc.

5,802

2,440,843

Moody's

Corp.

24,544

8,715,820

Morgan

Stanley

218,222

21,235,183

MSCI,

Inc.

12,338

7,505,699

Nasdaq,

Inc.

17,255

3,330,560

Northern

Trust

Corp.

31,226

3,366,475

Raymond

James

Financial,

Inc.

27,823

2,567,506

S&P

Global,

Inc.(a)

36,061

15,321,958

State

Street

Corp.

50,390

4,269,041

88

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.

33,958

6,679,538

163,661,726

Chemicals

1.7%

Air

Products

&

Chemicals,

Inc.

33,129

8,484,668

Albemarle

Corp.

17,470

3,825,406

Celanese

Corp.

16,035

2,415,512

CF

Industries

Holdings,

Inc.

31,155

1,739,072

Corteva

,

Inc.

110,338

4,643,023

Dow,

Inc.

111,818

6,436,244

DuPont

de

Nemours,

Inc.

77,188

5,248,012

Eastman

Chemical

Co.

19,298

1,944,081

Ecolab,

Inc.

37,238

7,768,592

FMC

Corp.

20,222

1,851,526

International

Flavors

&

Fragrances,

Inc.

36,517

4,883,053

Linde

plc

77,205

22,650,403

LyondellBasell

Industries

NV,

Class

A

39,947

3,749,026

Mosaic

Co.

(The)

49,133

1,755,031

PPG

Industries,

Inc.

35,748

5,112,322

Sherwin-Williams

Co.

(The)

36,395

10,180,773

92,686,744

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

12,989

4,944,393

Copart

,

Inc.*

32,080

4,450,138

Republic

Services,

Inc.

31,519

3,784,171

Rollins,

Inc.

35,183

1,243,015

Waste

Management,

Inc.

58,134

8,682,894

23,104,611

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

8,311

2,855,992

Cisco

Systems,

Inc.

630,830

34,336,077

F5

Networks,

Inc.*

8,924

1,773,913

Juniper

Networks,

Inc.

52,333

1,440,204

Motorola

Solutions,

Inc.

24,939

5,793,828

46,200,014

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

20,085

2,286,075

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

9,343

3,192,316

Vulcan

Materials

Co.

19,897

3,365,777

6,558,093

Consumer

Finance

0.7%

American

Express

Co.

96,204

16,117,056

Capital

One

Financial

Corp.

66,489

10,769,223

Discover

Financial

Services

44,234

5,434,147

Synchrony

Financial

85,172

4,163,208

36,483,634

Containers

&

Packaging

0.3%

Amcor

plc(a)

237,684

2,754,758

Avery

Dennison

Corp.

12,557

2,601,936

Ball

Corp.

48,621

4,374,431

International

Paper

Co.

59,067

3,303,027

Packaging

Corp.

of

America

13,483

1,853,103

Sealed

Air

Corp.

22,683

1,242,802

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

37,776

1,882,378

18,012,435

Distributors

0.1%

Genuine

Parts

Co.

21,690

2,629,479

LKQ

Corp.*

39,862

2,005,856

Pool

Corp.

6,043

2,625,139

7,260,474

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

277,129

75,639,589

Diversified

Telecommunication

Services

1.2%

AT&T,

Inc.

1,068,797

28,868,207

Lumen

Technologies,

Inc.(a)

150,190

1,860,854

Verizon

Communications,

Inc.

619,733

33,471,779

64,200,840

Electric

Utilities

1.6%

Alliant

Energy

Corp.

38,360

2,147,393

American

Electric

Power

Co.,

Inc.

74,808

6,072,913

Duke

Energy

Corp.

115,145

11,237,001

Edison

International

56,954

3,159,238

Entergy

Corp.

30,087

2,987,940

Evergy

,

Inc.

34,641

2,154,670

Eversource

Energy

51,414

4,203,609

Exelon

Corp.

146,275

7,070,933

FirstEnergy

Corp.

81,887

2,916,815

NextEra

Energy,

Inc.

293,611

23,054,336

NRG

Energy,

Inc.

38,591

1,575,671

Pinnacle

West

Capital

Corp.

18,122

1,311,308

PPL

Corp.

115,497

3,220,056

Southern

Co.

(The)

158,468

9,820,262

Xcel

Energy,

Inc.

81,265

5,079,062

86,011,207

Electrical

Equipment

0.6%

AMETEK,

Inc.

33,991

4,215,224

Eaton

Corp.

plc

59,652

8,906,640

Emerson

Electric

Co.

89,770

8,456,334

Generac

Holdings,

Inc.*

9,687

3,958,786

Rockwell

Automation,

Inc.

17,677

5,197,745

30,734,729

Electronic

Equipment,

Instruments

&

Components

0.7%

Amphenol

Corp.,

Class

A

89,982

6,589,382

CDW

Corp.

20,721

3,771,636

Corning,

Inc.

112,875

4,118,809

IPG

Photonics

Corp.*

5,177

820,037

Keysight

Technologies,

Inc.*

27,577

4,530,625

TE

Connectivity

Ltd.

48,366

6,636,783

Teledyne

Technologies,

Inc.*

6,925

2,974,841

Trimble,

Inc.*

37,567

3,089,886

Zebra

Technologies

Corp.,

Class

A*

7,921

4,082,642

36,614,641

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

123,861

3,063,082

Halliburton

Co.

132,061

2,855,159

NVIT

S&P

500

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

209,762

6,217,346

12,135,587

Entertainment

1.9%

Activision

Blizzard,

Inc.

116,313

9,001,463

Electronic

Arts,

Inc.

41,799

5,945,908

Live

Nation

Entertainment,

Inc.*(a)

19,698

1,795,079

Netflix,

Inc.*

66,081

40,331,877

Take-Two

Interactive

Software,

Inc.*

17,247

2,657,245

Walt

Disney

Co.

(The)*

271,052

45,853,867

105,585,439

Equity

Real

Estate

Investment

Trusts

(REITs)

2.5%

Alexandria

Real

Estate

Equities,

Inc.(a)

20,652

3,945,978

American

Tower

Corp.

68,064

18,064,866

AvalonBay

Communities,

Inc.

20,898

4,631,833

Boston

Properties,

Inc.(a)

21,737

2,355,204

Crown

Castle

International

Corp.

64,695

11,212,937

Digital

Realty

Trust,

Inc.

42,151

6,088,712

Duke

Realty

Corp.

55,743

2,668,417

Equinix

,

Inc.

13,409

10,594,853

Equity

Residential

50,357

4,074,888

Essex

Property

Trust,

Inc.

9,829

3,142,724

Extra

Space

Storage,

Inc.

20,279

3,406,669

Federal

Realty

Investment

Trust

9,605

1,133,294

Healthpeak

Properties,

Inc.

81,597

2,731,868

Host

Hotels

&

Resorts,

Inc.*

110,878

1,810,638

Iron

Mountain,

Inc.

43,826

1,904,240

Kimco

Realty

Corp.

94,665

1,964,299

Mid-America

Apartment

Communities,

Inc.

17,183

3,208,925

Prologis,

Inc.

110,738

13,889,867

Public

Storage

22,788

6,770,315

Realty

Income

Corp.(a)

58,215

3,775,825

Regency

Centers

Corp.

22,533

1,517,147

SBA

Communications

Corp.

16,465

5,442,835

Simon

Property

Group,

Inc.

49,306

6,408,301

UDR,

Inc.(a)

41,717

2,210,167

Ventas,

Inc.

56,527

3,120,856

Vornado

Realty

Trust

26,094

1,096,209

Welltower

,

Inc.(a)

63,436

5,227,126

Weyerhaeuser

Co.

111,071

3,950,796

136,349,789

Food

&

Staples

Retailing

1.4%

Costco

Wholesale

Corp.

66,174

29,735,287

Kroger

Co.

(The)

101,660

4,110,114

Sysco

Corp.

76,945

6,040,182

Walgreens

Boots

Alliance,

Inc.

108,468

5,103,419

Walmart,

Inc.

213,654

29,779,095

74,768,097

Food

Products

0.9%

Archer-Daniels-Midland

Co.

81,924

4,916,259

Campbell

Soup

Co.

32,930

1,376,803

Conagra

Brands,

Inc.

71,844

2,433,356

General

Mills,

Inc.

89,809

5,372,374

Common

Stocks

Shares

Value

($)

Food

Products

Hershey

Co.

(The)

22,039

3,730,101

Hormel

Foods

Corp.

39,946

1,637,786

J

M

Smucker

Co.

(The)(a)

16,554

1,986,977

Kellogg

Co.

39,108

2,499,783

Kraft

Heinz

Co.

(The)

101,829

3,749,344

Lamb

Weston

Holdings,

Inc.

23,480

1,440,968

McCormick

&

Co.,

Inc.

(Non-Voting)

37,455

3,034,979

Mondelez

International,

Inc.,

Class

A

207,472

12,070,721

Tyson

Foods,

Inc.,

Class

A

44,253

3,493,332

47,742,783

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

19,366

1,708,081

Health

Care

Equipment

&

Supplies

3.7%

Abbott

Laboratories

264,644

31,262,396

ABIOMED,

Inc.*

6,780

2,207,026

Align

Technology,

Inc.*

11,020

7,333,039

Baxter

International,

Inc.

73,637

5,922,624

Becton

Dickinson

and

Co.

42,884

10,541,745

Boston

Scientific

Corp.*

212,698

9,228,966

Cooper

Cos.,

Inc.

(The)

7,381

3,050,641

Danaher

Corp.

95,027

28,930,020

DENTSPLY

SIRONA,

Inc.

31,230

1,812,901

DexCom

,

Inc.*(a)

14,476

7,916,345

Edwards

Lifesciences

Corp.*

93,054

10,534,643

Hologic

,

Inc.*

36,660

2,705,875

IDEXX

Laboratories,

Inc.*

12,766

7,939,175

Intuitive

Surgical,

Inc.*

17,888

17,783,355

Medtronic

plc

200,100

25,082,535

ResMed

,

Inc.(a)

21,930

5,779,652

STERIS

plc(a)

14,904

3,044,589

Stryker

Corp.

50,175

13,232,151

Teleflex,

Inc.

7,079

2,665,597

West

Pharmaceutical

Services,

Inc.

11,051

4,691,592

Zimmer

Biomet

Holdings,

Inc.

31,725

4,643,271

206,308,138

Health

Care

Providers

&

Services

2.5%

AmerisourceBergen

Corp.

22,381

2,673,410

Anthem,

Inc.

36,188

13,490,886

Cardinal

Health,

Inc.

41,708

2,062,878

Centene

Corp.*

87,747

5,467,515

Cigna

Corp.

50,536

10,115,286

CVS

Health

Corp.

199,094

16,895,117

DaVita,

Inc.*

9,245

1,074,824

HCA

Healthcare,

Inc.

36,854

8,945,203

Henry

Schein,

Inc.*

20,387

1,552,674

Humana,

Inc.

19,312

7,515,265

Laboratory

Corp.

of

America

Holdings*

14,506

4,082,569

McKesson

Corp.

22,931

4,571,983

Quest

Diagnostics,

Inc.

18,039

2,621,247

UnitedHealth

Group,

Inc.

140,854

55,037,292

Universal

Health

Services,

Inc.,

Class

B

11,101

1,536,045

137,642,194

90

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Technology

0.0%

†

Cerner

Corp.

42,818

3,019,525

Hotels,

Restaurants

&

Leisure

2.1%

Booking

Holdings,

Inc.*

6,145

14,587,431

Caesars

Entertainment,

Inc.*

32,649

3,665,830

Carnival

Corp.*(a)

118,908

2,973,889

Chipotle

Mexican

Grill,

Inc.*

4,214

7,659,029

Darden

Restaurants,

Inc.

19,595

2,968,055

Domino's

Pizza,

Inc.

5,510

2,628,050

Expedia

Group,

Inc.*

21,968

3,600,555

Hilton

Worldwide

Holdings,

Inc.*

40,938

5,408,319

Las

Vegas

Sands

Corp.*

50,807

1,859,536

Marriott

International,

Inc.,

Class

A*

41,527

6,149,733

McDonald's

Corp.

111,696

26,931,023

MGM

Resorts

International

60,946

2,629,820

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

56,624

1,512,427

Penn

National

Gaming,

Inc.*(a)

23,440

1,698,462

Royal

Caribbean

Cruises

Ltd.*(a)

33,287

2,960,879

Starbucks

Corp.

176,381

19,456,588

Wynn

Resorts

Ltd.*(a)

14,703

1,246,079

Yum!

Brands,

Inc.

44,593

5,454,170

113,389,875

Household

Durables

0.4%

DR

Horton,

Inc.

49,228

4,133,675

Garmin

Ltd.

23,239

3,612,735

Leggett

&

Platt,

Inc.

19,045

853,978

Lennar

Corp.,

Class

A

40,966

3,837,695

Mohawk

Industries,

Inc.*

8,346

1,480,580

Newell

Brands,

Inc.

60,238

1,333,669

NVR,

Inc.*

491

2,353,893

PulteGroup,

Inc.

39,590

1,817,973

Whirlpool

Corp.

9,781

1,993,955

21,418,153

Household

Products

1.3%

Church

&

Dwight

Co.,

Inc.

37,346

3,083,659

Clorox

Co.

(The)

18,617

3,083,161

Colgate-Palmolive

Co.

126,634

9,570,998

Kimberly-Clark

Corp.

50,511

6,689,677

Procter

&

Gamble

Co.

(The)

362,907

50,734,399

73,161,894

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

94,915

2,166,909

Industrial

Conglomerates

1.1%

3M

Co.

86,772

15,221,544

General

Electric

Co.

164,261

16,923,811

Honeywell

International,

Inc.

103,201

21,907,508

Roper

Technologies,

Inc.

15,753

7,027,886

61,080,749

Insurance

1.9%

Aflac,

Inc.

92,255

4,809,253

Allstate

Corp.

(The)

43,528

5,541,550

Common

Stocks

Shares

Value

($)

Insurance

American

International

Group,

Inc.

128,456

7,050,950

Aon

plc,

Class

A(a)

33,777

9,652,453

Arthur

J

Gallagher

&

Co.

30,799

4,578,271

Assurant,

Inc.

8,581

1,353,653

Brown

&

Brown,

Inc.

34,944

1,937,645

Chubb

Ltd.

65,593

11,379,074

Cincinnati

Financial

Corp.

22,795

2,603,645

Everest

Re

Group

Ltd.

5,663

1,420,167

Globe

Life,

Inc.

13,749

1,224,073

Hartford

Financial

Services

Group,

Inc.

(The)

51,259

3,600,945

Lincoln

National

Corp.

26,787

1,841,606

Loews

Corp.

30,386

1,638,717

Marsh

&

McLennan

Cos.,

Inc.

75,050

11,364,821

MetLife,

Inc.

108,605

6,704,187

Principal

Financial

Group,

Inc.

36,095

2,324,518

Progressive

Corp.

(The)

87,592

7,917,441

Prudential

Financial,

Inc.

57,348

6,033,010

Travelers

Cos.,

Inc.

(The)

37,647

5,722,720

W

R

Berkley

Corp.

22,264

1,629,280

Willis

Towers

Watson

plc

19,737

4,588,063

104,916,042

Interactive

Media

&

Services

6.7%

Alphabet,

Inc.,

Class

A*

45,019

120,359,197

Alphabet,

Inc.,

Class

C*

42,122

112,268,188

Facebook,

Inc.,

Class

A*

356,387

120,954,184

Match

Group,

Inc.*

41,384

6,496,874

Twitter,

Inc.*

119,473

7,214,974

367,293,417

Internet

&

Direct

Marketing

Retail

4.1%

Amazon.com,

Inc.*

65,114

213,902,094

eBay,

Inc.

96,880

6,749,630

Etsy,

Inc.*

18,943

3,939,386

224,591,110

IT

Services

4.8%

Accenture

plc,

Class

A

94,654

30,281,708

Akamai

Technologies,

Inc.*

24,734

2,586,929

Automatic

Data

Processing,

Inc.

62,849

12,564,772

Broadridge

Financial

Solutions,

Inc.

17,393

2,898,370

Cognizant

Technology

Solutions

Corp.,

Class

A

77,337

5,739,179

DXC

Technology

Co.*

36,630

1,231,134

Fidelity

National

Information

Services,

Inc.

91,458

11,128,609

Fiserv,

Inc.*

89,155

9,673,318

FleetCor

Technologies,

Inc.*

12,561

3,281,812

Gartner,

Inc.*

12,340

3,749,879

Global

Payments,

Inc.

44,191

6,963,618

International

Business

Machines

Corp.

134,994

18,754,716

Jack

Henry

&

Associates,

Inc.

11,120

1,824,347

Mastercard

,

Inc.,

Class

A

130,241

45,282,191

Paychex,

Inc.

47,169

5,304,154

PayPal

Holdings,

Inc.*

175,847

45,757,148

VeriSign,

Inc.*

14,348

2,941,484

NVIT

S&P

500

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

IT

Services

Visa,

Inc.,

Class

A(a)

252,307

56,201,384

Western

Union

Co.

(The)

58,704

1,186,995

267,351,747

Leisure

Products

0.0%

†

Hasbro,

Inc.(a)

19,837

1,769,857

Life

Sciences

Tools

&

Services

1.4%

Agilent

Technologies,

Inc.

45,423

7,155,485

Bio-Rad

Laboratories,

Inc.,

Class

A*

3,096

2,309,461

Bio-

Techne

Corp.

5,628

2,727,160

Charles

River

Laboratories

International,

Inc.*

7,525

3,105,342

Illumina,

Inc.*

22,232

9,017,522

IQVIA

Holdings,

Inc.*

28,690

6,872,403

Mettler

-Toledo

International,

Inc.*

3,534

4,867,590

PerkinElmer,

Inc.

16,830

2,916,471

Thermo

Fisher

Scientific,

Inc.

58,833

33,613,058

Waters

Corp.*

9,245

3,303,238

75,887,730

Machinery

1.5%

Caterpillar,

Inc.

81,999

15,741,348

Cummins,

Inc.

21,155

4,750,567

Deere

&

Co.

42,439

14,220,036

Dover

Corp.

21,560

3,352,580

Fortive

Corp.

53,580

3,781,141

IDEX

Corp.

11,543

2,388,824

Illinois

Tool

Works,

Inc.

43,029

8,891,082

Ingersoll

Rand,

Inc.*

61,294

3,089,830

Otis

Worldwide

Corp.

63,805

5,249,875

PACCAR,

Inc.

53,168

4,196,018

Parker-Hannifin

Corp.

18,922

5,290,970

Pentair

plc(a)

24,879

1,806,962

Snap-on,

Inc.

7,606

1,589,274

Stanley

Black

&

Decker,

Inc.

24,560

4,305,614

Westinghouse

Air

Brake

Technologies

Corp.

29,364

2,531,470

Xylem,

Inc.

27,006

3,340,102

84,525,693

Media

1.2%

Charter

Communications,

Inc.,

Class

A*(a)

18,963

13,796,720

Comcast

Corp.,

Class

A

683,271

38,215,347

Discovery,

Inc.,

Class

A*(a)

29,328

744,345

Discovery,

Inc.,

Class

C*

48,806

1,184,521

DISH

Network

Corp.,

Class

A*

35,076

1,524,403

Fox

Corp.,

Class

A

48,198

1,933,222

Fox

Corp.,

Class

B

22,089

819,944

Interpublic

Group

of

Cos.,

Inc.

(The)

59,553

2,183,809

News

Corp.,

Class

A

56,666

1,333,351

News

Corp.,

Class

B

16,744

388,963

Omnicom

Group,

Inc.

32,196

2,332,922

ViacomCBS

,

Inc.

91,716

3,623,699

68,081,246

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

219,377

7,136,334

Newmont

Corp.

119,949

6,513,231

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Nucor

Corp.

43,202

4,254,965

17,904,530

Multiline

Retail

0.5%

Dollar

General

Corp.

35,358

7,500,846

Dollar

Tree,

Inc.*

34,722

3,323,590

Target

Corp.

74,056

16,941,791

27,766,227

Multi-Utilities

0.7%

Ameren

Corp.

39,048

3,162,888

CenterPoint

Energy,

Inc.

90,379

2,223,323

CMS

Energy

Corp.

43,540

2,600,644

Consolidated

Edison,

Inc.

52,968

3,844,947

Dominion

Energy,

Inc.

120,730

8,815,705

DTE

Energy

Co.

29,055

3,245,734

NiSource,

Inc.

62,636

1,517,670

Public

Service

Enterprise

Group,

Inc.

75,608

4,604,527

Sempra

Energy

48,426

6,125,889

WEC

Energy

Group,

Inc.

47,218

4,164,628

40,305,955

Oil,

Gas

&

Consumable

Fuels

2.5%

APA

Corp.

57,211

1,226,032

Cabot

Oil

&

Gas

Corp.(a)

64,499

1,403,498

Chevron

Corp.

289,317

29,351,210

ConocoPhillips

199,027

13,488,060

Devon

Energy

Corp.(a)

94,128

3,342,485

Diamondback

Energy,

Inc.

26,157

2,476,283

EOG

Resources,

Inc.

87,676

7,037,753

Exxon

Mobil

Corp.

633,724

37,275,646

Hess

Corp.

39,718

3,102,373

Kinder

Morgan,

Inc.

286,287

4,789,581

Marathon

Oil

Corp.

119,267

1,630,380

Marathon

Petroleum

Corp.

95,352

5,893,707

Occidental

Petroleum

Corp.

132,616

3,922,781

ONEOK,

Inc.

66,236

3,841,026

Phillips

66

64,034

4,484,301

Pioneer

Natural

Resources

Co.

33,587

5,592,571

Valero

Energy

Corp.

60,119

4,242,598

Williams

Cos.,

Inc.

(The)

185,727

4,817,758

137,918,043

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

34,713

10,411,470

Pharmaceuticals

3.6%

Bristol-Myers

Squibb

Co.

331,678

19,625,387

Catalent

,

Inc.*(a)

25,684

3,417,770

Eli

Lilly

&

Co.

118,427

27,362,558

Johnson

&

Johnson

393,171

63,497,117

Merck

&

Co.,

Inc.

379,027

28,468,718

Organon

&

Co.

41,060

1,346,357

Pfizer,

Inc.

841,708

36,201,861

Viatris

,

Inc.

179,364

2,430,382

Zoetis,

Inc.

71,069

13,797,336

196,147,486

Professional

Services

0.4%

Equifax,

Inc.

18,218

4,616,806

92

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

IHS

Markit

Ltd.

59,594

6,949,852

Jacobs

Engineering

Group,

Inc.

19,774

2,620,648

Leidos

Holdings,

Inc.

20,679

1,987,872

Nielsen

Holdings

plc

55,728

1,069,421

Robert

Half

International,

Inc.

16,015

1,606,785

Verisk

Analytics,

Inc.

24,264

4,859,351

23,710,735

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

51,400

5,004,304

Road

&

Rail

0.9%

CSX

Corp.

334,587

9,950,617

JB

Hunt

Transport

Services,

Inc.

12,891

2,155,633

Kansas

City

Southern

14,010

3,791,667

Norfolk

Southern

Corp.

36,768

8,796,744

Old

Dominion

Freight

Line,

Inc.

13,737

3,928,507

Union

Pacific

Corp.

97,494

19,109,799

47,732,967

Semiconductors

&

Semiconductor

Equipment

5.5%

Advanced

Micro

Devices,

Inc.*

180,279

18,550,709

Analog

Devices,

Inc.(a)

80,518

13,485,155

Applied

Materials,

Inc.

136,160

17,527,877

Broadcom,

Inc.

61,456

29,801,858

Enphase

Energy,

Inc.*

19,659

2,948,260

Intel

Corp.

607,554

32,370,477

KLA

Corp.

22,945

7,675,332

Lam

Research

Corp.

21,349

12,150,783

Microchip

Technology,

Inc.

40,945

6,284,648

Micron

Technology,

Inc.

167,866

11,915,129

Monolithic

Power

Systems,

Inc.

6,500

3,150,420

NVIDIA

Corp.

372,271

77,119,661

NXP

Semiconductors

NV

39,638

7,763,895

Qorvo

,

Inc.*

16,853

2,817,653

QUALCOMM,

Inc.

168,852

21,778,531

Skyworks

Solutions,

Inc.

24,713

4,072,208

Teradyne,

Inc.

24,795

2,706,870

Texas

Instruments,

Inc.

138,244

26,571,879

Xilinx,

Inc.

37,314

5,634,041

304,325,386

Software

9.2%

Adobe,

Inc.*

71,223

41,004,506

ANSYS,

Inc.*

13,188

4,489,855

Autodesk,

Inc.*

32,934

9,391,789

Cadence

Design

Systems,

Inc.*

41,654

6,308,082

Ceridian

HCM

Holding,

Inc.*(a)

20,164

2,270,870

Citrix

Systems,

Inc.

17,655

1,895,617

Fortinet,

Inc.*

20,448

5,971,634

Intuit,

Inc.

40,905

22,068,657

Microsoft

Corp.

1,123,497

316,736,274

NortonLifeLock

,

Inc.

86,795

2,195,913

Oracle

Corp.

246,273

21,457,766

Paycom

Software,

Inc.*

7,028

3,484,131

PTC,

Inc.*

14,918

1,787,027

salesforce.com,

Inc.*

145,246

39,393,620

ServiceNow

,

Inc.*

29,818

18,554,847

Common

Stocks

Shares

Value

($)

Software

Synopsys,

Inc.*

22,892

6,854,094

Tyler

Technologies,

Inc.*

6,133

2,812,900

506,677,582

Specialty

Retail

2.2%

Advance

Auto

Parts,

Inc.

9,932

2,074,695

AutoZone,

Inc.*

3,236

5,494,696

Bath

&

Body

Works,

Inc.

39,631

2,497,942

Best

Buy

Co.,

Inc.(a)

33,369

3,527,437

CarMax,

Inc.*

24,561

3,142,826

Gap,

Inc.

(The)

36,464

827,733

Home

Depot,

Inc.

(The)

158,653

52,079,434

Lowe's

Cos.,

Inc.

105,815

21,465,631

O'Reilly

Automotive,

Inc.*

10,215

6,241,978

Ross

Stores,

Inc.

53,648

5,839,585

TJX

Cos.,

Inc.

(The)

180,527

11,911,171

Tractor

Supply

Co.

16,573

3,357,855

Ulta

Beauty,

Inc.*

8,197

2,958,461

121,419,444

Technology

Hardware,

Storage

&

Peripherals

6.3%

Apple,

Inc.

2,348,115

332,258,273

Hewlett

Packard

Enterprise

Co.

193,528

2,757,774

HP,

Inc.

179,818

4,919,820

NetApp,

Inc.

33,974

3,049,506

Seagate

Technology

Holdings

plc(a)

32,613

2,691,225

Western

Digital

Corp.*

45,365

2,560,401

348,236,999

Textiles,

Apparel

&

Luxury

Goods

0.7%

Hanesbrands,

Inc.

50,717

870,304

NIKE,

Inc.,

Class

B

190,850

27,717,146

PVH

Corp.*

9,904

1,018,032

Ralph

Lauren

Corp.

6,962

773,060

Tapestry,

Inc.

40,129

1,485,576

Under

Armour

,

Inc.,

Class

A*

26,578

536,344

Under

Armour

,

Inc.,

Class

C*

35,967

630,142

VF

Corp.

49,963

3,347,021

36,377,625

Tobacco

0.6%

Altria

Group,

Inc.

273,530

12,451,086

Philip

Morris

International,

Inc.

233,300

22,114,507

34,565,593

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.(a)

88,182

4,551,073

United

Rentals,

Inc.*

10,834

3,801,976

WW

Grainger,

Inc.

6,532

2,567,468

10,920,517

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

27,761

4,692,719

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

87,723

11,207,491

Total

Common

Stocks

(cost

$2,041,347,343)

5,462,002,101

NVIT

S&P

500

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

93

Repurchase

Agreements

0.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$362,675,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$369,928.(b)

362,674

362,674

MetLife,

Inc.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,000,004,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$2,040,820.(b)

2,000,000

2,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$1,000,010,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$1,020,003.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$3,362,674)

3,362,674

Total

Investments

(cost

$2,044,710,017)

—

99.1%

5,465,364,775

Other

assets

in

excess

of

liabilities

—

0.9%

48,808,354

NET

ASSETS

—

100.0%

$

5,514,173,129

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$141,677,838,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,362,674

and

by

$143,734,372

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$147,097,046.

(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,

2021

was

$3,362,674.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

248

12/2021

USD

53,292,100

(1,887,451)

(1,887,451)

As

of

September

30,

2021,

the

Fund

had

$2,800,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

94

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

S&P

500

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

S&P

500

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

95

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

5,462,002,101

$

–

$

–

$

5,462,002,101

Repurchase

Agreements

–

3,362,674

–

3,362,674

Total

Assets

$

5,462,002,101

$

3,362,674

$

–

$

5,465,364,775

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,887,451)

$

–

$

–

$

(1,887,451)

Total

Liabilities

$

(1,887,451)

$

–

$

–

$

(1,887,451)

Total

$

5,460,114,650

$

3,362,674

$

–

$

5,463,477,324

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,887,451)

Total

$

(1,887,451)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

96

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

98.6%

Shares

Value

($)

Aerospace

&

Defense

0.7%

AAR

Corp.*

4,441

144,022

Aerojet

Rocketdyne

Holdings,

Inc.

9,776

425,745

AeroVironment,

Inc.*(a)

2,935

253,349

AerSale

Corp.*(a)

1,206

20,502

Astronics

Corp.*

3,202

45,020

Byrna

Technologies,

Inc.*(a)

2,408

52,639

Ducommun,

Inc.*

1,451

73,058

Kaman

Corp.(a)

3,686

131,480

Kratos

Defense

&

Security

Solutions,

Inc.*(a)

16,018

357,361

Maxar

Technologies,

Inc.

9,365

265,217

Moog,

Inc.,

Class

A

3,779

288,073

National

Presto

Industries,

Inc.

682

55,978

PAE,

Inc.*

9,262

55,387

Park

Aerospace

Corp.(a)

2,606

35,650

Parsons

Corp.*(a)

3,511

118,531

Triumph

Group,

Inc.*

8,318

154,964

Vectrus,

Inc.*

1,538

77,331

2,554,307

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.*(a)

7,706

198,892

Atlas

Air

Worldwide

Holdings,

Inc.*

3,759

307,035

Echo

Global

Logistics,

Inc.*

3,440

164,123

Forward

Air

Corp.

3,550

294,721

Hub

Group,

Inc.,

Class

A*

4,323

297,206

Radiant

Logistics,

Inc.*

5,236

33,458

1,295,435

Airlines

0.4%

Allegiant

Travel

Co.*

2,003

391,546

Frontier

Group

Holdings,

Inc.*(a)

4,644

73,329

Hawaiian

Holdings,

Inc.*(a)

6,745

146,097

Mesa

Air

Group,

Inc.*

4,576

35,052

SkyWest,

Inc.*

6,503

320,858

Spirit

Airlines,

Inc.*

12,839

333,044

Sun

Country

Airlines

Holdings,

Inc.*

2,313

77,578

1,377,504

Auto

Components

1.3%

Adient

plc*

12,369

512,695

American

Axle

&

Manufacturing

Holdings,

Inc.*

15,046

132,555

Cooper-Standard

Holdings,

Inc.*

2,244

49,166

Dana,

Inc.

18,982

422,160

Dorman

Products,

Inc.*(a)

3,492

330,588

Fox

Factory

Holding

Corp.*

5,516

797,282

Gentherm,

Inc.*

4,343

351,479

Goodyear

Tire

&

Rubber

Co.

(The)*

36,090

638,793

LCI

Industries

3,236

435,663

Modine

Manufacturing

Co.*

6,673

75,605

Motorcar

Parts

of

America,

Inc.*(a)

2,504

48,828

Common

Stocks

Shares

Value

($)

Auto

Components

Patrick

Industries,

Inc.

2,966

247,068

Standard

Motor

Products,

Inc.

2,789

121,907

Stoneridge,

Inc.*

3,480

70,957

Tenneco,

Inc.,

Class

A*

8,883

126,760

Visteon

Corp.*

3,625

342,164

XL

Fleet

Corp.*

4,562

28,102

XPEL,

Inc.

Reg.

S*

2,344

177,816

4,909,588

Automobiles

0.2%

Arcimoto,

Inc.*(a)

3,652

41,742

Canoo,

Inc.*(a)

13,890

106,814

Fisker,

Inc.*(a)

21,174

310,199

Lordstown

Motors

Corp.*(a)

12,551

100,157

Winnebago

Industries,

Inc.(a)

4,224

306,029

Workhorse

Group,

Inc.*(a)

15,760

120,564

985,505

Banks

8.0%

1st

Source

Corp.

2,209

104,353

Allegiance

Bancshares,

Inc.

2,487

94,879

Altabancorp

2,405

106,205

Amalgamated

Financial

Corp.

1,817

28,745

Amerant

Bancorp,

Inc.*

2,800

69,272

American

National

Bankshares,

Inc.

1,415

46,752

Ameris

Bancorp

8,683

450,474

Arrow

Financial

Corp.

1,842

63,291

Associated

Banc-Corp.

19,770

423,473

Atlantic

Capital

Bancshares,

Inc.*

2,625

69,536

Atlantic

Union

Bankshares

Corp.

10,017

369,126

Banc

of

California,

Inc.

6,023

111,365

BancFirst

Corp.

2,291

137,735

Bancorp,

Inc.

(The)*

6,980

177,641

BancorpSouth

Bank(a)

13,308

396,312

Bank

First

Corp.(a)

891

63,145

Bank

of

Marin

Bancorp

2,133

80,521

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

6,551

232,626

BankUnited,

Inc.

12,164

508,698

Banner

Corp.

4,528

249,991

Bar

Harbor

Bankshares

1,970

55,259

Berkshire

Hills

Bancorp,

Inc.

6,286

169,596

Blue

Ridge

Bankshares,

Inc.

(a)

2,314

40,703

Brookline

Bancorp,

Inc.

10,026

152,997

Bryn

Mawr

Bank

Corp.

2,639

121,262

Business

First

Bancshares,

Inc.

2,498

58,428

Byline

Bancorp,

Inc.

3,255

79,943

Cadence

Bancorp

16,067

352,831

Cambridge

Bancorp

910

80,080

Camden

National

Corp.

1,966

94,171

Capital

Bancorp,

Inc.(a)

1,012

24,349

Capital

City

Bank

Group,

Inc.

1,796

44,433

Capstar

Financial

Holdings,

Inc.

2,731

58,006

Carter

Bankshares,

Inc.*

3,455

49,130

Cathay

General

Bancorp

9,798

405,539

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

Banks

CBTX,

Inc.

2,455

64,763

Central

Pacific

Financial

Corp.

3,687

94,682

Century

Bancorp,

Inc.,

Class

A

364

41,947

CIT

Group,

Inc.

12,964

673,480

Citizens

&

Northern

Corp.

2,071

52,313

City

Holding

Co.(a)

1,983

154,496

Civista

Bancshares,

Inc.

1,938

45,020

CNB

Financial

Corp.

2,145

52,209

Coastal

Financial

Corp.*(a)

1,262

40,207

Columbia

Banking

System,

Inc.

9,397

356,992

Community

Bank

System,

Inc.

6,992

478,393

Community

Trust

Bancorp,

Inc.

2,075

87,358

ConnectOne

Bancorp,

Inc.

4,871

146,179

CrossFirst

Bankshares,

Inc.*

6,089

79,157

Customers

Bancorp,

Inc.*

3,987

171,521

CVB

Financial

Corp.

16,877

343,785

Dime

Community

Bancshares,

Inc.

4,519

147,591

Eagle

Bancorp,

Inc.

4,131

237,533

Eastern

Bankshares,

Inc.

22,430

455,329

Enterprise

Bancorp,

Inc.

1,237

44,470

Enterprise

Financial

Services

Corp.

4,624

209,375

Equity

Bancshares,

Inc.,

Class

A

1,803

60,184

Farmers

National

Banc

Corp.

3,470

54,514

FB

Financial

Corp.

4,350

186,528

Fidelity

D&D

Bancorp,

Inc.(a)

535

26,980

Financial

Institutions,

Inc.

2,089

64,028

First

Bancorp,

Inc.

(The)

1,381

40,242

First

Bancorp/NC(a)

3,758

161,632

First

Bancorp/PR

26,639

350,303

First

Bancshares,

Inc.

(The)(a)

2,702

104,784

First

Bank

2,079

29,293

First

Busey

Corp.

6,636

163,445

First

Commonwealth

Financial

Corp.

12,733

173,551

First

Community

Bankshares,

Inc.

2,208

70,038

First

Financial

Bancorp

12,358

289,301

First

Financial

Bankshares,

Inc.

16,959

779,266

First

Financial

Corp.

1,518

63,832

First

Foundation,

Inc.

5,300

139,390

First

Internet

Bancorp

1,241

38,694

First

Interstate

BancSystem,

Inc.,

Class

A(a)

5,347

215,270

First

Merchants

Corp.

7,067

295,683

First

Mid

Bancshares,

Inc.(a)

2,218

91,071

First

Midwest

Bancorp,

Inc.

14,874

282,755

First

of

Long

Island

Corp.

(The)

3,054

62,912

Five

Star

Bancorp(a)

698

16,710

Flushing

Financial

Corp.

3,934

88,908

Fulton

Financial

Corp.(a)

20,758

317,182

German

American

Bancorp,

Inc.

3,296

127,324

Glacier

Bancorp,

Inc.

12,515

692,705

Great

Southern

Bancorp,

Inc.

1,413

77,447

Common

Stocks

Shares

Value

($)

Banks

Great

Western

Bancorp,

Inc.

7,392

242,014

Guaranty

Bancshares,

Inc.

1,065

38,180

Hancock

Whitney

Corp.

11,298

532,362

Hanmi

Financial

Corp.

4,070

81,644

HarborOne

Bancorp,

Inc.(a)

6,474

90,895

HBT

Financial,

Inc.

1,278

19,873

Heartland

Financial

USA,

Inc.

5,263

253,045

Heritage

Commerce

Corp.(a)

7,797

90,679

Heritage

Financial

Corp.(a)

4,733

120,692

Hilltop

Holdings,

Inc.(a)

8,307

271,390

Home

BancShares,

Inc.

19,915

468,600

HomeTrust

Bancshares,

Inc.

2,027

56,715

Hope

Bancorp,

Inc.

15,867

229,119

Horizon

Bancorp,

Inc.

5,714

103,823

Howard

Bancorp,

Inc.*

1,758

35,652

Independent

Bank

Corp./MA

4,303

327,673

Independent

Bank

Corp./MI

2,787

59,865

Independent

Bank

Group,

Inc.

4,915

349,162

International

Bancshares

Corp.

7,021

292,354

Investors

Bancorp,

Inc.

29,873

451,381

Lakeland

Bancorp,

Inc.

6,523

115,001

Lakeland

Financial

Corp.(a)

3,255

231,886

Live

Oak

Bancshares,

Inc.

4,116

261,901

Macatawa

Bank

Corp.

3,505

28,145

Mercantile

Bank

Corp.

2,031

65,053

Metrocity

Bankshares,

Inc.

2,533

53,117

Metropolitan

Bank

Holding

Corp.*

1,025

86,408

Mid

Penn

Bancorp,

Inc.(a)

1,311

36,118

Midland

States

Bancorp,

Inc.

2,897

71,643

MidWestOne

Financial

Group,

Inc.

1,932

58,269

MVB

Financial

Corp.

1,312

56,193

National

Bank

Holdings

Corp.,

Class

A

3,941

159,532

NBT

Bancorp,

Inc.

5,629

203,319

Nicolet

Bankshares,

Inc.*

1,402

104,000

Northrim

Bancorp,

Inc.

809

34,391

OceanFirst

Financial

Corp.

7,722

165,328

OFG

Bancorp

6,780

170,992

Old

National

Bancorp

21,579

365,764

Old

Second

Bancorp,

Inc.

3,702

48,348

Origin

Bancorp,

Inc.

2,952

125,017

Orrstown

Financial

Services,

Inc.

1,454

34,024

Pacific

Premier

Bancorp,

Inc.

12,242

507,308

Park

National

Corp.(a)

1,880

229,266

Peapack-Gladstone

Financial

Corp.

2,368

78,996

Peoples

Bancorp,

Inc.(a)

3,383

106,934

Peoples

Financial

Services

Corp.(a)

936

42,654

Preferred

Bank

1,839

122,625

Primis

Financial

Corp.

3,218

46,532

QCR

Holdings,

Inc.

2,053

105,606

RBB

Bancorp

1,898

47,849

Red

River

Bancshares,

Inc.(a)

605

30,159

Reliant

Bancorp,

Inc.(a)

2,032

64,191

Renasant

Corp.(a)

7,215

260,101

98

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Republic

Bancorp,

Inc.,

Class

A

1,281

64,883

Republic

First

Bancorp,

Inc.*(a)

5,965

18,372

S&T

Bancorp,

Inc.(a)

5,171

152,389

Sandy

Spring

Bancorp,

Inc.

6,056

277,486

Seacoast

Banking

Corp.

of

Florida

7,128

240,998

ServisFirst

Bancshares,

Inc.

6,519

507,178

Sierra

Bancorp

1,873

45,476

Silvergate

Capital

Corp.,

Class

A*

3,055

352,853

Simmons

First

National

Corp.,

Class

A

14,024

414,549

SmartFinancial,

Inc.

1,847

47,745

South

Plains

Financial,

Inc.

1,417

34,546

South

State

Corp.

9,121

681,065

Southern

First

Bancshares,

Inc.*(a)

993

53,126

Southside

Bancshares,

Inc.

4,157

159,172

Spirit

of

Texas

Bancshares,

Inc.

1,709

41,358

Stock

Yards

Bancorp,

Inc.

3,145

184,454

Summit

Financial

Group,

Inc.

1,517

37,182

Texas

Capital

Bancshares,

Inc.*

6,622

397,452

Tompkins

Financial

Corp.

1,844

149,198

Towne

Bank

8,770

272,835

TriCo

Bancshares

3,599

156,197

TriState

Capital

Holdings,

Inc.*

3,860

81,639

Triumph

Bancorp,

Inc.*

3,073

307,700

Trustmark

Corp.

8,118

261,562

UMB

Financial

Corp.

5,718

552,988

United

Bankshares,

Inc.

16,317

593,612

United

Community

Banks,

Inc.

11,363

372,934

Univest

Financial

Corp.

3,858

105,671

Valley

National

Bancorp

52,305

696,180

Veritex

Holdings,

Inc.(a)

6,345

249,739

Washington

Trust

Bancorp,

Inc.

2,283

120,953

WesBanco,

Inc.

8,287

282,421

West

Bancorp,

Inc.(a)

2,144

64,384

Westamerica

Bancorp

3,401

191,340

31,013,064

Beverages

0.4%

Celsius

Holdings,

Inc.*

7,041

634,324

Coca-Cola

Consolidated,

Inc.

614

242,026

Duckhorn

Portfolio,

Inc.

(The)*(a)

2,692

61,620

MGP

Ingredients,

Inc.(a)

1,891

123,104

National

Beverage

Corp.(a)

3,133

164,451

NewAge,

Inc.*(a)

17,759

24,685

Primo

Water

Corp.

20,536

322,826

1,573,036

Biotechnology

9.6%

4D

Molecular

Therapeutics,

Inc.*(a)

2,736

73,790

89bio,

Inc.*(a)

1,300

25,467

Common

Stocks

Shares

Value

($)

Biotechnology

ACADIA

Pharmaceuticals,

Inc.*(a)

15,626

259,548

Acumen

Pharmaceuticals,

Inc.*(a)

1,252

18,605

Adagio

Therapeutics,

Inc.*(a)

2,758

116,498

Adicet

Bio,

Inc.*(a)

2,730

21,403

Adverum

Biotechnologies,

Inc.*(a)

11,587

25,144

Aeglea

BioTherapeutics,

Inc.*

5,390

42,851

Aerovate

Therapeutics,

Inc.*(a)

1,316

27,610

Affimed

NV*

15,484

95,691

Agenus,

Inc.*

26,294

138,043

Agios

Pharmaceuticals,

Inc.*(a)

7,700

355,355

Akebia

Therapeutics,

Inc.*

21,314

61,384

Akero

Therapeutics,

Inc.*(a)

3,429

76,638

Akouos,

Inc.*(a)

3,202

37,175

Albireo

Pharma,

Inc.*

2,251

70,231

Aldeyra

Therapeutics,

Inc.*

6,473

56,833

Alector,

Inc.*

7,684

175,349

Aligos

Therapeutics,

Inc.*(a)

2,503

38,822

Alkermes

plc*

20,943

645,882

Allakos,

Inc.*

4,563

483,085

Allogene

Therapeutics,

Inc.*

8,877

228,139

Allovir,

Inc.*(a)

3,934

98,586

Alpine

Immune

Sciences,

Inc.*(a)

1,516

16,176

Altimmune,

Inc.*

4,335

49,029

ALX

Oncology

Holdings,

Inc.*(a)

2,315

170,986

Amicus

Therapeutics,

Inc.*

34,332

327,871

AnaptysBio,

Inc.*(a)

2,572

69,753

Anavex

Life

Sciences

Corp.*(a)

8,277

148,572

Anika

Therapeutics,

Inc.*

1,925

81,928

Annexon,

Inc.*

4,159

77,399

Apellis

Pharmaceuticals,

Inc.*

8,479

279,468

Applied

Molecular

Transport,

Inc.*(a)

3,280

84,854

Applied

Therapeutics,

Inc.*

2,362

39,209

AquaBounty

Technologies,

Inc.*(a)

7,000

28,490

Arbutus

Biopharma

Corp.*(a)

10,417

44,689

Arcturus

Therapeutics

Holdings,

Inc.*

2,816

134,548

Arcus

Biosciences,

Inc.*(a)

5,915

206,256

Arcutis

Biotherapeutics,

Inc.*

3,689

88,130

Ardelyx,

Inc.*

11,538

15,230

Arena

Pharmaceuticals,

Inc.*

7,984

475,447

Arrowhead

Pharmaceuticals,

Inc.*

13,234

826,199

Atara

Biotherapeutics,

Inc.*

11,023

197,312

Athenex,

Inc.*(a)

11,534

34,717

Athersys,

Inc.*(a)

26,813

35,661

Atossa

Therapeutics,

Inc.*(a)

15,604

50,869

Atreca,

Inc.,

Class

A*(a)

3,465

21,587

Avid

Bioservices,

Inc.*(a)

8,055

173,746

Avidity

Biosciences,

Inc.*

4,916

121,081

Avita

Medical,

Inc.*(a)

3,184

56,420

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

Biotechnology

Avrobio,

Inc.*(a)

4,838

26,996

Beam

Therapeutics,

Inc.*(a)

6,508

566,261

Beyondspring,

Inc.*(a)

2,988

47,091

BioAtla,

Inc.*(a)

1,626

47,869

BioCryst

Pharmaceuticals,

Inc.*(a)

23,212

333,556

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

7,206

1,000,985

Biomea

Fusion,

Inc.*(a)

1,127

13,490

Bioxcel

Therapeutics,

Inc.*(a)

2,039

61,884

Black

Diamond

Therapeutics,

Inc.*(a)

3,038

25,701

Bluebird

Bio,

Inc.*

9,009

172,162

Blueprint

Medicines

Corp.*(a)

7,639

785,366

Bolt

Biotherapeutics,

Inc.*(a)

2,988

37,798

Bridgebio

Pharma,

Inc.*(a)

14,050

658,523

Brooklyn

ImmunoTherapeutics,

Inc.*(a)

3,176

29,537

C4

Therapeutics,

Inc.*(a)

5,044

225,366

Cardiff

Oncology,

Inc.*(a)

4,823

32,121

CareDx,

Inc.*

6,605

418,559

Caribou

Biosciences,

Inc.*

2,503

59,747

Catalyst

Pharmaceuticals,

Inc.*(a)

12,951

68,640

Celcuity,

Inc.*(a)

1,370

24,660

Celldex

Therapeutics,

Inc.*

6,003

324,102

CEL-SCI

Corp.*(a)

4,734

52,027

Century

Therapeutics,

Inc.*(a)

1,542

38,797

Cerevel

Therapeutics

Holdings,

Inc.*(a)

4,703

138,738

ChemoCentryx,

Inc.*

7,202

123,154

Chimerix,

Inc.*

9,737

60,272

Chinook

Therapeutics,

Inc.*

4,195

53,528

Clene,

Inc.*(a)

2,561

17,492

Clovis

Oncology,

Inc.*(a)

13,286

59,256

Codiak

Biosciences,

Inc.*(a)

2,094

34,195

Cogent

Biosciences,

Inc.*(a)

4,956

41,680

Coherus

Biosciences,

Inc.*(a)

8,555

137,479

Cortexyme,

Inc.*(a)

2,605

238,774

Crinetics

Pharmaceuticals,

Inc.*(a)

4,865

102,408

Cue

Biopharma,

Inc.*

3,972

57,872

Cullinan

Oncology,

Inc.*(a)

3,379

76,264

Curis,

Inc.*

11,552

90,452

Cytokinetics,

Inc.*

10,351

369,945

CytomX

Therapeutics,

Inc.*(a)

8,651

44,034

Day

One

Biopharmaceuticals,

Inc.*(a)

1,439

34,147

Deciphera

Pharmaceuticals,

Inc.*

5,249

178,361

Denali

Therapeutics,

Inc.*

11,878

599,245

DermTech,

Inc.*(a)

3,163

101,564

Design

Therapeutics,

Inc.*

1,798

26,413

Dicerna

Pharmaceuticals,

Inc.*

9,184

185,149

Dynavax

Technologies

Corp.*(a)

14,075

270,381

Dyne

Therapeutics,

Inc.*(a)

4,006

65,057

Eagle

Pharmaceuticals,

Inc.*(a)

1,550

86,459

Editas

Medicine,

Inc.*(a)

8,929

366,803

Common

Stocks

Shares

Value

($)

Biotechnology

Eiger

BioPharmaceuticals,

Inc.*

4,270

28,524

Eliem

Therapeutics,

Inc.*(a)

921

16,560

Emergent

BioSolutions,

Inc.*(a)

6,396

320,248

Enanta

Pharmaceuticals,

Inc.*

2,570

146,002

Epizyme,

Inc.*

11,976

61,317

Erasca,

Inc.*(a)

2,699

57,273

Evelo

Biosciences,

Inc.*(a)

4,051

28,519

Fate

Therapeutics,

Inc.*

10,596

628,025

FibroGen,

Inc.*(a)

11,486

117,387

Finch

Therapeutics

Group,

Inc.*(a)

1,253

16,289

Flexion

Therapeutics,

Inc.*

6,423

39,180

Foghorn

Therapeutics,

Inc.*(a)

2,609

36,343

Forma

Therapeutics

Holdings,

Inc.*(a)

4,289

99,462

Forte

Biosciences,

Inc.*(a)

2,004

5,932

Fortress

Biotech,

Inc.*(a)

9,554

30,764

Frequency

Therapeutics,

Inc.*(a)

4,267

30,125

G1

Therapeutics,

Inc.*(a)

5,229

70,173

Gemini

Therapeutics,

Inc.*(a)

2,860

11,554

Generation

Bio

Co.*(a)

5,844

146,509

Geron

Corp.*(a)

40,220

55,101

Global

Blood

Therapeutics,

Inc.*

7,814

199,101

Gossamer

Bio,

Inc.*(a)

8,294

104,256

Graphite

Bio,

Inc.*(a)

2,121

34,763

Greenwich

Lifesciences,

Inc.*(a)

538

21,020

Gritstone

bio,

Inc.*(a)

5,386

58,169

GT

Biopharma,

Inc.*(a)

2,317

15,617

Halozyme

Therapeutics,

Inc.*(a)

18,399

748,471

Harpoon

Therapeutics,

Inc.*

2,442

19,292

Heron

Therapeutics,

Inc.*(a)

12,323

131,733

Homology

Medicines,

Inc.*

5,595

44,033

Hookipa

Pharma,

Inc.*

2,506

14,760

Humanigen,

Inc.*(a)

5,982

35,473

iBio,

Inc.*(a)

28,825

30,555

Icosavax,

Inc.*(a)

1,747

51,694

Ideaya

Biosciences,

Inc.*

3,744

95,435

IGM

Biosciences,

Inc.*

1,076

70,758

Imago

Biosciences,

Inc.*(a)

1,273

25,498

Immuneering

Corp.,

Class

A*

1,080

28,674

Immunic,

Inc.*(a)

2,718

24,054

ImmunityBio,

Inc.*(a)

8,921

86,891

ImmunoGen,

Inc.*

26,062

147,772

Immunovant,

Inc.*(a)

5,004

43,485

Impel

Neuropharma,

Inc.*(a)

682

8,307

Infinity

Pharmaceuticals,

Inc.*(a)

11,675

39,928

Inhibrx,

Inc.*(a)

3,723

124,013

Inovio

Pharmaceuticals,

Inc.*(a)

26,994

193,277

Inozyme

Pharma,

Inc.*

1,919

22,241

Insmed,

Inc.*(a)

15,012

413,430

Instil

Bio,

Inc.*(a)

2,325

41,559

Intellia

Therapeutics,

Inc.*

8,993

1,206,411

100

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Intercept

Pharmaceuticals,

Inc.*(a)

3,739

55,524

Invitae

Corp.*(a)

26,162

743,786

Ironwood

Pharmaceuticals,

Inc.*

18,966

247,696

iTeos

Therapeutics,

Inc.*

2,694

72,738

IVERIC

bio,

Inc.*

13,626

221,286

Janux

Therapeutics,

Inc.*

1,727

37,355

Jounce

Therapeutics,

Inc.*

4,397

32,670

Kadmon

Holdings,

Inc.*(a)

22,629

197,099

KalVista

Pharmaceuticals,

Inc.*(a)

2,651

46,260

Karuna

Therapeutics,

Inc.*(a)

2,899

354,635

Karyopharm

Therapeutics,

Inc.*(a)

9,603

55,889

Keros

Therapeutics,

Inc.*(a)

2,082

82,364

Kezar

Life

Sciences,

Inc.*

4,565

39,442

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*(a)

3,890

44,307

Kinnate

Biopharma,

Inc.*(a)

3,360

77,347

Kodiak

Sciences,

Inc.*(a)

4,373

419,721

Kronos

Bio,

Inc.*(a)

5,178

108,531

Krystal

Biotech,

Inc.*

2,392

124,886

Kura

Oncology,

Inc.*(a)

8,476

158,755

Kymera

Therapeutics,

Inc.*(a)

4,485

263,449

Lexicon

Pharmaceuticals,

Inc.*

9,055

43,555

Ligand

Pharmaceuticals,

Inc.*

1,969

274,321

Lineage

Cell

Therapeutics,

Inc.*(a)

16,174

40,758

Lyell

Immunopharma,

Inc.*(a)

3,085

45,658

MacroGenics,

Inc.*

7,868

164,756

Madrigal

Pharmaceuticals,

Inc.*(a)

1,514

120,802

Magenta

Therapeutics,

Inc.*

3,990

29,047

MannKind

Corp.*(a)

32,934

143,263

MaxCyte,

Inc.*

2,046

24,982

MEI

Pharma,

Inc.*(a)

14,460

39,910

MeiraGTx

Holdings

plc*(a)

3,973

52,364

Mersana

Therapeutics,

Inc.*(a)

9,186

86,624

MiMedx

Group,

Inc.*(a)

14,817

89,791

Mirum

Pharmaceuticals,

Inc.*

471

9,382

Molecular

Templates,

Inc.*

4,932

33,094

Monte

Rosa

Therapeutics,

Inc.*(a)

1,511

33,665

Morphic

Holding,

Inc.*

2,707

153,324

Mustang

Bio,

Inc.*

9,283

24,971

Myriad

Genetics,

Inc.*

10,211

329,713

Neoleukin

Therapeutics,

Inc.*(a)

4,696

33,952

NexImmune,

Inc.*(a)

1,161

17,578

Nkarta,

Inc.*(a)

1,882

52,338

Nurix

Therapeutics,

Inc.*

4,177

125,143

Nuvalent,

Inc.,

Class

A*(a)

1,398

31,525

Ocugen,

Inc.*(a)

24,108

173,095

Olema

Pharmaceuticals,

Inc.*

3,289

90,645

Omega

Therapeutics,

Inc.*(a)

965

18,190

Oncocyte

Corp.*(a)

7,856

27,967

Oncorus,

Inc.*(a)

2,724

25,442

Oncternal

Therapeutics,

Inc.*

5,903

24,616

OPKO

Health,

Inc.*(a)

52,436

191,391

Common

Stocks

Shares

Value

($)

Biotechnology

Organogenesis

Holdings,

Inc.*

5,088

72,453

ORIC

Pharmaceuticals,

Inc.*(a)

3,936

82,302

Outlook

Therapeutics,

Inc.*(a)

11,681

25,348

Oyster

Point

Pharma,

Inc.*(a)

1,451

17,194

Passage

Bio,

Inc.*

4,947

49,272

PMV

Pharmaceuticals,

Inc.*(a)

3,499

104,270

Portage

Biotech,

Inc.*(a)

614

12,476

Poseida

Therapeutics,

Inc.*(a)

3,836

27,964

Praxis

Precision

Medicines,

Inc.*

4,229

78,194

Precigen,

Inc.*(a)

12,651

63,128

Precision

BioSciences,

Inc.*

6,339

73,152

Prelude

Therapeutics,

Inc.*(a)

1,444

45,125

Prometheus

Biosciences,

Inc.*(a)

1,508

35,755

Protagonist

Therapeutics,

Inc.*

5,515

97,726

Prothena

Corp.

plc*

4,548

323,954

PTC

Therapeutics,

Inc.*

9,068

337,420

Puma

Biotechnology,

Inc.*

4,262

29,877

Radius

Health,

Inc.*(a)

6,244

77,488

RAPT

Therapeutics,

Inc.*(a)

2,397

74,427

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

3,673

84,516

REGENXBIO,

Inc.*

5,153

216,014

Relay

Therapeutics,

Inc.*

7,809

246,218

Reneo

Pharmaceuticals,

Inc.*(a)

1,047

7,800

Replimune

Group,

Inc.*

3,571

105,844

REVOLUTION

Medicines,

Inc.*(a)

7,754

213,313

Rhythm

Pharmaceuticals,

Inc.*(a)

5,876

76,741

Rigel

Pharmaceuticals,

Inc.*

22,789

82,724

Rocket

Pharmaceuticals,

Inc.*(a)

5,298

158,357

Rubius

Therapeutics,

Inc.*

6,014

107,530

Sana

Biotechnology,

Inc.*(a)

11,272

253,845

Sangamo

Therapeutics,

Inc.*(a)

15,679

141,268

Scholar

Rock

Holding

Corp.*

3,690

121,844

Selecta

Biosciences,

Inc.*

11,914

49,562

Sensei

Biotherapeutics,

Inc.*(a)

1,380

14,518

Seres

Therapeutics,

Inc.*

9,284

64,617

Sesen

Bio,

Inc.*

25,826

20,485

Shattuck

Labs,

Inc.*(a)

3,548

72,308

Sigilon

Therapeutics,

Inc.*

1,317

7,441

Silverback

Therapeutics,

Inc.*(a)

1,697

16,936

Solid

Biosciences,

Inc.*

7,784

18,604

Sorrento

Therapeutics,

Inc.*(a)

36,365

277,465

Spectrum

Pharmaceuticals,

Inc.*(a)

20,635

44,984

Spero

Therapeutics,

Inc.*(a)

3,228

59,427

SpringWorks

Therapeutics,

Inc.*(a)

3,812

241,833

Spruce

Biosciences,

Inc.*(a)

1,457

8,757

SQZ

Biotechnologies

Co.*(a)

3,037

43,794

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

Shares

Value

($)

Biotechnology

Stoke

Therapeutics,

Inc.*

2,546

64,770

Summit

Therapeutics,

Inc.*(a)

3,798

19,028

Surface

Oncology,

Inc.*

4,438

33,596

Sutro

Biopharma,

Inc.*

5,783

109,241

Syndax

Pharmaceuticals,

Inc.*(a)

5,998

114,622

Syros

Pharmaceuticals,

Inc.*

7,679

34,325

Talaris

Therapeutics,

Inc.*(a)

1,199

16,258

Taysha

Gene

Therapies,

Inc.*(a)

2,969

55,283

TCR2

Therapeutics,

Inc.*

4,068

34,619

Tenaya

Therapeutics,

Inc.*(a)

1,818

37,542

TG

Therapeutics,

Inc.*(a)

16,735

556,941

Tonix

Pharmaceuticals

Holding

Corp.*(a)

43,574

26,192

Travere

Therapeutics,

Inc.*

7,611

184,567

Trevena,

Inc.*(a)

21,813

26,830

Trillium

Therapeutics,

Inc.*

13,047

229,105

Turning

Point

Therapeutics,

Inc.*

6,003

398,779

Twist

Bioscience

Corp.*(a)

6,164

659,363

UroGen

Pharma

Ltd.*(a)

2,602

43,766

Vanda

Pharmaceuticals,

Inc.*

7,309

125,276

Vaxart,

Inc.*(a)

15,934

126,675

Vaxcyte,

Inc.*(a)

5,302

134,512

VBI

Vaccines,

Inc.*(a)

24,837

77,243

Vera

Therapeutics,

Inc.*

922

15,997

Veracyte,

Inc.*

8,808

409,132

Verastem,

Inc.*

22,992

70,815

Vericel

Corp.*(a)

6,070

296,216

Verve

Therapeutics,

Inc.*(a)

2,063

96,961

Viking

Therapeutics,

Inc.*(a)

9,124

57,299

Vincerx

Pharma,

Inc.*(a)

721

11,659

Vir

Biotechnology,

Inc.*

7,848

341,545

Viracta

Therapeutics,

Inc.*(a)

4,836

38,785

VistaGen

Therapeutics,

Inc.*(a)

25,518

69,919

Vor

BioPharma,

Inc.*(a)

2,001

31,376

Werewolf

Therapeutics,

Inc.*(a)

988

16,954

XBiotech,

Inc.(a)

2,005

25,965

Xencor,

Inc.*

7,381

241,063

XOMA

Corp.*(a)

786

19,454

Y-mAbs

Therapeutics,

Inc.*(a)

4,661

133,025

Zentalis

Pharmaceuticals,

Inc.*

4,435

295,548

ZIOPHARM

Oncology,

Inc.*(a)

27,959

50,885

37,315,076

Building

Products

1.0%

AAON,

Inc.(a)

5,476

357,802

American

Woodmark

Corp.*

2,192

143,291

Apogee

Enterprises,

Inc.

3,304

124,759

Caesarstone

Ltd.

3,017

37,471

Cornerstone

Building

Brands,

Inc.*

7,304

106,711

CSW

Industrials,

Inc.

1,825

233,053

Gibraltar

Industries,

Inc.*

4,284

298,381

Griffon

Corp.

6,068

149,273

Insteel

Industries,

Inc.

2,487

94,630

JELD-WEN

Holding,

Inc.*

10,968

274,529

Common

Stocks

Shares

Value

($)

Building

Products

Masonite

International

Corp.*

3,151

334,416

PGT

Innovations,

Inc.*

7,526

143,747

Quanex

Building

Products

Corp.(a)

4,469

95,681

Resideo

Technologies,

Inc.*

18,879

468,010

Simpson

Manufacturing

Co.,

Inc.(a)

5,689

608,552

UFP

Industries,

Inc.

7,862

534,459

View,

Inc.*(a)

11,303

61,262

4,066,027

Capital

Markets

1.6%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

7,643

373,896

Assetmark

Financial

Holdings,

Inc.*

2,392

59,489

Associated

Capital

Group,

Inc.,

Class

A(a)

224

8,380

B.

Riley

Financial,

Inc.

2,660

157,046

BGC

Partners,

Inc.,

Class

A(a)

43,303

225,609

Blucora,

Inc.*

6,485

101,101

Brightsphere

Investment

Group,

Inc.(a)

7,572

197,856

Cohen

&

Steers,

Inc.

3,247

272,001

Cowen,

Inc.,

Class

A(a)

3,465

118,884

Diamond

Hill

Investment

Group,

Inc.

405

71,142

Donnelley

Financial

Solutions,

Inc.*

3,930

136,057

Federated

Hermes,

Inc.,

Class

B

12,362

401,765

Focus

Financial

Partners,

Inc.,

Class

A*

7,779

407,386

GAMCO

Investors,

Inc.,

Class

A

704

18,572

GCM

Grosvenor,

Inc.,

Class

A

4,364

50,273

Greenhill

&

Co.,

Inc.

1,958

28,626

Hamilton

Lane,

Inc.,

Class

A

4,442

376,770

Houlihan

Lokey,

Inc.

6,670

614,307

Moelis

&

Co.,

Class

A

7,987

494,156

Open

Lending

Corp.,

Class

A*(a)

13,614

491,057

Oppenheimer

Holdings,

Inc.,

Class

A

1,232

55,797

Piper

Sandler

Cos.

2,284

316,243

PJT

Partners,

Inc.,

Class

A

3,138

248,247

Pzena

Investment

Management,

Inc.,

Class

A

2,253

22,170

Sculptor

Capital

Management,

Inc.(a)

2,876

80,212

StepStone

Group,

Inc.,

Class

A(a)

4,980

212,347

StoneX

Group,

Inc.*

2,192

144,453

Value

Line,

Inc.

128

4,385

Virtus

Investment

Partners,

Inc.

953

295,735

WisdomTree

Investments,

Inc.

(a)

17,584

99,701

6,083,663

102

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Chemicals

1.9%

AdvanSix,

Inc.*

3,643

144,809

American

Vanguard

Corp.

3,912

58,876

Amyris,

Inc.*(a)

22,305

306,248

Avient

Corp.

11,887

550,962

Balchem

Corp.(a)

4,210

610,745

Cabot

Corp.

7,327

367,229

Chase

Corp.(a)

992

101,333

Danimer

Scientific,

Inc.*(a)

8,694

142,060

Ecovyst,

Inc.

6,850

79,871

Ferro

Corp.*(a)

10,728

218,208

FutureFuel

Corp.

3,447

24,577

GCP

Applied

Technologies,

Inc.*(a)

6,563

143,861

Hawkins,

Inc.

2,563

89,397

HB

Fuller

Co.

6,809

439,589

Ingevity

Corp.*

5,189

370,339

Innospec,

Inc.

3,203

269,757

Intrepid

Potash,

Inc.*

1,328

41,035

Koppers

Holdings,

Inc.*(a)

2,770

86,590

Kraton

Corp.*

4,103

187,261

Kronos

Worldwide,

Inc.(a)

2,970

36,858

Livent

Corp.*(a)

21,157

488,938

Marrone

Bio

Innovations,

Inc.*(a)

13,080

11,785

Minerals

Technologies,

Inc.

4,390

306,598

Orion

Engineered

Carbons

SA*

7,912

144,236

PureCycle

Technologies,

Inc.*(a)

4,394

58,352

Quaker

Chemical

Corp.(a)

1,761

418,625

Rayonier

Advanced

Materials,

Inc.*

8,242

61,815

Sensient

Technologies

Corp.

(a)

5,523

503,035

Stepan

Co.(a)

2,814

317,813

Tredegar

Corp.(a)

3,496

42,581

Trinseo

SA(a)

5,082

274,326

Tronox

Holdings

plc,

Class

A

14,965

368,887

Valhi,

Inc.

328

7,652

Zymergen,

Inc.*

2,497

32,886

7,307,134

Commercial

Services

&

Supplies

1.8%

ABM

Industries,

Inc.

8,798

395,998

ACCO

Brands

Corp.

12,432

106,791

Brady

Corp.,

Class

A

6,159

312,261

BrightView

Holdings,

Inc.*

5,463

80,634

Brink's

Co.

(The)(a)

6,354

402,208

Casella

Waste

Systems,

Inc.,

Class

A*

6,424

487,839

CECO

Environmental

Corp.*

4,150

29,216

Cimpress

plc*

2,204

191,373

CompX

International,

Inc.

256

5,320

CoreCivic,

Inc.*

15,661

139,383

Covanta

Holding

Corp.

15,642

314,717

Deluxe

Corp.

5,499

197,359

Ennis,

Inc.

3,404

64,165

Harsco

Corp.*

10,225

173,314

Healthcare

Services

Group,

Inc.(a)

9,788

244,602

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Heritage-Crystal

Clean,

Inc.*(a)

2,084

60,394

Herman

Miller,

Inc.

9,711

365,716

HNI

Corp.(a)

5,684

208,717

Interface,

Inc.

7,754

117,473

KAR

Auction

Services,

Inc.*(a)

15,522

254,406

Kimball

International,

Inc.,

Class

B

4,817

53,950

Matthews

International

Corp.,

Class

A

4,128

143,200

Montrose

Environmental

Group,

Inc.*(a)

2,984

184,232

NL

Industries,

Inc.

1,117

6,434

Pitney

Bowes,

Inc.(a)

23,461

169,154

RR

Donnelley

&

Sons

Co.*

9,452

48,583

SP

Plus

Corp.*

3,086

94,648

Steelcase,

Inc.,

Class

A

11,825

149,941

Team,

Inc.*

3,441

10,357

Tetra

Tech,

Inc.

7,041

1,051,503

UniFirst

Corp.

1,969

418,649

US

Ecology,

Inc.*(a)

4,113

133,056

Viad

Corp.*

2,709

123,016

VSE

Corp.

1,412

68,016

6,806,625

Communications

Equipment

0.7%

ADTRAN,

Inc.(a)

6,433

120,683

Aviat

Networks,

Inc.*

1,212

39,826

CalAmp

Corp.*(a)

4,653

46,297

Calix,

Inc.*

7,205

356,143

Cambium

Networks

Corp.*

1,196

43,283

Casa

Systems,

Inc.*

4,185

28,374

Clearfield,

Inc.*

1,520

67,108

Comtech

Telecommunications

Corp.(a)

3,401

87,100

Digi

International,

Inc.*

4,504

94,674

DZS,

Inc.*

2,242

27,487

EchoStar

Corp.,

Class

A*

5,161

131,657

EMCORE

Corp.*

4,872

36,443

Extreme

Networks,

Inc.*

16,117

158,752

Harmonic,

Inc.*

11,913

104,239

Infinera

Corp.*(a)

23,735

197,475

Inseego

Corp.*(a)

11,119

74,053

KVH

Industries,

Inc.*

1,979

19,058

NETGEAR,

Inc.*(a)

4,022

128,342

NetScout

Systems,

Inc.*(a)

9,163

246,943

Plantronics,

Inc.*

5,511

141,688

Ribbon

Communications,

Inc.*

9,382

56,104

Viavi

Solutions,

Inc.*

29,850

469,839

2,675,568

Construction

&

Engineering

1.3%

Ameresco,

Inc.,

Class

A*(a)

4,035

235,765

API

Group

Corp.

Reg.

S*(a)(b)

25,885

526,760

Arcosa,

Inc.

6,327

317,425

Argan,

Inc.

1,990

86,903

Comfort

Systems

USA,

Inc.

4,655

331,994

Concrete

Pumping

Holdings,

Inc.*(a)

3,442

29,395

Construction

Partners,

Inc.,

Class

A*(a)

3,799

126,773

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Dycom

Industries,

Inc.*

3,902

277,978

EMCOR

Group,

Inc.

6,960

803,045

Fluor

Corp.*(a)

18,545

296,164

Granite

Construction,

Inc.(a)

5,974

236,272

Great

Lakes

Dredge

&

Dock

Corp.*(a)

8,639

130,362

IES

Holdings,

Inc.*

1,155

52,772

Infrastructure

and

Energy

Alternatives,

Inc.*

2,788

31,867

INNOVATE

Corp.*

8,326

34,137

Matrix

Service

Co.*

3,475

36,348

MYR

Group,

Inc.*(a)

2,156

214,522

Northwest

Pipe

Co.*

1,291

30,597

NV5

Global,

Inc.*

1,709

168,456

Primoris

Services

Corp.

6,983

171,014

Sterling

Construction

Co.,

Inc.*(a)

3,711

84,128

Tutor

Perini

Corp.*

5,504

71,442

WillScot

Mobile

Mini

Holdings

Corp.*

27,307

866,178

5,160,297

Construction

Materials

0.2%

Forterra,

Inc.*

3,883

91,483

Summit

Materials,

Inc.,

Class

A*(a)

15,505

495,695

United

States

Lime

&

Minerals,

Inc.

276

33,341

620,519

Consumer

Finance

0.9%

Atlanticus

Holdings

Corp.*

713

37,832

Curo

Group

Holdings

Corp.(a)

2,810

48,697

Encore

Capital

Group,

Inc.*(a)

3,938

194,025

Enova

International,

Inc.*

4,840

167,222

EZCORP,

Inc.,

Class

A*

6,575

49,773

FirstCash,

Inc.(a)

5,185

453,687

Green

Dot

Corp.,

Class

A*

6,983

351,454

LendingClub

Corp.*(a)

12,870

363,449

LendingTree,

Inc.*

1,518

212,262

Navient

Corp.

21,516

424,511

Nelnet,

Inc.,

Class

A

2,216

175,596

Oportun

Financial

Corp.*

2,782

69,633

PRA

Group,

Inc.*

5,929

249,848

PROG

Holdings,

Inc.

8,655

363,597

Regional

Management

Corp.

1,039

60,449

World

Acceptance

Corp.*(a)

565

107,113

3,329,148

Containers

&

Packaging

0.2%

Greif,

Inc.,

Class

A

3,368

217,573

Greif,

Inc.,

Class

B(a)

791

51,257

Myers

Industries,

Inc.(a)

4,817

94,269

O-I

Glass,

Inc.*

20,630

294,390

Pactiv

Evergreen,

Inc.(a)

5,738

71,840

Ranpak

Holdings

Corp.*

4,662

125,035

UFP

Technologies,

Inc.*

923

56,847

911,211

Distributors

0.0%

†

Funko,

Inc.,

Class

A*(a)

3,536

64,391

Common

Stocks

Shares

Value

($)

Distributors

Greenlane

Holdings,

Inc.,

Class

A*(a)

2,817

6,676

71,067

Diversified

Consumer

Services

0.7%

2U,

Inc.*(a)

9,366

314,417

Adtalem

Global

Education,

Inc.*

6,465

244,442

American

Public

Education,

Inc.*

2,482

63,564

Carriage

Services,

Inc.

2,149

95,824

Coursera,

Inc.*(a)

7,537

238,546

European

Wax

Center,

Inc.,

Class

A*(a)

1,327

37,169

Graham

Holdings

Co.,

Class

B

506

298,115

Houghton

Mifflin

Harcourt

Co.*

16,599

222,925

Laureate

Education,

Inc.,

Class

A*

12,965

220,275

OneSpaWorld

Holdings

Ltd.*(a)

7,050

70,288

Perdoceo

Education

Corp.*

9,387

99,127

PowerSchool

Holdings,

Inc.,

Class

A*(a)

5,623

138,382

Regis

Corp.*(a)

3,086

10,739

StoneMor,

Inc.*(a)

4,200

10,374

Strategic

Education,

Inc.(a)

3,184

224,472

Stride,

Inc.*

5,260

189,044

Vivint

Smart

Home,

Inc.*

11,962

113,041

WW

International,

Inc.*(a)

6,876

125,487

2,716,231

Diversified

Financial

Services

0.1%

Alerus

Financial

Corp.

2,011

60,089

A-Mark

Precious

Metals,

Inc.

(a)

1,164

69,863

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

4,135

72,528

Cannae

Holdings,

Inc.*

11,066

344,263

Marlin

Business

Services

Corp.

1,083

24,075

570,818

Diversified

Telecommunication

Services

0.6%

Anterix,

Inc.*(a)

1,485

90,140

ATN

International,

Inc.

1,483

69,479

Bandwidth,

Inc.,

Class

A*(a)

3,046

274,993

Cogent

Communications

Holdings,

Inc.

5,569

394,508

Consolidated

Communications

Holdings,

Inc.*(a)

9,726

89,382

Globalstar,

Inc.*(a)

79,265

132,373

IDT

Corp.,

Class

B*

2,671

112,048

Iridium

Communications,

Inc.*

15,424

614,646

Liberty

Latin

America

Ltd.,

Class

A*

5,719

74,805

Liberty

Latin

America

Ltd.,

Class

C*

20,179

264,748

Ooma,

Inc.*

2,900

53,969

104

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Radius

Global

Infrastructure,

Inc.*(a)

7,698

125,708

2,296,799

Electric

Utilities

0.6%

ALLETE,

Inc.

6,855

408,010

MGE

Energy,

Inc.

4,756

349,566

Otter

Tail

Corp.

5,373

300,727

PNM

Resources,

Inc.

11,180

553,186

Portland

General

Electric

Co.

11,753

552,274

Via

Renewables,

Inc.(a)

1,565

15,947

2,179,710

Electrical

Equipment

1.0%

Advent

Technologies

Holdings,

Inc.*(a)

2,053

17,861

Allied

Motion

Technologies,

Inc.

1,552

48,547

American

Superconductor

Corp.*(a)

3,586

52,284

Array

Technologies,

Inc.*(a)

16,676

308,839

Atkore,

Inc.*

6,021

523,345

AZZ,

Inc.

3,247

172,740

Babcock

&

Wilcox

Enterprises,

Inc.*

7,404

47,460

Beam

Global*(a)

1,173

32,105

Blink

Charging

Co.*(a)

4,767

136,384

Bloom

Energy

Corp.,

Class

A*(a)

18,182

340,367

Encore

Wire

Corp.

2,627

249,118

EnerSys

5,600

416,864

Eos

Energy

Enterprises,

Inc.*(a)

5,611

78,722

FTC

Solar,

Inc.*(a)

2,537

19,763

FuelCell

Energy,

Inc.*

42,456

284,031

GrafTech

International

Ltd.

26,581

274,316

Powell

Industries,

Inc.

1,215

29,853

Preformed

Line

Products

Co.

429

27,902

Romeo

Power,

Inc.*(a)

16,443

81,393

Stem,

Inc.*(a)

6,329

151,200

Thermon

Group

Holdings,

Inc.*(a)

4,396

76,095

TPI

Composites,

Inc.*

4,765

160,819

Vicor

Corp.*(a)

2,755

369,611

3,899,619

Electronic

Equipment,

Instruments

&

Components

2.2%

908

Devices,

Inc.*(a)

1,688

54,894

Advanced

Energy

Industries,

Inc.

5,024

440,856

Aeva

Technologies,

Inc.*(a)

10,013

79,503

Akoustis

Technologies,

Inc.*(a)

5,798

56,241

Arlo

Technologies,

Inc.*(a)

10,860

69,613

Badger

Meter,

Inc.

3,813

385,647

Belden,

Inc.

5,777

336,568

Benchmark

Electronics,

Inc.

4,774

127,513

CTS

Corp.

4,258

131,615

Daktronics,

Inc.*

4,899

26,602

ePlus,

Inc.*

1,738

178,336

Fabrinet*

4,827

494,816

FARO

Technologies,

Inc.*

2,426

159,655

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Identiv,

Inc.*(a)

2,756

51,923

II-VI,

Inc.*(a)

13,657

810,679

Insight

Enterprises,

Inc.*(a)

4,504

405,720

Iteris,

Inc.*

5,564

29,378

Itron,

Inc.*

5,907

446,746

Kimball

Electronics,

Inc.*

3,211

82,747

Knowles

Corp.*

11,622

217,796

Luna

Innovations,

Inc.*(a)

4,064

38,608

Methode

Electronics,

Inc.

4,985

209,619

MicroVision,

Inc.*(a)

21,122

233,398

Napco

Security

Technologies,

Inc.*(a)

1,934

83,317

nLight,

Inc.*

5,674

159,950

Novanta,

Inc.*

4,607

711,781

OSI

Systems,

Inc.*

2,212

209,698

Ouster,

Inc.*(a)

3,873

28,350

PAR

Technology

Corp.*(a)

3,164

194,618

PC

Connection,

Inc.

1,479

65,120

Plexus

Corp.*(a)

3,653

326,615

Rogers

Corp.*

2,443

455,571

Sanmina

Corp.*(a)

8,387

323,235

ScanSource,

Inc.*

3,357

116,790

TTM

Technologies,

Inc.*

13,988

175,829

Velodyne

Lidar,

Inc.*(a)

9,430

55,826

Vishay

Intertechnology,

Inc.

17,411

349,787

Vishay

Precision

Group,

Inc.*

1,658

57,649

8,382,609

Energy

Equipment

&

Services

0.8%

Archrock,

Inc.

17,991

148,426

Aspen

Aerogels,

Inc.*(a)

2,881

132,555

Bristow

Group,

Inc.*

3,088

98,291

Cactus,

Inc.,

Class

A

7,126

268,793

ChampionX

Corp.*

26,484

592,182

DMC

Global,

Inc.*

2,478

91,463

Dril-Quip,

Inc.*

4,684

117,943

Frank's

International

NV*

22,155

65,136

FTS

International,

Inc.,

Class

A*

1,186

29,176

Helix

Energy

Solutions

Group,

Inc.*(a)

19,093

74,081

Helmerich

&

Payne,

Inc.

13,749

376,860

Liberty

Oilfield

Services,

Inc.,

Class

A*

11,550

140,102

Nabors

Industries

Ltd.*(a)

943

90,981

National

Energy

Services

Reunited

Corp.*(a)

3,972

49,729

Newpark

Resources,

Inc.*

11,900

39,270

NexTier

Oilfield

Solutions,

Inc.*(a)

23,072

106,131

Oceaneering

International,

Inc.*

13,005

173,227

Oil

States

International,

Inc.*

8,083

51,650

Patterson-UTI

Energy,

Inc.

24,357

219,213

ProPetro

Holding

Corp.*

11,389

98,515

RPC,

Inc.*(a)

9,012

43,798

Select

Energy

Services,

Inc.,

Class

A*

7,878

40,887

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

4,172

34,794

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

105

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

TETRA

Technologies,

Inc.*

16,370

51,074

Tidewater,

Inc.*

5,420

65,365

US

Silica

Holdings,

Inc.*

9,798

78,286

3,277,928

Entertainment

1.0%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

67,397

2,565,130

Chicken

Soup

For

The

Soul

Entertainment,

Inc.*(a)

931

21,292

Cinemark

Holdings,

Inc.*(a)

14,111

271,072

CuriosityStream,

Inc.*(a)

3,471

36,584

Eros

STX

Global

Corp.*(a)

42,373

38,962

IMAX

Corp.*(a)

6,648

126,179

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

4,874

128,771

Liberty

Media

Corp-Liberty

Braves,

Class

A*(a)

1,336

35,952

Lions

Gate

Entertainment

Corp.,

Class

A*

7,769

110,242

Lions

Gate

Entertainment

Corp.,

Class

B*

15,372

199,836

LiveXLive

Media,

Inc.*(a)

7,064

21,121

Madison

Square

Garden

Entertainment

Corp.*(a)

3,216

233,707

Marcus

Corp.

(The)*(a)

3,046

53,153

3,842,001

Equity

Real

Estate

Investment

Trusts

(REITs)

6.1%

Acadia

Realty

Trust

11,308

230,796

Agree

Realty

Corp.

8,882

588,255

Alexander

&

Baldwin,

Inc.

9,462

221,789

Alexander's,

Inc.

286

74,537

American

Assets

Trust,

Inc.

6,521

244,016

American

Finance

Trust,

Inc.

14,597

117,360

Apartment

Investment

and

Management

Co.,

Class

A

19,871

136,116

Apple

Hospitality

REIT,

Inc.

28,015

440,676

Armada

Hoffler

Properties,

Inc.

7,966

106,505

Ashford

Hospitality

Trust,

Inc.*(a)

1,994

29,352

Braemar

Hotels

&

Resorts,

Inc.*

5,935

28,785

Brandywine

Realty

Trust

22,159

297,374

Broadstone

Net

Lease,

Inc.(a)

20,203

501,236

BRT

Apartments

Corp.

1,469

28,322

CareTrust

REIT,

Inc.

12,602

256,073

CatchMark

Timber

Trust,

Inc.,

Class

A(a)

6,525

77,452

Centerspace

1,765

166,793

Chatham

Lodging

Trust*(a)

6,378

78,131

City

Office

REIT,

Inc.

5,698

101,766

Clipper

Realty,

Inc.

1,593

12,903

Columbia

Property

Trust,

Inc.

14,973

284,786

Community

Healthcare

Trust,

Inc.

3,114

140,722

CorePoint

Lodging,

Inc.*

5,248

81,344

Corporate

Office

Properties

Trust

14,751

397,982

CTO

Realty

Growth,

Inc.

762

40,965

DiamondRock

Hospitality

Co.*

27,313

258,108

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

DigitalBridge

Group,

Inc.*(a)

63,784

384,618

Diversified

Healthcare

Trust

31,661

107,331

Easterly

Government

Properties,

Inc.

11,010

227,467

EastGroup

Properties,

Inc.

5,191

864,976

Empire

State

Realty

Trust,

Inc.,

Class

A

18,673

187,290

Equity

Commonwealth

15,316

397,910

Essential

Properties

Realty

Trust,

Inc.(a)

15,286

426,785

Farmland

Partners,

Inc.

3,574

42,852

Four

Corners

Property

Trust,

Inc.

9,935

266,854

Franklin

Street

Properties

Corp.

13,766

63,874

GEO

Group,

Inc.

(The)(a)

15,716

117,399

Getty

Realty

Corp.

5,317

155,841

Gladstone

Commercial

Corp.

4,811

101,175

Gladstone

Land

Corp.(a)

3,362

76,553

Global

Medical

REIT,

Inc.

7,564

111,191

Global

Net

Lease,

Inc.

12,812

205,248

Healthcare

Realty

Trust,

Inc.

(a)

18,899

562,812

Hersha

Hospitality

Trust*

4,307

40,184

Independence

Realty

Trust,

Inc.

13,630

277,371

Indus

Realty

Trust,

Inc.(a)

583

40,868

Industrial

Logistics

Properties

Trust

8,484

215,578

Innovative

Industrial

Properties,

Inc.

3,095

715,471

iStar,

Inc.(a)

9,047

226,899

Kite

Realty

Group

Trust

10,891

221,741

Lexington

Realty

Trust(a)

35,827

456,794

LTC

Properties,

Inc.(a)

5,084

161,112

Macerich

Co.

(The)(a)

27,926

466,643

Mack-Cali

Realty

Corp.*

11,469

196,349

Monmouth

Real

Estate

Investment

Corp.

12,439

231,987

National

Health

Investors,

Inc.

5,713

305,646

National

Storage

Affiliates

Trust

10,441

551,180

NETSTREIT

Corp.

5,294

125,203

NexPoint

Residential

Trust,

Inc.

2,906

179,823

Office

Properties

Income

Trust

6,252

158,363

One

Liberty

Properties,

Inc.(a)

2,149

65,523

Outfront

Media,

Inc.

19,003

478,876

Paramount

Group,

Inc.

24,378

219,158

Pebblebrook

Hotel

Trust

16,975

380,410

Phillips

Edison

&

Co.,

Inc.(a)

2,447

75,147

Physicians

Realty

Trust

28,160

496,179

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

16,194

282,261

Plymouth

Industrial

REIT,

Inc.

3,906

88,862

Postal

Realty

Trust,

Inc.,

Class

A

1,607

29,955

PotlatchDeltic

Corp.

8,624

444,826

106

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Preferred

Apartment

Communities,

Inc.,

Class

A(a)

6,685

81,758

PS

Business

Parks,

Inc.(a)

2,623

411,129

Retail

Opportunity

Investments

Corp.

15,513

270,236

Retail

Properties

of

America,

Inc.,

Class

A

28,012

360,795

Retail

Value,

Inc.

2,326

61,244

RLJ

Lodging

Trust

21,598

320,946

RPT

Realty

10,756

137,247

Ryman

Hospitality

Properties,

Inc.*

7,023

587,825

Sabra

Health

Care

REIT,

Inc.

28,771

423,509

Safehold,

Inc.(a)

2,336

167,935

Saul

Centers,

Inc.

1,578

69,527

Seritage

Growth

Properties,

Class

A*(a)

4,883

72,415

Service

Properties

Trust

21,431

240,242

SITE

Centers

Corp.

22,626

349,345

STAG

Industrial,

Inc.(a)

21,323

836,928

Summit

Hotel

Properties,

Inc.*

13,839

133,270

Sunstone

Hotel

Investors,

Inc.*

28,675

342,380

Tanger

Factory

Outlet

Centers,

Inc.(a)

13,234

215,714

Terreno

Realty

Corp.

9,077

573,939

UMH

Properties,

Inc.(a)

5,394

123,523

Uniti

Group,

Inc.(a)

25,395

314,136

Universal

Health

Realty

Income

Trust

1,712

94,622

Urban

Edge

Properties

15,120

276,847

Urstadt

Biddle

Properties,

Inc.,

Class

A(a)

3,971

75,171

Washington

REIT

11,057

273,661

Whitestone

REIT

5,344

52,264

Xenia

Hotels

&

Resorts,

Inc.*

14,879

263,953

23,505,290

Food

&

Staples

Retailing

0.9%

Andersons,

Inc.

(The)

4,196

129,363

BJ's

Wholesale

Club

Holdings,

Inc.*

17,897

982,903

Chefs'

Warehouse,

Inc.

(The)*

4,192

136,533

HF

Foods

Group,

Inc.*(a)

4,830

29,222

Ingles

Markets,

Inc.,

Class

A(a)

1,873

123,674

MedAvail

Holdings,

Inc.*(a)

2,006

5,858

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,204

13,509

Performance

Food

Group

Co.*

19,796

919,722

PriceSmart,

Inc.

3,058

237,148

Rite

Aid

Corp.*(a)

7,334

104,143

SpartanNash

Co.

4,776

104,594

Sprouts

Farmers

Market,

Inc.*(a)

14,983

347,156

United

Natural

Foods,

Inc.*

7,286

352,788

Village

Super

Market,

Inc.,

Class

A(a)

1,136

24,628

Weis

Markets,

Inc.

2,194

115,295

3,626,536

Common

Stocks

Shares

Value

($)

Food

Products

0.9%

AppHarvest,

Inc.*(a)

9,108

59,384

B&G

Foods,

Inc.(a)

8,364

250,000

Calavo

Growers,

Inc.

2,283

87,302

Cal-Maine

Foods,

Inc.

4,659

168,469

Fresh

Del

Monte

Produce,

Inc.

4,476

144,217

Hostess

Brands,

Inc.*(a)

17,107

297,149

J

&

J

Snack

Foods

Corp.

1,925

294,179

John

B

Sanfilippo

&

Son,

Inc.

1,184

96,756

Laird

Superfood,

Inc.*(a)

819

15,627

Lancaster

Colony

Corp.

2,479

418,480

Landec

Corp.*(a)

3,488

32,159

Limoneira

Co.(a)

2,092

33,828

Mission

Produce,

Inc.*(a)

4,946

90,907

Sanderson

Farms,

Inc.

2,653

499,295

Seneca

Foods

Corp.,

Class

A*

863

41,614

Simply

Good

Foods

Co.

(The)*

11,116

383,391

Tattooed

Chef,

Inc.*(a)

6,238

114,966

Tootsie

Roll

Industries,

Inc.

2,075

63,142

TreeHouse

Foods,

Inc.*

6,789

270,745

Utz

Brands,

Inc.(a)

7,471

127,978

Vital

Farms,

Inc.*(a)

3,277

57,577

Whole

Earth

Brands,

Inc.*

4,985

57,577

3,604,742

Gas

Utilities

0.8%

Brookfield

Infrastructure

Corp.,

Class

A(a)

7,004

419,399

Chesapeake

Utilities

Corp.(a)

2,250

270,112

New

Jersey

Resources

Corp.

12,617

439,198

Northwest

Natural

Holding

Co.

3,986

183,316

ONE

Gas,

Inc.

6,887

436,429

South

Jersey

Industries,

Inc.

(a)

13,452

285,990

Southwest

Gas

Holdings,

Inc.

7,743

517,852

Spire,

Inc.

6,621

405,073

2,957,369

Health

Care

Equipment

&

Supplies

3.5%

Accelerate

Diagnostics,

Inc.*(a)

4,400

25,652

Accuray,

Inc.*

12,339

48,739

Acutus

Medical,

Inc.*

2,072

18,316

Alphatec

Holdings,

Inc.*(a)

9,182

111,929

AngioDynamics,

Inc.*

4,936

128,040

Apyx

Medical

Corp.*

4,160

57,616

Asensus

Surgical,

Inc.*(a)

31,210

57,738

Aspira

Women's

Health,

Inc.*(a)

9,697

31,515

AtriCure,

Inc.*

5,849

406,798

Atrion

Corp.

182

126,945

Avanos

Medical,

Inc.*

6,284

196,061

Axogen,

Inc.*

5,088

80,390

Axonics,

Inc.*(a)

5,983

389,433

BioLife

Solutions,

Inc.*

3,187

134,874

Bioventus,

Inc.,

Class

A*(a)

1,463

20,716

Butterfly

Network,

Inc.*(a)

23,842

248,910

Cardiovascular

Systems,

Inc.*

5,130

168,418

Cerus

Corp.*

22,436

136,635

ClearPoint

Neuro,

Inc.*(a)

2,510

44,552

CONMED

Corp.(a)

3,791

495,977

CryoLife,

Inc.*(a)

5,072

113,055

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

CryoPort,

Inc.*

5,295

352,170

Cutera,

Inc.*

2,346

109,324

CytoSorbents

Corp.*(a)

5,500

44,660

DarioHealth

Corp.*(a)

1,798

24,543

Eargo,

Inc.*

2,575

17,330

Glaukos

Corp.*

5,868

282,662

Haemonetics

Corp.*

6,587

464,976

Heska

Corp.*(a)

1,278

330,414

Inari

Medical,

Inc.*

4,438

359,922

Inogen,

Inc.*

2,606

112,293

Integer

Holdings

Corp.*

4,289

383,179

Intersect

ENT,

Inc.*

4,441

120,795

Invacare

Corp.*(a)

4,489

21,368

iRadimed

Corp.*

846

28,417

iRhythm

Technologies,

Inc.*

3,852

225,573

Lantheus

Holdings,

Inc.*(a)

8,795

225,856

LeMaitre

Vascular,

Inc.(a)

2,395

127,151

LivaNova

plc*

6,980

552,746

Meridian

Bioscience,

Inc.*(a)

5,688

109,437

Merit

Medical

Systems,

Inc.*

6,702

481,204

Mesa

Laboratories,

Inc.

653

197,441

Misonix,

Inc.*

1,632

41,290

Natus

Medical,

Inc.*(a)

4,499

112,835

Neogen

Corp.*

14,056

610,452

Neuronetics,

Inc.*

3,331

21,851

NeuroPace,

Inc.*(a)

927

14,693

Nevro

Corp.*

4,517

525,688

NuVasive,

Inc.*

6,764

404,825

OraSure

Technologies,

Inc.*(a)

9,544

107,943

Ortho

Clinical

Diagnostics

Holdings

plc*

14,452

267,073

Orthofix

Medical,

Inc.*

2,525

96,253

OrthoPediatrics

Corp.*(a)

1,845

120,866

Outset

Medical,

Inc.*(a)

5,973

295,305

PAVmed,

Inc.*(a)

9,588

81,882

Pulmonx

Corp.*(a)

3,388

121,900

Pulse

Biosciences,

Inc.*(a)

1,856

40,090

Quotient

Ltd.*(a)

10,467

24,493

Retractable

Technologies,

Inc.*(a)

2,312

25,501

SeaSpine

Holdings

Corp.*

4,235

66,617

Senseonics

Holdings,

Inc.*(a)

55,408

187,833

Shockwave

Medical,

Inc.*

4,405

906,901

SI-BONE,

Inc.*

4,285

91,785

Sientra,

Inc.*

7,664

43,915

Sight

Sciences,

Inc.*

1,455

33,029

Silk

Road

Medical,

Inc.*

4,429

243,728

Soliton,

Inc.*(a)

1,236

25,165

STAAR

Surgical

Co.*

6,204

797,400

Stereotaxis,

Inc.*

6,620

35,616

Surmodics,

Inc.*

1,804

100,302

Tactile

Systems

Technology,

Inc.*(a)

2,557

113,659

Talis

Biomedical

Corp.*(a)

1,886

11,787

TransMedics

Group,

Inc.*(a)

3,457

114,392

Treace

Medical

Concepts,

Inc.*

1,459

39,247

Utah

Medical

Products,

Inc.

457

42,428

Vapotherm,

Inc.*(a)

3,035

67,589

Varex

Imaging

Corp.*

5,005

141,141

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

ViewRay,

Inc.*

18,172

131,020

Zynex,

Inc.*(a)

2,596

29,568

13,749,832

Health

Care

Providers

&

Services

3.0%

1Life

Healthcare,

Inc.*

15,223

308,266

Accolade,

Inc.*(a)

6,572

277,141

AdaptHealth

Corp.*

9,357

217,925

Addus

HomeCare

Corp.*

2,010

160,297

Agiliti,

Inc.*

3,015

57,406

Alignment

Healthcare,

Inc.*(a)

3,513

56,138

AMN

Healthcare

Services,

Inc.*

6,155

706,286

Apollo

Medical

Holdings,

Inc.*(a)

4,838

440,500

Apria,

Inc.*(a)

1,970

73,185

Aveanna

Healthcare

Holdings,

Inc.*

5,147

41,279

Biodesix,

Inc.*(a)

1,603

13,177

Brookdale

Senior

Living,

Inc.*

24,687

155,528

Castle

Biosciences,

Inc.*(a)

2,782

185,003

Community

Health

Systems,

Inc.*

16,223

189,809

CorVel

Corp.*

1,152

214,525

Covetrus,

Inc.*

13,513

245,126

Cross

Country

Healthcare,

Inc.*(a)

4,789

101,718

Ensign

Group,

Inc.

(The)

6,861

513,820

Exagen,

Inc.*(a)

1,348

18,333

Fulgent

Genetics,

Inc.*(a)

2,707

243,495

Hanger,

Inc.*

5,004

109,888

HealthEquity,

Inc.*(a)

10,681

691,702

InfuSystem

Holdings,

Inc.*

2,391

31,155

Innovage

Holding

Corp.*(a)

2,445

16,161

Joint

Corp.

(The)*

1,825

178,887

LHC

Group,

Inc.*

3,988

625,757

LifeStance

Health

Group,

Inc.*(a)

6,061

87,885

Magellan

Health,

Inc.*

3,100

293,105

MEDNAX,

Inc.*

9,939

282,566

ModivCare,

Inc.*(a)

1,622

294,588

National

HealthCare

Corp.(a)

1,675

117,217

National

Research

Corp.

1,865

78,647

Ontrak,

Inc.*(a)

1,178

11,827

Option

Care

Health,

Inc.*

19,543

474,113

Owens

&

Minor,

Inc.

9,471

296,348

Patterson

Cos.,

Inc.

11,189

337,236

Pennant

Group,

Inc.

(The)*

3,419

96,040

PetIQ,

Inc.*(a)

3,521

87,919

Privia

Health

Group,

Inc.*

2,615

61,609

Progyny,

Inc.*

8,237

461,272

R1

RCM,

Inc.*

15,512

341,419

RadNet,

Inc.*

5,969

174,951

Select

Medical

Holdings

Corp.

14,427

521,825

Sharps

Compliance

Corp.*

1,909

15,787

SOC

Telemed,

Inc.*(a)

7,091

16,026

Surgery

Partners,

Inc.*(a)

4,138

175,203

Tenet

Healthcare

Corp.*

13,867

921,323

Tivity

Health,

Inc.*

5,871

135,385

108

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Triple-S

Management

Corp.,

Class

B*

3,034

107,313

US

Physical

Therapy,

Inc.

1,669

184,591

Viemed

Healthcare,

Inc.*

4,722

26,207

11,472,909

Health

Care

Technology

1.3%

Allscripts

Healthcare

Solutions,

Inc.*

16,183

216,367

American

Well

Corp.,

Class

A*

23,906

217,784

Castlight

Health,

Inc.,

Class

B*

15,929

25,009

Computer

Programs

&

Systems,

Inc.*

1,880

66,665

Evolent

Health,

Inc.,

Class

A*(a)

10,120

313,720

Forian,

Inc.*(a)

2,421

24,985

Health

Catalyst,

Inc.*(a)

6,546

327,365

HealthStream,

Inc.*

3,373

96,400

iCAD,

Inc.*

2,920

31,390

Inovalon

Holdings,

Inc.,

Class

A*

9,863

397,380

Inspire

Medical

Systems,

Inc.*

3,511

817,642

Multiplan

Corp.*(a)

29,644

166,896

NantHealth,

Inc.*

5,112

8,230

NextGen

Healthcare,

Inc.*

7,491

105,623

Omnicell,

Inc.*

5,618

833,880

OptimizeRx

Corp.*

2,247

192,231

Phreesia,

Inc.*

6,382

393,769

Schrodinger,

Inc.*(a)

5,916

323,487

Simulations

Plus,

Inc.(a)

2,040

80,580

Tabula

Rasa

HealthCare,

Inc.*(a)

2,997

78,551

Vocera

Communications,

Inc.*(a)

4,554

208,391

4,926,345

Hotels,

Restaurants

&

Leisure

2.4%

Accel

Entertainment,

Inc.*

7,513

91,208

Bally's

Corp.*

4,263

213,747

Biglari

Holdings,

Inc.,

Class

B*

106

18,212

BJ's

Restaurants,

Inc.*

3,005

125,489

Bloomin'

Brands,

Inc.*

11,567

289,175

Bluegreen

Vacations

Holding

Corp.*

2,018

52,064

Brinker

International,

Inc.*

5,932

290,965

Carrols

Restaurant

Group,

Inc.

4,364

15,972

Century

Casinos,

Inc.*

3,633

48,936

Cheesecake

Factory,

Inc.

(The)*

5,778

271,566

Chuy's

Holdings,

Inc.*(a)

2,655

83,712

Cracker

Barrel

Old

Country

Store,

Inc.(a)

3,097

433,084

Dave

&

Buster's

Entertainment,

Inc.*

5,643

216,296

Del

Taco

Restaurants,

Inc.

3,983

34,772

Denny's

Corp.*

8,358

136,570

Dine

Brands

Global,

Inc.*

2,128

172,815

Drive

Shack,

Inc.*

11,019

30,963

El

Pollo

Loco

Holdings,

Inc.*

2,541

42,943

Esports

Technologies,

Inc.*(a)

1,445

48,509

Everi

Holdings,

Inc.*

11,149

269,583

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

F45

Training

Holdings,

Inc.*(a)

2,676

40,033

Fiesta

Restaurant

Group,

Inc.*

2,355

25,811

Full

House

Resorts,

Inc.*

4,364

46,302

GAN

Ltd.*

5,351

79,569

Golden

Entertainment,

Inc.*

2,258

110,845

Golden

Nugget

Online

Gaming,

Inc.*(a)

5,209

90,480

Hall

of

Fame

Resort

&

Entertainment

Co.*(a)

7,178

19,022

Hilton

Grand

Vacations,

Inc.*(a)

11,172

531,452

International

Game

Technology

plc*

13,056

343,634

Jack

in

the

Box,

Inc.

2,849

277,293

Krispy

Kreme,

Inc.*(a)

2,868

40,152

Kura

Sushi

USA,

Inc.,

Class

A*

523

22,845

Lindblad

Expeditions

Holdings,

Inc.*

4,093

59,717

Monarch

Casino

&

Resort,

Inc.*

1,733

116,094

Nathan's

Famous,

Inc.

371

22,694

NEOGAMES

SA*

744

27,320

Noodles

&

Co.*

5,425

64,015

ONE

Group

Hospitality,

Inc.

(The)*

2,808

30,017

Papa

John's

International,

Inc.

4,319

548,470

PlayAGS,

Inc.*

3,665

28,880

RCI

Hospitality

Holdings,

Inc.

(a)

1,114

76,320

Red

Robin

Gourmet

Burgers,

Inc.*

2,078

47,919

Red

Rock

Resorts,

Inc.,

Class

A*

8,050

412,321

Rush

Street

Interactive,

Inc.*(a)

6,980

134,086

Ruth's

Hospitality

Group,

Inc.*(a)

4,487

92,926

Scientific

Games

Corp.*

12,556

1,043,027

SeaWorld

Entertainment,

Inc.*

6,725

372,027

Shake

Shack,

Inc.,

Class

A*

4,887

383,434

Target

Hospitality

Corp.*

3,256

12,145

Texas

Roadhouse,

Inc.

9,141

834,847

Wingstop,

Inc.

3,897

638,835

9,459,113

Household

Durables

1.8%

Aterian,

Inc.*(a)

2,639

28,580

Bassett

Furniture

Industries,

Inc.

1,202

21,768

Beazer

Homes

USA,

Inc.*

3,906

67,379

Casper

Sleep,

Inc.*(a)

3,791

16,188

Cavco

Industries,

Inc.*

1,206

285,508

Century

Communities,

Inc.

3,920

240,884

Ethan

Allen

Interiors,

Inc.

3,006

71,242

Flexsteel

Industries,

Inc.(a)

886

27,360

GoPro,

Inc.,

Class

A*(a)

16,658

155,919

Green

Brick

Partners,

Inc.*(a)

4,101

84,153

Hamilton

Beach

Brands

Holding

Co.,

Class

A

969

15,184

Helen

of

Troy

Ltd.*(a)

3,147

707,068

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Household

Durables

Hooker

Furnishings

Corp.

1,564

42,212

Hovnanian

Enterprises,

Inc.,

Class

A*(a)

683

65,834

Installed

Building

Products,

Inc.(a)

3,098

331,951

iRobot

Corp.*(a)

3,652

286,682

KB

Home

10,930

425,396

Landsea

Homes

Corp.*(a)

866

7,500

La-Z-Boy,

Inc.

5,866

189,061

Legacy

Housing

Corp.*

1,073

19,282

LGI

Homes,

Inc.*(a)

2,860

405,863

Lifetime

Brands,

Inc.

1,691

30,759

Lovesac

Co.

(The)*(a)

1,704

112,617

M/I

Homes,

Inc.*

3,731

215,652

MDC

Holdings,

Inc.

7,467

348,858

Meritage

Homes

Corp.*

4,895

474,815

Purple

Innovation,

Inc.*

6,699

140,813

Skyline

Champion

Corp.*

6,860

412,012

Snap

One

Holdings

Corp.*(a)

1,734

28,906

Sonos,

Inc.*

15,701

508,084

Taylor

Morrison

Home

Corp.*(a)

15,929

410,650

Traeger,

Inc.*(a)

2,945

61,639

TRI

Pointe

Group,

Inc.*

14,755

310,150

Tupperware

Brands

Corp.*(a)

6,476

136,773

Universal

Electronics,

Inc.*

1,705

83,971

VOXX

International

Corp.*

2,076

23,770

Vuzix

Corp.*(a)

7,828

81,881

Weber,

Inc.,

Class

A*(a)

2,221

39,067

6,915,431

Household

Products

0.3%

Central

Garden

&

Pet

Co.*

1,314

63,072

Central

Garden

&

Pet

Co.,

Class

A*

5,283

227,169

Energizer

Holdings,

Inc.(a)

8,888

347,077

Oil-Dri

Corp.

of

America

695

24,325

WD-40

Co.(a)

1,784

412,960

1,074,603

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Clearway

Energy,

Inc.,

Class

A

4,650

131,130

Clearway

Energy,

Inc.,

Class

C(a)

10,714

324,313

Ormat

Technologies,

Inc.(a)

5,918

394,198

Sunnova

Energy

International,

Inc.*(a)

11,237

370,147

1,219,788

Industrial

Conglomerates

0.1%

Raven

Industries,

Inc.*

4,657

268,290

Insurance

1.8%

Ambac

Financial

Group,

Inc.*

6,070

86,922

American

Equity

Investment

Life

Holding

Co.

10,802

319,415

American

National

Group,

Inc.

973

183,926

AMERISAFE,

Inc.

2,503

140,568

Argo

Group

International

Holdings

Ltd.

4,139

216,139

Bright

Health

Group,

Inc.*(a)

6,929

56,541

Common

Stocks

Shares

Value

($)

Insurance

BRP

Group,

Inc.,

Class

A*

6,157

204,967

Citizens,

Inc.*(a)

6,658

41,346

CNO

Financial

Group,

Inc.

16,654

392,035

Crawford

&

Co.,

Class

A

2,125

19,061

Donegal

Group,

Inc.,

Class

A

1,943

28,154

eHealth,

Inc.*

3,257

131,908

Employers

Holdings,

Inc.

3,719

146,863

Enstar

Group

Ltd.*

1,621

380,497

Genworth

Financial,

Inc.,

Class

A*

66,204

248,265

Goosehead

Insurance,

Inc.,

Class

A(a)

2,312

352,094

Greenlight

Capital

Re

Ltd.,

Class

A*

3,637

26,877

HCI

Group,

Inc.(a)

756

83,742

Heritage

Insurance

Holdings,

Inc.

3,373

22,970

Horace

Mann

Educators

Corp.

5,449

216,816

Independence

Holding

Co.

571

28,316

Investors

Title

Co.

173

31,590

James

River

Group

Holdings

Ltd.

4,775

180,161

Kinsale

Capital

Group,

Inc.

2,808

454,054

Maiden

Holdings

Ltd.*

9,272

29,299

MBIA,

Inc.*(a)

6,396

82,189

MetroMile,

Inc.*(a)

5,063

17,974

National

Western

Life

Group,

Inc.,

Class

A(a)

342

72,022

NI

Holdings,

Inc.*

1,144

20,089

Palomar

Holdings,

Inc.*(a)

3,209

259,383

ProAssurance

Corp.

7,170

170,503

RLI

Corp.

5,225

523,911

Safety

Insurance

Group,

Inc.

1,931

153,032

Selective

Insurance

Group,

Inc.

7,760

586,113

Selectquote,

Inc.*(a)

17,499

226,262

SiriusPoint

Ltd.*

11,810

109,361

State

Auto

Financial

Corp.(a)

2,356

120,038

Stewart

Information

Services

Corp.

3,485

220,461

Tiptree,

Inc.

3,029

30,351

Trean

Insurance

Group,

Inc.*

2,303

23,836

Trupanion,

Inc.*(a)

4,986

387,263

United

Fire

Group,

Inc.

2,805

64,795

United

Insurance

Holdings

Corp.

2,654

9,634

Universal

Insurance

Holdings,

Inc.

3,617

47,166

7,146,909

Interactive

Media

&

Services

0.4%

Cargurus,

Inc.*(a)

12,390

389,170

Cars.com,

Inc.*

9,130

115,494

Eventbrite,

Inc.,

Class

A*(a)

9,800

185,318

EverQuote,

Inc.,

Class

A*

2,521

46,966

fuboTV,

Inc.*(a)

17,169

411,369

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A*

9,718

30,029

MediaAlpha,

Inc.,

Class

A*

2,763

51,613

QuinStreet,

Inc.*

6,621

116,265

110

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

TrueCar,

Inc.*

13,127

54,608

Yelp,

Inc.*

9,345

348,008

1,748,840

Internet

&

Direct

Marketing

Retail

0.8%

1-800-Flowers.com,

Inc.,

Class

A*

3,555

108,463

CarParts.com,

Inc.*(a)

6,320

98,655

Duluth

Holdings,

Inc.,

Class

B*

1,620

22,081

Groupon,

Inc.*(a)

3,101

70,734

Lands'

End,

Inc.*(a)

1,914

45,055

Liquidity

Services,

Inc.*

3,537

76,435

Overstock.com,

Inc.*(a)

5,613

437,365

PetMed

Express,

Inc.(a)

2,630

70,668

Porch

Group,

Inc.*(a)

10,067

177,985

Quotient

Technology,

Inc.*

11,856

69,002

RealReal,

Inc.

(The)*

10,266

135,306

Revolve

Group,

Inc.*

4,689

289,639

Shutterstock,

Inc.

3,055

346,193

Stamps.com,

Inc.*

2,323

766,102

Stitch

Fix,

Inc.,

Class

A*

7,715

308,214

Xometry,

Inc.,

Class

A*(a)

1,053

60,726

3,082,623

IT

Services

1.5%

BigCommerce

Holdings,

Inc.,

Series

1*(a)

6,268

317,412

Brightcove,

Inc.*(a)

5,364

61,901

Cantaloupe,

Inc.*(a)

7,773

83,793

Cass

Information

Systems,

Inc.(a)

1,899

79,473

Conduent,

Inc.*

21,874

144,150

CSG

Systems

International,

Inc.

4,250

204,850

DigitalOcean

Holdings,

Inc.*(a)

6,468

502,111

EVERTEC,

Inc.

7,908

361,554

Evo

Payments,

Inc.,

Class

A*

6,256

148,142

ExlService

Holdings,

Inc.*

4,288

527,939

Flywire

Corp.*(a)

1,582

69,355

GreenBox

POS*(a)

2,317

19,208

GreenSky,

Inc.,

Class

A*

9,572

107,015

Grid

Dynamics

Holdings,

Inc.*

5,502

160,768

Hackett

Group,

Inc.

(The)

3,323

65,197

I3

Verticals,

Inc.,

Class

A*

2,756

66,723

IBEX

Holdings

Ltd.*

740

12,580

International

Money

Express,

Inc.*

4,270

71,309

Limelight

Networks,

Inc.*(a)

16,669

39,672

LiveRamp

Holdings,

Inc.*

8,684

410,145

MAXIMUS,

Inc.

8,008

666,266

MoneyGram

International,

Inc.*

10,400

83,408

Paya

Holdings,

Inc.*(a)

10,966

119,200

Perficient,

Inc.*

4,250

491,725

Priority

Technology

Holdings,

Inc.*(a)

1,568

10,474

Rackspace

Technology,

Inc.*(a)

7,173

102,000

Repay

Holdings

Corp.*(a)

11,310

260,469

StarTek,

Inc.*

2,197

12,105

TTEC

Holdings,

Inc.

2,414

225,781

Common

Stocks

Shares

Value

($)

IT

Services

Tucows,

Inc.,

Class

A*(a)

1,255

99,082

Unisys

Corp.*(a)

8,571

215,475

Verra

Mobility

Corp.*(a)

17,507

263,831

6,003,113

Leisure

Products

0.5%

Acushnet

Holdings

Corp.

4,476

209,029

American

Outdoor

Brands,

Inc.*

1,880

46,173

AMMO,

Inc.*(a)

8,792

54,071

Callaway

Golf

Co.*

15,112

417,545

Clarus

Corp.

3,226

82,682

Escalade,

Inc.(a)

1,364

25,793

Genius

Brands

International,

Inc.*(a)

37,648

51,201

Johnson

Outdoors,

Inc.,

Class

A

698

73,848

Latham

Group,

Inc.*

3,096

50,774

Malibu

Boats,

Inc.,

Class

A*(a)

2,706

189,366

Marine

Products

Corp.(a)

1,063

13,298

MasterCraft

Boat

Holdings,

Inc.*

2,508

62,901

Nautilus,

Inc.*(a)

3,973

36,989

Smith

&

Wesson

Brands,

Inc.

6,259

129,937

Sturm

Ruger

&

Co.,

Inc.

2,243

165,489

Vista

Outdoor,

Inc.*

7,508

302,647

1,911,743

Life

Sciences

Tools

&

Services

0.9%

Absci

Corp.*

1,812

21,074

Akoya

Biosciences,

Inc.*(a)

1,010

14,100

Alpha

Teknova,

Inc.*(a)

909

22,625

Berkeley

Lights,

Inc.*

6,396

125,106

Bionano

Genomics,

Inc.*(a)

36,724

201,982

ChromaDex

Corp.*(a)

6,251

39,194

Codexis,

Inc.*(a)

7,859

182,800

Cytek

Biosciences,

Inc.*

2,096

44,875

Fluidigm

Corp.*(a)

10,001

65,907

Harvard

Bioscience,

Inc.*

5,136

35,849

Inotiv,

Inc.*

1,727

50,497

Medpace

Holdings,

Inc.*

3,786

716,614

NanoString

Technologies,

Inc.*

5,922

284,315

NeoGenomics,

Inc.*(a)

14,804

714,145

Pacific

Biosciences

of

California,

Inc.*

25,389

648,689

Personalis,

Inc.*

4,749

91,371

Quanterix

Corp.*

4,029

200,604

Rapid

Micro

Biosystems,

Inc.,

Class

A*

1,044

19,283

Seer,

Inc.*(a)

5,433

187,601

Singular

Genomics

Systems,

Inc.*(a)

1,546

17,300

3,683,931

Machinery

3.9%

AgEagle

Aerial

Systems,

Inc.*(a)

8,902

26,795

Alamo

Group,

Inc.

1,298

181,110

Albany

International

Corp.,

Class

A

4,018

308,864

Altra

Industrial

Motion

Corp.

8,460

468,261

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Machinery

Astec

Industries,

Inc.

2,961

159,331

Barnes

Group,

Inc.

6,182

257,975

Blue

Bird

Corp.*(a)

2,108

43,973

Chart

Industries,

Inc.*(a)

4,769

911,404

CIRCOR

International,

Inc.*(a)

2,456

81,073

Columbus

McKinnon

Corp.

3,713

179,524

Commercial

Vehicle

Group,

Inc.*

4,276

40,451

Desktop

Metal,

Inc.,

Class

A*(a)

19,685

141,141

Douglas

Dynamics,

Inc.

3,013

109,372

Energy

Recovery,

Inc.*

5,625

107,044

Enerpac

Tool

Group

Corp.

7,889

163,539

EnPro

Industries,

Inc.

2,696

234,876

ESCO

Technologies,

Inc.

3,340

257,180

Evoqua

Water

Technologies

Corp.*

15,111

567,569

ExOne

Co.

(The)*(a)

2,274

53,166

Federal

Signal

Corp.

7,868

303,862

Franklin

Electric

Co.,

Inc.

6,055

483,492

Gorman-Rupp

Co.

(The)

3,030

108,504

Greenbrier

Cos.,

Inc.

(The)(a)

4,163

178,967

Helios

Technologies,

Inc.(a)

4,222

346,668

Hillenbrand,

Inc.

9,527

406,327

Hydrofarm

Holdings

Group,

Inc.*(a)

5,082

192,354

Hyliion

Holdings

Corp.*(a)

15,638

131,359

Hyster-Yale

Materials

Handling,

Inc.

1,333

66,997

Ideanomics,

Inc.*(a)

54,497

107,359

John

Bean

Technologies

Corp.

4,098

575,974

Kadant,

Inc.

1,504

306,966

Kennametal,

Inc.

10,916

373,655

Lindsay

Corp.

1,423

215,997

Luxfer

Holdings

plc

3,596

70,589

Lydall,

Inc.*

2,284

141,814

Manitowoc

Co.,

Inc.

(The)*

4,579

98,082

Mayville

Engineering

Co.,

Inc.*

1,170

21,996

Meritor,

Inc.*

8,860

188,807

Miller

Industries,

Inc.

1,480

50,379

Mueller

Industries,

Inc.

7,336

301,510

Mueller

Water

Products,

Inc.,

Class

A

20,566

313,014

Nikola

Corp.*(a)

29,381

313,495

NN,

Inc.*

5,701

29,930

Omega

Flex,

Inc.(a)

414

59,074

Park-Ohio

Holdings

Corp.(a)

1,135

28,965

Proto

Labs,

Inc.*(a)

3,628

241,625

RBC

Bearings,

Inc.*

3,652

774,954

REV

Group,

Inc.

3,798

65,174

Rexnord

Corp.

15,845

1,018,675

Shyft

Group,

Inc.

(The)

4,520

171,805

SPX

Corp.*

5,726

306,055

SPX

FLOW,

Inc.

5,427

396,714

Standex

International

Corp.

1,578

156,080

Tennant

Co.(a)

2,411

178,293

Terex

Corp.

8,935

376,163

Titan

International,

Inc.*

6,735

48,223

TriMas

Corp.*(a)

5,643

182,607

Trinity

Industries,

Inc.(a)

10,290

279,579

Common

Stocks

Shares

Value

($)

Machinery

Wabash

National

Corp.(a)

6,521

98,663

Watts

Water

Technologies,

Inc.,

Class

A

3,592

603,779

Welbilt,

Inc.*

17,071

396,730

15,003,903

Marine

0.2%

Costamare,

Inc.(a)

7,041

109,065

Eagle

Bulk

Shipping,

Inc.*(a)

1,111

56,016

Genco

Shipping

&

Trading

Ltd.

4,285

86,257

Matson,

Inc.(a)

5,611

452,864

Safe

Bulkers,

Inc.*

7,323

37,860

742,062

Media

1.2%

Advantage

Solutions,

Inc.*(a)

10,191

88,152

AMC

Networks,

Inc.,

Class

A*(a)

3,799

176,995

Boston

Omaha

Corp.,

Class

A*(a)

2,325

90,163

Cardlytics,

Inc.*(a)

4,174

350,366

Clear

Channel

Outdoor

Holdings,

Inc.*

48,446

131,289

comScore,

Inc.*(a)

9,171

35,767

Daily

Journal

Corp.*

161

51,580

Digital

Media

Solutions,

Inc.*(a)

437

3,168

Emerald

Holding,

Inc.*(a)

3,124

13,558

Entercom

Communications

Corp.*

15,736

57,908

Entravision

Communications

Corp.,

Class

A

7,921

56,239

EW

Scripps

Co.

(The),

Class

A

7,644

138,051

Fluent,

Inc.*

5,660

12,848

Gannett

Co.,

Inc.*

18,770

125,384

Gray

Television,

Inc.

11,158

254,626

Hemisphere

Media

Group,

Inc.*

2,123

25,858

iHeartMedia,

Inc.,

Class

A*

14,623

365,867

Integral

Ad

Science

Holding

Corp.*(a)

2,216

45,716

John

Wiley

&

Sons,

Inc.,

Class

A

5,634

294,151

Loral

Space

&

Communications,

Inc.

1,713

73,676

Magnite,

Inc.*(a)

16,955

474,740

Meredith

Corp.*

5,209

290,141

National

CineMedia,

Inc.

7,849

27,942

Scholastic

Corp.

3,443

122,743

Sinclair

Broadcast

Group,

Inc.,

Class

A(a)

5,997

189,985

Stagwell,

Inc.*

8,337

63,945

TechTarget,

Inc.*(a)

3,332

274,623

TEGNA,

Inc.

28,880

569,514

Thryv

Holdings,

Inc.*

863

25,925

WideOpenWest,

Inc.*

6,992

137,393

4,568,313

Metals

&

Mining

1.2%

Allegheny

Technologies,

Inc.*

16,632

276,590

Arconic

Corp.*

14,415

454,649

112

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Carpenter

Technology

Corp.(a)

6,221

203,676

Century

Aluminum

Co.*

6,852

92,159

Coeur

Mining,

Inc.*

32,332

199,488

Commercial

Metals

Co.

15,682

477,674

Compass

Minerals

International,

Inc.

4,466

287,610

Constellium

SE*

16,029

301,025

Gatos

Silver,

Inc.*(a)

6,057

70,443

Haynes

International,

Inc.(a)

1,667

62,096

Hecla

Mining

Co.(a)

69,413

381,772

Kaiser

Aluminum

Corp.

2,064

224,893

Materion

Corp.

2,660

182,582

MP

Materials

Corp.*(a)

9,525

306,991

Novagold

Resources,

Inc.*

30,971

213,081

Olympic

Steel,

Inc.

1,224

29,817

Perpetua

Resources

Corp.*

3,499

17,425

PolyMet

Mining

Corp.*(a)

3,769

11,495

Ryerson

Holding

Corp.

2,192

48,816

Schnitzer

Steel

Industries,

Inc.,

Class

A

3,385

148,297

SunCoke

Energy,

Inc.

11,090

69,645

TimkenSteel

Corp.*

6,064

79,317

Warrior

Met

Coal,

Inc.

6,721

156,398

Worthington

Industries,

Inc.

4,416

232,723

4,528,662

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.2%

AFC

Gamma,

Inc.

1,252

27,018

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

18,323

271,730

Arbor

Realty

Trust,

Inc.(a)

16,974

314,528

Ares

Commercial

Real

Estate

Corp.

5,030

75,852

ARMOUR

Residential

REIT,

Inc.(a)

9,433

101,688

Blackstone

Mortgage

Trust,

Inc.,

Class

A

19,311

585,510

Brightspire

Capital,

Inc.(a)

11,262

105,750

Broadmark

Realty

Capital,

Inc.

(a)

16,773

165,382

Capstead

Mortgage

Corp.

12,723

85,117

Chimera

Investment

Corp.

30,713

456,088

Dynex

Capital,

Inc.

4,055

70,070

Ellington

Financial,

Inc.(a)

5,476

100,156

Granite

Point

Mortgage

Trust,

Inc.(a)

7,304

96,194

Great

Ajax

Corp.(a)

2,894

39,040

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(a)

10,012

535,442

Invesco

Mortgage

Capital,

Inc.

(a)

33,108

104,290

KKR

Real

Estate

Finance

Trust,

Inc.(a)

4,312

90,983

Ladder

Capital

Corp.

14,838

163,960

MFA

Financial,

Inc.

57,805

264,169

New

York

Mortgage

Trust,

Inc.

49,574

211,185

Orchid

Island

Capital,

Inc.(a)

12,649

61,854

PennyMac

Mortgage

Investment

Trust(a)

12,797

251,973

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Ready

Capital

Corp.

7,717

111,356

Redwood

Trust,

Inc.(a)

14,760

190,256

TPG

RE

Finance

Trust,

Inc.(a)

8,010

99,164

Two

Harbors

Investment

Corp.

(a)

40,988

259,864

4,838,619

Multiline

Retail

0.4%

Big

Lots,

Inc.(a)

4,474

193,992

Dillard's,

Inc.,

Class

A(a)

786

135,601

Franchise

Group,

Inc.

3,780

133,850

Macy's,

Inc.

41,022

927,097

1,390,540

Multi-Utilities

0.3%

Avista

Corp.

9,055

354,232

Black

Hills

Corp.

8,233

516,703

NorthWestern

Corp.

6,776

388,265

Unitil

Corp.

1,976

84,533

1,343,733

Oil,

Gas

&

Consumable

Fuels

3.6%

Aemetis,

Inc.*(a)

3,095

56,577

Alto

Ingredients,

Inc.*(a)

9,539

47,123

Altus

Midstream

Co.(a)

435

30,028

Antero

Resources

Corp.*

37,364

702,817

Arch

Resources,

Inc.*(a)

1,974

183,088

Berry

Corp.

8,996

64,861

Bonanza

Creek

Energy,

Inc.

4,029

192,989

Brigham

Minerals,

Inc.,

Class

A(a)

5,822

111,549

California

Resources

Corp.*

10,788

442,308

Callon

Petroleum

Co.*

5,209

255,658

Centennial

Resource

Development,

Inc.,

Class

A*

24,154

161,832

Centrus

Energy

Corp.,

Class

A*

1,261

48,750

Chesapeake

Energy

Corp.

12,900

794,511

Clean

Energy

Fuels

Corp.*(a)

18,552

151,199

CNX

Resources

Corp.*

28,262

356,666

Comstock

Resources,

Inc.*

12,216

126,436

CONSOL

Energy,

Inc.*

4,569

118,885

Contango

Oil

&

Gas

Co.*(a)

19,593

89,540

CVR

Energy,

Inc.(a)

3,948

65,774

Delek

US

Holdings,

Inc.*(a)

8,573

154,057

Denbury,

Inc.*

6,588

462,807

DHT

Holdings,

Inc.

18,509

120,864

Dorian

LPG

Ltd.

3,985

49,454

Earthstone

Energy,

Inc.,

Class

A*

3,196

29,403

Energy

Fuels,

Inc.*(a)

18,809

132,039

Equitrans

Midstream

Corp.

53,401

541,486

Extraction

Oil

&

Gas,

Inc.*

2,085

117,698

Falcon

Minerals

Corp.(a)

5,139

24,153

Frontline

Ltd.*(a)

15,934

149,302

Gevo,

Inc.*(a)

25,484

169,214

Golar

LNG

Ltd.*

13,716

177,897

Green

Plains,

Inc.*(a)

5,719

186,725

HighPeak

Energy,

Inc.

206

1,854

International

Seaways,

Inc.

5,489

100,010

Kosmos

Energy

Ltd.*(a)

54,050

159,988

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Laredo

Petroleum,

Inc.*(a)

1,678

136,035

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

18,179

323,404

Matador

Resources

Co.

14,460

550,058

Murphy

Oil

Corp.

19,134

477,776

Nordic

American

Tankers

Ltd.

(a)

20,142

51,564

Northern

Oil

and

Gas,

Inc.

6,381

136,553

Oasis

Petroleum,

Inc.(a)

2,635

261,972

Ovintiv,

Inc.

34,227

1,125,384

Par

Pacific

Holdings,

Inc.*

5,968

93,817

PBF

Energy,

Inc.,

Class

A*

12,850

166,664

PDC

Energy,

Inc.

12,982

615,217

Peabody

Energy

Corp.*

10,513

155,487

Penn

Virginia

Corp.*

2,056

54,834

Range

Resources

Corp.*

31,219

706,486

Renewable

Energy

Group,

Inc.*(a)

5,846

293,469

REX

American

Resources

Corp.*

708

56,548

Riley

Exploration

Permian,

Inc.

(a)

411

9,650

Scorpio

Tankers,

Inc.(a)

6,506

120,621

SFL

Corp.

Ltd.

13,946

116,867

SM

Energy

Co.

15,554

410,314

Southwestern

Energy

Co.*(a)

88,488

490,224

Talos

Energy,

Inc.*

4,918

67,721

Teekay

Corp.*(a)

9,264

33,906

Teekay

Tankers

Ltd.,

Class

A*(a)

3,181

46,220

Tellurian,

Inc.*(a)

42,280

165,315

Uranium

Energy

Corp.*(a)

28,311

86,349

Ur-Energy,

Inc.*(a)

24,135

41,512

Vine

Energy,

Inc.,

Class

A*(a)

2,751

45,309

W&T

Offshore,

Inc.*(a)

12,518

46,567

Whiting

Petroleum

Corp.*

5,143

300,403

World

Fuel

Services

Corp.

8,145

273,835

14,037,623

Paper

&

Forest

Products

0.2%

Clearwater

Paper

Corp.*

2,200

84,326

Domtar

Corp.*

6,527

355,983

Glatfelter

Corp.(a)

5,841

82,358

Neenah,

Inc.

2,249

104,826

Schweitzer-Mauduit

International,

Inc.(a)

4,088

141,690

Verso

Corp.,

Class

A

3,522

73,081

842,264

Personal

Products

0.5%

Beauty

Health

Co.

(The)*(a)

11,386

295,694

BellRing

Brands,

Inc.,

Class

A*

5,200

159,900

Edgewell

Personal

Care

Co.

7,092

257,440

elf

Beauty,

Inc.*

6,092

176,973

Honest

Co.,

Inc.

(The)*(a)

3,312

34,378

Inter

Parfums,

Inc.

2,335

174,588

Medifast,

Inc.

1,521

293,005

Nature's

Sunshine

Products,

Inc.

1,548

22,678

Nu

Skin

Enterprises,

Inc.,

Class

A

6,489

262,610

Common

Stocks

Shares

Value

($)

Personal

Products

Revlon,

Inc.,

Class

A*(a)

925

9,352

USANA

Health

Sciences,

Inc.*

1,628

150,102

Veru,

Inc.*

8,430

71,908

1,908,628

Pharmaceuticals

1.6%

9

Meters

Biopharma,

Inc.*(a)

28,347

36,851

Aclaris

Therapeutics,

Inc.*(a)

5,791

104,238

Aerie

Pharmaceuticals,

Inc.*(a)

5,646

64,364

Amneal

Pharmaceuticals,

Inc.*

13,301

71,027

Amphastar

Pharmaceuticals,

Inc.*(a)

4,937

93,852

Ampio

Pharmaceuticals,

Inc.*(a)

25,371

42,116

Angion

Biomedica

Corp.*(a)

2,842

27,766

ANI

Pharmaceuticals,

Inc.*(a)

1,304

42,797

Antares

Pharma,

Inc.*(a)

22,265

81,045

Arvinas,

Inc.*

5,698

468,262

Atea

Pharmaceuticals,

Inc.*(a)

8,432

295,626

Athira

Pharma,

Inc.*(a)

4,302

40,353

Avalo

Therapeutics,

Inc.*

6,913

15,070

Axsome

Therapeutics,

Inc.*(a)

3,706

122,150

BioDelivery

Sciences

International,

Inc.*(a)

12,423

44,847

Cara

Therapeutics,

Inc.*(a)

5,926

91,557

Cassava

Sciences,

Inc.*(a)

4,996

310,152

Citius

Pharmaceuticals,

Inc.*(a)

15,146

30,746

Collegium

Pharmaceutical,

Inc.*

4,695

92,679

Corcept

Therapeutics,

Inc.*

12,622

248,401

CorMedix,

Inc.*(a)

5,054

23,501

Cymabay

Therapeutics,

Inc.*(a)

9,245

33,744

Cyteir

Therapeutics,

Inc.*(a)

1,092

19,165

Durect

Corp.*

30,174

38,623

Edgewise

Therapeutics,

Inc.*(a)

1,646

27,324

Endo

International

plc*(a)

30,574

99,060

Esperion

Therapeutics,

Inc.*(a)

3,501

42,187

Evolus,

Inc.*(a)

4,302

32,781

EyePoint

Pharmaceuticals,

Inc.*(a)

2,818

29,364

Fulcrum

Therapeutics,

Inc.*(a)

2,954

83,332

Harmony

Biosciences

Holdings,

Inc.*(a)

2,982

114,300

Ikena

Oncology,

Inc.*(a)

1,489

18,791

Innoviva,

Inc.*

5,661

94,595

Intra-Cellular

Therapies,

Inc.*

9,227

343,983

Kala

Pharmaceuticals,

Inc.*(a)

6,312

16,537

Kaleido

Biosciences,

Inc.*(a)

2,529

13,808

KemPharm,

Inc.*(a)

3,812

35,566

Landos

Biopharma,

Inc.*(a)

611

8,921

Marinus

Pharmaceuticals,

Inc.*(a)

4,926

56,058

Mind

Medicine

MindMed,

Inc.*(a)

42,959

100,094

NGM

Biopharmaceuticals,

Inc.*(a)

4,203

88,347

Nuvation

Bio,

Inc.*

8,710

86,577

114

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Ocular

Therapeutix,

Inc.*

10,225

102,250

Omeros

Corp.*(a)

8,043

110,913

Oramed

Pharmaceuticals,

Inc.*(a)

3,564

78,337

Pacira

BioSciences,

Inc.*

5,699

319,144

Paratek

Pharmaceuticals,

Inc.*(a)

6,107

29,680

Phathom

Pharmaceuticals,

Inc.*(a)

2,701

86,702

Phibro

Animal

Health

Corp.,

Class

A

2,727

58,740

Pliant

Therapeutics,

Inc.*(a)

3,209

54,168

Prestige

Consumer

Healthcare,

Inc.*

6,539

366,903

Provention

Bio,

Inc.*(a)

7,398

47,347

Rain

Therapeutics,

Inc.*(a)

987

14,766

Reata

Pharmaceuticals,

Inc.,

Class

A*(a)

3,584

360,586

Relmada

Therapeutics,

Inc.*

2,001

52,446

Revance

Therapeutics,

Inc.*

9,164

255,309

Seelos

Therapeutics,

Inc.*(a)

13,231

31,887

SIGA

Technologies,

Inc.*(a)

6,604

48,804

Supernus

Pharmaceuticals,

Inc.*(a)

6,413

171,035

Tarsus

Pharmaceuticals,

Inc.*(a)

1,124

24,222

Terns

Pharmaceuticals,

Inc.*(a)

1,493

15,557

TherapeuticsMD,

Inc.*(a)

48,246

35,770

Theravance

Biopharma,

Inc.*

7,111

52,621

Verrica

Pharmaceuticals,

Inc.*(a)

1,710

21,375

WaVe

Life

Sciences

Ltd.*

5,003

24,515

Zogenix,

Inc.*

7,480

113,621

6,207,255

Professional

Services

1.7%

Acacia

Research

Corp.*(a)

6,539

44,400

ASGN,

Inc.*

6,786

767,768

Atlas

Technical

Consultants,

Inc.*(a)

1,823

18,540

Barrett

Business

Services,

Inc.

998

76,108

CBIZ,

Inc.*

6,533

211,277

CRA

International,

Inc.

949

94,274

Exponent,

Inc.

6,781

767,270

First

Advantage

Corp.*

3,864

73,609

Forrester

Research,

Inc.*

1,505

74,136

Franklin

Covey

Co.*

1,663

67,834

GP

Strategies

Corp.*(a)

1,680

34,776

Heidrick

&

Struggles

International,

Inc.

2,580

115,145

HireQuest,

Inc.(a)

807

15,599

Huron

Consulting

Group,

Inc.*

2,919

151,788

ICF

International,

Inc.

2,415

215,635

Insperity,

Inc.

4,744

525,351

KBR,

Inc.(a)

18,464

727,482

Kelly

Services,

Inc.,

Class

A

4,697

88,679

Kforce,

Inc.

2,646

157,807

Korn

Ferry

7,122

515,348

Common

Stocks

Shares

Value

($)

Professional

Services

ManTech

International

Corp.,

Class

A

3,580

271,794

Mistras

Group,

Inc.*

2,664

27,066

Resources

Connection,

Inc.

4,207

66,387

TriNet

Group,

Inc.*

5,293

500,612

TrueBlue,

Inc.*

4,664

126,301

Upwork,

Inc.*(a)

15,406

693,732

Willdan

Group,

Inc.*

1,459

51,926

6,480,644

Real

Estate

Management

&

Development

0.7%

Cushman

&

Wakefield

plc*(a)

18,116

337,139

eXp

World

Holdings,

Inc.(a)

8,195

325,915

Fathom

Holdings,

Inc.*(a)

673

17,969

Forestar

Group,

Inc.*

2,275

42,383

FRP

Holdings,

Inc.*

891

49,825

Kennedy-Wilson

Holdings,

Inc.

15,680

328,026

Marcus

&

Millichap,

Inc.*

3,167

128,644

Newmark

Group,

Inc.,

Class

A

19,483

278,802

Rafael

Holdings,

Inc.,

Class

B*(a)

1,300

39,949

RE/MAX

Holdings,

Inc.,

Class

A

2,470

76,965

Realogy

Holdings

Corp.*

15,041

263,819

Redfin

Corp.*(a)

13,283

665,478

RMR

Group,

Inc.

(The),

Class

A

2,036

68,104

St

Joe

Co.

(The)(a)

4,351

183,177

Tejon

Ranch

Co.*(a)

2,780

49,373

2,855,568

Road

&

Rail

0.7%

ArcBest

Corp.

3,305

270,250

Avis

Budget

Group,

Inc.*(a)

6,362

741,237

Covenant

Logistics

Group,

Inc.*

1,581

43,715

Daseke,

Inc.*

5,243

48,288

Heartland

Express,

Inc.

6,364

101,951

HyreCar,

Inc.*(a)

2,338

19,873

Marten

Transport

Ltd.

7,938

124,547

PAM

Transportation

Services,

Inc.*

474

21,321

Saia,

Inc.*

3,465

824,774

Universal

Logistics

Holdings,

Inc.

1,000

20,080

US

Xpress

Enterprises,

Inc.,

Class

A*(a)

3,588

30,964

Werner

Enterprises,

Inc.

8,183

362,261

Yellow

Corp.*

6,716

37,945

2,647,206

Semiconductors

&

Semiconductor

Equipment

2.9%

Alpha

&

Omega

Semiconductor

Ltd.*

2,817

88,369

Ambarella,

Inc.*

4,563

710,642

Amkor

Technology,

Inc.

13,329

332,558

Atomera,

Inc.*(a)

2,708

62,528

Axcelis

Technologies,

Inc.*

4,349

204,533

AXT,

Inc.*(a)

5,326

44,366

CEVA,

Inc.*(a)

2,941

125,492

CMC

Materials,

Inc.

3,815

470,122

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Cohu,

Inc.*

6,258

199,880

Diodes,

Inc.*

5,692

515,638

DSP

Group,

Inc.*

3,009

65,927

FormFactor,

Inc.*

10,154

379,049

Ichor

Holdings

Ltd.*

3,621

148,787

Impinj,

Inc.*(a)

2,489

142,197

Kopin

Corp.*

10,351

53,101

Kulicke

&

Soffa

Industries,

Inc.

7,995

465,949

Lattice

Semiconductor

Corp.*

17,721

1,145,663

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

6,358

412,443

MaxLinear,

Inc.*

9,265

456,301

Meta

Materials,

Inc.*(a)

28,604

165,331

NeoPhotonics

Corp.*(a)

6,728

58,601

NVE

Corp.(a)

636

40,685

Onto

Innovation,

Inc.*

6,359

459,438

PDF

Solutions,

Inc.*(a)

3,958

91,192

Photronics,

Inc.*

7,868

107,241

Power

Integrations,

Inc.

7,884

780,437

Rambus,

Inc.*

14,164

314,441

Semtech

Corp.*

8,445

658,457

Silicon

Laboratories,

Inc.*

5,799

812,788

SiTime

Corp.*

1,700

347,089

SkyWater

Technology,

Inc.*(a)

1,049

28,533

SMART

Global

Holdings,

Inc.*(a)

2,288

101,816

SunPower

Corp.*(a)

10,443

236,847

Synaptics,

Inc.*

4,608

828,196

Ultra

Clean

Holdings,

Inc.*

5,803

247,208

Veeco

Instruments,

Inc.*(a)

6,502

144,409

11,446,254

Software

6.3%

8x8,

Inc.*

14,200

332,138

A10

Networks,

Inc.*

8,016

108,056

ACI

Worldwide,

Inc.*

15,406

473,426

Agilysys,

Inc.*(a)

2,540

132,994

Alarm.com

Holdings,

Inc.*(a)

6,174

482,745

Alkami

Technology,

Inc.*

929

22,928

Altair

Engineering,

Inc.,

Class

A*(a)

6,055

417,432

American

Software,

Inc.,

Class

A(a)

4,122

97,898

Appfolio,

Inc.,

Class

A*(a)

2,447

294,619

Appian

Corp.*(a)

5,136

475,131

Asana,

Inc.,

Class

A*

9,656

1,002,679

Avaya

Holdings

Corp.*

10,775

213,237

Benefitfocus,

Inc.*

3,331

36,974

Blackbaud,

Inc.*

6,319

444,542

Blackline,

Inc.*(a)

7,005

827,010

Bottomline

Technologies

DE,

Inc.*

5,780

227,038

Box,

Inc.,

Class

A*

18,609

440,475

BTRS

Holdings,

Inc.*(a)

8,449

89,897

Cerence,

Inc.*(a)

4,941

474,880

ChannelAdvisor

Corp.*

3,895

98,271

Cleanspark,

Inc.*(a)

4,367

50,614

Cloudera,

Inc.*

30,221

482,629

CommVault

Systems,

Inc.*

5,984

450,655

Cornerstone

OnDemand,

Inc.*

8,224

470,906

Common

Stocks

Shares

Value

($)

Software

Couchbase,

Inc.*

1,263

39,292

CS

Disco,

Inc.*(a)

964

46,214

Digimarc

Corp.*(a)

1,699

58,514

Digital

Turbine,

Inc.*(a)

11,856

815,100

Domo,

Inc.,

Class

B*

3,598

303,815

E2open

Parent

Holdings,

Inc.*(a)

21,188

239,424

Ebix,

Inc.(a)

3,540

95,332

eGain

Corp.*

2,727

27,815

Envestnet,

Inc.*

7,094

569,223

EverCommerce,

Inc.*(a)

2,171

35,800

GTY

Technology

Holdings,

Inc.*(a)

4,293

32,283

Instructure

Holdings,

Inc.*(a)

1,565

35,353

Intapp,

Inc.*(a)

1,314

33,849

Intelligent

Systems

Corp.*(a)

983

39,920

InterDigital,

Inc.

4,040

273,993

J2

Global,

Inc.*

5,675

775,318

JFrog

Ltd.*

6,884

230,614

Kaltura,

Inc.*(a)

2,273

23,389

LivePerson,

Inc.*(a)

8,465

499,012

Marathon

Digital

Holdings,

Inc.*(a)

12,465

393,645

MeridianLink,

Inc.*(a)

1,652

36,939

MicroStrategy,

Inc.,

Class

A*(a)

1,025

592,860

Mimecast

Ltd.*

7,956

506,002

Mitek

Systems,

Inc.*(a)

5,598

103,563

Model

N,

Inc.*(a)

4,639

155,407

Momentive

Global,

Inc.*

17,092

335,003

ON24,

Inc.*

3,511

70,009

OneSpan,

Inc.*(a)

4,698

88,228

PagerDuty,

Inc.*(a)

10,540

436,567

Ping

Identity

Holding

Corp.*(a)

5,804

142,604

Progress

Software

Corp.

5,742

282,449

PROS

Holdings,

Inc.*

5,219

185,170

Q2

Holdings,

Inc.*

7,139

572,119

QAD,

Inc.,

Class

A

1,586

138,601

Qualys,

Inc.*

4,452

495,463

Rapid7,

Inc.*(a)

7,257

820,186

Rekor

Systems,

Inc.*(a)

4,186

48,097

Rimini

Street,

Inc.*

5,849

56,443

Riot

Blockchain,

Inc.*(a)

11,008

282,906

SailPoint

Technologies

Holdings,

Inc.*(a)

11,947

512,287

Sapiens

International

Corp.

NV

4,126

118,746

SecureWorks

Corp.,

Class

A*(a)

1,279

25,427

ShotSpotter,

Inc.*

1,130

41,098

Smith

Micro

Software,

Inc.*

5,932

28,711

Sprout

Social,

Inc.,

Class

A*

5,841

712,310

SPS

Commerce,

Inc.*

4,711

759,931

Sumo

Logic,

Inc.*(a)

10,883

175,434

Telos

Corp.*(a)

5,212

148,125

Tenable

Holdings,

Inc.*

11,847

546,621

Upland

Software,

Inc.*

3,815

127,574

Varonis

Systems,

Inc.*(a)

13,828

841,434

Verint

Systems,

Inc.*

8,413

376,818

Veritone,

Inc.*

3,789

90,519

116

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

Viant

Technology,

Inc.,

Class

A*

1,512

18,477

VirnetX

Holding

Corp.*(a)

8,461

33,167

Vonage

Holdings

Corp.*

31,561

508,763

Workiva,

Inc.*

5,605

790,081

Xperi

Holding

Corp.

13,705

258,202

Yext,

Inc.*

14,502

174,459

Zix

Corp.*(a)

7,137

50,459

Zuora,

Inc.,

Class

A*(a)

13,995

232,037

24,634,375

Specialty

Retail

2.5%

Aaron's

Co.,

Inc.

(The)

4,234

116,604

Abercrombie

&

Fitch

Co.,

Class

A*

8,011

301,454

Academy

Sports

&

Outdoors,

Inc.*

10,146

406,043

American

Eagle

Outfitters,

Inc.

(a)

19,873

512,723

America's

Car-Mart,

Inc.*

809

94,475

Arko

Corp.*(a)

15,762

159,196

Asbury

Automotive

Group,

Inc.*(a)

2,528

497,359

Barnes

&

Noble

Education,

Inc.*(a)

5,126

51,209

Bed

Bath

&

Beyond,

Inc.*

13,727

237,134

Big

5

Sporting

Goods

Corp.(a)

2,777

63,982

Boot

Barn

Holdings,

Inc.*

3,833

340,639

Buckle,

Inc.

(The)(a)

3,970

157,172

Caleres,

Inc.

4,916

109,234

Camping

World

Holdings,

Inc.,

Class

A(a)

5,573

216,622

CarLotz,

Inc.*

7,675

29,242

Cato

Corp.

(The),

Class

A

2,639

43,649

Chico's

FAS,

Inc.*

16,048

72,055

Children's

Place,

Inc.

(The)*

1,836

138,177

Citi

Trends,

Inc.*(a)

1,148

83,758

Conn's,

Inc.*

2,382

54,381

Container

Store

Group,

Inc.

(The)*(a)

4,241

40,374

Designer

Brands,

Inc.,

Class

A*

8,020

111,719

Genesco,

Inc.*

1,956

112,920

Group

1

Automotive,

Inc.

2,295

431,185

GrowGeneration

Corp.*(a)

7,063

174,244

Guess?,

Inc.

5,370

112,824

Haverty

Furniture

Cos.,

Inc.

2,225

75,005

Hibbett,

Inc.

2,096

148,271

JOANN,

Inc.(a)

1,576

17,557

Kirkland's,

Inc.*

1,869

35,903

Lazydays

Holdings,

Inc.*

959

20,465

Lumber

Liquidators

Holdings,

Inc.*(a)

3,822

71,395

MarineMax,

Inc.*(a)

2,757

133,770

Monro,

Inc.(a)

4,333

249,191

Murphy

USA,

Inc.

3,157

528,040

National

Vision

Holdings,

Inc.*(a)

10,658

605,055

ODP

Corp.

(The)*

6,227

250,076

Common

Stocks

Shares

Value

($)

Specialty

Retail

OneWater

Marine,

Inc.,

Class

A(a)

1,369

55,047

Party

City

Holdco,

Inc.*

14,742

104,668

Rent-A-Center,

Inc.

8,608

483,856

Sally

Beauty

Holdings,

Inc.*

14,716

247,965

Shift

Technologies,

Inc.*(a)

8,279

57,456

Shoe

Carnival,

Inc.

2,356

76,382

Signet

Jewelers

Ltd.

6,809

537,639

Sleep

Number

Corp.*(a)

3,017

282,029

Sonic

Automotive,

Inc.,

Class

A

2,858

150,159

Sportsman's

Warehouse

Holdings,

Inc.*

5,807

102,203

Tilly's,

Inc.,

Class

A

3,024

42,366

Torrid

Holdings,

Inc.*(a)

1,667

25,722

TravelCenters

of

America,

Inc.*

1,665

82,900

Urban

Outfitters,

Inc.*

8,958

265,963

Winmark

Corp.

452

97,194

Zumiez,

Inc.*

2,912

115,781

9,530,432

Technology

Hardware,

Storage

&

Peripherals

0.3%

3D

Systems

Corp.*(a)

15,852

437,040

Avid

Technology,

Inc.*

4,823

139,481

Corsair

Gaming,

Inc.*(a)

3,587

93,011

Diebold

Nixdorf,

Inc.*

9,599

97,046

Eastman

Kodak

Co.*(a)

5,985

40,758

Quantum

Corp.*

7,451

38,596

Super

Micro

Computer,

Inc.*

5,636

206,108

Turtle

Beach

Corp.*

1,996

55,529

1,107,569

Textiles,

Apparel

&

Luxury

Goods

0.8%

Crocs,

Inc.*

8,066

1,157,310

Fossil

Group,

Inc.*

6,291

74,548

G-III

Apparel

Group

Ltd.*

5,763

163,093

Kontoor

Brands,

Inc.

6,773

338,311

Movado

Group,

Inc.(a)

2,097

66,034

Oxford

Industries,

Inc.

2,098

189,177

PLBY

Group,

Inc.*(a)

3,077

72,525

Rocky

Brands,

Inc.

914

43,516

Steven

Madden

Ltd.

10,711

430,154

Superior

Group

of

Cos.,

Inc.

1,535

35,750

Unifi,

Inc.*

1,770

38,816

Vera

Bradley,

Inc.*

3,433

32,304

Wolverine

World

Wide,

Inc.

10,619

316,871

2,958,409

Thrifts

&

Mortgage

Finance

1.6%

Axos

Financial,

Inc.*(a)

7,450

383,973

Blue

Foundry

Bancorp*

3,659

50,458

Bridgewater

Bancshares,

Inc.*

2,809

49,186

Capitol

Federal

Financial,

Inc.

16,969

194,974

Columbia

Financial,

Inc.*(a)

5,133

94,961

Essent

Group

Ltd.

14,457

636,253

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,220

132,394

Finance

of

America

Cos.,

Inc.,

Class

A*(a)

4,583

22,686

Flagstar

Bancorp,

Inc.

6,806

345,609

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

117

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

FS

Bancorp,

Inc.

979

33,883

Hingham

Institution

for

Savings

193

64,983

Home

Bancorp,

Inc.

1,020

39,454

Home

Point

Capital,

Inc.(a)

1,076

4,433

HomeStreet,

Inc.

2,642

108,718

Kearny

Financial

Corp.

9,743

121,105

Luther

Burbank

Corp.

2,082

27,920

Merchants

Bancorp

1,313

51,824

Meridian

Bancorp,

Inc.(a)

6,237

129,480

Meta

Financial

Group,

Inc.

4,106

215,483

Mr.

Cooper

Group,

Inc.*

9,263

381,358

NMI

Holdings,

Inc.,

Class

A*

10,963

247,873

Northfield

Bancorp,

Inc.(a)

5,884

100,969

Northwest

Bancshares,

Inc.

15,982

212,241

Ocwen

Financial

Corp.*

1,090

30,662

PCSB

Financial

Corp.

1,814

33,450

PennyMac

Financial

Services,

Inc.

4,288

262,125

Pioneer

Bancorp,

Inc.*(a)

1,550

19,592

Premier

Financial

Corp.

4,831

153,819

Provident

Bancorp,

Inc.

2,104

33,706

Provident

Financial

Services,

Inc.

9,911

232,611

Radian

Group,

Inc.

24,348

553,187

Southern

Missouri

Bancorp,

Inc.

1,031

46,282

TrustCo

Bank

Corp.

2,520

80,564

Velocity

Financial,

Inc.*(a)

1,120

14,739

Walker

&

Dunlop,

Inc.

3,819

433,456

Washington

Federal,

Inc.

8,844

303,438

Waterstone

Financial,

Inc.

2,888

59,175

WSFS

Financial

Corp.

6,139

314,992

6,222,016

Tobacco

0.1%

22nd

Century

Group,

Inc.*(a)

20,139

59,612

Turning

Point

Brands,

Inc.

1,943

92,778

Universal

Corp.

3,225

155,864

Vector

Group

Ltd.

18,755

239,126

547,380

Trading

Companies

&

Distributors

1.3%

Alta

Equipment

Group,

Inc.*

2,522

34,627

Applied

Industrial

Technologies,

Inc.

5,068

456,779

Beacon

Roofing

Supply,

Inc.*

7,287

348,027

BlueLinx

Holdings,

Inc.*

1,197

58,510

Boise

Cascade

Co.

5,143

277,619

CAI

International,

Inc.

2,170

121,325

Custom

Truck

One

Source,

Inc.*(a)

6,034

56,297

DXP

Enterprises,

Inc.*

2,378

70,318

EVI

Industries,

Inc.*(a)

746

20,291

GATX

Corp.(a)

4,611

412,961

Global

Industrial

Co.(a)

1,699

64,375

GMS,

Inc.*

5,582

244,492

H&E

Equipment

Services,

Inc.

4,199

145,747

Herc

Holdings,

Inc.*

3,259

532,716

Karat

Packaging,

Inc.*(a)

725

15,247

Lawson

Products,

Inc.*(a)

635

31,756

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

McGrath

RentCorp(a)

3,153

226,858

MRC

Global,

Inc.*

10,739

78,824

NOW,

Inc.*

14,705

112,493

Rush

Enterprises,

Inc.,

Class

A

5,515

249,057

Rush

Enterprises,

Inc.,

Class

B

875

40,049

Textainer

Group

Holdings

Ltd.*

6,258

218,467

Titan

Machinery,

Inc.*

2,585

66,977

Transcat,

Inc.*

944

60,869

Triton

International

Ltd.

8,716

453,581

Veritiv

Corp.*

1,916

171,597

WESCO

International,

Inc.*

5,814

670,471

Willis

Lease

Finance

Corp.*

358

13,314

5,253,644

Water

Utilities

0.4%

American

States

Water

Co.

4,817

411,950

Artesian

Resources

Corp.,

Class

A

1,086

41,452

Cadiz,

Inc.*

2,653

18,677

California

Water

Service

Group

6,778

399,427

Global

Water

Resources,

Inc.

1,687

31,581

Middlesex

Water

Co.(a)

2,256

231,872

Pure

Cycle

Corp.*

2,567

34,167

SJW

Group

3,613

238,675

York

Water

Co.

(The)(a)

1,737

75,872

1,483,673

Wireless

Telecommunication

Services

0.2%

Gogo,

Inc.*(a)

7,885

136,410

Shenandoah

Telecommunications

Co.

6,310

199,270

Telephone

&

Data

Systems,

Inc.(a)

13,195

257,303

United

States

Cellular

Corp.*

2,039

65,024

658,007

Total

Common

Stocks

(cost

$241,899,532)

382,814,675

Corporate

Bond

Corporate

Bond

0.0%

†

Principal

Amount

($)

Value

($)

Capital

Markets

0.0%

†

GAMCO

Investors,

Inc.,

4.00%,

06/15/23(c)

1,000

995

Total

Corporate

Bond

(cost  $1,893)

995

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,552

0

118

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Rights

Number

of

Rights

Value

($)

Biotechnology

Oncternal

Therapeutics,

Inc.,

CVR*∞(a)

97

99

99

Total

Rights

(cost

$7,656)

99

Repurchase

Agreements

8.4%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$609,004,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$621,183.(d)

609,003

609,003

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$1,000,002,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$1,020,002.(d)

1,000,000

1,000,000

MetLife,

Inc.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$10,000,017,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$10,204,099.(d)

10,000,000

10,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$8,000,078,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$8,160,025.(d)

8,000,000

8,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/30/2021,

due

10/7/2021,

repurchase

price

$10,000,098,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

4/15/2024

-

2/15/2044;

total

market

value

$10,200,017.(d)

10,000,000

10,000,000

Pershing

LLC,

0.08%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$3,000,007,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.26%

-

8.50%,

maturing

10/4/2021

-

8/20/2071;

total

market

value

$3,060,001.(d)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$32,609,003)

32,609,003

Total

Investments

(cost

$274,518,084)

—

107.0%

415,424,772

Liabilities

in

excess

of

other

assets

—

(7.0)%

(27,353,275)

NET

ASSETS

—

100.0%

$

388,071,497

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

119

*

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,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$74,482,312,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$32,609,003

and

by

$44,577,383

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$77,186,386.

(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,

2021

was

$526,760

which

represents

0.14%

of

net

assets.

(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,

2021.

(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,

2021

was

$32,609,003.

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

Futures

contracts

outstanding

as

of

September

30,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

48

12/2021

USD

5,281,920

(45,091)

(45,091)

As

of

September

30,

2021,

the

Fund

had

$282,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

120

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Small

Cap

Index

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

121

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,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

382,814,675

$

–

$

–

$

382,814,675

Corporate

Bond

–

995

–

995

Repurchase

Agreements

–

32,609,003

–

32,609,003

Rights  

–

99

–

99

Total

Assets

$

382,814,675

$

32,610,097

$

–

$

415,424,772

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(45,091)

$

–

$

–

$

(45,091)

Total

Liabilities

$

(45,091)

$

–

$

–

$

(45,091)

Total

$

382,769,584

$

32,610,097

$

–

$

415,379,681

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2021,

the

Fund

held

one

rights

investment

that

as

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

122

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(45,091)

Total

$

(45,091)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

AllianzGI

International

Growth

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

97.7%

Shares

Value

($)

ARGENTINA

5.0%

Internet

&

Direct

Marketing

Retail

5.0%

MercadoLibre

,

Inc.

*

7,884

13,240,390

AUSTRALIA

4.7%

Biotechnology

0.7%

CSL

Ltd.

8,659

1,825,987

Hotels,

Restaurants

&

Leisure

4.0%

Domino's

Pizza

Enterprises

Ltd.

92,758

10,694,454

12,520,441

BRAZIL

2.1%

IT

Services

2.1%

StoneCo

Ltd.,

Class

A

*

159,530

5,538,882

CANADA

6.0%

Food

&

Staples

Retailing

1.7%

Alimentation

Couche-Tard,

Inc.,

Class

B

116,565

4,459,766

IT

Services

2.0%

Shopify,

Inc.,

Class

A

*

3,872

5,249,580

Software

2.3%

Constellation

Software,

Inc.

3,737

6,122,178

15,831,524

CHINA

8.1%

Interactive

Media

&

Services

3.7%

Tencent

Holdings

Ltd.

168,467

9,877,931

Internet

&

Direct

Marketing

Retail

4.4%

Alibaba

Group

Holding

Ltd.,

ADR

*

52,456

7,766,111

Prosus

NV

*

46,422

3,656,113

11,422,224

21,300,155

DENMARK

13.1%

Air

Freight

&

Logistics

3.6%

DSV

A/S

40,394

9,643,918

Health

Care

Equipment

&

Supplies

4.1%

Ambu

A/S,

Class

B

366,140

10,815,097

Pharmaceuticals

1.3%

Novo

Nordisk

A/S,

Class

B

34,855

3,352,531

Software

4.1%

Netcompany

Group

A/S

Reg.

S

(a)

95,162

10,939,941

34,751,487

GERMANY

8.9%

Diversified

Financial

Services

0.5%

GRENKE

AG

(b)

27,943

1,196,975

Internet

&

Direct

Marketing

Retail

1.3%

Zalando

SE

Reg.

S

*(a)(b)

37,175

3,416,146

IT

Services

1.7%

Bechtle

AG

67,257

4,614,239

Semiconductors

&

Semiconductor

Equipment

3.9%

Infineon

Technologies

AG

255,418

10,500,018

Common

Stocks

Shares

Value

($)

GERMANY

Software

0.7%

SAP

SE

13,333

1,806,270

Textiles,

Apparel

&

Luxury

Goods

0.8%

adidas

AG

6,700

2,111,216

23,644,864

HONG

KONG

2.3%

Insurance

2.3%

AIA

Group

Ltd.

529,989

6,102,368

INDIA

4.3%

Banks

4.3%

HDFC

Bank

Ltd.

533,514

11,437,729

IRELAND

1.5%

Building

Products

1.5%

Kingspan

Group

plc

40,091

3,972,458

ISRAEL

4.5%

IT

Services

4.5%

Wix.com

Ltd.

*(b)

60,903

11,935,161

JAPAN

2.2%

Electronic

Equipment,

Instruments

&

Components

0.6%

Keyence

Corp.

2,796

1,675,322

IT

Services

0.9%

BASE,

Inc.

*(b)

229,100

2,242,131

Trading

Companies

&

Distributors

0.7%

MonotaRO

Co.

Ltd.

82,227

1,855,479

5,772,932

NETHERLANDS

9.8%

IT

Services

3.4%

Adyen

NV

Reg.

S

*(a)

3,269

9,089,653

Semiconductors

&

Semiconductor

Equipment

5.9%

ASML

Holding

NV

21,034

15,516,200

Software

0.5%

Topicus.com,

Inc.

*(b)

13,270

1,393,319

25,999,172

NEW

ZEALAND

2.4%

Air

Freight

&

Logistics

2.4%

Mainfreight

Ltd.

93,194

6,216,051

SOUTH

AFRICA

1.0%

Banks

1.0%

Capitec

Bank

Holdings

Ltd.

21,224

2,564,633

SWEDEN

7.6%

Building

Products

0.5%

Assa

Abloy

AB,

Class

B

47,044

1,364,051

Chemicals

1.9%

Hexpol

AB

453,036

5,143,269

Electronic

Equipment,

Instruments

&

Components

1.4%

Hexagon

AB,

Class

B

231,885

3,572,924

Machinery

2.2%

Atlas

Copco

AB,

Class

A

58,275

3,534,980

Epiroc

AB,

Class

A

108,111

2,228,422

5,763,402

2

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

AllianzGI

International

Growth

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Trading

Companies

&

Distributors

1.6%

AddTech

AB,

Class

B

236,728

4,190,361

20,034,007

SWITZERLAND

3.7%

Capital

Markets

1.3%

Partners

Group

Holding

AG

2,177

3,388,958

Chemicals

1.4%

Sika

AG

(Registered)

11,798

3,731,648

Machinery

1.0%

VAT

Group

AG

Reg.

S

(a)

6,622

2,608,827

9,729,433

TAIWAN

9.4%

Entertainment

8.0%

Sea

Ltd.,

ADR

*(b)

66,650

21,243,354

Semiconductors

&

Semiconductor

Equipment

1.4%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

32,755

3,657,096

24,900,450

UNITED

KINGDOM

1.1%

Industrial

Conglomerates

1.1%

DCC

plc

34,667

2,869,356

Total

Common

Stocks

(cost

$141,344,927)

258,361,493

Repurchase

Agreement

0.3%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$785,854,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$801,569.(c)

785,852

785,852

Total

Repurchase

Agreement

(cost

$785,852)

785,852

Total

Investments

(cost

$142,130,779)

  —

98.0%

259,147,345

Other

assets

in

excess

of

liabilities

—

2.0%

5,197,774

NET

ASSETS

—

100.0%

$

264,345,119

*

Denotes

a

non-income

producing

security.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2021

was

$26,054,567

which

represents

9.86%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$8,838,491,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$785,852

and

by

$8,440,794

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

10/7/2021

–

11/15/2050,

a

total

value

of

$9,226,646.

(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,

2021

was

$785,852.

ADR

American

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

NVIT

AllianzGI

International

Growth

Fund

-

September

30,

2021

(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,

2021

(Unaudited)

-

NVIT

AllianzGI

International

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Air

Freight

&

Logistics

$

–

$

15,859,969

$

–

$

15,859,969

Banks

–

14,002,362

–

14,002,362

Biotechnology

–

1,825,987

–

1,825,987

Building

Products

–

5,336,509

–

5,336,509

Capital

Markets

–

3,388,958

–

3,388,958

Chemicals

–

8,874,917

–

8,874,917

Diversified

Financial

Services

–

1,196,975

–

1,196,975

Electronic

Equipment,

Instruments

&

Components

–

5,248,246

–

5,248,246

Entertainment

21,243,354

–

–

21,243,354

Food

&

Staples

Retailing

4,459,766

–

–

4,459,766

Health

Care

Equipment

&

Supplies

–

10,815,097

–

10,815,097

Hotels,

Restaurants

&

Leisure

–

10,694,454

–

10,694,454

Industrial

Conglomerates

–

2,869,356

–

2,869,356

Insurance

–

6,102,368

–

6,102,368

Interactive

Media

&

Services

–

9,877,931

–

9,877,931

Internet

&

Direct

Marketing

Retail

21,006,501

7,072,259

–

28,078,760

IT

Services

22,723,623

15,946,023

–

38,669,646

Machinery

–

8,372,229

–

8,372,229

Pharmaceuticals

–

3,352,531

–

3,352,531

Semiconductors

&

Semiconductor

Equipment

3,657,096

26,016,218

–

29,673,314

Software

7,515,497

12,746,211

–

20,261,708

Textiles,

Apparel

&

Luxury

Goods

–

2,111,216

–

2,111,216

Trading

Companies

&

Distributors

–

6,045,840

–

6,045,840

Total

Common

Stocks

$

80,605,837

$

177,755,656

$

–

$

258,361,493

Repurchase

Agreement

–

785,852

–

785,852

Total

$

80,605,837

$

178,541,508

$

–

$

259,147,345

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

96.9%

Shares

Value

($)

AUSTRALIA

1.1%

Health

Care

Equipment

&

Supplies

0.3%

Ansell

Ltd.

(a)

38,256

937,954

Metals

&

Mining

0.8%

BHP

Group

Ltd.,

ADR

(a)

43,642

2,335,720

3,273,674

AUSTRIA

0.6%

Machinery

0.6%

ANDRITZ

AG

33,373

1,823,870

BERMUDA

0.6%

Oil,

Gas

&

Consumable

Fuels

0.6%

Teekay

Tankers

Ltd.,

Class

A

*(a)

121,227

1,761,428

CANADA

5.8%

Food

&

Staples

Retailing

2.0%

Alimentation

Couche-Tard,

Inc.,

Class

B

146,414

5,601,786

Metals

&

Mining

1.9%

Teck

Resources

Ltd.,

Class

B

(a)

109,923

2,738,182

Yamana

Gold,

Inc.

(a)

734,619

2,909,092

5,647,274

Oil,

Gas

&

Consumable

Fuels

1.0%

Cameco

Corp.

133,004

2,890,177

Paper

&

Forest

Products

0.9%

West

Fraser

Timber

Co.

Ltd.

(a)

31,063

2,616,296

16,755,533

FINLAND

1.9%

Paper

&

Forest

Products

1.9%

UPM-

Kymmene

OYJ

151,867

5,365,807

FRANCE

13.0%

Banks

2.8%

BNP

Paribas

SA

126,895

8,128,313

Biotechnology

0.1%

DBV

Technologies

SA,

ADR

*(a)

37,646

184,465

Construction

&

Engineering

1.2%

Eiffage

SA

35,037

3,534,593

Insurance

2.6%

AXA

SA

272,063

7,568,790

IT

Services

1.0%

Atos

SE

56,226

2,993,804

Oil,

Gas

&

Consumable

Fuels

3.3%

TotalEnergies

SE

189,397

9,075,730

Pharmaceuticals

2.0%

Sanofi

60,384

5,812,841

37,298,536

GERMANY

7.0%

Automobiles

0.7%

Volkswagen

AG

(Preference)

8,860

1,984,770

Chemicals

1.6%

Covestro

AG

Reg.

S

(b)

66,230

4,548,776

Common

Stocks

Shares

Value

($)

GERMANY

Machinery

2.3%

Duerr

AG

81,706

3,519,147

KION

Group

AG

31,788

2,974,610

6,493,757

Multi-Utilities

1.3%

E.ON

SE

310,333

3,796,758

Pharmaceuticals

0.6%

Bayer

AG

(Registered)

31,110

1,696,798

Real

Estate

Management

&

Development

0.5%

Aroundtown

SA

226,954

1,567,934

20,088,793

GREECE

0.4%

Banks

0.4%

Piraeus

Financial

Holdings

SA

*

670,913

1,084,127

HONG

KONG

1.2%

Food

Products

1.2%

WH

Group

Ltd.

Reg.

S

(b)

4,751,877

3,380,442

IRELAND

0.5%

Biotechnology

0.1%

Amarin

Corp.

plc,

ADR

*(a)

32,941

167,999

Hotels,

Restaurants

&

Leisure

0.4%

Flutter

Entertainment

plc

*

7,118

1,407,171

1,575,170

ISRAEL

2.3%

Banks

1.6%

Bank

Hapoalim

BM

512,421

4,498,704

Diversified

Telecommunication

Services

0.7%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

*

1,668,211

1,968,032

6,466,736

JAPAN

21.4%

Auto

Components

0.9%

Koito

Manufacturing

Co.

Ltd.

43,800

2,633,651

Automobiles

1.5%

Toyota

Motor

Corp.

247,500

4,427,331

Banks

1.5%

Sumitomo

Mitsui

Financial

Group,

Inc.

121,300

4,243,727

Construction

&

Engineering

0.8%

Kinden

Corp.

(a)

130,600

2,204,994

Diversified

Financial

Services

2.5%

ORIX

Corp.

369,500

6,905,205

Diversified

Telecommunication

Services

1.1%

Nippon

Telegraph

&

Telephone

Corp.

110,900

3,065,837

Electronic

Equipment,

Instruments

&

Components

1.2%

Daiwabo

Holdings

Co.

Ltd.

(a)

219,200

3,530,042

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Invincible

Investment

Corp.

2,462

961,857

6

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Food

&

Staples

Retailing

2.0%

MatsukiyoCocokara

&

Co.

(a)

128,200

5,729,033

Health

Care

Providers

&

Services

1.2%

Ship

Healthcare

Holdings,

Inc.

(a)

131,600

3,397,408

Household

Durables

0.8%

Sony

Group

Corp.

19,600

2,182,684

Insurance

1.0%

Dai-ichi

Life

Holdings,

Inc.

134,700

2,932,961

IT

Services

1.0%

Fujitsu

Ltd.

13,000

2,360,937

Simplex

Holdings,

Inc.

*(a)

33,800

612,254

2,973,191

Machinery

0.5%

Takuma

Co.

Ltd.

(a)

98,600

1,379,239

Pharmaceuticals

2.1%

Shionogi

&

Co.

Ltd.

(a)

38,300

2,623,760

Takeda

Pharmaceutical

Co.

Ltd.

102,400

3,394,333

6,018,093

Real

Estate

Management

&

Development

0.3%

Starts

Corp.,

Inc.

33,300

794,040

Trading

Companies

&

Distributors

2.2%

ITOCHU

Corp.

(a)

212,400

6,221,517

Wireless

Telecommunication

Services

0.5%

SoftBank

Group

Corp.

23,100

1,334,888

60,935,698

NETHERLANDS

10.0%

Banks

4.0%

ABN

AMRO

Bank

NV,

CVA

Reg.

S

*(a)(b)

241,897

3,480,590

ING

Groep

NV

549,265

7,972,129

11,452,719

Electrical

Equipment

1.0%

Signify

NV

Reg.

S

(b)

58,775

2,920,083

Insurance

2.1%

ASR

Nederland

NV

133,315

6,065,208

Oil,

Gas

&

Consumable

Fuels

2.9%

Royal

Dutch

Shell

plc,

Class

B

372,325

8,248,607

28,686,617

NORWAY

1.1%

Food

Products

1.1%

Leroy

Seafood

Group

ASA

395,895

3,272,346

PORTUGAL

0.0%

†

Banks

0.0%

†

Banco

Espirito

Santo

SA

(Registered)

*^∞

146,163

0

RUSSIA

1.7%

Banks

1.7%

Sberbank

of

Russia

PJSC,

ADR

137,340

2,575,125

Common

Stocks

Shares

Value

($)

RUSSIA

Banks

Sberbank

of

Russia

PJSC,

ADR

126,345

2,347,520

4,922,645

SINGAPORE

2.2%

Electronic

Equipment,

Instruments

&

Components

1.7%

Venture

Corp.

Ltd.

373,300

4,919,486

Oil,

Gas

&

Consumable

Fuels

0.5%

BW

LPG

Ltd.

Reg.

S

(b)

253,279

1,371,097

6,290,583

SOUTH

KOREA

1.6%

Food

&

Staples

Retailing

0.7%

GS

Retail

Co.

Ltd.

73,570

2,004,581

Internet

&

Direct

Marketing

Retail

0.3%

Hyundai

Home

Shopping

Network

Corp.

14,795

881,426

Textiles,

Apparel

&

Luxury

Goods

0.6%

Youngone

Corp.

49,512

1,833,438

4,719,445

SPAIN

3.0%

Banks

1.3%

Banco

Santander

SA

1,051,120

3,807,268

Construction

&

Engineering

0.6%

ACS

Actividades

de

Construccion

y

Servicios

SA

68,307

1,831,414

Electric

Utilities

0.9%

Endesa

SA

125,266

2,526,411

Energy

Equipment

&

Services

0.2%

Tecnicas

Reunidas

SA

*(a)

56,910

537,275

8,702,368

SWEDEN

0.8%

Entertainment

0.8%

Stillfront

Group

AB

*

381,018

2,416,799

SWITZERLAND

1.0%

Pharmaceuticals

1.0%

Novartis

AG

(Registered)

35,904

2,945,572

TAIWAN

1.5%

Insurance

1.5%

Fubon

Financial

Holding

Co.

Ltd.

1,570,200

4,283,162

UNITED

KINGDOM

16.4%

Air

Freight

&

Logistics

0.4%

Royal

Mail

plc

193,932

1,097,417

Banks

0.8%

Barclays

plc

946,768

2,414,624

Capital

Markets

1.2%

TP

ICAP

Group

plc

1,553,141

3,346,898

Diversified

Telecommunication

Services

2.7%

BT

Group

plc

*

1,098,760

2,359,795

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Diversified

Telecommunication

Services

Liberty

Global

plc,

Class

C

*(a)

177,727

5,235,838

7,595,633

Energy

Equipment

&

Services

0.3%

John

Wood

Group

plc

*

265,382

821,505

Household

Durables

0.3%

Crest

Nicholson

Holdings

plc

(a)

182,094

933,409

Industrial

Conglomerates

1.6%

DCC

plc

54,953

4,548,410

Insurance

1.2%

Just

Group

plc

*

2,794,873

3,403,510

Media

1.0%

WPP

plc

214,081

2,876,642

Oil,

Gas

&

Consumable

Fuels

2.3%

BP

plc

822,110

3,724,198

Diversified

Energy

Co.

plc

Reg.

S

1,760,065

2,808,489

6,532,687

Software

0.3%

Micro

Focus

International

plc

131,942

725,847

Tobacco

2.2%

British

American

Tobacco

plc

184,722

6,444,838

Wireless

Telecommunication

Services

2.1%

Vodafone

Group

plc

3,904,711

5,906,423

46,647,843

UNITED

STATES

1.8%

Biotechnology

0.3%

Insmed

,

Inc.

*(a)

21,043

579,524

Sage

Therapeutics,

Inc.

*

6,258

277,292

856,816

Chemicals

0.4%

Livent

Corp.

*(a)

45,278

1,046,375

Diversified

Financial

Services

0.9%

Burford

Capital

Ltd.

239,927

2,636,798

Health

Care

Equipment

&

Supplies

0.1%

Quotient

Ltd.

*(a)

99,656

233,195

Pharmaceuticals

0.1%

Aerie

Pharmaceuticals,

Inc.

*(a)

26,901

306,671

5,079,855

Total

Common

Stocks

(cost

$213,410,045)

277,777,049

Exchange

Traded

Fund

1.9%

UNITED

STATES

1.9%

iShares

MSCI

EAFE

Value

ETF

(a)

106,157

5,398,083

Total

Exchange

Traded

Fund

(cost

$5,509,548)

5,398,083

Rights

0.0%

†

Number

of

Rights

Value

($)

TAIWAN

0.0%

†

Insurance

0.0%

†

Fubon

Financial

Holding

Co.

Ltd.,

expiring

10/18/21*∞

109,236

43,377

Total

Rights

(cost

$–)

43,377

Repurchase

Agreements

5.7%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$8,318,576,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$8,484,934.(c)

8,318,563

8,318,563

CF

Secured,

LLC,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$5,000,008,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.38%

-

4.50%,

maturing

4/15/2024

-

8/15/2051;

total

market

value

$5,100,008.(c)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$3,000,030,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$3,060,009.(c)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$16,318,563)

16,318,563

Total

Investments

(cost

$235,238,156)

  —

104.5%

299,537,072

Liabilities

in

excess

of

other

assets

—

(4.5)%

(12,821,673)

NET

ASSETS

—

100.0%

$

286,715,399

8

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$35,533,900,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,318,563

and

by

$20,690,664

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

10/7/2021

–

11/15/2050,

a

total

value

of

$37,009,227.

(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,

2021

was

$15,700,988

which

represents

5.48%

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,

2021

was

$16,318,563.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

ETF

Exchange

Traded

Fund

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

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

5,003,477

GBP

3,648,000

Goldman

Sachs

International

11/18/2021

88,001

USD

4,553,074

ILS

14,565,000

Goldman

Sachs

International

11/18/2021

33,628

USD

1,838,895

JPY

202,398,000

Goldman

Sachs

International

11/18/2021

19,750

USD

4,879,536

KRW

5,724,184,000

Goldman

Sachs

International

**

11/18/2021

48,697

USD

4,692,794

TWD

129,859,000

Goldman

Sachs

International

**

11/18/2021

31,876

Total

unrealized

appreciation

221,952

AUD

15,685,000

USD

11,436,875

Goldman

Sachs

International

11/18/2021

(95,240)

CHF

2,620,000

USD

2,844,533

Goldman

Sachs

International

11/18/2021

(30,026)

EUR

4,600,000

USD

5,394,199

Goldman

Sachs

International

11/18/2021

(61,065)

SEK

17,220,000

USD

1,992,775

Goldman

Sachs

International

11/18/2021

(25,126)

USD

143,538

AUD

200,000

Goldman

Sachs

International

11/18/2021

(1,079)

USD

9,760,911

CAD

12,364,000

Goldman

Sachs

International

11/18/2021

(19)

Total

unrealized

depreciation

(212,555)

Net

unrealized

appreciation

9,397

**

Non-deliverable

forward.

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

EUR

Euro

GBP

British

pound

ILS

Israeli

shekel

JPY

Japanese

yen

KRW

South

Korean

won

SEK

Swedish

krona

TWD

Taiwan

new

dollar

USD

United

States

dollar

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2021

(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,

2021

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Air

Freight

&

Logistics

$

–

$

1,097,417

$

–

$

1,097,417

Auto

Components

–

2,633,651

–

2,633,651

Automobiles

–

6,412,101

–

6,412,101

Banks

3,659,252

36,892,875

–

40,552,127

Biotechnology

1,209,280

–

–

1,209,280

Capital

Markets

–

3,346,898

–

3,346,898

Chemicals

1,046,375

4,548,776

–

5,595,151

Construction

&

Engineering

–

7,571,001

–

7,571,001

Diversified

Financial

Services

2,636,798

6,905,205

–

9,542,003

Diversified

Telecommunication

Services

5,235,838

7,393,664

–

12,629,502

Electric

Utilities

–

2,526,411

–

2,526,411

Electrical

Equipment

–

2,920,083

–

2,920,083

Electronic

Equipment,

Instruments

&

Components

–

8,449,528

–

8,449,528

Energy

Equipment

&

Services

–

1,358,780

–

1,358,780

Entertainment

–

2,416,799

–

2,416,799

Equity

Real

Estate

Investment

Trusts

(REITs)

–

961,857

–

961,857

Food

&

Staples

Retailing

5,601,786

7,733,614

–

13,335,400

Food

Products

–

6,652,788

–

6,652,788

Health

Care

Equipment

&

Supplies

233,195

937,954

–

1,171,149

Health

Care

Providers

&

Services

–

3,397,408

–

3,397,408

Hotels,

Restaurants

&

Leisure

–

1,407,171

–

1,407,171

Household

Durables

–

3,116,093

–

3,116,093

Industrial

Conglomerates

–

4,548,410

–

4,548,410

Insurance

–

24,253,631

–

24,253,631

Internet

&

Direct

Marketing

Retail

–

881,426

–

881,426

IT

Services

612,254

5,354,741

–

5,966,995

Machinery

–

9,696,866

–

9,696,866

Media

–

2,876,642

–

2,876,642

Metals

&

Mining

7,982,994

–

–

7,982,994

Multi-Utilities

–

3,796,758

–

3,796,758

Oil,

Gas

&

Consumable

Fuels

4,651,605

25,228,121

–

29,879,726

Paper

&

Forest

Products

2,616,296

5,365,807

–

7,982,103

Pharmaceuticals

306,671

16,473,304

–

16,779,975

Real

Estate

Management

&

Development

–

2,361,974

–

2,361,974

Software

–

725,847

–

725,847

Textiles,

Apparel

&

Luxury

Goods

–

1,833,438

–

1,833,438

Tobacco

–

6,444,838

–

6,444,838

Trading

Companies

&

Distributors

–

6,221,517

–

6,221,517

Wireless

Telecommunication

Services

–

7,241,311

–

7,241,311

Total

Common

Stocks

$

35,792,344

$

241,984,705

$

–

$

277,777,049

Exchange

Traded

Fund

5,398,083

–

–

5,398,083

Forward

Foreign

Currency

Contracts

–

221,952

–

221,952

Repurchase

Agreements

–

16,318,563

–

16,318,563

Rights

–

43,377

–

43,377

Total

Assets

$

41,190,427

$

258,568,597

$

–

$

299,759,024

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(212,555)

$

–

$

(212,555)

Total

Liabilities

$

–

$

(212,555)

$

–

$

(212,555)

Total

$

41,190,427

$

258,356,042

$

–

$

299,546,469

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2021,

the

Fund

held

one

common

stock

investment

that

as

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

11

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,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

Forward

Foreign

Currency

Contracts

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-

market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2021:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

221,952

Total

$

221,952

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(212,555)

Total

$

(212,555)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

93.9%

Shares

Value

($)

ARGENTINA

1.1%

Hotels,

Restaurants

&

Leisure

0.4%

Despegar.com

Corp.

*

187,142

2,251,318

Internet

&

Direct

Marketing

Retail

0.7%

MercadoLibre

,

Inc.

*

2,190

3,677,886

5,929,204

BRAZIL

3.7%

Banks

1.8%

Banco

Bradesco

SA,

ADR

*

1,686,611

6,459,721

Itau

Unibanco

Holding

SA,

ADR

668,790

3,524,523

9,984,244

Capital

Markets

0.5%

B3

SA

-

Brasil

Bolsa

Balcao

1,152,407

2,695,986

Food

&

Staples

Retailing

0.5%

Atacadao

SA

844,199

2,753,151

Road

&

Rail

0.3%

Localiza

Rent

a

Car

SA

*

147,252

1,472,858

Software

0.6%

TOTVS

SA

471,522

3,125,730

20,031,969

CHILE

0.9%

Banks

0.9%

Banco

Santander

Chile

94,842,386

4,752,647

CHINA

28.3%

Airlines

0.6%

Spring

Airlines

Co.

Ltd.,

Class

A

*

369,163

3,103,687

Automobiles

1.1%

Geely

Automobile

Holdings

Ltd.

2,125,000

6,023,863

Banks

1.7%

China

Merchants

Bank

Co.

Ltd.,

Class

H

1,127,000

8,945,010

Beverages

1.1%

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S

(a)

991,300

2,495,165

Kweichow

Moutai

Co.

Ltd.,

Class

A

11,600

3,286,482

5,781,647

Diversified

Consumer

Services

0.8%

China

Education

Group

Holdings

Ltd.

Reg.

S

2,590,000

4,449,341

Electrical

Equipment

1.9%

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

100,500

8,178,977

Shanghai

Liangxin

Electrical

Co.

Ltd.,

Class

A

945,320

1,982,700

10,161,677

Food

Products

0.6%

China

Mengniu

Dairy

Co.

Ltd.

*

481,000

3,094,312

Common

Stocks

Shares

Value

($)

CHINA

Health

Care

Technology

0.8%

Alibaba

Health

Information

Technology

Ltd.

*

2,996,000

4,286,802

Hotels,

Restaurants

&

Leisure

0.2%

Yum

China

Holdings,

Inc.

20,331

1,181,434

Household

Durables

1.7%

Haier

Smart

Home

Co.

Ltd.,

Class

H

1,307,800

4,594,278

Midea

Group

Co.

Ltd.,

Class

A

423,872

4,566,859

9,161,137

Interactive

Media

&

Services

2.1%

Kuaishou

Technology

Reg.

S

*(a)

130,800

1,383,205

Tencent

Holdings

Ltd.

166,900

9,786,051

11,169,256

Internet

&

Direct

Marketing

Retail

5.4%

Alibaba

Group

Holding

Ltd.

*

1,085,300

20,186,593

Baozun

,

Inc.,

ADR

*

72,705

1,274,519

JD.com,

Inc.,

Class

A

*

200,700

7,293,503

28,754,615

IT

Services

1.8%

21Vianet

Group,

Inc.,

ADR

*

398,087

6,890,886

GDS

Holdings

Ltd.,

ADR

*

52,280

2,959,571

9,850,457

Life

Sciences

Tools

&

Services

1.8%

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

Reg.

S

(a)

221,700

4,703,461

Joinn

Laboratories

China

Co.

Ltd.,

Class

H

Reg.

S

(a)

115,200

1,559,105

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(a)

213,000

3,442,776

9,705,342

Machinery

0.9%

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

1,175,500

4,629,765

Real

Estate

Management

&

Development

0.7%

ESR

Cayman

Ltd.

Reg.

S

*(a)

777,600

2,347,416

KWG

Group

Holdings

Ltd.

1,428,500

1,390,392

3,737,808

Semiconductors

&

Semiconductor

Equipment

2.5%

Flat

Glass

Group

Co.

Ltd.,

Class

H

1,086,000

5,108,143

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

669,800

8,506,481

13,614,624

Software

1.5%

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

820,376

8,310,467

Textiles,

Apparel

&

Luxury

Goods

0.5%

Shenzhou

International

Group

Holdings

Ltd.

130,800

2,734,016

Water

Utilities

0.6%

Guangdong

Investment

Ltd.

2,616,000

3,409,457

152,104,717

NVIT

Emerging

Markets

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

FRANCE

0.2%

Textiles,

Apparel

&

Luxury

Goods

0.2%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,634

1,168,415

GREECE

1.8%

Hotels,

Restaurants

&

Leisure

1.2%

OPAP

SA

430,976

6,647,983

Industrial

Conglomerates

0.6%

Mytilineos

SA

184,459

3,009,596

9,657,579

HONG

KONG

1.2%

Insurance

1.2%

AIA

Group

Ltd.

574,200

6,611,420

HUNGARY

0.5%

Banks

0.5%

OTP

Bank

Nyrt

.

*

42,187

2,473,173

INDIA

14.7%

Automobiles

0.3%

Maruti

Suzuki

India

Ltd.

18,119

1,788,968

Banks

2.0%

HDFC

Bank

Ltd.

175,375

3,759,773

HDFC

Bank

Ltd.,

ADR

41,662

3,045,076

ICICI

Bank

Ltd.,

ADR

201,922

3,810,268

10,615,117

Construction

&

Engineering

1.0%

Larsen

&

Toubro

Ltd.

224,506

5,123,964

Consumer

Finance

0.4%

Cholamandalam

Investment

and

Finance

Co.

Ltd.

266,141

2,006,939

Diversified

Financial

Services

0.8%

Bajaj

Finserv

Ltd.

18,178

4,350,028

Health

Care

Providers

&

Services

0.9%

Max

Healthcare

Institute

Ltd.

*

958,321

4,586,922

Hotels,

Restaurants

&

Leisure

0.6%

Devyani

International

Ltd.

*

1,974,512

3,080,374

Household

Products

0.9%

Hindustan

Unilever

Ltd.

126,165

4,588,351

IT

Services

2.2%

Infosys

Ltd.

530,904

11,818,911

Real

Estate

Management

&

Development

1.8%

Godrej

Properties

Ltd.

*

310,529

9,650,917

Textiles,

Apparel

&

Luxury

Goods

0.3%

Titan

Co.

Ltd.

59,764

1,737,732

Thrifts

&

Mortgage

Finance

2.8%

Housing

Development

Finance

Corp.

Ltd.

428,191

15,669,546

Wireless

Telecommunication

Services

0.7%

Bharti

Airtel

Ltd.

*

431,154

3,952,750

78,970,519

INDONESIA

1.1%

Banks

1.1%

Bank

Central

Asia

Tbk

.

PT

2,428,200

5,939,387

Common

Stocks

Shares

Value

($)

JAPAN

0.1%

Personal

Products

0.1%

Shiseido

Co.

Ltd.

11,300

761,582

KENYA

0.5%

Wireless

Telecommunication

Services

0.5%

Safaricom

plc

6,563,970

2,503,404

MALAYSIA

1.1%

Banks

1.1%

Public

Bank

Bhd.

5,935,700

5,761,614

PERU

0.4%

Banks

0.2%

Credicorp

Ltd.

8,029

890,737

Food

&

Staples

Retailing

0.2%

InRetail

Peru

Corp.

Reg.

S

(a)

44,555

1,488,137

2,378,874

PHILIPPINES

1.7%

Food

Products

1.7%

Monde

Nissin

Corp.

Reg.

S

*(a)

25,307,000

9,303,382

POLAND

0.4%

Textiles,

Apparel

&

Luxury

Goods

0.4%

CCC

SA

*

67,260

2,043,354

RUSSIA

5.4%

Banks

1.9%

Sberbank

of

Russia

PJSC,

ADR

225,598

4,229,963

Sberbank

of

Russia

PJSC,

ADR

39,883

741,035

Sberbank

of

Russia

PJSC

(Preference)

489,976

2,136,506

TCS

Group

Holding

plc,

GDR

Reg.

S

36,672

3,338,911

10,446,415

Food

&

Staples

Retailing

0.5%

Magnit

PJSC

32,046

2,674,421

Interactive

Media

&

Services

1.6%

Yandex

NV,

Class

A

*

105,119

8,376,933

Oil,

Gas

&

Consumable

Fuels

1.4%

Gazprom

PJSC

1,541,224

7,629,416

29,127,185

SOUTH

AFRICA

0.4%

Banks

0.4%

Capitec

Bank

Holdings

Ltd.

15,659

1,892,178

SOUTH

KOREA

7.6%

Banks

1.2%

KB

Financial

Group,

Inc.

139,486

6,485,834

Chemicals

0.5%

OCI

Co.

Ltd.

*

21,124

2,827,769

Interactive

Media

&

Services

1.2%

NAVER

Corp.

20,386

6,642,662

Pharmaceuticals

0.2%

Yuhan

Corp.

22,400

1,155,514

Technology

Hardware,

Storage

&

Peripherals

4.5%

Samsung

Electronics

Co.

Ltd.

291,028

18,113,236

14

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Technology

Hardware,

Storage

&

Peripherals

Samsung

Electronics

Co.

Ltd.

(Preference)

98,165

5,745,847

23,859,083

40,970,862

SWITZERLAND

1.5%

Airlines

1.5%

Wizz

Air

Holdings

plc

Reg.

S

*(a)

120,068

7,995,642

TAIWAN

14.3%

Communications

Equipment

0.9%

Accton

Technology

Corp.

509,000

4,785,587

Electronic

Equipment,

Instruments

&

Components

1.6%

Hon

Hai

Precision

Industry

Co.

Ltd.

1,207,000

4,510,771

Unimicron

Technology

Corp.

925,000

4,305,880

8,816,651

Entertainment

0.4%

Sea

Ltd.,

ADR

*

6,069

1,934,372

Leisure

Products

0.5%

Giant

Manufacturing

Co.

Ltd.

218,000

2,463,472

Machinery

0.1%

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

343,000

468,881

Metals

&

Mining

0.8%

China

Steel

Corp.

3,520,000

4,485,719

Semiconductors

&

Semiconductor

Equipment

10.0%

ASPEED

Technology,

Inc.

56,000

4,608,703

MediaTek

,

Inc.

169,000

5,447,429

Realtek

Semiconductor

Corp.

289,000

5,093,031

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,754,000

36,169,312

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

25,049

2,796,721

54,115,196

77,069,878

THAILAND

4.7%

Banks

1.0%

Kasikornbank

PCL

1,366,900

5,318,433

Beverages

0.4%

Carabao

Group

PCL,

Class

F

652,200

2,294,640

Containers

&

Packaging

0.6%

SCG

Packaging

PCL

1,938,500

3,442,752

Hotels,

Restaurants

&

Leisure

0.6%

Minor

International

PCL

*

3,589,200

3,327,580

Oil,

Gas

&

Consumable

Fuels

1.7%

PTT

Exploration

&

Production

PCL

1,703,800

5,890,173

PTT

PCL

2,645,500

3,029,795

8,919,968

Specialty

Retail

0.4%

Home

Product

Center

PCL

5,626,500

2,243,863

25,547,236

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

1.4%

Insurance

1.4%

Prudential

plc

390,161

7,574,064

UNITED

STATES

0.9%

Capital

Markets

0.3%

MSCI,

Inc.

1,266

770,158

S&P

Global,

Inc.

1,852

786,897

1,557,055

Hotels,

Restaurants

&

Leisure

0.1%

Starbucks

Corp.

7,071

780,002

Personal

Products

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

6,196

1,858,366

Software

0.1%

Unity

Software,

Inc.

*

6,247

788,684

4,984,107

Total

Common

Stocks

(cost

$468,283,020)

505,552,392

Exchange

Traded

Fund

4.1%

UNITED

STATES

4.1%

iShares

MSCI

Emerging

Markets

ETF

440,722

22,203,574

Total

Exchange

Traded

Fund

(cost

$23,039,012)

22,203,574

Rights

0.0%

†

Number

of

Rights

INDIA

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

Bharti

Airtel

Ltd.,

expiring

10/21/21∞

30,796

0

Total

Rights

(cost

$–)

0

Total

Investments

(cost

$491,322,032)

  —

98.0%

527,755,966

Other

assets

in

excess

of

liabilities

—

2.0%

10,913,900

NET

ASSETS

—

100.0%

$

538,669,866

*

Denotes

a

non-income

producing

security.

∞

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,

2021

was

$34,718,289

which

represents

6.45%

of

net

assets.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

NVIT

Emerging

Markets

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

16

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

Emerging

Markets

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Emerging

Markets

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

17

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Airlines

$

–

$

11,099,329

$

–

$

11,099,329

Automobiles

–

7,812,831

–

7,812,831

Banks

26,712,935

46,791,854

–

73,504,789

Beverages

–

8,076,287

–

8,076,287

Capital

Markets

4,253,041

–

–

4,253,041

Chemicals

–

2,827,769

–

2,827,769

Communications

Equipment

–

4,785,587

–

4,785,587

Construction

&

Engineering

–

5,123,964

–

5,123,964

Consumer

Finance

–

2,006,939

–

2,006,939

Containers

&

Packaging

–

3,442,752

–

3,442,752

Diversified

Consumer

Services

–

4,449,341

–

4,449,341

Diversified

Financial

Services

–

4,350,028

–

4,350,028

Electrical

Equipment

–

10,161,677

–

10,161,677

Electronic

Equipment,

Instruments

&

Components

–

8,816,651

–

8,816,651

Entertainment

1,934,372

–

–

1,934,372

Food

&

Staples

Retailing

4,241,288

2,674,421

–

6,915,709

Food

Products

–

12,397,694

–

12,397,694

Health

Care

Providers

&

Services

–

4,586,922

–

4,586,922

Health

Care

Technology

–

4,286,802

–

4,286,802

Hotels,

Restaurants

&

Leisure

7,293,128

9,975,563

–

17,268,691

Household

Durables

–

9,161,137

–

9,161,137

Household

Products

–

4,588,351

–

4,588,351

Industrial

Conglomerates

–

3,009,596

–

3,009,596

Insurance

–

14,185,484

–

14,185,484

Interactive

Media

&

Services

8,376,933

17,811,918

–

26,188,851

Internet

&

Direct

Marketing

Retail

4,952,405

27,480,096

–

32,432,501

IT

Services

9,850,457

11,818,911

–

21,669,368

Leisure

Products

–

2,463,472

–

2,463,472

Life

Sciences

Tools

&

Services

–

9,705,342

–

9,705,342

Machinery

–

5,098,646

–

5,098,646

Metals

&

Mining

–

4,485,719

–

4,485,719

Oil,

Gas

&

Consumable

Fuels

–

16,549,384

–

16,549,384

Personal

Products

1,858,366

761,582

–

2,619,948

Pharmaceuticals

–

1,155,514

–

1,155,514

Real

Estate

Management

&

Development

–

13,388,725

–

13,388,725

Road

&

Rail

1,472,858

–

–

1,472,858

Semiconductors

&

Semiconductor

Equipment

2,796,721

64,933,099

–

67,729,820

Software

3,914,414

8,310,467

–

12,224,881

Specialty

Retail

–

2,243,863

–

2,243,863

Technology

Hardware,

Storage

&

Peripherals

–

23,859,083

–

23,859,083

Textiles,

Apparel

&

Luxury

Goods

–

7,683,517

–

7,683,517

Thrifts

&

Mortgage

Finance

–

15,669,546

–

15,669,546

Water

Utilities

–

3,409,457

–

3,409,457

Wireless

Telecommunication

Services

–

6,456,154

–

6,456,154

Total

Common

Stocks

$

77,656,918

$

427,895,474

$

–

$

505,552,392

Exchange

Traded

Fund

22,203,574

–

–

22,203,574

Rights

–

–

–

–

Total

$

99,860,492

$

427,895,474

$

–

$

527,755,966

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

98.1%

Shares

Value

($)

AUSTRALIA

4.3%

Biotechnology

0.7%

CSL

Ltd.

3,202

675,229

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Dexus

18,500

143,142

Food

Products

0.1%

Inghams

Group

Ltd.

(a)

46,952

139,277

Health

Care

Providers

&

Services

0.4%

Healius

Ltd.

41,767

143,466

Sonic

Healthcare

Ltd.

8,608

252,729

396,195

Metals

&

Mining

2.4%

Fortescue

Metals

Group

Ltd.

81,248

856,804

Newcrest

Mining

Ltd.

17,381

284,950

Rio

Tinto

Ltd.

4,486

318,775

Rio

Tinto

plc

14,448

953,947

2,414,476

Specialty

Retail

0.6%

Adairs

Ltd.

46,065

134,644

JB

Hi-Fi

Ltd.

(a)

9,111

297,116

Nick

Scali

Ltd.

21,647

177,454

609,214

4,377,533

BELGIUM

0.2%

Insurance

0.2%

Ageas

SA/NV

3,958

195,882

BRAZIL

1.7%

Banks

0.1%

Banco

Santander

Brasil

SA

*

11,600

75,342

Food

Products

0.1%

Marfrig

Global

Foods

SA

30,200

142,300

Metals

&

Mining

0.6%

Vale

SA,

ADR

44,610

622,310

Oil,

Gas

&

Consumable

Fuels

0.9%

Petroleo

Brasileiro

SA

(Preference)

184,300

921,542

1,761,494

CANADA

7.0%

Banks

0.5%

Toronto-Dominion

Bank

(The)

8,211

543,575

Capital

Markets

0.3%

CI

Financial

Corp.

13,111

266,133

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Artis

REIT

23,876

214,330

Food

&

Staples

Retailing

0.8%

Alimentation

Couche-Tard,

Inc.,

Class

B

20,625

789,111

Insurance

1.1%

Manulife

Financial

Corp.

59,545

1,146,145

IT

Services

0.8%

CGI,

Inc.

*

6,423

545,595

Shopify,

Inc.,

Class

A

*

206

279,614

825,209

Media

0.2%

Quebecor,

Inc.,

Class

B

9,176

221,757

Common

Stocks

Shares

Value

($)

CANADA

Oil,

Gas

&

Consumable

Fuels

0.4%

Tourmaline

Oil

Corp.

(a)

10,954

382,689

Professional

Services

1.6%

Thomson

Reuters

Corp.

(a)

15,416

1,704,571

Road

&

Rail

0.8%

Canadian

Pacific

Railway

Ltd.

(a)

11,810

771,203

Software

0.3%

Constellation

Software,

Inc.

173

283,419

7,148,142

CHINA

11.4%

Automobiles

0.5%

Yadea

Group

Holdings

Ltd.

Reg.

S

(a)(b)

304,000

492,528

Banks

2.2%

Agricultural

Bank

of

China

Ltd.,

Class

H

912,000

311,784

Bank

of

China

Ltd.,

Class

H

2,428,000

854,796

Bank

of

Communications

Co.

Ltd.,

Class

H

1,493,000

880,669

China

Construction

Bank

Corp.,

Class

H

378,000

268,134

2,315,383

Capital

Markets

0.3%

China

Galaxy

Securities

Co.

Ltd.,

Class

H

496,000

287,162

Construction

&

Engineering

0.2%

China

Railway

Group

Ltd.,

Class

H

435,000

216,442

Consumer

Finance

0.2%

360

DigiTech,

Inc.,

ADR

*

7,605

154,534

Household

Durables

0.2%

Q

Technology

Group

Co.

Ltd.

Reg.

S

(a)

151,000

214,834

Independent

Power

and

Renewable

Electricity

Producers

0.6%

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

248,000

605,994

Interactive

Media

&

Services

0.7%

Baidu,

Inc.,

ADR

*

946

145,448

Tencent

Holdings

Ltd.

9,600

562,888

708,336

Internet

&

Direct

Marketing

Retail

0.3%

Alibaba

Group

Holding

Ltd.,

ADR

*

1,396

206,678

Vipshop

Holdings

Ltd.,

ADR

*

8,080

90,011

296,689

Life

Sciences

Tools

&

Services

0.2%

WuXi

AppTec

Co.

Ltd.,

Class

H

Reg.

S

(a)(b)

9,700

226,433

Machinery

0.2%

Yangzijiang

Shipbuilding

Holdings

Ltd.

194,200

195,391

NVIT

International

Equity

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

Shares

Value

($)

CHINA

Marine

0.8%

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

*(a)

291,849

441,880

SITC

International

Holdings

Co.

Ltd.

102,000

363,647

805,527

Oil,

Gas

&

Consumable

Fuels

1.8%

China

Petroleum

&

Chemical

Corp.,

Class

H

1,568,000

771,714

PetroChina

Co.

Ltd.,

Class

H

2,322,000

1,086,926

1,858,640

Pharmaceuticals

0.5%

CSPC

Pharmaceutical

Group

Ltd.

427,200

507,126

Real

Estate

Management

&

Development

0.3%

China

Resources

Mixc

Lifestyle

Services

Ltd.

Reg.

S

(b)

63,000

348,694

Semiconductors

&

Semiconductor

Equipment

0.3%

Silergy

Corp.

2,000

293,705

Specialty

Retail

0.3%

Zhongsheng

Group

Holdings

Ltd.

34,500

277,291

Technology

Hardware,

Storage

&

Peripherals

0.3%

Lenovo

Group

Ltd.

(a)

242,000

259,602

Textiles,

Apparel

&

Luxury

Goods

1.5%

Bosideng

International

Holdings

Ltd.

(a)

524,000

369,914

Li

Ning

Co.

Ltd.

(a)

96,500

1,113,216

1,483,130

11,547,441

DENMARK

2.5%

Pharmaceuticals

2.5%

Novo

Nordisk

A/S,

Class

B

26,405

2,539,767

FINLAND

1.1%

Banks

0.5%

Nordea

Bank

Abp

(a)

40,197

515,882

Machinery

0.6%

Valmet

OYJ

16,556

598,515

1,114,397

FRANCE

5.8%

Auto

Components

1.0%

Cie

Generale

des

Etablissements

Michelin

SCA

6,392

980,985

Banks

0.6%

BNP

Paribas

SA

8,986

575,602

Building

Products

0.4%

Cie

de

Saint-Gobain

6,674

449,508

Chemicals

0.6%

Air

Liquide

SA

3,691

590,586

Electric

Utilities

0.9%

Electricite

de

France

SA

(a)

84,346

1,059,204

Common

Stocks

Shares

Value

($)

FRANCE

Food

&

Staples

Retailing

0.2%

Carrefour

SA

10,846

195,233

Hotels,

Restaurants

&

Leisure

0.8%

La

Francaise

des

Jeux

SAEM

Reg.

S

(b)

16,125

829,474

Life

Sciences

Tools

&

Services

0.3%

Sartorius

Stedim

Biotech

590

329,328

Personal

Products

0.6%

L'Oreal

SA

1,361

561,715

Textiles,

Apparel

&

Luxury

Goods

0.4%

Hermes

International

110

152,028

Kering

SA

299

212,657

364,685

5,936,320

GERMANY

7.1%

Air

Freight

&

Logistics

1.6%

Deutsche

Post

AG

(Registered)

25,404

1,601,125

Auto

Components

0.1%

Schaeffler

AG

(Preference)

11,006

84,617

Automobiles

1.4%

Daimler

AG

(Registered)

10,280

913,844

Volkswagen

AG

(Preference)

2,224

498,209

1,412,053

Capital

Markets

0.6%

Deutsche

Bank

AG

(Registered)

*

47,020

603,044

Chemicals

0.2%

Covestro

AG

Reg.

S

(b)

3,160

217,034

Insurance

1.7%

Allianz

SE

(Registered)

7,717

1,740,522

Marine

0.1%

Hapag-Lloyd

AG

Reg.

S

(a)

(b)

461

100,825

Pharmaceuticals

0.9%

Merck

KGaA

4,349

945,729

Software

0.5%

SAP

SE

3,722

504,233

7,209,182

GREECE

0.1%

Banks

0.1%

National

Bank

of

Greece

SA

*

33,600

93,468

HONG

KONG

1.6%

Building

Products

1.0%

Xinyi

Glass

Holdings

Ltd.

319,000

947,584

Machinery

0.6%

Techtronic

Industries

Co.

Ltd.

33,000

646,914

1,594,498

INDIA

3.7%

Aerospace

&

Defense

0.1%

Bharat

Electronics

Ltd.

47,253

127,771

20

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

INDIA

Banks

0.7%

Bank

of

Baroda

*

275,201

300,028

Punjab

National

Bank

*

360,356

194,114

State

Bank

of

India,

GDR

Reg.

S

3,438

210,980

705,122

Chemicals

0.4%

Chambal

Fertilizers

and

Chemicals

Ltd.

29,802

135,141

Deepak

Nitrite

Ltd.

8,508

274,222

409,363

IT

Services

2.4%

Infosys

Ltd.,

ADR

28,860

642,135

Persistent

Systems

Ltd.

2,552

127,882

Tata

Consultancy

Services

Ltd.

17,842

903,466

Wipro

Ltd.,

ADR

81,161

716,652

2,390,135

Software

0.1%

Cyient

Ltd.

9,745

139,177

3,771,568

INDONESIA

0.3%

Diversified

Telecommunication

Services

0.2%

Telkom

Indonesia

Persero

Tbk.

PT

750,000

192,510

Tobacco

0.1%

Gudang

Garam

Tbk.

PT

52,800

119,784

312,294

ISRAEL

0.5%

Banks

0.3%

Bank

Leumi

Le-Israel

BM

35,973

305,357

Marine

0.2%

ZIM

Integrated

Shipping

Services

Ltd.

3,896

197,527

502,884

ITALY

1.0%

Banks

0.2%

Banco

BPM

SpA

55,601

174,644

Construction

Materials

0.6%

Buzzi

Unicem

SpA

27,032

617,178

IT

Services

0.2%

Reply

SpA

1,330

245,013

1,036,835

JAPAN

14.6%

Automobiles

0.3%

Toyota

Motor

Corp.

19,000

339,876

Banks

1.2%

77

Bank

Ltd.

(The)

7,900

90,095

Japan

Post

Bank

Co.

Ltd.

(a)

61,200

523,772

Mizuho

Financial

Group,

Inc.

(a)

15,300

215,393

Nishi-Nippon

Financial

Holdings,

Inc.

28,900

185,240

Resona

Holdings,

Inc.

25,900

103,083

Common

Stocks

Shares

Value

($)

JAPAN

Banks

Sumitomo

Mitsui

Trust

Holdings,

Inc.

6,800

232,884

1,350,467

Building

Products

0.9%

AGC,

Inc.

5,900

301,974

Daikin

Industries

Ltd.

3,000

645,266

947,240

Chemicals

0.7%

Nitto

Denko

Corp.

(a)

2,900

206,658

Shin-Etsu

Chemical

Co.

Ltd.

2,900

489,127

695,785

Consumer

Finance

0.1%

Credit

Saison

Co.

Ltd.

8,200

108,021

Diversified

Financial

Services

0.8%

ORIX

Corp.

44,300

827,877

Electric

Utilities

0.2%

Hokkaido

Electric

Power

Co.,

Inc.

(a)

34,100

163,389

Electrical

Equipment

0.2%

Mitsubishi

Electric

Corp.

17,700

246,179

Entertainment

1.0%

Nintendo

Co.

Ltd.

(a)

2,000

972,918

Food

Products

0.2%

Ajinomoto

Co.,

Inc.

5,200

153,867

Health

Care

Equipment

&

Supplies

0.2%

Hoya

Corp.

1,100

172,038

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.

(a)

4,000

188,802

Household

Durables

1.0%

Iida

Group

Holdings

Co.

Ltd.

(a)

22,300

573,967

Panasonic

Corp.

37,900

470,420

1,044,387

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Electric

Power

Development

Co.

Ltd.

(a)

31,300

448,972

Insurance

1.3%

Dai-ichi

Life

Holdings,

Inc.

49,300

1,073,460

Japan

Post

Holdings

Co.

Ltd.

*

26,700

224,722

1,298,182

Internet

&

Direct

Marketing

Retail

0.3%

ZOZO,

Inc.

6,900

258,367

Machinery

0.5%

Amada

Co.

Ltd.

(a)

47,500

492,911

Media

0.4%

CyberAgent,

Inc.

7,600

147,190

SKY

Perfect

JSAT

Holdings,

Inc.

(a)

62,500

240,380

387,570

NVIT

International

Equity

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

JAPAN

Real

Estate

Management

&

Development

0.5%

Daiwa

House

Industry

Co.

Ltd.

13,700

457,533

Semiconductors

&

Semiconductor

Equipment

1.3%

Disco

Corp.

1,100

307,910

Tokyo

Electron

Ltd.

2,300

1,013,845

1,321,755

Specialty

Retail

0.4%

DCM

Holdings

Co.

Ltd.

24,600

238,572

EDION

Corp.

15,500

146,357

384,929

Technology

Hardware,

Storage

&

Peripherals

0.5%

FUJIFILM

Holdings

Corp.

5,800

500,134

Tobacco

0.3%

Japan

Tobacco,

Inc.

13,800

270,955

Trading

Companies

&

Distributors

0.2%

ITOCHU

Corp.

(a)

7,000

205,041

Wireless

Telecommunication

Services

1.5%

KDDI

Corp.

(a)

13,100

432,922

SoftBank

Corp.

(a)

89,900

1,220,596

1,653,518

14,890,713

MALAYSIA

0.1%

Industrial

Conglomerates

0.1%

Sime

Darby

Bhd.

196,500

106,017

MALTA

0.5%

Hotels,

Restaurants

&

Leisure

0.5%

Kindred

Group

plc,

SDR

30,745

461,670

MEXICO

0.6%

Beverages

0.3%

Coca-Cola

Femsa

SAB

de

CV,

ADR

5,635

317,082

Metals

&

Mining

0.3%

Ternium

SA,

ADR

6,478

274,019

591,101

NETHERLANDS

3.7%

Food

&

Staples

Retailing

0.1%

Koninklijke

Ahold

Delhaize

NV

4,446

147,400

Insurance

0.8%

NN

Group

NV

15,814

825,294

IT

Services

0.2%

Adyen

NV

Reg.

S

*(b)

55

152,931

Professional

Services

0.5%

Wolters

Kluwer

NV

4,984

526,823

Semiconductors

&

Semiconductor

Equipment

2.1%

ASML

Holding

NV

2,788

2,056,631

3,709,079

POLAND

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

120,168

195,116

Common

Stocks

Shares

Value

($)

RUSSIA

2.5%

Beverages

0.8%

Coca-Cola

HBC

AG

*

25,432

817,430

Oil,

Gas

&

Consumable

Fuels

1.7%

Gazprom

PJSC,

ADR

43,464

427,837

Lukoil

PJSC,

ADR

3,512

332,446

Lukoil

PJSC,

ADR

1,323

125,957

Rosneft

Oil

Co.

PJSC,

GDR

Reg.

S

81,485

679,375

Transneft

PJSC

(Preference)

56

122,653

1,688,268

2,505,698

SAUDI

ARABIA

0.5%

Health

Care

Providers

&

Services

0.5%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

11,314

524,335

SINGAPORE

0.4%

Banks

0.4%

DBS

Group

Holdings

Ltd.

8,600

190,971

Oversea-Chinese

Banking

Corp.

Ltd.

27,100

226,865

417,836

SOUTH

AFRICA

1.2%

Metals

&

Mining

0.8%

Anglo

American

Platinum

Ltd.

1,025

88,708

Anglo

American

plc

14,669

506,004

Impala

Platinum

Holdings

Ltd.

10,002

111,905

Kumba

Iron

Ore

Ltd.

3,267

107,575

814,192

Wireless

Telecommunication

Services

0.4%

Vodacom

Group

Ltd.

43,874

419,587

1,233,779

SOUTH

KOREA

4.2%

Automobiles

0.3%

Kia

Corp.

4,102

277,154

Banks

1.2%

Hana

Financial

Group,

Inc.

31,138

1,201,890

Technology

Hardware,

Storage

&

Peripherals

2.7%

Samsung

Electronics

Co.

Ltd.

45,373

2,823,961

4,303,005

SPAIN

0.5%

Banks

0.1%

Banco

Santander

SA

30,396

110,098

Electric

Utilities

0.4%

Iberdrola

SA

41,928

418,758

528,856

SWEDEN

1.0%

Household

Durables

0.6%

Electrolux

AB

Series B

(a)

10,376

239,607

Husqvarna

AB,

Class

B

30,222

360,546

600,153

Tobacco

0.4%

Swedish

Match

AB

50,086

439,260

1,039,413

22

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

4.6%

Building

Products

0.8%

Geberit

AG

(Registered)

1,142

839,099

Capital

Markets

0.7%

Credit

Suisse

Group

AG

(Registered)

13,741

136,239

Partners

Group

Holding

AG

254

395,405

UBS

Group

AG

(Registered)

14,075

224,918

756,562

Pharmaceuticals

2.6%

Roche

Holding

AG

7,190

2,623,658

Technology

Hardware,

Storage

&

Peripherals

0.5%

Logitech

International

SA

(Registered)

5,326

471,691

4,691,010

TAIWAN

4.0%

Chemicals

0.4%

Formosa

Plastics

Corp.

31,000

124,644

Nan

Ya

Plastics

Corp.

94,000

304,808

429,452

Diversified

Financial

Services

0.5%

Yuanta

Financial

Holding

Co.

Ltd.

580,000

510,496

Electronic

Equipment,

Instruments

&

Components

0.8%

Delta

Electronics,

Inc.

93,000

836,651

Marine

0.4%

Evergreen

Marine

Corp.

Taiwan

Ltd.

68,000

298,894

Yang

Ming

Marine

Transport

Corp.

*

25,000

105,253

404,147

Semiconductors

&

Semiconductor

Equipment

1.9%

Himax

Technologies,

Inc.,

ADR

(a)

18,469

197,064

MediaTek,

Inc.

6,000

193,400

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

57,000

1,175,399

United

Microelectronics

Corp.

51,000

116,374

Vanguard

International

Semiconductor

Corp.

31,000

166,783

1,849,020

4,029,766

THAILAND

0.3%

Electronic

Equipment,

Instruments

&

Components

0.3%

Hana

Microelectronics

PCL

118,700

276,242

TURKEY

0.3%

Banks

0.2%

Turkiye

Garanti

Bankasi

A/S

190,496

197,792

Wireless

Telecommunication

Services

0.1%

Turkcell

Iletisim

Hizmetleri

A/S

75,828

130,697

328,489

UNITED

ARAB

EMIRATES

0.4%

Real

Estate

Management

&

Development

0.4%

Aldar

Properties

PJSC

348,682

387,199

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

8.3%

Banks

2.0%

Barclays

plc

360,236

918,741

Natwest

Group

plc

180,417

547,464

Standard

Chartered

plc

90,822

532,272

1,998,477

Capital

Markets

0.2%

Abrdn

plc

52,889

181,578

Food

Products

0.3%

Tate

&

Lyle

plc

34,560

321,857

Media

0.2%

Future

plc

3,225

158,122

Multiline

Retail

0.7%

B&M

European

Value

Retail

SA

21,712

172,375

Next

plc

4,881

535,281

707,656

Personal

Products

1.3%

Unilever

plc

24,727

1,333,711

Pharmaceuticals

0.9%

GlaxoSmithKline

plc

50,297

949,382

Specialty

Retail

0.7%

Dunelm

Group

plc

8,215

155,656

Halfords

Group

plc

21,955

89,956

Kingfisher

plc

66,086

298,990

Pets

at

Home

Group

plc

27,431

176,650

721,252

Tobacco

1.3%

Imperial

Brands

plc

62,530

1,304,960

Wireless

Telecommunication

Services

0.7%

Vodafone

Group

plc

475,975

719,979

8,396,974

UNITED

STATES

1.9%

Automobiles

0.5%

Stellantis

NV

(a)

25,537

488,604

Construction

Materials

0.4%

James

Hardie

Industries

plc

CHDI

11,626

417,012

Electrical

Equipment

1.0%

Schneider

Electric

SE

5,915

983,429

1,889,045

Total

Common

Stocks

(cost

$84,885,676)

99,647,048

NVIT

International

Equity

Fund

-

September

30,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Repurchase

Agreements

2.6%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.06%,

dated

9/30/2021,

due

10/1/2021,

repurchase

price

$2,092,245,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.44%

-

6.00%,

maturing

5/1/2024

-

7/20/2071;

total

market

value

$2,134,086.(c)

2,092,241

2,092,241

NatWest

Markets

Securities,

Inc.,

0.05%,

dated

9/28/2021,

due

10/5/2021,

repurchase

price

$500,005,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

2.88%,

maturing

10/15/2021

-

5/15/2031;

total

market

value

$510,002.(c)

500,000

500,000

Total

Repurchase

Agreements

(cost

$2,592,241)

2,592,241

Total

Investments

(cost

$87,477,917)

  —

100.7%

102,239,289

Liabilities

in

excess

of

other

assets

—

(0.7)%

(716,106)

NET

ASSETS

—

100.0%

$

101,523,183

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2021.

The

total

value

of

securities

on

loan

as

of

September

30,

2021

was

$9,824,105,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,592,241

and

by

$7,839,081

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/7/2021

–

2/15/2051,

a

total

value

of

$10,431,322.

(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,

2021

was

$2,367,919

which

represents

2.33%

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,

2021

was

$2,592,241.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

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

SDR

Swedish

Depository

Receipt

24

-

Statement

of

Investments

-

September

30,

2021

(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,

2021

(Unaudited)

-

Statement

of

Investments

-

25

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2021.

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

$

–

$

127,771

$

–

$

127,771

Air

Freight

&

Logistics

–

1,601,125

–

1,601,125

Auto

Components

–

1,065,602

–

1,065,602

Automobiles

–

3,010,215

–

3,010,215

Banks

618,917

9,962,018

–

10,580,935

Beverages

317,082

817,430

–

1,134,512

Biotechnology

–

675,229

–

675,229

Building

Products

–

3,183,431

–

3,183,431

Capital

Markets

266,133

1,828,346

–

2,094,479

Chemicals

–

2,342,220

–

2,342,220

Construction

&

Engineering

–

216,442

–

216,442

Construction

Materials

–

1,034,190

–

1,034,190

Consumer

Finance

154,534

108,021

–

262,555

Diversified

Financial

Services

–

1,338,373

–

1,338,373

Diversified

Telecommunication

Services

–

192,510

–

192,510

Electric

Utilities

–

1,641,351

–

1,641,351

Electrical

Equipment

–

1,229,608

–

1,229,608

Electronic

Equipment,

Instruments

&

Components

–

1,112,893

–

1,112,893

Entertainment

–

972,918

–

972,918

Equity

Real

Estate

Investment

Trusts

(REITs)

214,330

143,142

–

357,472

Food

&

Staples

Retailing

789,111

342,633

–

1,131,744

Food

Products

142,300

615,001

–

757,301

Health

Care

Equipment

&

Supplies

–

172,038

–

172,038

Health

Care

Providers

&

Services

–

920,530

–

920,530

Hotels,

Restaurants

&

Leisure

–

1,479,946

–

1,479,946

Household

Durables

–

1,859,374

–

1,859,374

Independent

Power

and

Renewable

Electricity

Producers

–

1,054,966

–

1,054,966

Industrial

Conglomerates

–

106,017

–

106,017

Insurance

1,146,145

4,059,880

–

5,206,025

Interactive

Media

&

Services

145,448

562,888

–

708,336

Internet

&

Direct

Marketing

Retail

296,689

258,367

–

555,056

IT

Services

2,183,996

1,429,292

–

3,613,288

Life

Sciences

Tools

&

Services

–

555,761

–

555,761

Machinery

–

1,933,731

–

1,933,731

Marine

197,527

1,310,499

–

1,508,026

Media

221,757

545,692

–

767,449

Metals

&

Mining

896,329

3,228,668

–

4,124,997

Multiline

Retail

–

707,656

–

707,656

Oil,

Gas

&

Consumable

Fuels

1,636,677

3,409,578

–

5,046,255

Personal

Products

–

1,895,426

–

1,895,426

Pharmaceuticals

–

7,565,662

–

7,565,662

Professional

Services

1,704,571

526,823

–

2,231,394

Real

Estate

Management

&

Development

–

1,193,426

–

1,193,426

Road

&

Rail

771,203

–

–

771,203

Semiconductors

&

Semiconductor

Equipment

197,064

5,324,047

–

5,521,111

Software

283,419

643,410

–

926,829

Specialty

Retail

–

1,992,686

–

1,992,686

Technology

Hardware,

Storage

&

Peripherals

–

4,055,388

–

4,055,388

Textiles,

Apparel

&

Luxury

Goods

–

1,847,815

–

1,847,815

Tobacco

–

2,134,959

–

2,134,959

Trading

Companies

&

Distributors

–

205,041

–

205,041

26

-

Statement

of

Investments

-

September

30,

2021

(Unaudited)

-

NVIT

International

Equity

Fund

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

–

$

2,923,781

$

–

$

2,923,781

Total

Common

Stocks

$

12,183,232

$

87,463,816

$

–

$

99,647,048

Repurchase

Agreements

–

2,592,241

–

2,592,241

Total

$

12,183,232

$

90,056,057

$

–

$

102,239,289

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.